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        <isRestrictedSec>N</isRestrictedSec>

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        <name>UBS</name>
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        <assetCat>DFE</assetCat>
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        <name>JPMorgan</name>
        <lei>ZBUT11V806EZRVTWT807</lei>
        <title>US ULTRA 10YR NOTE MAR 20</title>
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        <curCd>USD</curCd>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>JPMorgan</name>
        <lei>ZBUT11V806EZRVTWT807</lei>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
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      <invstOrSec>
        <name>JPMorgan</name>
        <lei>ZBUT11V806EZRVTWT807</lei>
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        <assetCat>DIR</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
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      <invstOrSec>
        <name>JPMorgan</name>
        <lei>ZBUT11V806EZRVTWT807</lei>
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        <name>JPMorgan</name>
        <lei>ZBUT11V806EZRVTWT807</lei>
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        <name>JPMorgan</name>
        <lei>ZBUT11V806EZRVTWT807</lei>
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        <name>Morgan Stanley</name>
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        <name>Morgan Stanley</name>
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        <name>Morgan Stanley</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Morgan Stanley</name>
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        <name>COLUMBIA FUNDS/USA</name>
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        <name>GINNIE MAE II</name>
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        <fairValLevel>2</fairValLevel>
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        <name>iShares U.S. Real Estate ETF</name>
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        <fairValLevel>1</fairValLevel>
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        <name>iShares Short Treasury Bond ETF</name>
        <lei>549300F8ZJ4IZLOOBP30</lei>
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          <isin value="US4642886794"/>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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        <name>SOUTH AFRICA GOVERNMENT BOND</name>
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          <isin value="ZAG000016320"/>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>UNITED STATES TREASURY</name>
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        <name>UNITED STATES TREASURY</name>
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        <name>UNITED STATES TREASURY</name>
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        <name>UNITED STATES TREASURY</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>UNITED STATES TREASURY</name>
        <lei>N/A</lei>
        <title>US TII .875 01/15/2029 (TIPS)</title>
        <cusip>9128285W6</cusip>
        <identifiers>
          <isin value="US9128285W63"/>
          <other otherDesc="Internal Id" value="9128285W6"/>
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        <balance>984527.880000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1045797.230000000000</valUSD>
        <pctVal>0.4021531738</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.875000000000</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 TREASURY</name>
        <lei>N/A</lei>
        <title>TREASURY NOTE</title>
        <cusip>9128286T2</cusip>
        <identifiers>
          <isin value="US9128286T26"/>
          <other otherDesc="Internal Id" value="9128286T2"/>
        </identifiers>
        <balance>1336000.000000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1389648.750000000000</valUSD>
        <pctVal>0.5343785958</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <debtSec>
          <maturityDt>2029-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.375000000000</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 TREASURY</name>
        <lei>N/A</lei>
        <title>US TII .25 07/15/2029 (TIPS)</title>
        <cusip>9128287D6</cusip>
        <identifiers>
          <isin value="US9128287D64"/>
          <other otherDesc="Internal Id" value="9128287D6"/>
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        <balance>276669.250000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>279429.220000000000</valUSD>
        <pctVal>0.1074523287</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.250000000000</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 TREASURY</name>
        <lei>N/A</lei>
        <title>US TII .625 01/15/2024 (TIPS)</title>
        <cusip>912828B25</cusip>
        <identifiers>
          <isin value="US912828B253"/>
          <other otherDesc="Internal Id" value="912828B25"/>
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        <balance>1790039.160000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1828065.590000000000</valUSD>
        <pctVal>0.7029683746</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.625000000000</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>HSBC</name>
        <lei>CYYGQCGNHMHPSMRL3R97</lei>
        <title>US DOLLARS</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Id" value="CCTUSD"/>
        </identifiers>
        <balance>-422000.000000000000</balance>
        <units>OU</units>
        <descOthUnits>Notional Amount</descOthUnits>
        <curCd>N/A</curCd>
        <valUSD>-6887.010000000000</valUSD>
        <pctVal>-0.0026483460</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NZ</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>HSBC</counterpartyName>
              <counterpartyLei>CYYGQCGNHMHPSMRL3R97</counterpartyLei>
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            <amtCurSold>422000.000000000000000</amtCurSold>
            <curSold>NZD</curSold>
            <amtCurPur>277281.850000000034925</amtCurPur>
            <curPur>USD</curPur>
            <settlementDt>2020-01-21</settlementDt>
            <unrealizedAppr>-6887.010000000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>HSBC</name>
        <lei>CYYGQCGNHMHPSMRL3R97</lei>
        <title>US DOLLARS</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Id" value="CCTUSD"/>
        </identifiers>
        <balance>-6170000.000000000000</balance>
        <units>OU</units>
        <descOthUnits>Notional Amount</descOthUnits>
        <curCd>N/A</curCd>
        <valUSD>-475.330000000000</valUSD>
        <pctVal>-0.0001827844</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>HSBC</counterpartyName>
              <counterpartyLei>CYYGQCGNHMHPSMRL3R97</counterpartyLei>
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            <amtCurSold>6170000.000000000000000</amtCurSold>
            <curSold>SEK</curSold>
            <amtCurPur>658860.430000000051223</amtCurPur>
            <curPur>USD</curPur>
            <settlementDt>2020-01-21</settlementDt>
            <unrealizedAppr>-475.330000000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HSBC</name>
        <lei>CYYGQCGNHMHPSMRL3R97</lei>
        <title>US DOLLARS</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Id" value="CCTUSD"/>
        </identifiers>
        <balance>-433000.000000000000</balance>
        <units>OU</units>
        <descOthUnits>Notional Amount</descOthUnits>
        <curCd>N/A</curCd>
        <valUSD>-2518.000000000000</valUSD>
        <pctVal>-0.0009682773</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SG</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>HSBC</counterpartyName>
              <counterpartyLei>CYYGQCGNHMHPSMRL3R97</counterpartyLei>
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            <amtCurSold>433000.000000000000000</amtCurSold>
            <curSold>SGD</curSold>
            <amtCurPur>319473.020000000018626</amtCurPur>
            <curPur>USD</curPur>
            <settlementDt>2020-01-21</settlementDt>
            <unrealizedAppr>-2518.000000000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HSBC</name>
        <lei>CYYGQCGNHMHPSMRL3R97</lei>
        <title>MEXICAN PESO</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Id" value="CCTMXN"/>
        </identifiers>
        <balance>78000.000000000000</balance>
        <units>OU</units>
        <descOthUnits>Notional Amount</descOthUnits>
        <curCd>N/A</curCd>
        <valUSD>11.970000000000</valUSD>
        <pctVal>0.0000046030</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MX</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>HSBC</counterpartyName>
              <counterpartyLei>CYYGQCGNHMHPSMRL3R97</counterpartyLei>
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            <amtCurSold>4101.649999999999636</amtCurSold>
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            <amtCurPur>78000.000000000000000</amtCurPur>
            <curPur>MXN</curPur>
            <settlementDt>2020-01-21</settlementDt>
            <unrealizedAppr>11.970000000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HSBC</name>
        <lei>CYYGQCGNHMHPSMRL3R97</lei>
        <title>NORWAY KRONA</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Id" value="CCTNOK"/>
        </identifiers>
        <balance>21934000.000000000000</balance>
        <units>OU</units>
        <descOthUnits>Notional Amount</descOthUnits>
        <curCd>N/A</curCd>
        <valUSD>67608.000000000000</valUSD>
        <pctVal>0.0259981295</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NO</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>HSBC</counterpartyName>
              <counterpartyLei>CYYGQCGNHMHPSMRL3R97</counterpartyLei>
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            <amtCurSold>2430982.330000000074506</amtCurSold>
            <curSold>USD</curSold>
            <amtCurPur>21934000.000000000000000</amtCurPur>
            <curPur>NOK</curPur>
            <settlementDt>2020-01-21</settlementDt>
            <unrealizedAppr>67608.000000000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HSBC</name>
        <lei>CYYGQCGNHMHPSMRL3R97</lei>
        <title>NEW ZEALAND DOLLAR</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Id" value="CCTNZD"/>
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        <balance>3692000.000000000000</balance>
        <units>OU</units>
        <descOthUnits>Notional Amount</descOthUnits>
        <curCd>N/A</curCd>
        <valUSD>60253.170000000000</valUSD>
        <pctVal>0.0231698869</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NZ</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>HSBC</counterpartyName>
              <counterpartyLei>CYYGQCGNHMHPSMRL3R97</counterpartyLei>
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            <amtCurSold>2425887.669999999925494</amtCurSold>
            <curSold>USD</curSold>
            <amtCurPur>3692000.000000000000000</amtCurPur>
            <curPur>NZD</curPur>
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            <unrealizedAppr>60253.170000000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HSBC</name>
        <lei>CYYGQCGNHMHPSMRL3R97</lei>
        <title>POLISH ZLOTY</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Id" value="CCTPLN"/>
        </identifiers>
        <balance>3000.000000000000</balance>
        <units>OU</units>
        <descOthUnits>Notional Amount</descOthUnits>
        <curCd>N/A</curCd>
        <valUSD>4.910000000000</valUSD>
        <pctVal>0.0000018881</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>HSBC</counterpartyName>
              <counterpartyLei>CYYGQCGNHMHPSMRL3R97</counterpartyLei>
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            <amtCurSold>785.879999999999995</amtCurSold>
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            <unrealizedAppr>4.910000000000</unrealizedAppr>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>HSBC</name>
        <lei>CYYGQCGNHMHPSMRL3R97</lei>
        <title>SWEDISH KRONA</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Id" value="CCTSEK"/>
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        <balance>229000.000000000000</balance>
        <units>OU</units>
        <descOthUnits>Notional Amount</descOthUnits>
        <curCd>N/A</curCd>
        <valUSD>17.640000000000</valUSD>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>HSBC</counterpartyName>
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            <amtCurSold>24453.650000000001455</amtCurSold>
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        </derivativeInfo>
        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>HSBC</name>
        <lei>CYYGQCGNHMHPSMRL3R97</lei>
        <title>US DOLLARS</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Id" value="CCTUSD"/>
        </identifiers>
        <balance>-20844000.000000000000</balance>
        <units>OU</units>
        <descOthUnits>Notional Amount</descOthUnits>
        <curCd>N/A</curCd>
        <valUSD>-46927.570000000000</valUSD>
        <pctVal>-0.0180456313</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>HSBC</counterpartyName>
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            <amtCurSold>20844000.000000000000000</amtCurSold>
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            <unrealizedAppr>-46927.570000000000</unrealizedAppr>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>JPMorgan</name>
        <lei>ZBUT11V806EZRVTWT807</lei>
        <title>MSCI EMER MKT INDEX (ICE) MAR 20</title>
        <cusip>000000000</cusip>
        <identifiers>
          <ticker value="MESH0"/>
          <other otherDesc="Internal Id" value="MESH0I20"/>
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        <balance>155.000000000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>248402.290000000000</valUSD>
        <pctVal>0.0955211646</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>JPMorgan</counterpartyName>
              <counterpartyLei>ZBUT11V806EZRVTWT807</counterpartyLei>
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            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>MSCI EMER MKT INDEX (ICE) MAR 20</issuerName>
                <issueTitle>MSCI EMER MKT INDEX (ICE) MAR 20</issueTitle>
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                  <cusip value="000000000"/>
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            </descRefInstrmnt>
            <expDate>2020-03-20</expDate>
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            <curCd>USD</curCd>
            <unrealizedAppr>248402.290000000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>JPMorgan</name>
        <lei>ZBUT11V806EZRVTWT807</lei>
        <title>MSCI EMER MKT INDEX (ICE) MAR 20</title>
        <cusip>000000000</cusip>
        <identifiers>
          <ticker value="MESH0"/>
          <other otherDesc="Internal Id" value="MESH0I20"/>
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        <balance>-375.000000000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-699911.010000000000</valUSD>
        <pctVal>-0.2691453237</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>JPMorgan</counterpartyName>
              <counterpartyLei>ZBUT11V806EZRVTWT807</counterpartyLei>
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            <payOffProf>Short</payOffProf>
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        <name>Morgan Stanley</name>
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        <name>Morgan Stanley</name>
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        <name>Morgan Stanley</name>
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        <name>Morgan Stanley</name>
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        <name>Morgan Stanley</name>
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        <name>Morgan Stanley</name>
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        <name>Morgan Stanley</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>Morgan Stanley</name>
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        <name>Morgan Stanley</name>
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      <invstOrSec>
        <name>Morgan Stanley</name>
        <lei>9R7GPTSO7KV3UQJZQ078</lei>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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              <counterpartyName>Morgan Stanley</counterpartyName>
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      <invstOrSec>
        <name>JAPANESE GOVERNMENT CPI LINKED B</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>MALAYSIA SUKUK GLOBAL BHD</name>
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      <invstOrSec>
        <name>UNITED KINGDOM GILT INFLATION LI</name>
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      <invstOrSec>
        <name>BRAZIL NOTAS DE TESOURO NACIONAL</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>JAPAN (GOVERNMENT OF)</name>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>JAPAN (GOVERNMENT OF)</name>
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        <name>SOUTH AFRICA GOVERNMENT BOND</name>
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          <isin value="ZAG000106998"/>
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        <currencyConditional curCd="ZAR" exchangeRt="14.006000000"/>
        <valUSD>419563.230000000000</valUSD>
        <pctVal>0.1613397700</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-01-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.000000000000</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>JAPAN (GOVERNMENT OF)</name>
        <lei>N/A</lei>
        <title>JAPAN (GOVERNMENT OF) 30YR #61</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP1300611K15"/>
          <other otherDesc="Internal Id" value="BJB9V05"/>
        </identifiers>
        <balance>11950000.000000000000</balance>
        <units>PA</units>
        <currencyConditional curCd="JPY" exchangeRt="108.655000000"/>
        <valUSD>119005.520000000000</valUSD>
        <pctVal>0.0457626452</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-12-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.700000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>JPMorgan</name>
        <lei>ZBUT11V806EZRVTWT807</lei>
        <title>10YR MINI JGB MAR 20</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="SGXDB0003143"/>
          <ticker value="BJH0"/>
          <other otherDesc="Internal Id" value="BJH0C20"/>
        </identifiers>
        <balance>12.000000000000</balance>
        <units>NC</units>
        <currencyConditional curCd="JPY" exchangeRt="108.655000000"/>
        <valUSD>-4450.650000000000</valUSD>
        <pctVal>-0.0017114628</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SG</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>JPMorgan</counterpartyName>
              <counterpartyLei>ZBUT11V806EZRVTWT807</counterpartyLei>
            </counterparties>
            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>10YR MINI JGB MAR 20</issuerName>
                <issueTitle>10YR MINI JGB MAR 20</issueTitle>
                <identifiers>
                  <cusip value="000000000"/>
                  <other otherDesc="Contract Identifier" value="BJH0C20"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2020-03-12</expDate>
            <notionalAmt>182800200.000000000000</notionalAmt>
            <curCd>JPY</curCd>
            <unrealizedAppr>-4450.650000000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>JAPAN (GOVERNMENT OF)</name>
        <lei>N/A</lei>
        <title>JAPAN (GOVERNMENT OF) 20YR #169</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP1201691K75"/>
          <other otherDesc="Internal Id" value="BJSG1B0"/>
        </identifiers>
        <balance>33250000.000000000000</balance>
        <units>PA</units>
        <currencyConditional curCd="JPY" exchangeRt="108.655000000"/>
        <valUSD>307710.060000000000</valUSD>
        <pctVal>0.1183275053</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-06-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.300000000000</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>INDONESIA TREASURY BOND</name>
        <lei>N/A</lei>
        <title>INDONESIA (REPUBLIC OF)</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="IDG000013806"/>
          <other otherDesc="Internal Id" value="BK5HHR1"/>
        </identifiers>
        <balance>16132000000.000000000000</balance>
        <units>PA</units>
        <currencyConditional curCd="IDR" exchangeRt="13882.500000000"/>
        <valUSD>1156687.850000000000</valUSD>
        <pctVal>0.4447952974</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>ID</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.000000000000</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>JAPAN (GOVERNMENT OF)</name>
        <lei>N/A</lei>
        <title>JAPAN (GOVERNMENT OF) 30YR #63</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP1300631K78"/>
          <other otherDesc="Internal Id" value="BK6K1Y4"/>
        </identifiers>
        <balance>22900000.000000000000</balance>
        <units>PA</units>
        <currencyConditional curCd="JPY" exchangeRt="108.655000000"/>
        <valUSD>210180.150000000000</valUSD>
        <pctVal>0.0808231385</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-06-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.400000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UNITED KINGDOM (GOVERNMENT OF)</name>
        <lei>N/A</lei>
        <title>UK TREASURY</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB00BN65R313"/>
          <other otherDesc="Internal Id" value="BN65R31"/>
        </identifiers>
        <balance>139000.000000000000</balance>
        <units>PA</units>
        <currencyConditional curCd="GBP" exchangeRt="0.754945000"/>
        <valUSD>269319.390000000000</valUSD>
        <pctVal>0.1035646723</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-01-22</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.500000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FRANCE (REPUBLIC OF)</name>
        <lei>969500KCGF3SUYJHPV70</lei>
        <title>FRANCE .70% 07/25/2030 (FTIPS)</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="FR0011982776"/>
          <other otherDesc="Internal Id" value="BNB7RZ4"/>
        </identifiers>
        <balance>119985.000000000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.891504000"/>
        <valUSD>159478.080000000000</valUSD>
        <pctVal>0.0613260527</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>FR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-07-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.700000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FRANCE (REPUBLIC OF)</name>
        <lei>969500KCGF3SUYJHPV70</lei>
        <title>FRANCE 1.80% 7/25/2040 (FTIPS)</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="FR0010447367"/>
          <other otherDesc="Internal Id" value="BRS3ENV38"/>
        </identifiers>
        <balance>19232.640000000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.891504000"/>
        <valUSD>33364.890000000000</valUSD>
        <pctVal>0.0128302084</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>FR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-07-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.800000000000</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>ITALY BUONI POLIENNALI DEL TESORO</name>
        <lei>N/A</lei>
        <title>ITALY 2.55% 9/15/2041 (FTIPS)</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="IT0004545890"/>
          <other otherDesc="Internal Id" value="BRS8WUPK0"/>
        </identifiers>
        <balance>26228.050000000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.891504000"/>
        <valUSD>37597.390000000000</valUSD>
        <pctVal>0.0144577833</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>IT</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.550000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UNITED KINGDOM GILT INFLATION LI</name>
        <lei>N/A</lei>
        <title>UK .75% 03/22/2034 (FTIPS)</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB00B46CGH68"/>
          <other otherDesc="Internal Id" value="BRSC58HR4"/>
        </identifiers>
        <balance>370145.040000000000</balance>
        <units>PA</units>
        <currencyConditional curCd="GBP" exchangeRt="0.754945000"/>
        <valUSD>730512.660000000000</valUSD>
        <pctVal>0.2809129497</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-03-22</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.750000000000</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>MALAYSIA SOVEREIGN SUKUK BHD</name>
        <lei>N/A</lei>
        <title>MALAYSIA SOVEREIGN SUKUK BHD</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="USY5749LAA99"/>
          <other otherDesc="Internal Id" value="BWX2VJ2"/>
        </identifiers>
        <balance>600000.000000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>620784.590000000000</valUSD>
        <pctVal>0.2387178756</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>MY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-04-22</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.043000000000</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>JAPANESE GOVERNMENT CPI LINKED B</name>
        <lei>N/A</lei>
        <title>JAPAN .10% 03/10/2025 (FTIPS)</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP1120201F51"/>
          <other otherDesc="Internal Id" value="BXDZM40"/>
        </identifiers>
        <balance>34600000.000000000000</balance>
        <units>PA</units>
        <currencyConditional curCd="JPY" exchangeRt="108.655000000"/>
        <valUSD>330492.150000000000</valUSD>
        <pctVal>0.1270881804</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-03-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.100000000000</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>AUSTRALIA GOVERNMENT BOND</name>
        <lei>N/A</lei>
        <title>AUSTRALIA (COMMONWEALTH OF)</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="AU000XCLWAO6"/>
          <other otherDesc="Internal Id" value="BYSP0S2"/>
        </identifiers>
        <balance>98000.000000000000</balance>
        <units>PA</units>
        <currencyConditional curCd="AUD" exchangeRt="1.425009000"/>
        <valUSD>88309.860000000000</valUSD>
        <pctVal>0.0339588684</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>AU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-08-21</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.250000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UNITED KINGDOM GILT INFLATION LI</name>
        <lei>N/A</lei>
        <title>UK .125% 11/22/2056 (FTIPS)</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB00BYVP4K94"/>
          <other otherDesc="Internal Id" value="BYVP4K9"/>
        </identifiers>
        <balance>260926.540000000000</balance>
        <units>PA</units>
        <currencyConditional curCd="GBP" exchangeRt="0.754945000"/>
        <valUSD>674402.020000000000</valUSD>
        <pctVal>0.2593360404</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-11-22</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.125000000000</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>ITALY BUONI POLIENNALI DEL TESORO</name>
        <lei>N/A</lei>
        <title>ITALY 1.30% 5/15/2028 (FTIPS)</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="IT0005246134"/>
          <other otherDesc="Internal Id" value="BYXYY37"/>
        </identifiers>
        <balance>104818.000000000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.891504000"/>
        <valUSD>126125.540000000000</valUSD>
        <pctVal>0.0485005934</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>IT</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.300000000000</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>JAPANESE GOVERNMENT CPI LINKED B</name>
        <lei>N/A</lei>
        <title>JAPAN .10% 03/10/2027 (FTIPS)</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP1120221H48"/>
          <other otherDesc="Internal Id" value="BYYLYG0"/>
        </identifiers>
        <balance>57700000.000000000000</balance>
        <units>PA</units>
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        <pctVal>0.2139671819</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ITALY BUONI POLIENNALI DEL TESORO</name>
        <lei>N/A</lei>
        <title>ITALY (REPUBLIC OF)</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="IT0005162828"/>
          <other otherDesc="Internal Id" value="BZCTDC2"/>
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        <balance>137000.000000000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.891504000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>IT</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>2.700000000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>JPMorgan</name>
        <lei>ZBUT11V806EZRVTWT807</lei>
        <title>CAN 10YR BOND MAR 20</title>
        <cusip>000000000</cusip>
        <identifiers>
          <ticker value="CNH0"/>
          <other otherDesc="Internal Id" value="CNH0C20"/>
        </identifiers>
        <balance>3.000000000000</balance>
        <units>NC</units>
        <currencyConditional curCd="CAD" exchangeRt="1.298550000"/>
        <valUSD>-7067.810000000000</valUSD>
        <pctVal>-0.0027178712</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>JPMorgan</counterpartyName>
              <counterpartyLei>ZBUT11V806EZRVTWT807</counterpartyLei>
            </counterparties>
            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>CAN 10YR BOND MAR 20</issuerName>
                <issueTitle>CAN 10YR BOND MAR 20</issueTitle>
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                  <cusip value="000000000"/>
                  <other otherDesc="Contract Identifier" value="CNH0C20"/>
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              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2020-03-20</expDate>
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            <curCd>CAD</curCd>
            <unrealizedAppr>-7067.810000000000</unrealizedAppr>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CANADIAN GOVERNMENT BOND</name>
        <lei>N/A</lei>
        <title>CANADA (GOVERNMENT OF)</title>
        <cusip>135087H23</cusip>
        <identifiers>
          <isin value="CA135087H235"/>
          <other otherDesc="Internal Id" value="135087H23"/>
        </identifiers>
        <balance>384000.000000000000</balance>
        <units>PA</units>
        <currencyConditional curCd="CAD" exchangeRt="1.298550000"/>
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        <pctVal>0.1162163916</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.000000000000</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>CANADIAN GOVERNMENT BOND</name>
        <lei>N/A</lei>
        <title>CANADA  4.25% 12/01/26 (FTIPS)</title>
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        <identifiers>
          <isin value="CA135087VS05"/>
          <other otherDesc="Internal Id" value="135087VS0"/>
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        <balance>491490.600000000000</balance>
        <units>PA</units>
        <currencyConditional curCd="CAD" exchangeRt="1.298550000"/>
        <valUSD>480436.140000000000</valUSD>
        <pctVal>0.1847479731</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.250000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CANADIAN GOVERNMENT BOND</name>
        <lei>N/A</lei>
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        <cusip>135087WV2</cusip>
        <identifiers>
          <isin value="CA135087WV25"/>
          <other otherDesc="Internal Id" value="135087WV2"/>
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        <balance>270562.420000000000</balance>
        <units>PA</units>
        <currencyConditional curCd="CAD" exchangeRt="1.298550000"/>
        <valUSD>297200.320000000000</valUSD>
        <pctVal>0.1142860667</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CANADIAN GOVERNMENT BOND</name>
        <lei>N/A</lei>
        <title>CANADA 3.00% 12/01/2036 (FTIPS)</title>
        <cusip>135087XQ2</cusip>
        <identifiers>
          <isin value="CA135087XQ21"/>
          <other otherDesc="Internal Id" value="135087XQ2"/>
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        <balance>193642.720000000000</balance>
        <units>PA</units>
        <currencyConditional curCd="CAD" exchangeRt="1.298550000"/>
        <valUSD>212783.570000000000</valUSD>
        <pctVal>0.0818242634</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.000000000000</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>Morgan Stanley</name>
        <lei>9R7GPTSO7KV3UQJZQ078</lei>
        <title>SWP: JPY 0.012500 05-AUG-2029</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Id" value="BAX84YY81"/>
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        <currencyConditional curCd="JPY" exchangeRt="108.655000000"/>
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        <assetCat>DIR</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
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              <counterpartyName>Morgan Stanley</counterpartyName>
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              <indexBasketInfo>
                <indexName>JAPANESE YEN 6 MNTH</indexName>
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            <swapFlag>Y</swapFlag>
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      <invstOrSec>
        <name>Morgan Stanley</name>
        <lei>9R7GPTSO7KV3UQJZQ078</lei>
        <title>SWP: JPY -0.132500 05-SEP-2029</title>
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          <other otherDesc="Internal Id" value="BAX8741C1"/>
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        <currencyConditional curCd="JPY" exchangeRt="108.655000000"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <swapDeriv derivCat="SWP">
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              <counterpartyName>Morgan Stanley</counterpartyName>
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                <indexName>JAPANESE YEN 6 MNTH</indexName>
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      <invstOrSec>
        <name>Morgan Stanley</name>
        <lei>9R7GPTSO7KV3UQJZQ078</lei>
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          <other otherDesc="Internal Id" value="BAX874305"/>
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        <assetCat>DIR</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>Morgan Stanley</counterpartyName>
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            <descRefInstrmnt>
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                <indexName>BBA LIBOR AUD 6 Month **Discon</indexName>
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            <swapFlag>Y</swapFlag>
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      <invstOrSec>
        <name>UNITED STATES TREASURY</name>
        <lei>N/A</lei>
        <title>TREASURY NOTE</title>
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          <isin value="US912828YD60"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <maturityDt>2026-08-31</maturityDt>
          <couponKind>Fixed</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>UNITED KINGDOM (GOVERNMENT OF)</name>
        <lei>N/A</lei>
        <title>UK CONV GILT</title>
        <cusip>000000000</cusip>
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          <isin value="GB0004893086"/>
          <other otherDesc="Internal Id" value="9139969U0"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>VANGUARD REIT INDEX FUND</name>
        <lei>N/A</lei>
        <title>Vanguard Real Estate ETF</title>
        <cusip>922908553</cusip>
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          <isin value="US9229085538"/>
          <ticker value="VNQ"/>
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        <balance>87655.000000000000</balance>
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        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FRANCE (REPUBLIC OF)</name>
        <lei>969500KCGF3SUYJHPV70</lei>
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        <cusip>000000000</cusip>
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          <isin value="FR0000188799"/>
          <other otherDesc="Internal Id" value="B0A0A9NZ5"/>
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        <balance>85645.560000000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.891504000"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>FR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-07-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.150000000000</annualizedRt>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ITALY BUONI POLIENNALI DEL TESORO</name>
        <lei>N/A</lei>
        <title>ITALY 3.10% 9/15/2026 (FTIPS)</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="IT0004735152"/>
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        <name>Morgan Stanley</name>
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        </derivativeInfo>
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      </invstOrSec>
      <invstOrSec>
        <name>Credit Suisse</name>
        <lei>1V8Y6QCX6YMJ2OELII46</lei>
        <title>BRITISH POUND</title>
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          <other otherDesc="Internal Id" value="CCTGBP"/>
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        <balance>12747000.000000000000</balance>
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        <curCd>N/A</curCd>
        <valUSD>383886.760000000000</valUSD>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>Credit Suisse</counterpartyName>
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            <amtCurSold>16506804.130000000819564</amtCurSold>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>Credit Suisse</name>
        <lei>1V8Y6QCX6YMJ2OELII46</lei>
        <title>JAPANESE YEN</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Id" value="CCTJPY"/>
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        <balance>2790210000.000000000000</balance>
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        <descOthUnits>Notional Amount</descOthUnits>
        <curCd>N/A</curCd>
        <valUSD>160707.710000000000</valUSD>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
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              <counterpartyName>Credit Suisse</counterpartyName>
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            <amtCurPur>2790210000.000000000000000</amtCurPur>
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      </invstOrSec>
      <invstOrSec>
        <name>ITALY BUONI POLIENNALI DEL TESORO</name>
        <lei>N/A</lei>
        <title>ITALY 2.35% 9/15/2035 (FTIPS)</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="IT0003745541"/>
          <other otherDesc="Internal Id" value="ED6620394"/>
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        <balance>37641.000000000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.891504000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>IT</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.350000000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>UNITED KINGDOM GILT INFLATION LI</name>
        <lei>N/A</lei>
        <title>UK 1.125% 11/22/2037 (FTIPS)</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB00B1L6W962"/>
          <other otherDesc="Internal Id" value="EG1963974"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-11-22</maturityDt>
          <couponKind>Fixed</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>AUSTRALIA GOVERNMENT BOND</name>
        <lei>N/A</lei>
        <title>AUSTRALIA 3.00% 9/20/2025 (FTIPS)</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="AU0000XCLWP8"/>
          <other otherDesc="Internal Id" value="EH9944131"/>
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        <balance>379000.000000000000</balance>
        <units>PA</units>
        <currencyConditional curCd="AUD" exchangeRt="1.425009000"/>
        <valUSD>390363.060000000000</valUSD>
        <pctVal>0.1501110722</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>AU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-09-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.000000000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>JPMorgan</name>
        <lei>ZBUT11V806EZRVTWT807</lei>
        <title>AMSTERDAM INDEX JAN 20</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="NLENX5955366"/>
          <ticker value="EOF0"/>
          <other otherDesc="Internal Id" value="EOF0I20"/>
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        <balance>18.000000000000</balance>
        <units>NC</units>
        <currencyConditional curCd="EUR" exchangeRt="0.891504000"/>
        <valUSD>-30014.830000000000</valUSD>
        <pctVal>-0.0115419689</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>JPMorgan</counterpartyName>
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            <payOffProf>Long</payOffProf>
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                <issuerName>AMSTERDAM INDEX JAN 20</issuerName>
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                  <cusip value="000000000"/>
                  <other otherDesc="Contract Identifier" value="EOF0I20"/>
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            </descRefInstrmnt>
            <expDate>2020-01-17</expDate>
            <notionalAmt>2203422.300000000000</notionalAmt>
            <curCd>EUR</curCd>
            <unrealizedAppr>-30014.830000000000</unrealizedAppr>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>JPMorgan</name>
        <lei>ZBUT11V806EZRVTWT807</lei>
        <title>S&amp;P500 EMINI MAR 20</title>
        <cusip>000000000</cusip>
        <identifiers>
          <ticker value="ESH0"/>
          <other otherDesc="Internal Id" value="ESH0I20"/>
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        <balance>388.000000000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>1650947.760000000000</valUSD>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>JPMorgan</counterpartyName>
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            <payOffProf>Long</payOffProf>
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                <issuerName>S&amp;P500 EMINI MAR 20</issuerName>
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                  <cusip value="000000000"/>
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            <expDate>2020-03-20</expDate>
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            <unrealizedAppr>1650947.760000000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>JPMorgan</name>
        <lei>ZBUT11V806EZRVTWT807</lei>
        <title>US 5YR NOTE MAR 20</title>
        <cusip>000000000</cusip>
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          <ticker value="FVH0"/>
          <other otherDesc="Internal Id" value="FVH0C20"/>
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        <balance>7.000000000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-2638.290000000000</valUSD>
        <pctVal>-0.0010145339</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
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              <counterpartyName>JPMorgan</counterpartyName>
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            <payOffProf>Long</payOffProf>
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                <issuerName>US 5YR NOTE MAR 20</issuerName>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Goldman Sachs</name>
        <lei>FOR8UP27PHTHYVLBNG30</lei>
        <title>US DOLLARS</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Id" value="CCTUSD"/>
        </identifiers>
        <balance>-19441000.000000000000</balance>
        <units>OU</units>
        <descOthUnits>Notional Amount</descOthUnits>
        <curCd>N/A</curCd>
        <valUSD>-204671.960000000000</valUSD>
        <pctVal>-0.0787050070</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>Goldman Sachs</counterpartyName>
              <counterpartyLei>FOR8UP27PHTHYVLBNG30</counterpartyLei>
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            <amtCurSold>19441000.000000000000000</amtCurSold>
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      <invstOrSec>
        <name>JPMorgan</name>
        <lei>ZBUT11V806EZRVTWT807</lei>
        <title>DAX INDEX MAR 20</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="DE000C360PW8"/>
          <ticker value="GXH0"/>
          <other otherDesc="Internal Id" value="GXH0I20"/>
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        <currencyConditional curCd="EUR" exchangeRt="0.891504000"/>
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        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
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              <counterpartyName>JPMorgan</counterpartyName>
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            <expDate>2020-03-20</expDate>
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      <invstOrSec>
        <name>JPMorgan</name>
        <lei>ZBUT11V806EZRVTWT807</lei>
        <title>HANG SENG INDEX JAN 20</title>
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          <ticker value="HIF0"/>
          <other otherDesc="Internal Id" value="HIF0I20"/>
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        <currencyConditional curCd="HKD" exchangeRt="7.792300000"/>
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        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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              <counterpartyName>JPMorgan</counterpartyName>
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            <payOffProf>Long</payOffProf>
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                <issuerName>HANG SENG INDEX JAN 20</issuerName>
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      <invstOrSec>
        <name>HSBC</name>
        <lei>CYYGQCGNHMHPSMRL3R97</lei>
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        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Id" value="CCTUSD"/>
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        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
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      <invstOrSec>
        <name>HSBC</name>
        <lei>CYYGQCGNHMHPSMRL3R97</lei>
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        <cusip>000000000</cusip>
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          <other otherDesc="Internal Id" value="CCTUSD"/>
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        <balance>-1203079981.000000000000</balance>
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        <curCd>N/A</curCd>
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        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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              <counterpartyName>HSBC</counterpartyName>
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      <invstOrSec>
        <name>HSBC</name>
        <lei>CYYGQCGNHMHPSMRL3R97</lei>
        <title>US DOLLARS</title>
        <cusip>000000000</cusip>
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          <other otherDesc="Internal Id" value="CCTUSD"/>
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        <balance>-1132000.000000000000</balance>
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        <curCd>N/A</curCd>
        <valUSD>-3489.210000000000</valUSD>
        <pctVal>-0.0013417485</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NO</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>HSBC</counterpartyName>
              <counterpartyLei>CYYGQCGNHMHPSMRL3R97</counterpartyLei>
            </counterparties>
            <amtCurSold>1132000.000000000000000</amtCurSold>
            <curSold>NOK</curSold>
            <amtCurPur>125461.470000000001164</amtCurPur>
            <curPur>USD</curPur>
            <settlementDt>2020-01-21</settlementDt>
            <unrealizedAppr>-3489.210000000000</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Securities with ISO Country Code/ISO Country Code Other = XX have designations currently not accepted by the SEC schema (i.e. European Union and Supranational)." noteItem="C.5.a"/>

    </explntrNotes>
    <signature>
      <ncom:dateSigned>2020-01-22</ncom:dateSigned>
      <ncom:nameOfApplicant>Columbia Funds Variable Insurance Trust</ncom:nameOfApplicant>
      <ncom:signature>Martha Skinner</ncom:signature>
      <ncom:signerName>Martha Skinner</ncom:signerName>
      <ncom:title>Assistant Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
