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      <invstOrSec>
        <name>United States Treasury</name>
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        <name>Japan Government Twenty Year Bonds</name>
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        <name>Fannie Mae</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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        <name>Australia Government Bonds</name>
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      <invstOrSec>
        <name>BAE Systems PLC</name>
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        <name>Freddie Mac</name>
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        <name>UnitedHealth Group Inc</name>
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        <name>ASML Holding NV</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Philip Morris International Inc</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Advanced Drainage Systems Inc</name>
        <lei>6QQTOZ5MF5DHM7K92I60</lei>
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        <name>British American Tobacco PLC</name>
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        <name>State Street Bank &amp; Trust Co.</name>
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        <name>Wells Fargo &amp; Co</name>
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        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
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        <name>NextEra Energy Inc</name>
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        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <name>U.K. Gilts</name>
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        <name>Zscaler Inc</name>
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        <name>Bundesrepublik Deutschland Bundesanleihe</name>
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        <name>Government National Mortgage Association</name>
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        <name>Italy Buoni Poliennali Del Tesoro</name>
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        <name>ICE Futures U.S., Inc.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Morgan Stanley &amp; Co. International PLC</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>JAPAN GOVT CPI LINKED</name>
        <lei>353800WZS8AXZXFUC241</lei>
        <title>Japan Government CPI-Linked Bonds</title>
        <cusip>000000000</cusip>
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          <isin value="JP1120261M59"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Flagstar Mortgage Trust</name>
        <lei>N/A</lei>
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          <isin value="US33849NAB10"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2048-09-25</maturityDt>
          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>Thermo Fisher Scientific Inc</name>
        <lei>HCHV7422L5HDJZCRFL38</lei>
        <title>Thermo Fisher Scientific, Inc.</title>
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          <isin value="US8835561023"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Wells Fargo Commercial Mortgage Trust</name>
        <lei>5493006021R83VCLAO08</lei>
        <title>Wells Fargo Commercial Mortgage Trust</title>
        <cusip>95001NBB3</cusip>
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          <isin value="US95001NBB38"/>
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        <balance>130000.00000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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      <invstOrSec>
        <name>Government National Mortgage Association</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>Government National Mortgage Association</title>
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          <isin value="US36179VDP22"/>
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        <curCd>USD</curCd>
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        <issuerCat>USGA</issuerCat>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
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          <isin value="US912828YU85"/>
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        <balance>783000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>State Street Bank &amp; Trust Co.</name>
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      <invstOrSec>
        <name>State Street Bank &amp; Trust Co.</name>
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      <invstOrSec>
        <name>Drive Auto Receivables Trust</name>
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        <name>Sony Group Corp</name>
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        <name>NIKE Inc</name>
        <lei>787RXPR0UX0O0XUXPZ81</lei>
        <title>NIKE, Inc.</title>
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        <name>Spain Government Bonds</name>
        <lei>9598007A56S18711AH60</lei>
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        <name>French Republic Government Bonds OAT</name>
        <lei>969500KCGF3SUYJHPV70</lei>
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        <name>Eurex Deutschland</name>
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        <name>State Street Global Advisors</name>
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        <name>State Street Bank &amp; Trust Co.</name>
        <lei>571474TGEMMWANRLN572</lei>
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        <name>Williams Cos Inc/The</name>
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        <name>State Street Bank &amp; Trust Co.</name>
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        <name>State Street Bank &amp; Trust Co.</name>
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        <name>AmeriCredit Automobile Receivables Trust</name>
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        <name>ASX Clear (Futures)</name>
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        <name>Fannie Mae</name>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Federal National Mortgage Association</title>
        <cusip>31418DKQ4</cusip>
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          <isin value="US31418DKQ42"/>
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        <balance>557168.70000000</balance>
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        <curCd>USD</curCd>
        <valUSD>468528.79000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.50000000</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>State Street Bank &amp; Trust Co.</name>
        <lei>571474TGEMMWANRLN572</lei>
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        <cusip>000000000</cusip>
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          <other otherDesc="Trade Identifier" value="25ARKBBRM55"/>
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        <balance>1.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.43799917"/>
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        <assetCat>DFE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>State Street Bank &amp; Trust Co.</counterpartyName>
              <counterpartyLei>571474TGEMMWANRLN572</counterpartyLei>
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            <amtCurSold>240000.00000000</amtCurSold>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Morgan Stanley &amp; Co. International PLC</name>
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        <title>Purchased ZAR / Sold USD</title>
        <cusip>000000000</cusip>
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          <other otherDesc="Trade Identifier" value="25AIKBBL5XW"/>
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        <balance>1.00000000</balance>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
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              <counterpartyName>Morgan Stanley &amp; Co. International PLC</counterpartyName>
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            <amtCurSold>2816102.84000000</amtCurSold>
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            <settlementDt>2025-04-16</settlementDt>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Bundesrepublik Deutschland Bundesanleihe</name>
        <lei>529900AQBND3S6YJLY83</lei>
        <title>Bundesrepublik Deutschland Bundesanleihe</title>
        <cusip>000000000</cusip>
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          <isin value="DE0001102556"/>
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        <balance>200000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-11-15</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Morgan Stanley &amp; Co. International PLC</name>
        <lei>4PQUHN3JPFGFNF3BB653</lei>
        <title>Purchased COP / Sold USD</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Trade Identifier" value="25AGKBBP5FH"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="COP" exchangeRt="4189.90478260"/>
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        <pctVal>0.009795317950</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>CO</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
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              <counterpartyName>Morgan Stanley &amp; Co. International PLC</counterpartyName>
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            <amtCurSold>258495.33000000</amtCurSold>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>BELGIUM KINGDOM</name>
        <lei>549300SZ25JZFHRHWD76</lei>
        <title>Kingdom of Belgium Government Bonds</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="BE0000331406"/>
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        <balance>73000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.92481300"/>
        <valUSD>78465.61000000</valUSD>
        <pctVal>0.055269477867</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>BE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-06-22</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.75000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>State Street Bank &amp; Trust Co.</name>
        <lei>571474TGEMMWANRLN572</lei>
        <title>Purchased USD / Sold CHF</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Trade Identifier" value="25AIKBBLZHF"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="CHF" exchangeRt="0.88322352"/>
        <valUSD>-13014.28000000</valUSD>
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        <assetCat>DFE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
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              <counterpartyName>State Street Bank &amp; Trust Co.</counterpartyName>
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            <amtCurSold>455000.00000000</amtCurSold>
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            <unrealizedAppr>-13014.28000000</unrealizedAppr>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Advanced Micro Devices Inc</name>
        <lei>R2I72C950HOYXII45366</lei>
        <title>Advanced Micro Devices, Inc.</title>
        <cusip>007903107</cusip>
        <identifiers>
          <isin value="US0079031078"/>
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        <balance>2466.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Freddie Mac</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>Federal Home Loan Mortgage Corp.</title>
        <cusip>3132DMVD4</cusip>
        <identifiers>
          <isin value="US3132DMVD46"/>
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        <balance>176487.69000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>150598.09000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.50000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Gates Industrial Corp PLC</name>
        <lei>549300S6K4FWUSB9KM27</lei>
        <title>Gates Industrial Corp. PLC</title>
        <cusip>000000000</cusip>
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          <isin value="GB00BD9G2S12"/>
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        <balance>7700.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>141757.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Vulcan Materials Co</name>
        <lei>549300Q8LSNHAVWBNI21</lei>
        <title>Vulcan Materials Co.</title>
        <cusip>929160109</cusip>
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          <isin value="US9291601097"/>
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        <balance>780.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Alphabet Inc</name>
        <lei>5493006MHB84DD0ZWV18</lei>
        <title>Alphabet, Inc.</title>
        <cusip>02079K305</cusip>
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          <isin value="US02079K3059"/>
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        <balance>4481.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
        <cusip>91282CBT7</cusip>
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          <isin value="US91282CBT71"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>242573.18000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Prologis Inc</name>
        <lei>529900DFH19P073LZ636</lei>
        <title>Prologis, Inc.</title>
        <cusip>74340W103</cusip>
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          <isin value="US74340W1036"/>
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        <balance>3300.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>368907.00000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Citibank NA</name>
        <lei>E57ODZWZ7FF32TWEFA76</lei>
        <title>Purchased BRL / Sold USD</title>
        <cusip>000000000</cusip>
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          <other otherDesc="Trade Identifier" value="25AGKBBNNV9"/>
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        <balance>1.00000000</balance>
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        <assetCat>DFE</assetCat>
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        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>Genmab A/S</name>
        <lei>529900MTJPDPE4MHJ122</lei>
        <title>Genmab AS</title>
        <cusip>000000000</cusip>
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          <isin value="DK0010272202"/>
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        <balance>419.00000000</balance>
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        <currencyConditional curCd="DKK" exchangeRt="6.89965000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>DK</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Oak Hill Credit</name>
        <lei>N/A</lei>
        <title>OHA Credit Partners XV Ltd.</title>
        <cusip>67707BAT7</cusip>
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          <isin value="US67707BAT70"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-04-20</maturityDt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Legal &amp; General Group PLC</name>
        <lei>213800JH9QQWHLO99821</lei>
        <title>Legal &amp; General Group PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB0005603997"/>
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        <balance>50029.00000000</balance>
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        <currencyConditional curCd="GBP" exchangeRt="0.77414400"/>
        <valUSD>157773.23000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Westlake Corp</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Daimler Truck Holding AG</name>
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        <fairValLevel>2</fairValLevel>
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        <name>UBS Emerging Markets Equity Opportunity Fund</name>
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        <fairValLevel>1</fairValLevel>
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        <name>United States Treasury</name>
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      <invstOrSec>
        <name>Italy Buoni Poliennali Del Tesoro</name>
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        <name>U.K. Gilts</name>
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        <name>PACIFIC GAS &amp; ELECTRIC</name>
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        <name>Gerdau SA</name>
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        <assetCat>EC</assetCat>
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        <invCountry>BR</invCountry>
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        <name>Koninklijke Philips NV</name>
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        <name>Italy Buoni Poliennali Del Tesoro</name>
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        <title>Italy Buoni Poliennali Del Tesoro</title>
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          <isin value="IT0005094088"/>
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        <name>Santander Drive Auto Receivables Trust</name>
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        <name>CHARTER COMM OPT LLC/CAP</name>
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        <name>NEW ZEALAND GVT ILB</name>
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        <name>Microsoft Corp</name>
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        <name>United States Treasury</name>
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        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
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        <name>State Street Bank &amp; Trust Co.</name>
        <lei>571474TGEMMWANRLN572</lei>
        <title>Purchased EUR / Sold USD</title>
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      <invstOrSec>
        <name>HSBC Bank PLC</name>
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        <name>Regal Rexnord Corp</name>
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      <invstOrSec>
        <name>United States Treasury</name>
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      <invstOrSec>
        <name>Aptiv PLC</name>
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      <invstOrSec>
        <name>United States Treasury</name>
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        <name>Canada Government Bonds</name>
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      <invstOrSec>
        <name>HSBC Bank PLC</name>
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        <name>NVIDIA Corp</name>
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      <invstOrSec>
        <name>State Street Bank &amp; Trust Co.</name>
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        <name>Johnson Controls International plc</name>
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        <name>State Street Bank &amp; Trust Co.</name>
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        <name>U.K. Gilts</name>
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        <name>Take-Two Interactive Software Inc</name>
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        <name>State Street Bank &amp; Trust Co.</name>
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        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
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        <name>DISCOVERY COMMUNICATIONS</name>
        <lei>L2Z2MO2EQURH3BREWI15</lei>
        <title>Discovery Communications LLC</title>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <name>Invesco S&amp;P 500 Equal Weight ETF</name>
        <lei>549300F8VBQFIX481R47</lei>
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          <isin value="US46137V3574"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Spain Government Bonds</name>
        <lei>9598007A56S18711AH60</lei>
        <title>Spain Government Bonds</title>
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          <isin value="ES00000128E2"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>UMBS, TBA</name>
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        <cusip>01F050643</cusip>
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          <isin value="US01F0506430"/>
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        <valUSD>294011.10000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>New Zealand Government Bonds</name>
        <lei>549300237GPHG2AI7C34</lei>
        <title>New Zealand Government Bonds</title>
        <cusip>000000000</cusip>
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          <isin value="NZGOVDT429C7"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CANADIAN IMPERIAL BANK</name>
        <lei>2IGI19DL77OX0HC3ZE78</lei>
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          <isin value="US13607H6M92"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-08-04</maturityDt>
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      <invstOrSec>
        <name>Australia Government Bonds</name>
        <lei>213800J6B7JSBDETCB42</lei>
        <title>Australia Government Bonds</title>
        <cusip>000000000</cusip>
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          <isin value="AU3TB0000150"/>
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        <balance>415000.00000000</balance>
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        <issuerCat>NUSS</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-04-21</maturityDt>
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          <annualizedRt>3.25000000</annualizedRt>
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      <invstOrSec>
        <name>Walt Disney Co/The</name>
        <lei>549300GZKULIZ0WOW665</lei>
        <title>Walt Disney Co.</title>
        <cusip>254687106</cusip>
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          <isin value="US2546871060"/>
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        <balance>3289.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Marsh &amp; McLennan Cos Inc</name>
        <lei>549300XMP3KDCKJXIU47</lei>
        <title>Marsh &amp; McLennan Cos., Inc.</title>
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          <isin value="US5717481023"/>
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        <balance>1233.00000000</balance>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Walmart Inc</name>
        <lei>Y87794H0US1R65VBXU25</lei>
        <title>Walmart, Inc.</title>
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        <balance>7509.00000000</balance>
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        <fairValLevel>1</fairValLevel>
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        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
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          <isin value="US91282CBL46"/>
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        <balance>450000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>383027.35000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>French Republic Government Bonds OAT</name>
        <lei>969500KCGF3SUYJHPV70</lei>
        <title>French Republic Government Bonds OAT</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="FR0011461037"/>
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        <balance>95000.00000000</balance>
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        <issuerCat>NUSS</issuerCat>
        <invCountry>FR</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Lyft Inc</name>
        <lei>549300H7I5VN334XVZ52</lei>
        <title>Lyft, Inc.</title>
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        <name>Government National Mortgage Association</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>Government National Mortgage Association</title>
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        <name>Airbnb Inc</name>
        <lei>549300HMUDNO0RY56D37</lei>
        <title>Airbnb, Inc.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Exxon Mobil Corp</name>
        <lei>J3WHBG0MTS7O8ZVMDC91</lei>
        <title>Exxon Mobil Corp.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Spain Government Bonds</name>
        <lei>9598007A56S18711AH60</lei>
        <title>Spain Government Bonds</title>
        <cusip>000000000</cusip>
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          <isin value="ES0000012932"/>
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        <balance>44000.00000000</balance>
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        <issuerCat>NUSS</issuerCat>
        <invCountry>ES</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-01-31</maturityDt>
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        <name>Nestle SA</name>
        <lei>KY37LUS27QQX7BB93L28</lei>
        <title>Nestle SA</title>
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        <assetCat>EC</assetCat>
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        <invCountry>CH</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>SOUTHERN CAL EDISON</name>
        <lei>9R1Z5I36FERIBVKW4P77</lei>
        <title>Southern California Edison Co.</title>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>State Street Bank &amp; Trust Co.</name>
        <lei>571474TGEMMWANRLN572</lei>
        <title>Purchased USD / Sold AUD</title>
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              <counterpartyName>State Street Bank &amp; Trust Co.</counterpartyName>
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      <invstOrSec>
        <name>Canada Government Bonds</name>
        <lei>4BFD7AQU0A75QLAHK410</lei>
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          <isin value="CA135087Q988"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Keyence Corp</name>
        <lei>529900M7PQBS7A89DZ11</lei>
        <title>Keyence Corp.</title>
        <cusip>000000000</cusip>
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          <isin value="JP3236200006"/>
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        <balance>300.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="149.99000000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Brunswick Corp/DE</name>
        <lei>YM4O38W15AX4YLLQKU27</lei>
        <title>Brunswick Corp.</title>
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          <isin value="US1170431092"/>
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        <balance>2823.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>152018.55000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Marvell Technology Inc</name>
        <lei>N/A</lei>
        <title>Marvell Technology, Inc.</title>
        <cusip>573874104</cusip>
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          <isin value="US5738741041"/>
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        <balance>1540.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>94817.80000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>State Street Bank &amp; Trust Co.</name>
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        <cusip>000000000</cusip>
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          <other otherDesc="Trade Identifier" value="25BQKBBR0TK"/>
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        <balance>1.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.43799917"/>
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        <assetCat>DFE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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              <counterpartyName>State Street Bank &amp; Trust Co.</counterpartyName>
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            <amtCurSold>66358.04000000</amtCurSold>
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        <securityLending>
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      <invstOrSec>
        <name>SFS Auto Receivables Securitization Trust</name>
        <lei>N/A</lei>
        <title>SFS Auto Receivables Securitization Trust</title>
        <cusip>78435VAB8</cusip>
        <identifiers>
          <isin value="US78435VAB80"/>
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        <balance>26801.11000000</balance>
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        <curCd>USD</curCd>
        <valUSD>26834.93000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-06-21</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.35000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Chicago Board of Trade</name>
        <lei>549300EX04Q2QBFQTQ27</lei>
        <title>Future</title>
        <cusip>000000000</cusip>
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          <other otherDesc="Bloomberg Identifier" value="BBG01PSLLPS7"/>
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        <balance>26.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>15324.04000000</valUSD>
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        <assetCat>DIR</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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              <counterpartyName>Chicago Board of Trade</counterpartyName>
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            <payOffProf>Long</payOffProf>
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                <indexName>CBOT 10 Year U.S. Treasury Notes</indexName>
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      <invstOrSec>
        <name>JPMorgan Chase Bank NA</name>
        <lei>7H6GLXDRUGQFU57RNE97</lei>
        <title>Purchased USD / Sold JPY</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Trade Identifier" value="25BNKBBN0HX"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="JPY" exchangeRt="149.75618260"/>
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        <pctVal>0.000555155806</pctVal>
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        <assetCat>DFE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <fwdDeriv derivCat="FWD">
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              <counterpartyName>JPMorgan Chase Bank NA</counterpartyName>
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            <amtCurSold>153300000.00000000</amtCurSold>
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            <settlementDt>2025-04-16</settlementDt>
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        <securityLending>
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      <invstOrSec>
        <name>Australia Government Bonds</name>
        <lei>213800J6B7JSBDETCB42</lei>
        <title>Australia Government Bonds</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="AU0000249302"/>
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        <balance>440000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="AUD" exchangeRt="1.60038400"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-05-21</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.75000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>London Stock Exchange Group PLC</name>
        <lei>213800QAUUUP6I445N30</lei>
        <title>London Stock Exchange Group PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB00B0SWJX34"/>
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        <balance>1504.00000000</balance>
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        <currencyConditional curCd="GBP" exchangeRt="0.77414400"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>Goldman Sachs International</name>
        <lei>W22LROWP2IHZNBB6K528</lei>
        <title>Purchased NZD / Sold USD</title>
        <cusip>000000000</cusip>
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          <other otherDesc="Trade Identifier" value="25CDKBB4S26"/>
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        <balance>1.00000000</balance>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>TJX Cos Inc/The</name>
        <lei>V167QI9I69W364E2DY52</lei>
        <title>TJX Cos., Inc.</title>
        <cusip>872540109</cusip>
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          <isin value="US8725401090"/>
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        <balance>1633.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>State Street Bank &amp; Trust Co.</name>
        <lei>571474TGEMMWANRLN572</lei>
        <title>Purchased EUR / Sold USD</title>
        <cusip>000000000</cusip>
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        <assetCat>DFE</assetCat>
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        <invCountry>XX</invCountry>
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        <fairValLevel>2</fairValLevel>
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              <counterpartyName>State Street Bank &amp; Trust Co.</counterpartyName>
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      <invstOrSec>
        <name>Finland Government Bonds</name>
        <lei>743700M6Y2OQRVSBRD14</lei>
        <title>Finland Government Bonds</title>
        <cusip>000000000</cusip>
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          <isin value="FI4000242870"/>
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        <balance>20000.00000000</balance>
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      <invstOrSec>
        <name>State Street Bank &amp; Trust Co.</name>
        <lei>571474TGEMMWANRLN572</lei>
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      <invstOrSec>
        <name>Berkshire Hathaway Inc</name>
        <lei>5493000C01ZX7D35SD85</lei>
        <title>Berkshire Hathaway, Inc.</title>
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        <assetCat>EC</assetCat>
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      <invstOrSec>
        <name>First Citizens BancShares Inc/NC</name>
        <lei>549300N3Z00ZHE2XC526</lei>
        <title>First Citizens BancShares, Inc.</title>
        <cusip>31946M103</cusip>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>TransDigm Group Inc</name>
        <lei>N/A</lei>
        <title>TransDigm Group, Inc.</title>
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        <balance>174.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Bundesrepublik Deutschland Bundesanleihe</name>
        <lei>529900AQBND3S6YJLY83</lei>
        <title>Bundesrepublik Deutschland Bundesanleihe</title>
        <cusip>000000000</cusip>
        <identifiers>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>OBIC Business Consultants Co Ltd</name>
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      <invstOrSec>
        <name>State Street Bank &amp; Trust Co.</name>
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      <invstOrSec>
        <name>Mastercard Inc</name>
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      <invstOrSec>
        <name>State Street Bank &amp; Trust Co.</name>
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      <invstOrSec>
        <name>Shin-Etsu Chemical Co Ltd</name>
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          <isin value="JP3371200001"/>
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      <invstOrSec>
        <name>Broadcom Inc</name>
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      <invstOrSec>
        <name>State Street Bank &amp; Trust Co.</name>
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        <name>DT Auto Owner Trust</name>
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        <name>Barclays Bank PLC</name>
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        <name>MFRA Trust</name>
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        <name>HSBC Bank PLC</name>
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        <name>Chicago Mercantile Exchange</name>
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        <name>Fannie Mae</name>
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        <name>Tesla Inc</name>
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        <name>Ireland Government Bonds</name>
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        <title>Ireland Government Bonds</title>
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      <invstOrSec>
        <name>Fannie Mae</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>AIR LEASE CORP</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-02-01</maturityDt>
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      <invstOrSec>
        <name>PACE International Equity Investments</name>
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          <isin value="US69375U8650"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Galp Energia SGPS SA</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>MORGAN STANLEY</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>PACE High Yield Investments</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>JPMorgan Chase Bank NA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Apollo Global Management Inc</name>
        <lei>254900LMFT1CY9IYB476</lei>
        <title>Apollo Global Management, Inc.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>The Montreal Exchange / Bourse De Montreal</name>
        <lei>N/A</lei>
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        <cusip>000000000</cusip>
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        <issuerConditional desc="derivative" issuerCat="OTHER"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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            <payOffProf>Short</payOffProf>
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                <indexName>Montreal Exchange S&amp;P/TSX 60 Index Futures</indexName>
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      <invstOrSec>
        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
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        <cusip>91282CBC4</cusip>
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          <isin value="US91282CBC47"/>
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        <balance>140000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>136170.51000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Parker-Hannifin Corp</name>
        <lei>5493002CONDB4N2HKI23</lei>
        <title>Parker-Hannifin Corp.</title>
        <cusip>701094104</cusip>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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        <name>ROYAL CARIBBEAN CRUISES</name>
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        <title>Royal Caribbean Cruises Ltd.</title>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <lei>VZFZPMWDHTQCFKYOBP05</lei>
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        <name>Barclays Bank PLC</name>
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        <name>BAWAG Group AG</name>
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        <name>Ashtead Group PLC</name>
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        <name>EXPAND ENERGY CORP</name>
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        <name>Sandoz Group AG</name>
        <lei>5493000JWK6XWFEUD320</lei>
        <title>Sandoz Group AG</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Government National Mortgage Association</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>Government National Mortgage Association</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>APA Corp</name>
        <lei>549300VCIWLRHYVSHC79</lei>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Danone SA</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Charles Schwab Corp/The</name>
        <lei>549300VSGCJ7E698NM85</lei>
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          <isin value="US8085131055"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>United States Treasury</name>
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      <invstOrSec>
        <name>HSBC Bank PLC</name>
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      <invstOrSec>
        <name>WELLS FARGO &amp; COMPANY</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Meta Platforms Inc</name>
        <lei>BQ4BKCS1HXDV9HN80Z93</lei>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Barclays Bank PLC</name>
        <lei>G5GSEF7VJP5I7OUK5573</lei>
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          <other otherDesc="Trade Identifier" value="25BDKBB5NP6"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>N/A</curCd>
        <valUSD>-39494.70000000</valUSD>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Government National Mortgage Association</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>Government National Mortgage Association</title>
        <cusip>36179WVT2</cusip>
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          <isin value="US36179WVT25"/>
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        <curCd>USD</curCd>
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        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Oracle Corp</name>
        <lei>1Z4GXXU7ZHVWFCD8TV52</lei>
        <title>Oracle Corp.</title>
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          <isin value="US68389X1054"/>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>UMBS, TBA</name>
        <lei>N/A</lei>
        <title>Uniform Mortgage-Backed Security, TBA</title>
        <cusip>01F040644</cusip>
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          <isin value="US01F0406441"/>
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        <balance>475000.00000000</balance>
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        <name>Japan Government Thirty Year Bonds</name>
        <lei>353800WZS8AXZXFUC241</lei>
        <title>Japan Government Thirty Year Bonds</title>
        <cusip>000000000</cusip>
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          <isin value="JP1300831Q70"/>
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        <balance>6300000.00000000</balance>
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          <couponKind>Fixed</couponKind>
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        <name>Japan Government Forty Year Bonds</name>
        <lei>353800WZS8AXZXFUC241</lei>
        <title>Japan Government Forty Year Bonds</title>
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          <isin value="JP1400121K57"/>
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        <issuerCat>NUSS</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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          <couponKind>Fixed</couponKind>
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        <name>JPMorgan Chase Bank NA</name>
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        <title>Purchased EUR / Sold USD</title>
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        <name>State Street Bank &amp; Trust Co.</name>
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        <name>Freddie Mac</name>
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        <title>Federal Home Loan Mortgage Corp.</title>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Federal National Mortgage Association</title>
        <cusip>3140XAH96</cusip>
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          <isin value="US3140XAH961"/>
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        <balance>215866.51000000</balance>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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        <debtSec>
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          <couponKind>Fixed</couponKind>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>UMBS, TBA</name>
        <lei>N/A</lei>
        <title>Uniform Mortgage-Backed Security, TBA</title>
        <cusip>01F042640</cusip>
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          <isin value="US01F0426407"/>
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        <balance>350000.00000000</balance>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>T-MOBILE USA INC</name>
        <lei>549300V2JRLO5DIFGE82</lei>
        <title>T-Mobile USA, Inc.</title>
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          <isin value="US87264ABW45"/>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>U.K. Gilts</name>
        <lei>ECTRVYYCEF89VWYS6K36</lei>
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          <isin value="GB00BM8Z2T38"/>
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        <issuerCat>NUSS</issuerCat>
        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-01-31</maturityDt>
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      <invstOrSec>
        <name>Government National Mortgage Association</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>Government National Mortgage Association</title>
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          <isin value="US36179XLH79"/>
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        <curCd>USD</curCd>
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        <issuerCat>USGA</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2052-11-20</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>PACE International Emerging Markets Equity Investments</name>
        <lei>5493000P1IW5J3ZEPV86</lei>
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        <cusip>69375U857</cusip>
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          <isin value="US69375U8577"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Roper Technologies Inc</name>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Devon Energy Corp</name>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>AIB Group PLC</name>
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        <assetCat>EC</assetCat>
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        <invCountry>IE</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>United States Treasury</name>
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        <curCd>USD</curCd>
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        <assetCat>STIV</assetCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-05-15</maturityDt>
          <couponKind>None</couponKind>
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      <invstOrSec>
        <name>SPDR Portfolio High Yield Bond ETF</name>
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        <curCd>USD</curCd>
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        <fairValLevel>1</fairValLevel>
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        <name>United States Treasury</name>
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          <isin value="US912810SQ22"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-08-15</maturityDt>
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          <isin value="US912810PW27"/>
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        <name>United States Treasury</name>
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        <name>Live Nation Entertainment Inc</name>
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        <name>U.K. Gilts</name>
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        <name>Fannie Mae</name>
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        <name>State Street Bank &amp; Trust Co.</name>
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        <name>Bank of America NA</name>
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        <name>MFRA Trust</name>
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        <name>Paramount Resources Ltd</name>
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        <name>Ingersoll Rand Inc</name>
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        <name>ICE Futures Europe - Financial Products Division</name>
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        <fairValLevel>1</fairValLevel>
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        <name>GOLDMAN SACHS GROUP INC</name>
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        <name>Shopify Inc</name>
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        <fairValLevel>1</fairValLevel>
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        <name>State Street Bank &amp; Trust Co.</name>
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        <name>CENTENE CORP</name>
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        <name>State Street Bank &amp; Trust Co.</name>
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        <name>GENERAL MOTORS CO</name>
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      <invstOrSec>
        <name>Haleon PLC</name>
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        <name>State Street Bank &amp; Trust Co.</name>
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        <name>Liberty Media Corp-Liberty Formula One</name>
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        <name>Bio-Rad Laboratories Inc</name>
        <lei>549300ZC1GPV35XYDK53</lei>
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        <name>Glencore PLC</name>
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        <name>AES Corp/The</name>
        <lei>2NUNNB7D43COUIRE5295</lei>
        <title>AES Corp.</title>
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        <name>Northrop Grumman Corp</name>
        <lei>RIMU48P07456QXSO0R61</lei>
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        <name>Eurex Deutschland</name>
        <lei>529900LN3S50JPU47S06</lei>
        <title>Future</title>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>BENCHMARK Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Benchmark Mortgage Trust</title>
        <cusip>08163JAE4</cusip>
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          <isin value="US08163JAE47"/>
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        <balance>275000.00000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ASX Clear (Futures)</name>
        <lei>549300ZD7BBOVZFVHK49</lei>
        <title>Future</title>
        <cusip>000000000</cusip>
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          <other otherDesc="Bloomberg Identifier" value="BBG01R99L444"/>
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        <balance>190.00000000</balance>
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        <currencyConditional curCd="AUD" exchangeRt="1.60038400"/>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
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              <counterpartyName>ASX Clear (Futures)</counterpartyName>
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            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>SFE 10 Year Australian Bond Futures</indexName>
                <indexIdentifier>XMM5 Comdty</indexIdentifier>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Canadian Imperial Bank of Commerce</name>
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        <cusip>000000000</cusip>
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          <other otherDesc="Trade Identifier" value="25CQKBB03Q4"/>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
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        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <fwdDeriv derivCat="FWD">
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              <counterpartyName>Canadian Imperial Bank of Commerce</counterpartyName>
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            <amtCurSold>87386.62000000</amtCurSold>
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            <unrealizedAppr>-9.00000000</unrealizedAppr>
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      </invstOrSec>
      <invstOrSec>
        <name>Knorr-Bremse AG</name>
        <lei>5299001GRRO0Z25YZT52</lei>
        <title>Knorr-Bremse AG</title>
        <cusip>000000000</cusip>
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          <isin value="DE000KBX1006"/>
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        <balance>2242.00000000</balance>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>State Street Bank &amp; Trust Co.</name>
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        <cusip>000000000</cusip>
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          <other otherDesc="Trade Identifier" value="25AIKBBLZHC"/>
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        <balance>1.00000000</balance>
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        <assetCat>DFE</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <fwdDeriv derivCat="FWD">
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              <counterpartyName>State Street Bank &amp; Trust Co.</counterpartyName>
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            <amtCurSold>404306.06000000</amtCurSold>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Apple Inc</name>
        <lei>HWUPKR0MPOU8FGXBT394</lei>
        <title>Apple, Inc.</title>
        <cusip>037833100</cusip>
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          <isin value="US0378331005"/>
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        <balance>7249.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Erste Group Bank AG</name>
        <lei>PQOH26KWDF7CG10L6792</lei>
        <title>Erste Group Bank AG</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="AT0000652011"/>
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        <balance>1933.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.92481300"/>
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        <pctVal>0.094180775532</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AT</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Morgan Stanley &amp; Co. International PLC</name>
        <lei>4PQUHN3JPFGFNF3BB653</lei>
        <title>Purchased USD / Sold BRL</title>
        <cusip>000000000</cusip>
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          <other otherDesc="Trade Identifier" value="25AOKBBRN1B"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="BRL" exchangeRt="5.72228913"/>
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        <assetCat>DFE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
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              <counterpartyName>Morgan Stanley &amp; Co. International PLC</counterpartyName>
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            <amtCurSold>13453907.50000000</amtCurSold>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Italy Buoni Poliennali Del Tesoro</name>
        <lei>815600DE60799F5A9309</lei>
        <title>Italy Buoni Poliennali Del Tesoro</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="IT0005365165"/>
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        <balance>140000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>IT</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>AppLovin Corp</name>
        <lei>549300LLVXMUAOL3SQ07</lei>
        <title>AppLovin Corp.</title>
        <cusip>03831W108</cusip>
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          <isin value="US03831W1080"/>
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        <balance>439.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CHENIERE ENERGY PARTNERS</name>
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        <title>Cheniere Energy Partners LP</title>
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          <isin value="US16411QAG64"/>
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        <balance>810000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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      <invstOrSec>
        <name>State Street Global Advisors</name>
        <lei>549300BZ5TGIFZUZDZ37</lei>
        <title>State Street Institutional US Government Money Market Fund</title>
        <cusip>857492706</cusip>
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          <isin value="US8574927062"/>
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        <curCd>USD</curCd>
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        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>MercadoLibre Inc</name>
        <lei>549300DKPDN9M5S8GB14</lei>
        <title>MercadoLibre, Inc.</title>
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          <isin value="US58733R1023"/>
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        <balance>30.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>58526.10000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Republic of Austria Government Bonds</name>
        <lei>529900QWWUI4XRVR7I03</lei>
        <title>Republic of Austria Government Bonds</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="AT0000A0VRQ6"/>
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        <balance>45000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>AT</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>State Street Bank &amp; Trust Co.</name>
        <lei>571474TGEMMWANRLN572</lei>
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        <cusip>000000000</cusip>
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          <other otherDesc="Trade Identifier" value="25CQKBBT2BZ"/>
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        <name>JPMorgan Chase &amp; Co</name>
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        <title>JPMorgan Chase &amp; Co.</title>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Exeter Automobile Receivables Trust</name>
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        <title>Exeter Automobile Receivables Trust</title>
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        <curCd>USD</curCd>
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        <assetCat>ABS-O</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Bonds</title>
        <cusip>912810RB6</cusip>
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          <isin value="US912810RB61"/>
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        <balance>617000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>485911.60000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>T-Mobile US Inc</name>
        <lei>549300QHIJYOHPACPG31</lei>
        <title>T-Mobile U.S., Inc.</title>
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          <isin value="US8725901040"/>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Novartis AG</name>
        <lei>5493007HIVTX6SY6XD66</lei>
        <title>Novartis AG</title>
        <cusip>000000000</cusip>
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          <isin value="CH0012005267"/>
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        <balance>1448.00000000</balance>
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        <currencyConditional curCd="CHF" exchangeRt="0.88470000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Eurex Deutschland</name>
        <lei>529900LN3S50JPU47S06</lei>
        <title>Future</title>
        <cusip>000000000</cusip>
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          <other otherDesc="Bloomberg Identifier" value="BBG01PZYPNM8"/>
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        <balance>45.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="EUR" exchangeRt="0.92481300"/>
        <valUSD>-8826.65000000</valUSD>
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        <assetCat>DCO</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <futrDeriv derivCat="FUT">
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              <counterpartyName>Eurex Deutschland</counterpartyName>
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            <payOffProf>Long</payOffProf>
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              <indexBasketInfo>
                <indexName>Bloomberg Liquidity Screened Euro High Yield Bond Index Futures</indexName>
                <indexIdentifier>AHWM5 Index</indexIdentifier>
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            <expDate>2025-06-20</expDate>
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            <curCd>EUR</curCd>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>AIA Group Ltd</name>
        <lei>ZP5ILWVSYE4LJGMMVD57</lei>
        <title>AIA Group Ltd.</title>
        <cusip>000000000</cusip>
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          <isin value="HK0000069689"/>
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        <balance>18617.00000000</balance>
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        <currencyConditional curCd="HKD" exchangeRt="7.78145000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>HK</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Kraft Heinz Co/The</name>
        <lei>9845007488EC87F5AF14</lei>
        <title>Kraft Heinz Co.</title>
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          <isin value="US5007541064"/>
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        <balance>13453.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>409374.79000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Invesco China Technology ETF</name>
        <lei>549300PS11RST4YBXW12</lei>
        <title>Invesco China Technology ETF</title>
        <cusip>46138E800</cusip>
        <identifiers>
          <isin value="US46138E8003"/>
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        <balance>16238.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>719505.78000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>State Street Bank &amp; Trust Co.</name>
        <lei>571474TGEMMWANRLN572</lei>
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        <cusip>000000000</cusip>
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          <other otherDesc="Trade Identifier" value="25BDKBBVPSP"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="GBP" exchangeRt="0.77416945"/>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>State Street Bank &amp; Trust Co.</counterpartyName>
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            <amtCurSold>210621.99000000</amtCurSold>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Eurex Deutschland</name>
        <lei>529900LN3S50JPU47S06</lei>
        <title>Future</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Bloomberg Identifier" value="BBG01PNK2J72"/>
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        <balance>44.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="EUR" exchangeRt="0.92481300"/>
        <valUSD>-106619.05000000</valUSD>
        <pctVal>-0.07510015182</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
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              <counterpartyName>Eurex Deutschland</counterpartyName>
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            <payOffProf>Long</payOffProf>
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              <indexBasketInfo>
                <indexName>Eurex 10 Year Euro BUND Futures</indexName>
                <indexIdentifier>RXM5 Comdty</indexIdentifier>
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            <expDate>2025-06-06</expDate>
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            <curCd>EUR</curCd>
            <unrealizedAppr>-106619.05000000</unrealizedAppr>
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      <invstOrSec>
        <name>BROADCOM INC</name>
        <lei>549300WV6GIDOZJTV909</lei>
        <title>Broadcom, Inc.</title>
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          <isin value="US11135FAS02"/>
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        <balance>900000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>859124.89000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.30000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>Spectris PLC</name>
        <lei>213800Z4CO2CZO3M3T10</lei>
        <title>Spectris PLC</title>
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        <balance>2633.00000000</balance>
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        <currencyConditional curCd="GBP" exchangeRt="0.77414400"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Japan Government Thirty Year Bonds</name>
        <lei>353800WZS8AXZXFUC241</lei>
        <title>Japan Government Thirty Year Bonds</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP1300511G61"/>
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        <balance>7600000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="JPY" exchangeRt="149.99000000"/>
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        <pctVal>0.023925028154</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-06-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.30000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Las Vegas Sands Corp</name>
        <lei>549300DUOO1KXOHPM605</lei>
        <title>Las Vegas Sands Corp.</title>
        <cusip>517834107</cusip>
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          <isin value="US5178341070"/>
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        <balance>5166.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>199562.58000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Bills</title>
        <cusip>912797PP6</cusip>
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          <isin value="US912797PP64"/>
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        <balance>3600000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3541496.00000000</valUSD>
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        <assetCat>STIV</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-08-21</maturityDt>
          <couponKind>None</couponKind>
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        <name>iShares MSCI Global Gold Miners ETF</name>
        <lei>549300GPQXTYLBQN1755</lei>
        <title>iShares MSCI Global Gold Miners ETF</title>
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          <isin value="US46434G8556"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
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        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
        <cusip>91282CCJ8</cusip>
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          <isin value="US91282CCJ80"/>
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        <balance>650000.00000000</balance>
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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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      <invstOrSec>
        <name>Expand Energy Corp</name>
        <lei>X2MT1W32SPAZ9WSKLE78</lei>
        <title>Expand Energy Corp.</title>
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          <isin value="US1651677353"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Canada Government Bonds</name>
        <lei>4BFD7AQU0A75QLAHK410</lei>
        <title>Canada Government Bonds</title>
        <cusip>135087F82</cusip>
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          <isin value="CA135087F825"/>
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        <balance>260000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>CA</invCountry>
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      <invstOrSec>
        <name>CITIGROUP INC</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>Citigroup, Inc.</title>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <name>S&amp;P Global Inc</name>
        <lei>Y6X4K52KMJMZE7I7MY94</lei>
        <title>S&amp;P Global, Inc.</title>
        <cusip>78409V104</cusip>
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        <curCd>USD</curCd>
        <valUSD>159035.30000000</valUSD>
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        <assetCat>EC</assetCat>
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        <name>Santander Drive Auto Receivables Trust</name>
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      <invstOrSec>
        <name>HDFC Bank Ltd</name>
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      <invstOrSec>
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        <fairValLevel>1</fairValLevel>
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        <name>Bank of America NA</name>
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        <name>Bank</name>
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        <name>Amazon.com Inc</name>
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        <name>Infineon Technologies AG</name>
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        <name>United States Treasury</name>
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      <invstOrSec>
        <name>Spain Government Bonds</name>
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      <invstOrSec>
        <name>State Street Bank &amp; Trust Co.</name>
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      <invstOrSec>
        <name>Eurex Deutschland</name>
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        <name>Osaka Exchange</name>
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        <name>Italy Buoni Poliennali Del Tesoro</name>
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        <name>Spain Government Bonds</name>
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        <name>Bristol-Myers Squibb Co</name>
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        <name>United States Treasury</name>
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        <name>State Street Bank &amp; Trust Co.</name>
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        <name>Canadian Pacific Kansas City Ltd</name>
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        <title>Canadian Pacific Kansas City Ltd.</title>
        <cusip>13646K108</cusip>
        <identifiers>
          <isin value="CA13646K1084"/>
        </identifiers>
        <balance>2705.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.43905000"/>
        <valUSD>189832.15000000</valUSD>
        <pctVal>0.133713658926</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Capital One Financial Corp</name>
        <lei>ZUE8T73ROZOF6FLBAR73</lei>
        <title>Capital One Financial Corp.</title>
        <cusip>14040H105</cusip>
        <identifiers>
          <isin value="US14040H1059"/>
        </identifiers>
        <balance>3478.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>623605.40000000</valUSD>
        <pctVal>0.439254150367</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>State Street Bank &amp; Trust Co.</name>
        <lei>571474TGEMMWANRLN572</lei>
        <title>Purchased NZD / Sold USD</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Trade Identifier" value="25CFKBBZPFF"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="NZD" exchangeRt="1.76075152"/>
        <valUSD>-601.08000000</valUSD>
        <pctVal>-0.00042338774</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>NZ</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>State Street Bank &amp; Trust Co.</counterpartyName>
              <counterpartyLei>571474TGEMMWANRLN572</counterpartyLei>
            </counterparties>
            <amtCurSold>54555.31000000</amtCurSold>
            <curSold>USD</curSold>
            <amtCurPur>95000.00000000</amtCurPur>
            <curPur>NZD</curPur>
            <settlementDt>2025-04-16</settlementDt>
            <unrealizedAppr>-601.08000000</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>U.K. Gilts</name>
        <lei>ECTRVYYCEF89VWYS6K36</lei>
        <title>U.K. Gilts</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB00BFX0ZL78"/>
        </identifiers>
        <balance>234000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="GBP" exchangeRt="0.77414400"/>
        <valUSD>278461.22000000</valUSD>
        <pctVal>0.196142058104</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-10-22</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.62500000</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>Banco Bilbao Vizcaya Argentaria SA</name>
        <lei>K8MS7FD7N5Z2WQ51AZ71</lei>
        <title>Banco Bilbao Vizcaya Argentaria SA</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="ES0113211835"/>
        </identifiers>
        <balance>14759.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.92481300"/>
        <valUSD>201424.47000000</valUSD>
        <pctVal>0.141879038303</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="180207.84000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Federal National Mortgage Association</title>
        <cusip>3140QFUZ0</cusip>
        <identifiers>
          <isin value="US3140QFUZ03"/>
        </identifiers>
        <balance>242177.72000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>194323.48000000</valUSD>
        <pctVal>0.136877254596</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.00000000</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>French Republic Government Bonds OAT</name>
        <lei>969500KCGF3SUYJHPV70</lei>
        <title>French Republic Government Bonds OAT</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="FR0014002WK3"/>
        </identifiers>
        <balance>485000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.92481300"/>
        <valUSD>430955.88000000</valUSD>
        <pctVal>0.303555996973</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-11-25</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2025-04-30</ncom:dateSigned>
      <ncom:nameOfApplicant>UBS FUNDS</ncom:nameOfApplicant>
      <ncom:signature>Joanne Kilkeary</ncom:signature>
      <ncom:signerName>Joanne Kilkeary</ncom:signerName>
      <ncom:title>Vice President and Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
