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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>UMBS P#253886 6.5% 07/01/21</name>
        <lei>N/A</lei>
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        <cusip>31371J6X7</cusip>
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          <couponKind>Fixed</couponKind>
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        <name>UBS AG STAMFOR 7.625% 08/17/22</name>
        <lei>N/A</lei>
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        <identifiers>
          <isin value="US90261AAB89"/>
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        <balance>250000.00000000</balance>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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        <name>VOLKSWAGEN GROUP A 4% 11/12/21</name>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <isin value="US037411BE40"/>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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          <isin value="US12527GAE35"/>
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        <name>UMBS P#BC1214 4% 07/01/46</name>
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        <name>GNMA II P#4518 4% 08/20/39</name>
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      <invstOrSec>
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        <name>CFCC 2019-1A A 3.83% 03/15/23</name>
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        <name>FHR 4091 SH V/R 08/15/42</name>
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        <name>WLAKE 2018-3A E 4.9% 12/15/23</name>
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        <name>PMTLT 2013-J1 A1 V/R 05/25/39</name>
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      <invstOrSec>
        <name>INDIANA MICHIGA 4.55% 03/15/46</name>
        <lei>N/A</lei>
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        <cusip>454889AQ9</cusip>
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          <isin value="US454889AQ96"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2046-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>ADANIREN KODSO 4.625% 10/15/39</name>
        <lei>N/A</lei>
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        <cusip>00654CAA0</cusip>
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          <isin value="US00654CAA09"/>
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        <balance>282025.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>269333.88000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2039-10-15</maturityDt>
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      <invstOrSec>
        <name>AT&amp;T INC 3.85% 06/01/60</name>
        <lei>N/A</lei>
        <title>AT&amp;T INC REGD 3.85000000</title>
        <cusip>00206RKB7</cusip>
        <identifiers>
          <isin value="US00206RKB77"/>
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        <balance>350000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>373230.87000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2060-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>JPMCC 2018-WP 4.247% 07/05/23</name>
        <lei>N/A</lei>
        <title>JP MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES SER 2018-WPT CL AFX REGD 144A P/P 4.24750000</title>
        <cusip>46645WAU7</cusip>
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          <isin value="US46645WAU71"/>
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        <valUSD>264912.18000000</valUSD>
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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>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>T/L TPF II POWER 0% 10/02/2025</name>
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          <isin value="US87264NAB38"/>
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        <valUSD>26351.03000000</valUSD>
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        <assetCat>LON</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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        <name>HPA 2019-1 D 3.406% 09/17/27</name>
        <lei>N/A</lei>
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        <cusip>43731QAG3</cusip>
        <identifiers>
          <isin value="US43731QAG38"/>
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        <balance>96103.41000000</balance>
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        <curCd>USD</curCd>
        <valUSD>94914.42000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2039-09-17</maturityDt>
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      <invstOrSec>
        <name>GNMA P#615524 5% 09/15/33</name>
        <lei>N/A</lei>
        <title>GINNIE MAE I POOL P#615524 5.00000000</title>
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          <isin value="US36290RYV94"/>
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        <valUSD>5596.40000000</valUSD>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>DANSKE BANK A/S V/R /PERP/</name>
        <lei>MAES062Z21O4RZ2U7M96</lei>
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        <cusip>K222736J8</cusip>
        <identifiers>
          <isin value="XS1586367945"/>
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        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>198000.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DK</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2168-09-28</maturityDt>
          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>TAKEDA PHARMACE 2.05% 03/31/30</name>
        <lei>N/A</lei>
        <title>TAKEDA PHARMACEUTICAL REGD 2.05000000</title>
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        <identifiers>
          <isin value="US874060AX48"/>
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        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>MSAIC 2019-2A  2.88% 09/20/40</name>
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          <isin value="US61945LAA17"/>
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        <name>FNMA P#253643 7.5% 2/1/31</name>
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        <name>ALLIED UNIVERS 6.625% 07/15/26</name>
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          <isin value="US019576AA51"/>
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        <name>PRES &amp; FELLOWS O 2.3% 10/01/23</name>
        <lei>6S3X7J22E861RNTJSA74</lei>
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        <name>EVER 2013-2 A V/R 02/25/32</name>
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        <name>FGLMC P#G12432 5% 12/01/21</name>
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        <issuerCat>USGA</issuerCat>
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        <name>FRESB 2018-SB52  V/R 06/25/25</name>
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          <isin value="US30297CAG78"/>
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        <balance>178454.54000000</balance>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>COVANTA HOLDING CO 6% 01/01/27</name>
        <lei>40XIFLS8XDQGGHGPGC04</lei>
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        <cusip>22282EAH5</cusip>
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          <isin value="US22282EAH53"/>
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        <balance>72000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>72907.20000000</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>
      <invstOrSec>
        <name>MORGAN STANLEY 4.1% 05/22/23</name>
        <lei>N/A</lei>
        <title>MORGAN STANLEY REGD MTN 4.10000000</title>
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          <isin value="US61747YDU64"/>
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        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>351233.37000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-05-22</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.10000000</annualizedRt>
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      <invstOrSec>
        <name>ESSEX PORTFOLI 3.375% 04/15/26</name>
        <lei>N/A</lei>
        <title>ESSEX PORTFOLIO LP REGD 3.37500000</title>
        <cusip>29717PAQ0</cusip>
        <identifiers>
          <isin value="US29717PAQ00"/>
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        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>108483.05000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>RALPH LAUREN CO 2.95% 06/15/30</name>
        <lei>N/A</lei>
        <title>RALPH LAUREN CORP REGD 2.95000000</title>
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        <identifiers>
          <isin value="US731572AB96"/>
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        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>184829.12000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>GNMA II P#AM6677 3.5% 04/20/45</name>
        <lei>N/A</lei>
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        <cusip>36184XM22</cusip>
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          <isin value="US36184XM221"/>
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        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>19172.58000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>MPLX LP 4.875% 12/01/24</name>
        <lei>N/A</lei>
        <title>MPLX LP REGD SER WI 4.87500000</title>
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        <identifiers>
          <isin value="US55336VAG59"/>
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        <balance>110000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>122173.14000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      <invstOrSec>
        <name>KELLOGG CO 2.1% 06/01/30</name>
        <lei>N/A</lei>
        <title>KELLOGG CO REGD 2.10000000</title>
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          <isin value="US487836BX58"/>
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        <curCd>USD</curCd>
        <valUSD>151940.86000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      <invstOrSec>
        <name>UMBS P#MA0750 5% 05/01/31</name>
        <lei>N/A</lei>
        <title>FANNIE MAE POOL UMBS P#MA0750 5.00000000</title>
        <cusip>31417YZQ3</cusip>
        <identifiers>
          <isin value="US31417YZQ33"/>
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        <curCd>USD</curCd>
        <valUSD>67944.17000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      <invstOrSec>
        <name>UMBS P#AH9873 4.5% 04/01/41</name>
        <lei>N/A</lei>
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          <isin value="US3138AB6K09"/>
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        <curCd>USD</curCd>
        <valUSD>3906.22000000</valUSD>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>CHARLES SCHWAB CORP V/R /PERP/</name>
        <lei>549300VSGCJ7E698NM85</lei>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>GNMA P#562213 6% 12/15/33</name>
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          <isin value="US36213RSA67"/>
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      <invstOrSec>
        <name>GNMA P#605654 6% 08/15/34</name>
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        <name>FGLMC P#Q47050 4% 03/01/47</name>
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        <name>GNMA P#778607 3.5% 11/15/41</name>
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      <invstOrSec>
        <name>HYUNDAI CAPITAL SE 3% 08/29/22</name>
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        <valUSD>408646.87000000</valUSD>
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        <issuerCat>CORP</issuerCat>
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        <name>CAS 2019-R06 2M2 V/R 09/25/39</name>
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        <name>GNMA II P#BB5176 4% 02/20/48</name>
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        <name>STACR 2019-HQA2  V/R 04/25/49</name>
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        <name>STACR 2018-HRP2  V/R 02/25/47</name>
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        <cusip>35564ABF7</cusip>
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          <isin value="US35564ABF75"/>
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        <name>CVS HEALTH CORP                AMRTZ 6.036%28</name>
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          <isin value="US126650BP48"/>
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        <name>ENLINK MIDSTRE 5.375% 06/01/29</name>
        <lei>N/A</lei>
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          <isin value="US29336TAA88"/>
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        <name>DUKE REALTY LP 3.625% 04/15/23</name>
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          <isin value="US26441YAX58"/>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>GNMA P#486846 7% 01/15/29</name>
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          <isin value="US36210AZK68"/>
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        <curCd>USD</curCd>
        <valUSD>3543.11000000</valUSD>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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          <isin value="US24380PAA21"/>
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          <isin value="US81748GAA94"/>
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        <name>TPMT 2015-2 1B3 V/R 10/25/31</name>
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        <name>UMBS P#AT5974 3% 05/01/43</name>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <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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        <balance>175000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2048-02-10</maturityDt>
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      <invstOrSec>
        <name>KINDER MORGAN I 5.05% 02/15/46</name>
        <lei>549300WR7IX8XE0TBO16</lei>
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        <cusip>49456BAJ0</cusip>
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          <isin value="US49456BAJ08"/>
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        <valUSD>590279.68000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2046-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>LIFEPOINT HEALT 6.75% 04/15/25</name>
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        <title>LIFEPOINT HEALTH INC REGD 144A P/P 6.75000000</title>
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          <isin value="US53219LAT61"/>
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        <balance>65000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>67112.50000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>MARRIOTT INTER 4.625% 06/15/30</name>
        <lei>225YDZ14ZO8E1TXUSU86</lei>
        <title>MARRIOTT INTERNATIONAL REGD 4.62500000</title>
        <cusip>571903BE2</cusip>
        <identifiers>
          <isin value="US571903BE27"/>
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        <balance>70000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>72633.07000000</valUSD>
        <pctVal>0.040300353090</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>FREMF 2019-K88 C V/R 04/25/29</name>
        <lei>N/A</lei>
        <title>FREMF 2019-K88 MORTGAGE TRUST SER 2019-K88 CL C V/R 144A P/P 4.52544000</title>
        <cusip>302971AT3</cusip>
        <identifiers>
          <isin value="US302971AT36"/>
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        <balance>100000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>103401.30000000</valUSD>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-02-25</maturityDt>
          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>BMARK 2020-IG3 B V/R 04/15/30</name>
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        <title>BENCHMARK 2020-IG3 MORTGAGE TRUST SER 2020-IG3 CL B V/R REGD 144A P/P 3.38741600</title>
        <cusip>08162QAN9</cusip>
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          <isin value="US08162QAN97"/>
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        <curCd>USD</curCd>
        <valUSD>204811.32000000</valUSD>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-09-15</maturityDt>
          <couponKind>Variable</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>GNMA P#AB2761 3.5% 08/15/42</name>
        <lei>N/A</lei>
        <title>GINNIE MAE I POOL P#AB2761 3.50000000</title>
        <cusip>36178NB65</cusip>
        <identifiers>
          <isin value="US36178NB656"/>
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        <balance>74279.24000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>79334.05000000</valUSD>
        <pctVal>0.044018382082</pctVal>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>MCDONALD'S CORP 4.2% 04/01/50</name>
        <lei>N/A</lei>
        <title>MCDONALD'S CORP REGD MTN 4.20000000</title>
        <cusip>58013MFR0</cusip>
        <identifiers>
          <isin value="US58013MFR07"/>
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        <balance>80000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>96994.42000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.20000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>F/C US 10YR NOTE (CBT)SEP20</name>
        <lei>N/A</lei>
        <title>FUTURE CONTRACT ON           US 10YR NOTE (CBT)SEP20 0.00000000</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="TYU0 XCBT"/>
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        <balance>-65.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-9046171.88000000</valUSD>
        <pctVal>-5.01925529073</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>CITIGROUP GLOBAL MARKETS LIMIT</counterpartyName>
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            <payOffProf>Short</payOffProf>
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                <issuerName>F/C US 10YR NOTE (CBT)SEP20</issuerName>
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                  <ticker value="TYU0 XCBT"/>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>PROG 2018-SFR 4.873% 10/17/23</name>
        <lei>N/A</lei>
        <title>PROGRESS RESIDENTIAL 2018-SFR3 TRUST SER 2018-SFR3 CL E REGD 144A P/P 4.87300000</title>
        <cusip>74331MAE6</cusip>
        <identifiers>
          <isin value="US74331MAE66"/>
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        <balance>190000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>195816.05000000</valUSD>
        <pctVal>0.108648250111</pctVal>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-10-17</maturityDt>
          <couponKind>Fixed</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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        <name>DIAMOND SPORTS 6.625% 08/15/27</name>
        <lei>N/A</lei>
        <title>DIAMOND SPORTS GR/DIAMON REGD 144A P/P 6.62500000</title>
        <cusip>25277LAC0</cusip>
        <identifiers>
          <isin value="US25277LAC00"/>
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        <balance>190000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>101175.00000000</valUSD>
        <pctVal>0.056136801375</pctVal>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.62500000</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>GNMA P#584343 6.5% 04/15/32</name>
        <lei>N/A</lei>
        <title>GINNIE MAE I POOL P#584343 6.50000000</title>
        <cusip>36201JEQ8</cusip>
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          <isin value="US36201JEQ85"/>
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        <valUSD>1223.16000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>MASSMUTUAL GLOB 2.75% 06/22/24</name>
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        <title>MASSMUTUAL GLOBAL FUNDIN REGD 144A P/P 2.75000000</title>
        <cusip>57629WCE8</cusip>
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          <isin value="US57629WCE84"/>
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        <valUSD>534826.88000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>LEAR CORP 3.5% 05/30/30</name>
        <lei>549300UPNBTXA1SYTQ33</lei>
        <title>LEAR CORP REGD 3.50000000</title>
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          <isin value="US521865BB05"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FGLMC P#C00701 6.5% 01/01/29</name>
        <lei>N/A</lei>
        <title>FREDDIE MAC GOLD POOL P#C00701 6.50000000</title>
        <cusip>31292GX68</cusip>
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        <valUSD>2436.81000000</valUSD>
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        <issuerCat>USGA</issuerCat>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>UMBS P#722009 6% 06/01/33</name>
        <lei>N/A</lei>
        <title>FANNIE MAE POOL UMBS P#722009 6.00000000</title>
        <cusip>31401YDN2</cusip>
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          <isin value="US31401YDN22"/>
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        <valUSD>10114.89000000</valUSD>
        <pctVal>0.005612231982</pctVal>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
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        <name>RMIR 2020-1 M1C V/R 02/25/30</name>
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        <name>FREMF 2014-KF05  V/R 09/25/21</name>
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        <name>TPMT 2019-4 M1 V/R 11/25/33</name>
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        <name>LHIPO 2007-1GA A V/R 12/23/36</name>
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      <invstOrSec>
        <name>IHSFR 2018-SFR3  V/R 07/17/20</name>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Variable</couponKind>
          <annualizedRt>1.84388000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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      <invstOrSec>
        <name>T/L AMERICAN AXLE &amp; 0% 04/06/24</name>
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        <cusip>N/A</cusip>
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          <other otherDesc="LOANX" value="LX161296"/>
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        <curCd>USD</curCd>
        <valUSD>66722.03000000</valUSD>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>FGLMC P#Q15961 3% 02/01/43</name>
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          <isin value="US3132J7B768"/>
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        <curCd>USD</curCd>
        <valUSD>55508.02000000</valUSD>
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        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      <invstOrSec>
        <name>COOPERATIEVE RA 3.95% 11/09/22</name>
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        <title>COOPERATIEVE RABOBANK UA REGD 3.95000000</title>
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        <identifiers>
          <isin value="US21685WDF14"/>
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        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>264505.08000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-11-09</maturityDt>
          <couponKind>Fixed</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      <invstOrSec>
        <name>MPLX LP 4.875% 06/01/25</name>
        <lei>N/A</lei>
        <title>MPLX LP REGD SER WI 4.87500000</title>
        <cusip>55336VAJ9</cusip>
        <identifiers>
          <isin value="US55336VAJ98"/>
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        <balance>175000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>195348.95000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>AUTONATION INC 4.75% 06/01/30</name>
        <lei>N/A</lei>
        <title>AUTONATION INC REGD 4.75000000</title>
        <cusip>05329WAQ5</cusip>
        <identifiers>
          <isin value="US05329WAQ50"/>
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        <balance>125000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>135446.04000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.75000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>UMBS P#AD7136 5% 07/01/40</name>
        <lei>N/A</lei>
        <title>FANNIE MAE POOL UMBS P#AD7136 5.00000000</title>
        <cusip>31418U4W1</cusip>
        <identifiers>
          <isin value="US31418U4W12"/>
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        <curCd>USD</curCd>
        <valUSD>3281.28000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>ALBEMARLE WOD P 3.45% 11/15/29</name>
        <lei>N/A</lei>
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        <cusip>01273PAA0</cusip>
        <identifiers>
          <isin value="US01273PAA03"/>
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        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>363107.31000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.45000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      <invstOrSec>
        <name>JPMDB 2018-C8  4.21% 05/15/28</name>
        <lei>N/A</lei>
        <title>JPMDB COMMERCIAL MORTGAGE SECURITIES TRUST 2018-C8 SER 2018-C8 CL A4 REGD 4.21060000</title>
        <cusip>46591ABA2</cusip>
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          <isin value="US46591ABA25"/>
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        <balance>250000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>292923.48000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.21060000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      <invstOrSec>
        <name>GNR 2017-21 IO V/R 10/16/58</name>
        <lei>N/A</lei>
        <title>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION SER 2017-21 CL IO V/R 0.76717000</title>
        <cusip>38379U5F9</cusip>
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          <isin value="US38379U5F92"/>
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        <balance>1387255.77000000</balance>
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        <curCd>USD</curCd>
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        <pctVal>0.046564559854</pctVal>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Variable</couponKind>
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          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <name>JPMMT 2020-2 B2A V/R 05/25/44</name>
        <lei>N/A</lei>
        <title>JP MORGAN MORTGAGE TRUST 2020-2 SER 2020-2 CL B2A V/R REGD 144A P/P 3.47047400</title>
        <cusip>46591TBT0</cusip>
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          <isin value="US46591TBT07"/>
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      <invstOrSec>
        <name>UNITED RENTALS 3.875% 11/15/27</name>
        <lei>N/A</lei>
        <title>UNITED RENTALS NORTH AM REGD 3.87500000</title>
        <cusip>911365BM5</cusip>
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          <isin value="US911365BM59"/>
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          <couponKind>Fixed</couponKind>
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        <name>GNMA P#AM4159 4% 04/15/45</name>
        <lei>N/A</lei>
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          <isin value="US36184QTQ72"/>
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      <invstOrSec>
        <name>ESTEE LAUDER CO  2.6% 04/15/30</name>
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          <isin value="US29736RAQ39"/>
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      <invstOrSec>
        <name>GNMA II P#2473 7.5% 08/20/27</name>
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          <isin value="US36202CXA60"/>
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      <invstOrSec>
        <name>UMBS P#BC1852 3.5% 05/01/46</name>
        <lei>N/A</lei>
        <title>FANNIE MAE POOL UMBS P#BC1852 3.50000000</title>
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        <curCd>USD</curCd>
        <valUSD>53403.37000000</valUSD>
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        <name>FNMA P#596213 7% 7/1/31__</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FGLMC P#A90390 5% 12/01/39</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>EDGEWELL PERSONA 5.5% 06/01/28</name>
        <lei>N/A</lei>
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          <isin value="US28035QAA04"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>UMBS P#ZM3636 4% 07/01/47</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>CENTURYLINK INC 4% 02/15/27</name>
        <lei>8M3THTGWLTYZVE6BBY25</lei>
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          <isin value="US156700BC99"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>GNMA P#552514 6.5% 04/15/32</name>
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          <isin value="US36213EYK62"/>
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        <issuerCat>USGSE</issuerCat>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>HIGHWOODS REALTY 3.2% 06/15/21</name>
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          <isin value="US431282AN25"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>SEMT 2013-5 A2 V/R 05/25/43</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FGLMC P#G60080 3.5% 06/01/45</name>
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        <curCd>USD</curCd>
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        <issuerCat>USGA</issuerCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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        <name>MPLX LP 4.25% 12/01/27</name>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>ALBERTSONS COS 4.875% 02/15/30</name>
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        <name>FGLMC P#Q17640 3% 04/01/43</name>
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        <name>UMBS P#AB8464 2.5% 02/01/43</name>
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        <name>TPMT 2019-MH1 A1 V/R 11/25/58</name>
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        <name>FNMA 30YR TBA 3.0% JUL20</name>
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      <invstOrSec>
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        <name>DEERE &amp; COMPANY 3.75% 04/15/50</name>
        <lei>N/A</lei>
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        <identifiers>
          <isin value="US244199BK00"/>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
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        <name>TPMT 2019-2 A2 V/R 12/25/58</name>
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        <valUSD>287836.27000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>3M COMPANY 3.7% 04/15/50</name>
        <lei>LUZQVYP4VS22CLWDAR65</lei>
        <title>3M COMPANY REGD 3.70000000</title>
        <cusip>88579YBP5</cusip>
        <identifiers>
          <isin value="US88579YBP51"/>
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        <balance>125000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>148893.90000000</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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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>EMLT 2003-1 IF1 S/UP 12/25/32</name>
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        <identifiers>
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        <valUSD>26338.82000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Variable</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>TEACHERS INSUR  6.85% 12/16/39</name>
        <lei>N/A</lei>
        <title>TEACHERS INSUR &amp; ANNUITY REGD P/P 6.85000000</title>
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        <identifiers>
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        <valUSD>39089.02000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>FGLMC P#G60045 5.5% 06/01/41</name>
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        <identifiers>
          <isin value="US31335ABN72"/>
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        <balance>11958.16000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>13727.92000000</valUSD>
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        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>UMBS P#AU4293 4% 09/01/43</name>
        <lei>N/A</lei>
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        <identifiers>
          <isin value="US3138X3XX52"/>
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        <balance>100053.21000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>109784.47000000</valUSD>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FNMA TBA 15YR 2.0% JUN 20</name>
        <lei>N/A</lei>
        <title>FNMA TBA 15YR 2.0% JUN 20      TO BE ANNOUNCED 2.00000000</title>
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        <identifiers>
          <isin value="US01F0204713"/>
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        <balance>1000000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1034531.26000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
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        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <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>
