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        <name>EMIR 2019-1 M1B V/R 04/25/29</name>
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        <name>SCFET 2019-1A  3.92% 11/20/26</name>
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        <name>ALTICE FRANCE SA 5.5% 01/15/28</name>
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        <invCountry>FR</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>T/L AMERICAN AXLE &amp; 0% 04/06/24</name>
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          <couponKind>Fixed</couponKind>
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        <name>JPMCC 2018-BCON  V/R 01/05/23</name>
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        <cusip>46590WAG3</cusip>
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        <name>FGLMC P#Q11791 3.5% 10/01/42</name>
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        <cusip>3132HM7C9</cusip>
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          <isin value="US3132HM7C94"/>
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        <curCd>USD</curCd>
        <valUSD>35794.12000000</valUSD>
        <pctVal>0.019217903513</pctVal>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>BMARK 2018-B8 3.962% 10/15/28</name>
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        <title>BENCHMARK 2018-B8 MORTGAGE TRUST SER 2018-B8 CL A4 REGD 3.96280000</title>
        <cusip>08162UAV2</cusip>
        <identifiers>
          <isin value="US08162UAV26"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>291793.18000000</valUSD>
        <pctVal>0.156664088378</pctVal>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.96280000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      <invstOrSec>
        <name>BMARK 2019-B1 3.351% 11/15/29</name>
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        <title>BENCHMARK 2019-B14 MORTGAGE TRUST SER 2019-B14 CL AS REGD 3.35150000</title>
        <cusip>08162YAF9</cusip>
        <identifiers>
          <isin value="US08162YAF97"/>
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        <balance>265000.00000000</balance>
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        <valUSD>295414.87000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2062-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.35150000</annualizedRt>
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        <name>MASSMUTUAL GLOB 2.75% 06/22/24</name>
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        <cusip>57629WCE8</cusip>
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          <isin value="US57629WCE84"/>
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        <curCd>USD</curCd>
        <valUSD>537598.34000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>CF INDUSTRIES  5.375% 03/15/44</name>
        <lei>N/A</lei>
        <title>CF INDUSTRIES INC REGD 5.37500000</title>
        <cusip>12527GAE3</cusip>
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          <isin value="US12527GAE35"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2044-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>COMM 2014-UBS4 3.42% 06/10/24</name>
        <lei>N/A</lei>
        <title>COMM 2014-UBS4 MORTGAGE TRUST SER 2014-UBS4 CL A4 REGD 3.42000000</title>
        <cusip>12591QAQ5</cusip>
        <identifiers>
          <isin value="US12591QAQ55"/>
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          <couponKind>Fixed</couponKind>
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        <name>CGCMT 2014-GC25  V/R 10/10/24</name>
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        <cusip>17322YAG5</cusip>
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        <name>T/L CWGS GROUP LLC 0% 11/08/23</name>
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          <other otherDesc="LOANX" value="LX155963"/>
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        <name>TPMT 2017-4 M2 V/R 06/25/57</name>
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        <cusip>89173UAD9</cusip>
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          <isin value="US89173UAD90"/>
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        <name>CAS 2019-R07 1M2 V/R 10/25/39</name>
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        <name>TPMT 2019-2 A2 V/R 12/25/58</name>
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        <name>NHEL 2005-3 M1 V/R 01/25/36</name>
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        <name>HMIR 2019-1 M1 V/R 05/25/29</name>
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        <name>BMARK 2020-IG3 B V/R 04/15/30</name>
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        <name>INTERNATIONAL PA 7.3% 11/15/39</name>
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        <name>GNMA P#502981 6% 02/15/29</name>
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      <invstOrSec>
        <name>SUNOCO LOGISTICS 6.1% 02/15/42</name>
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        <name>BMIR 2019-1A M2 V/R 03/25/29</name>
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        <name>PRUDENTIAL FINANCI 3% 03/10/40</name>
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        <cusip>74432QCJ2</cusip>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>UMBS P#BC5121 3.5% 01/01/47</name>
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        <name>GNR 2017-21 IO V/R 10/16/58</name>
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        <name>TPMT 2018-3 M1 V/R 05/25/58</name>
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        <name>HIGHWOODS REAL 3.625% 01/15/23</name>
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        <name>BEACON ROOFING 4.875% 11/01/25</name>
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        <name>ENERGY TRANSFER  6.5% 02/01/42</name>
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        <title>ENERGY TRANSFER OPERATNG REGD 6.50000000</title>
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        <name>GNMA II P#MA3522 4% 03/20/46</name>
        <lei>N/A</lei>
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        <name>WALT DISNEY COMP 3.6% 01/13/51</name>
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          <isin value="US254687FZ49"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>T/L STONEPEAK LON 0% 10/19/26</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <name>LSTRZ 2019-3 A1 V/R 04/01/24</name>
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        <name>CFCRE 2016-C3 3.597% 11/10/25</name>
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        <name>CREDIT SUISSE GROUP V/R /PERP/</name>
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        <name>T-MOBILE USA IN 2.55% 02/15/31</name>
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        <fairValLevel>2</fairValLevel>
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        <name>GNMA P#402108 6.5% 07/15/32</name>
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          <isin value="US36205VU973"/>
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        <valUSD>5168.34000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>STACR 2020-DNA2  V/R 02/25/50</name>
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        <cusip>35565KAH1</cusip>
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          <isin value="US35565KAH14"/>
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        <balance>260000.00000000</balance>
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        <valUSD>253119.57000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CGCMT 2017-C4 3.471% 09/12/27</name>
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        <cusip>17326FAD9</cusip>
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        <name>COVANTA HOLDING CO 6% 01/01/27</name>
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        <name>BCCFC 2018-1A  3.39% 08/21/23</name>
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        <name>MORGN 2019-5A D V/R 01/15/33</name>
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        <name>SANDS CHINA LT 4.375% 06/18/30</name>
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        <name>LEXINGTON REALTY 2.7% 09/15/30</name>
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        <name>GNMA II P#MA0221 4% 07/20/42</name>
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        <name>ENERGY TRANSFER OPE V/R /PERP/</name>
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        <name>FNMA P#617162 6.50% 01/01/32_</name>
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      <invstOrSec>
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        <name>UMBS P#AU2278 3% 09/01/43</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <lei>FXM8FAOHMYDIPD38UZ17</lei>
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      <invstOrSec>
        <name>SOUTHERN CAL E 1.845% 02/01/22</name>
        <lei>9R1Z5I36FERIBVKW4P77</lei>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>IHSFR 2018-SFR3  V/R 07/17/20</name>
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        <curCd>USD</curCd>
        <valUSD>239999.86000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>FGLMC P#Q08072 3.5% 05/01/42</name>
        <lei>N/A</lei>
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          <isin value="US3132GTJR95"/>
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        <units>NS</units>
        <curCd>USD</curCd>
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        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>UMBS P#AY9643 2.5% 04/01/45</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>UMBS P#AB2639 4.5% 05/01/41</name>
        <lei>N/A</lei>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <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>FNMA P#787243 6% 7/1/34_</name>
        <lei>N/A</lei>
        <title>FEDERAL NATIONAL MORTGAGE ASSN  POOL #787243_ 6.00000000</title>
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          <isin value="US31405ES891"/>
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        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>16258.27000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>GNMA P#552615 6.5% 06/15/32</name>
        <lei>N/A</lei>
        <title>GINNIE MAE I POOL P#552615 6.50000000</title>
        <cusip>36213E3Y0</cusip>
        <identifiers>
          <isin value="US36213E3Y07"/>
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        <balance>1451.37000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1639.72000000</valUSD>
        <pctVal>0.000880367522</pctVal>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>STEEL DYNAMICS  3.25% 01/15/31</name>
        <lei>N/A</lei>
        <title>STEEL DYNAMICS INC REGD 3.25000000</title>
        <cusip>858119BM1</cusip>
        <identifiers>
          <isin value="US858119BM10"/>
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        <balance>60000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>64200.83000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>SYMP 2020-22A C V/R 04/18/33</name>
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          <isin value="US87167GBC33"/>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

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      <invstOrSec>
        <name>RALPH LAUREN CO 2.95% 06/15/30</name>
        <lei>N/A</lei>
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          <isin value="US731572AB96"/>
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        <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>GNR 2012-130 PA 3% 04/20/41</name>
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          <isin value="US38378GJK58"/>
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        <name>FGLMC P#Q44876 3% 12/01/46</name>
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          <couponKind>Fixed</couponKind>
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        <name>T/L 1011778 B C 0% 11/19/26</name>
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        <issuerCat>CORP</issuerCat>
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          <couponKind>Fixed</couponKind>
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          <isLoanByFund>N</isLoanByFund>
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          <isin value="US23331ABM09"/>
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        <issuerCat>CORP</issuerCat>
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          <couponKind>Fixed</couponKind>
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        <name>JPMMT 2020-5 A3 V/R 12/25/50</name>
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        <name>GNMA P#567912 6% 11/15/32</name>
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      <invstOrSec>
        <name>SUNOCO LOGISTIC 5.35% 05/15/45</name>
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      <invstOrSec>
        <name>MARTIN MARIETTA  2.5% 03/15/30</name>
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        <name>DRIVE 2020-2 D 3.05% 02/15/24</name>
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        <name>PROG 2017-SFR 4.142% 12/17/22</name>
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        <name>GENERAL MOTORS C 6.6% 04/01/36</name>
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        <name>CHENIERE ENERG 4.625% 10/15/28</name>
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        <cusip>16411RAJ8</cusip>
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        <name>MCAS 2019-01 M7 V/R 10/15/49</name>
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        <cusip>62547NAA7</cusip>
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        <curCd>USD</curCd>
        <valUSD>135411.95000000</valUSD>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-10-15</maturityDt>
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      <invstOrSec>
        <name>WFCM 2018-C43 A4 V/R 02/15/28</name>
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        <cusip>95001LAU6</cusip>
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          <isin value="US95001LAU61"/>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Variable</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>CAS 2019-R06 2M2 V/R 09/25/39</name>
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        <cusip>20754JAB0</cusip>
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          <isin value="US20754JAB08"/>
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        <curCd>USD</curCd>
        <valUSD>300655.26000000</valUSD>
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      <invstOrSec>
        <name>GNMA II P#MA2074 4% 07/20/44</name>
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          <isin value="US36179QJT94"/>
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        <valUSD>300925.19000000</valUSD>
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        <debtSec>
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          <couponKind>Fixed</couponKind>
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        <name>COMM 2016-CR2 3.651% 11/10/24</name>
        <lei>N/A</lei>
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        <cusip>12593YBF9</cusip>
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          <isin value="US12593YBF97"/>
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        <debtSec>
          <maturityDt>2049-02-10</maturityDt>
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        <name>TPMT 2018-2 A2 V/R 03/25/58</name>
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        <cusip>89175VAB9</cusip>
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          <isin value="US89175VAB99"/>
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        <name>TPMT 2015-3 A1B V/R 02/25/23</name>
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        <cusip>89172HAK3</cusip>
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          <isin value="US89172HAK32"/>
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      <invstOrSec>
        <name>LLOYDS BANKING  4.65% 03/24/26</name>
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        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>PLAINS ALL AMERICAN V/R /PERP/</name>
        <lei>5521FA2ITF25TVH63740</lei>
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        <name>REPUBLIC OF PHI 2.95% 05/05/45</name>
        <lei>N/A</lei>
        <title>REPUBLIC OF PHILIPPINES REGD 2.95000000</title>
        <cusip>718286CH8</cusip>
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          <isin value="US718286CH84"/>
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        <issuerCat>USGA</issuerCat>
        <invCountry>PH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>UMBS P#BA2105 2.5% 08/01/45</name>
        <lei>N/A</lei>
        <title>FANNIE MAE POOL UMBS P#BA2105 2.50000000</title>
        <cusip>3140E6KT8</cusip>
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        <curCd>USD</curCd>
        <valUSD>56523.70000000</valUSD>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>GNMA II P#MA1014 4.5% 05/20/43</name>
        <lei>N/A</lei>
        <title>GINNIE MAE II POOL P#MA1014 4.50000000</title>
        <cusip>36179NDT2</cusip>
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        <curCd>USD</curCd>
        <valUSD>50611.79000000</valUSD>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-05-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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      <invstOrSec>
        <name>TD AMERITRADE HO 3.3% 04/01/27</name>
        <lei>ZI85ER3E6RXD4HPHW309</lei>
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        <cusip>87236YAF5</cusip>
        <identifiers>
          <isin value="US87236YAF51"/>
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        <curCd>USD</curCd>
        <valUSD>252571.12000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>PHILLIPS 66 PAR 3.75% 03/01/28</name>
        <lei>N/A</lei>
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        <identifiers>
          <isin value="US718549AF57"/>
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        <balance>450000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>469173.32000000</valUSD>
        <pctVal>0.251899686172</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>FCRT 2019-1 D 3.27% 06/16/25</name>
        <lei>N/A</lei>
        <title>FOURSIGHT CAPITAL AUTOMOBILE RECEIVABLES TRUST 2019-1 SER 2019-1 CL D REGD 144A P/P 3.27000000</title>
        <cusip>35105RAF7</cusip>
        <identifiers>
          <isin value="US35105RAF73"/>
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        <curCd>USD</curCd>
        <valUSD>258425.68000000</valUSD>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      <invstOrSec>
        <name>SIMON PROPERTY  3.25% 09/13/49</name>
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        <cusip>828807DH7</cusip>
        <identifiers>
          <isin value="US828807DH72"/>
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        <balance>180000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>165080.71000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-09-13</maturityDt>
          <couponKind>Fixed</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      <invstOrSec>
        <name>GNMA P#606750 5.5% 03/15/33</name>
        <lei>N/A</lei>
        <title>GINNIE MAE I POOL P#606750 5.50000000</title>
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        <identifiers>
          <isin value="US36201YBT29"/>
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        <balance>6726.65000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7482.71000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>CNOOC FINANCE 2 4.25% 04/30/24</name>
        <lei>N/A</lei>
        <title>CNOOC FINANCE 2014 ULC REGD 4.25000000</title>
        <cusip>12591DAC5</cusip>
        <identifiers>
          <isin value="US12591DAC56"/>
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        <balance>200000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>220587.09000000</valUSD>
        <pctVal>0.118433458118</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-04-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.25000000</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>
        <name>FHR 2944 OH 5.5% 03/15/35</name>
        <lei>N/A</lei>
        <title>FREDDIE MAC REMICS SER 2944 CL OH 5.50000000</title>
        <cusip>31395PCL4</cusip>
        <identifiers>
          <isin value="US31395PCL40"/>
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        <balance>26285.26000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>30890.00000000</valUSD>
        <pctVal>0.016584875938</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      <invstOrSec>
        <name>UMBS P#AK1083 4% 01/01/42</name>
        <lei>N/A</lei>
        <title>FANNIE MAE POOL UMBS P#AK1083 4.00000000</title>
        <cusip>3138E5FZ6</cusip>
        <identifiers>
          <isin value="US3138E5FZ68"/>
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        <balance>3185.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3515.87000000</valUSD>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>LORENZ RE 2019V/R 6/30/22</name>
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        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="332MLP"/>
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        <balance>25723.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2487.41000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2022-06-30</maturityDt>
          <couponKind>Variable</couponKind>
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        <name>FRESENIUS MED  2.375% 02/16/31</name>
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        <identifiers>
          <isin value="US35805BAB45"/>
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        <balance>525000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>519072.98000000</valUSD>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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        <name>KIOWA POWER PA 5.737% 03/30/21</name>
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          <isin value="US49725VAB80"/>
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        <valUSD>9200.61000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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        <name>AXIS 2018-2A D 4.45% 06/20/23</name>
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          <isin value="US03237JAE73"/>
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        <name>SOTHEBY'S 7.375% 10/15/27</name>
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      <invstOrSec>
        <name>T/L KUEHG CORP 0% 02/21/25</name>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>UMBS P#AU4293 4% 09/01/43</name>
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        <title>FANNIE MAE POOL UMBS P#AU4293 4.00000000</title>
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          <isin value="US3138X3XX52"/>
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        <curCd>USD</curCd>
        <valUSD>96683.58000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
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      <invstOrSec>
        <name>RAYTHEON TECH  4.125% 11/16/28</name>
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      <invstOrSec>
        <name>UMBS P#AU3732 2.5% 08/01/43</name>
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        <name>TPMT 2015-2 1B3 V/R 10/25/31</name>
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        <name>MPLX LP 4.25% 12/01/27</name>
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        <title>MPLX LP REGD SER WI 4.25000000</title>
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          <couponKind>Fixed</couponKind>
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        <name>UMBS P#ZM3146 4% 05/01/47</name>
        <lei>N/A</lei>
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        <name>UNION PACIFIC  3.375% 02/01/35</name>
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        <lei>3C7474T6CDKPR9K6YT90</lei>
        <title>GENERAL ELECTRIC CO REGD 4.35000000</title>
        <cusip>369604BY8</cusip>
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        <name>GNMA P#577702 6% 10/15/32</name>
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        <name>GNMA P#594952 6% 09/15/32</name>
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        <name>JPMMT 2020-5 A15 V/R 12/25/50</name>
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        <name>PROG 2017-SFR 4.261% 08/17/22</name>
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        <name>THERMO FISHER SCIE 3% 04/15/23</name>
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        <name>IRON MOUNTAIN IN 4.5% 02/15/31</name>
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        <name>IBERDROLA INTL  6.75% 07/15/36</name>
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        <name>CAPITAL ONE FIN 3.75% 04/24/24</name>
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      <invstOrSec>
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      <invstOrSec>
        <name>HIGHWOODS REALTY 2.6% 02/01/31</name>
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        <name>HEALTHCARE TRUS 3.75% 07/01/27</name>
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        <name>UMBS P#981756 6% 07/01/38</name>
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      <invstOrSec>
        <name>SIMON PROPERTY G 3.8% 07/15/50</name>
        <lei>N/A</lei>
        <title>SIMON PROPERTY GROUP LP REGD 3.80000000</title>
        <cusip>828807DJ3</cusip>
        <identifiers>
          <isin value="US828807DJ39"/>
        </identifiers>
        <balance>150000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>152296.64000000</valUSD>
        <pctVal>0.081768238272</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.80000000</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>PLAINS ALL AMER  4.9% 02/15/45</name>
        <lei>N/A</lei>
        <title>PLAINS ALL AMER PIPELINE REGD 4.90000000</title>
        <cusip>72650RBH4</cusip>
        <identifiers>
          <isin value="US72650RBH49"/>
        </identifiers>
        <balance>185000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>168839.24000000</valUSD>
        <pctVal>0.090649978923</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.90000000</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>ENERGY TRANSFER OP 6% 06/15/48</name>
        <lei>N/A</lei>
        <title>ENERGY TRANSFER OPERATNG REGD SER 30Y 6.00000000</title>
        <cusip>29278NAE3</cusip>
        <identifiers>
          <isin value="US29278NAE31"/>
        </identifiers>
        <balance>140000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>140810.47000000</valUSD>
        <pctVal>0.075601300608</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</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#AW9530 2.5% 04/01/45</name>
        <lei>N/A</lei>
        <title>FANNIE MAE POOL UMBS P#AW9530 2.50000000</title>
        <cusip>3138XZSU6</cusip>
        <identifiers>
          <isin value="US3138XZSU60"/>
        </identifiers>
        <balance>32160.37000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>34241.99000000</valUSD>
        <pctVal>0.018384563160</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.50000000</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>INTERPUBLIC GRO 4.75% 03/30/30</name>
        <lei>N/A</lei>
        <title>INTERPUBLIC GROUP COS REGD 4.75000000</title>
        <cusip>460690BR0</cusip>
        <identifiers>
          <isin value="US460690BR09"/>
        </identifiers>
        <balance>407000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>488686.40000000</valUSD>
        <pctVal>0.262376280894</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-03-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.75000000</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>COOPERATIEVE RA 3.95% 11/09/22</name>
        <lei>N/A</lei>
        <title>COOPERATIEVE RABOBANK UA REGD 3.95000000</title>
        <cusip>21685WDF1</cusip>
        <identifiers>
          <isin value="US21685WDF14"/>
        </identifiers>
        <balance>250000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>265646.93000000</valUSD>
        <pctVal>0.142626137180</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-11-09</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.95000000</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>GNMA P#AL5247 3.5% 01/15/45</name>
        <lei>N/A</lei>
        <title>GINNIE MAE I POOL P#AL5247 3.50000000</title>
        <cusip>36184BZL4</cusip>
        <identifiers>
          <isin value="US36184BZL43"/>
        </identifiers>
        <balance>87835.09000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>92277.86000000</valUSD>
        <pctVal>0.049544087405</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</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>TEVA PHARMACEU 7.125% 01/31/25</name>
        <lei>N/A</lei>
        <title>TEVA PHARMACEUTICALS NE REGD SER WI 7.12500000</title>
        <cusip>88167AAN1</cusip>
        <identifiers>
          <isin value="US88167AAN19"/>
        </identifiers>
        <balance>200000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>210000.00000000</valUSD>
        <pctVal>0.112749237522</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-01-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.12500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2020-10-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Pioneer Variable Contracts Trust /MA/</ncom:nameOfApplicant>
      <ncom:signature>Mark E. Bradley </ncom:signature>
      <ncom:signerName>Mark E. Bradley </ncom:signerName>
      <ncom:title>Treasurer and Chief Accounting and Financial Officer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
