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        <name>Roche Finance Europe B.V.</name>
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      <invstOrSec>
        <name>COMMONWEALTH BANK OF AUSTRALIA</name>
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        <name>U.S. DOLLAR</name>
        <lei>N/A</lei>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>European Bank for Reconstruction and Development</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>CANADIAN DOLLAR</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>UNEDIC</name>
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        <name>SWEDISH KRONE</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <isRestrictedSec>N</isRestrictedSec>

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        <name>TOTAL CAPITAL CANADA LTD.</name>
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        <name>Banque de Developpement du Conseil de l'Europe</name>
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        <name>CAISSE DES DEPOTS ET CONSIGNATIONS</name>
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        <name>TOYOTA MOTOR CREDIT CORPORATION</name>
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        <name>DBS BANK LTD.</name>
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        <name>KOMMUNALBANKEN AS</name>
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        <name>APPLE INC.</name>
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        <name>ASB FINANCE LIMITED</name>
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          <isin value="XS1576035155"/>
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        <fairValLevel>2</fairValLevel>
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        <name>FMS Wertmanagement AoeR</name>
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        <name>Statsministeriet, Departementet</name>
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        <name>United Kingdom of Great Britain and Northern Ireland</name>
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          <other otherDesc="Internal" value="USD_20200406_STATESTREET_13386"/>
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        <name>Monetary Authority of Singapore</name>
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        <name>AGENCE FRANCAISE DE DEVELOPPEMENT EPIC</name>
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        <name>Svenska Handelsbanken AB</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>SANOFI SA</name>
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      <invstOrSec>
        <name>Toyota Motor Finance (Netherlands) B.V.</name>
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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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          <isin value="SE0009269418"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>OVERSEA-CHINESE BANKING CORPORATION LIMITED</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>U.S. DOLLAR</name>
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      <invstOrSec>
        <name>TEMASEK FINANCIAL (I) LIMITED</name>
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          <isin value="XS1373130902"/>
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        <balance>1500000.00000000</balance>
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        <invCountry>SG</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2022-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>OeBB-Infrastruktur Aktiengesellschaft</name>
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        <cusip>N/A</cusip>
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          <isin value="XS0232778083"/>
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        <invCountry>AT</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2020-10-19</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>EURO</name>
        <lei>N/A</lei>
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        <balance>-1205853.00000000</balance>
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        <invCountry>N/A</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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              <counterpartyName>GOLDMAN SACHS</counterpartyName>
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      <invstOrSec>
        <name>OVERSEA-CHINESE BANKING CORPORATION LIMITED</name>
        <lei>5493007O3QFXCPOGWK22</lei>
        <title>OVERSEA-CHINESE BANKING</title>
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        <assetCat>STIV</assetCat>
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        <invCountry>SG</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>U.S. DOLLAR</name>
        <lei>N/A</lei>
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          <other otherDesc="Internal" value="USD_20200507_CITIGROUP_14512"/>
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        <balance>5537512.00000000</balance>
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        <name>CAISSE DES DEPOTS ET CONSIGNATIONS</name>
        <lei>969500Q2PFTTP0Y5QL44</lei>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>SANOFI SA</name>
        <lei>549300E9PC51EN656011</lei>
        <title>SANOFI</title>
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          <isin value="FR0012146777"/>
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        <fairValLevel>2</fairValLevel>
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        <name>APPLE INC.</name>
        <lei>HWUPKR0MPOU8FGXBT394</lei>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>Kuntarahoitus Oyj</name>
        <lei>529900HEKOENJHPNN480</lei>
        <title>MUNICIPALITY FINANCE PLC</title>
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        <name>AGENCE FRANCAISE DE DEVELOPPEMENT EPIC</name>
        <lei>9695008K5N8MKIT4XJ91</lei>
        <title>AGENCE FRANCAISE DEVELOP</title>
        <cusip>N/A</cusip>
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      <invstOrSec>
        <name>Nestle Finance International Ltd. S.A.</name>
        <lei>0KLLMNHINTFDRMU6DI05</lei>
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        <cusip>N/A</cusip>
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          <isin value="XS0826531120"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2022-09-12</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Deutsche Bahn Finance GmbH</name>
        <lei>52990002BAIDUAIIYU29</lei>
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        <cusip>N/A</cusip>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2020-07-23</maturityDt>
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          <annualizedRt>0.00000000</annualizedRt>
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      <invstOrSec>
        <name>European Stability Mechanism</name>
        <lei>222100W4EEAQ77386N50</lei>
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        <cusip>N/A</cusip>
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          <isin value="EU000A1Z99E3"/>
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        <payoffProfile>Long</payoffProfile>
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        <issuerConditional desc="Supranational" issuerCat="OTHER"/>
        <invCountry>LU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2023-07-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.10000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>EURO</name>
        <lei>N/A</lei>
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        <balance>-21688956.00000000</balance>
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        <assetCat>DFE</assetCat>
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        <invCountry>N/A</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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              <counterpartyName>BARCLAYS CAPITAL</counterpartyName>
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      <invstOrSec>
        <name>OP Yrityspankki Oyj</name>
        <lei>549300NQ588N7RWKBP98</lei>
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        <cusip>N/A</cusip>
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          <isin value="XS1196759010"/>
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        <assetCat>DBT</assetCat>
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        <invCountry>FI</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2022-03-03</maturityDt>
          <couponKind>Fixed</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Shell International Finance B.V.</name>
        <lei>213800ITMMKU4Z7I4F78</lei>
        <title>SHELL INTERNATIONAL FIN</title>
        <cusip>N/A</cusip>
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          <isin value="XS1292484323"/>
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        <balance>2147000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.90695000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2022-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.25000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>U.S. DOLLAR</name>
        <lei>N/A</lei>
        <title>U.S. DOLLAR</title>
        <cusip>N/A</cusip>
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          <other otherDesc="Internal" value="USD_20200402_STATESTREET_14107"/>
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        <balance>9112826.00000000</balance>
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        <valUSD>388422.69000000</valUSD>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <securityLending>
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      <invstOrSec>
        <name>SANOFI SA</name>
        <lei>549300E9PC51EN656011</lei>
        <title>SANOFI</title>
        <cusip>N/A</cusip>
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          <isin value="FR0013409836"/>
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        <balance>300000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.90695000"/>
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        <pctVal>0.094230832993</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2022-03-21</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>BERKSHIRE HATHAWAY INC.</name>
        <lei>5493000C01ZX7D35SD85</lei>
        <title>BERKSHIRE HATHAWAY INC</title>
        <cusip>084670BZ0</cusip>
        <identifiers>
          <isin value="XS1548792859"/>
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        <balance>2400000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.90695000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2023-01-17</maturityDt>
          <couponKind>Fixed</couponKind>
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        <securityLending>
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      <invstOrSec>
        <name>CANADIAN DOLLAR</name>
        <lei>N/A</lei>
        <title>CANADIAN DOLLAR</title>
        <cusip>N/A</cusip>
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          <other otherDesc="Internal" value="CAD_20200423_CITIGROUP_14128"/>
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        <balance>-1726039.00000000</balance>
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        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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              <counterpartyName>CITIGROUP</counterpartyName>
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        <name>U.S. DOLLAR</name>
        <lei>N/A</lei>
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          <other otherDesc="Internal" value="USD_20200506_CITIGROUP_14493"/>
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        <balance>11745522.00000000</balance>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <fwdDeriv derivCat="FWD">
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              <counterpartyName>CITIGROUP</counterpartyName>
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      <invstOrSec>
        <name>Monetary Authority of Singapore</name>
        <lei>54930035WQZLGC45RZ35</lei>
        <title>MAS BILL</title>
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          <isin value="SGXZ47077664"/>
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        <balance>5000000.00000000</balance>
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        <invCountry>SG</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Shell International Finance B.V.</name>
        <lei>213800ITMMKU4Z7I4F78</lei>
        <title>SHELL INTERNATIONAL FINANCE</title>
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          <isin value="XS1135276332"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2022-04-06</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>KOMMUNALBANKEN AS</name>
        <lei>I7ETN0QQO2AHZZGHJ389</lei>
        <title>KOMMUNALBANKEN AS</title>
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          <isin value="XS1888278295"/>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>1.50000000</annualizedRt>
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      <invstOrSec>
        <name>Svenska Handelsbanken AB</name>
        <lei>NHBDILHZTYCNBV5UYZ31</lei>
        <title>SVENSKA HANDELSBANKEN AB</title>
        <cusip>N/A</cusip>
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          <isin value="XS1571298139"/>
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        <balance>2318000.00000000</balance>
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        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2022-02-28</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>BRITISH POUND</name>
        <lei>N/A</lei>
        <title>BRITISH POUND</title>
        <cusip>N/A</cusip>
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        <balance>-8077655.00000000</balance>
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        <name>Land Nordrhein-Westfalen</name>
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        <name>NATIONAL AUSTRALIA BANK LIMITED</name>
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        <name>U.S. DOLLAR</name>
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        <name>Landeskreditbank Baden-Wuerttemberg -Foerderbank-</name>
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        <name>Nestle Finance International Ltd. S.A.</name>
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        <name>European Investment Bank</name>
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        <name>BERKSHIRE HATHAWAY INC.</name>
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        <lei>N/A</lei>
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          <other otherDesc="Internal" value="USD_20200401_CITIGROUP_14450"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>PSP Capital Inc.</name>
        <lei>549300B456N0WEIC5249</lei>
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        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>OVERSEA-CHINESE BANKING CORPORATION LIMITED</name>
        <lei>5493007O3QFXCPOGWK22</lei>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SG</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Nederlandse Waterschapsbank N.V.</name>
        <lei>JLP5FSPH9WPSHY3NIM24</lei>
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        <cusip>N/A</cusip>
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          <isin value="XS1882681619"/>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>International Bank for Reconstruction and Development</name>
        <lei>ZTMSNXROF84AHWJNKQ93</lei>
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          <isin value="XS1995762082"/>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2024-05-15</maturityDt>
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      <invstOrSec>
        <name>U.S. DOLLAR</name>
        <lei>N/A</lei>
        <title>U.S. DOLLAR</title>
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          <other otherDesc="Internal" value="USD_20200423_BOAMERRILLLYNCH_13941"/>
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              <counterpartyName>BOA MERRILL LYNCH</counterpartyName>
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      <invstOrSec>
        <name>DEXIA CREDIT LOCAL S.A.</name>
        <lei>F4G136OIPBYND1F41110</lei>
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          <isin value="XS1829348793"/>
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        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2023-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.25000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>EXPORT DEVELOPMNT CANADA</name>
        <lei>N/A</lei>
        <title>EXPORT DEVELOPMNT CANADA</title>
        <cusip>ZS6977996</cusip>
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          <isin value="XS2001614085"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-05-29</maturityDt>
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        <securityLending>
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      <invstOrSec>
        <name>BPIFRANCE FINANCEMENT SA</name>
        <lei>969500STN7T9MRUMJ267</lei>
        <title>BPIFRANCE FINANCEMENT SA</title>
        <cusip>N/A</cusip>
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          <isin value="FR0013118684"/>
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        <balance>300000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-02-19</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.10000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>BANQUE ROYALE DU CANADA</name>
        <lei>ES7IP3U3RHIGC71XBU11</lei>
        <title>ROYAL BANK OF CANADA</title>
        <cusip>780086MH4</cusip>
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          <isin value="CA780086MH45"/>
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        <balance>3500000.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.40710000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.03000000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>THE BANK OF NOVA SCOTIA</name>
        <lei>L3I9ZG2KFGXZ61BMYR72</lei>
        <title>BANK OF NOVA SCOTIA</title>
        <cusip>N/A</cusip>
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          <isin value="XS1592881020"/>
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        <balance>500000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.90695000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2022-04-06</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>CANADIAN DOLLAR</name>
        <lei>N/A</lei>
        <title>CANADIAN DOLLAR</title>
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        <balance>-771639.00000000</balance>
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        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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              <counterpartyName>BOA MERRILL LYNCH</counterpartyName>
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        <name>Shell International Finance B.V.</name>
        <lei>213800ITMMKU4Z7I4F78</lei>
        <title>SHELL INTERNATIONAL FIN</title>
        <cusip>N/A</cusip>
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          <isin value="XS1048521733"/>
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        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>ONTARIO (PROVINCE OF)</name>
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      <invstOrSec>
        <name>JOHNSON &amp; JOHNSON</name>
        <lei>549300G0CFPGEF6X2043</lei>
        <title>JOHNSON &amp; JOHNSON</title>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

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      <invstOrSec>
        <name>Cooperatieve Rabobank U.A.</name>
        <lei>DG3RU1DBUFHT4ZF9WN62</lei>
        <title>COOPERATIEVE RABOBANK UA</title>
        <cusip>N/A</cusip>
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        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2022-06-06</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.75000000</annualizedRt>
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      <invstOrSec>
        <name>KfW</name>
        <lei>549300GDPG70E3MBBU98</lei>
        <title>KFW</title>
        <cusip>N/A</cusip>
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          <isin value="DE000A2BPB50"/>
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        <balance>4253000.00000000</balance>
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        <pctVal>1.357086751234</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>2023-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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        <name>Banque de Developpement du Conseil de l'Europe</name>
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        <name>PFIZER INC.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CAISSE AMORTISSEMENT DE LA DETTE SOCIALE</name>
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        <name>Province de Quebec</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>Province of Manitoba</name>
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        <name>Land Nordrhein-Westfalen</name>
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        <name>PFIZER INC.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Kommuninvest i Sverige Aktiebolag</name>
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        <name>Eurofima Europaeische Gesellschaft fuer die Finanzierung von Eisenbahnmaterial</name>
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        <name>Banque africaine de developpement</name>
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        <name>Kommuninvest i Sverige Aktiebolag</name>
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        <isRestrictedSec>N</isRestrictedSec>

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      </invstOrSec>
      <invstOrSec>
        <name>CANADIAN DOLLAR</name>
        <lei>N/A</lei>
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        <cusip>N/A</cusip>
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          <other otherDesc="Internal" value="CAD_20200423_CITIGROUP_13764"/>
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        <balance>-1999429.00000000</balance>
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        <descOthUnits>Contract Amount</descOthUnits>
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        <valUSD>-82934.79000000</valUSD>
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        <assetCat>DFE</assetCat>
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        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <fwdDeriv derivCat="FWD">
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              <counterpartyName>CITIGROUP</counterpartyName>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>TOYOTA FINANCE AUSTRALIA LIMITED</name>
        <lei>3UKPTDP5PGQRH8AUK042</lei>
        <title>TOYOTA FINANCE AUSTRALIA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS1801780583"/>
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        <balance>1355000.00000000</balance>
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        <invCountry>AU</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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      <invstOrSec>
        <name>LA BANQUE TORONTO-DOMINION</name>
        <lei>PT3QB789TSUIDF371261</lei>
        <title>TORONTO-DOMINION BANK</title>
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          <isin value="CA8911452R48"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-12-22</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.62100000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>THE BANK OF NOVA SCOTIA</name>
        <lei>L3I9ZG2KFGXZ61BMYR72</lei>
        <title>BANK OF NOVA SCOTIA</title>
        <cusip>064159JG2</cusip>
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          <isin value="US064159JG24"/>
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        <balance>447000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>451474.02000000</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>2022-03-07</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.70000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <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>1002760.00000000</valUSD>
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        <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>1.78175000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>NRW.BANK</name>
        <lei>52990002O5KK6XOGJ020</lei>
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          <isin value="DE000NWB17T4"/>
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        <currencyConditional curCd="EUR" exchangeRt="0.90695000"/>
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        <invCountry>DE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>TOTAL CAPITAL CANADA LTD.</name>
        <lei>5299005IX98ZZ9LSGK46</lei>
        <title>TOTAL CAPITAL CANADA LTD</title>
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        <identifiers>
          <isin value="XS1111559768"/>
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        <balance>600000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.90695000"/>
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        <payoffProfile>Long</payoffProfile>
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        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>NORDIC INVESTMENT BANK</name>
        <lei>N/A</lei>
        <title>NORDIC INVESTMENT BANK</title>
        <cusip>65562QAY1</cusip>
        <identifiers>
          <isin value="US65562QAY17"/>
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        <balance>10930000.00000000</balance>
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        <currencyConditional curCd="NOK" exchangeRt="10.38000000"/>
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        <pctVal>0.302145938018</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerConditional desc="Supranational" issuerCat="OTHER"/>
        <invCountry>LU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2020-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.37500000</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>NOVARTIS FINANCE SA</name>
        <lei>549300J537IQK62XT333</lei>
        <title>NOVARTIS FINANCE SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS1769040111"/>
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        <balance>2000000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.90695000"/>
        <valUSD>2199459.73000000</valUSD>
        <pctVal>0.630360692642</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-08-14</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>
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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="0.80528000"/>
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        <pctVal>0.414700870749</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerConditional desc="non-U.S. government agency" issuerCat="OTHER"/>
        <invCountry>AT</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2022-03-07</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.75000000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
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      <invstOrSec>
        <name>Kommunekredit</name>
        <lei>529900D8QLTZ6PRLJL76</lei>
        <title>KOMMUNEKREDIT</title>
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        <identifiers>
          <isin value="XS1872356859"/>
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        <balance>846000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.90695000"/>
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        <pctVal>0.270639271724</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerConditional desc="non-U.S. government agency" issuerCat="OTHER"/>
        <invCountry>DK</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-08-28</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.12500000</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>ASIAN DEVELOPMENT BANK</name>
        <lei>549300X0MVH42CY8Q105</lei>
        <title>ASIAN DEVELOPMENT BANK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS1824294901"/>
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        <balance>6248000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.90695000"/>
        <valUSD>7001245.85000000</valUSD>
        <pctVal>2.006542844667</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerConditional desc="Supranational" issuerCat="OTHER"/>
        <invCountry>PH</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-05-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.20000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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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>3200000.00000000</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>2021-04-26</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.90000000</annualizedRt>
          <isDefault>N</isDefault>
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      <invstOrSec>
        <name>TOYOTA CREDIT CANADA INC.</name>
        <lei>HJZQGXYTVV2NWJZLPW74</lei>
        <title>TOYOTA CREDIT CANADA INC</title>
        <cusip>892329AV5</cusip>
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          <isin value="CA892329AV58"/>
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        <balance>1000000.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.40710000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>2.20000000</annualizedRt>
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        <name>International Bank for Reconstruction and Development</name>
        <lei>ZTMSNXROF84AHWJNKQ93</lei>
        <title>INTERNATIONAL BANK FOR RECONSTRUCTION</title>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
          <annualizedRt>0.46930000</annualizedRt>
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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>
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        <valUSD>1435379.87000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-08-05</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.25000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Cooperatieve Rabobank U.A.</name>
        <lei>DG3RU1DBUFHT4ZF9WN62</lei>
        <title>COOPERATIEVE RABOBANK UA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS1642738816"/>
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        <balance>2093000.00000000</balance>
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        <name>SWEDISH EXPORT CREDIT</name>
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      <invstOrSec>
        <name>Land Nordrhein-Westfalen</name>
        <lei>529900VWPV1LPOHGJ702</lei>
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        <cusip>N/A</cusip>
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          <isin value="DE000NRW0JF6"/>
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        <invCountry>DE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CAISSE AMORTISSEMENT DE LA DETTE SOCIALE</name>
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        <cusip>N/A</cusip>
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          <isin value="FR0012467991"/>
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        <balance>400000.00000000</balance>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>U.S. DOLLAR</name>
        <lei>N/A</lei>
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          <other otherDesc="Internal" value="USD_20200421_STATESTREET_13592"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <fwdDeriv derivCat="FWD">
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              <counterpartyName>STATE STREET</counterpartyName>
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      <invstOrSec>
        <name>BRITISH POUND</name>
        <lei>N/A</lei>
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        <cusip>N/A</cusip>
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          <other otherDesc="Internal" value="GBP_20200421_STATESTREET_13905"/>
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        <balance>-197194.00000000</balance>
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        <assetCat>DFE</assetCat>
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        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <fwdDeriv derivCat="FWD">
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              <counterpartyName>STATE STREET</counterpartyName>
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        <securityLending>
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      <invstOrSec>
        <name>Oversea-Chinese Banking Corporation Limited (New York Branch)</name>
        <lei>N/A</lei>
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          <isin value="US69033MMN47"/>
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        <curCd>USD</curCd>
        <valUSD>990703.00000000</valUSD>
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        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Dreyfus Treasury Securities Cash Management; Institutional Shares</name>
        <lei>N/A</lei>
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        <cusip>261941108</cusip>
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          <isin value="US2619411083"/>
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        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>DANISH KRONER</name>
        <lei>N/A</lei>
        <title>DANISH KRONER</title>
        <cusip>N/A</cusip>
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          <other otherDesc="Internal" value="DKK_20200423_BOAMERRILLLYNCH_14406"/>
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        <balance>-1389906.00000000</balance>
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        <currencyConditional curCd="DKK" exchangeRt="6.75927600"/>
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        <pctVal>0.001866555255</pctVal>
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        <assetCat>DFE</assetCat>
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        <invCountry>DK</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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              <counterpartyName>BOA MERRILL LYNCH</counterpartyName>
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            <settlementDt>2020-04-23</settlementDt>
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        <securityLending>
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      <invstOrSec>
        <name>U.S. DOLLAR</name>
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          <other otherDesc="Internal" value="USD_20200423_BOAMERRILLLYNCH_14226"/>
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        <balance>983540.00000000</balance>
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        <assetCat>DFE</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

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              <counterpartyName>BOA MERRILL LYNCH</counterpartyName>
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        <name>Corporacion Interamericana de Inversiones</name>
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        <invCountry>MX</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>DEXIA CREDIT LOCAL S.A.</name>
        <lei>F4G136OIPBYND1F41110</lei>
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          <isin value="XS1644575752"/>
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        <balance>1800000.00000000</balance>
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        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>

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        <name>TOTAL CAPITAL INTERNATIONAL SA</name>
        <lei>549300U37G2I8G4RUG09</lei>
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        <invCountry>FR</invCountry>

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        <name>BANQUE CANADIENNE IMPERIALE DE COMMERCE</name>
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        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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        <name>UNEDIC</name>
        <lei>969500V3L9W19NIA5E82</lei>
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        <name>KOMMUNALBANKEN AS</name>
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        <name>WALMART INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>KOMMUNALBANKEN AS</name>
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      <invstOrSec>
        <name>European Investment Bank</name>
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          <isin value="XS1686550960"/>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>NESTLE HOLDINGS, INC.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>European Investment Bank</name>
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          <isin value="XS1227593933"/>
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      <invstOrSec>
        <name>Aktiebolaget Svensk Exportkredit</name>
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          <isin value="XS1934544534"/>
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      <invstOrSec>
        <name>Landeskreditbank Baden-Wuerttemberg -Foerderbank-</name>
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      <invstOrSec>
        <name>UNITED OVERSEAS BANK/SYD</name>
        <lei>N/A</lei>
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          <isin value="AU3FN0049110"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>NATIONAL AUSTRALIA BANK LIMITED</name>
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          <isin value="XS1167352613"/>
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        <balance>3000000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.90695000"/>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>CANADIAN DOLLAR</name>
        <lei>N/A</lei>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>Federal Home Loan Banks</name>
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          <isin value="US313384YN32"/>
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        <name>TOTAL CAPITAL INTERNATIONAL SA</name>
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        <name>Transport for London</name>
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        <name>European Investment Bank</name>
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        <name>CASH</name>
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        <pctVal>0.000000063051</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="0.22000000" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2020-04-30</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>
