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      <invstOrSec>
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      <invstOrSec>
        <name>FGLMC P#Q52549 3% 11/01/47</name>
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      <invstOrSec>
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        <lei>N/A</lei>
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        <curCd>USD</curCd>
        <valUSD>21461.67000000</valUSD>
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      <invstOrSec>
        <name>HIGHWOODS REAL 4.125% 03/15/28</name>
        <lei>N/A</lei>
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          <isin value="US431282AQ55"/>
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        <curCd>USD</curCd>
        <valUSD>48342.42000000</valUSD>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>GNMA P#796211 4% 04/15/42</name>
        <lei>N/A</lei>
        <title>GINNIE MAE I POOL P#796211 4.00000000</title>
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          <isin value="US36177Q3V35"/>
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        <curCd>USD</curCd>
        <valUSD>154152.44000000</valUSD>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>HPA 2018-1 A V/R 07/15/20</name>
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        <cusip>43730WAA4</cusip>
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          <isin value="US43730WAA45"/>
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        <balance>69689.94000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>63510.06000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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      <invstOrSec>
        <name>CENOVUS ENERGY  6.75% 11/15/39</name>
        <lei>N/A</lei>
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          <isin value="US15135UAF66"/>
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        <curCd>USD</curCd>
        <valUSD>84756.40000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.75000000</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>QNB FINANSBANK 4.875% 05/19/22</name>
        <lei>N/A</lei>
        <title>QNB FINANSBANK AS/TURKEY REGD 144A P/P MTN 4.87500000</title>
        <cusip>31772DAC6</cusip>
        <identifiers>
          <isin value="US31772DAC65"/>
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        <balance>200000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>186358.00000000</valUSD>
        <pctVal>0.539207398710</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TR</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-05-19</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.87500000</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>UMBS P#AV5038 3.5% 02/01/44</name>
        <lei>N/A</lei>
        <title>FANNIE MAE POOL UMBS P#AV5038 3.50000000</title>
        <cusip>3138XGS46</cusip>
        <identifiers>
          <isin value="US3138XGS464"/>
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        <balance>61756.87000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>66229.32000000</valUSD>
        <pctVal>0.191627616499</pctVal>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      <invstOrSec>
        <name>CENTENE CORP 3.375% 02/15/30</name>
        <lei>N/A</lei>
        <title>CENTENE CORP REGD 144A P/P 3.37500000</title>
        <cusip>15135BAU5</cusip>
        <identifiers>
          <isin value="US15135BAU52"/>
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        <balance>40000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>37200.00000000</valUSD>
        <pctVal>0.107634312624</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.37500000</annualizedRt>
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      <invstOrSec>
        <name>FHR 4091 SH V/R 08/15/42</name>
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          <isin value="US3137ATFZ09"/>
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        <balance>96538.17000000</balance>
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        <curCd>USD</curCd>
        <valUSD>20064.84000000</valUSD>
        <pctVal>0.058055517777</pctVal>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-08-15</maturityDt>
          <couponKind>Variable</couponKind>
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        <name>FREEDOM MORTGAG 8.25% 04/15/25</name>
        <lei>549300LYRWPSYPK6S325</lei>
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        <cusip>35640YAB3</cusip>
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          <isin value="US35640YAB39"/>
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        <balance>32000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>25120.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>UMBS P#MA0384 5% 04/01/30</name>
        <lei>N/A</lei>
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          <isin value="US31417YNA19"/>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>FGLMC P#G60045 5.5% 06/01/41</name>
        <lei>N/A</lei>
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          <isin value="US31335ABN72"/>
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        <pctVal>0.030868421370</pctVal>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>FGLMC P#Q43953 3% 10/01/46</name>
        <lei>N/A</lei>
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          <isin value="US3132WHMB84"/>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>ENLINK MIDSTRE 5.375% 06/01/29</name>
        <lei>N/A</lei>
        <title>ENLINK MIDSTREAM LLC REGD 5.37500000</title>
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          <isin value="US29336TAA88"/>
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        <balance>4000.00000000</balance>
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        <valUSD>2080.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>GNMA P#591202 4.5% 04/15/35</name>
        <lei>N/A</lei>
        <title>GINNIE MAE I POOL P#591202 4.50000000</title>
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          <isin value="US36201RX719"/>
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        <balance>10529.27000000</balance>
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        <curCd>USD</curCd>
        <valUSD>11617.04000000</valUSD>
        <pctVal>0.033612691266</pctVal>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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        <curCd>USD</curCd>
        <valUSD>919.23000000</valUSD>
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        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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        <lei>N/A</lei>
        <title>BENCHMARK 2018-B5 MORTGAGE TRUST SER 2018-B5 CL A3 REGD 3.94360000</title>
        <cusip>08160BAC8</cusip>
        <identifiers>
          <isin value="US08160BAC81"/>
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        <curCd>USD</curCd>
        <valUSD>43868.74000000</valUSD>
        <pctVal>0.126929614935</pctVal>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>AIR CANADA 201 5.375% 05/15/21</name>
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        <title>AIR CANADA 2013-1B PTT REGD 144A P/P 5.37500000</title>
        <cusip>009089AB9</cusip>
        <identifiers>
          <isin value="US009089AB93"/>
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        <balance>26952.38000000</balance>
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        <curCd>USD</curCd>
        <valUSD>27322.22000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>SEMPRA ENERGY 3.4% 02/01/28</name>
        <lei>N/A</lei>
        <title>SEMPRA ENERGY REGD 3.40000000</title>
        <cusip>816851BG3</cusip>
        <identifiers>
          <isin value="US816851BG34"/>
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        <curCd>USD</curCd>
        <valUSD>95192.35000000</valUSD>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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        <name>REYNOLDS AMERIC 4.45% 06/12/25</name>
        <lei>N/A</lei>
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        <cusip>761713BG0</cusip>
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          <isin value="US761713BG06"/>
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        <valUSD>125746.52000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-06-12</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>ABBVIE INC 4.05% 11/21/39</name>
        <lei>FR5LCKFTG8054YNNRU85</lei>
        <title>ABBVIE INC REGD 144A P/P 4.05000000</title>
        <cusip>00287YBR9</cusip>
        <identifiers>
          <isin value="US00287YBR99"/>
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        <balance>53000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>54516.28000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-11-21</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.05000000</annualizedRt>
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          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>FREMF 2016-K52 B V/R 11/25/25</name>
        <lei>N/A</lei>
        <title>FREMF 2016-K52 MORTGAGE TRUST SER 2016-K52 CL B V/R 144A P/P 3.92449200</title>
        <cusip>30294DAN3</cusip>
        <identifiers>
          <isin value="US30294DAN30"/>
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        <balance>100000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>97173.73000000</valUSD>
        <pctVal>0.281162033163</pctVal>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Variable</couponKind>
          <annualizedRt>3.92449200</annualizedRt>
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      <invstOrSec>
        <name>FGLMC P#Q47341 4% 04/01/47</name>
        <lei>N/A</lei>
        <title>FREDDIE MAC GOLD POOL P#Q47341 4.00000000</title>
        <cusip>3132WMEP5</cusip>
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          <isin value="US3132WMEP57"/>
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        <curCd>USD</curCd>
        <valUSD>61266.77000000</valUSD>
        <pctVal>0.177268996657</pctVal>
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        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>INTERNATIONAL PA 7.3% 11/15/39</name>
        <lei>824LMFJDH41EY779Q875</lei>
        <title>INTERNATIONAL PAPER CO REGD 7.30000000</title>
        <cusip>460146CF8</cusip>
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          <isin value="US460146CF85"/>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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        <name>GSMS 2020-DUNE E V/R 12/15/21</name>
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        <title>GS MORTGAGE SECURITIES CORP TRUST 2020-DUNE SER 2020-DUNE CL E V/R REGD 144A P/P 3.20463000</title>
        <cusip>36258BAS7</cusip>
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          <isin value="US36258BAS79"/>
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        <valUSD>77328.04000000</valUSD>
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          <couponKind>Variable</couponKind>
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        <name>FGLMC P#G60658 3.5% 07/01/46</name>
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          <isin value="US31335AWT14"/>
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        <valUSD>55338.39000000</valUSD>
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        <name>OXFIN 2016-1A 3.968% 02/15/21</name>
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        <cusip>69144YAA5</cusip>
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          <isin value="US69144YAA55"/>
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        <balance>10286.95000000</balance>
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        <curCd>USD</curCd>
        <valUSD>10261.89000000</valUSD>
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        <name>BOMFT 2017-RT5 B V/R 05/28/69</name>
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        <title>BAYVIEW OPPORTUNITY MASTER FUND IVA TRUS SER 2017-RT5 CL B1 V/R REGD 144A P/P 4.00000000</title>
        <cusip>07333AAD2</cusip>
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          <isin value="US07333AAD28"/>
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          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>FNR 2009-36 HX 4.5% 06/25/29</name>
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        <title>FANNIE MAE REMICS SER 2009-36 CL HX 4.50000000</title>
        <cusip>31397NR31</cusip>
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          <isin value="US31397NR315"/>
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        <valUSD>4334.60000000</valUSD>
        <pctVal>0.012541712137</pctVal>
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        <issuerCat>USGSE</issuerCat>
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        <debtSec>
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          <couponKind>Fixed</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      <invstOrSec>
        <name>FGLMC P#Q41024 3% 06/01/46</name>
        <lei>N/A</lei>
        <title>FREDDIE MAC GOLD POOL P#Q41024 3.00000000</title>
        <cusip>3132WED66</cusip>
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          <isin value="US3132WED664"/>
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        <valUSD>57592.03000000</valUSD>
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        <issuerCat>USGA</issuerCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>MEDNAX INC 5.25% 12/01/23</name>
        <lei>N/A</lei>
        <title>MEDNAX INC REGD 144A P/P 5.25000000</title>
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        <name>N/A</name>
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        <name>N/A</name>
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        <name>CITRIX SYSTEMS I 3.3% 03/01/30</name>
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        <name>MCMLT 2017-2 M1 V/R 07/25/59</name>
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        <lei>N/A</lei>
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        <name>UMBS P#BD1001 3.5% 04/01/46</name>
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        <name>LORENZ RE 2019V/R 6/30/22</name>
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        <name>SUNOCO LOGISTICS 5.4% 10/01/47</name>
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        <name>BARCLAYS PLC 4.375% 01/12/26</name>
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        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>EUR C USD P 1.2112 EO 4/29/20</name>
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          <isin value="US969457BV14"/>
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      <invstOrSec>
        <name>COMM 2015-CR24 D V/R 08/10/25</name>
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      <invstOrSec>
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          <isin value="US040114HF05"/>
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        <invCountry>AR</invCountry>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>AXA 8.6% 12/15/30</name>
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          <isin value="US054536AA57"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
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      <invstOrSec>
        <name>CSAIL 2015-C1 C V/R 02/15/25</name>
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          <isin value="US126281BF05"/>
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        <name>GNMA P#604946 5.5% 01/15/34</name>
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        <name>NATIONSTAR MTG 9.125% 07/15/26</name>
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          <isin value="US93369KAB17"/>
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        <valUSD>12670.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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      <invstOrSec>
        <name>FGLMC P#G60397 4% 12/01/45</name>
        <lei>N/A</lei>
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          <isin value="US31335ANN45"/>
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        <curCd>USD</curCd>
        <valUSD>41286.80000000</valUSD>
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        <issuerCat>USGA</issuerCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>GNR 2020-9 SA V/R 01/20/50</name>
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          <isin value="US38382CAZ41"/>
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        <valUSD>26417.57000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2050-01-20</maturityDt>
          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>MSC 2016-UBS9 D 3% 02/15/26</name>
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        <cusip>61766CAV1</cusip>
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          <isin value="US61766CAV19"/>
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        <balance>15000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>10673.49000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2049-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>IBERDROLA INTL  6.75% 07/15/36</name>
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        <title>IBERDROLA INTL BV REGD 6.75000000</title>
        <cusip>29266MAF6</cusip>
        <identifiers>
          <isin value="US29266MAF68"/>
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        <balance>65000.00000000</balance>
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        <valUSD>92232.20000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>CF INDUSTRIES I 4.95% 06/01/43</name>
        <lei>N/A</lei>
        <title>CF INDUSTRIES INC REGD 4.95000000</title>
        <cusip>12527GAD5</cusip>
        <identifiers>
          <isin value="US12527GAD51"/>
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        <balance>26000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>24692.20000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>NYU HOSPITALS  4.428% 07/01/42</name>
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        <cusip>62952EAA5</cusip>
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          <isin value="US62952EAA55"/>
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        <balance>50000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>GNMA II P#AR0817 3.5% 03/20/46</name>
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          <isin value="US36192S4A59"/>
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        <valUSD>19523.52000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>FGLMC P#Q13205 3% 11/01/42</name>
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        <valUSD>69769.69000000</valUSD>
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        <name>CENTENE CORP 4.25% 12/15/27</name>
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        <cusip>15135BAQ4</cusip>
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          <isin value="US15135BAQ41"/>
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      <invstOrSec>
        <name>COMM 2012-CR4 3.251% 10/15/22</name>
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        <title>COMM 2012-CCRE4 MORTGAGE TRUST SER 2012-CR4 CL AM REGD 3.25100000</title>
        <cusip>12624QAT0</cusip>
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          <isin value="US12624QAT04"/>
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        <balance>25000.00000000</balance>
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        <name>FINANCE AMER V/R 12/26/68</name>
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        <title>FINANCE AMER STRUCTURED SECS   TR JR2 SER 2018-A 144A 1.64559300</title>
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          <isin value="US31739EAA01"/>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2068-12-26</maturityDt>
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      <invstOrSec>
        <name>MCAS 2019-01 M10 V/R 10/15/49</name>
        <lei>N/A</lei>
        <title>MULTIFAMILY CONNECTICUT AVENUE SECURITIES SER 2019-01 CL M10 V/R 144A P/P 4.19663000</title>
        <cusip>62547NAB5</cusip>
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          <isin value="US62547NAB55"/>
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        <valUSD>69057.25000000</valUSD>
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        <issuerCat>CORP</issuerCat>
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          <maturityDt>2049-10-15</maturityDt>
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        <name>UMBS P#AO4133 3.5% 06/01/42</name>
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        <name>MCMLT 2019-1 M1 V/R 10/25/69</name>
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        <name>UMBS P#SD0030 3% 02/01/47</name>
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        <valUSD>44877.02000000</valUSD>
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        <name>EMIR 2019-1 B1 V/R 04/25/29</name>
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      <invstOrSec>
        <name>GNR 2019-117 SB V/R 09/20/49</name>
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        <cusip>38381YRH9</cusip>
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          <isin value="US38381YRH98"/>
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        <valUSD>33850.58000000</valUSD>
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      <invstOrSec>
        <name>NOVA CHEMICALS COR 5% 05/01/25</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-07-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.35300000</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>UMBS P#BN2013 4.5% 01/01/49</name>
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        <title>FANNIE MAE POOL UMBS P#BN2013 4.50000000</title>
        <cusip>3140JJGX1</cusip>
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          <isin value="US3140JJGX16"/>
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        <balance>216607.50000000</balance>
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        <curCd>USD</curCd>
        <valUSD>232918.33000000</valUSD>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>CAMERON LNG LL 3.302% 01/15/35</name>
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        <title>CAMERON LNG LLC REGD 144A P/P 3.30200000</title>
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        <identifiers>
          <isin value="US133434AB69"/>
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        <balance>28000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>24232.60000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>CAS 2018-C06 1M2 V/R 03/25/31</name>
        <lei>N/A</lei>
        <title>FANNIE MAE CONNECTICUT AVENUE SECURITIES SER 2018-C06 CL 1M2 V/R REGD 2.94663000</title>
        <cusip>30711X3H5</cusip>
        <identifiers>
          <isin value="US30711X3H56"/>
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        <balance>109539.63000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>96366.38000000</valUSD>
        <pctVal>0.278826050306</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-03-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>2.94663000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FINANCE AMER 2.0% 09/25/69</name>
        <lei>N/A</lei>
        <title>FINANCE AMER STRUCTURED SECS   TR JR2 SER 2019-JR3 2.00000000</title>
        <cusip>31739LAA4</cusip>
        <identifiers>
          <isin value="US31739LAA44"/>
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        <balance>149018.14000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>147004.28000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2069-09-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>STACR 2019-HQA1  V/R 02/25/49</name>
        <lei>N/A</lei>
        <title>FREDDIE MAC STACR TRUST 2019-HQA1 SER 2019-HQA1 CL M2 V/R REGD 144A P/P 3.29663000</title>
        <cusip>35563MAH9</cusip>
        <identifiers>
          <isin value="US35563MAH97"/>
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        <balance>99272.48000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>83802.66000000</valUSD>
        <pctVal>0.242474239386</pctVal>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-02-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.29663000</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>UMBS P#BD9327 3.5% 10/01/46</name>
        <lei>N/A</lei>
        <title>FANNIE MAE POOL UMBS P#BD9327 3.50000000</title>
        <cusip>3140FHLH8</cusip>
        <identifiers>
          <isin value="US3140FHLH80"/>
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        <balance>16007.77000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>17041.66000000</valUSD>
        <pctVal>0.049308262367</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>NATIONSTAR MTG HLD 6% 01/15/27</name>
        <lei>N/A</lei>
        <title>NATIONSTAR MTG HLD INC REGD 144A P/P 6.00000000</title>
        <cusip>63861CAA7</cusip>
        <identifiers>
          <isin value="US63861CAA71"/>
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        <balance>10000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8500.00000000</valUSD>
        <pctVal>0.024593861755</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GNMA II P#MA4005 4% 10/20/46</name>
        <lei>N/A</lei>
        <title>GINNIE MAE II POOL P#MA4005 4.00000000</title>
        <cusip>36179SNW3</cusip>
        <identifiers>
          <isin value="US36179SNW34"/>
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        <balance>50076.60000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>53796.79000000</valUSD>
        <pctVal>0.155655390135</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-10-20</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MSC 2018-MP A V/R 07/11/28</name>
        <lei>N/A</lei>
        <title>MORGAN STANLEY CAPITAL I TRUST 2018-MP SER 2018-MP CL A V/R REGD 144A P/P 4.41800000</title>
        <cusip>61691DAA5</cusip>
        <identifiers>
          <isin value="US61691DAA54"/>
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        <balance>100000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>101663.89000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-07-11</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.41800000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </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>25076.95000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>26287.09000000</valUSD>
        <pctVal>0.076058947931</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>ASIAN DEVE 6.15% 02/25/30/INR/</name>
        <lei>549300X0MVH42CY8Q105</lei>
        <title>ASIAN DEVELOPMENT BANK /INR/ REGD P/P EMTN SER GMTN 6.15000000</title>
        <cusip>Y000A9VX7</cusip>
        <identifiers>
          <isin value="XS2122895159"/>
        </identifiers>
        <balance>4700000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="75.34300000"/>
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        <pctVal>0.177606077233</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-02-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.15000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="ISO country code not reported for forwards, swaps or supranationals." noteItem="C.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2020-04-30</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>
