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        <name>Enbridge, Inc.</name>
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        <name>ONEOK, Inc.</name>
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        <name>Eastman Chemical Co.</name>
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        <name>PacifiCorp</name>
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        <name>GATX Corp.</name>
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        <name>Biogen, Inc.</name>
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        <name>Duke Energy Carolinas LLC</name>
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        <name>Simon Property Group LP</name>
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          <maturityDt>2031-02-01</maturityDt>
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        <name>Accenture Capital, Inc.</name>
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        <name>Xilinx, Inc.</name>
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        <name>HSBC Holdings plc</name>
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        <invCountry>GB</invCountry>
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        <name>American Honda Finance Corp.</name>
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        <name>Medtronic Global Holdings SCA</name>
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        <name>AerCap Ireland Capital DAC</name>
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        <name>Equifax, Inc.</name>
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        <name>Realty Income Corp.</name>
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        <name>Thermo Fisher Scientific, Inc.</name>
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        <name>Novartis Capital Corp.</name>
        <lei>5493002KF87V5RSRQS84</lei>
        <title>Novartis Capital Corp.</title>
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        <name>Realty Income Corp.</name>
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        <name>AutoZone, Inc.</name>
        <lei>GA3JGKJ41LJKXDN23E90</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Bank of New York Mellon Corp. (The)</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Voya Financial, Inc.</name>
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        <name>Deutsche Bank AG</name>
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        <name>Canadian Imperial Bank of Commerce</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Pacific Gas and Electric Co.</name>
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        <name>Entergy Louisiana LLC</name>
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        <name>Centene Corp.</name>
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        <title>Centene Corp.</title>
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        <name>Marriott International, Inc.</name>
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        <name>T-Mobile USA, Inc.</name>
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        <name>Philip Morris International, Inc.</name>
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        <name>Eversource Energy</name>
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        <name>Sumitomo Mitsui Financial Group, Inc.</name>
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        <name>Safehold GL Holdings LLC</name>
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        <name>Oracle Corp.</name>
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        <name>Avnet, Inc.</name>
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      <invstOrSec>
        <name>HF Sinclair Corp.</name>
        <lei>2549009G116AM01XHN24</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Dollar Tree, Inc.</name>
        <lei>549300PMSTQITB1WHR43</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Xcel Energy, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-08-15</maturityDt>
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      <invstOrSec>
        <name>Citigroup, Inc.</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>Citigroup, Inc.</title>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-10-31</maturityDt>
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          <annualizedRt>6.00000000</annualizedRt>
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      <invstOrSec>
        <name>Florida Power &amp; Light Co.</name>
        <lei>A89MY1K3YLIGJMYWVX50</lei>
        <title>Florida Power &amp; Light Co.</title>
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          <isin value="US341081GU57"/>
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        <balance>4030000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-06-15</maturityDt>
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          <annualizedRt>5.30000000</annualizedRt>
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        <name>Zimmer Biomet Holdings, Inc.</name>
        <lei>2P2YLDVPES3BXQ1FRB91</lei>
        <title>Zimmer Biomet Holdings, Inc.</title>
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        <curCd>USD</curCd>
        <valUSD>514056.85000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-11-24</maturityDt>
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          <annualizedRt>2.60000000</annualizedRt>
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        <name>T-Mobile USA, Inc.</name>
        <lei>549300V2JRLO5DIFGE82</lei>
        <title>T-Mobile USA, Inc.</title>
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        <valUSD>14168490.85000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Eversource Energy</name>
        <lei>SJ7XXD41SQU3ZNWUJ746</lei>
        <title>Eversource Energy, Series R</title>
        <cusip>30040WAK4</cusip>
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          <isin value="US30040WAK45"/>
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        <balance>480000.00000000</balance>
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        <valUSD>405230.74000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-08-15</maturityDt>
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          <annualizedRt>1.65000000</annualizedRt>
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      <invstOrSec>
        <name>General Motors Co.</name>
        <lei>54930070NSV60J38I987</lei>
        <title>General Motors Co.</title>
        <cusip>37045VAZ3</cusip>
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        <balance>520000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-10-15</maturityDt>
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          <annualizedRt>5.60000000</annualizedRt>
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      <invstOrSec>
        <name>Truist Financial Corp.</name>
        <lei>549300DRQQI75D2JP341</lei>
        <title>Truist Financial Corp.</title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-06-05</maturityDt>
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          <annualizedRt>1.95000000</annualizedRt>
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        <name>AT&amp;T, Inc.</name>
        <lei>549300Z40J86GGSTL398</lei>
        <title>AT&amp;T, Inc.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-06-01</maturityDt>
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          <annualizedRt>2.75000000</annualizedRt>
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        <name>Philip Morris International, Inc.</name>
        <lei>HL3H1H2BGXWVG3BSWR90</lei>
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        <name>PPL Electric Utilities Corp.</name>
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        <title>PPL Electric Utilities Corp.</title>
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        <name>Suzano Austria GmbH</name>
        <lei>254900287ZNSGVP1R341</lei>
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        <invCountry>AT</invCountry>

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        <name>Boston Properties LP</name>
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        <name>National Grid plc</name>
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        <invCountry>GB</invCountry>
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        <name>BAT Capital Corp.</name>
        <lei>2138005GYEXN7XRHFA84</lei>
        <title>BAT Capital Corp.</title>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Costco Wholesale Corp.</name>
        <lei>29DX7H14B9S6O3FD6V18</lei>
        <title>Costco Wholesale Corp.</title>
        <cusip>22160KAP0</cusip>
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        <name>Warnermedia Holdings, Inc.</name>
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        <name>Baidu, Inc.</name>
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        <name>Merck &amp; Co., Inc.</name>
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        <name>Florida Power &amp; Light Co.</name>
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        <name>Texas Instruments, Inc.</name>
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        <name>Deutsche Bank AG</name>
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        <name>Rio Tinto Finance USA plc</name>
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        <name>International Business Machines Corp.</name>
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        <name>Bio-Rad Laboratories, Inc.</name>
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        <name>Apple, Inc.</name>
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        <name>Union Pacific Corp.</name>
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        <name>Yamana Gold, Inc.</name>
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        <name>Ford Motor Credit Co. LLC</name>
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        <name>Pilgrim's Pride Corp.</name>
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        <name>Healthcare Realty Holdings LP</name>
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        <name>Philip Morris International, Inc.</name>
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        <name>Sonoco Products Co.</name>
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        <name>Bank of Nova Scotia (The)</name>
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        <name>TransCanada PipeLines Ltd.</name>
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        <name>Pioneer Natural Resources Co.</name>
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        <name>Mizuho Financial Group, Inc.</name>
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        <invCountry>JP</invCountry>
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        <name>Flowserve Corp.</name>
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        <name>ING Groep NV</name>
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        <name>General Motors Financial Co., Inc.</name>
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        <name>CNO Financial Group, Inc.</name>
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        <name>TELUS Corp.</name>
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        <name>Blue Owl Finance LLC</name>
        <lei>254900OF2NO2GYFV5T41</lei>
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        <name>RTX Corp.</name>
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        <name>Charles Schwab Corp. (The)</name>
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        <name>BAT Capital Corp.</name>
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        <name>America Movil SAB de CV</name>
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      <invstOrSec>
        <name>Capital One Financial Corp.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Ares Capital Corp.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Apple, Inc.</name>
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        <name>Paramount Global</name>
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        <title>Paramount Global</title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-01-15</maturityDt>
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          <annualizedRt>4.95000000</annualizedRt>
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        <name>Willis North America, Inc.</name>
        <lei>5493004KVU1HWZCP0C66</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-05-15</maturityDt>
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        <name>Pilgrim's Pride Corp.</name>
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        <title>Pilgrim's Pride Corp.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.25000000</annualizedRt>
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        <name>Newmont Corp.</name>
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        <title>Newmont Corp.</title>
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          <isin value="US651639AY25"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-10-01</maturityDt>
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          <annualizedRt>2.25000000</annualizedRt>
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        <name>Paramount Global</name>
        <lei>5KYC8KF17ROCY24M3H09</lei>
        <title>Paramount Global</title>
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          <isin value="US925524AV24"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-05-15</maturityDt>
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          <annualizedRt>5.50000000</annualizedRt>
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        <name>Ford Motor Co.</name>
        <lei>20S05OYHG0MQM4VUIC57</lei>
        <title>Ford Motor Co.</title>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-08-19</maturityDt>
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          <annualizedRt>6.10000000</annualizedRt>
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        <name>MetLife, Inc.</name>
        <lei>C4BXATY60WC6XEOZDX54</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-03-23</maturityDt>
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        <name>Targa Resources Partners LP</name>
        <lei>N/A</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-01-15</maturityDt>
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        <name>RELX Capital, Inc.</name>
        <lei>2R15C3RTKJN1RCBOV146</lei>
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        <name>Pacific Gas and Electric Co.</name>
        <lei>1HNPXZSMMB7HMBMVBS46</lei>
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        <name>Bank of New York Mellon Corp. (The)</name>
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        <name>AerCap Ireland Capital DAC</name>
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        <title>AerCap Ireland Capital DAC</title>
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        <invCountry>IE</invCountry>
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        <name>Amgen, Inc.</name>
        <lei>62QBXGPJ34PQ72Z12S66</lei>
        <title>Amgen, Inc.</title>
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        <name>Citigroup, Inc.</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>Citigroup, Inc.</title>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-11-17</maturityDt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>NVIDIA Corp.</name>
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      <invstOrSec>
        <name>NXP BV</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Regal Rexnord Corp.</name>
        <lei>QH78R09VCJGQKPBPYU33</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Masco Corp.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Alexandria Real Estate Equities, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-02-01</maturityDt>
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        <name>Boeing Co. (The)</name>
        <lei>RVHJWBXLJ1RFUBSY1F30</lei>
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        <name>Johnson &amp; Johnson</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.30000000</annualizedRt>
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      <invstOrSec>
        <name>Viatris, Inc.</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-06-22</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.70000000</annualizedRt>
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        <name>Allstate Corp. (The)</name>
        <lei>OBT0W1ED8G0NWVOLOJ77</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.45000000</annualizedRt>
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      <invstOrSec>
        <name>Halliburton Co.</name>
        <lei>ENYF8GB5SMQZ25S06U51</lei>
        <title>Halliburton Co.</title>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.92000000</annualizedRt>
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        <name>Fifth Third Bancorp</name>
        <lei>THRNG6BD57P9QWTQLG42</lei>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-07-28</maturityDt>
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        <name>Allegion US Holding Co., Inc.</name>
        <lei>5493002B66JX7J7SXI33</lei>
        <title>Allegion US Holding Co., Inc.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Lloyds Banking Group plc</name>
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        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>S&amp;P Global, Inc.</name>
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        <name>US Bancorp</name>
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        <name>Republic Services, Inc.</name>
        <lei>NKNQHM6BLECKVOQP7O46</lei>
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        <name>Aon Corp.</name>
        <lei>LTS3U8DGK38SETRUWX71</lei>
        <title>Aon Corp.</title>
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        <name>Philip Morris International, Inc.</name>
        <lei>HL3H1H2BGXWVG3BSWR90</lei>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-11-17</maturityDt>
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        <name>PNC Financial Services Group, Inc. (The)</name>
        <lei>CFGNEKW0P8842LEUIA51</lei>
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          <isin value="US693475BE43"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>NiSource, Inc.</name>
        <lei>549300D8GOWWH0SJB189</lei>
        <title>NiSource, Inc.</title>
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          <isin value="US65473PAL94"/>
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        <balance>2380000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.70000000</annualizedRt>
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      <invstOrSec>
        <name>Altria Group, Inc.</name>
        <lei>XSGZFLO9YTNO9VCQV219</lei>
        <title>Altria Group, Inc.</title>
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          <isin value="US02209SBL60"/>
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        <balance>12250000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-02-04</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.45000000</annualizedRt>
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      <invstOrSec>
        <name>Altria Group, Inc.</name>
        <lei>XSGZFLO9YTNO9VCQV219</lei>
        <title>Altria Group, Inc.</title>
        <cusip>02209SBR3</cusip>
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          <isin value="US02209SBR31"/>
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        <balance>4090000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4492991.79000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.87500000</annualizedRt>
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      <invstOrSec>
        <name>Kinder Morgan, Inc.</name>
        <lei>549300WR7IX8XE0TBO16</lei>
        <title>Kinder Morgan, Inc.</title>
        <cusip>494553AE0</cusip>
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          <isin value="US494553AE00"/>
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        <balance>2506000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2494251.37000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.40000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Rio Tinto Alcan, Inc.</name>
        <lei>2138007ZSQ7B17SKOX77</lei>
        <title>Rio Tinto Alcan, Inc.</title>
        <cusip>013716AQ8</cusip>
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          <isin value="US013716AQ81"/>
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        <balance>118000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>131905.69000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.25000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Global Payments, Inc.</name>
        <lei>549300NOMHGVQBX6S778</lei>
        <title>Global Payments, Inc.</title>
        <cusip>37940XAQ5</cusip>
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          <isin value="US37940XAQ51"/>
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        <balance>860000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>866867.10000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.40000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>JPMorgan Chase &amp; Co.</name>
        <lei>8I5DZWZKVSZI1NUHU748</lei>
        <title>JPMorgan Chase &amp; Co.</title>
        <cusip>46647PBL9</cusip>
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          <isin value="US46647PBL94"/>
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        <balance>1610000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1440922.63000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-04-22</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>2.52200000</annualizedRt>
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      <invstOrSec>
        <name>Charter Communications Operating LLC</name>
        <lei>N/A</lei>
        <title>Charter Communications Operating LLC</title>
        <cusip>161175CP7</cusip>
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          <isin value="US161175CP73"/>
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        <balance>5870000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>6070167.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.65000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Takeda Pharmaceutical Co. Ltd.</name>
        <lei>549300ZLMVP4X0OGR454</lei>
        <title>Takeda Pharmaceutical Co. Ltd.</title>
        <cusip>874060AX4</cusip>
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          <isin value="US874060AX48"/>
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        <balance>982000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>863630.80000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-03-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.05000000</annualizedRt>
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      <invstOrSec>
        <name>Johnson &amp; Johnson</name>
        <lei>549300G0CFPGEF6X2043</lei>
        <title>Johnson &amp; Johnson</title>
        <cusip>478160CV4</cusip>
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        <balance>390000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>398302.98000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.90000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Targa Resources Partners LP</name>
        <lei>N/A</lei>
        <title>Targa Resources Partners LP</title>
        <cusip>87612BBS0</cusip>
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          <isin value="US87612BBS07"/>
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        <balance>19240000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>18794286.16000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.87500000</annualizedRt>
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        <name>Alexandria Real Estate Equities, Inc.</name>
        <lei>MGCJBT4MKTQBVLNUIS88</lei>
        <title>Alexandria Real Estate Equities, Inc.</title>
        <cusip>015271AW9</cusip>
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        <balance>550000.00000000</balance>
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        <invCountry>US</invCountry>
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          <annualizedRt>2.00000000</annualizedRt>
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        <name>Marriott International, Inc.</name>
        <lei>225YDZ14ZO8E1TXUSU86</lei>
        <title>Marriott International, Inc., Series HH</title>
        <cusip>571903BG7</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>South Bow USA Infrastructure Holdings LLC</name>
        <lei>254900Z1WAY7QFQ7O850</lei>
        <title>South Bow USA Infrastructure Holdings LLC</title>
        <cusip>83007CAE2</cusip>
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        <balance>4080000.00000000</balance>
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        <name>MPLX LP</name>
        <lei>5493000CZJ19CK4P3G36</lei>
        <title>MPLX LP</title>
        <cusip>55336VBQ2</cusip>
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        <balance>260000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.65000000</annualizedRt>
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      <invstOrSec>
        <name>Morgan Stanley</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>Morgan Stanley</title>
        <cusip>6174468X0</cusip>
        <identifiers>
          <isin value="US6174468X01"/>
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        <balance>4780000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4023232.79000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-04-28</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>1.92800000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Comcast Corp.</name>
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        <name>Royal Bank of Canada</name>
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          <annualizedRt>2.30000000</annualizedRt>
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        <name>Jacobs Engineering Group, Inc.</name>
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        <name>Norfolk Southern Corp.</name>
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        <name>Becton Dickinson &amp; Co.</name>
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        <name>Boardwalk Pipelines LP</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-09-01</maturityDt>
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        <name>Mizuho Financial Group, Inc.</name>
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        <invCountry>JP</invCountry>
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        <name>Banco Santander SA</name>
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        <invCountry>ES</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-11-22</maturityDt>
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        <name>Orange SA</name>
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        <name>Fairfax Financial Holdings Ltd.</name>
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        <name>Newmont Corp.</name>
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        <name>Whirlpool Corp.</name>
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        <name>Entergy Louisiana LLC</name>
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        <name>HSBC Holdings plc</name>
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        <invCountry>GB</invCountry>
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        <name>Toyota Motor Credit Corp.</name>
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        <name>Archer-Daniels-Midland Co.</name>
        <lei>549300LO13MQ9HYSTR83</lei>
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        <name>BHP Billiton Finance USA Ltd.</name>
        <lei>5493003NUVITP3TMY274</lei>
        <title>BHP Billiton Finance USA Ltd.</title>
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        <invCountry>AU</invCountry>
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      <invstOrSec>
        <name>JPMorgan Chase &amp; Co.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Estee Lauder Cos., Inc. (The)</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-03-15</maturityDt>
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      <invstOrSec>
        <name>ONE Gas, Inc.</name>
        <lei>549300HXDWI0LATTX840</lei>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>4.25000000</annualizedRt>
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      <invstOrSec>
        <name>Capital One Financial Corp.</name>
        <lei>ZUE8T73ROZOF6FLBAR73</lei>
        <title>Capital One Financial Corp.</title>
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        <balance>830000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-07-26</maturityDt>
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          <annualizedRt>5.24700000</annualizedRt>
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      <invstOrSec>
        <name>GATX Corp.</name>
        <lei>549300IHYHCQP2PIR591</lei>
        <title>GATX Corp.</title>
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          <isin value="US361448BM41"/>
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        <balance>4127000.00000000</balance>
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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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          <maturityDt>2034-03-15</maturityDt>
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          <annualizedRt>6.05000000</annualizedRt>
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      <invstOrSec>
        <name>RTX Corp.</name>
        <lei>I07WOS4YJ0N7YRFE7309</lei>
        <title>RTX Corp.</title>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.37500000</annualizedRt>
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      <invstOrSec>
        <name>Florida Power &amp; Light Co.</name>
        <lei>A89MY1K3YLIGJMYWVX50</lei>
        <title>Florida Power &amp; Light Co.</title>
        <cusip>341081GL5</cusip>
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          <isin value="US341081GL58"/>
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        <balance>700000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>705205.20000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.10000000</annualizedRt>
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      <invstOrSec>
        <name>Roper Technologies, Inc.</name>
        <lei>54930003T4SXCIWVXY35</lei>
        <title>Roper Technologies, Inc.</title>
        <cusip>776743AL0</cusip>
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          <isin value="US776743AL02"/>
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        <balance>60000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>50397.17000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.75000000</annualizedRt>
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      <invstOrSec>
        <name>Dentsply Sirona, Inc.</name>
        <lei>9NHEHR1SOZCYXDO8HO28</lei>
        <title>Dentsply Sirona, Inc.</title>
        <cusip>24906PAA7</cusip>
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          <isin value="US24906PAA75"/>
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        <balance>4520000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4048702.76000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.25000000</annualizedRt>
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        <name>ArcelorMittal SA</name>
        <lei>2EULGUTUI56JI9SAL165</lei>
        <title>ArcelorMittal SA</title>
        <cusip>03938LBF0</cusip>
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          <isin value="US03938LBF04"/>
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        <balance>2490000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2671659.44000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-11-29</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.80000000</annualizedRt>
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        <name>Dominion Energy, Inc.</name>
        <lei>ILUL7B6Z54MRYCF6H308</lei>
        <title>Dominion Energy, Inc., Series C</title>
        <cusip>25746UDG1</cusip>
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        <balance>8000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.37500000</annualizedRt>
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      <invstOrSec>
        <name>Intel Corp.</name>
        <lei>KNX4USFCNGPY45LOCE31</lei>
        <title>Intel Corp.</title>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-03-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.90000000</annualizedRt>
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      <invstOrSec>
        <name>Aon Corp.</name>
        <lei>N/A</lei>
        <title>Aon Corp.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-02-28</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.35000000</annualizedRt>
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      <invstOrSec>
        <name>Comcast Corp.</name>
        <lei>51M0QTTNCGUN7KFCFZ59</lei>
        <title>Comcast Corp.</title>
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        <balance>2430000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.20000000</annualizedRt>
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      <invstOrSec>
        <name>BAT Capital Corp.</name>
        <lei>2138005GYEXN7XRHFA84</lei>
        <title>BAT Capital Corp.</title>
        <cusip>05526DBZ7</cusip>
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          <isin value="US05526DBZ78"/>
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        <balance>8241000.00000000</balance>
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        <valUSD>8521778.29000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-02-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
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      <invstOrSec>
        <name>Goldman Sachs Group, Inc. (The)</name>
        <lei>784F5XWPLTWKTBV3E584</lei>
        <title>Goldman Sachs Group, Inc. (The)</title>
        <cusip>38141GXR0</cusip>
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          <isin value="US38141GXR00"/>
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        <balance>340000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>287753.46000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-01-27</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>1.99200000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Truist Financial Corp.</name>
        <lei>549300DRQQI75D2JP341</lei>
        <title>Truist Financial Corp.</title>
        <cusip>89788NAA8</cusip>
        <identifiers>
          <isin value="US89788NAA81"/>
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        <balance>540000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>511999.60000000</valUSD>
        <pctVal>0.033461077602</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-07-28</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.91600000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Energy Transfer LP</name>
        <lei>MTLVN9N7JE8MIBIJ1H73</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>GLP Capital LP</name>
        <lei>N/A</lei>
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          <isin value="US361841AQ25"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Exxon Mobil Corp.</name>
        <lei>J3WHBG0MTS7O8ZVMDC91</lei>
        <title>Exxon Mobil Corp.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Ryder System, Inc.</name>
        <lei>ZXJ6Y2OSPZXIVGRILD15</lei>
        <title>Ryder System, Inc.</title>
        <cusip>78355HKY4</cusip>
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          <isin value="US78355HKY44"/>
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        <balance>8290000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.60000000</annualizedRt>
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      <invstOrSec>
        <name>Pfizer Investment Enterprises Pte. Ltd.</name>
        <lei>5493000FQO8XF9C0RT95</lei>
        <title>Pfizer Investment Enterprises Pte. Ltd.</title>
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          <isin value="US716973AE24"/>
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        <curCd>USD</curCd>
        <valUSD>3437837.41000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SG</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-05-19</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>Johnson &amp; Johnson</name>
        <lei>549300G0CFPGEF6X2043</lei>
        <title>Johnson &amp; Johnson</title>
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          <isin value="US478160BJ28"/>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-12-05</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.37500000</annualizedRt>
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      <invstOrSec>
        <name>NVIDIA Corp.</name>
        <lei>549300S4KLFTLO7GSQ80</lei>
        <title>NVIDIA Corp.</title>
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          <isin value="US67066GAF19"/>
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        <balance>151000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.85000000</annualizedRt>
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      <invstOrSec>
        <name>General Motors Financial Co., Inc.</name>
        <lei>5493008B6JBRUJ90QL97</lei>
        <title>General Motors Financial Co., Inc.</title>
        <cusip>37045XEP7</cusip>
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          <isin value="US37045XEP78"/>
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        <balance>5380000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5392410.05000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-01-07</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.10000000</annualizedRt>
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      <invstOrSec>
        <name>Kyndryl Holdings, Inc.</name>
        <lei>549300LQ4LWX2R8ZV130</lei>
        <title>Kyndryl Holdings, Inc.</title>
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          <isin value="US50155QAN07"/>
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        <balance>11772000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-02-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.35000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Analog Devices, Inc.</name>
        <lei>GYVOE5EZ4GDAVTU4CQ61</lei>
        <title>Analog Devices, Inc.</title>
        <cusip>032654AV7</cusip>
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          <isin value="US032654AV70"/>
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        <balance>163000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>139572.83000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.10000000</annualizedRt>
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      <invstOrSec>
        <name>Pacific Gas and Electric Co.</name>
        <lei>1HNPXZSMMB7HMBMVBS46</lei>
        <title>Pacific Gas and Electric Co.</title>
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          <isin value="US694308JM04"/>
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        <balance>640000.00000000</balance>
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        <valUSD>618459.52000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.55000000</annualizedRt>
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      <invstOrSec>
        <name>Alleghany Corp.</name>
        <lei>549300DCJE6AYX159479</lei>
        <title>Alleghany Corp.</title>
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          <isin value="US017175AE07"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>Royal Bank of Canada</name>
        <lei>ES7IP3U3RHIGC71XBU11</lei>
        <title>Royal Bank of Canada</title>
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        <balance>5600000.00000000</balance>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-02-01</maturityDt>
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        <name>Intercontinental Exchange, Inc.</name>
        <lei>5493000F4ZO33MV32P92</lei>
        <title>Intercontinental Exchange, Inc.</title>
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        <invCountry>US</invCountry>
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        <name>Magna International, Inc.</name>
        <lei>95RWVLFZX6VGDZNNTN43</lei>
        <title>Magna International, Inc.</title>
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        <invCountry>CA</invCountry>
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      <invstOrSec>
        <name>Entergy Corp.</name>
        <lei>4XM3TW50JULSLG8BNC79</lei>
        <title>Entergy Corp.</title>
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        <invCountry>US</invCountry>
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        <name>Banco Santander SA</name>
        <lei>5493006QMFDDMYWIAM13</lei>
        <title>Banco Santander SA</title>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>T-Mobile USA, Inc.</name>
        <lei>549300V2JRLO5DIFGE82</lei>
        <title>T-Mobile USA, Inc.</title>
        <cusip>87264ACY9</cusip>
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        <balance>1880000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1860558.73000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>Athene Holding Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-01-15</maturityDt>
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      <invstOrSec>
        <name>Flex Ltd.</name>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SG</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-01-15</maturityDt>
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          <annualizedRt>5.25000000</annualizedRt>
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      <invstOrSec>
        <name>LKQ Corp.</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.25000000</annualizedRt>
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      <invstOrSec>
        <name>Textron, Inc.</name>
        <lei>3PPKBHUG1HD6BO7RNR87</lei>
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          <isin value="US883203CD15"/>
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        <balance>3940000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4125387.24000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.10000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>PulteGroup, Inc.</name>
        <lei>N/A</lei>
        <title>PulteGroup, Inc.</title>
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          <isin value="US745867AM30"/>
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        <balance>90000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>102886.25000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.87500000</annualizedRt>
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      <invstOrSec>
        <name>Western Digital Corp.</name>
        <lei>549300QQXOOYEF89IC56</lei>
        <title>Western Digital Corp.</title>
        <cusip>958102AR6</cusip>
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          <isin value="US958102AR62"/>
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        <balance>3530000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2959304.90000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.10000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>GE HealthCare Technologies, Inc.</name>
        <lei>549300OI9J7XOWZMUN85</lei>
        <title>GE HealthCare Technologies, Inc.</title>
        <cusip>36267VAK9</cusip>
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          <isin value="US36267VAK98"/>
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        <balance>2100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2206430.94000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-11-22</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.90500000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>GLP Capital LP</name>
        <lei>N/A</lei>
        <title>GLP Capital LP</title>
        <cusip>361841AR0</cusip>
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          <isin value="US361841AR08"/>
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        <balance>350000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>303103.50000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.25000000</annualizedRt>
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      <invstOrSec>
        <name>Rogers Communications, Inc.</name>
        <lei>5493000M6Z4XFIP6PF03</lei>
        <title>Rogers Communications, Inc.</title>
        <cusip>775109DF5</cusip>
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          <isin value="US775109DF56"/>
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        <balance>4200000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4108531.56000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.30000000</annualizedRt>
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      <invstOrSec>
        <name>M&amp;T Bank Corp.</name>
        <lei>549300WYXDDBYRASEG81</lei>
        <title>M&amp;T Bank Corp.</title>
        <cusip>55261FAR5</cusip>
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        <balance>4400000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4229069.68000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-01-27</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.05300000</annualizedRt>
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        <name>Southern California Gas Co.</name>
        <lei>XY0N0J73VHV5F4CUJV89</lei>
        <title>Southern California Gas Co.</title>
        <cusip>842434CZ3</cusip>
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        <balance>8700000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>8657071.59000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.20000000</annualizedRt>
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        <name>LYB International Finance III LLC</name>
        <lei>984500A51LA0B8EB4053</lei>
        <title>LYB International Finance III LLC</title>
        <cusip>50249AAL7</cusip>
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          <isin value="US50249AAL70"/>
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        <balance>850000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>861366.20000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.62500000</annualizedRt>
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      <invstOrSec>
        <name>US Bancorp</name>
        <lei>N1GZ7BBF3NP8GI976H15</lei>
        <title>US Bancorp</title>
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        <balance>3820000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-07-22</maturityDt>
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        <name>AT&amp;T, Inc.</name>
        <lei>549300Z40J86GGSTL398</lei>
        <title>AT&amp;T, Inc.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-12-01</maturityDt>
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          <annualizedRt>2.55000000</annualizedRt>
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        <name>JPMorgan Chase &amp; Co.</name>
        <lei>8I5DZWZKVSZI1NUHU748</lei>
        <title>JPMorgan Chase &amp; Co.</title>
        <cusip>46647PCR5</cusip>
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        <balance>700000.00000000</balance>
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        <valUSD>604457.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-11-08</maturityDt>
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          <annualizedRt>2.54500000</annualizedRt>
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      <invstOrSec>
        <name>Boston Properties LP</name>
        <lei>BVHHEFJI6SHNOKQT2572</lei>
        <title>Boston Properties LP</title>
        <cusip>10112RBE3</cusip>
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          <isin value="US10112RBE36"/>
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        <balance>2370000.00000000</balance>
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        <valUSD>1944724.83000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.55000000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Citigroup, Inc.</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>Citigroup, Inc.</title>
        <cusip>172967NU1</cusip>
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          <isin value="US172967NU15"/>
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        <balance>5560000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5438792.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-05-24</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.91000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Nomura Holdings, Inc.</name>
        <lei>549300B3CEAHYG7K8164</lei>
        <title>Nomura Holdings, Inc.</title>
        <cusip>65535HBA6</cusip>
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        <name>Time Warner Cable Enterprises LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>AEP Texas, Inc.</name>
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        <name>Duke Energy Indiana LLC</name>
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        <name>Booking Holdings, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>International Business Machines Corp.</name>
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        <name>Barclays plc</name>
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        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Apollo Debt Solutions BDC</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-07-29</maturityDt>
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        <name>TotalEnergies Capital SA</name>
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        <invCountry>FR</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>T-Mobile USA, Inc.</name>
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        <name>BP Capital Markets America, Inc.</name>
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        <name>HCA, Inc.</name>
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        <name>UnitedHealth Group, Inc.</name>
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        <name>Jackson Financial, Inc.</name>
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        <name>BAT Capital Corp.</name>
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        <name>Bank of America Corp.</name>
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        <name>Nomura Holdings, Inc.</name>
        <lei>549300B3CEAHYG7K8164</lei>
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        <name>BlackRock Funding, Inc.</name>
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        <name>Global Payments, Inc.</name>
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      <invstOrSec>
        <name>Verizon Communications, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Verizon Communications, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>JP MORGAN PRIME VAR 12/50</name>
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        <fairValLevel>1</fairValLevel>
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        <name>General Motors Financial Co., Inc.</name>
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        <name>Capital One Financial Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Bank of America Corp.</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-02-04</maturityDt>
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        <name>Bank of America Corp.</name>
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        <title>Bank of America Corp.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Celanese US Holdings LLC</name>
        <lei>CD30XVRLT4QO00B1C706</lei>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-07-15</maturityDt>
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        <name>BHP Billiton Finance USA Ltd.</name>
        <lei>5493003NUVITP3TMY274</lei>
        <title>BHP Billiton Finance USA Ltd.</title>
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        <invCountry>AU</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Wells Fargo &amp; Co.</name>
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        <title>Wells Fargo &amp; Co.</title>
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        <invCountry>US</invCountry>
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          <maturityDt>2031-02-11</maturityDt>
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        <name>Alibaba Group Holding Ltd.</name>
        <lei>5493001NTNQJDH60PM02</lei>
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        <invCountry>KY</invCountry>

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        <name>Tractor Supply Co.</name>
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        <title>Tractor Supply Co.</title>
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        <name>BP Capital Markets America, Inc.</name>
        <lei>5493009NTB34VXE1T760</lei>
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        <name>CVS Health Corp.</name>
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        <title>CVS Health Corp.</title>
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        <invCountry>US</invCountry>
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        <name>State Street Corp.</name>
        <lei>549300ZFEEJ2IP5VME73</lei>
        <title>State Street Corp.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-02-07</maturityDt>
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        <name>Kinross Gold Corp.</name>
        <lei>549300UEBMAQDN0K0R06</lei>
        <title>Kinross Gold Corp.</title>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-07-15</maturityDt>
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        <name>JPMorgan Chase &amp; Co.</name>
        <lei>8I5DZWZKVSZI1NUHU748</lei>
        <title>JPMorgan Chase &amp; Co.</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Jefferies Financial Group, Inc.</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>HSBC Holdings plc</name>
        <lei>MLU0ZO3ML4LN2LL2TL39</lei>
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        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-05-22</maturityDt>
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          <annualizedRt>3.97300000</annualizedRt>
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      <invstOrSec>
        <name>Charter Communications Operating LLC</name>
        <lei>N/A</lei>
        <title>Charter Communications Operating LLC</title>
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          <isin value="US161175BU77"/>
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        <balance>4250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3674720.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.80000000</annualizedRt>
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      <invstOrSec>
        <name>Micron Technology, Inc.</name>
        <lei>B3DXGBC8GAIYWI2Z0172</lei>
        <title>Micron Technology, Inc.</title>
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        <curCd>USD</curCd>
        <valUSD>471539.98000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-02-09</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.87500000</annualizedRt>
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      <invstOrSec>
        <name>Pilgrim's Pride Corp.</name>
        <lei>549300ZSLGV64ZL3HD75</lei>
        <title>Pilgrim's Pride Corp.</title>
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          <isin value="US72147KAL26"/>
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        <balance>3790000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4085392.60000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.87500000</annualizedRt>
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      <invstOrSec>
        <name>Verizon Communications, Inc.</name>
        <lei>2S72QS2UO2OESLG6Y829</lei>
        <title>Verizon Communications, Inc.</title>
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        <balance>170000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>144291.63000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-10-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.68000000</annualizedRt>
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      <invstOrSec>
        <name>Anheuser-Busch InBev Worldwide, Inc.</name>
        <lei>549300CRGMZK3K53BF92</lei>
        <title>Anheuser-Busch InBev Worldwide, Inc.</title>
        <cusip>035240AV2</cusip>
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        <curCd>USD</curCd>
        <valUSD>1947893.89000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
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      <invstOrSec>
        <name>Aptiv Swiss Holdings Ltd.</name>
        <lei>N/A</lei>
        <title>Aptiv Swiss Holdings Ltd.</title>
        <cusip>00217GAB9</cusip>
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          <isin value="US00217GAB95"/>
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        <balance>1978000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1712943.45000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.25000000</annualizedRt>
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      <invstOrSec>
        <name>American Assets Trust LP</name>
        <lei>549300V1TI0SMG9Z6U69</lei>
        <title>American Assets Trust LP</title>
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          <isin value="US02401LAA26"/>
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        <balance>120000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.37500000</annualizedRt>
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      <invstOrSec>
        <name>HSBC Holdings plc</name>
        <lei>MLU0ZO3ML4LN2LL2TL39</lei>
        <title>HSBC Holdings plc</title>
        <cusip>404280EC9</cusip>
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          <isin value="US404280EC98"/>
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        <balance>200000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>218458.94000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-11-13</maturityDt>
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          <annualizedRt>7.39900000</annualizedRt>
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      <invstOrSec>
        <name>Lowe's Cos., Inc.</name>
        <lei>WAFCR4OKGSC504WU3E95</lei>
        <title>Lowe's Cos., Inc.</title>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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      <invstOrSec>
        <name>Aon North America, Inc.</name>
        <lei>N/A</lei>
        <title>Aon North America, Inc.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>Highwoods Realty LP</name>
        <lei>JUJNVZX73BIYHLR58F51</lei>
        <title>Highwoods Realty LP</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-02-01</maturityDt>
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        <name>General Motors Financial Co., Inc.</name>
        <lei>5493008B6JBRUJ90QL97</lei>
        <title>General Motors Financial Co., Inc.</title>
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        <name>Progressive Corp. (The)</name>
        <lei>529900TACNVLY9DCR586</lei>
        <title>Progressive Corp. (The)</title>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>Discover Financial Services</name>
        <lei>Z1YLO2USPORE63VVUL20</lei>
        <title>Discover Financial Services</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>6.70000000</annualizedRt>
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        <name>Sprint Capital Corp.</name>
        <lei>549300L17W0GQBR1PO80</lei>
        <title>Sprint Capital Corp.</title>
        <cusip>852060AT9</cusip>
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        <balance>720000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.75000000</annualizedRt>
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      <invstOrSec>
        <name>Berkshire Hathaway Energy Co.</name>
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        <name>QUALCOMM, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Cigna Group (The)</name>
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        <fairValLevel>2</fairValLevel>
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        <name>TD SYNNEX Corp.</name>
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        <name>Banco Santander SA</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Amgen, Inc.</name>
        <lei>62QBXGPJ34PQ72Z12S66</lei>
        <title>Amgen, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Republic Services, Inc.</name>
        <lei>NKNQHM6BLECKVOQP7O46</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Morgan Stanley</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>Morgan Stanley</title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-04-01</maturityDt>
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        <name>MS GOVT US LEX</name>
        <lei>6N8SC06AK49F0N7KIX52</lei>
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        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>BP Capital Markets America, Inc.</name>
        <lei>5493009NTB34VXE1T760</lei>
        <title>BP Capital Markets America, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Cisco Systems, Inc.</name>
        <lei>549300LKFJ962MZ46593</lei>
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        <name>Chubb INA Holdings LLC</name>
        <lei>CZCBJZWDMLTHWJDXU843</lei>
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        <name>Kyndryl Holdings, Inc.</name>
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        <name>Johnson &amp; Johnson</name>
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        <name>Southern California Gas Co.</name>
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        <name>Citizens Financial Group, Inc.</name>
        <lei>2138004JDDA4ZQUPFW65</lei>
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        <name>Ally Financial, Inc.</name>
        <lei>549300JBN1OSM8YNAI90</lei>
        <title>Ally Financial, Inc.</title>
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        <invCountry>US</invCountry>
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        <name>Procter &amp; Gamble Co. (The)</name>
        <lei>2572IBTT8CCZW6AU4141</lei>
        <title>Procter &amp; Gamble Co. (The)</title>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Merck &amp; Co., Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Clorox Co. (The)</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Southern Co. (The)</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-10-15</maturityDt>
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        <name>Ally Financial, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-11-01</maturityDt>
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        <name>Kilroy Realty LP</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-11-15</maturityDt>
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      <invstOrSec>
        <name>Alibaba Group Holding Ltd.</name>
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        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-02-09</maturityDt>
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        <name>Pilgrim's Pride Corp.</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-03-01</maturityDt>
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          <annualizedRt>3.50000000</annualizedRt>
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        <name>HCA, Inc.</name>
        <lei>L3CJ6J7LJ2DX62FTXD46</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-09-01</maturityDt>
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          <annualizedRt>3.50000000</annualizedRt>
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        <name>LPL Holdings, Inc.</name>
        <lei>549300Z5YF8CCRMYUL26</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-05-20</maturityDt>
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        <name>Apple, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>3.35000000</annualizedRt>
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        <name>Targa Resources Partners LP</name>
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        <name>Fortinet, Inc.</name>
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        <invCountry>US</invCountry>
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          <maturityDt>2031-03-15</maturityDt>
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        <name>Bank of America Corp.</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
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        <name>Wells Fargo &amp; Co.</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-07-25</maturityDt>
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        <name>Boeing Co. (The)</name>
        <lei>RVHJWBXLJ1RFUBSY1F30</lei>
        <title>Boeing Co. (The)</title>
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        <name>Broadcom, Inc.</name>
        <lei>549300WV6GIDOZJTV909</lei>
        <title>Broadcom, Inc.</title>
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          <maturityDt>2032-11-15</maturityDt>
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        <name>Santander Holdings USA, Inc.</name>
        <lei>549300SMVCQN2P0O6I58</lei>
        <title>Santander Holdings USA, Inc.</title>
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        <balance>4100000.00000000</balance>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Apple, Inc.</name>
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        <name>Virginia Electric and Power Co.</name>
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        <name>Air Lease Corp.</name>
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        <name>Comcast Corp.</name>
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        <name>Edison International</name>
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        <name>Discovery Communications LLC</name>
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        <name>Essex Portfolio LP</name>
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        <name>Alabama Power Co.</name>
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        <name>Baxter International, Inc.</name>
        <lei>J5OIVXX3P24RJRW5CK77</lei>
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        <name>DTE Electric Co.</name>
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        <name>Berry Global, Inc.</name>
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        <name>Simon Property Group LP</name>
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        <name>DREYFUS TREASURY &amp; AGENCY LEX</name>
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        <name>Rio Tinto Alcan, Inc.</name>
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        <name>Charles Schwab Corp. (The)</name>
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        <name>Tencent Music Entertainment Group</name>
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        <invCountry>KY</invCountry>

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        <name>Banco Santander SA</name>
        <lei>5493006QMFDDMYWIAM13</lei>
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        <invCountry>ES</invCountry>
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        <name>Banco Santander SA</name>
        <lei>5493006QMFDDMYWIAM13</lei>
        <title>Banco Santander SA</title>
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        <assetCat>DBT</assetCat>
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        <invCountry>ES</invCountry>
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        <name>Toyota Motor Credit Corp.</name>
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        <name>Morgan Stanley</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-07-20</maturityDt>
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        <name>Toronto-Dominion Bank (The)</name>
        <lei>PT3QB789TSUIDF371261</lei>
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        <name>T-Mobile USA, Inc.</name>
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        <name>Progress Energy, Inc.</name>
        <lei>549300FBMTW0JYWMNB26</lei>
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          <maturityDt>2031-10-30</maturityDt>
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        <name>Apple, Inc.</name>
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        <name>CF Industries, Inc.</name>
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        <name>INVESCO GOVT AND AGCY LEX</name>
        <lei>O37NHJVF7S22I1ONOU83</lei>
        <title>INVESCO GOVERNMENT &amp; AGENCY PORTFOLIO OPEN-END FUND USD</title>
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        <issuerCat>RF</issuerCat>
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        <name>Royal Bank of Canada</name>
        <lei>ES7IP3U3RHIGC71XBU11</lei>
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        <invCountry>CA</invCountry>
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        <name>Ecolab, Inc.</name>
        <lei>82DYEISM090VG8LTLS26</lei>
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          <maturityDt>2032-02-01</maturityDt>
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        <name>Hess Corp.</name>
        <lei>UASVRYNXNK17ULIGK870</lei>
        <title>Hess Corp.</title>
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        <name>QUALCOMM, Inc.</name>
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        <title>QUALCOMM, Inc.</title>
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        <name>Goldman Sachs Group, Inc. (The)</name>
        <lei>784F5XWPLTWKTBV3E584</lei>
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        <name>Nomura Holdings, Inc.</name>
        <lei>549300B3CEAHYG7K8164</lei>
        <title>Nomura Holdings, Inc.</title>
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        <invCountry>JP</invCountry>
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        <name>AutoZone, Inc.</name>
        <lei>GA3JGKJ41LJKXDN23E90</lei>
        <title>AutoZone, Inc.</title>
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        <invCountry>US</invCountry>
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        <name>Southwest Gas Corp.</name>
        <lei>OQQR1IQTGBKH0UR88X59</lei>
        <title>Southwest Gas Corp.</title>
        <cusip>845011AE5</cusip>
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      <invstOrSec>
        <name>Telefonica Europe BV</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>KeyCorp</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Ameren Illinois Co.</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-06-01</maturityDt>
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      <invstOrSec>
        <name>NXP BV</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-05-11</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Blackstone Private Credit Fund</name>
        <lei>549300ORP3TTCNXSYO43</lei>
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          <isin value="US09261HBQ92"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.25000000</annualizedRt>
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      <invstOrSec>
        <name>Western Union Co. (The)</name>
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          <isin value="US959802BA61"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.75000000</annualizedRt>
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      <invstOrSec>
        <name>Intel Corp.</name>
        <lei>KNX4USFCNGPY45LOCE31</lei>
        <title>Intel Corp.</title>
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          <isin value="US458140CA64"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-08-05</maturityDt>
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          <annualizedRt>4.15000000</annualizedRt>
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      <invstOrSec>
        <name>Lincoln National Corp.</name>
        <lei>EFQMQROEDSNBRIP7LE47</lei>
        <title>Lincoln National Corp.</title>
        <cusip>534187BK4</cusip>
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          <isin value="US534187BK40"/>
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        <balance>1168000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.40000000</annualizedRt>
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      <invstOrSec>
        <name>Unilever Capital Corp.</name>
        <lei>MYF1DAS6G5WY7PRWCU78</lei>
        <title>Unilever Capital Corp.</title>
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        <balance>4200000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4109539.98000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-08-12</maturityDt>
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          <annualizedRt>4.62500000</annualizedRt>
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      <invstOrSec>
        <name>Ford Motor Co.</name>
        <lei>20S05OYHG0MQM4VUIC57</lei>
        <title>Ford Motor Co.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CVS Health Corp.</name>
        <lei>549300EJG376EN5NQE29</lei>
        <title>CVS Health Corp.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>HSBC Holdings plc</name>
        <lei>MLU0ZO3ML4LN2LL2TL39</lei>
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        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Intel Corp.</name>
        <lei>KNX4USFCNGPY45LOCE31</lei>
        <title>Intel Corp.</title>
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      <invstOrSec>
        <name>Elevance Health, Inc.</name>
        <lei>8MYN82XMYQH89CTMTH67</lei>
        <title>Elevance Health, Inc.</title>
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        <name>Citigroup, Inc.</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>Citigroup, Inc.</title>
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        <name>TFDXX LEX BLACKROCK FED FUND</name>
        <lei>549300T8K043VZEOVK74</lei>
        <title>BLACKROCK LIQUIDITY FEDFUND OPEN-END FUND USD</title>
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        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Morgan Stanley</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>Morgan Stanley</title>
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        <balance>4690000.00000000</balance>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-02-13</maturityDt>
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        <name>Kinder Morgan Energy Partners LP</name>
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        <name>Texas Instruments, Inc.</name>
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        <name>General Motors Financial Co., Inc.</name>
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        <name>Bank of America Corp.</name>
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        <name>American International Group, Inc.</name>
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        <name>Centene Corp.</name>
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        <name>Expand Energy Corp.</name>
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        <name>RTX Corp.</name>
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        <name>Johnson &amp; Johnson</name>
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        <name>Smith &amp; Nephew plc</name>
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        <name>JPMorgan Chase &amp; Co.</name>
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        <name>Lowe's Cos., Inc.</name>
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        <name>Devon Energy Corp.</name>
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        <name>Boston Properties LP</name>
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        <name>Verisk Analytics, Inc.</name>
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      <invstOrSec>
        <name>American Express Co.</name>
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        <name>Fox Corp.</name>
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        <name>Dick's Sporting Goods, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Starbucks Corp.</name>
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        <name>Brookfield Capital Finance LLC</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-06-14</maturityDt>
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        <name>Westpac Banking Corp.</name>
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        <invCountry>AU</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Royalty Pharma plc</name>
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        <invCountry>GB</invCountry>

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        <name>JPMorgan Chase &amp; Co.</name>
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        <name>Arizona Public Service Co.</name>
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        <name>Air Lease Corp.</name>
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        <name>WRKCo., Inc.</name>
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        <name>Cheniere Energy Partners LP</name>
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        <name>Texas Instruments, Inc.</name>
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        <name>Bank of America Corp.</name>
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        <name>Citigroup, Inc.</name>
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        <name>Blackstone Reg Finance Co. LLC</name>
        <lei>254900S2G1V55FTA4590</lei>
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        <name>Citigroup, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>HSBC Holdings plc</name>
        <lei>MLU0ZO3ML4LN2LL2TL39</lei>
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        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BP Capital Markets America, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Intuit, Inc.</name>
        <lei>VI90HBPH7XSFMB9E4M29</lei>
        <title>Intuit, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-09-15</maturityDt>
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          <annualizedRt>5.20000000</annualizedRt>
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      <invstOrSec>
        <name>ONEOK, Inc.</name>
        <lei>2T3D6M0JSY48PSZI1Q41</lei>
        <title>ONEOK, Inc.</title>
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          <isin value="US682680BL63"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-09-01</maturityDt>
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          <annualizedRt>6.05000000</annualizedRt>
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      <invstOrSec>
        <name>Merck &amp; Co., Inc.</name>
        <lei>4YV9Y5M8S0BRK1RP0397</lei>
        <title>Merck &amp; Co., Inc.</title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-06-24</maturityDt>
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        <name>Juniper Networks, Inc.</name>
        <lei>AUHIXNGG7U2U7JEHM527</lei>
        <title>Juniper Networks, Inc.</title>
        <cusip>48203RAP9</cusip>
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          <isin value="US48203RAP91"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-12-10</maturityDt>
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          <annualizedRt>2.00000000</annualizedRt>
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      <invstOrSec>
        <name>CVS Health Corp.</name>
        <lei>549300EJG376EN5NQE29</lei>
        <title>CVS Health Corp.</title>
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          <isin value="US126650DN71"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-08-21</maturityDt>
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          <annualizedRt>1.75000000</annualizedRt>
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        <name>Estee Lauder Cos., Inc. (The)</name>
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        <title>Estee Lauder Cos., Inc. (The)</title>
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          <isin value="US29736RAT77"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-05-15</maturityDt>
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          <annualizedRt>4.65000000</annualizedRt>
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        <name>KeyBank NA</name>
        <lei>HUX2X73FUCYHUVH1BK78</lei>
        <title>KeyBank NA</title>
        <cusip>49327M3H5</cusip>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-01-26</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Home Depot, Inc. (The)</name>
        <lei>QEKMOTMBBKA8I816DO57</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-09-15</maturityDt>
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        <name>Northrop Grumman Corp.</name>
        <lei>RIMU48P07456QXSO0R61</lei>
        <title>Northrop Grumman Corp.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-03-15</maturityDt>
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        <name>Synovus Financial Corp.</name>
        <lei>549300EIUS8UN5JTLE54</lei>
        <title>Synovus Financial Corp.</title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-11-01</maturityDt>
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        <name>AT&amp;T, Inc.</name>
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        <title>AT&amp;T, Inc.</title>
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          <annualizedRt>2.25000000</annualizedRt>
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        <name>CVS Health Corp.</name>
        <lei>549300EJG376EN5NQE29</lei>
        <title>CVS Health Corp.</title>
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        <name>Amgen, Inc.</name>
        <lei>62QBXGPJ34PQ72Z12S66</lei>
        <title>Amgen, Inc.</title>
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        <name>Athene Holding Ltd.</name>
        <lei>549300H316CT32FQXI76</lei>
        <title>Athene Holding Ltd.</title>
        <cusip>04686JAF8</cusip>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-02-01</maturityDt>
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        <name>Sumitomo Mitsui Financial Group, Inc.</name>
        <lei>35380028MYWPB6AUO129</lei>
        <title>Sumitomo Mitsui Financial Group, Inc.</title>
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        <invCountry>JP</invCountry>
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      <invstOrSec>
        <name>KLA Corp.</name>
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        <title>KLA Corp.</title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-07-15</maturityDt>
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      <invstOrSec>
        <name>United Parcel Service, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>4.87500000</annualizedRt>
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      <invstOrSec>
        <name>ONEOK, Inc.</name>
        <lei>2T3D6M0JSY48PSZI1Q41</lei>
        <title>ONEOK, Inc.</title>
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          <isin value="US682680BE21"/>
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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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          <maturityDt>2031-01-15</maturityDt>
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          <annualizedRt>6.35000000</annualizedRt>
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        <name>Kellanova</name>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-06-01</maturityDt>
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          <annualizedRt>2.10000000</annualizedRt>
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      <invstOrSec>
        <name>Dollar General Corp.</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-07-05</maturityDt>
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        <name>Albemarle Corp.</name>
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        <title>Albemarle Corp.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-06-01</maturityDt>
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          <annualizedRt>5.05000000</annualizedRt>
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        <name>Northern Trust Corp.</name>
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        <title>Northern Trust Corp.</title>
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        <balance>950000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-05-01</maturityDt>
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          <annualizedRt>1.95000000</annualizedRt>
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        <name>LYB International Finance III LLC</name>
        <lei>984500A51LA0B8EB4053</lei>
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        <valUSD>4158693.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-03-01</maturityDt>
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          <annualizedRt>5.50000000</annualizedRt>
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        <name>VMware LLC</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-08-15</maturityDt>
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          <annualizedRt>2.20000000</annualizedRt>
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        <name>Cheniere Energy Partners LP</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-06-30</maturityDt>
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        <name>Nucor Corp.</name>
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        <name>Southern Co. (The)</name>
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        <name>BlackRock, Inc.</name>
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        <name>Barclays plc</name>
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        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Bank of America Corp.</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
        <title>Bank of America Corp.</title>
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        <name>Moody's Corp.</name>
        <lei>549300GCEDD8YCF5WU84</lei>
        <title>Moody's Corp.</title>
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        <name>Citigroup, Inc.</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>Citigroup, Inc.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-06-03</maturityDt>
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        <name>Verizon Communications, Inc.</name>
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        <name>T-Mobile USA, Inc.</name>
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        <name>STATE STREET INST US GOVT FUND</name>
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        <name>Oracle Corp.</name>
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        <name>Federal Realty OP LP</name>
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        <name>Charles Schwab Corp. (The)</name>
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        <name>NXP BV</name>
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        <name>Skyworks Solutions, Inc.</name>
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        <name>Bank of Nova Scotia (The)</name>
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        <name>Humana, Inc.</name>
        <lei>529900YLDW34GJAO4J06</lei>
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        <name>General Motors Financial Co., Inc.</name>
        <lei>5493008B6JBRUJ90QL97</lei>
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        <name>Baxter International, Inc.</name>
        <lei>J5OIVXX3P24RJRW5CK77</lei>
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        <name>AerCap Ireland Capital DAC</name>
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        <name>Applied Materials, Inc.</name>
        <lei>41BNNE1AFPNAZELZ6K07</lei>
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        <name>T-Mobile USA, Inc.</name>
        <lei>549300V2JRLO5DIFGE82</lei>
        <title>T-Mobile USA, Inc.</title>
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        <name>Celanese US Holdings LLC</name>
        <lei>CD30XVRLT4QO00B1C706</lei>
        <title>Celanese US Holdings LLC</title>
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        <name>Kimco Realty OP LLC</name>
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      <invstOrSec>
        <name>BP Capital Markets America, Inc.</name>
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        <name>Electronic Arts, Inc.</name>
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        <name>Barclays plc</name>
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        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Phillips 66</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-12-15</maturityDt>
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        <name>Omega Healthcare Investors, Inc.</name>
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        <title>Omega Healthcare Investors, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>FMC Corp.</name>
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        <title>FMC Corp.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Wells Fargo &amp; Co.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>BHP Billiton Finance USA Ltd.</name>
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        <invCountry>AU</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Waste Connections, Inc.</name>
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        <name>Philip Morris International, Inc.</name>
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        <name>National Rural Utilities Cooperative Finance Corp.</name>
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        <name>Targa Resources Corp.</name>
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        <name>Newmont Corp.</name>
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        <name>Broadcom, Inc.</name>
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        <name>Southern California Edison Co.</name>
        <lei>9R1Z5I36FERIBVKW4P77</lei>
        <title>Southern California Edison Co.</title>
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        <invCountry>US</invCountry>
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        <name>AutoZone, Inc.</name>
        <lei>GA3JGKJ41LJKXDN23E90</lei>
        <title>AutoZone, Inc.</title>
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        <name>Philip Morris International, Inc.</name>
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        <name>EQT Corp.</name>
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        <name>Mercedes-Benz Finance North America LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Sumitomo Mitsui Financial Group, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Public Service Enterprise Group, Inc.</name>
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        <name>Bank of New York Mellon Corp. (The)</name>
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        <name>Banco Bilbao Vizcaya Argentaria SA</name>
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    <signature>
      <ncom:dateSigned>2025-04-30</ncom:dateSigned>
      <ncom:nameOfApplicant>EQ Advisors Trust</ncom:nameOfApplicant>
      <ncom:signature>Brian Walsh</ncom:signature>
      <ncom:signerName>Brian Walsh</ncom:signerName>
      <ncom:title>Chief Financial Officer and Treasurer</ncom:title>
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  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
