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        <valUSD>7200.00000000</valUSD>
        <pctVal>0.016723191534</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.05000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>CAS 2019-R02 1B1 V/R 08/25/31</name>
        <lei>N/A</lei>
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        <cusip>20753KAF9</cusip>
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          <isin value="US20753KAF93"/>
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        <balance>100000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>107366.62000000</valUSD>
        <pctVal>0.249376743142</pctVal>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-08-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.16838000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>SBA TOWER TRUS 3.869% 10/08/24</name>
        <lei>N/A</lei>
        <title>SBA TOWER TRUST REGD 144A P/P 3.86900000</title>
        <cusip>78403DAH3</cusip>
        <identifiers>
          <isin value="US78403DAH35"/>
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        <balance>150000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>156180.21000000</valUSD>
        <pctVal>0.362754384119</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-10-08</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.86900000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>HCA INC 5.625% 09/01/28</name>
        <lei>N/A</lei>
        <title>HCA INC REGD 5.62500000</title>
        <cusip>404121AJ4</cusip>
        <identifiers>
          <isin value="US404121AJ49"/>
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        <balance>14000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>15600.20000000</valUSD>
        <pctVal>0.036234046190</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.62500000</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>FGLMC P#G04832 5% 10/01/38</name>
        <lei>N/A</lei>
        <title>FREDDIE MAC GOLD POOL P#G04832 5.00000000</title>
        <cusip>3128M6VZ8</cusip>
        <identifiers>
          <isin value="US3128M6VZ87"/>
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        <balance>5132.60000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5667.25000000</valUSD>
        <pctVal>0.013163126002</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</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>FGLMC P#G18527 3% 10/01/29</name>
        <lei>N/A</lei>
        <title>FREDDIE MAC GOLD POOL P#G18527 3.00000000</title>
        <cusip>3128MMSR5</cusip>
        <identifiers>
          <isin value="US3128MMSR57"/>
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        <balance>28263.18000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>29040.67000000</valUSD>
        <pctVal>0.067451762039</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>COMM 2015-CR25 B V/R 08/10/25</name>
        <lei>N/A</lei>
        <title>COMM 2015-CCRE25 MORTGAGE TRUST SER 2015-CR25 CL B V/R REGD 4.69459500</title>
        <cusip>12593PAZ5</cusip>
        <identifiers>
          <isin value="US12593PAZ53"/>
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        <balance>50000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>54192.26000000</valUSD>
        <pctVal>0.125870492172</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-08-10</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.69459500</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>FGLMC P#Q42624 4% 08/01/46</name>
        <lei>N/A</lei>
        <title>FREDDIE MAC GOLD POOL P#Q42624 4.00000000</title>
        <cusip>3132WF4J5</cusip>
        <identifiers>
          <isin value="US3132WF4J51"/>
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        <balance>35582.04000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>37402.81000000</valUSD>
        <pctVal>0.086874216047</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>UMBS P#AS8491 3% 01/01/47</name>
        <lei>N/A</lei>
        <title>FANNIE MAE POOL UMBS P#AS8491 3.00000000</title>
        <cusip>3138WJNH7</cusip>
        <identifiers>
          <isin value="US3138WJNH71"/>
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        <balance>70275.49000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>72721.78000000</valUSD>
        <pctVal>0.168908368838</pctVal>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>COMM 2014-UBS 3.546% 04/10/24</name>
        <lei>N/A</lei>
        <title>COMM 2014-UBS3 MORTGAGE TRUST SER 2014-UBS3 CL A3 REGD 3.54600000</title>
        <cusip>12591YBB0</cusip>
        <identifiers>
          <isin value="US12591YBB02"/>
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        <balance>57313.23000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>60204.41000000</valUSD>
        <pctVal>0.139834705503</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-06-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.54600000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>FNR 2019-41 PS V/R 08/25/49</name>
        <lei>N/A</lei>
        <title>FANNIE MAE REMICS SER 2019-41 CL PS V/R 4.03162000</title>
        <cusip>3136B5SU0</cusip>
        <identifiers>
          <isin value="US3136B5SU01"/>
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        <balance>99238.61000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>11823.96000000</valUSD>
        <pctVal>0.027463103857</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-08-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.03162000</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>ISTAR INC 4.75% 10/01/24</name>
        <lei>QFFLKWYYS3UPWD86E794</lei>
        <title>ISTAR INC REGD 4.75000000</title>
        <cusip>45031UCF6</cusip>
        <identifiers>
          <isin value="US45031UCF66"/>
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        <balance>35000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>35615.30000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.75000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SBIZ 2019-A C 4.31% 07/15/26</name>
        <lei>N/A</lei>
        <title>SMALL BUSINESS LENDING TRUST 2019-A SER 2019-A CL C REGD 144A P/P 4.31000000</title>
        <cusip>831645AC0</cusip>
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          <isin value="US831645AC05"/>
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        <balance>100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>100159.13000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.31000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>REYNOLDS AMERIC 4.45% 06/12/25</name>
        <lei>N/A</lei>
        <title>REYNOLDS AMERICAN INC REGD 4.45000000</title>
        <cusip>761713BG0</cusip>
        <identifiers>
          <isin value="US761713BG06"/>
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        <balance>125000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>133318.78000000</valUSD>
        <pctVal>0.309654929587</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-06-12</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.45000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>UMBS P#AR6380 3% 02/01/43</name>
        <lei>N/A</lei>
        <title>FANNIE MAE POOL UMBS P#AR6380 3.00000000</title>
        <cusip>3138W4CS8</cusip>
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          <isin value="US3138W4CS89"/>
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        <balance>3005.11000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3096.50000000</valUSD>
        <pctVal>0.007192133692</pctVal>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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      <invstOrSec>
        <name>BIOGEN INC 5.2% 09/15/45</name>
        <lei>W8J5WZB5IY3K0NDQT671</lei>
        <title>BIOGEN INC REGD 5.20000000</title>
        <cusip>09062XAD5</cusip>
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          <isin value="US09062XAD57"/>
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        <balance>50000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>59277.83000000</valUSD>
        <pctVal>0.137682570113</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.20000000</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>
      <invstOrSec>
        <name>FGLMC P#Q46507 3.5% 08/01/46</name>
        <lei>N/A</lei>
        <title>FREDDIE MAC GOLD POOL P#Q46507 3.50000000</title>
        <cusip>3132WLGR1</cusip>
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          <isin value="US3132WLGR13"/>
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        <balance>102842.45000000</balance>
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        <curCd>USD</curCd>
        <valUSD>108034.39000000</valUSD>
        <pctVal>0.250927749477</pctVal>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>UMBS P#BN2013 4.5% 01/01/49</name>
        <lei>N/A</lei>
        <title>FANNIE MAE POOL UMBS P#BN2013 4.50000000</title>
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        <name>LATAM AIR 2015-1 4.2% 11/15/27</name>
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        <issuerCat>CORP</issuerCat>
        <invCountry>CL</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <lei>N/A</lei>
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      <invstOrSec>
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        <lei>72ZZ1XRHOOU9P9X16K08</lei>
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      <invstOrSec>
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        <name>SEMT 2013-3 A1 V/R 03/25/43</name>
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        <name>T/L TOWER AUTO 0% 03/07/24</name>
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        <name>ENLINK MIDSTRE 5.375% 06/01/29</name>
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        <name>TPMT 2017-2 A2 V/R 04/25/57</name>
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        <name>FREMF 2016-K52 B V/R 11/25/25</name>
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        <name>PROG 2018-SFR 3.712% 08/17/23</name>
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      <invstOrSec>
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        <name>UNITED RENTALS 4.875% 01/15/28</name>
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      <invstOrSec>
        <name>BARCLAYS PLC 4.375% 01/12/26</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>GNMA II P#MA4197 4% 01/20/47</name>
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      <invstOrSec>
        <name>INEOS FIN 2.875% 05/01/26/EUR/</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>UMBS P#AE0625 4% 12/01/40</name>
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        <curCd>USD</curCd>
        <valUSD>8808.70000000</valUSD>
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        <issuerCat>USGSE</issuerCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>CAS 2018-C05 1M1 V/R 01/25/31</name>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>MEDNAX INC 5.25% 12/01/23</name>
        <lei>N/A</lei>
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          <isin value="US58502BAA44"/>
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        <curCd>USD</curCd>
        <valUSD>50825.00000000</valUSD>
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      <invstOrSec>
        <name>UMBS P#BC1214 4% 07/01/46</name>
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      <invstOrSec>
        <name>US TREAS BDS 3.0% 2/15/49</name>
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          <isin value="US912810SF66"/>
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      <invstOrSec>
        <name>FGLMC P#G60045 5.5% 06/01/41</name>
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        <name>EUR P USD C 1.13 EO</name>
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        <name>CF INDUSTRIES  5.375% 03/15/44</name>
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          <isin value="US12527GAE35"/>
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        <name>BLUE RACER MID 6.125% 11/15/22</name>
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        <name>ICONX 2013-1A 4.352% 01/25/20</name>
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        <name>GUANAY FINANCE LTD 6% 12/15/20</name>
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      </invstOrSec>
      <invstOrSec>
        <name>MEDICINES COMPA 2.75% 07/15/23</name>
        <lei>254900Z72DIL282LFL79</lei>
        <title>MEDICINES COMPANY REGD CONVERTIBLE 2.75000000</title>
        <cusip>584688AG0</cusip>
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          <isin value="US584688AG04"/>
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        <balance>55000.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isContngtConvrtbl>N</isContngtConvrtbl>
          <dbtSecRefInstruments>
            <dbtSecRefInstrument>
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              <title>MEDICINES COMPANY</title>
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          <delta>XXXX</delta>
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        <securityLending>
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      <invstOrSec>
        <name>FGLMC P#A94380 3.5% 10/01/40</name>
        <lei>N/A</lei>
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        <curCd>USD</curCd>
        <valUSD>22392.92000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>DCP MIDSTREAM OP 5.6% 04/01/44</name>
        <lei>N/A</lei>
        <title>DCP MIDSTREAM OPERATING REGD 5.60000000</title>
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          <isin value="US23311VAF40"/>
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        <curCd>USD</curCd>
        <valUSD>14960.00000000</valUSD>
        <pctVal>0.034747075743</pctVal>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>HPA 2017-1 D V/R 07/17/22</name>
        <lei>N/A</lei>
        <title>HOME PARTNERS OF AMERICA 2017-1 TRUST SER 2017-1 CL D V/R REGD 144A P/P 3.92475000</title>
        <cusip>43730TAG8</cusip>
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          <isin value="US43730TAG85"/>
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        <curCd>USD</curCd>
        <valUSD>100071.56000000</valUSD>
        <pctVal>0.232432759026</pctVal>
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        <assetCat>ABS-CBDO</assetCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-07-17</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.92475000</annualizedRt>
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      <invstOrSec>
        <name>FGLMC P#Q13205 3% 11/01/42</name>
        <lei>N/A</lei>
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        <identifiers>
          <isin value="US3132HPR224"/>
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        <balance>70643.28000000</balance>
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        <curCd>USD</curCd>
        <valUSD>72836.27000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      <invstOrSec>
        <name>UMBS P#AS1091 4% 11/01/43</name>
        <lei>N/A</lei>
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        <curCd>USD</curCd>
        <valUSD>32138.35000000</valUSD>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>JPMMT 2014-1 B4 V/R 03/25/39</name>
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        <balance>25440.50000000</balance>
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        <curCd>USD</curCd>
        <valUSD>26091.43000000</valUSD>
        <pctVal>0.060601664067</pctVal>
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        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-01-25</maturityDt>
          <couponKind>Variable</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      <invstOrSec>
        <name>HCA INC 5.875% 02/01/29</name>
        <lei>N/A</lei>
        <title>HCA INC REGD 5.87500000</title>
        <cusip>404119BW8</cusip>
        <identifiers>
          <isin value="US404119BW86"/>
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        <balance>10000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>11232.30000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      <invstOrSec>
        <name>UMBS P#BH3875 4% 07/01/47</name>
        <lei>N/A</lei>
        <title>FANNIE MAE POOL UMBS P#BH3875 4.00000000</title>
        <cusip>3140GSJV5</cusip>
        <identifiers>
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        <balance>23554.74000000</balance>
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        <curCd>USD</curCd>
        <valUSD>24678.69000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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        <name>ENERGY TRANSFER OP 6% 06/15/48</name>
        <lei>5493008K8W3OKZE54J59</lei>
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        <cusip>29278NAE3</cusip>
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        <curCd>USD</curCd>
        <valUSD>41350.59000000</valUSD>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>GNMA II P#AM2831 3.5% 04/20/45</name>
        <lei>N/A</lei>
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        <cusip>36184NEC1</cusip>
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        <curCd>USD</curCd>
        <valUSD>14486.94000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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        <name>GENESIS ENERGY  6.75% 08/01/22</name>
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        <valUSD>101460.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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        <name>UMBS P#BC2841 3.5% 09/01/46</name>
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        <cusip>3140EXEP4</cusip>
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        <name>COMM 2015-3BP 3.178% 02/10/25</name>
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        <cusip>12592TAA3</cusip>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>PHILLIPS 66 PAR 3.75% 03/01/28</name>
        <lei>N/A</lei>
        <title>PHILLIPS 66 PARTNERS LP REGD SER * 3.75000000</title>
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          <isin value="US718549AF57"/>
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        <valUSD>129990.68000000</valUSD>
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        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>GNMA II P#BG7415 4% 04/20/48</name>
        <lei>N/A</lei>
        <title>GINNIE MAE II POOL P#BG7415 4.00000000</title>
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          <isin value="US3617GSGY94"/>
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        <issuerCat>USGSE</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-04-20</maturityDt>
          <couponKind>Fixed</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      <invstOrSec>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>GNMA P#558809 6% 10/15/33</name>
        <lei>N/A</lei>
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        <identifiers>
          <isin value="US36213MYE29"/>
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        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1308.69000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>GNMA II P#MA6092 4.5% 08/20/49</name>
        <lei>N/A</lei>
        <title>GINNIE MAE II POOL P#MA6092 4.50000000</title>
        <cusip>36179UXV9</cusip>
        <identifiers>
          <isin value="US36179UXV96"/>
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        <balance>214301.88000000</balance>
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        <curCd>USD</curCd>
        <valUSD>226375.69000000</valUSD>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-08-20</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>AMPHENOL CORP 4.35% 06/01/29</name>
        <lei>549300D3L3G0R4U4VT04</lei>
        <title>AMPHENOL CORP REGD 4.35000000</title>
        <cusip>032095AH4</cusip>
        <identifiers>
          <isin value="US032095AH42"/>
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        <balance>55000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>60991.17000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.35000000</annualizedRt>
          <isDefault>N</isDefault>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>COMM 2012-CR2 3.791% 07/15/22</name>
        <lei>N/A</lei>
        <title>COMM 2012-CCRE2 MORTGAGE TRUST SER 2012-CR2 CL AM REGD 3.79100000</title>
        <cusip>12624KAF3</cusip>
        <identifiers>
          <isin value="US12624KAF30"/>
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        <balance>100000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>103343.91000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.79100000</annualizedRt>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FGLMC P#Q47850 4% 05/01/47</name>
        <lei>N/A</lei>
        <title>FREDDIE MAC GOLD POOL P#Q47850 4.00000000</title>
        <cusip>3132WMWL4</cusip>
        <identifiers>
          <isin value="US3132WMWL42"/>
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        <balance>102626.01000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>107712.66000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CMLTI 2018-RP3 M V/R 03/25/61</name>
        <lei>N/A</lei>
        <title>CITIGROUP MORTGAGE LOAN TRUST 2018-RP3 SER 2018-RP3 CL M1 V/R REGD 144A P/P 3.25000000</title>
        <cusip>17327DAB7</cusip>
        <identifiers>
          <isin value="US17327DAB73"/>
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        <balance>60000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>55893.75000000</valUSD>
        <pctVal>0.129822484278</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2061-03-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>T/L ALLIANCE HEAL 0% 10/24/23</name>
        <lei>N/A</lei>
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        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="LOANX" value="LX168778"/>
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        <balance>47812.50000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>45421.88000000</valUSD>
        <pctVal>0.105499833205</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-10-24</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ENERGY TRANSFER  6.5% 02/01/42</name>
        <lei>5493008K8W3OKZE54J59</lei>
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        <cusip>29273RAR0</cusip>
        <identifiers>
          <isin value="US29273RAR03"/>
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        <balance>21000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>25189.11000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>TPMT 2017-6 M1 V/R 10/25/57</name>
        <lei>N/A</lei>
        <title>TOWD POINT MORTGAGE TRUST 2017-6 SER 2017-6 CL M1 V/R REGD 144A P/P 3.25000000</title>
        <cusip>89175JAC4</cusip>
        <identifiers>
          <isin value="US89175JAC45"/>
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        <balance>155000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>158725.89000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2057-10-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.25000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>UMBS P#BM1057 4% 04/01/47</name>
        <lei>N/A</lei>
        <title>FANNIE MAE POOL UMBS P#BM1057 4.00000000</title>
        <cusip>3140J5E70</cusip>
        <identifiers>
          <isin value="US3140J5E709"/>
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        <balance>44507.45000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>46974.27000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>UMBS P#AJ9531 4% 12/01/41</name>
        <lei>N/A</lei>
        <title>FANNIE MAE POOL UMBS P#AJ9531 4.00000000</title>
        <cusip>3138E2SV8</cusip>
        <identifiers>
          <isin value="US3138E2SV86"/>
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        <curCd>USD</curCd>
        <valUSD>10911.44000000</valUSD>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>CSC HOLDINGS LLC 5.5% 04/15/27</name>
        <lei>N/A</lei>
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        <identifiers>
          <isin value="US126307AQ03"/>
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        <balance>200000.00000000</balance>
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        <valUSD>211478.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>HEALTHCARE TRUS 3.75% 07/01/27</name>
        <lei>N/A</lei>
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          <isin value="US42225UAF12"/>
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        <balance>55000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>57578.23000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>NOK/USD FWD 20191126 000010428 USD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="1295449727"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>N/A</curCd>
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        <assetCat>DFE</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>N/A</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>STATE STREET BANK AND TRUST CO</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
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            <amtCurSold>2275004.64000000</amtCurSold>
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            <amtCurPur>0.00000000</amtCurPur>
            <curPur>N/A</curPur>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2019-10-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Pioneer Variable Contracts Trust /MA/</ncom:nameOfApplicant>
      <ncom:signature>Mark E. Bradley </ncom:signature>
      <ncom:signerName>Mark E. Bradley </ncom:signerName>
      <ncom:title>Treasurer and Chief Accounting and Financial Officer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
