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        <lei>EN5TNI6CI43VEPAMHL14</lei>
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          <isin value="XS1506396974"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>NATIONAL AUSTRALIA BANK LIMITED</name>
        <lei>F8SB4JFBSYQFRQEH3Z21</lei>
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        <cusip>N/A</cusip>
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          <isin value="AU3FN0052510"/>
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        <balance>2000000.00000000</balance>
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        <currencyConditional curCd="AUD" exchangeRt="1.44949000"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-01-21</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>U.S. DOLLAR</name>
        <lei>N/A</lei>
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          <other otherDesc="Internal" value="USD_20200721_STATESTREET_15646"/>
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        <assetCat>DFE</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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              <counterpartyName>STATE STREET</counterpartyName>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>TOYOTA CREDIT CANADA INC.</name>
        <lei>HJZQGXYTVV2NWJZLPW74</lei>
        <title>TOYOTA CREDIT CANADA INC</title>
        <cusip>892329AV5</cusip>
        <identifiers>
          <isin value="CA892329AV58"/>
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        <balance>1000000.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.35740000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-02-25</maturityDt>
          <couponKind>Fixed</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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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="0.80717000"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>1.00000000</annualizedRt>
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      <invstOrSec>
        <name>DANISH KRONER</name>
        <lei>N/A</lei>
        <title>DANISH KRONER</title>
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          <other otherDesc="Internal" value="DKK_20200720_BOAMERRILLLYNCH_15243"/>
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        <currencyConditional curCd="DKK" exchangeRt="1.00000000"/>
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        <assetCat>DFE</assetCat>
        <issuerConditional desc="Currency Forward" issuerCat="OTHER"/>
        <invCountry>DK</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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              <counterpartyName>BOA MERRILL LYNCH</counterpartyName>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>PFIZER INC.</name>
        <lei>765LHXWGK1KXCLTFYQ30</lei>
        <title>PFIZER INC</title>
        <cusip>717081EG4</cusip>
        <identifiers>
          <isin value="XS1574157357"/>
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        <balance>4521000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89015000"/>
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        <pctVal>1.300821095656</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-03-06</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.25000000</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 Bank for Reconstruction and Development</name>
        <lei>549300HTGDOVDU6OGK19</lei>
        <title>EUROPEAN BK RECON &amp; DEV</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS2124858700"/>
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        <balance>258000.00000000</balance>
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        <currencyConditional curCd="GBP" exchangeRt="0.80717000"/>
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        <pctVal>0.081467601944</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerConditional desc="Supranational" issuerCat="OTHER"/>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-02-27</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>0.31580000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Land Nordrhein-Westfalen</name>
        <lei>529900VWPV1LPOHGJ702</lei>
        <title>LAND NORDRHEIN-WESTFALEN</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS1900543577"/>
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        <balance>4400000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="GBP" exchangeRt="0.80717000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerConditional desc="Provincial" issuerCat="OTHER"/>
        <invCountry>DE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-10-29</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED</name>
        <lei>JHE42UYNWWTJB8YTTU19</lei>
        <title>AUST &amp; NZ BANKING GROUP</title>
        <cusip>N/A</cusip>
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          <isin value="AU3FN0052486"/>
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        <balance>3000000.00000000</balance>
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        <currencyConditional curCd="AUD" exchangeRt="1.44949000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-01-16</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>0.90000000</annualizedRt>
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        <securityLending>
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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="XS1848770407"/>
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        <balance>1600000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="GBP" exchangeRt="0.80717000"/>
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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>2023-06-29</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>0.41290000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
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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>
        <identifiers>
          <isin value="XS1592881020"/>
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        <balance>500000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89015000"/>
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        <pctVal>0.143660840653</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>
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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="XS0819759571"/>
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        <balance>1000000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.89015000"/>
        <valUSD>1185845.08000000</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>2022-08-23</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.62500000</annualizedRt>
          <isDefault>N</isDefault>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>SANOFI SA</name>
        <lei>549300E9PC51EN656011</lei>
        <title>SANOFI</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="FR0012146777"/>
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        <balance>500000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89015000"/>
        <valUSD>571560.97000000</valUSD>
        <pctVal>0.145803000331</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-03-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.12500000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>SWEDISH EXPORT CREDIT</name>
        <lei>N/A</lei>
        <title>SWEDISH EXPORT CREDIT</title>
        <cusip>205968121</cusip>
        <identifiers>
          <isin value="XS2059681218"/>
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        <balance>2000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2001460.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerConditional desc="non-U.S. government agency" issuerCat="OTHER"/>
        <invCountry>SE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-07-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>1.33888000</annualizedRt>
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      <invstOrSec>
        <name>Toronto-Dominion Bank (New York Branch)</name>
        <lei>N/A</lei>
        <title>TORONTO DOMINION BANK NY</title>
        <cusip>89114NKS3</cusip>
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          <isin value="US89114NKS35"/>
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        <balance>4000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4002472.00000000</valUSD>
        <pctVal>1.021015179432</pctVal>
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        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>WESTPAC BANKING CORPORATION</name>
        <lei>EN5TNI6CI43VEPAMHL14</lei>
        <title>WESTPAC BANKING CORP</title>
        <cusip>N/A</cusip>
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          <isin value="AU3FN0034039"/>
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        <balance>500000.00000000</balance>
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        <currencyConditional curCd="AUD" exchangeRt="1.44949000"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-02-07</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>1.20500000</annualizedRt>
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      <invstOrSec>
        <name>BRITISH POUND</name>
        <lei>N/A</lei>
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          <other otherDesc="Internal" value="GBP_20200706_STATESTREET_14986"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>LA BANQUE TORONTO-DOMINION</name>
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          <isin value="CA8911452R48"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>EURO</name>
        <lei>N/A</lei>
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        <name>U.S. DOLLAR</name>
        <lei>N/A</lei>
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        <isRestrictedSec>N</isRestrictedSec>

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              <counterpartyName>BOA MERRILL LYNCH</counterpartyName>
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          <other otherDesc="Internal" value="USD_20200721_STATESTREET_15622"/>
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        <assetCat>DFE</assetCat>
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              <counterpartyName>STATE STREET</counterpartyName>
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      <invstOrSec>
        <name>Aktiebolaget Svensk Exportkredit</name>
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        <cusip>N/A</cusip>
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          <isin value="XS1934544534"/>
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        <balance>500000.00000000</balance>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>Inter-American Development Bank</name>
        <lei>VKU1UKDS9E7LYLMACP54</lei>
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          <isin value="US45818WCP95"/>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2022-09-16</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>European Bank for Reconstruction and Development</name>
        <lei>549300HTGDOVDU6OGK19</lei>
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          <isin value="XS1957351072"/>
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        <balance>4832000.00000000</balance>
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        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>TOTAL CAPITAL INTERNATIONAL SA</name>
        <lei>549300U37G2I8G4RUG09</lei>
        <title>TOTAL CAPITAL INTERNATIONAL SA</title>
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        <identifiers>
          <isin value="XS1443997223"/>
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        <balance>900000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.89015000"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2023-07-12</maturityDt>
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          <annualizedRt>0.25000000</annualizedRt>
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        <name>THE BANK OF NOVA SCOTIA</name>
        <lei>L3I9ZG2KFGXZ61BMYR72</lei>
        <title>BANK OF NOVA SCOTIA</title>
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          <isin value="US064159LH78"/>
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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>2021-04-20</maturityDt>
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        <name>EUROPEAN INVESTMENT BANK</name>
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        <invCountry>LU</invCountry>

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          <couponKind>Floating</couponKind>
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        <name>NRW.BANK</name>
        <lei>52990002O5KK6XOGJ020</lei>
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        <cusip>N/A</cusip>
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          <isin value="DE000NWB17H9"/>
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        <name>Dreyfus Treasury Securities Cash Management; Institutional Shares</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Deutsche Bahn Finance GmbH</name>
        <lei>52990002BAIDUAIIYU29</lei>
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        <name>UNEDIC</name>
        <lei>969500V3L9W19NIA5E82</lei>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BANQUE ROYALE DU CANADA</name>
        <lei>ES7IP3U3RHIGC71XBU11</lei>
        <title>ROYAL BANK OF CANADA</title>
        <cusip>780086MH4</cusip>
        <identifiers>
          <isin value="CA780086MH45"/>
        </identifiers>
        <balance>3500000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="CAD" exchangeRt="1.35740000"/>
        <valUSD>2603727.71000000</valUSD>
        <pctVal>0.664200902597</pctVal>
        <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>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BANQUE DE MONTREAL</name>
        <lei>NQQ6HPCNCCU6TUTQYE16</lei>
        <title>BANK OF MONTREAL</title>
        <cusip>06367XYL9</cusip>
        <identifiers>
          <isin value="CA06367XYL95"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="CAD" exchangeRt="1.35740000"/>
        <valUSD>743826.43000000</valUSD>
        <pctVal>0.189747255169</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>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Corporacion Interamericana de Inversiones</name>
        <lei>5493001X4LH60PFRL744</lei>
        <title>INTER-AMERICAN INVEST CO</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS1892115111"/>
        </identifiers>
        <balance>4000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3999160.00000000</valUSD>
        <pctVal>1.020170300998</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerConditional desc="Supranational" issuerCat="OTHER"/>
        <invCountry>MX</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-10-12</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>1.40138000</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>International Bank for Reconstruction and Development</name>
        <lei>ZTMSNXROF84AHWJNKQ93</lei>
        <title>INTL BK RECON &amp; DEV</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS1995762082"/>
        </identifiers>
        <balance>5925000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="GBP" exchangeRt="0.80717000"/>
        <valUSD>7325339.77000000</valUSD>
        <pctVal>1.868665939367</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerConditional desc="Supranational" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-05-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>0.33620000</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>TEMASEK FINANCIAL (I) LIMITED</name>
        <lei>549300XMGMDF3VRJMF12</lei>
        <title>TEMASEK FINANCIAL I LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS0528414294"/>
        </identifiers>
        <balance>800000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="GBP" exchangeRt="0.80717000"/>
        <valUSD>1073994.33000000</valUSD>
        <pctVal>0.273971813807</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>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Banque africaine de developpement</name>
        <lei>549300LNCLMO3ITVCU07</lei>
        <title>AFRICAN DEVELOPMENT BANK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU3CB0191971"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="AUD" exchangeRt="1.44949000"/>
        <valUSD>745027.56000000</valUSD>
        <pctVal>0.190053658802</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerConditional desc="Supranational" issuerCat="OTHER"/>
        <invCountry>CI</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-03-23</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</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>BANQUE CANADIENNE IMPERIALE DE COMMERCE</name>
        <lei>2IGI19DL77OX0HC3ZE78</lei>
        <title>CANADIAN IMPERIAL BANK</title>
        <cusip>13596ZBC8</cusip>
        <identifiers>
          <isin value="CA13596ZBC82"/>
        </identifiers>
        <balance>3200000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="CAD" exchangeRt="1.35740000"/>
        <valUSD>2382177.69000000</valUSD>
        <pctVal>0.607684346472</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>
        </debtSec>
        <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="XS2101432388"/>
        </identifiers>
        <balance>4167000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="GBP" exchangeRt="0.80717000"/>
        <valUSD>5171928.60000000</valUSD>
        <pctVal>1.319339050352</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerConditional desc="Supranational" issuerCat="OTHER"/>
        <invCountry>LU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-01-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>0.37600000</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>DEXIA CREDIT LOCAL SA</name>
        <lei>F4G136OIPBYND1F41110</lei>
        <title>DEXIA CREDIT LOCAL</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS1644575752"/>
        </identifiers>
        <balance>1800000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="GBP" exchangeRt="0.80717000"/>
        <valUSD>2262594.00000000</valUSD>
        <pctVal>0.577179008096</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>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LA BANQUE TORONTO-DOMINION</name>
        <lei>PT3QB789TSUIDF371261</lei>
        <title>TORONTO-DOMINION BANK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU3FN0048930"/>
        </identifiers>
        <balance>600000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="AUD" exchangeRt="1.44949000"/>
        <valUSD>410060.09000000</valUSD>
        <pctVal>0.104604748357</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-07-10</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>1.17520000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. TREASURY NOTE</title>
        <cusip>912828ZK9</cusip>
        <identifiers>
          <isin value="US912828ZK94"/>
        </identifiers>
        <balance>5000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5003338.00000000</valUSD>
        <pctVal>1.276332238134</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-04-30</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>0.26405690</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>TOTAL CAPITAL CANADA LTD.</name>
        <lei>5299005IX98ZZ9LSGK46</lei>
        <title>TOTAL CAPITAL CANADA LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS0951395317"/>
        </identifiers>
        <balance>1400000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89015000"/>
        <valUSD>1573083.19000000</valUSD>
        <pctVal>0.401287458225</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2020-07-09</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.87500000</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>Oesterreichische Kontrollbank Aktiengesellschaft</name>
        <lei>5299000OVRLMF858L016</lei>
        <title>OESTERREICHISCHE KONTROLLBANK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS1622417290"/>
        </identifiers>
        <balance>1164000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="GBP" exchangeRt="0.80717000"/>
        <valUSD>1453857.16000000</valUSD>
        <pctVal>0.370873357536</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>
        <debtSec>
          <maturityDt>2022-03-07</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Kommuninvest i Sverige Aktiebolag</name>
        <lei>EV2XZWMLLXF2QRX0CD47</lei>
        <title>KOMMUNINVEST I SVERIGE</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="SE0010948240"/>
        </identifiers>
        <balance>1500000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="SEK" exchangeRt="9.31510000"/>
        <valUSD>165677.77000000</valUSD>
        <pctVal>0.042263760512</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerConditional desc="non-U.S. government agency" issuerCat="OTHER"/>
        <invCountry>SE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-11-13</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>Toyota Motor Finance (Netherlands) B.V.</name>
        <lei>724500OPA8GZSQUNSR96</lei>
        <title>TOYOTA MOTOR FINANCE BV</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS1933829324"/>
        </identifiers>
        <balance>905000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89015000"/>
        <valUSD>1016611.41000000</valUSD>
        <pctVal>0.259333652101</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SWEDISH EXPORT CREDIT</name>
        <lei>N/A</lei>
        <title>SWEDISH EXPORT CREDIT</title>
        <cusip>AQ3065721</cusip>
        <identifiers>
          <isin value="XS1734219071"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1000580.00000000</valUSD>
        <pctVal>0.255244101204</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerConditional desc="non-U.S. government agency" issuerCat="OTHER"/>
        <invCountry>SE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-12-13</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>0.43338000</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>CAISSE AMORTISSEMENT DE LA DETTE SOCIALE</name>
        <lei>969500P04DQJS4BPM574</lei>
        <title>CAISSE D'AMORTISSEMENT DETTE SOCIALE</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="FR0013344181"/>
        </identifiers>
        <balance>5600000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89015000"/>
        <valUSD>6400350.50000000</valUSD>
        <pctVal>1.632704742016</pctVal>
        <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>2023-10-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.12500000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Oversea-Chinese Banking Corporation Limited (New York Branch)</name>
        <lei>N/A</lei>
        <title>OVERSEA-CHINESE BK CO NY</title>
        <cusip>69033MNT0</cusip>
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          <isin value="US69033MNT08"/>
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        <balance>5000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5001465.00000000</valUSD>
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        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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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="XS0304159576"/>
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        <balance>2389000.00000000</balance>
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        <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>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>
        <units>PA</units>
        <currencyConditional curCd="GBP" exchangeRt="0.80717000"/>
        <valUSD>1187049.82000000</valUSD>
        <pctVal>0.302811833527</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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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>L-BANK BW FOERDERBANK</name>
        <lei>N/A</lei>
        <title>L-BANK BW FOERDERBANK</title>
        <cusip>AX5234981</cusip>
        <identifiers>
          <isin value="XS1961019426"/>
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        <balance>3000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3001020.00000000</valUSD>
        <pctVal>0.765548634389</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>2022-03-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>0.43000000</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>BNG BANK N.V.</name>
        <lei>529900GGYMNGRQTDOO93</lei>
        <title>BNG BANK NV</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS1855427859"/>
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        <balance>6334000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89015000"/>
        <valUSD>7203390.69000000</valUSD>
        <pctVal>1.837557199119</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerConditional desc="non-U.S. government agency" issuerCat="OTHER"/>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-07-11</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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          <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>DEXIA CREDIT LOCAL SA</name>
        <lei>F4G136OIPBYND1F41110</lei>
        <title>DEXIA CREDIT LOCAL SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS1694221844"/>
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        <balance>1750000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1750385.00000000</valUSD>
        <pctVal>0.446516466536</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2020-09-04</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>0.65050000</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>503473.50000000</valUSD>
        <pctVal>0.128434149181</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>1.48950000</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>OeBB-Infrastruktur Aktiengesellschaft</name>
        <lei>529900UUANUJ60MNMX97</lei>
        <title>OEBB-INFRASTRUKTUR AG</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS0232778083"/>
        </identifiers>
        <balance>3293000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89015000"/>
        <valUSD>3742363.26000000</valUSD>
        <pctVal>0.954662442463</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>
        <debtSec>
          <maturityDt>2020-10-19</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</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>Kommuninvest i Sverige Aktiebolag</name>
        <lei>EV2XZWMLLXF2QRX0CD47</lei>
        <title>KOMMUNINVEST I SVERIGE</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="SE0009662943"/>
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        <balance>15600000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="SEK" exchangeRt="9.31510000"/>
        <valUSD>1703957.23000000</valUSD>
        <pctVal>0.434672921368</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerConditional desc="non-U.S. government agency" issuerCat="OTHER"/>
        <invCountry>SE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-02-22</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>
        </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_20200730_STATESTREET_15392"/>
        </identifiers>
        <balance>4910168.00000000</balance>
        <units>OU</units>
        <descOthUnits>Contract Amount</descOthUnits>
        <curCd>USD</curCd>
        <valUSD>56368.23000000</valUSD>
        <pctVal>0.014379318198</pctVal>
        <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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              <counterpartyName>STATE STREET</counterpartyName>
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            <amtCurSold>4910168.00000000</amtCurSold>
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            <amtCurPur>5576201.85000000</amtCurPur>
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            <settlementDt>2020-07-30</settlementDt>
            <unrealizedAppr>56368.23000000</unrealizedAppr>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>TOTAL CAPITAL CANADA LTD.</name>
        <lei>5299005IX98ZZ9LSGK46</lei>
        <title>TOTAL CAPITAL CANADA LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS1111559768"/>
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        <balance>600000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89015000"/>
        <valUSD>685630.51000000</valUSD>
        <pctVal>0.174901700297</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-03-18</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>SANOFI SA</name>
        <lei>549300E9PC51EN656011</lei>
        <title>SANOFI</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="FR0013201621"/>
        </identifiers>
        <balance>1100000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89015000"/>
        <valUSD>1236957.82000000</valUSD>
        <pctVal>0.315543171954</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>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>AGENCE FRANCAISE DE DEVELOPPEMENT EPIC</name>
        <lei>9695008K5N8MKIT4XJ91</lei>
        <title>AGENCE FRANCAISE DEVELOP</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="FR0013232105"/>
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        <balance>1000000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89015000"/>
        <valUSD>1133235.97000000</valUSD>
        <pctVal>0.289084127821</pctVal>
        <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>2022-04-30</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>SWEDISH KRONE</name>
        <lei>N/A</lei>
        <title>SWEDISH KRONE</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal" value="SEK_20200715_STATESTREET_14840"/>
        </identifiers>
        <balance>-5402158.00000000</balance>
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        <currencyConditional curCd="SEK" exchangeRt="1.00000000"/>
        <valUSD>32922.61000000</valUSD>
        <pctVal>0.008398430908</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerConditional desc="Currency Forward" issuerCat="OTHER"/>
        <invCountry>SE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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              <counterpartyName>STATE STREET</counterpartyName>
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            <settlementDt>2020-07-15</settlementDt>
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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="DE000NRW0GS5"/>
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        <balance>1000000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.89015000"/>
        <valUSD>1141987.31000000</valUSD>
        <pctVal>0.291316560922</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerConditional desc="Provincial" issuerCat="OTHER"/>
        <invCountry>DE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-04-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.20000000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <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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        <valUSD>1136430.99000000</valUSD>
        <pctVal>0.289899165107</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>
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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 FINANCE BV</title>
        <cusip>8225X2SR6</cusip>
        <identifiers>
          <isin value="US8225X2SR66"/>
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        <balance>3000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2985534.00000000</valUSD>
        <pctVal>0.761598215480</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>EQUINOR ASA</name>
        <lei>OW6OFBNCKXC4US5C7523</lei>
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          <isin value="XS0969574325"/>
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        <name>Svenska Handelsbanken AB</name>
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        <name>BERKSHIRE HATHAWAY INC.</name>
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        <name>TOYOTA MOTOR CREDIT CORPORATION</name>
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      <invstOrSec>
        <name>NESTLE HOLDINGS, INC.</name>
        <lei>549300EAEU8YV8MQXP30</lei>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>KOMMUNALBANKEN AS</name>
        <lei>I7ETN0QQO2AHZZGHJ389</lei>
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        <balance>500000.00000000</balance>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>DANISH KRONER</name>
        <lei>N/A</lei>
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          <other otherDesc="Internal" value="DKK_20200720_BARCLAYSCAPITAL_15649"/>
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        <currencyConditional curCd="DKK" exchangeRt="1.00000000"/>
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        <pctVal>0.000149420016</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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          <fwdDeriv derivCat="FWD">
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              <counterpartyName>BARCLAYS CAPITAL</counterpartyName>
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      <invstOrSec>
        <name>DEXIA CREDIT LOCAL SA</name>
        <lei>F4G136OIPBYND1F41110</lei>
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        <identifiers>
          <isin value="XS1691415506"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1000470.00000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2020-09-29</maturityDt>
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        <name>NATIONAL AUSTRALIA BANK LIMITED</name>
        <lei>F8SB4JFBSYQFRQEH3Z21</lei>
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          <isin value="XS1167352613"/>
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        <currencyConditional curCd="EUR" exchangeRt="0.89015000"/>
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        <pctVal>0.871851937880</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-01-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.87500000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <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>
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        <identifiers>
          <isin value="XS1373130902"/>
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        <balance>1500000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89015000"/>
        <valUSD>1693450.54000000</valUSD>
        <pctVal>0.431992705247</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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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Province de Quebec</name>
        <lei>549300WN65YFEQH74Y36</lei>
        <title>PROVINCE OF QUEBEC CANADA</title>
        <cusip>74814ZFC2</cusip>
        <identifiers>
          <isin value="CA74814ZFC29"/>
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        <balance>2000000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="CAD" exchangeRt="1.35740000"/>
        <valUSD>1496758.51000000</valUSD>
        <pctVal>0.381817326555</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerConditional desc="Provincial" issuerCat="OTHER"/>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-10-13</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>1.10750000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED</name>
        <lei>JHE42UYNWWTJB8YTTU19</lei>
        <title>AU &amp; NZ BANKING GROUP</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU3FN0046710"/>
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        <balance>500000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="AUD" exchangeRt="1.44949000"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-02-08</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>0.97500000</annualizedRt>
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      <invstOrSec>
        <name>BNG BANK N.V.</name>
        <lei>529900GGYMNGRQTDOO93</lei>
        <title>BNG BANK NV</title>
        <cusip>N/A</cusip>
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          <isin value="XS1418781669"/>
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        <balance>1500000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="GBP" exchangeRt="0.80717000"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>NOVARTIS FINANCE SA</name>
        <lei>549300J537IQK62XT333</lei>
        <title>NOVARTIS FINANCE SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS1134758116"/>
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        <balance>750000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.89015000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-11-09</maturityDt>
          <couponKind>Fixed</couponKind>
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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>
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          <isin value="US45950VKB17"/>
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        <balance>4000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4011276.00000000</valUSD>
        <pctVal>1.023261045897</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-12-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>0.49338000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>EURO</name>
        <lei>N/A</lei>
        <title>EURO</title>
        <cusip>N/A</cusip>
        <identifiers>
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        <balance>-2073394.00000000</balance>
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        <assetCat>DFE</assetCat>
        <issuerConditional desc="Currency Forward" issuerCat="OTHER"/>
        <invCountry>N/A</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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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>
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        <identifiers>
          <isin value="XS1962589815"/>
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        <balance>143000.00000000</balance>
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        <currencyConditional curCd="GBP" exchangeRt="0.80717000"/>
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        <assetCat>DBT</assetCat>
        <issuerConditional desc="Supranational" issuerCat="OTHER"/>
        <invCountry>PH</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2024-03-19</maturityDt>
          <couponKind>Floating</couponKind>
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          <isLoanByFund>N</isLoanByFund>
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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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        <currencyConditional curCd="GBP" exchangeRt="0.80717000"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-05-29</maturityDt>
          <couponKind>Floating</couponKind>
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        <name>Skandinaviska Enskilda Banken AB</name>
        <lei>F3JS33DEI6XQ4ZBPTN86</lei>
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        <balance>1190000.00000000</balance>
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        <currencyConditional curCd="GBP" exchangeRt="0.80717000"/>
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        <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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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isLoanByFund>N</isLoanByFund>
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        <name>NATIONAL AUSTRALIA BANK LIMITED</name>
        <lei>F8SB4JFBSYQFRQEH3Z21</lei>
        <title>NATIONAL AUSTRALIA BANK</title>
        <cusip>N/A</cusip>
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          <isin value="AU3FN0039251"/>
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        <balance>1000000.00000000</balance>
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        <currencyConditional curCd="AUD" exchangeRt="1.44949000"/>
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        <pctVal>0.177630504580</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-02-10</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>0.89620000</annualizedRt>
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        <name>BPIFRANCE FINANCEMENT SA</name>
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        <name>KOMMUNALBANKEN AS</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>OVERSEA-CHINESE BANKING CORPORATION LIMITED</name>
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        <assetCat>STIV</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>WALMART INC.</name>
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        <name>SANOFI SA</name>
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        <name>Cooperatieve Rabobank U.A.</name>
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        <name>Land Nordrhein-Westfalen</name>
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        <name>Province of Manitoba</name>
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        <name>Eurofima Europaeische Gesellschaft fuer die Finanzierung von Eisenbahnmaterial</name>
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        <name>Aktiebolaget Svensk Exportkredit</name>
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        <name>TOYOTA MOTOR CREDIT CORPORATION</name>
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        <name>BANQUE CANADIENNE IMPERIALE DE COMMERCE</name>
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        <name>KOMMUNALBANKEN AS</name>
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        <name>OVERSEA-CHINESE BANKING CORPORATION LIMITED</name>
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        <name>OP Yrityspankki Oyj</name>
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        <name>ORACLE CORPORATION</name>
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        <name>Banque de Developpement du Conseil de l'Europe</name>
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        <title>COUNCIL OF EUROPE</title>
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        <name>Oversea-Chinese Banking Corporation Limited (New York Branch)</name>
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        <name>NATIONAL AUSTRALIA BANK LIMITED</name>
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        <name>Province of British Columbia</name>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>TOTAL CAPITAL INTERNATIONAL SA</name>
        <lei>549300U37G2I8G4RUG09</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>CAISSE DES DEPOTS ET CONSIGNATIONS</name>
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        <name>U.S. DOLLAR</name>
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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>Landeskreditbank Baden-Wuerttemberg -Foerderbank-</name>
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          <isin value="XS1598037759"/>
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        <name>ASIAN DEVELOPMENT BANK</name>
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          <isin value="XS1824294901"/>
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        <name>Shell International Finance B.V.</name>
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        <name>SANOFI SA</name>
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        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>

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        <name>EXXON MOBIL CORPORATION</name>
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        <name>International Bank for Reconstruction and Development</name>
        <lei>ZTMSNXROF84AHWJNKQ93</lei>
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        <name>European Investment Bank</name>
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        <invCountry>LU</invCountry>

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          <other otherDesc="Internal" value="USD_20200811_STATESTREET_15671"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>TENN VALLEY AUTHORITY</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>NATIONAL AUSTRALIA BANK LIMITED</name>
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          <isin value="AU3FN0044996"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>International Bank for Reconstruction and Development</name>
        <lei>ZTMSNXROF84AHWJNKQ93</lei>
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      <invstOrSec>
        <name>KOMMUNALBANKEN AS</name>
        <lei>I7ETN0QQO2AHZZGHJ389</lei>
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          <isin value="US50048MBT62"/>
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        <curCd>USD</curCd>
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          <annualizedRt>0.44763000</annualizedRt>
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      <invstOrSec>
        <name>Banque africaine de developpement</name>
        <lei>549300LNCLMO3ITVCU07</lei>
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        <curCd>USD</curCd>
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        <name>DANISH KRONER</name>
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        <name>Kuntarahoitus Oyj</name>
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          <isin value="XS1897624539"/>
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        <name>ASIAN DEVELOPMENT BANK</name>
        <lei>549300X0MVH42CY8Q105</lei>
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        <curCd>USD</curCd>
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        <invCountry>PH</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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          <annualizedRt>0.51088000</annualizedRt>
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          <other otherDesc="Internal" value="DKK_20200720_CITIGROUP_14815"/>
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        <name>COMMONWEALTH BANK OF AUSTRALIA</name>
        <lei>MSFSBD3QN1GSN7Q6C537</lei>
        <title>COMMONWEALTH BANK AUST</title>
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          <isin value="AU3FN0037198"/>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>Nederlandse Waterschapsbank N.V.</name>
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        <name>FMS Wertmanagement AoeR</name>
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        <name>Oesterreichische Kontrollbank Aktiengesellschaft</name>
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        <name>Kommunekredit</name>
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          <isin value="XS1872356859"/>
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        <name>EQUINOR ASA</name>
        <lei>OW6OFBNCKXC4US5C7523</lei>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>Land Nordrhein-Westfalen</name>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>Landeskreditbank Baden-Wuerttemberg -Foerderbank-</name>
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        <name>DANISH KRONER</name>
        <lei>N/A</lei>
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          <other otherDesc="Internal" value="DKK_20200720_BOAMERRILLLYNCH_15164"/>
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      <invstOrSec>
        <name>Nestle Finance International Ltd. S.A.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>U.S. DOLLAR</name>
        <lei>N/A</lei>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>EURO</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Kuntarahoitus Oyj</name>
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          <isin value="XS1765860363"/>
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        <name>Inter-American Development Bank</name>
        <lei>VKU1UKDS9E7LYLMACP54</lei>
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        <name>Nederlandse Waterschapsbank N.V.</name>
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        <name>COMMONWEALTH BANK OF AUSTRALIA</name>
        <lei>MSFSBD3QN1GSN7Q6C537</lei>
        <title>COMMONWEALTH BANK TRUST</title>
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        <name>CAISSE AMORTISSEMENT DE LA DETTE SOCIALE</name>
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        <title>CAISSE D'AMORT DETTE SOC</title>
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        <name>DEXIA CREDIT LOCAL SA</name>
        <lei>F4G136OIPBYND1F41110</lei>
        <title>DEXIA CREDIT LOCAL</title>
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        <name>EUROCLEAR BANK S.A.</name>
        <lei>549300OZ46BRLZ8Y6F65</lei>
        <title>EUROCLEAR BANK SA</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>BE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <lei>LUZQVYP4VS22CLWDAR65</lei>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Shell International Finance B.V.</name>
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          <isin value="XS1048521733"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Shell International Finance B.V.</name>
        <lei>213800ITMMKU4Z7I4F78</lei>
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          <isin value="XS1292484323"/>
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        <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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      <invstOrSec>
        <name>NRW.BANK</name>
        <lei>52990002O5KK6XOGJ020</lei>
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          <isin value="DE000NWB18G9"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Kuntarahoitus Oyj</name>
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        <cusip>N/A</cusip>
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          <isin value="XS1753043717"/>
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        <balance>1500000.00000000</balance>
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        <curCd>USD</curCd>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2021-02-17</maturityDt>
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      <invstOrSec>
        <name>European Financial Stability Facility SA</name>
        <lei>222100OW6UHQXNHKN143</lei>
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        <cusip>N/A</cusip>
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          <isin value="EU000A1G0D39"/>
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        <invCountry>LU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>U.S. DOLLAR</name>
        <lei>N/A</lei>
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          <other otherDesc="Internal" value="USD_20200720_BNYCAPITALMARKETS_15500"/>
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        <assetCat>DFE</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>INTERNATIONAL FINANCE CORPORATION</name>
        <lei>QKL54NQY28TCDAI75F60</lei>
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          <isin value="XS1935017530"/>
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        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>3M COMPANY</name>
        <lei>LUZQVYP4VS22CLWDAR65</lei>
        <title>3M COMPANY</title>
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          <isin value="XS1421914745"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2022-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.37500000</annualizedRt>
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      <invstOrSec>
        <name>APPLE INC.</name>
        <lei>HWUPKR0MPOU8FGXBT394</lei>
        <title>APPLE INC</title>
        <cusip>037833AU4</cusip>
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          <isin value="XS1135334800"/>
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        <balance>2000000.00000000</balance>
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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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          <annualizedRt>1.00000000</annualizedRt>
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        <name>KOMMUNALBANKEN AS</name>
        <lei>I7ETN0QQO2AHZZGHJ389</lei>
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          <isin value="XS1964612565"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2000024.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2021-04-15</maturityDt>
          <couponKind>Floating</couponKind>
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        <name>Banque de Developpement du Conseil de l'Europe</name>
        <lei>549300UYNXMI821WYG82</lei>
        <title>COUNCIL OF EUROPE</title>
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          <isin value="XS1311139601"/>
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        <balance>403000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.89015000"/>
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        <assetCat>DBT</assetCat>
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        <invCountry>FR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>0.37500000</annualizedRt>
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        <name>EXXON MOBIL CORPORATION</name>
        <lei>J3WHBG0MTS7O8ZVMDC91</lei>
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        <assetCat>STIV</assetCat>
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        <fairValLevel>2</fairValLevel>
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        <name>DBS BANK LTD.</name>
        <lei>N/A</lei>
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        <assetCat>DBT</assetCat>
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        <invCountry>AU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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          <couponKind>Floating</couponKind>
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        <name>European Stability Mechanism</name>
        <lei>222100W4EEAQ77386N50</lei>
        <title>EURO STABILITY MECHANISM</title>
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        <identifiers>
          <isin value="EU000A1Z99E3"/>
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        <balance>8586000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.89015000"/>
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        <assetCat>DBT</assetCat>
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        <invCountry>LU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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          <maturityDt>2023-07-31</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>Inter-American Development Bank</name>
        <lei>VKU1UKDS9E7LYLMACP54</lei>
        <title>INTER-AMERICAN DEVELOPMENT BANK</title>
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          <isin value="US45818WBM73"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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        <name>DANISH KRONER</name>
        <lei>N/A</lei>
        <title>DANISH KRONER</title>
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        <assetCat>DFE</assetCat>
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        <invCountry>DK</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>BERKSHIRE HATHAWAY INC.</name>
        <lei>5493000C01ZX7D35SD85</lei>
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        <cusip>084670BM9</cusip>
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          <isin value="XS1200670955"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2023-03-16</maturityDt>
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      <invstOrSec>
        <name>BANQUE DE MONTREAL</name>
        <lei>NQQ6HPCNCCU6TUTQYE16</lei>
        <title>BANK OF MONTREAL</title>
        <cusip>N/A</cusip>
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          <isin value="AU3FN0044301"/>
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        <balance>2000000.00000000</balance>
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        <currencyConditional curCd="AUD" exchangeRt="1.44949000"/>
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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>2023-09-07</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>1.09060000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>BNG BANK N.V.</name>
        <lei>529900GGYMNGRQTDOO93</lei>
        <title>BK NEDERLANDSE GEMEENTEN</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS1368698251"/>
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        <balance>1600000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.89015000"/>
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        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2023-02-22</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.25000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>UNITED OVERSEAS BANK/SYD</name>
        <lei>N/A</lei>
        <title>UNITED OVERSEAS BANK/SYD</title>
        <cusip>AZ6941779</cusip>
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          <isin value="AU3FN0049110"/>
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        <balance>2500000.00000000</balance>
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        <currencyConditional curCd="AUD" exchangeRt="1.44949000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SG</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2022-07-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>0.64310000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>UNEDIC</name>
        <lei>969500V3L9W19NIA5E82</lei>
        <title>UNEDIC ASSEO</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="FR0124013626"/>
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        <balance>1200000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.89015000"/>
        <valUSD>1349772.51000000</valUSD>
        <pctVal>0.344321764522</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2020-11-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>DANISH KRONER</name>
        <lei>N/A</lei>
        <title>DANISH KRONER</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal" value="DKK_20200720_STATESTREET_15498"/>
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        <balance>-4316006.00000000</balance>
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        <currencyConditional curCd="DKK" exchangeRt="1.00000000"/>
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        <pctVal>0.000133318347</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerConditional desc="Currency Forward" issuerCat="OTHER"/>
        <invCountry>DK</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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              <counterpartyName>STATE STREET</counterpartyName>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>EURO</name>
        <lei>N/A</lei>
        <title>EURO</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal" value="EUR_20200731_CITIGROUP_15313"/>
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        <balance>-652543.00000000</balance>
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        <descOthUnits>Contract Amount</descOthUnits>
        <currencyConditional curCd="EUR" exchangeRt="1.00000000"/>
        <valUSD>-7339.05000000</valUSD>
        <pctVal>-0.00187216336</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>CITIGROUP</counterpartyName>
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            <amtCurSold>740920.29000000</amtCurSold>
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            <amtCurPur>652543.00000000</amtCurPur>
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            <settlementDt>2020-07-31</settlementDt>
            <unrealizedAppr>-7339.05000000</unrealizedAppr>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CAISSE DES DEPOTS ET CONSIGNATIONS</name>
        <lei>969500Q2PFTTP0Y5QL44</lei>
        <title>CAISSE DES DEPOTS ET CON</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="FR0013369659"/>
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        <balance>600000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>601776.00000000</valUSD>
        <pctVal>0.153510738018</pctVal>
        <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>2020-10-02</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>1.54050000</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>SWEDISH KRONE</name>
        <lei>N/A</lei>
        <title>SWEDISH KRONE</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal" value="SEK_20200715_STATESTREET_14926"/>
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        <balance>-8512448.00000000</balance>
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        <currencyConditional curCd="SEK" exchangeRt="1.00000000"/>
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        <pctVal>0.011891082335</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerConditional desc="Currency Forward" issuerCat="OTHER"/>
        <invCountry>SE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
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              <counterpartyName>STATE STREET</counterpartyName>
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            <settlementDt>2020-07-15</settlementDt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <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="XS1571298139"/>
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        <balance>2318000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89015000"/>
        <valUSD>2615461.26000000</valUSD>
        <pctVal>0.667194085974</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-02-28</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.25000000</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>International Bank for Reconstruction and Development</name>
        <lei>ZTMSNXROF84AHWJNKQ93</lei>
        <title>INTERNATIONAL BANK OF RECON &amp; DEVELOPMENT</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS1756550429"/>
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        <balance>405000.00000000</balance>
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        <currencyConditional curCd="GBP" exchangeRt="0.80717000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerConditional desc="Supranational" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-12-19</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.00000000</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>Kommuninvest i Sverige Aktiebolag</name>
        <lei>EV2XZWMLLXF2QRX0CD47</lei>
        <title>KOMMUNINVEST I SVERIGE</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="SE0009269418"/>
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        <balance>87940000.00000000</balance>
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        <currencyConditional curCd="SEK" exchangeRt="9.31510000"/>
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        <payoffProfile>Long</payoffProfile>
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        <invCountry>SE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2022-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.25000000</annualizedRt>
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      <invstOrSec>
        <name>Land Nordrhein-Westfalen</name>
        <lei>529900VWPV1LPOHGJ702</lei>
        <title>LAND NORDRHEIN-WESTFALEN</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="DE000NRW0KS7"/>
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        <balance>1800000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.89015000"/>
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        <assetCat>DBT</assetCat>
        <issuerConditional desc="Provincial" issuerCat="OTHER"/>
        <invCountry>DE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2022-12-05</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>European Investment Bank</name>
        <lei>5493006YXS1U5GIHE750</lei>
        <title>EUROPEAN INVESTMENT BANK</title>
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        <identifiers>
          <isin value="XS0517604681"/>
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        <balance>4000000.00000000</balance>
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        <currencyConditional curCd="SEK" exchangeRt="9.31510000"/>
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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>2021-01-14</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
          <isDefault>N</isDefault>
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      <invstOrSec>
        <name>Province of Manitoba</name>
        <lei>5493003QILFOB3JRKE30</lei>
        <title>PROVINCE OF MANITOBA</title>
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          <isin value="CA563469UK96"/>
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        <assetCat>DBT</assetCat>
        <issuerConditional desc="Provincial" issuerCat="OTHER"/>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2021-09-05</maturityDt>
          <couponKind>Fixed</couponKind>
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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_20200706_CITIGROUP_14908"/>
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        <balance>10255408.00000000</balance>
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        <descOthUnits>Contract Amount</descOthUnits>
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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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              <counterpartyName>CITIGROUP</counterpartyName>
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            <amtCurSold>10255408.00000000</amtCurSold>
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            <amtCurPur>12748377.70000000</amtCurPur>
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        <securityLending>
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      <invstOrSec>
        <name>U.S. DOLLAR</name>
        <lei>N/A</lei>
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        <valUSD>-2926.96000000</valUSD>
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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>BOA MERRILL LYNCH</counterpartyName>
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      </invstOrSec>
      <invstOrSec>
        <name>AGENCE FRANCAISE DE DEVELOPPEMENT EPIC</name>
        <lei>9695008K5N8MKIT4XJ91</lei>
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          <isin value="XS1326536155"/>
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        <invCountry>FR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Svenska Handelsbanken AB</name>
        <lei>NHBDILHZTYCNBV5UYZ31</lei>
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        <invCountry>SE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>U.S. DOLLAR</name>
        <lei>N/A</lei>
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          <other otherDesc="Internal" value="USD_20200721_STATESTREET_15587"/>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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              <counterpartyName>STATE STREET</counterpartyName>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>AGENCE FRANCAISE DE DEVELOPPEMENT EPIC</name>
        <lei>9695008K5N8MKIT4XJ91</lei>
        <title>AGENCE FRANCAISE DEVELOP</title>
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          <isin value="FR0013423811"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
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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>Floating</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>U.S. DOLLAR</name>
        <lei>N/A</lei>
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          <other otherDesc="Internal" value="USD_20200701_STATESTREET_15563"/>
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        <balance>133617.00000000</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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              <counterpartyName>STATE STREET</counterpartyName>
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            <amtCurSold>133617.00000000</amtCurSold>
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        <securityLending>
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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>447000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>463697.24000000</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>
          <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>U.S. DOLLAR</name>
        <lei>N/A</lei>
        <title>U.S. DOLLAR</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal" value="USD_20200721_BNYCAPITALMARKETS_15676"/>
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        <balance>508388.00000000</balance>
        <units>OU</units>
        <descOthUnits>Contract Amount</descOthUnits>
        <curCd>USD</curCd>
        <valUSD>-2041.92000000</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>BNY CAPITAL MARKETS</counterpartyName>
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            <amtCurSold>508388.00000000</amtCurSold>
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            <amtCurPur>348737.90000000</amtCurPur>
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            <settlementDt>2020-07-21</settlementDt>
            <unrealizedAppr>-2041.92000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>DANISH KRONER</name>
        <lei>N/A</lei>
        <title>DANISH KRONER</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal" value="DKK_20200720_BOAMERRILLLYNCH_14863"/>
        </identifiers>
        <balance>-9716035.00000000</balance>
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        <descOthUnits>Contract Amount</descOthUnits>
        <currencyConditional curCd="DKK" exchangeRt="1.00000000"/>
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        <assetCat>DFE</assetCat>
        <issuerConditional desc="Currency Forward" issuerCat="OTHER"/>
        <invCountry>DK</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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              <counterpartyName>BOA MERRILL LYNCH</counterpartyName>
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        <securityLending>
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      <invstOrSec>
        <name>Roche Finance Europe B.V.</name>
        <lei>724500MMYDP2MJLGB718</lei>
        <title>ROCHE FINANCE EUROPE BV</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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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>
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          <other otherDesc="Internal" value="USD_20200730_CITIGROUP_15162"/>
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        <balance>26695626.00000000</balance>
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        <curCd>USD</curCd>
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        <issuerConditional desc="Currency Forward" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>CITIGROUP</counterpartyName>
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            <settlementDt>2020-07-30</settlementDt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>EURO</name>
        <lei>N/A</lei>
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        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal" value="EUR_20200731_BOAMERRILLLYNCH_15576"/>
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        <balance>-154518.00000000</balance>
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        <descOthUnits>Contract Amount</descOthUnits>
        <currencyConditional curCd="EUR" exchangeRt="1.00000000"/>
        <valUSD>-422.70000000</valUSD>
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        <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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      </invstOrSec>
      <invstOrSec>
        <name>NATIONAL AUSTRALIA BANK LIMITED</name>
        <lei>F8SB4JFBSYQFRQEH3Z21</lei>
        <title>NATIONAL AUSTRALIA BANK</title>
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        <invCountry>AU</invCountry>

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        <securityLending>
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      <invstOrSec>
        <name>TOYOTA FINANCE AUSTRALIA LIMITED</name>
        <lei>3UKPTDP5PGQRH8AUK042</lei>
        <title>TOYOTA FINANCE AUSTRALIA</title>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-04-09</maturityDt>
          <couponKind>Fixed</couponKind>
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      </invstOrSec>
      <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_20200714_CITIGROUP_15042"/>
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        <balance>27910348.00000000</balance>
        <units>OU</units>
        <descOthUnits>Contract Amount</descOthUnits>
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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>CITIGROUP</counterpartyName>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2020-07-30</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>
</edgarSubmission>
