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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CSAIL 2015-C1 C V/R 02/15/25</name>
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        <cusip>126281BF0</cusip>
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          <isin value="US126281BF05"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>F/C US 2YR NOTE (CBT) SEP20</name>
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          <ticker value="TUU0 XCBT"/>
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        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>220828.13000000</valUSD>
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        <fairValLevel>1</fairValLevel>
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              <counterpartyName>CITIGROUP GLOBAL MARKETS LIMIT</counterpartyName>
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      <invstOrSec>
        <name>CARGILL INC 2.125% 04/23/30</name>
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        <title>CARGILL INC REGD 144A P/P 2.12500000</title>
        <cusip>141781BM5</cusip>
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          <isin value="US141781BM59"/>
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        <balance>35000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>36689.43000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-04-23</maturityDt>
          <couponKind>Fixed</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <name>COMM 2015-DC1 B V/R 01/10/25</name>
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        <title>COMM 2015-DC1 MORTGAGE TRUST SER 2015-DC1 CL B V/R REGD 4.03500000</title>
        <cusip>12629NAJ4</cusip>
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          <isin value="US12629NAJ46"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-02-10</maturityDt>
          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>FHR 4087 SB V/R 07/15/42</name>
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        <title>FREDDIE MAC REMICS SER 4087 CL SB V/R 5.84525000</title>
        <cusip>3137AS5J9</cusip>
        <identifiers>
          <isin value="US3137AS5J90"/>
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        <curCd>USD</curCd>
        <valUSD>33032.62000000</valUSD>
        <pctVal>0.080448128149</pctVal>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
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        <name>TEVA PHARMACEUT 3.15% 10/01/26</name>
        <lei>N/A</lei>
        <title>TEVA PHARMACEUTICALS NE REGD 3.15000000</title>
        <cusip>88167AAE1</cusip>
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          <isin value="US88167AAE10"/>
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        <curCd>USD</curCd>
        <valUSD>126788.96000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>UMBS P#MA2932 3% 01/01/47</name>
        <lei>N/A</lei>
        <title>FANNIE MAE POOL UMBS P#MA2932 3.00000000</title>
        <cusip>31418CHJ6</cusip>
        <identifiers>
          <isin value="US31418CHJ62"/>
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        <balance>830.23000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>887.32000000</valUSD>
        <pctVal>0.002160992166</pctVal>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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      <invstOrSec>
        <name>CHARLES SCHWAB CORP V/R /PERP/</name>
        <lei>549300VSGCJ7E698NM85</lei>
        <title>CHARLES SCHWAB CORP REGD V/R /PERP/ SER G 5.37500000</title>
        <cusip>808513BD6</cusip>
        <identifiers>
          <isin value="US808513BD67"/>
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        <balance>60000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>64099.20000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2168-09-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.37500000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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      <invstOrSec>
        <name>SIMON PROPERTY  3.25% 09/13/49</name>
        <lei>N/A</lei>
        <title>SIMON PROPERTY GROUP LP REGD 3.25000000</title>
        <cusip>828807DH7</cusip>
        <identifiers>
          <isin value="US828807DH72"/>
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        <balance>40000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>37293.86000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-09-13</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.25000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isCashCollateral>N</isCashCollateral>
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      <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 5.86550000</title>
        <cusip>3136B5SU0</cusip>
        <identifiers>
          <isin value="US3136B5SU01"/>
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        <balance>80170.51000000</balance>
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        <curCd>USD</curCd>
        <valUSD>11699.71000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-08-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.86550000</annualizedRt>
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      <invstOrSec>
        <name>INTERNATIONAL PA 7.3% 11/15/39</name>
        <lei>824LMFJDH41EY779Q875</lei>
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          <isin value="US460146CF85"/>
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        <valUSD>74430.90000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>HILTON DOMESTI 5.375% 05/01/25</name>
        <lei>N/A</lei>
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        <cusip>432833AG6</cusip>
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          <isin value="US432833AG67"/>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.37500000</annualizedRt>
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      <invstOrSec>
        <name>CENTENE CORP 3.375% 02/15/30</name>
        <lei>N/A</lei>
        <title>CENTENE CORP REGD SER WI 3.37500000</title>
        <cusip>15135BAV3</cusip>
        <identifiers>
          <isin value="US15135BAV36"/>
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        <balance>61000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>61592.31000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.37500000</annualizedRt>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>NOK/EUR FWD 20200804 000000902 USD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="1295565049"/>
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        <units>NC</units>
        <curCd>N/A</curCd>
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        <isRestrictedSec>N</isRestrictedSec>

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              <counterpartyName>JPMORGAN CHASE BANK, N.A.</counterpartyName>
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      </invstOrSec>
      <invstOrSec>
        <name>GNR 2009-83 EB 4.5% 09/20/39</name>
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        <title>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION SER 2009-83 CL EB 4.50000000</title>
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          <isin value="US38376CAG42"/>
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        <issuerCat>USGSE</issuerCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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        <name>GNMA II P#MA2305 4.5% 10/20/44</name>
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          <isin value="US36179QR299"/>
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        <curCd>USD</curCd>
        <valUSD>12502.66000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
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      <invstOrSec>
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        <name>UMBS P#CA3805 3% 07/01/49</name>
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        <name>FNR 2009-36 HX 4.5% 06/25/29</name>
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        <issuerCat>USGSE</issuerCat>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>CCO HLDGS LLC/C 4.75% 03/01/30</name>
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        <name>FARMERS EXCHANGE  V/R 10/15/54</name>
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        <name>IBERDROLA INTL  6.75% 07/15/36</name>
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        <name>TPMT 2016-2 B2 V/R 10/25/32</name>
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        <name>PUERTO RICO CMWLTH 8% 07/01/35</name>
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        <name>CAS 2019-R02 1B1 V/R 08/25/31</name>
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        <name>HOWMET AEROSPA 6.875% 05/01/25</name>
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        <name>WILLIAMS COMPANI 7.5% 01/15/31</name>
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          <isin value="US969457BB59"/>
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        <fairValLevel>2</fairValLevel>
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        <name>T/L 24 HOUR FITNES 0% 05/30/25</name>
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          <other otherDesc="LOANX" value="LX173632"/>
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        <fairValLevel>2</fairValLevel>
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        <name>COMM 2015-CR24 D V/R 08/10/25</name>
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        <cusip>12593JBL9</cusip>
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          <isin value="US12593JBL98"/>
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        <name>PUGET ENERGY INC 4.1% 06/15/30</name>
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        <name>GNMA P#569703 6.5% 02/15/32</name>
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        <name>PETROLEOS MEXIC 5.35% 02/12/28</name>
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        <name>NYU HOSPITALS  4.428% 07/01/42</name>
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        <name>GNMA P#796299 3.5% 10/15/42</name>
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        <name>MEX BONOS D 8.5% 05/31/29/MXN/</name>
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        <name>FNCL 30YR TBA 4% JULY 20</name>
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        <name>CREDIT SUISSE GROUP V/R /PERP/</name>
        <lei>549300506SI9CRFV9Z86</lei>
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        <name>JAGUAR HL / PPDI 5% 06/15/28</name>
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        <name>FGLMC P#Q47341 4% 04/01/47</name>
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        <fairValLevel>2</fairValLevel>
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        <name>PHILLIPS 66 PAR 3.75% 03/01/28</name>
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        <fairValLevel>2</fairValLevel>
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        <name>N/A</name>
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        <name>T/L BUILDERS FIRST 0% 02/29/24</name>
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        <fairValLevel>2</fairValLevel>
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        <name>NOVA CHEMICALS  5.25% 06/01/27</name>
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        <name>MINERVA LUXEMB 5.875% 01/19/28</name>
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      <invstOrSec>
        <name>CENOVUS ENERGY  6.75% 11/15/39</name>
        <lei>N/A</lei>
        <title>CENOVUS ENERGY INC REGD 6.75000000</title>
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          <isin value="US15135UAF66"/>
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        <curCd>USD</curCd>
        <valUSD>170390.98000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>EUR/USD FWD 20200724 000000902 USD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="1295552166"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>N/A</curCd>
        <valUSD>5336.68000000</valUSD>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>N/A</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
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              <counterpartyName>JPMORGAN CHASE BANK, N.A.</counterpartyName>
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      </invstOrSec>
      <invstOrSec>
        <name>UMBS P#AJ3639 4.5% 12/01/41</name>
        <lei>N/A</lei>
        <title>FANNIE MAE POOL UMBS P#AJ3639 4.50000000</title>
        <cusip>3138AVBH7</cusip>
        <identifiers>
          <isin value="US3138AVBH75"/>
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        <curCd>USD</curCd>
        <valUSD>21791.79000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>ALTRIA GROUP IN 4.45% 05/06/50</name>
        <lei>N/A</lei>
        <title>ALTRIA GROUP INC REGD 4.45000000</title>
        <cusip>02209SBK8</cusip>
        <identifiers>
          <isin value="US02209SBK87"/>
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        <balance>25000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>27346.05000000</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>EXPEDIA GROUP I 3.25% 02/15/30</name>
        <lei>N/A</lei>
        <title>EXPEDIA GROUP INC REGD SER WI 3.25000000</title>
        <cusip>30212PAR6</cusip>
        <identifiers>
          <isin value="US30212PAR64"/>
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        <balance>121000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>112813.74000000</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>2030-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>EXACT SCIENCES 0.375% 03/01/28</name>
        <lei>549300VM3X1FYD4N9Z14</lei>
        <title>EXACT SCIENCES CORP REGD CONVERTIBLE 0.37500000</title>
        <cusip>30063PAC9</cusip>
        <identifiers>
          <isin value="US30063PAC95"/>
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        <balance>50000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>47787.61000000</valUSD>
        <pctVal>0.116382647614</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.37500000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isMandatoryConvrtbl>N</isMandatoryConvrtbl>
          <isContngtConvrtbl>N</isContngtConvrtbl>
          <dbtSecRefInstruments>
            <dbtSecRefInstrument>
              <name>EXACT SCIENCES CORP</name>
              <title>EXACT SCIENCES CORP</title>
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              <identifiers>
                <cusip value="30063P105"/>
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          </dbtSecRefInstruments>
          <currencyInfos>
            <currencyInfo convRatio="8.00000000" curCd="USD"/>
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          <delta>XXXX</delta>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>T/L KUEHG CORP 0% 02/21/25</name>
        <lei>N/A</lei>
        <title>T/L KUEHG CORP REGD 0.00000000</title>
        <cusip>48244EAJ3</cusip>
        <identifiers>
          <isin value="US48244EAJ38"/>
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        <balance>72034.17000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>61841.33000000</valUSD>
        <pctVal>0.150609283816</pctVal>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isNonCashCollateral>N</isNonCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>T/L DYNCORP INTERNA 0% 8/18/25</name>
        <lei>N/A</lei>
        <title>T/L DYNCORP INTERNATIONAL INC. ZCP REGD 0.00000000</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="LOANX" value="LX181987"/>
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        <balance>19250.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>18383.75000000</valUSD>
        <pctVal>0.044772054892</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ENERGY TRANSFER OPE V/R /PERP/</name>
        <lei>N/A</lei>
        <title>ENERGY TRANSFER OPERATNG REGD V/R /PERP/ SER B 6.62500000</title>
        <cusip>29278NAB9</cusip>
        <identifiers>
          <isin value="US29278NAB91"/>
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        <balance>15000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>11477.93000000</valUSD>
        <pctVal>0.027953519385</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2169-02-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.62500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>OXFIN 2016-1A 3.968% 02/15/21</name>
        <lei>N/A</lei>
        <title>OXFORD FINANCE FUNDING 2016-1 LLC SER 2016-1A CL A REGD 144A P/P 3.96800000</title>
        <cusip>69144YAA5</cusip>
        <identifiers>
          <isin value="US69144YAA55"/>
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        <balance>9280.78000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9322.30000000</valUSD>
        <pctVal>0.022703666407</pctVal>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-06-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.96800000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>BORGWARNER INC 2.65% 07/01/27</name>
        <lei>N/A</lei>
        <title>BORGWARNER INC REGD 2.65000000</title>
        <cusip>099724AL0</cusip>
        <identifiers>
          <isin value="US099724AL02"/>
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        <balance>69000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>70793.65000000</valUSD>
        <pctVal>0.172411895495</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.65000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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      <invstOrSec>
        <name>JPMMT 2018-LTV1  V/R 04/25/49</name>
        <lei>N/A</lei>
        <title>JP MORGAN MORTGAGE TRUST 2018-LTV1 SER 2018-LTV1 CL A3 V/R REGD 144A P/P 4.50000000</title>
        <cusip>465964AC8</cusip>
        <identifiers>
          <isin value="US465964AC88"/>
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        <balance>77531.60000000</balance>
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        <curCd>USD</curCd>
        <valUSD>79245.75000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
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        <invCountry>US</invCountry>
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          <maturityDt>2049-04-25</maturityDt>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>CENTENE CORP 4.25% 12/15/27</name>
        <lei>N/A</lei>
        <title>CENTENE CORP REGD SER WI 4.25000000</title>
        <cusip>15135BAR2</cusip>
        <identifiers>
          <isin value="US15135BAR24"/>
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        <balance>20000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>20638.20000000</valUSD>
        <pctVal>0.050262575550</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.25000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>KB HOME 6.875% 06/15/27</name>
        <lei>549300LGUCWQURMWLG09</lei>
        <title>KB HOME REGD 6.87500000</title>
        <cusip>48666KAX7</cusip>
        <identifiers>
          <isin value="US48666KAX72"/>
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        <balance>9000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9810.00000000</valUSD>
        <pctVal>0.023891418154</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>ANHEUSER-BUSCH  5.55% 01/23/49</name>
        <lei>N/A</lei>
        <title>ANHEUSER-BUSCH INBEV WOR REGD 5.55000000</title>
        <cusip>03523TBV9</cusip>
        <identifiers>
          <isin value="US03523TBV98"/>
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        <curCd>USD</curCd>
        <valUSD>321298.62000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-01-23</maturityDt>
          <couponKind>Fixed</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>XPO LOGISTICS I 6.25% 05/01/25</name>
        <lei>N/A</lei>
        <title>XPO LOGISTICS INC REGD 144A P/P 6.25000000</title>
        <cusip>983793AH3</cusip>
        <identifiers>
          <isin value="US983793AH33"/>
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        <balance>50000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>52375.00000000</valUSD>
        <pctVal>0.127554844630</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.25000000</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#AE7731 4.5% 11/01/40</name>
        <lei>N/A</lei>
        <title>FANNIE MAE POOL UMBS P#AE7731 4.50000000</title>
        <cusip>31419JSV1</cusip>
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        <name>CD&amp;R SMOKEY BUY 6.75% 07/15/25</name>
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        <name>ENLINK MIDSTREA 5.45% 06/01/47</name>
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          <isin value="US29336UAG22"/>
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      <invstOrSec>
        <name>GNMA P#771507 4% 12/15/41</name>
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        <name>FREMF 2019-KJ24  V/R 10/25/27</name>
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        <name>EXPEDIA GROUP IN 3.8% 02/15/28</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FGLMC P#G60658 3.5% 07/01/46</name>
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        <issuerCat>USGA</issuerCat>
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        <name>BANCO DE LA  V/R 12/05/22/ARS/</name>
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        <name>INTERPUBLIC GRO 4.75% 03/30/30</name>
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        <name>MPT OPER PARTN 4.625% 08/01/29</name>
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        <name>STARBUCKS CORP 3.35% 03/12/50</name>
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        <name>BANK OF AMERICA CORP PREFERRED</name>
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        <name>BNP PARIBAS V/R /PERP/</name>
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        <name>USA COM PART/U 6.875% 09/01/27</name>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>EGYPT GOVE 15.7% 11/07/27/EGP/</name>
        <lei>N/A</lei>
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        <cusip>M1487WCG8</cusip>
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          <isin value="EGBGR02041F4"/>
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        <balance>1754000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>EG</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>YPF SOCIEDAD AN 6.95% 07/21/27</name>
        <lei>N/A</lei>
        <title>YPF SOCIEDAD ANONIMA REGD 144A P/P 6.95000000</title>
        <cusip>984245AQ3</cusip>
        <identifiers>
          <isin value="US984245AQ34"/>
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        <balance>30000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>21000.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AR</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-07-21</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.95000000</annualizedRt>
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      </invstOrSec>
      <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>
        <identifiers>
          <isin value="US831645AC05"/>
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        <balance>100000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>52513.01000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>PAR PHARMACEUTIC 7.5% 04/01/27</name>
        <lei>N/A</lei>
        <title>PAR PHARMACEUTICAL INC REGD 144A P/P 7.50000000</title>
        <cusip>69888XAA7</cusip>
        <identifiers>
          <isin value="US69888XAA72"/>
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        <balance>31000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>31812.20000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.50000000</annualizedRt>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>TPMT 2016-1 B1 V/R 02/25/55</name>
        <lei>N/A</lei>
        <title>TOWD POINT MORTGAGE TRUST 2016-1 SER 2016-1 CL B1 V/R REGD 144A P/P 4.22020900</title>
        <cusip>89172EAJ3</cusip>
        <identifiers>
          <isin value="US89172EAJ38"/>
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        <balance>150000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>158953.05000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-02-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.22020900</annualizedRt>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>ANGLO AMERICAN C 4.5% 03/15/28</name>
        <lei>N/A</lei>
        <title>ANGLO AMERICAN CAPITAL REGD 144A P/P 4.50000000</title>
        <cusip>034863AU4</cusip>
        <identifiers>
          <isin value="US034863AU41"/>
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        <balance>200000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>219358.74000000</valUSD>
        <pctVal>0.534229498788</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</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>VICI PROPERTIE 4.125% 08/15/30</name>
        <lei>N/A</lei>
        <title>VICI PROPERTIES / NOTE REGD 144A P/P 4.12500000</title>
        <cusip>92564RAE5</cusip>
        <identifiers>
          <isin value="US92564RAE53"/>
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        <balance>8000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7630.00000000</valUSD>
        <pctVal>0.018582214119</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.12500000</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>197900.00000000</valUSD>
        <pctVal>0.481968568064</pctVal>
        <payoffProfile>Long</payoffProfile>
        <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>
      <invstOrSec>
        <name>CONN 2019-B C 4.6% 11/15/21</name>
        <lei>N/A</lei>
        <title>CONN'S RECEIVABLES FUNDING 2019-B LLC SER 2019-B CL C REGD 144A P/P 4.60000000</title>
        <cusip>20824LAC9</cusip>
        <identifiers>
          <isin value="US20824LAC90"/>
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        <balance>100000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>79473.90000000</valUSD>
        <pctVal>0.193551903898</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-06-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.60000000</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>GNR 2019-110 PI 3.5% 09/20/49</name>
        <lei>N/A</lei>
        <title>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION SER 2019-110 CL PI 3.50000000</title>
        <cusip>38381YWF7</cusip>
        <identifiers>
          <isin value="US38381YWF77"/>
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        <balance>478847.34000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>33964.88000000</valUSD>
        <pctVal>0.082718567852</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-09-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>C/O HOMEX OCT22 0.01</name>
        <lei>N/A</lei>
        <title>CALL OPTION ON 100SHS HOMEX   OCT22 0.01 0.00000000</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="CLIENT ID" value="BNR2JLL06"/>
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        <balance>3182.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="MXN" exchangeRt="22.99160000"/>
        <valUSD>0.00000000</valUSD>
        <pctVal>0.000000</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MX</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
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              <counterpartyName>BROWN BROTHERS HARRIMAN AND CO</counterpartyName>
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                  <cusip value="888888888"/>
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      <invstOrSec>
        <name>UMBS P#AS7423 3% 05/01/46</name>
        <lei>N/A</lei>
        <title>FANNIE MAE POOL UMBS P#AS7423 3.00000000</title>
        <cusip>3138WHG97</cusip>
        <identifiers>
          <isin value="US3138WHG972"/>
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        <balance>1677.04000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1792.47000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>SOUTHWEST AIRLI 1.25% 05/01/25</name>
        <lei>N/A</lei>
        <title>SOUTHWEST AIRLINES CO REGD CONVERTIBLE 1.25000000</title>
        <cusip>844741BG2</cusip>
        <identifiers>
          <isin value="US844741BG22"/>
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        <balance>27000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>32427.84000000</valUSD>
        <pctVal>0.078975238050</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.25000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
          <isMandatoryConvrtbl>N</isMandatoryConvrtbl>
          <isContngtConvrtbl>N</isContngtConvrtbl>
          <dbtSecRefInstruments>
            <dbtSecRefInstrument>
              <name>SOUTHWEST AIRLINES CO</name>
              <title>SOUTHWEST AIRLINES CO</title>
              <curCd>USD</curCd>
              <identifiers>
                <cusip value="844741108"/>
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          </dbtSecRefInstruments>
          <currencyInfos>
            <currencyInfo convRatio="26.00000000" curCd="USD"/>
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          <delta>XXXX</delta>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>BAT CAPITAL COR 4.54% 08/15/47</name>
        <lei>N/A</lei>
        <title>BAT CAPITAL CORP REGD SER WI 4.54000000</title>
        <cusip>05526DBF1</cusip>
        <identifiers>
          <isin value="US05526DBF15"/>
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        <balance>125000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>135722.74000000</valUSD>
        <pctVal>0.330541155389</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.54000000</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>GOLDMAN SACHS GRO V/R 05/01/29</name>
        <lei>N/A</lei>
        <title>GOLDMAN SACHS GROUP INC REGD V/R 4.22300000</title>
        <cusip>38141GWZ3</cusip>
        <identifiers>
          <isin value="US38141GWZ35"/>
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        <balance>60000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>69809.22000000</valUSD>
        <pctVal>0.170014400207</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-05-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.22300000</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>ROYAL BK SCOTLND GR V/R /PERP/</name>
        <lei>N/A</lei>
        <title>ROYAL BK SCOTLND GRP PLC REGD V/R /PERP/ 8.62500000</title>
        <cusip>780097BB6</cusip>
        <identifiers>
          <isin value="US780097BB64"/>
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        <balance>200000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>207950.00000000</valUSD>
        <pctVal>0.506444485745</pctVal>
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      <invstOrSec>
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      <invstOrSec>
        <name>UMBS P#SD0030 3% 02/01/47</name>
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        <name>T/L INTEGRO LTD 5.75% 10/31/22</name>
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          <other otherDesc="LOANX" value="LX147963"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>KINDER MORGAN I 5.05% 02/15/46</name>
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        <name>APACHE CORP 4.375% 10/15/28</name>
        <lei>N/A</lei>
        <title>APACHE CORP REGD 4.37500000</title>
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          <isin value="US037411BE40"/>
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        <name>FREMF 2017-K66 B V/R 07/25/27</name>
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      <invstOrSec>
        <name>TPMT 2015-2 1B3 V/R 10/25/31</name>
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        <name>ENTERPRISE PROD 3.95% 01/31/60</name>
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        <title>ENTERPRISE PRODUCTS OPER REGD 3.95000000</title>
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          <isin value="US29379VBZ58"/>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>GAZPROM (GAZ CA 4.95% 07/19/22</name>
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          <isin value="US368266AR33"/>
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        <invCountry>LU</invCountry>

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      <invstOrSec>
        <name>FNR 2018-43 SM V/R 06/25/48</name>
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          <isin value="US3136B1Z988"/>
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      <invstOrSec>
        <name>PBF HOLDING CO  9.25% 05/15/25</name>
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          <isin value="US69318FAK49"/>
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      <invstOrSec>
        <name>UMBS P#BH6459 4% 07/01/47</name>
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        <name>ENLINK MIDSTRE 5.375% 06/01/29</name>
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          <isin value="US29336TAA88"/>
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      <invstOrSec>
        <name>TRONOX INC 6.5% 05/01/25</name>
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          <isin value="US897051AB46"/>
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        <name>PRUDENTIAL FINANCI 3% 03/10/40</name>
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          <isin value="US74432QCJ22"/>
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      <invstOrSec>
        <name>MEG ENERGY COR 7.125% 02/01/27</name>
        <lei>5493002WXPTG5ZC1T326</lei>
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          <isin value="US552704AE86"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

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        <name>INTERNATIONAL PAPE 6% 11/15/41</name>
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        <fairValLevel>2</fairValLevel>
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        <name>JAZZ INVESTMENTS 1.5% 08/15/24</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>GNMA P#558809 6% 10/15/33</name>
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        <title>GINNIE MAE I POOL P#558809 6.00000000</title>
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        <fairValLevel>2</fairValLevel>
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        <name>GENERAL MOTORS C 6.6% 04/01/36</name>
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        <fairValLevel>2</fairValLevel>
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        <name>AVOLON HOLDINGS 3.95% 07/01/24</name>
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          <isin value="US05401AAF84"/>
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        <name>GNMA P#781635 6% 03/15/33</name>
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          <annualizedRt>4.87500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>AUD/USD FWD 20200828 000000902 USD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="1295580966"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>N/A</curCd>
        <valUSD>3158.60000000</valUSD>
        <pctVal>0.007692500854</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <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>JPMORGAN CHASE BANK, N.A.</counterpartyName>
              <counterpartyLei>7H6GLXDRUGQFU57RNE97</counterpartyLei>
            </counterparties>
            <amtCurSold>-402320.86000000</amtCurSold>
            <curSold>USD</curSold>
            <amtCurPur>587765.19000000</amtCurPur>
            <curPur>AUD</curPur>
            <settlementDt>2020-08-28</settlementDt>
            <unrealizedAppr>3158.60000000</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>CDX 2I65BRWE6 05.000 NA 06/20/2025 JP MORGAN FIXED</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="CLIENT ID" value="CDX963886"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-15649.21000000</valUSD>
        <pctVal>-0.03811231599</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCR</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>JP MORGAN</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>CDX.NA.HY.34-V5</issuerName>
                <issueTitle>CDX.NA.HY.34-V5</issueTitle>
                <identifiers>
                  <cusip value="2I65BRWE6"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <fixedRecDesc amount="0.00000000" curCd="USD" fixedOrFloating="Fixed" fixedRt="5.00000000"/>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="NA" floatingRtSpread="0" pmntAmt="0.00000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Day" rateTenorUnit="0" resetDt="Day" resetDtUnit="0"/>
              </rtResetTenors>
            </floatingPmntDesc>
            <terminationDt>2025-06-20</terminationDt>
            <upfrontPmnt>-2888000.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>2853905.56000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>2888000.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>14835.23000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GREIF INC 6.5% 03/01/27</name>
        <lei>54930070FVGKR0Z1FI24</lei>
        <title>GREIF INC REGD 144A P/P 6.50000000</title>
        <cusip>397624AH0</cusip>
        <identifiers>
          <isin value="US397624AH07"/>
        </identifiers>
        <balance>65000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>66161.55000000</valUSD>
        <pctVal>0.161130811088</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TRUIST FINANCIAL CO V/R /PERP/</name>
        <lei>N/A</lei>
        <title>TRUIST FINANCIAL CORP REGD V/R /PERP/ SER Q 5.10000000</title>
        <cusip>89832QAF6</cusip>
        <identifiers>
          <isin value="US89832QAF63"/>
        </identifiers>
        <balance>115000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>118749.00000000</valUSD>
        <pctVal>0.289203059570</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2169-03-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.10000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LORENZ RE 2019V/R 6/30/22</name>
        <lei>N/A</lei>
        <title>LORENZ RE 2019 /VARIABLE/ REGD 0.00000000</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="332MLP"/>
        </identifiers>
        <balance>20578.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>16262.79000000</valUSD>
        <pctVal>0.039606637741</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2022-06-30</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UMBS P#AB2639 4.5% 05/01/41</name>
        <lei>N/A</lei>
        <title>FANNIE MAE POOL UMBS P#AB2639 4.50000000</title>
        <cusip>31416X4Z0</cusip>
        <identifiers>
          <isin value="US31416X4Z09"/>
        </identifiers>
        <balance>26286.76000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>29667.47000000</valUSD>
        <pctVal>0.072252592390</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LIFEPOINT HEALT 6.75% 04/15/25</name>
        <lei>N/A</lei>
        <title>LIFEPOINT HEALTH INC REGD 144A P/P 6.75000000</title>
        <cusip>53219LAT6</cusip>
        <identifiers>
          <isin value="US53219LAT61"/>
        </identifiers>
        <balance>20000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>20650.00000000</valUSD>
        <pctVal>0.050291313443</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.75000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="ISO country code not reported for forwards, swaps or supranationals." noteItem="C.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2020-07-30</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>
</edgarSubmission>
