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        <name>Plains All American Pipeline LP</name>
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        <name>Telefonica Emisiones SA</name>
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        <name>Pacific Gas and Electric Co.</name>
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        <name>International Paper Co.</name>
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          <maturityDt>2044-06-15</maturityDt>
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        <name>L3Harris Technologies, Inc.</name>
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        <name>Mylan, Inc.</name>
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        <name>Parker-Hannifin Corp.</name>
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        <name>Norfolk Southern Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Enbridge, Inc.</name>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Oracle Corp.</name>
        <lei>1Z4GXXU7ZHVWFCD8TV52</lei>
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        <name>Welltower OP LLC</name>
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        <name>Takeda Pharmaceutical Co. Ltd.</name>
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        <invCountry>JP</invCountry>
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        <name>Eastman Chemical Co.</name>
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        <name>JPMorgan Chase &amp; Co.</name>
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        <name>Merck &amp; Co., Inc.</name>
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        <name>Rady Children's Hospital-San Diego</name>
        <lei>549300FOKP65GNO33016</lei>
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        <name>Hasbro, Inc.</name>
        <lei>549300NUB6D2R1ITYR45</lei>
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      <invstOrSec>
        <name>eBay, Inc.</name>
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        <name>ONEOK, Inc.</name>
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        <name>Energy Transfer LP</name>
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        <name>Viatris, Inc.</name>
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        <name>Southern California Gas Co.</name>
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        <name>Entergy Arkansas LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Kreditanstalt fuer Wiederaufbau</name>
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        <title>Kreditanstalt fuer Wiederaufbau</title>
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        <issuerCat>NUSS</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Republic of Peru</name>
        <lei>254900STKLK2DBJJZ530</lei>
        <title>Republic of Peru</title>
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        <invCountry>PE</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Aon Global Ltd.</name>
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        <name>Cigna Group (The)</name>
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        <name>Eaton Corp.</name>
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        <name>Republic of Indonesia</name>
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        <name>Target Corp.</name>
        <lei>8WDDFXB5T1Z6J0XC1L66</lei>
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        <name>Pfizer, Inc.</name>
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        <name>Charter Communications Operating LLC</name>
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        <name>Southern California Edison Co.</name>
        <lei>9R1Z5I36FERIBVKW4P77</lei>
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        <name>Georgia Power Co.</name>
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        <name>Fox Corp.</name>
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        <name>International Paper Co.</name>
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        <name>Consumers Energy Co.</name>
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        <name>RTX Corp.</name>
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        <name>Travelers Cos., Inc. (The)</name>
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        <name>Raymond James Financial, Inc.</name>
        <lei>RGUZHJ05YTITL6D76949</lei>
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        <invCountry>US</invCountry>
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        <name>FNMA</name>
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        <invCountry>US</invCountry>
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          <maturityDt>2037-07-15</maturityDt>
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        <name>Energy Transfer LP</name>
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        <name>PayPal Holdings, Inc.</name>
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        <name>Prologis LP</name>
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        <name>IBM International Capital Pte. Ltd.</name>
        <lei>2549007KTXQQBYZO7485</lei>
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        <invCountry>SG</invCountry>

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        <name>Apple, Inc.</name>
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        <name>Southern California Edison Co.</name>
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        <name>Southern California Edison Co.</name>
        <lei>9R1Z5I36FERIBVKW4P77</lei>
        <title>Southern California Edison Co., Series H</title>
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        <name>JBS USA Holding Lux Sarl</name>
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        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
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        <name>Rogers Communications, Inc.</name>
        <lei>5493000M6Z4XFIP6PF03</lei>
        <title>Rogers Communications, Inc.</title>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Kentucky Utilities Co.</name>
        <lei>AGX0G2MXE54NFNNICD28</lei>
        <title>Kentucky Utilities Co.</title>
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          <isin value="US491674BG15"/>
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        <curCd>USD</curCd>
        <valUSD>1037653.47000000</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>2040-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.12500000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MetLife, Inc.</name>
        <lei>C4BXATY60WC6XEOZDX54</lei>
        <title>MetLife, Inc.</title>
        <cusip>59156RBG2</cusip>
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          <isin value="US59156RBG20"/>
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        <balance>686000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>626288.64000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-11-13</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.87500000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Shell Finance US, Inc.</name>
        <lei>N/A</lei>
        <title>Shell Finance US, Inc.</title>
        <cusip>822905AE5</cusip>
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          <isin value="US822905AE56"/>
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        <balance>820000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>652569.37000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-05-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Caterpillar, Inc.</name>
        <lei>WRJR7GS4GTRECRRTVX92</lei>
        <title>Caterpillar, Inc.</title>
        <cusip>149123CE9</cusip>
        <identifiers>
          <isin value="US149123CE90"/>
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        <balance>522000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>457884.31000000</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>2064-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.75000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Elevance Health, Inc.</name>
        <lei>8MYN82XMYQH89CTMTH67</lei>
        <title>Elevance Health, Inc.</title>
        <cusip>036752AD5</cusip>
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          <isin value="US036752AD58"/>
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        <balance>920000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>751386.26000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.37500000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Oracle Corp.</name>
        <lei>1Z4GXXU7ZHVWFCD8TV52</lei>
        <title>Oracle Corp.</title>
        <cusip>68389XBW4</cusip>
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          <isin value="US68389XBW48"/>
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        <balance>9587000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>7670141.67000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.60000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>AstraZeneca plc</name>
        <lei>PY6ZZQWO2IZFZC3IOL08</lei>
        <title>AstraZeneca plc</title>
        <cusip>046353AG3</cusip>
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          <isin value="US046353AG32"/>
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        <balance>9162000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>7708485.35000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-09-18</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Becton Dickinson &amp; Co.</name>
        <lei>ICE2EP6D98PQUILVRZ91</lei>
        <title>Becton Dickinson &amp; Co.</title>
        <cusip>075887BX6</cusip>
        <identifiers>
          <isin value="US075887BX67"/>
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        <balance>145000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>124259.00000000</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>2047-06-06</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.66900000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Comcast Corp.</name>
        <lei>51M0QTTNCGUN7KFCFZ59</lei>
        <title>Comcast Corp.</title>
        <cusip>20030NCY5</cusip>
        <identifiers>
          <isin value="US20030NCY58"/>
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        <balance>6253000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4889009.97000000</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>2039-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Prudential Financial, Inc.</name>
        <lei>5PRBRS5FEH7NREC8OR45</lei>
        <title>Prudential Financial, Inc.</title>
        <cusip>744320BA9</cusip>
        <identifiers>
          <isin value="US744320BA94"/>
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        <balance>7385000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5649921.57000000</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>2049-12-07</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.93500000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Exxon Mobil Corp.</name>
        <lei>J3WHBG0MTS7O8ZVMDC91</lei>
        <title>Exxon Mobil Corp.</title>
        <cusip>30231GBG6</cusip>
        <identifiers>
          <isin value="US30231GBG64"/>
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        <balance>6275000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5187524.93000000</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>2050-03-19</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.32700000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Comcast Corp.</name>
        <lei>51M0QTTNCGUN7KFCFZ59</lei>
        <title>Comcast Corp.</title>
        <cusip>20030NEK3</cusip>
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          <isin value="US20030NEK37"/>
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        <balance>4600000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4463429.22000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.65000000</annualizedRt>
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      <invstOrSec>
        <name>JD.com, Inc.</name>
        <lei>549300HVTWB0GJZ16V92</lei>
        <title>JD.com, Inc.</title>
        <cusip>47215PAF3</cusip>
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          <isin value="US47215PAF36"/>
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        <balance>2400000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-01-14</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.12500000</annualizedRt>
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      <invstOrSec>
        <name>Energy Transfer LP</name>
        <lei>MTLVN9N7JE8MIBIJ1H73</lei>
        <title>Energy Transfer LP</title>
        <cusip>29273RBJ7</cusip>
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          <isin value="US29273RBJ77"/>
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        <balance>4377000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4278131.45000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.12500000</annualizedRt>
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      <invstOrSec>
        <name>Comcast Corp.</name>
        <lei>51M0QTTNCGUN7KFCFZ59</lei>
        <title>Comcast Corp.</title>
        <cusip>20030NDW8</cusip>
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          <isin value="US20030NDW83"/>
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        <balance>289000.00000000</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>
        <debtSec>
          <maturityDt>2063-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.98700000</annualizedRt>
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      <invstOrSec>
        <name>Comcast Corp.</name>
        <lei>51M0QTTNCGUN7KFCFZ59</lei>
        <title>Comcast Corp.</title>
        <cusip>20030NCG4</cusip>
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          <isin value="US20030NCG43"/>
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        <balance>225000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>168702.23000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.04900000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Dallas Fort Worth International Airport</name>
        <lei>N/A</lei>
        <title>Dallas Fort Worth TX International Airport Joint Revenue Refunding Bonds, Series 2019A</title>
        <cusip>2350364W7</cusip>
        <identifiers>
          <isin value="US2350364W72"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1687417.20000000</valUSD>
        <pctVal>0.065807109401</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.99400000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Bonds</title>
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        <name>Arthur J Gallagher &amp; Co.</name>
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        <name>Altria Group, Inc.</name>
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        <name>Vale SA</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2042-09-11</maturityDt>
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        <name>CVS Health Corp.</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2040-08-21</maturityDt>
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        <name>Colgate-Palmolive Co.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Welltower OP LLC</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>TJX Cos., Inc. (The)</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2050-04-15</maturityDt>
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        <name>ONE Gas, Inc.</name>
        <lei>549300HXDWI0LATTX840</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Gilead Sciences, Inc.</name>
        <lei>549300WTZWR07K8MNV44</lei>
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        <name>State of Israel Government Bond</name>
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        <name>DuPont de Nemours, Inc.</name>
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        <name>Deere &amp; Co.</name>
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        <name>Dell International LLC</name>
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        <name>Berkshire Hathaway Energy Co.</name>
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        <name>Viatris, Inc.</name>
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        <name>UnitedHealth Group, Inc.</name>
        <lei>549300GHBMY8T5GXDE41</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Chubb INA Holdings LLC</name>
        <lei>CZCBJZWDMLTHWJDXU843</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Cenovus Energy, Inc.</name>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>ERP Operating LP</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Grupo Televisa SAB</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Sysco Corp.</name>
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        <name>HCA, Inc.</name>
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        <title>HCA, Inc.</title>
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          <isin value="US404119CB31"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2051-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
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        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Bonds</title>
        <cusip>912810QN1</cusip>
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          <isin value="US912810QN19"/>
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        <balance>54861200.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-02-15</maturityDt>
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          <annualizedRt>4.75000000</annualizedRt>
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        <name>HCA, Inc.</name>
        <lei>L3CJ6J7LJ2DX62FTXD46</lei>
        <title>HCA, Inc.</title>
        <cusip>404119CR8</cusip>
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          <isin value="US404119CR82"/>
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        <balance>4960000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2053-06-01</maturityDt>
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          <annualizedRt>5.90000000</annualizedRt>
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        <name>Cummins, Inc.</name>
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          <maturityDt>2043-10-01</maturityDt>
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        <name>Norfolk Southern Corp.</name>
        <lei>54930036C8MWP850MI84</lei>
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        <name>EOG Resources, Inc.</name>
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        <name>General Dynamics Corp.</name>
        <lei>9C1X8XOOTYY2FNYTVH06</lei>
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        <name>Atmos Energy Corp.</name>
        <lei>QVLWEGTD2S8GJMO8D383</lei>
        <title>Atmos Energy Corp.</title>
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        <name>BAT Capital Corp.</name>
        <lei>2138005GYEXN7XRHFA84</lei>
        <title>BAT Capital Corp.</title>
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        <name>Transcontinental Gas Pipe Line Co. LLC</name>
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        <name>Rutgers The State University of New Jersey</name>
        <lei>549300BOYDHNW8J60112</lei>
        <title>Rutgers The State University of New Jersey</title>
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        <issuerCat>MUN</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2119-05-01</maturityDt>
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        <name>Warnermedia Holdings, Inc.</name>
        <lei>549300DXR29GD4N0A520</lei>
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        <name>Martin Marietta Materials, Inc.</name>
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        <name>Arizona Public Service Co.</name>
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        <name>Charlotte-Mecklenburg Hospital Authority (The)</name>
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        <name>Biogen, Inc.</name>
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        <name>Alleghany Corp.</name>
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        <name>Aptiv Swiss Holdings Ltd.</name>
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        <name>Freeport-McMoRan, Inc.</name>
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        <name>Altria Group, Inc.</name>
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        <name>Valero Energy Corp.</name>
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        <name>Discovery Communications LLC</name>
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        <name>Molson Coors Beverage Co.</name>
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        <name>Moody's Corp.</name>
        <lei>549300GCEDD8YCF5WU84</lei>
        <title>Moody's Corp.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>QUALCOMM, Inc.</name>
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        <name>GlaxoSmithKline Capital, Inc.</name>
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        <name>HP, Inc.</name>
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        <title>HP, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
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        <name>Woodside Finance Ltd.</name>
        <lei>254900AIZKU6TGRRNZ98</lei>
        <title>Woodside Finance Ltd.</title>
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          <isin value="US980236AS23"/>
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        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-09-12</maturityDt>
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          <annualizedRt>5.70000000</annualizedRt>
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        <name>Packaging Corp. of America</name>
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        <invCountry>US</invCountry>
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          <maturityDt>2049-12-15</maturityDt>
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          <annualizedRt>4.05000000</annualizedRt>
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        <name>Morgan Stanley</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>Morgan Stanley</title>
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        <balance>111000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2052-01-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>2.80200000</annualizedRt>
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        <name>Corning, Inc.</name>
        <lei>549300X2937PB0CJ7I56</lei>
        <title>Corning, Inc.</title>
        <cusip>219350BK0</cusip>
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          <isin value="US219350BK07"/>
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        <balance>5255000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2048-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.35000000</annualizedRt>
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        <name>Hewlett Packard Enterprise Co.</name>
        <lei>549300BX44RGX6ANDV88</lei>
        <title>Hewlett Packard Enterprise Co.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2045-10-15</maturityDt>
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          <annualizedRt>6.35000040</annualizedRt>
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        <name>Kinder Morgan, Inc.</name>
        <lei>549300WR7IX8XE0TBO16</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2050-08-01</maturityDt>
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          <annualizedRt>3.25000000</annualizedRt>
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        <name>Boston Scientific Corp.</name>
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        <invCountry>US</invCountry>
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          <maturityDt>2049-03-01</maturityDt>
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          <annualizedRt>4.70000000</annualizedRt>
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        <name>Kreditanstalt fuer Wiederaufbau</name>
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        <title>Kreditanstalt fuer Wiederaufbau</title>
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        <issuerCat>NUSS</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-06-29</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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        <name>Texas Instruments, Inc.</name>
        <lei>WDJNR2L6D8RWOEB8T652</lei>
        <title>Texas Instruments, Inc.</title>
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        <invCountry>US</invCountry>
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          <maturityDt>2048-05-15</maturityDt>
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          <annualizedRt>4.15000000</annualizedRt>
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        <name>Commonwealth Edison Co.</name>
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        <name>Goldman Sachs Group, Inc. (The)</name>
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        <name>Philip Morris International, Inc.</name>
        <lei>HL3H1H2BGXWVG3BSWR90</lei>
        <title>Philip Morris International, Inc.</title>
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        <name>Intel Corp.</name>
        <lei>KNX4USFCNGPY45LOCE31</lei>
        <title>Intel Corp.</title>
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          <annualizedRt>4.60000000</annualizedRt>
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        <name>3M Co.</name>
        <lei>LUZQVYP4VS22CLWDAR65</lei>
        <title>3M Co.</title>
        <cusip>88579YBK6</cusip>
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        <balance>3076000.00000000</balance>
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        <valUSD>2088498.80000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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          <maturityDt>2049-08-26</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.25000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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        <name>Italian Republic Government Bond</name>
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        <fairValLevel>2</fairValLevel>
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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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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SG</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2043-05-19</maturityDt>
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      <invstOrSec>
        <name>Republic of Indonesia</name>
        <lei>529900FWX0GRR7WG5W79</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2051-03-12</maturityDt>
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      <invstOrSec>
        <name>Enbridge Energy Partners LP</name>
        <lei>CZ6VG2MNE1J6YDI02G48</lei>
        <title>Enbridge Energy Partners LP</title>
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          <isin value="US29250RAX44"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2045-10-15</maturityDt>
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      <invstOrSec>
        <name>Inter-American Development Bank</name>
        <lei>VKU1UKDS9E7LYLMACP54</lei>
        <title>Inter-American Development Bank</title>
        <cusip>4581X0CE6</cusip>
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          <isin value="US4581X0CE61"/>
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        <balance>27000.00000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2044-01-24</maturityDt>
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          <annualizedRt>4.37500000</annualizedRt>
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      <invstOrSec>
        <name>3M Co.</name>
        <lei>LUZQVYP4VS22CLWDAR65</lei>
        <title>3M Co.</title>
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          <isin value="US88579YBD22"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2048-09-14</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Elevance Health, Inc.</name>
        <lei>8MYN82XMYQH89CTMTH67</lei>
        <title>Elevance Health, Inc.</title>
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          <isin value="US036752AS28"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2051-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.60000000</annualizedRt>
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      <invstOrSec>
        <name>Paramount Global</name>
        <lei>5KYC8KF17ROCY24M3H09</lei>
        <title>Paramount Global</title>
        <cusip>124857AF0</cusip>
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          <isin value="US124857AF05"/>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.90000000</annualizedRt>
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      <invstOrSec>
        <name>Amgen, Inc.</name>
        <lei>62QBXGPJ34PQ72Z12S66</lei>
        <title>Amgen, Inc.</title>
        <cusip>031162DT4</cusip>
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          <isin value="US031162DT45"/>
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        <balance>680000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>662844.01000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-03-02</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.65000000</annualizedRt>
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      <invstOrSec>
        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Bonds</title>
        <cusip>912810QH4</cusip>
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          <isin value="US912810QH41"/>
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        <balance>3551000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3472212.19000000</valUSD>
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        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2040-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.37500000</annualizedRt>
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        <name>Duke Energy Carolinas LLC</name>
        <lei>MWIUSDMN17TCR56VW396</lei>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>6.05000000</annualizedRt>
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        <name>Amgen, Inc.</name>
        <lei>62QBXGPJ34PQ72Z12S66</lei>
        <title>Amgen, Inc.</title>
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        <name>Puget Sound Energy, Inc.</name>
        <lei>8MNFJR7KOMBQ7X62LK44</lei>
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        <invCountry>US</invCountry>
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        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Bonds</title>
        <cusip>912810SR0</cusip>
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          <maturityDt>2040-05-15</maturityDt>
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          <annualizedRt>1.12500000</annualizedRt>
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      <invstOrSec>
        <name>Nucor Corp.</name>
        <lei>549300GGJCRSI2TIEJ46</lei>
        <title>Nucor Corp.</title>
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        <name>Aptiv Swiss Holdings Ltd.</name>
        <lei>N/A</lei>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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        <name>Southwestern Public Service Co.</name>
        <lei>OL6FE7QD5EQ3DOYEO258</lei>
        <title>Southwestern Public Service Co.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>United Mexican States</name>
        <lei>254900EGTWEU67VP6075</lei>
        <title>United Mexican States</title>
        <cusip>91087BAQ3</cusip>
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        <balance>10597000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>MX</invCountry>
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      <invstOrSec>
        <name>Charter Communications Operating LLC</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-10-23</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.83400000</annualizedRt>
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        <name>PepsiCo, Inc.</name>
        <lei>FJSUNZKFNQ5YPJ5OT455</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2046-10-06</maturityDt>
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          <annualizedRt>3.45000000</annualizedRt>
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        <name>M.D.C. Holdings, Inc.</name>
        <lei>5299005FV4VNV75R8R35</lei>
        <title>M.D.C. Holdings, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2043-01-15</maturityDt>
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          <annualizedRt>6.00000000</annualizedRt>
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      <invstOrSec>
        <name>McDonald's Corp.</name>
        <lei>UE2136O97NLB5BYP9H04</lei>
        <title>McDonald's Corp.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2047-03-01</maturityDt>
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          <annualizedRt>4.45000000</annualizedRt>
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        <name>Walmart, Inc.</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2048-06-29</maturityDt>
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          <annualizedRt>4.05000000</annualizedRt>
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        <name>Boeing Co. (The)</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2048-11-01</maturityDt>
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          <annualizedRt>3.85000000</annualizedRt>
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        <name>Kansas Development Finance Authority</name>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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          <maturityDt>2051-05-01</maturityDt>
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          <annualizedRt>2.77400000</annualizedRt>
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        <name>Oracle Corp.</name>
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        <name>Republic of Philippines</name>
        <lei>529900RAHBALMYIJ3T08</lei>
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        <issuerCat>NUSS</issuerCat>
        <invCountry>PH</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2048-01-17</maturityDt>
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          <annualizedRt>5.50000000</annualizedRt>
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        <name>Golden State Tobacco Securitization Corp.</name>
        <lei>N/A</lei>
        <title>Golden State Tobacco Securitization Corp.</title>
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          <maturityDt>2038-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.11500000</annualizedRt>
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        <name>American Municipal Power, Inc.</name>
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        <name>Amazon.com, Inc.</name>
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          <maturityDt>2041-05-12</maturityDt>
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          <annualizedRt>2.87500000</annualizedRt>
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        <name>Burlington Northern Santa Fe LLC</name>
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        <name>Aon North America, Inc.</name>
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        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
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          <maturityDt>2049-02-15</maturityDt>
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        <name>Hartford Insurance Group, Inc. (The)</name>
        <lei>IU7C3FTM7Y3BQM112U94</lei>
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          <annualizedRt>4.40000000</annualizedRt>
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        <name>Global Payments, Inc.</name>
        <lei>549300NOMHGVQBX6S778</lei>
        <title>Global Payments, Inc.</title>
        <cusip>37940XAC6</cusip>
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        <valUSD>214217.55000000</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>2049-08-15</maturityDt>
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          <annualizedRt>4.15000000</annualizedRt>
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      <invstOrSec>
        <name>BAT Capital Corp.</name>
        <lei>2138005GYEXN7XRHFA84</lei>
        <title>BAT Capital Corp.</title>
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        <name>Aon Corp.</name>
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        <name>Telefonica Emisiones SA</name>
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        <name>Abbott Laboratories</name>
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        <name>Pacific Gas and Electric Co.</name>
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        <name>Cencora, Inc.</name>
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        <name>MetLife, Inc.</name>
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        <name>Dominion Energy, Inc.</name>
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        <name>International Business Machines Corp.</name>
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        <name>LYB International Finance III LLC</name>
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        <name>Consolidated Edison Co. of New York, Inc.</name>
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        <name>PECO Energy Co.</name>
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        <name>Sutter Health</name>
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        <name>Pacific Gas and Electric Co.</name>
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        <name>Sumitomo Mitsui Financial Group, Inc.</name>
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        <name>Deere &amp; Co.</name>
        <lei>PWFTNG3EI0Y73OXWDH08</lei>
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        <name>AbbVie, Inc.</name>
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        <name>Ovintiv, Inc.</name>
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        <name>Commonwealth of Massachusetts</name>
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        <name>Sempra</name>
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          <maturityDt>2048-02-01</maturityDt>
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        <name>Reynolds American, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Exelon Corp.</name>
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          <maturityDt>2053-03-15</maturityDt>
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          <annualizedRt>5.60000000</annualizedRt>
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        <name>Verizon Communications, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>3.70000000</annualizedRt>
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        <name>UnitedHealth Group, Inc.</name>
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        <name>Sherwin-Williams Co. (The)</name>
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        <name>Republic of Chile</name>
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        <invCountry>CL</invCountry>
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        <name>Takeda Pharmaceutical Co. Ltd.</name>
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        <name>Union Pacific Corp.</name>
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        <name>Rogers Communications, Inc.</name>
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        <name>Microsoft Corp.</name>
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        <name>Public Service Electric &amp; Gas Co.</name>
        <lei>549300RUHPVD434XUK18</lei>
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        <name>Baxalta, Inc.</name>
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        <name>Berkshire Hathaway Energy Co.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>DTE Electric Co.</name>
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          <maturityDt>2055-02-16</maturityDt>
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        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Bonds</title>
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          <isin value="US912810SY55"/>
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          <maturityDt>2041-05-15</maturityDt>
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          <annualizedRt>2.25000000</annualizedRt>
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        <name>Eli Lilly &amp; Co.</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2059-03-15</maturityDt>
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          <annualizedRt>4.15000000</annualizedRt>
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        <name>General Motors Co.</name>
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        <title>General Motors Co.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2045-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.20000000</annualizedRt>
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        <name>CVS Health Corp.</name>
        <lei>549300EJG376EN5NQE29</lei>
        <title>CVS Health Corp.</title>
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        <name>Tennessee Valley Authority</name>
        <lei>549300HE1ISW43LNKM54</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2039-09-15</maturityDt>
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        <name>Consolidated Edison Co. of New York, Inc.</name>
        <lei>VZFZPMWDHTQCFKYOBP05</lei>
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        <name>Canadian National Railway Co.</name>
        <lei>3SU7BEP7TH9YEQOZCS77</lei>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
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          <maturityDt>2055-05-15</maturityDt>
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        <name>Allstate Corp. (The)</name>
        <lei>OBT0W1ED8G0NWVOLOJ77</lei>
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        <name>Metropolitan Transportation Authority</name>
        <lei>5493000TKYODLXADQD60</lei>
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        <name>Charter Communications Operating LLC</name>
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        <name>T-Mobile USA, Inc.</name>
        <lei>549300V2JRLO5DIFGE82</lei>
        <title>T-Mobile USA, Inc.</title>
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        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Bonds</title>
        <cusip>912810UE6</cusip>
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          <annualizedRt>4.50000000</annualizedRt>
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      <invstOrSec>
        <name>Intel Corp.</name>
        <lei>KNX4USFCNGPY45LOCE31</lei>
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        <name>United Mexican States</name>
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        <name>Oncor Electric Delivery Co. LLC</name>
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        <name>Progressive Corp. (The)</name>
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        <name>Time Warner Cable LLC</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2040-11-15</maturityDt>
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        <name>Southwestern Electric Power Co.</name>
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        <name>Brookfield Finance, Inc.</name>
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        <name>United States of America</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2040-11-15</maturityDt>
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        <name>Pfizer, Inc.</name>
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          <maturityDt>2046-12-15</maturityDt>
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        <name>Devon Energy Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Bank of America Corp.</name>
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        <name>Elevance Health, Inc.</name>
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        <name>Anheuser-Busch InBev Worldwide, Inc.</name>
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        <name>Virginia Electric and Power Co.</name>
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        <name>Kimco Realty OP LLC</name>
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        <name>CVS Health Corp.</name>
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        <name>Vodafone Group plc</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Republic of Peru</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>CSX Corp.</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2044-03-15</maturityDt>
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          <annualizedRt>4.10000000</annualizedRt>
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        <name>Providence St Joseph Health Obligated Group</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2051-10-01</maturityDt>
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        <name>Alibaba Group Holding Ltd.</name>
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        <invCountry>KY</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2051-02-09</maturityDt>
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        <name>Amphenol Corp.</name>
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        <name>Northrop Grumman Corp.</name>
        <lei>RIMU48P07456QXSO0R61</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Humana, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-04-15</maturityDt>
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        <name>Southern Co. Gas Capital Corp.</name>
        <lei>E8CD46SWUD2TSN8PA636</lei>
        <title>Southern Co. Gas Capital Corp.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Honeywell International, Inc.</name>
        <lei>ISRPG12PN4EIEOEMW547</lei>
        <title>Honeywell International, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Hess Corp.</name>
        <lei>UASVRYNXNK17ULIGK870</lei>
        <title>Hess Corp.</title>
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        <invCountry>US</invCountry>
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          <annualizedRt>5.80000000</annualizedRt>
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        <name>AbbVie, Inc.</name>
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        <name>Energy Transfer LP</name>
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        <name>Amazon.com, Inc.</name>
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        <name>Energy Transfer LP</name>
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        <name>Occidental Petroleum Corp.</name>
        <lei>IM7X0T3ECJW4C1T7ON55</lei>
        <title>Occidental Petroleum Corp.</title>
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        <invCountry>US</invCountry>
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        <name>Cardinal Health, Inc.</name>
        <lei>CCU46N3GJMF4OK4N7U60</lei>
        <title>Cardinal Health, Inc.</title>
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        <name>Ecolab, Inc.</name>
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        <name>Microsoft Corp.</name>
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        <name>Apple, Inc.</name>
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        <name>Duke Energy Corp.</name>
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        <name>Paramount Global</name>
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        <name>Duke Energy Carolinas LLC</name>
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        <name>Amgen, Inc.</name>
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        <name>Anheuser-Busch InBev Worldwide, Inc.</name>
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        <name>Oracle Corp.</name>
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        <name>Kroger Co. (The)</name>
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        <name>United Mexican States</name>
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        <name>United States of America</name>
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        <name>CommonSpirit Health</name>
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      <invstOrSec>
        <name>Thermo Fisher Scientific, Inc.</name>
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        <name>CenterPoint Energy Houston Electric LLC</name>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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        <name>United States of America</name>
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          <isin value="US912810TT51"/>
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        <fairValLevel>2</fairValLevel>
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        <name>United States of America</name>
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        <fairValLevel>2</fairValLevel>
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        <name>United States of America</name>
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        <cusip>912810UC0</cusip>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>4.25000000</annualizedRt>
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        <name>Italian Republic Government Bond</name>
        <lei>815600DE60799F5A9309</lei>
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        <cusip>465410CC0</cusip>
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          <isin value="US465410CC03"/>
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        <balance>3799000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2581807.62000000</valUSD>
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        <issuerCat>NUSS</issuerCat>
        <invCountry>IT</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2051-05-06</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>Port Authority of New York &amp; New Jersey</name>
        <lei>54930006MR4KZ4W74Z83</lei>
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        <balance>3900000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2062-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.45800000</annualizedRt>
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        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Bonds</title>
        <cusip>912810SD1</cusip>
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          <isin value="US912810SD19"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2048-08-15</maturityDt>
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        <name>Deere &amp; Co.</name>
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        <title>Deere &amp; Co.</title>
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        <curCd>USD</curCd>
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        <name>United States of America</name>
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        <title>U.S. Treasury Bonds</title>
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        <name>Elevance Health, Inc.</name>
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        <name>Bank of America Corp.</name>
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        <name>UnitedHealth Group, Inc.</name>
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        <name>Burlington Northern Santa Fe LLC</name>
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        <name>AT&amp;T, Inc.</name>
        <lei>549300Z40J86GGSTL398</lei>
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        <name>KLA Corp.</name>
        <lei>549300H0BF5JCG96TJ81</lei>
        <title>KLA Corp.</title>
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      <invstOrSec>
        <name>Westlake Corp.</name>
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      <invstOrSec>
        <name>Southern California Edison Co.</name>
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        <name>Brookfield Finance, Inc.</name>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Charter Communications Operating LLC</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2052-06-01</maturityDt>
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        <name>Burlington Northern Santa Fe LLC</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2044-04-01</maturityDt>
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          <annualizedRt>4.90000000</annualizedRt>
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        <name>AT&amp;T, Inc.</name>
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        <name>Norfolk Southern Corp.</name>
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        <title>Norfolk Southern Corp.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Tennessee Valley Authority</name>
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        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Berkshire Hathaway Finance Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Republic of Peru</name>
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        <invCountry>PE</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Wells Fargo &amp; Co.</name>
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          <maturityDt>2041-04-30</maturityDt>
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        <name>Sumitomo Mitsui Financial Group, Inc.</name>
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        <invCountry>JP</invCountry>
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        <name>Rockefeller Foundation (The)</name>
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        <title>Rockefeller Foundation (The), Series 2020</title>
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        <name>Apple, Inc.</name>
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        <name>Devon Energy Corp.</name>
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        <name>Republic of Chile</name>
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        <invCountry>CL</invCountry>
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        <name>Anheuser-Busch InBev Worldwide, Inc.</name>
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        <name>American Water Capital Corp.</name>
        <lei>5IDHQUFVC8Q2KIBBFF06</lei>
        <title>American Water Capital Corp.</title>
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        <name>Starbucks Corp.</name>
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        <name>Conagra Brands, Inc.</name>
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        <name>Comcast Corp.</name>
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        <name>BAT Capital Corp.</name>
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        <name>Constellation Energy Generation LLC</name>
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        <name>JPMorgan Chase &amp; Co.</name>
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        <name>Paramount Global</name>
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        <name>DREYFUS TREASURY &amp; AGENCY LEX</name>
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        <name>Nucor Corp.</name>
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        <name>Microsoft Corp.</name>
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        <name>Intel Corp.</name>
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        <name>Laboratory Corp. of America Holdings</name>
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        <name>Stryker Corp.</name>
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        <name>Energy Transfer LP</name>
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        <name>Grupo Televisa SAB</name>
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        <name>Abbott Laboratories</name>
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        <name>NIKE, Inc.</name>
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        <name>Eaton Corp.</name>
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        <name>Canadian Pacific Railway Co.</name>
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        <name>INVESCO GOVT AND AGCY LEX</name>
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        <name>QUALCOMM, Inc.</name>
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        <name>Comcast Corp.</name>
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      <invstOrSec>
        <name>TSMC Arizona Corp.</name>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>Citigroup, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Halliburton Co.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Corning, Inc.</name>
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          <maturityDt>2042-03-15</maturityDt>
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        <name>Lowe's Cos., Inc.</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2047-05-03</maturityDt>
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        <name>Michigan Finance Authority</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2040-12-01</maturityDt>
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        <name>United States of America</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2049-05-15</maturityDt>
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        <name>Burlington Northern Santa Fe LLC</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2042-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.40000000</annualizedRt>
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        <name>Koninklijke Philips NV</name>
        <lei>H1FJE8H61JGM1JSGM897</lei>
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        <invCountry>NL</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2042-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>MPLX LP</name>
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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>2047-03-01</maturityDt>
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          <annualizedRt>5.20000000</annualizedRt>
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        <name>TELUS Corp.</name>
        <lei>L2TEUTQ8OSHMJWVLCE40</lei>
        <title>TELUS Corp.</title>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2049-06-15</maturityDt>
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          <annualizedRt>4.30000000</annualizedRt>
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        <name>Consumers Energy Co.</name>
        <lei>7NKTFWJ1G6MELP9TU740</lei>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>3.10000000</annualizedRt>
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        <name>Marsh &amp; McLennan Cos., Inc.</name>
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        <name>NOV, Inc.</name>
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          <maturityDt>2042-12-01</maturityDt>
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        <name>Uber Technologies, Inc.</name>
        <lei>549300B2FTG34FILDR98</lei>
        <title>Uber Technologies, Inc.</title>
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        <name>American Tower Corp.</name>
        <lei>5493006ORUSIL88JOE18</lei>
        <title>American Tower Corp.</title>
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        <name>Baker Hughes Holdings LLC</name>
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        <invCountry>US</invCountry>
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        <name>Boeing Co. (The)</name>
        <lei>RVHJWBXLJ1RFUBSY1F30</lei>
        <title>Boeing Co. (The)</title>
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        <name>Prologis LP</name>
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        <name>Consolidated Edison Co. of New York, Inc.</name>
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        <name>International Paper Co.</name>
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        <name>Williams Cos., Inc. (The)</name>
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        <name>AT&amp;T, Inc.</name>
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        <name>Yale-New Haven Health Services Corp.</name>
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        <name>Cooperatieve Rabobank UA</name>
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        <name>Vodafone Group plc</name>
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        <name>Broadcom, Inc.</name>
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        <lei>PBLD0EJDB5FWOLXP3B76</lei>
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        <name>United States of America</name>
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        <name>AerCap Ireland Capital DAC</name>
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        <name>Travelers Cos., Inc. (The)</name>
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        <name>Dick's Sporting Goods, Inc.</name>
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        <name>Amgen, Inc.</name>
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        <name>NSTAR Electric Co.</name>
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        <name>Philip Morris International, Inc.</name>
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        <name>NBCUniversal Media LLC</name>
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        <name>Microsoft Corp.</name>
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        <name>Humana, Inc.</name>
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        <name>Exxon Mobil Corp.</name>
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        <name>DuPont de Nemours, Inc.</name>
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        <name>Caterpillar, Inc.</name>
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        <name>Energy Transfer LP</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2047-04-15</maturityDt>
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        <name>Coca-Cola Co. (The)</name>
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        <name>NIKE, Inc.</name>
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        <name>Rio Tinto Finance USA Ltd.</name>
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        <name>CSX Corp.</name>
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        <name>General Mills, Inc.</name>
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        <name>Kenvue, Inc.</name>
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        <name>Amazon.com, Inc.</name>
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        <name>Ventas Realty LP</name>
        <lei>32SXKSJ72K64GM3HOU64</lei>
        <title>Ventas Realty LP</title>
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        <name>Phillips 66</name>
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        <name>Northrop Grumman Corp.</name>
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        <name>Consumers Energy Co.</name>
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        <name>Stryker Corp.</name>
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        <name>Commonwealth Edison Co.</name>
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        <name>BP Capital Markets America, Inc.</name>
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        <name>Republic of Poland</name>
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        <name>Cisco Systems, Inc.</name>
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        <name>United Mexican States</name>
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        <name>Charter Communications Operating LLC</name>
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        <name>Ecolab, Inc.</name>
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        <name>Goldman Sachs Group, Inc. (The)</name>
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        <name>Duke Energy Carolinas LLC</name>
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        <name>Duke Energy Corp.</name>
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        <name>United Parcel Service, Inc.</name>
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        <name>State of California</name>
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        <name>Kaiser Foundation Hospitals</name>
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        <name>Shell Finance US, Inc.</name>
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        <name>ArcelorMittal SA</name>
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        <name>Oracle Corp.</name>
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        <name>Arthur J Gallagher &amp; Co.</name>
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        <name>Tennessee Valley Authority</name>
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        <name>HCA, Inc.</name>
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      <invstOrSec>
        <name>Westpac Banking Corp.</name>
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      <invstOrSec>
        <name>Realty Income Corp.</name>
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        <name>Lowe's Cos., Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Celulosa Arauco y Constitucion SA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>United States of America</name>
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        <name>Interpublic Group of Cos., Inc. (The)</name>
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        <fairValLevel>2</fairValLevel>
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        <name>eBay, Inc.</name>
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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>Cigna Group (The)</name>
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          <annualizedRt>4.80000000</annualizedRt>
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        <name>Johnson &amp; Johnson</name>
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          <annualizedRt>4.20000000</annualizedRt>
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        <name>FedEx Corp.</name>
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        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
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        <name>Dow Chemical Co. (The)</name>
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        <name>Boeing Co. (The)</name>
        <lei>RVHJWBXLJ1RFUBSY1F30</lei>
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        <name>HCA, Inc.</name>
        <lei>L3CJ6J7LJ2DX62FTXD46</lei>
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        <name>Norfolk Southern Corp.</name>
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        <name>Mead Johnson Nutrition Co.</name>
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        <name>Republic of Philippines</name>
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        <name>Bank of America Corp.</name>
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        <name>Constellation Energy Generation LLC</name>
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        <name>United Mexican States</name>
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        <invCountry>MX</invCountry>
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        <name>Berkshire Hathaway Energy Co.</name>
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          <maturityDt>2043-11-15</maturityDt>
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        <name>Moody's Corp.</name>
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          <maturityDt>2044-07-15</maturityDt>
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        <name>NiSource, Inc.</name>
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        <name>National Rural Utilities Cooperative Finance Corp.</name>
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        <name>Eversource Energy</name>
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        <name>Alibaba Group Holding Ltd.</name>
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        <invCountry>KY</invCountry>

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        <name>Hungary Government Bond</name>
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        <name>ONEOK Partners LP</name>
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        <name>General Mills, Inc.</name>
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        <name>Wells Fargo &amp; Co.</name>
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        <name>AT&amp;T, Inc.</name>
        <lei>549300Z40J86GGSTL398</lei>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>DH Europe Finance II Sarl</name>
        <lei>222100KDGL314CKTZ511</lei>
        <title>DH Europe Finance II Sarl</title>
        <cusip>23291KAK1</cusip>
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          <isin value="US23291KAK16"/>
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        <balance>400000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>283987.84000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2049-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.40000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>PacifiCorp</name>
        <lei>SGY07Y7FNYBNLM6Z1M11</lei>
        <title>PacifiCorp</title>
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          <isin value="US695114CV84"/>
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        <balance>338000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>255985.45000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.15000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>McDonald's Corp.</name>
        <lei>UE2136O97NLB5BYP9H04</lei>
        <title>McDonald's Corp.</title>
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          <isin value="US58013MFK53"/>
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        <balance>67000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>48569.08000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.62500000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Duke Energy Corp.</name>
        <lei>I1BZKREC126H0VB1BL91</lei>
        <title>Duke Energy Corp.</title>
        <cusip>26441CBM6</cusip>
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          <isin value="US26441CBM64"/>
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        <balance>1991000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1485467.78000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.30000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>European Investment Bank</name>
        <lei>5493006YXS1U5GIHE750</lei>
        <title>European Investment Bank</title>
        <cusip>298785DV5</cusip>
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          <isin value="US298785DV50"/>
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        <balance>2846000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2980770.34000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.87500000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Alphabet, Inc.</name>
        <lei>5493006MHB84DD0ZWV18</lei>
        <title>Alphabet, Inc.</title>
        <cusip>02079KAG2</cusip>
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          <isin value="US02079KAG22"/>
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        <balance>6970000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3714452.40000000</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>2060-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.25000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Verizon Communications, Inc.</name>
        <lei>2S72QS2UO2OESLG6Y829</lei>
        <title>Verizon Communications, Inc.</title>
        <cusip>92343VCK8</cusip>
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          <isin value="US92343VCK89"/>
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        <balance>4360000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3868531.21000000</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>2046-08-21</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.86200000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Microsoft Corp.</name>
        <lei>INR2EJN1ERAN0W5ZP974</lei>
        <title>Microsoft Corp.</title>
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        <balance>4340000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2780057.74000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2062-03-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.04100000</annualizedRt>
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      <invstOrSec>
        <name>Gilead Sciences, Inc.</name>
        <lei>549300WTZWR07K8MNV44</lei>
        <title>Gilead Sciences, Inc.</title>
        <cusip>375558AS2</cusip>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.65000000</annualizedRt>
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      <invstOrSec>
        <name>Rio Tinto Finance USA plc</name>
        <lei>2138006TSNBEUA761G16</lei>
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        <assetCat>DBT</assetCat>
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        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2042-08-21</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.12500000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Verizon Communications, Inc.</name>
        <lei>2S72QS2UO2OESLG6Y829</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-03-22</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.40000000</annualizedRt>
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      <invstOrSec>
        <name>American International Group, Inc.</name>
        <lei>ODVCVCQG2BP6VHV36M30</lei>
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          <maturityDt>2048-04-01</maturityDt>
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        <name>Elevance Health, Inc.</name>
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        <name>Amgen, Inc.</name>
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        <name>United States of America</name>
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    <signature>
      <ncom:dateSigned>2025-07-30</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>
    </signature>
  </formData>
</edgarSubmission>
