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      </invstOrSec>
      <invstOrSec>
        <name>TEMASEK FINANCIAL (I) LIMITED</name>
        <lei>549300XMGMDF3VRJMF12</lei>
        <title>TEMASEK FINANCIAL I LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS1373130902"/>
        </identifiers>
        <balance>500000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.91760000"/>
        <valUSD>555225.59000000</valUSD>
        <pctVal>0.126496528614</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SG</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>BERKSHIRE HATHAWAY INC.</name>
        <lei>5493000C01ZX7D35SD85</lei>
        <title>BERKSHIRE HATHAWAY INC</title>
        <cusip>084670BZ0</cusip>
        <identifiers>
          <isin value="XS1548792859"/>
        </identifiers>
        <balance>1900000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.91760000"/>
        <valUSD>2115862.03000000</valUSD>
        <pctVal>0.482054873988</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-01-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.62500000</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>APPLE INC.</name>
        <lei>HWUPKR0MPOU8FGXBT394</lei>
        <title>APPLE INC</title>
        <cusip>037833BT6</cusip>
        <identifiers>
          <isin value="US037833BT68"/>
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        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>506573.00000000</valUSD>
        <pctVal>0.115412054386</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-02-23</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.27763000</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>Toyota Motor Finance (Netherlands) B.V.</name>
        <lei>724500OPA8GZSQUNSR96</lei>
        <title>TOYOTA MOTOR FINANCE BV</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS1933829324"/>
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        <balance>905000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.91760000"/>
        <valUSD>994582.77000000</valUSD>
        <pctVal>0.226594865386</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-01-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Shell International Finance B.V.</name>
        <lei>213800ITMMKU4Z7I4F78</lei>
        <title>SHELL INTERNATIONAL FINANCE</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS1135276332"/>
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        <balance>900000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.91760000"/>
        <valUSD>1010214.69000000</valUSD>
        <pctVal>0.230156271148</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-04-06</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>DEXIA CREDIT LOCAL S.A.</name>
        <lei>F4G136OIPBYND1F41110</lei>
        <title>DEXIA CREDIT LOCAL</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS1829348793"/>
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        <balance>5200000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.91760000"/>
        <valUSD>5803700.96000000</valUSD>
        <pctVal>1.322251779782</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ORACLE CORPORATION</name>
        <lei>1Z4GXXU7ZHVWFCD8TV52</lei>
        <title>ORACLE CORP</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS0951216083"/>
        </identifiers>
        <balance>250000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.91760000"/>
        <valUSD>281356.26000000</valUSD>
        <pctVal>0.064101134448</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-01-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>THE BANK OF NOVA SCOTIA</name>
        <lei>L3I9ZG2KFGXZ61BMYR72</lei>
        <title>BANK OF NOVA SCOTIA</title>
        <cusip>064159JG2</cusip>
        <identifiers>
          <isin value="US064159JG24"/>
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        <balance>512000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>520640.00000000</valUSD>
        <pctVal>0.118616925884</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-03-07</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.70000000</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>OP Yrityspankki Oyj</name>
        <lei>549300NQ588N7RWKBP98</lei>
        <title>OP CORPORATE BANK PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS1196759010"/>
        </identifiers>
        <balance>4680000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.91760000"/>
        <valUSD>5218077.59000000</valUSD>
        <pctVal>1.188829753285</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FI</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-03-03</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.75000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>BANQUE DE MONTREAL</name>
        <lei>NQQ6HPCNCCU6TUTQYE16</lei>
        <title>BANK OF MONTREAL</title>
        <cusip>06367XVK4</cusip>
        <identifiers>
          <isin value="CA06367XVK40"/>
        </identifiers>
        <balance>16000000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="CAD" exchangeRt="1.32470000"/>
        <valUSD>12033396.24000000</valUSD>
        <pctVal>2.741557448399</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-03-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.88000000</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>Banque de Developpement du Conseil de l'Europe</name>
        <lei>549300UYNXMI821WYG82</lei>
        <title>COUNCIL OF EUROPE</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS1825405878"/>
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        <balance>750000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.91760000"/>
        <valUSD>837905.95000000</valUSD>
        <pctVal>0.190899331532</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerConditional desc="Supranational" issuerCat="OTHER"/>
        <invCountry>FR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-05-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.12500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>THE BANK OF NOVA SCOTIA</name>
        <lei>L3I9ZG2KFGXZ61BMYR72</lei>
        <title>BANK OF NOVA SCOTIA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS1592881020"/>
        </identifiers>
        <balance>500000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.91760000"/>
        <valUSD>550544.90000000</valUSD>
        <pctVal>0.125430131375</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-04-06</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.37500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>United Kingdom of Great Britain and Northern Ireland</name>
        <lei>ECTRVYYCEF89VWYS6K36</lei>
        <title>UK TREASURY BILL GBP</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00BHLC7573"/>
        </identifiers>
        <balance>7200000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="GBP" exchangeRt="0.81347000"/>
        <valUSD>8837783.82000000</valUSD>
        <pctVal>2.013504049548</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2019-12-09</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>European Financial Stability Facility SA</name>
        <lei>222100OW6UHQXNHKN143</lei>
        <title>EFSF</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="EU000A1G0D39"/>
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        <balance>11400000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.91760000"/>
        <valUSD>12755427.20000000</valUSD>
        <pctVal>2.906057088973</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerConditional desc="Supranational" issuerCat="OTHER"/>
        <invCountry>LU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-10-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.12500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>EURO</name>
        <lei>N/A</lei>
        <title>EURO</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal" value="EUR_20191011_BOAMERRILLLYNCH_12026"/>
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        <balance>-607770.00000000</balance>
        <units>OU</units>
        <descOthUnits>Contract Amount</descOthUnits>
        <currencyConditional curCd="EUR" exchangeRt="0.91677400"/>
        <valUSD>-10849.48000000</valUSD>
        <pctVal>-0.00247182691</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerConditional desc="Currency Forward" issuerCat="OTHER"/>
        <invCountry>N/A</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>BOA MERRILL LYNCH</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
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            <amtCurSold>673793.88000000</amtCurSold>
            <curSold>USD</curSold>
            <amtCurPur>607770.00000000</amtCurPur>
            <curPur>EUR</curPur>
            <settlementDt>2019-10-11</settlementDt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>U.S. DOLLAR</name>
        <lei>N/A</lei>
        <title>U.S. DOLLAR</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal" value="USD_20191010_STATESTREET_12158"/>
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        <balance>1363132.00000000</balance>
        <units>OU</units>
        <descOthUnits>Contract Amount</descOthUnits>
        <curCd>USD</curCd>
        <valUSD>20491.13000000</valUSD>
        <pctVal>0.004668475047</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerConditional desc="Currency Forward" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>STATE STREET</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
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            <amtCurSold>1363132.00000000</amtCurSold>
            <curSold>EUR</curSold>
            <amtCurPur>1507248.86000000</amtCurPur>
            <curPur>USD</curPur>
            <settlementDt>2019-10-10</settlementDt>
            <unrealizedAppr>20491.13</unrealizedAppr>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NORDIC INVESTMENT BANK</name>
        <lei>N/A</lei>
        <title>NORDIC INVESTMENT BANK</title>
        <cusip>65562QAY1</cusip>
        <identifiers>
          <isin value="US65562QAY17"/>
        </identifiers>
        <balance>10930000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="NOK" exchangeRt="9.09450000"/>
        <valUSD>1199097.14000000</valUSD>
        <pctVal>0.273189183664</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Kommuninvest i Sverige Aktiebolag</name>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>BANQUE CANADIENNE IMPERIALE DE COMMERCE</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>SANOFI SA</name>
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          <isin value="FR0013409836"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Svenska Handelsbanken AB</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2022-02-28</maturityDt>
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        <securityLending>
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        <name>United Kingdom of Great Britain and Northern Ireland</name>
        <lei>ECTRVYYCEF89VWYS6K36</lei>
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          <isin value="GB00BHLBSK60"/>
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        <payoffProfile>Long</payoffProfile>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2019-11-11</maturityDt>
          <couponKind>None</couponKind>
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        <securityLending>
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      <invstOrSec>
        <name>SANOFI SA</name>
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          <isin value="FR0012146777"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <securityLending>
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      <invstOrSec>
        <name>TOTAL CAPITAL CANADA LTD.</name>
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          <isin value="XS1111559768"/>
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        <assetCat>DBT</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2022-03-18</maturityDt>
          <couponKind>Fixed</couponKind>
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        <securityLending>
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      <invstOrSec>
        <name>COMMONWEALTH BANK OF AUSTRALIA</name>
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        <title>COMMONWEALTH BANK TRUST</title>
        <cusip>N/A</cusip>
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          <isin value="XS1594335363"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>U.S. DOLLAR</name>
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          <other otherDesc="Internal" value="USD_20191004_CITIGROUP_11378"/>
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        <name>Shell International Finance B.V.</name>
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        <name>SANOFI SA</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>THE BANK OF NOVA SCOTIA</name>
        <lei>L3I9ZG2KFGXZ61BMYR72</lei>
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        <curCd>USD</curCd>
        <valUSD>1253198.75000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>NATIONAL AUSTRALIA BANK LIMITED</name>
        <lei>F8SB4JFBSYQFRQEH3Z21</lei>
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        <cusip>N/A</cusip>
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          <isin value="XS1167352613"/>
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        <balance>3000000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.91760000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2022-01-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.87500000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>U.S. DOLLAR</name>
        <lei>N/A</lei>
        <title>U.S. DOLLAR</title>
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        <identifiers>
          <other otherDesc="Internal" value="USD_20191010_ANZBANKINGGROUPLTD_12251"/>
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        <balance>1186831.00000000</balance>
        <units>OU</units>
        <descOthUnits>Contract Amount</descOthUnits>
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        <valUSD>5937.22000000</valUSD>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerConditional desc="Currency Forward" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <fwdDeriv derivCat="FWD">
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              <counterpartyName>ANZ BANKING GROUP LTD</counterpartyName>
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            <amtCurSold>1186831.00000000</amtCurSold>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>THE BANK OF NOVA SCOTIA</name>
        <lei>L3I9ZG2KFGXZ61BMYR72</lei>
        <title>BANK OF NOVA SCOTIA</title>
        <cusip>0641492L0</cusip>
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          <isin value="CA0641492L05"/>
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        <balance>6500000.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.32470000"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2021-01-11</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.27000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Province of Alberta</name>
        <lei>LQPXMHHNJKIPJYE53543</lei>
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        <currencyConditional curCd="CAD" exchangeRt="1.32470000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2019-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>EQUINOR ASA</name>
        <lei>OW6OFBNCKXC4US5C7523</lei>
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        <identifiers>
          <isin value="XS1190624111"/>
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        <balance>1300000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.91760000"/>
        <valUSD>1461649.96000000</valUSD>
        <pctVal>0.333006347906</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NO</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-02-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.87500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Statsministeriet, Departementet</name>
        <lei>549300PTO6LS1PTM6607</lei>
        <title>KINGDOM OF DENMARK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="DK0009923054"/>
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        <balance>81000000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="DKK" exchangeRt="6.84870000"/>
        <valUSD>12975469.80000000</valUSD>
        <pctVal>2.956189189418</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>DK</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.50000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>BNG BANK N.V.</name>
        <lei>529900GGYMNGRQTDOO93</lei>
        <title>BK NEDERLANDSE GEMEENTEN</title>
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        <identifiers>
          <isin value="XS1548897013"/>
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        <balance>400000.00000000</balance>
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        <currencyConditional curCd="GBP" exchangeRt="0.81347000"/>
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        <pctVal>0.112884154181</pctVal>
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        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2022-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.00000000</annualizedRt>
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      <invstOrSec>
        <name>BNG BANK N.V.</name>
        <lei>529900GGYMNGRQTDOO93</lei>
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          <isin value="XS1855427859"/>
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        <balance>6334000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.91760000"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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        <name>Roche Finance Europe B.V.</name>
        <lei>724500MMYDP2MJLGB718</lei>
        <title>ROCHE FINANCE EUROPE BV</title>
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        <identifiers>
          <isin value="XS1371715118"/>
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        <balance>700000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.91760000"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2023-02-27</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.50000000</annualizedRt>
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      <invstOrSec>
        <name>Land Nordrhein-Westfalen</name>
        <lei>529900VWPV1LPOHGJ702</lei>
        <title>LAND NORDRHEIN-WESTFALEN</title>
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          <isin value="DE000NRW21X4"/>
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        <balance>250000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.91760000"/>
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        <assetCat>DBT</assetCat>
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        <invCountry>DE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>1.25000000</annualizedRt>
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      <invstOrSec>
        <name>European Stability Mechanism</name>
        <lei>222100W4EEAQ77386N50</lei>
        <title>EURO STABILITY MECHANISM</title>
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          <isin value="EU000A1Z99E3"/>
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        <invCountry>LU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>0.10000000</annualizedRt>
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        <name>Republik Oesterreich</name>
        <lei>529900QWWUI4XRVR7I03</lei>
        <title>REPUBLIC OF AUSTRIA</title>
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          <isin value="AT0000A19XC3"/>
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        <balance>2000000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.91760000"/>
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        <issuerCat>NUSS</issuerCat>
        <invCountry>AT</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Landeskreditbank Baden-Wuerttemberg -Foerderbank-</name>
        <lei>0SK1ILSPWNVBNQWU0W18</lei>
        <title>L-BANK BW FOERDERBANK</title>
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        <identifiers>
          <isin value="XS1690132847"/>
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        <balance>3000000.00000000</balance>
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        <curCd>USD</curCd>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
          <annualizedRt>2.21963000</annualizedRt>
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        <name>CISCO SYSTEMS, INC.</name>
        <lei>8E6NF1YAL0WT6CWXXV93</lei>
        <title>CISCO SYSTEMS INC</title>
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        <curCd>USD</curCd>
        <valUSD>1787312.97000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>KOMMUNALBANKEN AS</name>
        <lei>I7ETN0QQO2AHZZGHJ389</lei>
        <title>KOMMUNALBANKEN AS</title>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-04-15</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>EURO</name>
        <lei>N/A</lei>
        <title>EURO</title>
        <cusip>N/A</cusip>
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      <invstOrSec>
        <name>Eurofima Europaeische Gesellschaft fuer die Finanzierung von Eisenbahnmaterial</name>
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        <name>United Kingdom of Great Britain and Northern Ireland</name>
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        <name>NORWEGIAN KRONE</name>
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          <other otherDesc="Internal" value="NOK_20191031_CITIGROUP_12298"/>
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        <name>U.S. DOLLAR</name>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
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          <other otherDesc="Internal" value="USD_20191002_STATESTREET_11329"/>
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      <invstOrSec>
        <name>Kommuninvest i Sverige Aktiebolag</name>
        <lei>EV2XZWMLLXF2QRX0CD47</lei>
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        <cusip>N/A</cusip>
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          <isin value="SE0009662943"/>
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        <currencyConditional curCd="SEK" exchangeRt="9.84120000"/>
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        <invCountry>SE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Land Nordrhein-Westfalen</name>
        <lei>529900VWPV1LPOHGJ702</lei>
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          <isin value="DE000NRW0FC1"/>
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        <currencyConditional curCd="EUR" exchangeRt="0.91760000"/>
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        <assetCat>DBT</assetCat>
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        <invCountry>DE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <annualizedRt>0.87500000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>FRENCH DISCOUNT T-BILL</name>
        <lei>N/A</lei>
        <title>FRENCH DISCOUNT T-BILL</title>
        <cusip>AZ8304174</cusip>
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          <isin value="FR0125692378"/>
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        <balance>650000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>FR</invCountry>

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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2019-10-30</maturityDt>
          <couponKind>None</couponKind>
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        <name>NOVARTIS FINANCE SA</name>
        <lei>549300J537IQK62XT333</lei>
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        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

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        <name>CASH</name>
        <lei>N/A</lei>
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          <isin value="N/A"/>
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        <fairValLevel>N/A</fairValLevel>
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        <name>CAISSE AMORTISSEMENT DE LA DETTE SOCIALE</name>
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        <name>United States of America</name>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
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        <name>TOYOTA CREDIT CANADA INC.</name>
        <lei>HJZQGXYTVV2NWJZLPW74</lei>
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        <invCountry>CA</invCountry>

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        <name>WESTPAC BANKING CORPORATION</name>
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        <invCountry>AU</invCountry>

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      <invstOrSec>
        <name>Kommunekredit</name>
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        <name>United Kingdom of Great Britain and Northern Ireland</name>
        <lei>ECTRVYYCEF89VWYS6K36</lei>
        <title>UK TREASURY BILL GBP</title>
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          <isin value="GB00BDXNSL32"/>
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        <balance>1000000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>GB</invCountry>

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        <name>TOTAL CAPITAL INTERNATIONAL SA</name>
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      <invstOrSec>
        <name>European Investment Bank</name>
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      <invstOrSec>
        <name>THE PROCTER &amp; GAMBLE COMPANY</name>
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        <name>Republique Francaise</name>
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        <fairValLevel>2</fairValLevel>
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        <name>BRITISH POUND</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>FRENCH DISCOUNT T-BILL</name>
        <lei>N/A</lei>
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          <isin value="FR0125692410"/>
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        <fairValLevel>2</fairValLevel>
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        <name>NRW.BANK</name>
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        <name>ASB FINANCE LIMITED</name>
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          <isin value="XS1576035155"/>
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        <name>European Stability Mechanism</name>
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        <name>Province of Ontario</name>
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        <name>Svenska Handelsbanken AB</name>
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        <name>Aktiebolaget Svensk Exportkredit</name>
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        <name>CAISSE DES DEPOTS ET CONSIGNATIONS</name>
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        <name>International Bank for Reconstruction and Development</name>
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      <invstOrSec>
        <name>CPPIB CAPITAL INC.</name>
        <lei>549300KW9NB55HTDK075</lei>
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          <isin value="CA12593CAA95"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>NORWEGIAN KRONE</name>
        <lei>N/A</lei>
        <title>NORWEGIAN KRONE</title>
        <cusip>N/A</cusip>
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          <other otherDesc="Internal" value="NOK_20191031_BARCLAYSCAPITAL_12241"/>
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        <balance>-7942231.00000000</balance>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
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        <invCountry>NO</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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            <amtCurSold>882958.98000000</amtCurSold>
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      <invstOrSec>
        <name>Province de Quebec</name>
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          <isin value="CA74814ZEH25"/>
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        <assetCat>DBT</assetCat>
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        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>NORWEGIAN KRONE</name>
        <lei>N/A</lei>
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          <other otherDesc="Internal" value="NOK_20191031_BARCLAYSCAPITAL_12250"/>
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        <balance>-7960342.00000000</balance>
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        <assetCat>DFE</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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              <counterpartyName>BARCLAYS CAPITAL</counterpartyName>
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        <securityLending>
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      <invstOrSec>
        <name>BANQUE ROYALE DU CANADA</name>
        <lei>ES7IP3U3RHIGC71XBU11</lei>
        <title>ROYAL BANK OF CANADA</title>
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          <isin value="CA780086MH45"/>
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        <balance>3500000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2021-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>European Investment Bank</name>
        <lei>5493006YXS1U5GIHE750</lei>
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          <isin value="XS1031001198"/>
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        <balance>183000.00000000</balance>
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        <assetCat>DBT</assetCat>
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        <invCountry>LU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2020-02-17</maturityDt>
          <couponKind>Floating</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Province of Manitoba</name>
        <lei>5493003QILFOB3JRKE30</lei>
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          <isin value="XS1940844555"/>
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        <balance>450000.00000000</balance>
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        <currencyConditional curCd="GBP" exchangeRt="0.81347000"/>
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        <pctVal>0.128653251980</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerConditional desc="Provincial" issuerCat="OTHER"/>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2022-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.50000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>NRW.BANK</name>
        <lei>52990002O5KK6XOGJ020</lei>
        <title>NRW BANK</title>
        <cusip>N/A</cusip>
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          <isin value="DE000NWB17H9"/>
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        <balance>4500000.00000000</balance>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>0.12500000</annualizedRt>
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      <invstOrSec>
        <name>UNEDIC</name>
        <lei>969500V3L9W19NIA5E82</lei>
        <title>UNEDIC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="FR0124175367"/>
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        <balance>600000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.91760000"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-05-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.12500000</annualizedRt>
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      <invstOrSec>
        <name>TOTAL CAPITAL INTERNATIONAL SA</name>
        <lei>549300U37G2I8G4RUG09</lei>
        <title>TOTAL CAPITAL INTL SA</title>
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          <isin value="US89153VAB53"/>
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        <balance>1150000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1175765.75000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>U.S. DOLLAR</name>
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          <other otherDesc="Internal" value="USD_20191011_STATESTREET_12110"/>
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        <balance>1382116.00000000</balance>
        <units>OU</units>
        <descOthUnits>Contract Amount</descOthUnits>
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        <assetCat>DFE</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <other otherDesc="Internal" value="USD_20191002_STATESTREET_12205"/>
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        <balance>934511.00000000</balance>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>KOMMUNALBANKEN AS</name>
        <lei>I7ETN0QQO2AHZZGHJ389</lei>
        <title>KOMMUNALBANKEN AS</title>
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          <isin value="XS1760784139"/>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>United States of America</name>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>ASIAN DEVELOPMENT BANK</name>
        <lei>549300X0MVH42CY8Q105</lei>
        <title>ASIAN DEVELOPMENT BANK</title>
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        <invCountry>PH</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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          <couponKind>Fixed</couponKind>
          <annualizedRt>0.20000000</annualizedRt>
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      <invstOrSec>
        <name>Nederlandse Waterschapsbank N.V.</name>
        <lei>JLP5FSPH9WPSHY3NIM24</lei>
        <title>NEDER WATERSCHAPSBANK</title>
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        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2019-12-09</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.00000000</annualizedRt>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>INTERNATIONAL FINANCE CORPORATION</name>
        <lei>QKL54NQY28TCDAI75F60</lei>
        <title>INTL FINANCE CORP</title>
        <cusip>N/A</cusip>
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          <isin value="XS1935017530"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>NRW.BANK</name>
        <lei>52990002O5KK6XOGJ020</lei>
        <title>NRW.BANK</title>
        <cusip>N/A</cusip>
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          <isin value="DE000NWB18G9"/>
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        <currencyConditional curCd="EUR" exchangeRt="0.91760000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>DE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2023-07-07</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.12500000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>ORACLE CORPORATION</name>
        <lei>1Z4GXXU7ZHVWFCD8TV52</lei>
        <title>ORACLE CORP</title>
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          <isin value="US68389XBK00"/>
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        <curCd>USD</curCd>
        <valUSD>2480049.78000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2021-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.90000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Transport for London</name>
        <lei>213800FGQ9DJHGRLQZ89</lei>
        <title>TRANSPORT FOR LONDON</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS0813371100"/>
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        <balance>667000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="GBP" exchangeRt="0.81347000"/>
        <valUSD>853701.29000000</valUSD>
        <pctVal>0.194497969120</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerConditional desc="non-U.S. government agency" issuerCat="OTHER"/>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-08-09</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.25000000</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>
        <name>Province of Ontario</name>
        <lei>C7PVKCRGLG18EBQGZV36</lei>
        <title>PROVINCE OF ONTARIO CANADA</title>
        <cusip>6832348J0</cusip>
        <identifiers>
          <isin value="CA6832348J04"/>
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        <balance>5000000.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.32470000"/>
        <valUSD>3835811.88000000</valUSD>
        <pctVal>0.873909445058</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerConditional desc="Provincial" issuerCat="OTHER"/>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2020-06-02</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.20000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Svenska Handelsbanken AB</name>
        <lei>NHBDILHZTYCNBV5UYZ31</lei>
        <title>SVENSKA HANDELSBANKEN AB</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS1333139746"/>
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        <balance>1100000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.91760000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-12-14</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.12500000</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>
        <name>Eurofima Europaeische Gesellschaft fuer die Finanzierung von Eisenbahnmaterial</name>
        <lei>4S66HJ5RNB5ZWG9YW219</lei>
        <title>EUROFIMA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS1907421306"/>
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        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>999730.00000000</valUSD>
        <pctVal>0.227767553999</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerConditional desc="Supranational" issuerCat="OTHER"/>
        <invCountry>CH</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-11-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>2.24813000</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>LA BANQUE TORONTO-DOMINION</name>
        <lei>PT3QB789TSUIDF371261</lei>
        <title>TORONTO-DOMINION BANK</title>
        <cusip>891160K51</cusip>
        <identifiers>
          <isin value="CA891160K519"/>
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        <balance>10300000.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.32470000"/>
        <valUSD>7755284.97000000</valUSD>
        <pctVal>1.766879345607</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-03-23</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.99400000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>TEMASEK FINANCIAL (I) LIMITED</name>
        <lei>549300XMGMDF3VRJMF12</lei>
        <title>TEMASEK FINANCIAL I LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS0528414294"/>
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        <balance>800000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="GBP" exchangeRt="0.81347000"/>
        <valUSD>1085984.73000000</valUSD>
        <pctVal>0.247418888732</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SG</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-07-26</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.62500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>United Kingdom of Great Britain and Northern Ireland</name>
        <lei>ECTRVYYCEF89VWYS6K36</lei>
        <title>UK TREASURY BILL GBP</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00BHLBL748"/>
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        <balance>300000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="GBP" exchangeRt="0.81347000"/>
        <valUSD>368576.59000000</valUSD>
        <pctVal>0.083972460930</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2019-10-28</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Landwirtschaftliche Rentenbank</name>
        <lei>529900Z3J0N6S0F7CT25</lei>
        <title>LANDWIRTSCH. RENTENBANK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS1835983922"/>
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        <balance>5250000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.91760000"/>
        <valUSD>5854756.97000000</valUSD>
        <pctVal>1.333883822949</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerConditional desc="non-U.S. government agency" issuerCat="OTHER"/>
        <invCountry>DE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-06-12</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Republic of Finland</name>
        <lei>743700M6Y2OQRVSBRD14</lei>
        <title>FINNISH GOVERNMENT</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="FI4000219787"/>
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        <balance>4615000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.91760000"/>
        <valUSD>5163156.99000000</valUSD>
        <pctVal>1.176317244182</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>FI</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>LA BANQUE TORONTO-DOMINION</name>
        <lei>PT3QB789TSUIDF371261</lei>
        <title>TORONTO-DOMINION BANK</title>
        <cusip>891145S47</cusip>
        <identifiers>
          <isin value="CA891145S471"/>
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        <balance>2000000.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.32470000"/>
        <valUSD>1515377.07000000</valUSD>
        <pctVal>0.345246945295</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2020-06-24</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.56300000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>U.S. DOLLAR</name>
        <lei>N/A</lei>
        <title>U.S. DOLLAR</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal" value="USD_20191011_STATESTREET_11837"/>
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        <balance>694958.00000000</balance>
        <units>OU</units>
        <descOthUnits>Contract Amount</descOthUnits>
        <curCd>USD</curCd>
        <valUSD>12644.83000000</valUSD>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerConditional desc="Currency Forward" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>STATE STREET</counterpartyName>
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            <curSold>EUR</curSold>
            <amtCurPur>770692.30000000</amtCurPur>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>BANQUE CANADIENNE IMPERIALE DE COMMERCE</name>
        <lei>2IGI19DL77OX0HC3ZE78</lei>
        <title>CANADIAN IMPERIAL BANK</title>
        <cusip>13596ZBC8</cusip>
        <identifiers>
          <isin value="CA13596ZBC82"/>
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        <balance>2000000.00000000</balance>
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        <valUSD>1504144.33000000</valUSD>
        <pctVal>0.342687800612</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-04-26</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.90000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FMS Wertmanagement AoeR</name>
        <lei>HZFDOR6TCRSIQLKQTX32</lei>
        <title>FMS WERTMANAGEMENT</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS1747635859"/>
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        <balance>400000.00000000</balance>
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        <currencyConditional curCd="GBP" exchangeRt="0.81347000"/>
        <valUSD>497041.07000000</valUSD>
        <pctVal>0.113240403660</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerConditional desc="non-U.S. government agency" issuerCat="OTHER"/>
        <invCountry>DE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-09-07</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>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ORACLE CORPORATION</name>
        <lei>1Z4GXXU7ZHVWFCD8TV52</lei>
        <title>ORACLE CORP</title>
        <cusip>68389XBB0</cusip>
        <identifiers>
          <isin value="US68389XBB01"/>
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        <balance>543000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>549137.53000000</valUSD>
        <pctVal>0.125109491580</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.50000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Land Nordrhein-Westfalen</name>
        <lei>529900VWPV1LPOHGJ702</lei>
        <title>LAND NORDRHEIN-WESTFALEN</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="DE000NRW0GS5"/>
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        <balance>1000000.00000000</balance>
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        <invCountry>DE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2023-04-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.20000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>European Investment Bank</name>
        <lei>5493006YXS1U5GIHE750</lei>
        <title>EUROPEAN INVESTMENT BANK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS1489409679"/>
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        <balance>143000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.91760000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>LU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-10-16</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.00000000</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>THE BANK OF NOVA SCOTIA</name>
        <lei>L3I9ZG2KFGXZ61BMYR72</lei>
        <title>BANK OF NOVA SCOTIA</title>
        <cusip>064151BL6</cusip>
        <identifiers>
          <isin value="CA064151BL66"/>
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        <balance>7000000.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.32470000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2020-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.13000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Kuntarahoitus Oyj</name>
        <lei>529900HEKOENJHPNN480</lei>
        <title>MUNICIPALITY FINANCE PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS1765860363"/>
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        <balance>1466000.00000000</balance>
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        <currencyConditional curCd="GBP" exchangeRt="0.81347000"/>
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        <pctVal>0.417214491172</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerConditional desc="non-U.S. government agency" issuerCat="OTHER"/>
        <invCountry>FI</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-12-07</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>BRITISH POUND</name>
        <lei>N/A</lei>
        <title>BRITISH POUND</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal" value="GBP_20191002_BOAMERRILLLYNCH_11891"/>
        </identifiers>
        <balance>-485816.00000000</balance>
        <units>OU</units>
        <descOthUnits>Contract Amount</descOthUnits>
        <currencyConditional curCd="GBP" exchangeRt="0.81347000"/>
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        <pctVal>0.002112786530</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerConditional desc="Currency Forward" issuerCat="OTHER"/>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>BOA MERRILL LYNCH</counterpartyName>
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            <amtCurSold>587940.84000000</amtCurSold>
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            <amtCurPur>485816.00000000</amtCurPur>
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            <settlementDt>2019-10-02</settlementDt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Skandinaviska Enskilda Banken AB</name>
        <lei>F3JS33DEI6XQ4ZBPTN86</lei>
        <title>SKANDINAVISKA ENSKILDA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS1467389745"/>
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        <balance>1190000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="GBP" exchangeRt="0.81347000"/>
        <valUSD>1471675.42000000</valUSD>
        <pctVal>0.335290439112</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-08-05</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FMS Wertmanagement AoeR</name>
        <lei>HZFDOR6TCRSIQLKQTX32</lei>
        <title>FMS WERTMANAGEMENT</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS1700386060"/>
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        <balance>300000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="GBP" exchangeRt="0.81347000"/>
        <valUSD>375701.62000000</valUSD>
        <pctVal>0.085595749873</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerConditional desc="non-U.S. government agency" issuerCat="OTHER"/>
        <invCountry>DE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-09-07</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.12500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>BANQUE DE MONTREAL</name>
        <lei>NQQ6HPCNCCU6TUTQYE16</lei>
        <title>BANK OF MONTREAL</title>
        <cusip>06367XYL9</cusip>
        <identifiers>
          <isin value="CA06367XYL95"/>
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        <balance>1000000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="CAD" exchangeRt="1.32470000"/>
        <valUSD>747376.76000000</valUSD>
        <pctVal>0.170274150561</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-10-28</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.61000000</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>NEDERLANDSE WATERSCHAPSBANK NV</name>
        <lei>N/A</lei>
        <title>NEDERLANDSE WATERSCHAPSBANK NV</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS1882681619"/>
        </identifiers>
        <balance>3091000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.91760000"/>
        <valUSD>3456725.66000000</valUSD>
        <pctVal>0.787542584922</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerConditional desc="Supranational" issuerCat="OTHER"/>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-09-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.12500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>DEXIA CREDIT LOCAL S.A.</name>
        <lei>F4G136OIPBYND1F41110</lei>
        <title>DEXIA CREDIT LOCAL</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS1623360028"/>
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        <balance>4350000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.91760000"/>
        <valUSD>4824631.65000000</valUSD>
        <pctVal>1.099191331527</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-06-02</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>U.S. DOLLAR</name>
        <lei>N/A</lei>
        <title>U.S. DOLLAR</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal" value="USD_20191011_STATESTREET_12001"/>
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        <balance>20517.00000000</balance>
        <units>OU</units>
        <descOthUnits>Contract Amount</descOthUnits>
        <curCd>USD</curCd>
        <valUSD>258.15000000</valUSD>
        <pctVal>0.000058814073</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerConditional desc="Currency Forward" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
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              <counterpartyName>STATE STREET</counterpartyName>
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            <amtCurSold>20517.00000000</amtCurSold>
            <curSold>EUR</curSold>
            <amtCurPur>22637.72000000</amtCurPur>
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            <settlementDt>2019-10-11</settlementDt>
            <unrealizedAppr>258.15</unrealizedAppr>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>AGENCE FRANCAISE DE DEVELOPPEMENT E.P.I.C.</name>
        <lei>9695008K5N8MKIT4XJ91</lei>
        <title>AGENCE FRANCAISE DEVELOP</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS1326536155"/>
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        <balance>1500000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.91760000"/>
        <valUSD>1679931.34000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerConditional desc="non-U.S. government agency" issuerCat="OTHER"/>
        <invCountry>FR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-10-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>U.S. DOLLAR</name>
        <lei>N/A</lei>
        <title>U.S. DOLLAR</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal" value="USD_20191002_STATESTREET_11377"/>
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        <balance>510058.00000000</balance>
        <units>OU</units>
        <descOthUnits>Contract Amount</descOthUnits>
        <curCd>USD</curCd>
        <valUSD>-6034.26000000</valUSD>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerConditional desc="Currency Forward" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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            <counterparties>
              <counterpartyName>STATE STREET</counterpartyName>
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        <securityLending>
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      <invstOrSec>
        <name>CAISSE AMORTISSEMENT DE LA DETTE SOCIALE</name>
        <lei>969500P04DQJS4BPM574</lei>
        <title>CAISSE D'AMORT DETTE SOC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="FR0012467991"/>
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        <balance>400000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.91760000"/>
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        <issuerConditional desc="non-U.S. government agency" issuerCat="OTHER"/>
        <invCountry>FR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <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>
        <name>European Investment Bank</name>
        <lei>5493006YXS1U5GIHE750</lei>
        <title>EUROPEAN INVESTMENT BANK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS1555330999"/>
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        <balance>8000000.00000000</balance>
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        <currencyConditional curCd="NOK" exchangeRt="9.09450000"/>
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        <assetCat>DBT</assetCat>
        <issuerConditional desc="Supranational" issuerCat="OTHER"/>
        <invCountry>LU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-01-26</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>European Investment Bank</name>
        <lei>5493006YXS1U5GIHE750</lei>
        <title>EUROPEAN INVESTMENT BANK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS1227593933"/>
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        <balance>85000000.00000000</balance>
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        <currencyConditional curCd="NOK" exchangeRt="9.09450000"/>
        <valUSD>9329391.39000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerConditional desc="Supranational" issuerCat="OTHER"/>
        <invCountry>LU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-05-12</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>ESM TBILL</name>
        <lei>N/A</lei>
        <title>ESM TBILL</title>
        <cusip>ZR4027002</cusip>
        <identifiers>
          <isin value="EU000A2SB844"/>
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        <balance>1150000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.91760000"/>
        <valUSD>1254397.34000000</valUSD>
        <pctVal>0.285788176682</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2019-12-05</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>U.S. DOLLAR</name>
        <lei>N/A</lei>
        <title>U.S. DOLLAR</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal" value="USD_20191011_STATESTREET_11954"/>
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        <balance>1041293.00000000</balance>
        <units>OU</units>
        <descOthUnits>Contract Amount</descOthUnits>
        <curCd>USD</curCd>
        <valUSD>17651.68000000</valUSD>
        <pctVal>0.004021565800</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerConditional desc="Currency Forward" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>STATE STREET</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
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            <amtCurSold>1041293.00000000</amtCurSold>
            <curSold>EUR</curSold>
            <amtCurPur>1153475.04000000</amtCurPur>
            <curPur>USD</curPur>
            <settlementDt>2019-10-11</settlementDt>
            <unrealizedAppr>17651.68</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FRENCH DISCOUNT T-BILL</name>
        <lei>N/A</lei>
        <title>FRENCH DISCOUNT T-BILL</title>
        <cusip>ZR0584543</cusip>
        <identifiers>
          <isin value="FR0125692386"/>
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        <balance>1000000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.91760000"/>
        <valUSD>1090595.03000000</valUSD>
        <pctVal>0.248469249084</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>FR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2019-11-14</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>U.S. DOLLAR</name>
        <lei>N/A</lei>
        <title>U.S. DOLLAR</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal" value="USD_20191010_BOAMERRILLLYNCH_12092"/>
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        <balance>289502.00000000</balance>
        <units>OU</units>
        <descOthUnits>Contract Amount</descOthUnits>
        <curCd>USD</curCd>
        <valUSD>3553.22000000</valUSD>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerConditional desc="Currency Forward" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>BOA MERRILL LYNCH</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
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            <amtCurSold>289502.00000000</amtCurSold>
            <curSold>EUR</curSold>
            <amtCurPur>319310.86000000</amtCurPur>
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            <settlementDt>2019-10-10</settlementDt>
            <unrealizedAppr>3553.22</unrealizedAppr>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Kongeriket Norge</name>
        <lei>549300O6E2WAK3IAXE34</lei>
        <title>NORWEGIAN GOVERNMENT</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="NO0010646813"/>
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        <balance>12929000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="NOK" exchangeRt="9.09450000"/>
        <valUSD>1456458.35000000</valUSD>
        <pctVal>0.331823548239</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>NO</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-05-24</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Shell International Finance B.V.</name>
        <lei>213800ITMMKU4Z7I4F78</lei>
        <title>SHELL INTERNATIONAL FIN</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS1048521733"/>
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        <balance>1140000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.91760000"/>
        <valUSD>1277716.87000000</valUSD>
        <pctVal>0.291101043465</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-03-24</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.62500000</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>KfW</name>
        <lei>549300GDPG70E3MBBU98</lei>
        <title>KFW</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="DE000A1R07S9"/>
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        <balance>6123000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.91760000"/>
        <valUSD>7380030.01000000</valUSD>
        <pctVal>1.681385357865</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerConditional desc="non-U.S. government agency" issuerCat="OTHER"/>
        <invCountry>DE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.12500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>TOYOTA FINANCE AUSTRALIA LIMITED</name>
        <lei>3UKPTDP5PGQRH8AUK042</lei>
        <title>TOYOTA FINANCE AUSTRALIA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS1978200555"/>
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        <balance>5064000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.91760000"/>
        <valUSD>5529506.10000000</valUSD>
        <pctVal>1.259782220420</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-04-09</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Cooperatieve Rabobank U.A.</name>
        <lei>DG3RU1DBUFHT4ZF9WN62</lei>
        <title>COOPERATIEVE RABOBANK UA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS0304159576"/>
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        <balance>2389000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.91760000"/>
        <valUSD>2948394.66000000</valUSD>
        <pctVal>0.671730007034</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-06-06</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.75000000</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>Land Nordrhein-Westfalen</name>
        <lei>529900VWPV1LPOHGJ702</lei>
        <title>LAND NORDRHEIN-WESTFALEN</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="DE000NRW0JF6"/>
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        <balance>475000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.91760000"/>
        <valUSD>529260.57000000</valUSD>
        <pctVal>0.120580942311</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerConditional desc="Provincial" issuerCat="OTHER"/>
        <invCountry>DE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-03-16</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.12500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>APPLE INC.</name>
        <lei>HWUPKR0MPOU8FGXBT394</lei>
        <title>APPLE INC</title>
        <cusip>037833AU4</cusip>
        <identifiers>
          <isin value="XS1135334800"/>
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        <balance>2000000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.91760000"/>
        <valUSD>2262009.59000000</valUSD>
        <pctVal>0.515351536351</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-11-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Shell International Finance B.V.</name>
        <lei>213800ITMMKU4Z7I4F78</lei>
        <title>SHELL INTERNATIONAL FIN</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS1135277736"/>
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        <balance>3000000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="GBP" exchangeRt="0.81347000"/>
        <valUSD>3696829.63000000</valUSD>
        <pctVal>0.842245248594</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2019-12-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FRENCH DISCOUNT T-BILL</name>
        <lei>N/A</lei>
        <title>FRENCH DISCOUNT T-BILL</title>
        <cusip>ZR5016863</cusip>
        <identifiers>
          <isin value="FR0125692402"/>
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        <balance>2300000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.91760000"/>
        <valUSD>2509596.77000000</valUSD>
        <pctVal>0.571759092782</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>FR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2019-12-11</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</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>
        <name>EUROPEAN INVESTMENT BANK</name>
        <lei>N/A</lei>
        <title>EUROPEAN INVESTMENT BANK</title>
        <cusip>AQ6993853</cusip>
        <identifiers>
          <isin value="XS1751357077"/>
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        <balance>1600000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="CAD" exchangeRt="1.32470000"/>
        <valUSD>1234453.08000000</valUSD>
        <pctVal>0.281244294517</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerConditional desc="Supranational" issuerCat="OTHER"/>
        <invCountry>LU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-01-18</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.37500000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>UNEDIC</name>
        <lei>969500V3L9W19NIA5E82</lei>
        <title>UNEDIC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="FR0012143451"/>
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        <balance>2600000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.91760000"/>
        <valUSD>2951549.69000000</valUSD>
        <pctVal>0.672448814578</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-10-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.87500000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>BNG BANK N.V.</name>
        <lei>529900GGYMNGRQTDOO93</lei>
        <title>BNG BANK NV</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS0873878283"/>
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        <balance>399000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.91760000"/>
        <valUSD>439413.10000000</valUSD>
        <pctVal>0.100111076973</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2020-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CAISSE AMORTISSEMENT DE LA DETTE SOCIALE</name>
        <lei>969500P04DQJS4BPM574</lei>
        <title>CAISSE D'AMORT DETTE SOC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="FR0013235165"/>
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        <balance>300000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.91760000"/>
        <valUSD>333903.66000000</valUSD>
        <pctVal>0.076072959608</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerConditional desc="non-U.S. government agency" issuerCat="OTHER"/>
        <invCountry>FR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>Kommuninvest i Sverige Aktiebolag</name>
        <lei>EV2XZWMLLXF2QRX0CD47</lei>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Nestle Finance International Ltd. S.A.</name>
        <lei>0KLLMNHINTFDRMU6DI05</lei>
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          <isin value="XS0826531120"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BANQUE ROYALE DU CANADA</name>
        <lei>ES7IP3U3RHIGC71XBU11</lei>
        <title>ROYAL BANK OF CANADA</title>
        <cusip>780086KY9</cusip>
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          <isin value="CA780086KY95"/>
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        <balance>5500000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2020-07-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.92000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>AGENCE FRANCAISE DE DEVELOPPEMENT E.P.I.C.</name>
        <lei>9695008K5N8MKIT4XJ91</lei>
        <title>AGENCE FRANCAISE DEVELOP</title>
        <cusip>N/A</cusip>
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          <isin value="FR0013232105"/>
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        <balance>1000000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.91760000"/>
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        <pctVal>0.251883208430</pctVal>
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        <invCountry>FR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2022-04-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.12500000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>FRANCE DISCOUNT T-BILL</name>
        <lei>N/A</lei>
        <title>FRANCE DISCOUNT T-BILL</title>
        <cusip>ZR4074798</cusip>
        <identifiers>
          <isin value="FR0125692436"/>
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        <balance>1700000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.91760000"/>
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        <pctVal>0.423081508874</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>FR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2020-02-12</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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      <invstOrSec>
        <name>NATIONAL AUSTRALIA BANK LIMITED</name>
        <lei>F8SB4JFBSYQFRQEH3Z21</lei>
        <title>NATIONAL AUSTRALIA BANK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS1575474371"/>
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        <balance>500000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.91760000"/>
        <valUSD>552136.01000000</valUSD>
        <pctVal>0.125792632483</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-09-07</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.35000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>LA BANQUE TORONTO-DOMINION</name>
        <lei>PT3QB789TSUIDF371261</lei>
        <title>TORONTO-DOMINION BANK</title>
        <cusip>89114QBH0</cusip>
        <identifiers>
          <isin value="US89114QBH02"/>
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        <balance>400000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>405009.60000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-04-07</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.30263000</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>
        <name>BANQUE ROYALE DU CANADA</name>
        <lei>ES7IP3U3RHIGC71XBU11</lei>
        <title>ROYAL BANK OF CANADA</title>
        <cusip>780086KD5</cusip>
        <identifiers>
          <isin value="CA780086KD58"/>
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        <balance>7700000.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.32470000"/>
        <valUSD>5790374.42000000</valUSD>
        <pctVal>1.319215606596</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-03-02</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.96800000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Province of Ontario</name>
        <lei>C7PVKCRGLG18EBQGZV36</lei>
        <title>PROVINCE OF ONTARIO</title>
        <cusip>68323AAW4</cusip>
        <identifiers>
          <isin value="CA68323AAW41"/>
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        <balance>1550000.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.32470000"/>
        <valUSD>1212514.91000000</valUSD>
        <pctVal>0.276246141696</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerConditional desc="Provincial" issuerCat="OTHER"/>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-06-02</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.15000000</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>SANOFI SA</name>
        <lei>549300E9PC51EN656011</lei>
        <title>SANOFI</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="FR0013201621"/>
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        <balance>1100000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.91760000"/>
        <valUSD>1203958.15000000</valUSD>
        <pctVal>0.274296663041</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-09-13</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Shell International Finance B.V.</name>
        <lei>213800ITMMKU4Z7I4F78</lei>
        <title>SHELL INTERNATIONAL FINANCE</title>
        <cusip>822582AS1</cusip>
        <identifiers>
          <isin value="US822582AS19"/>
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        <balance>910000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>921762.66000000</valUSD>
        <pctVal>0.210004327604</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-08-21</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.37500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Province de Quebec</name>
        <lei>549300WN65YFEQH74Y36</lei>
        <title>PROVINCE OF QUEBEC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS1617864621"/>
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        <balance>950000.00000000</balance>
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        <currencyConditional curCd="GBP" exchangeRt="0.81347000"/>
        <valUSD>1170639.36000000</valUSD>
        <pctVal>0.266705674174</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerConditional desc="Provincial" issuerCat="OTHER"/>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-05-24</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.87500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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          <isLoanByFund>N</isLoanByFund>
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        <name>EURO</name>
        <lei>N/A</lei>
        <title>EURO</title>
        <cusip>N/A</cusip>
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          <other otherDesc="Internal" value="EUR_20191011_BOAMERRILLLYNCH_11890"/>
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        <balance>-261402.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.91677400"/>
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        <pctVal>-0.00056394301</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerConditional desc="Currency Forward" issuerCat="OTHER"/>
        <invCountry>N/A</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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              <counterpartyName>BOA MERRILL LYNCH</counterpartyName>
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            <amtCurSold>287607.81000000</amtCurSold>
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            <amtCurPur>261402.00000000</amtCurPur>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Oesterreichische Kontrollbank Aktiengesellschaft</name>
        <lei>5299000OVRLMF858L016</lei>
        <title>OESTERREICHISCHE KONTROLLBANK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS1622417290"/>
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        <balance>1164000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="GBP" exchangeRt="0.81347000"/>
        <valUSD>1433425.50000000</valUSD>
        <pctVal>0.326575995493</pctVal>
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        <assetCat>DBT</assetCat>
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        <invCountry>AT</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>0.75000000</annualizedRt>
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        <name>U.S. DOLLAR</name>
        <lei>N/A</lei>
        <title>U.S. DOLLAR</title>
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        <identifiers>
          <other otherDesc="Internal" value="USD_20191011_GOLDMANSACHS_12189"/>
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        <balance>903740.00000000</balance>
        <units>OU</units>
        <descOthUnits>Contract Amount</descOthUnits>
        <curCd>USD</curCd>
        <valUSD>11011.70000000</valUSD>
        <pctVal>0.002508785346</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerConditional desc="Currency Forward" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>GOLDMAN SACHS</counterpartyName>
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            <amtCurSold>903740.00000000</amtCurSold>
            <curSold>EUR</curSold>
            <amtCurPur>996794.76000000</amtCurPur>
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            <settlementDt>2019-10-11</settlementDt>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>DEXIA CREDIT LOCAL S.A.</name>
        <lei>F4G136OIPBYND1F41110</lei>
        <title>DEXIA CREDIT LOCAL</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS1644575752"/>
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        <balance>1800000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="GBP" exchangeRt="0.81347000"/>
        <valUSD>2234007.40000000</valUSD>
        <pctVal>0.508971823506</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.12500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Landeskreditbank Baden-Wuerttemberg -Foerderbank-</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>TOTAL CAPITAL CANADA LTD.</name>
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          <isin value="XS0951395317"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2020-07-09</maturityDt>
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      <invstOrSec>
        <name>Banque de Developpement du Conseil de l'Europe</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>PFIZER INC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Land Nordrhein-Westfalen</name>
        <lei>529900VWPV1LPOHGJ702</lei>
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          <isin value="DE000NRW0KS7"/>
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        <invCountry>DE</invCountry>

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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Land Nordrhein-Westfalen</name>
        <lei>529900VWPV1LPOHGJ702</lei>
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          <couponKind>Fixed</couponKind>
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        <securityLending>
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      <invstOrSec>
        <name>International Bank for Reconstruction and Development</name>
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          <isin value="CA459058EB53"/>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>European Investment Bank</name>
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          <isin value="XS0517604681"/>
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        <invCountry>LU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>TOYOTA MOTOR CREDIT CORPORATION</name>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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        <assetCat>DFE</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>TOYOTA FINANCE AUSTRALIA LIMITED</name>
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        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>KOMMUNALBANKEN AS</name>
        <lei>I7ETN0QQO2AHZZGHJ389</lei>
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        <name>NOVARTIS FINANCE SA</name>
        <lei>549300J537IQK62XT333</lei>
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        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>Cooperatieve Rabobank U.A.</name>
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        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>LA BANQUE TORONTO-DOMINION</name>
        <lei>PT3QB789TSUIDF371261</lei>
        <title>TORONTO-DOMINION BANK</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Province of British Columbia</name>
        <lei>54930058TO7MEKUHWL16</lei>
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        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2019-12-18</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.10000000</annualizedRt>
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      <invstOrSec>
        <name>Inter-American Development Bank</name>
        <lei>VKU1UKDS9E7LYLMACP54</lei>
        <title>INTER-AMERICAN DEVEL BK</title>
        <cusip>N/A</cusip>
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          <isin value="XS1349378155"/>
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        <balance>1000000.00000000</balance>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2019-12-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.12500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>3M CO</name>
        <lei>N/A</lei>
        <title>3M CO</title>
        <cusip>88579YAM3</cusip>
        <identifiers>
          <isin value="XS1234370127"/>
        </identifiers>
        <balance>200000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.91760000"/>
        <valUSD>227047.08000000</valUSD>
        <pctVal>0.051727924593</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.95000000</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>U.S. DOLLAR</name>
        <lei>N/A</lei>
        <title>U.S. DOLLAR</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal" value="USD_20191030_BARCLAYSCAPITAL_12160"/>
        </identifiers>
        <balance>112042566.00000000</balance>
        <units>OU</units>
        <descOthUnits>Contract Amount</descOthUnits>
        <curCd>USD</curCd>
        <valUSD>-150744.45000000</valUSD>
        <pctVal>-0.03434396752</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerConditional desc="Currency Forward" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>BARCLAYS CAPITAL</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <amtCurSold>112042566.00000000</amtCurSold>
            <curSold>CAD</curSold>
            <amtCurPur>84473550.11000000</amtCurPur>
            <curPur>USD</curPur>
            <settlementDt>2019-10-30</settlementDt>
            <unrealizedAppr>-150744.45</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TOYOTA MOTOR CREDIT CORPORATION</name>
        <lei>Z2VZBHUMB7PWWJ63I008</lei>
        <title>TOYOTA MOTOR CREDIT CORP</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS0881362502"/>
        </identifiers>
        <balance>257000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.91760000"/>
        <valUSD>303403.40000000</valUSD>
        <pctVal>0.069124113803</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.37500000</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>Province de Quebec</name>
        <lei>549300WN65YFEQH74Y36</lei>
        <title>PROVINCE OF QUEBEC</title>
        <cusip>74814ZEE9</cusip>
        <identifiers>
          <isin value="CA74814ZEE93"/>
        </identifiers>
        <balance>12767000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="CAD" exchangeRt="1.32470000"/>
        <valUSD>9685745.70000000</valUSD>
        <pctVal>2.206694414239</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerConditional desc="Provincial" issuerCat="OTHER"/>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2019-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>U.S. DOLLAR</name>
        <lei>N/A</lei>
        <title>U.S. DOLLAR</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal" value="USD_20191023_STATESTREET_12062"/>
        </identifiers>
        <balance>130369722.00000000</balance>
        <units>OU</units>
        <descOthUnits>Contract Amount</descOthUnits>
        <curCd>USD</curCd>
        <valUSD>351540.03000000</valUSD>
        <pctVal>0.080091037346</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerConditional desc="Currency Forward" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>STATE STREET</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <amtCurSold>130369722.00000000</amtCurSold>
            <curSold>SEK</curSold>
            <amtCurPur>13621075.52000000</amtCurPur>
            <curPur>USD</curPur>
            <settlementDt>2019-10-23</settlementDt>
            <unrealizedAppr>351540.03</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TOYOTA CREDIT CANADA INC.</name>
        <lei>HJZQGXYTVV2NWJZLPW74</lei>
        <title>TOYOTA CREDIT CANADA INC</title>
        <cusip>892329AV5</cusip>
        <identifiers>
          <isin value="CA892329AV58"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="CAD" exchangeRt="1.32470000"/>
        <valUSD>754842.61000000</valUSD>
        <pctVal>0.171975088207</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-02-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.20000000</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>3M COMPANY</name>
        <lei>LUZQVYP4VS22CLWDAR65</lei>
        <title>3M COMPANY</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS1421914745"/>
        </identifiers>
        <balance>1850000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.91760000"/>
        <valUSD>2042096.77000000</valUSD>
        <pctVal>0.465249003563</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.37500000</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>EURO</name>
        <lei>N/A</lei>
        <title>EURO</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal" value="EUR_20191011_BOAMERRILLLYNCH_11666"/>
        </identifiers>
        <balance>-2425884.00000000</balance>
        <units>OU</units>
        <descOthUnits>Contract Amount</descOthUnits>
        <currencyConditional curCd="EUR" exchangeRt="0.91677400"/>
        <valUSD>-56436.48000000</valUSD>
        <pctVal>-0.01285787063</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerConditional desc="Currency Forward" issuerCat="OTHER"/>
        <invCountry>N/A</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>BOA MERRILL LYNCH</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <amtCurSold>2702546.37000000</amtCurSold>
            <curSold>USD</curSold>
            <amtCurPur>2425884.00000000</amtCurPur>
            <curPur>EUR</curPur>
            <settlementDt>2019-10-11</settlementDt>
            <unrealizedAppr>-56436.48</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>European Investment Bank</name>
        <lei>5493006YXS1U5GIHE750</lei>
        <title>EUROPEAN INVESTMENT BANK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS1686550960"/>
        </identifiers>
        <balance>200000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.91760000"/>
        <valUSD>223818.66000000</valUSD>
        <pctVal>0.050992396674</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerConditional desc="Supranational" issuerCat="OTHER"/>
        <invCountry>LU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</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>JOHNSON &amp; JOHNSON</name>
        <lei>549300G0CFPGEF6X2043</lei>
        <title>JOHNSON &amp; JOHNSON</title>
        <cusip>478160BZ6</cusip>
        <identifiers>
          <isin value="XS1411535286"/>
        </identifiers>
        <balance>100000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.91760000"/>
        <valUSD>110310.59000000</valUSD>
        <pctVal>0.025131958893</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-01-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Dreyfus Treasury Securities Cash Management; Institutional Shares</name>
        <lei>N/A</lei>
        <title>DREYFUS TREASURY SECURITIES CASH MANAGEMENT</title>
        <cusip>261941108</cusip>
        <identifiers>
          <isin value="US2619411083"/>
        </identifiers>
        <balance>2962958.77000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2962958.77000000</valUSD>
        <pctVal>0.675048134639</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2019-10-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Allianz Variable Insurance Products Trust</ncom:nameOfApplicant>
      <ncom:signature>Bashir C. Asad</ncom:signature>
      <ncom:signerName>Bashir C. Asad</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
