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      <invstOrSec>
        <name>AT&amp;T, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Aptiv Swiss Holdings Ltd.</name>
        <lei>N/A</lei>
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          <isin value="US00217GAB95"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>AbbVie, Inc.</name>
        <lei>FR5LCKFTG8054YNNRU85</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Accenture Capital, Inc.</name>
        <lei>254900FRO0P7RIINYT25</lei>
        <title>Accenture Capital, Inc.</title>
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          <isin value="US00440KAD54"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>AerCap Ireland Capital DAC</name>
        <lei>N/A</lei>
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          <isin value="US00774MAX39"/>
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        <invCountry>IE</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-01-30</maturityDt>
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      <invstOrSec>
        <name>AerCap Ireland Capital DAC</name>
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        <title>AerCap Ireland Capital DAC</title>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>IE</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-10-29</maturityDt>
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          <annualizedRt>3.40000000</annualizedRt>
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      <invstOrSec>
        <name>Air Lease Corp.</name>
        <lei>5493004NW4M4P8TMMK63</lei>
        <title>Air Lease Corp.</title>
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          <isin value="US00914AAK88"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.12500000</annualizedRt>
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        <name>Air Lease Corp.</name>
        <lei>5493004NW4M4P8TMMK63</lei>
        <title>Air Lease Corp.</title>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-01-15</maturityDt>
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          <annualizedRt>2.87500000</annualizedRt>
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      <invstOrSec>
        <name>Alabama Power Co.</name>
        <lei>0RL818ELFOHP5JHOFU19</lei>
        <title>Alabama Power Co.</title>
        <cusip>010392FZ6</cusip>
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        <balance>2620000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2540753.38000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.94000000</annualizedRt>
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        <name>Albemarle Corp.</name>
        <lei>HDBLS2Q6GV1LSKQPBS54</lei>
        <title>Albemarle Corp.</title>
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        <balance>6650000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.05000000</annualizedRt>
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        <name>Rio Tinto Alcan, Inc.</name>
        <lei>2138007ZSQ7B17SKOX77</lei>
        <title>Rio Tinto Alcan, Inc.</title>
        <cusip>013716AQ8</cusip>
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        <assetCat>DBT</assetCat>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.25000000</annualizedRt>
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        <name>Rio Tinto Alcan, Inc.</name>
        <lei>2138007ZSQ7B17SKOX77</lei>
        <title>Rio Tinto Alcan, Inc.</title>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-12-15</maturityDt>
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          <annualizedRt>6.12500000</annualizedRt>
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        <name>Alexandria Real Estate Equities, Inc.</name>
        <lei>MGCJBT4MKTQBVLNUIS88</lei>
        <title>Alexandria Real Estate Equities, Inc.</title>
        <cusip>015271AV1</cusip>
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        <name>Alexandria Real Estate Equities, Inc.</name>
        <lei>MGCJBT4MKTQBVLNUIS88</lei>
        <title>Alexandria Real Estate Equities, Inc.</title>
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        <name>Alexandria Real Estate Equities, Inc.</name>
        <lei>MGCJBT4MKTQBVLNUIS88</lei>
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        <name>Alexandria Real Estate Equities, Inc.</name>
        <lei>MGCJBT4MKTQBVLNUIS88</lei>
        <title>Alexandria Real Estate Equities, Inc.</title>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>Alibaba Group Holding Ltd.</name>
        <lei>5493001NTNQJDH60PM02</lei>
        <title>Alibaba Group Holding Ltd.</title>
        <cusip>01609WAR3</cusip>
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        <balance>8400000.00000000</balance>
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        <valUSD>8307936.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-11-28</maturityDt>
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          <annualizedRt>4.50000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Alibaba Group Holding Ltd.</name>
        <lei>5493001NTNQJDH60PM02</lei>
        <title>Alibaba Group Holding Ltd.</title>
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        <name>Allegion US Holding Co., Inc.</name>
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        <name>Alphabet, Inc.</name>
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        <name>Altria Group, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-02-04</maturityDt>
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          <annualizedRt>2.45000000</annualizedRt>
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        <name>Altria Group, Inc.</name>
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        <name>Amazon.com, Inc.</name>
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        <name>Hess Corp.</name>
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        <title>Hess Corp.</title>
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          <maturityDt>2033-03-15</maturityDt>
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        <name>Ameren Illinois Co.</name>
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        <invCountry>US</invCountry>
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        <name>American Assets Trust LP</name>
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          <isin value="US02401LAA26"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-02-01</maturityDt>
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          <annualizedRt>3.37500000</annualizedRt>
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        <name>American Express Co.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>American International Group, Inc.</name>
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        <name>Amgen, Inc.</name>
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        <name>Amgen, Inc.</name>
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        <name>Aon Corp.</name>
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        <name>APA Corp.</name>
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        <name>Apple, Inc.</name>
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        <name>Applied Materials, Inc.</name>
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        <name>ArcelorMittal SA</name>
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        <name>Archer-Daniels-Midland Co.</name>
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        <name>Ares Capital Corp.</name>
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        <name>Ares Capital Corp.</name>
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        <name>Arizona Public Service Co.</name>
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        <name>Athene Holding Ltd.</name>
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        <name>Athene Holding Ltd.</name>
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        <name>AutoZone, Inc.</name>
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        <name>AutoZone, Inc.</name>
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        <name>BAT Capital Corp.</name>
        <lei>2138005GYEXN7XRHFA84</lei>
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        <name>BAT Capital Corp.</name>
        <lei>2138005GYEXN7XRHFA84</lei>
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      <invstOrSec>
        <name>BHP Billiton Finance USA Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>BHP Billiton Finance USA Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Banco Bilbao Vizcaya Argentaria SA</name>
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          <isin value="US05946KAN19"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-11-15</maturityDt>
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        <name>Banco Santander SA</name>
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          <isin value="US05964HAV78"/>
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        <balance>2400000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2658170.40000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-08-08</maturityDt>
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      <invstOrSec>
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        <lei>5493006QMFDDMYWIAM13</lei>
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          <isin value="US05964HAZ82"/>
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        <curCd>USD</curCd>
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        <invCountry>ES</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-11-07</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.93800000</annualizedRt>
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      <invstOrSec>
        <name>Banco Santander SA</name>
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        <curCd>USD</curCd>
        <valUSD>4306584.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-03-14</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.35000000</annualizedRt>
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      <invstOrSec>
        <name>Banco Santander SA</name>
        <lei>5493006QMFDDMYWIAM13</lei>
        <title>Banco Santander SA</title>
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          <isin value="US05971KAG40"/>
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        <curCd>USD</curCd>
        <valUSD>2721516.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-12-03</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.74900000</annualizedRt>
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      <invstOrSec>
        <name>Banco Santander SA</name>
        <lei>5493006QMFDDMYWIAM13</lei>
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        <curCd>USD</curCd>
        <valUSD>4399490.40000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>ES</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-11-22</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.22500000</annualizedRt>
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      <invstOrSec>
        <name>Bank of America Corp.</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
        <title>Bank of America Corp.</title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-04-29</maturityDt>
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        <name>Bank of America Corp.</name>
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        <title>Bank of America Corp.</title>
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          <maturityDt>2031-07-23</maturityDt>
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          <annualizedRt>1.89800000</annualizedRt>
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        <name>Bank of America Corp.</name>
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          <maturityDt>2032-04-22</maturityDt>
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        <name>Bank of America Corp.</name>
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        <name>Bank of America Corp.</name>
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        <name>Bank of America Corp.</name>
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        <name>Bank of America Corp.</name>
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        <name>Bank of America Corp.</name>
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        <name>Bank of New York Mellon Corp. (The)</name>
        <lei>WFLLPEPC7FZXENRZV188</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Baxter International, Inc.</name>
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        <name>Berkshire Hathaway Energy Co.</name>
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        <name>Boeing Co. (The)</name>
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        <name>Boeing Co. (The)</name>
        <lei>RVHJWBXLJ1RFUBSY1F30</lei>
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        <name>Broadcom, Inc.</name>
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        <name>Brown &amp; Brown, Inc.</name>
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        <name>CF Industries, Inc.</name>
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        <name>Cigna Group (The)</name>
        <lei>549300VIWYMSIGT1U456</lei>
        <title>Cigna Group (The)</title>
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      <invstOrSec>
        <name>CVS Health Corp.</name>
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      <invstOrSec>
        <name>CVS Health Corp.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CVS Health Corp.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CVS Health Corp.</name>
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          <isin value="US126650DX53"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.25000000</annualizedRt>
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      <invstOrSec>
        <name>CVS Health Corp.</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-06-01</maturityDt>
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          <annualizedRt>5.30000000</annualizedRt>
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        <name>Canadian Imperial Bank of Commerce</name>
        <lei>2IGI19DL77OX0HC3ZE78</lei>
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        <assetCat>DBT</assetCat>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <annualizedRt>3.60000000</annualizedRt>
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      <invstOrSec>
        <name>Capital One Financial Corp.</name>
        <lei>ZUE8T73ROZOF6FLBAR73</lei>
        <title>Capital One Financial Corp.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Capital One Financial Corp.</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-10-30</maturityDt>
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      <invstOrSec>
        <name>Centene Corp.</name>
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        <title>Centene Corp.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Centene Corp.</name>
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        <name>Charter Communications Operating LLC</name>
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        <name>Charter Communications Operating LLC</name>
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        <name>Cheniere Energy Partners LP</name>
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        <name>Cheniere Energy Partners LP</name>
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        <name>Chubb INA Holdings LLC</name>
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        <name>Cisco Systems, Inc.</name>
        <lei>549300LKFJ962MZ46593</lei>
        <title>Cisco Systems, Inc.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Citigroup, Inc.</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>Citigroup, Inc.</title>
        <cusip>172967BU4</cusip>
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      <invstOrSec>
        <name>Devon Energy Corp.</name>
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      <invstOrSec>
        <name>Dick's Sporting Goods, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Capital One Financial Corp.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Dollar General Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Dollar Tree, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Duke Energy Carolinas LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Duke Energy Indiana LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>ERP Operating LP</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>EQT Corp.</name>
        <lei>4NT01YGM4X7ZX86ISY52</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Eastman Chemical Co.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Edison International</name>
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        <name>Elevance Health, Inc.</name>
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        <name>Enbridge, Inc.</name>
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        <name>Energy Transfer LP</name>
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        <name>Entergy Corp.</name>
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        <name>Entergy Louisiana LLC</name>
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        <name>Entergy Louisiana LLC</name>
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        <name>Equifax, Inc.</name>
        <lei>5493004MCF8JDC86VS77</lei>
        <title>Equifax, Inc.</title>
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        <name>Eversource Energy</name>
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        <name>FMC Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Fairfax Financial Holdings Ltd.</name>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FedEx Corp.</name>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.90000000</annualizedRt>
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        <name>Flex Ltd.</name>
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        <title>Flex 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>2032-01-15</maturityDt>
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        <name>Florida Power &amp; Light Co.</name>
        <lei>A89MY1K3YLIGJMYWVX50</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-04-01</maturityDt>
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        <name>Florida Power &amp; Light Co.</name>
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        <name>Florida Power &amp; Light Co.</name>
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        <name>Flowserve Corp.</name>
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        <name>Ford Motor Co.</name>
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        <name>Ford Motor Co.</name>
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        <name>Ford Motor Credit Co. LLC</name>
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        <name>Ford Motor Credit Co. LLC</name>
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        <name>Ford Motor Credit Co. LLC</name>
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        <name>Fortinet, Inc.</name>
        <lei>549300O0QJWDBAS0QX03</lei>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>Fox Corp.</name>
        <lei>549300DDU6FDRBIELS05</lei>
        <title>Fox Corp.</title>
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          <isin value="US35137LAN55"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-10-13</maturityDt>
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      </invstOrSec>
      <invstOrSec>
        <name>Orange SA</name>
        <lei>969500MCOONR8990S771</lei>
        <title>Orange SA</title>
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        <balance>370000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>445015.65000000</valUSD>
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        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-03-01</maturityDt>
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          <annualizedRt>9.00000000</annualizedRt>
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      <invstOrSec>
        <name>GATX Corp.</name>
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        <title>GATX Corp.</title>
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          <isin value="US361448BM41"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>GLP Capital LP</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>GLP Capital LP</name>
        <lei>N/A</lei>
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          <isin value="US361841AR08"/>
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        <balance>350000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>316662.50000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.25000000</annualizedRt>
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      <invstOrSec>
        <name>Ally Financial, Inc.</name>
        <lei>549300JBN1OSM8YNAI90</lei>
        <title>Ally Financial, Inc.</title>
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          <isin value="US36186CBY84"/>
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        <balance>140000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>158972.16000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Haleon US Capital LLC</name>
        <lei>549300N8C3A3L0UVQB07</lei>
        <title>Haleon US Capital LLC</title>
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          <isin value="US36264FAM32"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>476206.45000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-03-24</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.62500000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>GE HealthCare Technologies, Inc.</name>
        <lei>549300OI9J7XOWZMUN85</lei>
        <title>GE HealthCare Technologies, Inc.</title>
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          <isin value="US36267VAK98"/>
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        <balance>2100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2262858.99000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-11-22</maturityDt>
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          <annualizedRt>5.90500000</annualizedRt>
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      <invstOrSec>
        <name>Ally Financial, Inc.</name>
        <lei>549300JBN1OSM8YNAI90</lei>
        <title>Ally Financial, Inc.</title>
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        <balance>390000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.00000000</annualizedRt>
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      <invstOrSec>
        <name>General Motors Co.</name>
        <lei>54930070NSV60J38I987</lei>
        <title>General Motors Co.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-04-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>General Motors Co.</name>
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        <title>General Motors Co.</title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-10-15</maturityDt>
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        <name>General Motors Financial Co., Inc.</name>
        <lei>5493008B6JBRUJ90QL97</lei>
        <title>General Motors Financial Co., Inc.</title>
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          <maturityDt>2031-01-08</maturityDt>
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          <annualizedRt>2.35000000</annualizedRt>
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      <invstOrSec>
        <name>General Motors Financial Co., Inc.</name>
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        <title>General Motors Financial Co., Inc.</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>General Motors Financial Co., Inc.</name>
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        <title>General Motors Financial Co., Inc.</title>
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      <invstOrSec>
        <name>General Motors Financial Co., Inc.</name>
        <lei>5493008B6JBRUJ90QL97</lei>
        <title>General Motors Financial Co., Inc.</title>
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      <invstOrSec>
        <name>General Motors Financial Co., Inc.</name>
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        <title>General Motors Financial Co., Inc.</title>
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      <invstOrSec>
        <name>General Motors Financial Co., Inc.</name>
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        <title>General Motors Financial Co., Inc.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-07-15</maturityDt>
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      <invstOrSec>
        <name>Gilead Sciences, Inc.</name>
        <lei>549300WTZWR07K8MNV44</lei>
        <title>Gilead Sciences, Inc.</title>
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        <balance>3930000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Global Payments, Inc.</name>
        <lei>549300NOMHGVQBX6S778</lei>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Goldman Sachs Group, Inc. (The)</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Goldman Sachs Group, Inc. (The)</name>
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          <isin value="US38141GZM94"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-02-24</maturityDt>
          <couponKind>Variable</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>HF Sinclair Corp.</name>
        <lei>2549009G116AM01XHN24</lei>
        <title>HF Sinclair Corp.</title>
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          <isin value="US403949AS99"/>
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        <balance>4480000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.25000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>HA Sustainable Infrastructure Capital, Inc.</name>
        <lei>254900ZZRL7MWL1X8E92</lei>
        <title>HA Sustainable Infrastructure Capital, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-01-15</maturityDt>
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          <annualizedRt>6.15000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>HCA, Inc.</name>
        <lei>L3CJ6J7LJ2DX62FTXD46</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.37500000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>HSBC Holdings plc</name>
        <lei>MLU0ZO3ML4LN2LL2TL39</lei>
        <title>HSBC Holdings plc</title>
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          <isin value="US404280CK33"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-08-18</maturityDt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>HSBC Holdings plc</name>
        <lei>MLU0ZO3ML4LN2LL2TL39</lei>
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        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-11-22</maturityDt>
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          <annualizedRt>2.87100000</annualizedRt>
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      <invstOrSec>
        <name>HSBC Holdings plc</name>
        <lei>MLU0ZO3ML4LN2LL2TL39</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-03-29</maturityDt>
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      <invstOrSec>
        <name>HSBC Holdings plc</name>
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      <invstOrSec>
        <name>HSBC Holdings plc</name>
        <lei>MLU0ZO3ML4LN2LL2TL39</lei>
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        <name>Healthcare Realty Holdings LP</name>
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        <name>Hershey Co. (The)</name>
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        <name>Highwoods Realty LP</name>
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        <name>Home Depot, Inc. (The)</name>
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        <name>Humana, Inc.</name>
        <lei>529900YLDW34GJAO4J06</lei>
        <title>Humana, Inc.</title>
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        <invCountry>US</invCountry>
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        <name>ING Groep NV</name>
        <lei>549300NYKK9MWM7GGW15</lei>
        <title>ING Groep NV</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-03-28</maturityDt>
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        <name>Intercontinental Exchange, Inc.</name>
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        <name>International Business Machines Corp.</name>
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        <name>Intuit, Inc.</name>
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        <name>JPMorgan Prime Money Market Fund</name>
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        <name>JPMorgan Chase &amp; Co.</name>
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        <name>Johnson &amp; Johnson</name>
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        <name>KLA Corp.</name>
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        <name>KeyCorp</name>
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        <name>KeyBank NA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Kilroy Realty LP</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Kilroy Realty LP</name>
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        <name>Kimco Realty OP LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Kinder Morgan Energy Partners LP</name>
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        <name>Kinder Morgan, Inc.</name>
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        <name>Kinross Gold Corp.</name>
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        <name>Kraft Heinz Foods Co.</name>
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        <name>Kyndryl Holdings, Inc.</name>
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        <name>Kyndryl Holdings, Inc.</name>
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        <name>LKQ Corp.</name>
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      <invstOrSec>
        <name>Lincoln National Corp.</name>
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        <name>Lockheed Martin Corp.</name>
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        <name>Loews Corp.</name>
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        <name>Lowe's Cos., Inc.</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-04-01</maturityDt>
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        <name>M&amp;T Bank Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Magna International, Inc.</name>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Magna International, Inc.</name>
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        <name>Marsh &amp; McLennan Cos., Inc.</name>
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        <name>Marriott International, Inc.</name>
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        <name>Marriott International, Inc.</name>
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        <name>Marriott International, Inc.</name>
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        <name>Marriott International, Inc.</name>
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        <name>McKesson Corp.</name>
        <lei>549300WZWOM80UCFSF54</lei>
        <title>McKesson Corp.</title>
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        <name>Medtronic Global Holdings SCA</name>
        <lei>549300JXMTTP8GKYIX14</lei>
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        <invCountry>LU</invCountry>

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        <name>Merck &amp; Co., Inc.</name>
        <lei>4YV9Y5M8S0BRK1RP0397</lei>
        <title>Merck &amp; Co., Inc.</title>
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        <name>Microsoft Corp.</name>
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        <name>Mizuho Financial Group, Inc.</name>
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        <name>Mondelez International, Inc.</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-08-28</maturityDt>
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        <name>Moody's Corp.</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-08-08</maturityDt>
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          <annualizedRt>4.25000000</annualizedRt>
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        <name>Morgan Stanley</name>
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        <title>Morgan Stanley</title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-02-13</maturityDt>
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          <annualizedRt>1.79400000</annualizedRt>
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        <name>Morgan Stanley</name>
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          <maturityDt>2032-04-28</maturityDt>
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        <name>Morgan Stanley</name>
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          <maturityDt>2033-01-21</maturityDt>
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        <name>Morgan Stanley</name>
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        <name>Morgan Stanley</name>
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        <name>NXP BV</name>
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        <name>National Grid plc</name>
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        <name>National Rural Utilities Cooperative Finance Corp.</name>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Netflix, Inc.</name>
        <lei>549300Y7VHGU0I7CE873</lei>
        <title>Netflix, Inc.</title>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.90000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Newmont Corp.</name>
        <lei>549300VSP3RIX7FGDZ51</lei>
        <title>Newmont Corp.</title>
        <cusip>651639AZ9</cusip>
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          <isin value="US651639AZ99"/>
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        <balance>475000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>432738.25000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.60000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Newmont Corp.</name>
        <lei>N/A</lei>
        <title>Newmont Corp.</title>
        <cusip>65163LAR0</cusip>
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          <isin value="US65163LAR06"/>
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        <balance>4230000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4430906.39000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.35000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>NextEra Energy Capital Holdings, Inc.</name>
        <lei>UMI46YPGBLUE4VGNNT48</lei>
        <title>NextEra Energy Capital Holdings, Inc.</title>
        <cusip>65339KBZ2</cusip>
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          <isin value="US65339KBZ21"/>
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        <balance>930000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>828383.64000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.44000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Nomura Holdings, Inc.</name>
        <lei>549300B3CEAHYG7K8164</lei>
        <title>Nomura Holdings, Inc.</title>
        <cusip>65535HBA6</cusip>
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          <isin value="US65535HBA68"/>
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        <balance>10600000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>9617794.46000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-01-22</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.99900000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Nomura Holdings, Inc.</name>
        <lei>549300B3CEAHYG7K8164</lei>
        <title>Nomura Holdings, Inc.</title>
        <cusip>65535HBP3</cusip>
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          <isin value="US65535HBP38"/>
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        <balance>400000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>431175.52000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-07-12</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.08700000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Norfolk Southern Corp.</name>
        <lei>54930036C8MWP850MI84</lei>
        <title>Norfolk Southern Corp.</title>
        <cusip>655844CM8</cusip>
        <identifiers>
          <isin value="US655844CM86"/>
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        <balance>157000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>144860.49000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Northrop Grumman Corp.</name>
        <lei>RIMU48P07456QXSO0R61</lei>
        <title>Northrop Grumman Corp.</title>
        <cusip>666807CH3</cusip>
        <identifiers>
          <isin value="US666807CH36"/>
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        <balance>4760000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4810844.42000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.70000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Nucor Corp.</name>
        <lei>549300GGJCRSI2TIEJ46</lei>
        <title>Nucor Corp.</title>
        <cusip>670346AV7</cusip>
        <identifiers>
          <isin value="US670346AV71"/>
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        <balance>156000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>145158.73000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.12500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>NVIDIA Corp.</name>
        <lei>549300S4KLFTLO7GSQ80</lei>
        <title>NVIDIA Corp.</title>
        <cusip>67066GAN4</cusip>
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          <isin value="US67066GAN43"/>
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        <balance>164000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>147636.51000000</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>2031-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Omega Healthcare Investors, Inc.</name>
        <lei>549300OJ7ENK42CZ8E73</lei>
        <title>Omega Healthcare Investors, Inc.</title>
        <cusip>681936BN9</cusip>
        <identifiers>
          <isin value="US681936BN99"/>
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        <balance>550000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>488725.38000000</valUSD>
        <pctVal>0.033394162017</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.25000000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
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      <invstOrSec>
        <name>ONE Gas, Inc.</name>
        <lei>549300HXDWI0LATTX840</lei>
        <title>ONE Gas, Inc.</title>
        <cusip>68235PAM0</cusip>
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          <isin value="US68235PAM05"/>
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        <balance>1280000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1261756.54000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.25000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ONEOK, Inc.</name>
        <lei>2T3D6M0JSY48PSZI1Q41</lei>
        <title>ONEOK, Inc.</title>
        <cusip>682680AN3</cusip>
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          <isin value="US682680AN39"/>
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        <balance>3790000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4005642.28000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
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      <invstOrSec>
        <name>ONEOK, Inc.</name>
        <lei>2T3D6M0JSY48PSZI1Q41</lei>
        <title>ONEOK, Inc.</title>
        <cusip>682680BE2</cusip>
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        <balance>680000.00000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.35000000</annualizedRt>
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      <invstOrSec>
        <name>ONEOK, Inc.</name>
        <lei>2T3D6M0JSY48PSZI1Q41</lei>
        <title>ONEOK, Inc.</title>
        <cusip>682680BG7</cusip>
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        <balance>2780000.00000000</balance>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.10000000</annualizedRt>
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      <invstOrSec>
        <name>ONEOK, Inc.</name>
        <lei>2T3D6M0JSY48PSZI1Q41</lei>
        <title>ONEOK, Inc.</title>
        <cusip>682680BL6</cusip>
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        <balance>1060000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1127621.96000000</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>2033-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.05000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Oracle Corp.</name>
        <lei>1Z4GXXU7ZHVWFCD8TV52</lei>
        <title>Oracle Corp.</title>
        <cusip>68389XBE4</cusip>
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        <balance>1690000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1459305.37000000</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>2035-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.90000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Oracle Corp.</name>
        <lei>1Z4GXXU7ZHVWFCD8TV52</lei>
        <title>Oracle Corp.</title>
        <cusip>68389XCJ2</cusip>
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        <balance>12210000.00000000</balance>
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        <name>Blue Owl Credit Income Corp.</name>
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        <name>Regal Rexnord Corp.</name>
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        <name>Rio Tinto Finance USA plc</name>
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        <name>Ryder System, Inc.</name>
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        <name>Simon Property Group LP</name>
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        <name>Simon Property Group LP</name>
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        <name>South Bow USA Infrastructure Holdings LLC</name>
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        <name>Skyworks Solutions, Inc.</name>
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        <name>Sonoco Products Co.</name>
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        <name>Southern California Edison Co.</name>
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        <name>Southern California Gas Co.</name>
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        <name>Southern California Gas Co.</name>
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        <name>Southern Co. (The)</name>
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        <name>Southwest Gas Corp.</name>
        <lei>OQQR1IQTGBKH0UR88X59</lei>
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        <name>Expand Energy Corp.</name>
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        <name>Southwestern Public Service Co.</name>
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        <name>Sprint Capital Corp.</name>
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        <name>Starbucks Corp.</name>
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        <name>Sumitomo Mitsui Financial Group, Inc.</name>
        <lei>35380028MYWPB6AUO129</lei>
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        <name>Sumitomo Mitsui Financial Group, Inc.</name>
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        <name>Sumitomo Mitsui Financial Group, Inc.</name>
        <lei>35380028MYWPB6AUO129</lei>
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        <name>TD SYNNEX Corp.</name>
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        <name>T-Mobile USA, Inc.</name>
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        <name>Targa Resources Partners LP</name>
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        <name>Targa Resources Corp.</name>
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        <name>TELUS Corp.</name>
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        <name>Thermo Fisher Scientific, Inc.</name>
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        <name>Time Warner Cable Enterprises LLC</name>
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        <name>UDR, Inc.</name>
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        <name>Verisk Analytics, Inc.</name>
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        <name>Paramount Global</name>
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        <name>Virginia Electric and Power Co.</name>
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        <name>VMware LLC</name>
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        <name>WRKCo., Inc.</name>
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        <name>Wells Fargo &amp; Co.</name>
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          <couponKind>Variable</couponKind>
          <annualizedRt>5.38900000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Wells Fargo &amp; Co.</name>
        <lei>PBLD0EJDB5FWOLXP3B76</lei>
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          <isin value="US95000U3N13"/>
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        <balance>3670000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3754346.14000000</valUSD>
        <pctVal>0.256531067138</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-12-03</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.21100000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Western Union Co. (The)</name>
        <lei>28ID94QU1140NC23S047</lei>
        <title>Western Union Co. (The)</title>
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          <isin value="US959802BA61"/>
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        <balance>1090000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>992009.44000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.75000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="902363.86000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Willis North America, Inc.</name>
        <lei>5493004KVU1HWZCP0C66</lei>
        <title>Willis North America, Inc.</title>
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          <isin value="US970648AM30"/>
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        <balance>9690000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>9991071.21000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.35000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Xcel Energy, Inc.</name>
        <lei>LGJNMI9GH8XIDG5RCM61</lei>
        <title>Xcel Energy, Inc.</title>
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        <identifiers>
          <isin value="US98389BBA70"/>
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        <balance>13420000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>13859152.05000000</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>2033-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.45000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Yamana Gold, Inc.</name>
        <lei>54930002VY22NXG01418</lei>
        <title>Yamana Gold, Inc.</title>
        <cusip>98462YAF7</cusip>
        <identifiers>
          <isin value="US98462YAF79"/>
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        <balance>121000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>108772.84000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.63000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Zimmer Biomet Holdings, Inc.</name>
        <lei>2P2YLDVPES3BXQ1FRB91</lei>
        <title>Zimmer Biomet Holdings, Inc.</title>
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        <identifiers>
          <isin value="US98956PAV40"/>
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        <balance>590000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>533137.33000000</valUSD>
        <pctVal>0.036428790286</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-11-24</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.60000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="181598.00000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ALLSPRING GOVT FUND LEX</name>
        <lei>549300GFSYYLVYEWA041</lei>
        <title>ALLSPRING GOVERNMENT MONEY MARKET FUND</title>
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        <identifiers>
          <other otherDesc="Custodian Internal ID" value="949921126"/>
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        <balance>5000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5000000.00000000</valUSD>
        <pctVal>0.341645465778</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="5000000.00000000" isCashCollateral="Y"/>
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      </invstOrSec>
      <invstOrSec>
        <name>TFDXX LEX BLACKROCK FED FUND</name>
        <lei>549300T8K043VZEOVK74</lei>
        <title>BLACKROCK LIQUIDITY FEDFUND OPEN-END FUND USD</title>
        <cusip>09248U700</cusip>
        <identifiers>
          <other otherDesc="Custodian Internal ID" value="09248U700"/>
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        <balance>5000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5000000.00000000</valUSD>
        <pctVal>0.341645465778</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="5000000.00000000" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>DREYFUS TREASURY &amp; AGENCY LEX</name>
        <lei>54930067A504FBYASH16</lei>
        <title>DREYFUS TREASURY OBLIGATIONS CASH MANAGEMENT FUND OPEN-END FUND USD</title>
        <cusip>261908107</cusip>
        <identifiers>
          <other otherDesc="Custodian Internal ID" value="261908107"/>
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        <balance>2000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2000000.00000000</valUSD>
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        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="2000000.00000000" isCashCollateral="Y"/>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Goldman Sachs Fin Square Govt Fd</name>
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        <title>GOLDMAN SACHS FINANCIAL SQUARE GOVERNMENT FUND OPEN-END FUND</title>
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          <other otherDesc="Custodian Internal ID" value="38141W273"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2000000.00000000</valUSD>
        <pctVal>0.136658186311</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="2000000.00000000" isCashCollateral="Y"/>
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      </invstOrSec>
      <invstOrSec>
        <name>INVESCO GOVT AND AGCY LEX</name>
        <lei>O37NHJVF7S22I1ONOU83</lei>
        <title>INVESCO GOVERNMENT &amp; AGENCY PORTFOLIO OPEN-END FUND USD</title>
        <cusip>825252885</cusip>
        <identifiers>
          <other otherDesc="Custodian Internal ID" value="825252885"/>
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        <balance>18595522.50000000</balance>
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        <curCd>USD</curCd>
        <valUSD>18595522.50000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="18595522.50000000" isCashCollateral="Y"/>
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      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2026-01-30</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>
