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      </invstOrSec>
      <invstOrSec>
        <name>Western Midstream Operating LP</name>
        <lei>L6D8A6MLSY454J2JXJ60</lei>
        <title>Western Midstream Operating LP</title>
        <cusip>958667AA5</cusip>
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        <balance>35000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>29685.38000000</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>2050-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.24999880</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>VICI Properties LP</name>
        <lei>254900X4QE7SGKQLLN38</lei>
        <title>VICI Properties LP</title>
        <cusip>925650AE3</cusip>
        <identifiers>
          <isin value="US925650AE39"/>
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        <balance>50000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>43658.17000000</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>2052-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.62500000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Plains All American Pipeline LP</name>
        <lei>N/A</lei>
        <title>Plains All American Pipeline LP</title>
        <cusip>72650RBH4</cusip>
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          <isin value="US72650RBH49"/>
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        <balance>50000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>41514.48000000</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>2045-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.90000000</annualizedRt>
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      <invstOrSec>
        <name>JPMorgan Chase &amp; Co.</name>
        <lei>8I5DZWZKVSZI1NUHU748</lei>
        <title>JPMorgan Chase &amp; Co.</title>
        <cusip>46625HJB7</cusip>
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          <isin value="US46625HJB78"/>
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        <balance>25000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24879.43000000</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>2041-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.60000000</annualizedRt>
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        <securityLending>
          <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>68389XBY0</cusip>
        <identifiers>
          <isin value="US68389XBY04"/>
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        <balance>40000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>26624.82000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2060-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.85000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Enterprise Products Operating LLC</name>
        <lei>5493004LGN656HWLDA30</lei>
        <title>Enterprise Products Operating LLC</title>
        <cusip>29379VBY8</cusip>
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          <isin value="US29379VBY83"/>
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        <balance>75000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>53974.40000000</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>2051-01-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.70000000</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>Principal Financial Group, Inc.</name>
        <lei>CUMYEZJOAF02RYZ1JJ85</lei>
        <title>Principal Financial Group, Inc.</title>
        <cusip>74251VAF9</cusip>
        <identifiers>
          <isin value="US74251VAF94"/>
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        <balance>5000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4305.78000000</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>2042-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.62500000</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>Markel Group, Inc.</name>
        <lei>549300SCNO12JLWIK605</lei>
        <title>Markel Group, Inc.</title>
        <cusip>570535AV6</cusip>
        <identifiers>
          <isin value="US570535AV66"/>
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        <balance>10000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7482.22000000</valUSD>
        <pctVal>0.024020076284</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-09-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.15000000</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>Eli Lilly &amp; Co.</name>
        <lei>FRDRIPF3EKNDJ2CQJL29</lei>
        <title>Eli Lilly &amp; Co.</title>
        <cusip>532457CN6</cusip>
        <identifiers>
          <isin value="US532457CN68"/>
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        <balance>95000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>88197.86000000</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>2064-02-09</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.10000000</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>Apple, Inc.</name>
        <lei>HWUPKR0MPOU8FGXBT394</lei>
        <title>Apple, Inc.</title>
        <cusip>037833DW7</cusip>
        <identifiers>
          <isin value="US037833DW79"/>
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        <balance>25000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>15426.95000000</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>2050-05-11</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.65000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>NXP BV</name>
        <lei>N/A</lei>
        <title>NXP BV</title>
        <cusip>62954HAN8</cusip>
        <identifiers>
          <isin value="US62954HAN89"/>
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        <balance>20000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>12745.83000000</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>2051-11-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.25000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Altria Group, Inc.</name>
        <lei>XSGZFLO9YTNO9VCQV219</lei>
        <title>Altria Group, Inc.</title>
        <cusip>02209SBP7</cusip>
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          <isin value="US02209SBP74"/>
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        <balance>25000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>16976.42000000</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>2061-02-04</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</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>Oracle Corp.</name>
        <lei>1Z4GXXU7ZHVWFCD8TV52</lei>
        <title>Oracle Corp.</title>
        <cusip>68389XBF1</cusip>
        <identifiers>
          <isin value="US68389XBF15"/>
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        <balance>50000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>38138.86000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.12500000</annualizedRt>
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      <invstOrSec>
        <name>ONEOK, Inc.</name>
        <lei>2T3D6M0JSY48PSZI1Q41</lei>
        <title>ONEOK, Inc.</title>
        <cusip>682680BN2</cusip>
        <identifiers>
          <isin value="US682680BN20"/>
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        <balance>130000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>135591.38000000</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>2053-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.62500000</annualizedRt>
          <isDefault>N</isDefault>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Union Pacific Corp.</name>
        <lei>549300LMMRSZZCZ8CL11</lei>
        <title>Union Pacific Corp.</title>
        <cusip>907818FV5</cusip>
        <identifiers>
          <isin value="US907818FV55"/>
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        <balance>25000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>16748.19000000</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>2061-05-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.55000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Apple, Inc.</name>
        <lei>HWUPKR0MPOU8FGXBT394</lei>
        <title>Apple, Inc.</title>
        <cusip>037833EE6</cusip>
        <identifiers>
          <isin value="US037833EE62"/>
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        <balance>25000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>16794.31000000</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>2041-02-08</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.37500000</annualizedRt>
          <isDefault>N</isDefault>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Energy Transfer LP</name>
        <lei>MTLVN9N7JE8MIBIJ1H73</lei>
        <title>Energy Transfer LP</title>
        <cusip>86765BAM1</cusip>
        <identifiers>
          <isin value="US86765BAM19"/>
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        <balance>25000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>20985.59000000</valUSD>
        <pctVal>0.067369774301</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.95000000</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>Apache Corp.</name>
        <lei>72ZZ1XRHOOU9P9X16K08</lei>
        <title>Apache Corp.</title>
        <cusip>037411AW5</cusip>
        <identifiers>
          <isin value="US037411AW56"/>
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        <balance>125000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>104040.40000000</valUSD>
        <pctVal>0.333999580962</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2040-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.10000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Time Warner Cable LLC</name>
        <lei>549300U5NFR7S6E3GM41</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2039-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>HCA, Inc.</name>
        <lei>L3CJ6J7LJ2DX62FTXD46</lei>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2052-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.62500000</annualizedRt>
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      <invstOrSec>
        <name>Merck &amp; Co., Inc.</name>
        <lei>4YV9Y5M8S0BRK1RP0397</lei>
        <title>Merck &amp; Co., Inc.</title>
        <cusip>58933YBM6</cusip>
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          <isin value="US58933YBM66"/>
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        <balance>55000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2053-05-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>ONEOK, Inc.</name>
        <lei>2T3D6M0JSY48PSZI1Q41</lei>
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          <isin value="US682680BF95"/>
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        <balance>20000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>21441.06000000</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>2051-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.15000000</annualizedRt>
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      <invstOrSec>
        <name>Interstate Power and Light Co.</name>
        <lei>EF9UQIIO4KY2BWOK3P26</lei>
        <title>Interstate Power and Light Co.</title>
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          <isin value="US461070AT14"/>
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        <balance>25000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>15447.68000000</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>2051-11-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.10000000</annualizedRt>
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      <invstOrSec>
        <name>Emerson Electric Co.</name>
        <lei>FGLT0EWZSUIRRITFOA30</lei>
        <title>Emerson Electric Co.</title>
        <cusip>291011BB9</cusip>
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          <isin value="US291011BB99"/>
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        <balance>5000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2039-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.12500000</annualizedRt>
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        <name>Goldman Sachs Group, Inc. (The)</name>
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        <title>Goldman Sachs Group, Inc. (The)</title>
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          <isin value="US38148YAA64"/>
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        <balance>20000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>16483.27000000</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>2038-10-31</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.01700000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Berkshire Hathaway Finance Corp.</name>
        <lei>549300RLHFT5RU20WM87</lei>
        <title>Berkshire Hathaway Finance Corp.</title>
        <cusip>084664BL4</cusip>
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          <isin value="US084664BL47"/>
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        <balance>55000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>57523.05000000</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>2040-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.75000000</annualizedRt>
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        <name>Walmart, Inc.</name>
        <lei>Y87794H0US1R65VBXU25</lei>
        <title>Walmart, Inc.</title>
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        <balance>75000.00000000</balance>
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        <valUSD>65252.66000000</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>2052-09-09</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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        <name>Wells Fargo &amp; Co.</name>
        <lei>PBLD0EJDB5FWOLXP3B76</lei>
        <title>Wells Fargo &amp; Co.</title>
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        <balance>50000.00000000</balance>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2053-04-25</maturityDt>
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          <annualizedRt>4.61100000</annualizedRt>
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        <name>Energy Transfer LP</name>
        <lei>MTLVN9N7JE8MIBIJ1H73</lei>
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        <balance>60000.00000000</balance>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2047-10-01</maturityDt>
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          <annualizedRt>5.40000000</annualizedRt>
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        <name>JPMorgan Chase &amp; Co.</name>
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        <invCountry>US</invCountry>
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          <maturityDt>2041-04-22</maturityDt>
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        <name>Elevance Health, Inc.</name>
        <lei>8MYN82XMYQH89CTMTH67</lei>
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        <invCountry>US</invCountry>
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          <annualizedRt>5.12500000</annualizedRt>
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        <name>Entergy Arkansas LLC</name>
        <lei>549300A0I5ONUIFMLP35</lei>
        <title>Entergy Arkansas LLC</title>
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        <invCountry>US</invCountry>
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          <maturityDt>2052-06-15</maturityDt>
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          <annualizedRt>3.35000000</annualizedRt>
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        <name>OhioHealth Corp.</name>
        <lei>JGYGIL4QGKKPZU7C1D18</lei>
        <title>OhioHealth Corp., Series 2020</title>
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          <annualizedRt>3.04200000</annualizedRt>
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        <name>AT&amp;T, Inc.</name>
        <lei>549300Z40J86GGSTL398</lei>
        <title>AT&amp;T, Inc.</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <name>Home Depot, Inc. (The)</name>
        <lei>QEKMOTMBBKA8I816DO57</lei>
        <title>Home Depot, Inc. (The)</title>
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        <balance>70000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2047-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.90000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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        <name>Philip Morris International, Inc.</name>
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        <name>Aon Global Ltd.</name>
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        <name>Weyerhaeuser Co.</name>
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        <name>Merck Sharp &amp; Dohme Corp.</name>
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        <name>S&amp;P Global, Inc.</name>
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        <name>T-Mobile USA, Inc.</name>
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        <name>CSX Corp.</name>
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        <name>Honeywell International, Inc.</name>
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        <name>Berkshire Hathaway Energy Co.</name>
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        <name>Arthur J Gallagher &amp; Co.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Verisk Analytics, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>UnitedHealth Group, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>AbbVie, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-05-14</maturityDt>
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        <name>Fox Corp.</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2049-01-25</maturityDt>
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        <name>CF Industries, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Regions Financial Corp.</name>
        <lei>CW05CS5KW59QTC0DG824</lei>
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        <name>Tucson Electric Power Co.</name>
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        <name>LYB International Finance III LLC</name>
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        <name>Microsoft Corp.</name>
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        <name>Marsh &amp; McLennan Cos., Inc.</name>
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        <name>Berkshire Hathaway Energy Co.</name>
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        <name>Union Pacific Corp.</name>
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        <name>Energy Transfer LP</name>
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        <name>Occidental Petroleum Corp.</name>
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        <name>Linde, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Apache Corp.</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2049-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.35000000</annualizedRt>
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        <name>Apple, Inc.</name>
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        <name>Snap-on, Inc.</name>
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        <name>Georgia Power Co.</name>
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        <title>Georgia Power Co., Series 10-C</title>
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        <name>Enterprise Products Operating LLC</name>
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        <name>Plains All American Pipeline LP</name>
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        <title>Plains All American Pipeline LP</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2042-06-01</maturityDt>
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        <name>Kentucky Utilities Co.</name>
        <lei>AGX0G2MXE54NFNNICD28</lei>
        <title>Kentucky Utilities Co.</title>
        <cusip>491674BG1</cusip>
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          <isin value="US491674BG15"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2040-11-01</maturityDt>
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        <name>Occidental Petroleum Corp.</name>
        <lei>IM7X0T3ECJW4C1T7ON55</lei>
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        <invCountry>US</invCountry>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>4.20000000</annualizedRt>
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        <name>McDonald's Corp.</name>
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        <name>Ingredion, Inc.</name>
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        <name>Canadian National Railway Co.</name>
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        <invCountry>CA</invCountry>
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        <name>Oracle Corp.</name>
        <lei>1Z4GXXU7ZHVWFCD8TV52</lei>
        <title>Oracle Corp.</title>
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        <invCountry>US</invCountry>
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          <maturityDt>2040-04-01</maturityDt>
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          <annualizedRt>3.60000000</annualizedRt>
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        <name>Comcast Corp.</name>
        <lei>51M0QTTNCGUN7KFCFZ59</lei>
        <title>Comcast Corp.</title>
        <cusip>20030NCY5</cusip>
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        <valUSD>18525.03000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.25000000</annualizedRt>
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        <name>Elevance Health, Inc.</name>
        <lei>8MYN82XMYQH89CTMTH67</lei>
        <title>Elevance Health, Inc.</title>
        <cusip>036752AX1</cusip>
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          <isin value="US036752AX13"/>
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        <balance>55000.00000000</balance>
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        <valUSD>56298.56000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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          <maturityDt>2052-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.10000000</annualizedRt>
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        <name>Principal Financial Group, Inc.</name>
        <lei>CUMYEZJOAF02RYZ1JJ85</lei>
        <title>Principal Financial Group, Inc.</title>
        <cusip>74251VAU6</cusip>
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        <balance>20000.00000000</balance>
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        <valUSD>18609.37000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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          <maturityDt>2053-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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        <name>Advanced Micro Devices, Inc.</name>
        <lei>R2I72C950HOYXII45366</lei>
        <title>Advanced Micro Devices, Inc.</title>
        <cusip>007903BG1</cusip>
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          <isin value="US007903BG12"/>
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        <balance>25000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>20787.28000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>Exxon Mobil Corp.</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2050-03-19</maturityDt>
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      <invstOrSec>
        <name>ONEOK Partners LP</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Brown-Forman Corp.</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2038-04-15</maturityDt>
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        <name>Xylem, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2046-11-01</maturityDt>
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        <name>Home Depot, Inc. (The)</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2043-04-01</maturityDt>
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        <name>Eli Lilly &amp; Co.</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2053-02-27</maturityDt>
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        <name>NVIDIA Corp.</name>
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        <title>NVIDIA Corp.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2060-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.70000000</annualizedRt>
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        <name>Trane Technologies Financing Ltd.</name>
        <lei>549300A5OEF3CJI2CO89</lei>
        <title>Trane Technologies Financing Ltd.</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2044-11-01</maturityDt>
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        <name>Kinder Morgan, Inc.</name>
        <lei>549300WR7IX8XE0TBO16</lei>
        <title>Kinder Morgan, Inc.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2051-02-15</maturityDt>
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          <annualizedRt>3.60000000</annualizedRt>
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        <name>Southern Co. Gas Capital Corp.</name>
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        <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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          <annualizedRt>4.40000000</annualizedRt>
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        <name>Energy Transfer LP</name>
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        <title>Energy Transfer LP</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Moody's Corp.</name>
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          <maturityDt>2050-05-20</maturityDt>
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        <name>Duke Energy Indiana LLC</name>
        <lei>6URPHM2EAWGJ2C6ISB97</lei>
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        <invCountry>US</invCountry>
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          <maturityDt>2042-03-15</maturityDt>
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          <annualizedRt>4.20000000</annualizedRt>
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        <name>Kinder Morgan Energy Partners LP</name>
        <lei>549300PDHUGWPWGOT525</lei>
        <title>Kinder Morgan Energy Partners LP</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2040-11-15</maturityDt>
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          <annualizedRt>7.50000000</annualizedRt>
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        <name>Comcast Corp.</name>
        <lei>51M0QTTNCGUN7KFCFZ59</lei>
        <title>Comcast Corp.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2063-11-01</maturityDt>
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          <annualizedRt>2.98700000</annualizedRt>
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        <name>AbbVie, Inc.</name>
        <lei>FR5LCKFTG8054YNNRU85</lei>
        <title>AbbVie, Inc.</title>
        <cusip>00287YCA5</cusip>
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        <balance>20000.00000000</balance>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2039-11-21</maturityDt>
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        <name>Johnson &amp; Johnson</name>
        <lei>549300G0CFPGEF6X2043</lei>
        <title>Johnson &amp; Johnson</title>
        <cusip>478160AT1</cusip>
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        <balance>25000.00000000</balance>
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        <valUSD>26420.92000000</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>2038-07-15</maturityDt>
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          <annualizedRt>5.85000000</annualizedRt>
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      <invstOrSec>
        <name>Pacific Gas &amp; Electric Co.</name>
        <lei>1HNPXZSMMB7HMBMVBS46</lei>
        <title>Pacific Gas and Electric Co.</title>
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        <name>Kraft Heinz Foods Co.</name>
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        <name>Targa Resources Corp.</name>
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        <name>Arthur J Gallagher &amp; Co.</name>
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        <name>Mississippi Power Co.</name>
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          <maturityDt>2042-03-15</maturityDt>
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        <name>Williams Cos., Inc. (The)</name>
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        <name>Apple, Inc.</name>
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        <name>Altria Group, Inc.</name>
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        <name>Union Pacific Corp.</name>
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        <name>Vale SA</name>
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        <name>UnitedHealth Group, Inc.</name>
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        <name>Lockheed Martin Corp.</name>
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        <name>Enterprise Products Operating LLC</name>
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        <name>Mead Johnson Nutrition Co.</name>
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        <name>TJX Cos., Inc. (The)</name>
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        <name>International Business Machines Corp.</name>
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        <name>Philip Morris International, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>KLA Corp.</name>
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        <title>KLA Corp.</title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2062-07-15</maturityDt>
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          <annualizedRt>5.25000000</annualizedRt>
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        <name>Arthur J Gallagher &amp; Co.</name>
        <lei>54930049QLLMPART6V29</lei>
        <title>Arthur J Gallagher &amp; Co.</title>
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          <isin value="US04316JAE91"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2053-03-02</maturityDt>
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        <name>Prudential Financial, Inc.</name>
        <lei>5PRBRS5FEH7NREC8OR45</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-12-14</maturityDt>
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          <annualizedRt>5.70000000</annualizedRt>
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        <name>Lowe's Cos., Inc.</name>
        <lei>WAFCR4OKGSC504WU3E95</lei>
        <title>Lowe's Cos., Inc.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-10-15</maturityDt>
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          <annualizedRt>5.80000000</annualizedRt>
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        <name>Diamondback Energy, Inc.</name>
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        <invCountry>US</invCountry>
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        <name>PacifiCorp</name>
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          <maturityDt>2039-01-15</maturityDt>
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        <name>Precision Castparts Corp.</name>
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        <name>Canadian National Railway Co.</name>
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        <invCountry>CA</invCountry>
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        <name>Nevada Power Co.</name>
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        <name>McDonald's Corp.</name>
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        <name>Zoetis, Inc.</name>
        <lei>549300HD9Q1LOC9KLJ48</lei>
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        <name>Altria Group, Inc.</name>
        <lei>XSGZFLO9YTNO9VCQV219</lei>
        <title>Altria Group, Inc.</title>
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        <invCountry>US</invCountry>
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        <name>Brunswick Corp.</name>
        <lei>YM4O38W15AX4YLLQKU27</lei>
        <title>Brunswick Corp.</title>
        <cusip>117043AV1</cusip>
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        <balance>15000.00000000</balance>
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        <invCountry>US</invCountry>
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          <maturityDt>2052-04-01</maturityDt>
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          <annualizedRt>5.10000000</annualizedRt>
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        <name>Regency Centers LP</name>
        <lei>5493008PTR2GAOYBXW28</lei>
        <title>Regency Centers LP</title>
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        <balance>10000.00000000</balance>
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        <invCountry>US</invCountry>
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        <name>CBRE Services, Inc.</name>
        <lei>549300CTE3HOMEUMM603</lei>
        <title>CBRE Services, Inc.</title>
        <cusip>12505BAG5</cusip>
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        <balance>55000.00000000</balance>
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        <name>LYB International Finance III LLC</name>
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        <name>Cenovus Energy, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Owens Corning</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Charter Communications Operating LLC</name>
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          <maturityDt>2063-04-01</maturityDt>
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        <name>Energy Transfer LP</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2045-03-15</maturityDt>
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        <name>Moody's Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Sysco Corp.</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2050-04-01</maturityDt>
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          <annualizedRt>6.60000000</annualizedRt>
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        <name>Canadian Natural Resources Ltd.</name>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>HCA, Inc.</name>
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        <name>Kinder Morgan Energy Partners LP</name>
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        <name>Packaging Corp. of America</name>
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        <name>Texas Instruments, Inc.</name>
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        <name>UnitedHealth Group, Inc.</name>
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        <name>Georgia Power Co.</name>
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        <name>Meta Platforms, Inc.</name>
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        <name>Atmos Energy Corp.</name>
        <lei>QVLWEGTD2S8GJMO8D383</lei>
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        <name>Abbott Laboratories</name>
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        <invCountry>US</invCountry>
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      </invstOrSec>
      <invstOrSec>
        <name>BAT Capital Corp.</name>
        <lei>2138005GYEXN7XRHFA84</lei>
        <title>BAT Capital Corp.</title>
        <cusip>05526DBK0</cusip>
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          <isin value="US05526DBK00"/>
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        <balance>25000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>19288.52000000</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>2049-09-06</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.75800000</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>68389XCA1</cusip>
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          <isin value="US68389XCA19"/>
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        <balance>40000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>28576.13000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-03-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.95000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>International Business Machines Corp.</name>
        <lei>VGRQXHF3J8VDLUA7XE92</lei>
        <title>International Business Machines Corp.</title>
        <cusip>459200KC4</cusip>
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          <isin value="US459200KC42"/>
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        <balance>270000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>214435.01000000</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>2049-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.25000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>HSBC Holdings plc</name>
        <lei>MLU0ZO3ML4LN2LL2TL39</lei>
        <title>HSBC Holdings plc</title>
        <cusip>404280DM8</cusip>
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          <isin value="US404280DM89"/>
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        <balance>50000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>50480.84000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Old Republic International Corp.</name>
        <lei>549300IV6O2YY2A1KH37</lei>
        <title>Old Republic International Corp.</title>
        <cusip>680223AL8</cusip>
        <identifiers>
          <isin value="US680223AL88"/>
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        <balance>50000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>34466.78000000</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>2051-06-11</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.85000000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Merck Sharp &amp; Dohme Corp.</name>
        <lei>MZK1AT00SJV4XB7WNL71</lei>
        <title>Merck Sharp &amp; Dohme Corp.</title>
        <cusip>589331AM9</cusip>
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          <isin value="US589331AM97"/>
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        <balance>5000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5172.79000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.75000000</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>Louisville Gas and Electric Co.</name>
        <lei>KO3GRIB3RPH1XDX50U72</lei>
        <title>Louisville Gas and Electric Co.</title>
        <cusip>546676AU1</cusip>
        <identifiers>
          <isin value="US546676AU17"/>
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        <balance>20000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>18162.49000000</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>2040-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.12500000</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>Otis Worldwide Corp.</name>
        <lei>549300ZLBKR8VSU25153</lei>
        <title>Otis Worldwide Corp.</title>
        <cusip>68902VAM9</cusip>
        <identifiers>
          <isin value="US68902VAM90"/>
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        <balance>50000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>34108.97000000</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>2050-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.36200000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Waste Management, Inc.</name>
        <lei>549300YX8JIID70NFS41</lei>
        <title>Waste Management, Inc.</title>
        <cusip>94106LBB4</cusip>
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          <isin value="US94106LBB45"/>
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        <balance>25000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>21652.16000000</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>2035-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.90000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Arthur J Gallagher &amp; Co.</name>
        <lei>54930049QLLMPART6V29</lei>
        <title>Arthur J Gallagher &amp; Co.</title>
        <cusip>04316JAB5</cusip>
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          <isin value="US04316JAB52"/>
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        <balance>10000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5992.53000000</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>2052-03-09</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.05000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Alleghany Corp.</name>
        <lei>549300DCJE6AYX159479</lei>
        <title>Alleghany Corp.</title>
        <cusip>017175AF7</cusip>
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          <isin value="US017175AF71"/>
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        <balance>25000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>16488.13000000</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>2051-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.25000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Duke Energy Indiana LLC</name>
        <lei>6URPHM2EAWGJ2C6ISB97</lei>
        <title>Duke Energy Indiana LLC, Series YYY</title>
        <cusip>26443TAB2</cusip>
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          <isin value="US26443TAB26"/>
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        <balance>25000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>16507.73000000</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>2049-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.25000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Freeport-McMoRan, Inc.</name>
        <lei>549300IRDTHJQ1PVET45</lei>
        <title>Freeport-McMoRan, Inc.</title>
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        <balance>20000.00000000</balance>
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        <valUSD>18332.85000000</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>2043-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.45000000</annualizedRt>
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      <invstOrSec>
        <name>PepsiCo, Inc.</name>
        <lei>FJSUNZKFNQ5YPJ5OT455</lei>
        <title>PepsiCo, Inc.</title>
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        <balance>10000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2040-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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      <invstOrSec>
        <name>Marathon Petroleum Corp.</name>
        <lei>3BNYRYQHD39K4LCKQF12</lei>
        <title>Marathon Petroleum Corp.</title>
        <cusip>56585AAM4</cusip>
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          <isin value="US56585AAM45"/>
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        <balance>10000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>9602.41000000</valUSD>
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        <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>5.85000000</annualizedRt>
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      <invstOrSec>
        <name>Altria Group, Inc.</name>
        <lei>XSGZFLO9YTNO9VCQV219</lei>
        <title>Altria Group, Inc.</title>
        <cusip>02209SAV5</cusip>
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        <balance>45000.00000000</balance>
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        <valUSD>31875.15000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-09-16</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.87500000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CF Industries, Inc.</name>
        <lei>5FVKT86LAD2F40NPC183</lei>
        <title>CF Industries, Inc.</title>
        <cusip>12527GAE3</cusip>
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          <isin value="US12527GAE35"/>
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        <balance>55000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>49238.81000000</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>2044-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.37500000</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>Valero Energy Corp.</name>
        <lei>549300XTO5VR8SKV1V74</lei>
        <title>Valero Energy Corp.</title>
        <cusip>91913YAL4</cusip>
        <identifiers>
          <isin value="US91913YAL48"/>
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        <balance>50000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>52793.50000000</valUSD>
        <pctVal>0.169482305696</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.62500000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Wells Fargo &amp; Co.</name>
        <lei>PBLD0EJDB5FWOLXP3B76</lei>
        <title>Wells Fargo &amp; Co.</title>
        <cusip>95000U2M4</cusip>
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          <isin value="US95000U2M49"/>
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        <balance>40000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>35527.16000000</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>2051-04-04</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.01300000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Lowe's Cos., Inc.</name>
        <lei>WAFCR4OKGSC504WU3E95</lei>
        <title>Lowe's Cos., Inc.</title>
        <cusip>548661EJ2</cusip>
        <identifiers>
          <isin value="US548661EJ29"/>
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        <balance>50000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>38651.56000000</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>2052-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ONEOK, Inc.</name>
        <lei>2T3D6M0JSY48PSZI1Q41</lei>
        <title>ONEOK, Inc.</title>
        <cusip>682680AT0</cusip>
        <identifiers>
          <isin value="US682680AT09"/>
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        <balance>40000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>33369.16000000</valUSD>
        <pctVal>0.107124592533</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-07-13</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.95000000</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>
      <invstOrSec>
        <name>Eli Lilly &amp; Co.</name>
        <lei>FRDRIPF3EKNDJ2CQJL29</lei>
        <title>Eli Lilly &amp; Co.</title>
        <cusip>532457CH9</cusip>
        <identifiers>
          <isin value="US532457CH90"/>
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        <balance>75000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>67804.61000000</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>2063-02-27</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.95000000</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>Eastern Gas Transmission &amp; Storage, Inc.</name>
        <lei>H2VQBNB3NSKRM5QWBI71</lei>
        <title>Eastern Gas Transmission &amp; Storage, Inc.</title>
        <cusip>276480AD2</cusip>
        <identifiers>
          <isin value="US276480AD26"/>
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        <balance>25000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>20626.55000000</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>2044-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.60000000</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>Williams Cos., Inc. (The)</name>
        <lei>D71FAKCBLFS2O0RBPG08</lei>
        <title>Williams Cos., Inc. (The)</title>
        <cusip>96950FAK0</cusip>
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          <isin value="US96950FAK03"/>
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        <balance>25000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>23924.15000000</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>2043-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.80000000</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>
      <invstOrSec>
        <name>Juniper Networks, Inc.</name>
        <lei>AUHIXNGG7U2U7JEHM527</lei>
        <title>Juniper Networks, Inc.</title>
        <cusip>48203RAD6</cusip>
        <identifiers>
          <isin value="US48203RAD61"/>
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        <balance>30000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>29208.41000000</valUSD>
        <pctVal>0.093767389404</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.95000000</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>Markel Group, Inc.</name>
        <lei>549300SCNO12JLWIK605</lei>
        <title>Markel Group, Inc.</title>
        <cusip>570535AQ7</cusip>
        <identifiers>
          <isin value="US570535AQ71"/>
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        <balance>35000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>30271.04000000</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>2046-04-05</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</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>Texas Instruments, Inc.</name>
        <lei>WDJNR2L6D8RWOEB8T652</lei>
        <title>Texas Instruments, Inc.</title>
        <cusip>882508CJ1</cusip>
        <identifiers>
          <isin value="US882508CJ13"/>
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        <balance>55000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>51553.24000000</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>2054-02-08</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.15000000</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>JPMorgan Chase &amp; Co.</name>
        <lei>8I5DZWZKVSZI1NUHU748</lei>
        <title>JPMorgan Chase &amp; Co.</title>
        <cusip>46647PAJ5</cusip>
        <identifiers>
          <isin value="US46647PAJ57"/>
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        <balance>25000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>20816.33000000</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>2038-07-24</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.88200000</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>Burlington Northern Santa Fe LLC</name>
        <lei>N/A</lei>
        <title>Burlington Northern Santa Fe LLC</title>
        <cusip>12189LBF7</cusip>
        <identifiers>
          <isin value="US12189LBF76"/>
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        <balance>75000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>48431.38000000</valUSD>
        <pctVal>0.155478647000</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.05000000</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>Western Midstream Operating LP</name>
        <lei>L6D8A6MLSY454J2JXJ60</lei>
        <title>Western Midstream Operating LP</title>
        <cusip>958254AL8</cusip>
        <identifiers>
          <isin value="US958254AL80"/>
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        <balance>25000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>21178.31000000</valUSD>
        <pctVal>0.067988460881</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</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>Moody's Corp.</name>
        <lei>549300GCEDD8YCF5WU84</lei>
        <title>Moody's Corp.</title>
        <cusip>615369AQ8</cusip>
        <identifiers>
          <isin value="US615369AQ83"/>
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        <balance>35000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>30936.79000000</valUSD>
        <pctVal>0.099315985870</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-12-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.87500000</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>Howmet Aerospace, Inc.</name>
        <lei>549300HO5WFZUT5N2T22</lei>
        <title>Howmet Aerospace, Inc.</title>
        <cusip>013817AK7</cusip>
        <identifiers>
          <isin value="US013817AK77"/>
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        <balance>25000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24991.14000000</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>2037-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.95000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Markel Group, Inc.</name>
        <lei>549300SCNO12JLWIK605</lei>
        <title>Markel Group, Inc.</title>
        <cusip>570535AT1</cusip>
        <identifiers>
          <isin value="US570535AT11"/>
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        <balance>15000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>12964.02000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-05-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Williams Cos., Inc. (The)</name>
        <lei>D71FAKCBLFS2O0RBPG08</lei>
        <title>Williams Cos., Inc. (The)</title>
        <cusip>96950FAF1</cusip>
        <identifiers>
          <isin value="US96950FAF18"/>
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        <balance>40000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>40487.89000000</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>2040-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.30000000</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>Kinder Morgan Energy Partners LP</name>
        <lei>549300PDHUGWPWGOT525</lei>
        <title>Kinder Morgan Energy Partners LP</title>
        <cusip>494550AW6</cusip>
        <identifiers>
          <isin value="US494550AW68"/>
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        <balance>50000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>53300.15000000</valUSD>
        <pctVal>0.171108797786</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.95000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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        <name>Nevada Power Co.</name>
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        <name>S&amp;P Global, Inc.</name>
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        <name>Fox Corp.</name>
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        <name>Rogers Communications, Inc.</name>
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        <invCountry>CA</invCountry>
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        <name>Marsh &amp; McLennan Cos., Inc.</name>
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        <name>Apple, Inc.</name>
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        <name>HP, Inc.</name>
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        <name>Moody's Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Microsoft Corp.</name>
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        <name>Occidental Petroleum Corp.</name>
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        <name>Lowe's Cos., Inc.</name>
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        <name>Marsh &amp; McLennan Cos., Inc.</name>
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          <maturityDt>2053-03-15</maturityDt>
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        <name>Corning, Inc.</name>
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        <name>AbbVie, Inc.</name>
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        <name>Elevance Health, Inc.</name>
        <lei>8MYN82XMYQH89CTMTH67</lei>
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        <name>Elevance Health, Inc.</name>
        <lei>8MYN82XMYQH89CTMTH67</lei>
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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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          <maturityDt>2052-02-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.75000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Wells Fargo &amp; Co.</name>
        <lei>PBLD0EJDB5FWOLXP3B76</lei>
        <title>Wells Fargo &amp; Co.</title>
        <cusip>94974BGU8</cusip>
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          <isin value="US94974BGU89"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2046-12-07</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.75000000</annualizedRt>
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      <invstOrSec>
        <name>Aflac, Inc.</name>
        <lei>549300N0B7DOGLXWPP39</lei>
        <title>Aflac, Inc.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2040-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.45000000</annualizedRt>
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      <invstOrSec>
        <name>QUALCOMM, Inc.</name>
        <lei>H1J8DDZKZP6H7RWC0H53</lei>
        <title>QUALCOMM, Inc.</title>
        <cusip>747525BT9</cusip>
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          <isin value="US747525BT99"/>
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        <balance>85000.00000000</balance>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2053-05-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
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      <invstOrSec>
        <name>International Business Machines Corp.</name>
        <lei>VGRQXHF3J8VDLUA7XE92</lei>
        <title>International Business Machines Corp.</title>
        <cusip>459200KZ3</cusip>
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        <balance>20000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2053-02-06</maturityDt>
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          <annualizedRt>5.10000000</annualizedRt>
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        <name>Kinder Morgan, Inc.</name>
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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>LYB International Finance BV</name>
        <lei>549300J6QSW38QNOJK61</lei>
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        <curCd>USD</curCd>
        <valUSD>29712.19000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2044-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.87500000</annualizedRt>
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      <invstOrSec>
        <name>Boston Scientific Corp.</name>
        <lei>Y6ZDD9FP4P8JSSJMW954</lei>
        <title>Boston Scientific Corp.</title>
        <cusip>101137AU1</cusip>
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          <isin value="US101137AU14"/>
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        <valUSD>8663.53000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.70000000</annualizedRt>
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      <invstOrSec>
        <name>Texas Instruments, Inc.</name>
        <lei>WDJNR2L6D8RWOEB8T652</lei>
        <title>Texas Instruments, Inc.</title>
        <cusip>882508BD5</cusip>
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          <isin value="US882508BD51"/>
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        <balance>100000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2048-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.15000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Constellation Brands, Inc.</name>
        <lei>5493005GKEG8QCVY7037</lei>
        <title>Constellation Brands, Inc.</title>
        <cusip>21036PAT5</cusip>
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          <isin value="US21036PAT57"/>
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        <balance>35000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>28426.54000000</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>2047-05-09</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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        <name>Philip Morris International, Inc.</name>
        <lei>HL3H1H2BGXWVG3BSWR90</lei>
        <title>Philip Morris International, Inc.</title>
        <cusip>718172BL2</cusip>
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        <balance>45000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2044-11-10</maturityDt>
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          <annualizedRt>4.25000000</annualizedRt>
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        <name>HCA, Inc.</name>
        <lei>L3CJ6J7LJ2DX62FTXD46</lei>
        <title>HCA, Inc.</title>
        <cusip>404119CW7</cusip>
        <identifiers>
          <isin value="US404119CW77"/>
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        <balance>45000.00000000</balance>
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        <valUSD>42614.29000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2064-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.10000000</annualizedRt>
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      <invstOrSec>
        <name>Morgan Stanley</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>Morgan Stanley</title>
        <cusip>61747YDY8</cusip>
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        <balance>30000.00000000</balance>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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          <maturityDt>2045-01-27</maturityDt>
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        <name>Citigroup, Inc.</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>Citigroup, Inc.</title>
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          <annualizedRt>6.87500000</annualizedRt>
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      <invstOrSec>
        <name>Sysco Corp.</name>
        <lei>5RGWIFLMGH3YS7KWI652</lei>
        <title>Sysco Corp.</title>
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        <invCountry>US</invCountry>
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        <name>Enbridge Energy Partners LP</name>
        <lei>CZ6VG2MNE1J6YDI02G48</lei>
        <title>Enbridge Energy Partners LP</title>
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        <balance>45000.00000000</balance>
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        <invCountry>US</invCountry>
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          <maturityDt>2045-10-15</maturityDt>
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          <annualizedRt>7.37500000</annualizedRt>
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      <invstOrSec>
        <name>Valero Energy Corp.</name>
        <lei>549300XTO5VR8SKV1V74</lei>
        <title>Valero Energy Corp.</title>
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        <balance>20000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2045-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.90000000</annualizedRt>
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      <invstOrSec>
        <name>Transatlantic Holdings, Inc.</name>
        <lei>RN37QJVS1BV19MNIC295</lei>
        <title>Transatlantic Holdings, Inc.</title>
        <cusip>893521AB0</cusip>
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        <balance>25000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>30890.92000000</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>2039-11-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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        <name>Williams Cos., Inc. (The)</name>
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        <title>Williams Cos., Inc. (The)</title>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Kinder Morgan, Inc.</name>
        <lei>549300WR7IX8XE0TBO16</lei>
        <title>Kinder Morgan, Inc.</title>
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          <isin value="US49456BAH42"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2045-06-01</maturityDt>
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      <invstOrSec>
        <name>Athene Holding Ltd.</name>
        <lei>549300H316CT32FQXI76</lei>
        <title>Athene Holding Ltd.</title>
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          <isin value="US04686JAD37"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2051-05-25</maturityDt>
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      <invstOrSec>
        <name>NXP BV</name>
        <lei>N/A</lei>
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          <isin value="US62954HAL24"/>
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        <balance>50000.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2042-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.12500000</annualizedRt>
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      <invstOrSec>
        <name>Plains All American Pipeline LP</name>
        <lei>N/A</lei>
        <title>Plains All American Pipeline LP</title>
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          <isin value="US72650RAR30"/>
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        <balance>50000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.65000000</annualizedRt>
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      <invstOrSec>
        <name>CSX Corp.</name>
        <lei>549300JVQR4N1MMP3Q88</lei>
        <title>CSX Corp.</title>
        <cusip>126408GU1</cusip>
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          <isin value="US126408GU17"/>
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        <curCd>USD</curCd>
        <valUSD>24389.03000000</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>2041-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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      <invstOrSec>
        <name>Republic Services, Inc.</name>
        <lei>NKNQHM6BLECKVOQP7O46</lei>
        <title>Republic Services, Inc.</title>
        <cusip>760759BC3</cusip>
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          <isin value="US760759BC31"/>
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        <balance>50000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>48164.79000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Berkshire Hathaway Finance Corp.</name>
        <lei>549300RLHFT5RU20WM87</lei>
        <title>Berkshire Hathaway Finance Corp.</title>
        <cusip>084664DB4</cusip>
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          <isin value="US084664DB47"/>
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        <balance>190000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>143770.01000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.85000000</annualizedRt>
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      <invstOrSec>
        <name>UnitedHealth Group, Inc.</name>
        <lei>549300GHBMY8T5GXDE41</lei>
        <title>UnitedHealth Group, Inc.</title>
        <cusip>91324PEE8</cusip>
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          <isin value="US91324PEE88"/>
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        <balance>50000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>36178.98000000</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>2041-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.05000000</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>30000.00000000</balance>
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        <valUSD>28790.44000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2053-03-02</maturityDt>
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          <annualizedRt>5.65000000</annualizedRt>
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      <invstOrSec>
        <name>Elevance Health, Inc.</name>
        <lei>8MYN82XMYQH89CTMTH67</lei>
        <title>Elevance Health, Inc.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.37500000</annualizedRt>
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      <invstOrSec>
        <name>Charter Communications Operating LLC</name>
        <lei>N/A</lei>
        <title>Charter Communications Operating LLC</title>
        <cusip>161175BV5</cusip>
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          <isin value="US161175BV50"/>
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        <balance>50000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>29255.89000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2051-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.70000000</annualizedRt>
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      <invstOrSec>
        <name>Aptiv plc</name>
        <lei>N/A</lei>
        <title>Aptiv plc</title>
        <cusip>00217GAC7</cusip>
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          <isin value="US00217GAC78"/>
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        <balance>25000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>18014.14000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2052-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.15000000</annualizedRt>
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      <invstOrSec>
        <name>Energy Transfer LP</name>
        <lei>MTLVN9N7JE8MIBIJ1H73</lei>
        <title>Energy Transfer LP</title>
        <cusip>29279FAA7</cusip>
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          <isin value="US29279FAA75"/>
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        <balance>75000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>73152.53000000</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>2049-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.25000000</annualizedRt>
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      <invstOrSec>
        <name>Nucor Corp.</name>
        <lei>549300GGJCRSI2TIEJ46</lei>
        <title>Nucor Corp.</title>
        <cusip>670346AH8</cusip>
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          <isin value="US670346AH87"/>
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        <balance>20000.00000000</balance>
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        <valUSD>21187.87000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.40000000</annualizedRt>
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      <invstOrSec>
        <name>Salesforce, Inc.</name>
        <lei>RCGZFPDMRW58VJ54VR07</lei>
        <title>Salesforce, Inc.</title>
        <cusip>79466LAK0</cusip>
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        <balance>90000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-07-15</maturityDt>
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          <annualizedRt>2.70000000</annualizedRt>
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      <invstOrSec>
        <name>PepsiCo, Inc.</name>
        <lei>FJSUNZKFNQ5YPJ5OT455</lei>
        <title>PepsiCo, Inc.</title>
        <cusip>713448ET1</cusip>
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          <isin value="US713448ET19"/>
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        <balance>5000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3949.51000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-03-19</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>PepsiCo, Inc.</name>
        <lei>FJSUNZKFNQ5YPJ5OT455</lei>
        <title>PepsiCo, Inc.</title>
        <cusip>713448EV6</cusip>
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        <balance>20000.00000000</balance>
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        <valUSD>15109.75000000</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>2060-03-19</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Oracle Corp.</name>
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        <name>Enterprise Products Operating LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Federal Realty OP LP</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Voya Financial, Inc.</name>
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        <title>Voya Financial, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.70000000</annualizedRt>
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        <name>Boeing Co. (The)</name>
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        <fairValLevel>2</fairValLevel>
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        <name>ONEOK, Inc.</name>
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        <title>ONEOK, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>3.95000000</annualizedRt>
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        <name>HSBC Holdings plc</name>
        <lei>MLU0ZO3ML4LN2LL2TL39</lei>
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        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <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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          <couponKind>Fixed</couponKind>
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        <name>Burlington Northern Santa Fe LLC</name>
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        <name>Bank of America Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>JPMorgan Chase &amp; Co.</name>
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        <name>Comcast Corp.</name>
        <lei>51M0QTTNCGUN7KFCFZ59</lei>
        <title>Comcast Corp.</title>
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        <name>Citigroup, Inc.</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
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        <name>Lockheed Martin Corp.</name>
        <lei>DPRBOZP0K5RM2YE8UU08</lei>
        <title>Lockheed Martin Corp.</title>
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        <name>Public Service Co. of Colorado</name>
        <lei>5BANEF6PGSEK0SNMQF44</lei>
        <title>Public Service Co. of Colorado, Series 34</title>
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        <invCountry>US</invCountry>
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        <name>HSBC USA, Inc.</name>
        <lei>549300LBOHZ4QSIWU288</lei>
        <title>HSBC USA, Inc.</title>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>Corebridge Financial, Inc.</name>
        <lei>549300XY1661QCIA7J65</lei>
        <title>Corebridge Financial, Inc.</title>
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        <name>Occidental Petroleum Corp.</name>
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        <name>Lockheed Martin Corp.</name>
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        <name>Markel Group, Inc.</name>
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        <name>Morgan Stanley</name>
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      <invstOrSec>
        <name>McDonald's Corp.</name>
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        <title>McDonald's Corp.</title>
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        <name>MDC Holdings, Inc.</name>
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        <name>Kinder Morgan Energy Partners LP</name>
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          <maturityDt>2037-02-01</maturityDt>
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        <name>ONEOK, Inc.</name>
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        <title>ONEOK, Inc.</title>
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        <name>McDonald's Corp.</name>
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        <name>Cisco Systems, Inc.</name>
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        <name>Sysco Corp.</name>
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        <title>Sysco Corp.</title>
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        <name>PacifiCorp</name>
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        <name>Berkshire Hathaway Energy Co.</name>
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        <name>Lafarge SA</name>
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        <name>Comcast Corp.</name>
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        <name>Oracle Corp.</name>
        <lei>1Z4GXXU7ZHVWFCD8TV52</lei>
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        <name>Wells Fargo &amp; Co.</name>
        <lei>PBLD0EJDB5FWOLXP3B76</lei>
        <title>Wells Fargo &amp; Co.</title>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>Lowe's Cos., Inc.</name>
        <lei>WAFCR4OKGSC504WU3E95</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>UnitedHealth Group, Inc.</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2062-05-15</maturityDt>
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      <invstOrSec>
        <name>Zoetis, Inc.</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2043-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.70000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Charter Communications Operating LLC</name>
        <lei>N/A</lei>
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          <isin value="US161175BT05"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2050-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.80000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CSX Corp.</name>
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        <title>CSX Corp.</title>
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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>2066-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.25000000</annualizedRt>
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        <name>Home Depot, Inc. (The)</name>
        <lei>QEKMOTMBBKA8I816DO57</lei>
        <title>Home Depot, Inc. (The)</title>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2040-09-15</maturityDt>
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          <annualizedRt>5.40000000</annualizedRt>
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      <invstOrSec>
        <name>KLA Corp.</name>
        <lei>549300H0BF5JCG96TJ81</lei>
        <title>KLA Corp.</title>
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          <isin value="US482480AF77"/>
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        <balance>25000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>25373.82000000</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>2034-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.65000000</annualizedRt>
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      <invstOrSec>
        <name>Owens Corning</name>
        <lei>JO5M6676RDJIZ2U8X907</lei>
        <title>Owens Corning</title>
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          <isin value="US690742AH44"/>
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        <curCd>USD</curCd>
        <valUSD>11809.14000000</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>2048-01-30</maturityDt>
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          <annualizedRt>4.40000000</annualizedRt>
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      <invstOrSec>
        <name>UnitedHealth Group, Inc.</name>
        <lei>549300GHBMY8T5GXDE41</lei>
        <title>UnitedHealth Group, Inc.</title>
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          <isin value="US91324PEF53"/>
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        <valUSD>33600.17000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2051-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.25000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Lockheed Martin Corp.</name>
        <lei>DPRBOZP0K5RM2YE8UU08</lei>
        <title>Lockheed Martin Corp.</title>
        <cusip>539830BN8</cusip>
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          <isin value="US539830BN88"/>
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        <balance>85000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2052-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.09000000</annualizedRt>
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      <invstOrSec>
        <name>Aon North America, Inc.</name>
        <lei>N/A</lei>
        <title>Aon North America, Inc.</title>
        <cusip>03740MAF7</cusip>
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          <isin value="US03740MAF77"/>
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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>2054-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.75000000</annualizedRt>
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        <name>Principal Financial Group, Inc.</name>
        <lei>CUMYEZJOAF02RYZ1JJ85</lei>
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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>2036-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.05000000</annualizedRt>
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      <invstOrSec>
        <name>ConocoPhillips Co.</name>
        <lei>6VJJ5GQWIRDQ06DUXG89</lei>
        <title>ConocoPhillips Co.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2052-03-15</maturityDt>
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          <annualizedRt>3.80000000</annualizedRt>
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        <name>Reynolds American, Inc.</name>
        <lei>02S2RPPVO9RP4NEU2740</lei>
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        <assetCat>DBT</assetCat>
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        <name>Unum Group</name>
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        <title>Unum Group</title>
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        <invCountry>US</invCountry>
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        <name>JPMorgan Chase &amp; Co.</name>
        <lei>8I5DZWZKVSZI1NUHU748</lei>
        <title>JPMorgan Chase &amp; Co.</title>
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        <balance>45000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2048-11-15</maturityDt>
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          <annualizedRt>3.96400000</annualizedRt>
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      <invstOrSec>
        <name>PacifiCorp</name>
        <lei>SGY07Y7FNYBNLM6Z1M11</lei>
        <title>PacifiCorp</title>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Altria Group, Inc.</name>
        <lei>XSGZFLO9YTNO9VCQV219</lei>
        <title>Altria Group, Inc.</title>
        <cusip>02209SAR4</cusip>
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        <balance>125000.00000000</balance>
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        <name>Southern Co. Gas Capital Corp.</name>
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        <name>BAT Capital Corp.</name>
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        <name>Aon Corp.</name>
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        <name>Telefonica Emisiones SA</name>
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        <invCountry>ES</invCountry>
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        <name>Electronic Arts, Inc.</name>
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        <name>ONEOK Partners LP</name>
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        <name>CVS Health Corp.</name>
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          <maturityDt>2038-03-25</maturityDt>
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        <name>Cencora, Inc.</name>
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        <name>UnitedHealth Group, Inc.</name>
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        <name>Shell International Finance BV</name>
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        <name>Oracle Corp.</name>
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        <name>T-Mobile USA, Inc.</name>
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        <name>MPLX LP</name>
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        <title>MPLX LP</title>
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        <name>Time Warner Cable LLC</name>
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        <invCountry>US</invCountry>
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        <name>Burlington Northern Santa Fe LLC</name>
        <lei>N/A</lei>
        <title>Burlington Northern Santa Fe LLC</title>
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        <balance>40000.00000000</balance>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <name>Marsh &amp; McLennan Cos., Inc.</name>
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        <name>Goldman Sachs Group, Inc. (The)</name>
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        <name>LYB International Finance III LLC</name>
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        <name>Honeywell International, Inc.</name>
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        <name>TransCanada PipeLines Ltd.</name>
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        <name>Energy Transfer LP</name>
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        <name>CI Financial Corp.</name>
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        <name>BAT Capital Corp.</name>
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        <name>International Business Machines Corp.</name>
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        <name>Ovintiv, Inc.</name>
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        <name>Salesforce, Inc.</name>
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          <maturityDt>2061-07-15</maturityDt>
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          <annualizedRt>3.05000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Boston Scientific Corp.</name>
        <lei>Y6ZDD9FP4P8JSSJMW954</lei>
        <title>Boston Scientific Corp.</title>
        <cusip>101137AT4</cusip>
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          <isin value="US101137AT41"/>
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        <balance>75000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>67331.98000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.55000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Reynolds American, Inc.</name>
        <lei>02S2RPPVO9RP4NEU2740</lei>
        <title>Reynolds American, Inc.</title>
        <cusip>761713BB1</cusip>
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          <isin value="US761713BB19"/>
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        <balance>50000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>45065.38000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.85000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>T-Mobile USA, Inc.</name>
        <lei>549300V2JRLO5DIFGE82</lei>
        <title>T-Mobile USA, Inc.</title>
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          <isin value="US87264ABY01"/>
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        <balance>25000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>16374.69000000</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>2060-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.60000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Aon Global Ltd.</name>
        <lei>VVT2B79I2Z4U3R6BY589</lei>
        <title>Aon Global Ltd.</title>
        <cusip>00185AAG9</cusip>
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          <isin value="US00185AAG94"/>
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        <balance>55000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>45718.70000000</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>2044-06-14</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.60000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Enterprise Products Operating LLC</name>
        <lei>5493004LGN656HWLDA30</lei>
        <title>Enterprise Products Operating LLC</title>
        <cusip>29379VBA0</cusip>
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          <isin value="US29379VBA08"/>
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        <balance>100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>88313.33000000</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>2044-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.85000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>EOG Resources, Inc.</name>
        <lei>XWTZDRYZPBUHIQBKDB46</lei>
        <title>EOG Resources, Inc.</title>
        <cusip>26875PAQ4</cusip>
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          <isin value="US26875PAQ46"/>
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        <balance>25000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>23725.26000000</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>2036-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.10000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>McDonald's Corp.</name>
        <lei>UE2136O97NLB5BYP9H04</lei>
        <title>McDonald's Corp.</title>
        <cusip>58013MER1</cusip>
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          <isin value="US58013MER16"/>
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        <balance>60000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>45280.14000000</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>2043-05-01</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>MPLX LP</name>
        <lei>5493000CZJ19CK4P3G36</lei>
        <title>MPLX LP</title>
        <cusip>55336VAN0</cusip>
        <identifiers>
          <isin value="US55336VAN01"/>
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        <balance>50000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>40834.37000000</valUSD>
        <pctVal>0.131090061830</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.70000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Mattel, Inc.</name>
        <lei>549300VELLG24KHTJ564</lei>
        <title>Mattel, Inc.</title>
        <cusip>577081AU6</cusip>
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          <isin value="US577081AU60"/>
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        <balance>25000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>23702.88000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.20000000</annualizedRt>
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      <invstOrSec>
        <name>Nevada Power Co.</name>
        <lei>MJZFGXRJ52U8U4MKJ519</lei>
        <title>Nevada Power Co., Series GG</title>
        <cusip>641423CF3</cusip>
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          <isin value="US641423CF35"/>
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        <balance>25000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>24510.30000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.90000000</annualizedRt>
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      <invstOrSec>
        <name>MPLX LP</name>
        <lei>5493000CZJ19CK4P3G36</lei>
        <title>MPLX LP</title>
        <cusip>55336VBP4</cusip>
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          <isin value="US55336VBP40"/>
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        <balance>50000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>43660.95000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.20000000</annualizedRt>
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      <invstOrSec>
        <name>Sherwin-Williams Co. (The)</name>
        <lei>Z15BMIOX8DDH0X2OBP21</lei>
        <title>Sherwin-Williams Co. (The)</title>
        <cusip>824348AX4</cusip>
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        <balance>90000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>74167.01000000</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>2047-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Energy Transfer LP</name>
        <lei>MTLVN9N7JE8MIBIJ1H73</lei>
        <title>Energy Transfer LP</title>
        <cusip>29273RAZ2</cusip>
        <identifiers>
          <isin value="US29273RAZ29"/>
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        <balance>25000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>23582.49000000</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>2043-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.95000000</annualizedRt>
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      <invstOrSec>
        <name>McDonald's Corp.</name>
        <lei>UE2136O97NLB5BYP9H04</lei>
        <title>McDonald's Corp.</title>
        <cusip>58013MEZ3</cusip>
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          <isin value="US58013MEZ32"/>
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        <balance>50000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>46596.19000000</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>2035-12-09</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.70000000</annualizedRt>
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      <invstOrSec>
        <name>Elevance Health, Inc.</name>
        <lei>8MYN82XMYQH89CTMTH67</lei>
        <title>Elevance Health, Inc.</title>
        <cusip>94973VAH0</cusip>
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        <balance>25000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>25485.75000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.95000000</annualizedRt>
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      <invstOrSec>
        <name>Marathon Oil Corp.</name>
        <lei>1FRVQX2CRLGC1XLP5727</lei>
        <title>Marathon Oil Corp.</title>
        <cusip>565849AE6</cusip>
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        <balance>30000.00000000</balance>
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        <valUSD>30546.63000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.60000000</annualizedRt>
          <isDefault>N</isDefault>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Vulcan Materials Co.</name>
        <lei>549300Q8LSNHAVWBNI21</lei>
        <title>Vulcan Materials Co.</title>
        <cusip>929160AV1</cusip>
        <identifiers>
          <isin value="US929160AV17"/>
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        <balance>50000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>40960.77000000</valUSD>
        <pctVal>0.131495842152</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</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>Suncor Energy, Inc.</name>
        <lei>549300W70ZOQDVLCHY06</lei>
        <title>Suncor Energy, Inc.</title>
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        <name>Westpac Banking Corp.</name>
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        <name>Marathon Petroleum Corp.</name>
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        <name>Energy Transfer LP</name>
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        <name>Fortive Corp.</name>
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        <name>Cincinnati Financial Corp.</name>
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        <name>Visa, Inc.</name>
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        <name>Sherwin-Williams Co. (The)</name>
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        <name>Tyco Electronics Group SA</name>
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        <name>Constellation Brands, Inc.</name>
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        <name>Honeywell International, Inc.</name>
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        <name>Apache Corp.</name>
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        <name>Union Pacific Corp.</name>
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        <name>Burlington Northern Santa Fe LLC</name>
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        <name>ONEOK, Inc.</name>
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        <name>ConocoPhillips Co.</name>
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        <name>WR Berkley Corp.</name>
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        <name>Kinder Morgan Energy Partners LP</name>
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        <name>Altria Group, Inc.</name>
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        <name>Merck &amp; Co., Inc.</name>
        <lei>4YV9Y5M8S0BRK1RP0397</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2063-05-17</maturityDt>
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        <name>Athene Holding Ltd.</name>
        <lei>549300H316CT32FQXI76</lei>
        <title>Athene Holding Ltd.</title>
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        <invCountry>US</invCountry>
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          <maturityDt>2052-05-15</maturityDt>
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        <name>Occidental Petroleum Corp.</name>
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        <title>Occidental Petroleum Corp.</title>
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          <annualizedRt>6.20000000</annualizedRt>
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        <name>Sherwin-Williams Co. (The)</name>
        <lei>Z15BMIOX8DDH0X2OBP21</lei>
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          <maturityDt>2049-08-15</maturityDt>
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        <name>Stryker Corp.</name>
        <lei>5493002F0SC4JTBU5137</lei>
        <title>Stryker Corp.</title>
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        <name>Devon Energy Corp.</name>
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        <title>Devon Energy Corp.</title>
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        <name>Marathon Petroleum Corp.</name>
        <lei>3BNYRYQHD39K4LCKQF12</lei>
        <title>Marathon Petroleum Corp.</title>
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        <name>Plains All American Pipeline LP</name>
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        <title>Plains All American Pipeline LP</title>
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          <annualizedRt>4.70000000</annualizedRt>
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        <name>PacifiCorp</name>
        <lei>SGY07Y7FNYBNLM6Z1M11</lei>
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        <invCountry>US</invCountry>
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        <name>Nevada Power Co.</name>
        <lei>MJZFGXRJ52U8U4MKJ519</lei>
        <title>Nevada Power Co., Series EE</title>
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        <invCountry>US</invCountry>
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        <name>WW Grainger, Inc.</name>
        <lei>549300TWZSP6O1IH2V34</lei>
        <title>WW Grainger, Inc.</title>
        <cusip>384802AC8</cusip>
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        <name>Home Depot, Inc. (The)</name>
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        <name>Steel Dynamics, Inc.</name>
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        <name>Public Service Electric and Gas Co.</name>
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        <name>Lam Research Corp.</name>
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        <name>Berkshire Hathaway Energy Co.</name>
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        <name>Apache Corp.</name>
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        <name>Merck &amp; Co., Inc.</name>
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        <name>Eli Lilly &amp; Co.</name>
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        <name>JPMorgan Chase &amp; Co.</name>
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        <name>Southern Power Co.</name>
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        <name>Consolidated Edison Co. of New York, Inc.</name>
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        <name>AbbVie, Inc.</name>
        <lei>FR5LCKFTG8054YNNRU85</lei>
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        <name>Selective Insurance Group, Inc.</name>
        <lei>549300R3WGJWLE40R258</lei>
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        <name>Johnson &amp; Johnson</name>
        <lei>549300G0CFPGEF6X2043</lei>
        <title>Johnson &amp; Johnson</title>
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        <invCountry>US</invCountry>
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        <name>ABB Finance USA, Inc.</name>
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      <invstOrSec>
        <name>Aon Corp.</name>
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        <name>Entergy Louisiana LLC</name>
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          <maturityDt>2051-03-15</maturityDt>
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        <name>Plains All American Pipeline LP</name>
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          <maturityDt>2043-01-31</maturityDt>
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        <name>Devon Energy Corp.</name>
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          <maturityDt>2045-06-15</maturityDt>
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        <name>Lowe's Cos., Inc.</name>
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        <name>Suncor Energy, Inc.</name>
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        <invCountry>CA</invCountry>
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        <name>WW Grainger, Inc.</name>
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        <name>Broadcom, Inc.</name>
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        <name>Spectra Energy Partners LP</name>
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        <name>Charter Communications Operating LLC</name>
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          <maturityDt>2047-05-01</maturityDt>
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          <annualizedRt>5.37500000</annualizedRt>
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        <name>T-Mobile USA, Inc.</name>
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        <name>PepsiCo, Inc.</name>
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        <name>Dow Chemical Co. (The)</name>
        <lei>ZQUIP1CSZO8LXRBSOU78</lei>
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        <name>Canadian Natural Resources Ltd.</name>
        <lei>549300T15RIMIKZC5Q38</lei>
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        <invCountry>CA</invCountry>
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        <name>Occidental Petroleum Corp.</name>
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        <invCountry>US</invCountry>
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        <name>Comcast Corp.</name>
        <lei>51M0QTTNCGUN7KFCFZ59</lei>
        <title>Comcast Corp.</title>
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        <name>Trane Technologies Global Holding Co. Ltd.</name>
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        <name>UnitedHealth Group, Inc.</name>
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        <name>Apple, Inc.</name>
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        <name>Apple, Inc.</name>
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        <name>Time Warner Cable LLC</name>
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        <name>Bristol-Myers Squibb Co.</name>
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        <name>Targa Resources Corp.</name>
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        <name>Continental Resources, Inc.</name>
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        <name>Sysco Corp.</name>
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        <name>Microsoft Corp.</name>
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      <invstOrSec>
        <name>Elevance Health, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>General Mills, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Home Depot, Inc. (The)</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Fifth Third Bancorp</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Lockheed Martin Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Home Depot, Inc. (The)</name>
        <lei>QEKMOTMBBKA8I816DO57</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2052-09-15</maturityDt>
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        <name>Apple, Inc.</name>
        <lei>HWUPKR0MPOU8FGXBT394</lei>
        <title>Apple, Inc.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2053-05-10</maturityDt>
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        <name>QUALCOMM, Inc.</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>4.50000000</annualizedRt>
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        <name>Union Electric Co.</name>
        <lei>QMPJLLDULY5C1M8PNY21</lei>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2049-10-01</maturityDt>
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        <name>Home Depot, Inc. (The)</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Arch Capital Group Ltd.</name>
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        <invCountry>BM</invCountry>

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        <name>Willis North America, Inc.</name>
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        <title>Willis North America, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>General Mills, Inc.</name>
        <lei>2TGYMUGI08PO8X8L6150</lei>
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        <name>WW Grainger, Inc.</name>
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        <name>Public Service Electric and Gas Co.</name>
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        <name>Alibaba Group Holding Ltd.</name>
        <lei>5493001NTNQJDH60PM02</lei>
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        <invCountry>KY</invCountry>

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        <name>Willis North America, Inc.</name>
        <lei>5493004KVU1HWZCP0C66</lei>
        <title>Willis North America, Inc.</title>
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      <invstOrSec>
        <name>Home Depot, Inc. (The)</name>
        <lei>QEKMOTMBBKA8I816DO57</lei>
        <title>Home Depot, Inc. (The)</title>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2051-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.37500000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Southern Co. Gas Capital Corp.</name>
        <lei>E8CD46SWUD2TSN8PA636</lei>
        <title>Southern Co. Gas Capital Corp.</title>
        <cusip>8426EPAB4</cusip>
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          <isin value="US8426EPAB43"/>
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        <balance>25000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>18294.69000000</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>2046-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.95000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Illinois Tool Works, Inc.</name>
        <lei>76NA4I14SZCFAYMNSV04</lei>
        <title>Illinois Tool Works, Inc.</title>
        <cusip>452308AQ2</cusip>
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          <isin value="US452308AQ28"/>
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        <balance>45000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>41688.19000000</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>2041-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.87500000</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>UnitedHealth Group, Inc.</name>
        <lei>549300GHBMY8T5GXDE41</lei>
        <title>UnitedHealth Group, Inc.</title>
        <cusip>91324PES7</cusip>
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          <isin value="US91324PES74"/>
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        <balance>75000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>76363.26000000</valUSD>
        <pctVal>0.245148008282</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.87500000</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>Cencora, Inc.</name>
        <lei>AI8GXW8LG5WK7E9UD086</lei>
        <title>Cencora, Inc.</title>
        <cusip>03073EAN5</cusip>
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          <isin value="US03073EAN58"/>
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        <balance>35000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>28989.77000000</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>2045-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.25000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>T-Mobile USA, Inc.</name>
        <lei>549300V2JRLO5DIFGE82</lei>
        <title>T-Mobile USA, Inc.</title>
        <cusip>87264ADB8</cusip>
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          <isin value="US87264ADB89"/>
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        <balance>20000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>19411.67000000</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>2054-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.75000000</annualizedRt>
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          <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>Hess Corp.</name>
        <lei>UASVRYNXNK17ULIGK870</lei>
        <title>Hess Corp.</title>
        <cusip>42809HAH0</cusip>
        <identifiers>
          <isin value="US42809HAH03"/>
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        <balance>25000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24476.88000000</valUSD>
        <pctVal>0.078577818455</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.80000000</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>Arch Capital Group Ltd.</name>
        <lei>549300AYR4P8AFKDCE43</lei>
        <title>Arch Capital Group Ltd.</title>
        <cusip>03939AAA5</cusip>
        <identifiers>
          <isin value="US03939AAA51"/>
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        <balance>165000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>114286.03000000</valUSD>
        <pctVal>0.366890997438</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-06-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.63500000</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>
      <invstOrSec>
        <name>Energy Transfer LP</name>
        <lei>MTLVN9N7JE8MIBIJ1H73</lei>
        <title>Energy Transfer LP</title>
        <cusip>29273RAR0</cusip>
        <identifiers>
          <isin value="US29273RAR03"/>
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        <balance>30000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>30459.55000000</valUSD>
        <pctVal>0.097783908330</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</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>Coca-Cola Co. (The)</name>
        <lei>UWJKFUJFZ02DKWI3RY53</lei>
        <title>Coca-Cola Co. (The)</title>
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          <isin value="US191216CW80"/>
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        <balance>35000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>24037.90000000</valUSD>
        <pctVal>0.077168566510</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>TotalEnergies Capital International SA</name>
        <lei>549300U37G2I8G4RUG09</lei>
        <title>TotalEnergies Capital International SA</title>
        <cusip>89153VAW9</cusip>
        <identifiers>
          <isin value="US89153VAW90"/>
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        <balance>60000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>39431.15000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2060-06-29</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.38600000</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>Ingredion, Inc.</name>
        <lei>PKSTQ48QDN0XSVS7YK88</lei>
        <title>Ingredion, Inc.</title>
        <cusip>219023AC2</cusip>
        <identifiers>
          <isin value="US219023AC21"/>
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        <balance>25000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>26316.84000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.62500000</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>Tiffany &amp; Co.</name>
        <lei>549300EJG9IEYQL5XT21</lei>
        <title>Tiffany &amp; Co.</title>
        <cusip>886546AD2</cusip>
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          <isin value="US886546AD24"/>
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        <balance>25000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>22310.53000000</valUSD>
        <pctVal>0.071623212435</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.90000000</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>Lockheed Martin Corp.</name>
        <lei>DPRBOZP0K5RM2YE8UU08</lei>
        <title>Lockheed Martin Corp.</title>
        <cusip>539830BT5</cusip>
        <identifiers>
          <isin value="US539830BT58"/>
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        <balance>45000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>35589.99000000</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>2062-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.30000000</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>JPMorgan Chase &amp; Co.</name>
        <lei>8I5DZWZKVSZI1NUHU748</lei>
        <title>JPMorgan Chase &amp; Co.</title>
        <cusip>46625HJM3</cusip>
        <identifiers>
          <isin value="US46625HJM34"/>
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        <balance>25000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>24994.36000000</valUSD>
        <pctVal>0.080239077958</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-08-16</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.62500000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>MetLife, Inc.</name>
        <lei>C4BXATY60WC6XEOZDX54</lei>
        <title>MetLife, Inc.</title>
        <cusip>59156RAV0</cusip>
        <identifiers>
          <isin value="US59156RAV06"/>
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        <balance>20000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>26425.62000000</valUSD>
        <pctVal>0.084833833844</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>10.75000000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Vale Overseas Ltd.</name>
        <lei>254900BA3U6G5DNV5V04</lei>
        <title>Vale Overseas Ltd.</title>
        <cusip>91911TAK9</cusip>
        <identifiers>
          <isin value="US91911TAK97"/>
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        <balance>25000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25701.13000000</valUSD>
        <pctVal>0.082508012755</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-11-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.87500000</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>
      <invstOrSec>
        <name>Energy Transfer LP</name>
        <lei>MTLVN9N7JE8MIBIJ1H73</lei>
        <title>Energy Transfer LP</title>
        <cusip>29273RAP4</cusip>
        <identifiers>
          <isin value="US29273RAP47"/>
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        <balance>15000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>14427.47000000</valUSD>
        <pctVal>0.046316324565</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.05000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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      <invstOrSec>
        <name>Occidental Petroleum Corp.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Cardinal Health, Inc.</name>
        <lei>CCU46N3GJMF4OK4N7U60</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2047-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Snap-on, Inc.</name>
        <lei>HHWAT5TDOYZMM26KKQ73</lei>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>4.10000000</annualizedRt>
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      <invstOrSec>
        <name>Georgia Power Co.</name>
        <lei>D981X4Z4RWS7PDMJUZ03</lei>
        <title>Georgia Power Co.</title>
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          <isin value="US373334JR32"/>
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        <balance>20000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2040-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.40000000</annualizedRt>
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      <invstOrSec>
        <name>Energy Transfer LP</name>
        <lei>MTLVN9N7JE8MIBIJ1H73</lei>
        <title>Energy Transfer LP</title>
        <cusip>86765BAQ2</cusip>
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        <balance>25000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>21939.31000000</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>2045-05-15</maturityDt>
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      <invstOrSec>
        <name>Wells Fargo &amp; Co.</name>
        <lei>PBLD0EJDB5FWOLXP3B76</lei>
        <title>Wells Fargo &amp; Co.</title>
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          <isin value="US94974BFP04"/>
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        <balance>40000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>36747.05000000</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>2043-11-02</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.37500000</annualizedRt>
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      <invstOrSec>
        <name>Targa Resources Corp.</name>
        <lei>5493003QENHHS261UR94</lei>
        <title>Targa Resources Corp.</title>
        <cusip>87612GAD3</cusip>
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          <isin value="US87612GAD34"/>
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        <balance>50000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>51175.29000000</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>2053-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
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      <invstOrSec>
        <name>Zimmer Biomet Holdings, Inc.</name>
        <lei>2P2YLDVPES3BXQ1FRB91</lei>
        <title>Zimmer Biomet Holdings, Inc.</title>
        <cusip>98956PAG7</cusip>
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        <balance>25000.00000000</balance>
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        <valUSD>21400.88000000</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>2035-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.25000000</annualizedRt>
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      <invstOrSec>
        <name>McDonald's Corp.</name>
        <lei>UE2136O97NLB5BYP9H04</lei>
        <title>McDonald's Corp.</title>
        <cusip>58013MEH3</cusip>
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          <isin value="US58013MEH34"/>
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        <balance>25000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>24899.15000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.70000000</annualizedRt>
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        <name>JPMorgan Chase &amp; Co.</name>
        <lei>8I5DZWZKVSZI1NUHU748</lei>
        <title>JPMorgan Chase &amp; Co.</title>
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        <valUSD>10799.79000000</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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          <couponKind>Fixed</couponKind>
          <annualizedRt>6.40000000</annualizedRt>
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        <name>Western Union Co. (The)</name>
        <lei>28ID94QU1140NC23S047</lei>
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        <balance>20000.00000000</balance>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2040-06-21</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.20000000</annualizedRt>
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      <invstOrSec>
        <name>Corning, Inc.</name>
        <lei>549300X2937PB0CJ7I56</lei>
        <title>Corning, Inc.</title>
        <cusip>219350BQ7</cusip>
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        <balance>50000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2079-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.45000000</annualizedRt>
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        <name>Home Depot, Inc. (The)</name>
        <lei>QEKMOTMBBKA8I816DO57</lei>
        <title>Home Depot, Inc. (The)</title>
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        <invCountry>US</invCountry>
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        <name>Nasdaq, Inc.</name>
        <lei>549300L8X1Q78ERXFD06</lei>
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        <invCountry>US</invCountry>
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        <name>Marsh &amp; McLennan Cos., Inc.</name>
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        <invCountry>US</invCountry>
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        <name>McDonald's Corp.</name>
        <lei>UE2136O97NLB5BYP9H04</lei>
        <title>McDonald's Corp.</title>
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        <balance>50000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2048-09-01</maturityDt>
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          <annualizedRt>4.45000000</annualizedRt>
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      <invstOrSec>
        <name>Comcast Corp.</name>
        <lei>51M0QTTNCGUN7KFCFZ59</lei>
        <title>Comcast Corp.</title>
        <cusip>20030NDU2</cusip>
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        <valUSD>20424.68000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.93700000</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>68389XBQ7</cusip>
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        <balance>40000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>29356.08000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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        <name>Apple, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Marathon Oil Corp.</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2045-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.20000000</annualizedRt>
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        <name>Mitsubishi UFJ Financial Group, Inc.</name>
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        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2039-07-18</maturityDt>
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        <name>Home Depot, Inc. (The)</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2045-03-15</maturityDt>
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          <annualizedRt>4.40000000</annualizedRt>
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        <name>FMC Corp.</name>
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        <title>FMC Corp.</title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2049-10-01</maturityDt>
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          <annualizedRt>4.50000000</annualizedRt>
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        <name>Morgan Stanley</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2051-03-24</maturityDt>
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        <name>ONEOK, Inc.</name>
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        <title>ONEOK, Inc.</title>
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        <valUSD>38405.39000000</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>2050-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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        <name>BP Capital Markets America, Inc.</name>
        <lei>5493009NTB34VXE1T760</lei>
        <title>BP Capital Markets America, Inc.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2051-06-04</maturityDt>
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          <annualizedRt>2.93900000</annualizedRt>
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        <name>Enterprise Products Operating LLC</name>
        <lei>5493004LGN656HWLDA30</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2043-02-15</maturityDt>
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        <name>MPLX LP</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2049-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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        <name>BP Capital Markets America, Inc.</name>
        <lei>5493009NTB34VXE1T760</lei>
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          <maturityDt>2061-02-08</maturityDt>
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        <name>Ecolab, Inc.</name>
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          <maturityDt>2041-12-08</maturityDt>
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        <name>Kimberly-Clark Corp.</name>
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        <name>NXP BV</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-05-11</maturityDt>
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          <annualizedRt>3.25000000</annualizedRt>
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        <name>Apple, Inc.</name>
        <lei>HWUPKR0MPOU8FGXBT394</lei>
        <title>Apple, Inc.</title>
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        <name>Philip Morris International, Inc.</name>
        <lei>HL3H1H2BGXWVG3BSWR90</lei>
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        <invCountry>US</invCountry>
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        <name>Duke Energy Corp.</name>
        <lei>I1BZKREC126H0VB1BL91</lei>
        <title>Duke Energy Corp.</title>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2051-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
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        <name>Tennessee Gas Pipeline Co. LLC</name>
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        <name>Enterprise Products Operating LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Elevance Health, Inc.</name>
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        <name>UnitedHealth Group, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Meta Platforms, Inc.</name>
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        <name>Valero Energy Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Mastercard, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Oracle Corp.</name>
        <lei>1Z4GXXU7ZHVWFCD8TV52</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Cisco Systems, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Elevance Health, Inc.</name>
        <lei>8MYN82XMYQH89CTMTH67</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Marathon Petroleum Corp.</name>
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        <name>Kroger Co. (The)</name>
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        <name>Kimberly-Clark Corp.</name>
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        <name>BAT Capital Corp.</name>
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        <name>Citigroup, Inc.</name>
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        <name>HSBC Holdings plc</name>
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        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Aon Corp.</name>
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        <title>Aon Corp.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Trane Technologies Financing Ltd.</name>
        <lei>549300A5OEF3CJI2CO89</lei>
        <title>Trane Technologies Financing Ltd.</title>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>Energy Transfer LP</name>
        <lei>MTLVN9N7JE8MIBIJ1H73</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-05-15</maturityDt>
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      <invstOrSec>
        <name>Broadcom, Inc.</name>
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        <title>Broadcom, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2051-02-15</maturityDt>
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          <annualizedRt>3.75000000</annualizedRt>
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      <invstOrSec>
        <name>Alexandria Real Estate Equities, Inc.</name>
        <lei>MGCJBT4MKTQBVLNUIS88</lei>
        <title>Alexandria Real Estate Equities, Inc.</title>
        <cusip>015271AZ2</cusip>
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          <isin value="US015271AZ25"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2052-03-15</maturityDt>
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          <annualizedRt>3.55000000</annualizedRt>
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      <invstOrSec>
        <name>Rio Tinto Finance USA Ltd.</name>
        <lei>213800RX94ZKEZXPKH58</lei>
        <title>Rio Tinto Finance USA Ltd.</title>
        <cusip>767201AL0</cusip>
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          <isin value="US767201AL06"/>
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        <balance>20000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>19055.48000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2040-11-02</maturityDt>
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          <annualizedRt>5.20000000</annualizedRt>
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        <name>Regeneron Pharmaceuticals, Inc.</name>
        <lei>549300RCBFWIRX3HYQ56</lei>
        <title>Regeneron Pharmaceuticals, Inc.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2050-09-15</maturityDt>
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          <annualizedRt>2.80000000</annualizedRt>
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        <name>Enbridge Energy Partners LP</name>
        <lei>CZ6VG2MNE1J6YDI02G48</lei>
        <title>Enbridge Energy Partners LP</title>
        <cusip>29250RAT3</cusip>
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        <balance>40000.00000000</balance>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2040-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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      <invstOrSec>
        <name>Nevada Power Co.</name>
        <lei>MJZFGXRJ52U8U4MKJ519</lei>
        <title>Nevada Power Co., Series R</title>
        <cusip>641423BU1</cusip>
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        <curCd>USD</curCd>
        <valUSD>26850.63000000</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>2037-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.75000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Consolidated Edison Co. of New York, Inc.</name>
        <lei>VZFZPMWDHTQCFKYOBP05</lei>
        <title>Consolidated Edison Co. of New York, Inc., Series 09-C</title>
        <cusip>209111EY5</cusip>
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          <isin value="US209111EY58"/>
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        <balance>20000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>19287.12000000</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>2039-12-01</maturityDt>
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          <annualizedRt>5.50000000</annualizedRt>
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        <name>Lowe's Cos., Inc.</name>
        <lei>WAFCR4OKGSC504WU3E95</lei>
        <title>Lowe's Cos., Inc.</title>
        <cusip>548661EM5</cusip>
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          <isin value="US548661EM57"/>
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        <balance>50000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>47694.44000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.62500000</annualizedRt>
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        <name>Piedmont Natural Gas Co., Inc.</name>
        <lei>VXB4M3BDPKF3I2AZ3G89</lei>
        <title>Piedmont Natural Gas Co., Inc.</title>
        <cusip>720186AM7</cusip>
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          <isin value="US720186AM78"/>
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        <balance>25000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>15912.14000000</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>2050-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.35000000</annualizedRt>
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        <name>Analog Devices, Inc.</name>
        <lei>GYVOE5EZ4GDAVTU4CQ61</lei>
        <title>Analog Devices, Inc.</title>
        <cusip>032654AW5</cusip>
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        <balance>100000.00000000</balance>
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        <valUSD>68889.49000000</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>2041-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.80000000</annualizedRt>
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        <name>Marsh &amp; McLennan Cos., Inc.</name>
        <lei>549300XMP3KDCKJXIU47</lei>
        <title>Marsh &amp; McLennan Cos., Inc.</title>
        <cusip>571748BC5</cusip>
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        <valUSD>20481.44000000</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>2047-01-30</maturityDt>
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          <annualizedRt>4.35000000</annualizedRt>
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        <name>Verisk Analytics, Inc.</name>
        <lei>549300I1YSWNIRKBWP67</lei>
        <title>Verisk Analytics, Inc.</title>
        <cusip>92345YAE6</cusip>
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        <valUSD>23304.46000000</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>2045-06-15</maturityDt>
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          <annualizedRt>5.50000000</annualizedRt>
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        <name>Comcast Corp.</name>
        <lei>51M0QTTNCGUN7KFCFZ59</lei>
        <title>Comcast Corp.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2039-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.55000000</annualizedRt>
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      <invstOrSec>
        <name>KLA Corp.</name>
        <lei>549300H0BF5JCG96TJ81</lei>
        <title>KLA Corp.</title>
        <cusip>482480AH3</cusip>
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        <balance>20000.00000000</balance>
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        <valUSD>18209.34000000</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>2049-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Lear Corp.</name>
        <lei>549300UPNBTXA1SYTQ33</lei>
        <title>Lear Corp.</title>
        <cusip>521865AZ8</cusip>
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        <balance>25000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>21830.97000000</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>2049-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Aon Global Ltd.</name>
        <lei>VVT2B79I2Z4U3R6BY589</lei>
        <title>Aon Global Ltd.</title>
        <cusip>00185AAC8</cusip>
        <identifiers>
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        <balance>20000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>16068.23000000</valUSD>
        <pctVal>0.051583635653</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-05-24</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.45000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Oracle Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Waste Management, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Solventum Corp.</name>
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      <invstOrSec>
        <name>Norfolk Southern Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Marsh &amp; McLennan Cos., Inc.</name>
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        <name>ONEOK Partners LP</name>
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          <maturityDt>2043-09-15</maturityDt>
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        <name>BAT Capital Corp.</name>
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        <title>BAT Capital Corp.</title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-08-15</maturityDt>
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          <annualizedRt>4.39000000</annualizedRt>
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        <name>Burlington Northern Santa Fe LLC</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.40000000</annualizedRt>
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        <name>Wells Fargo &amp; Co.</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>3.06800000</annualizedRt>
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        <name>Enterprise Products Operating LLC</name>
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        <name>PPG Industries, Inc.</name>
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        <name>Sumitomo Mitsui Financial Group, Inc.</name>
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        <invCountry>JP</invCountry>
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        <name>Atmos Energy Corp.</name>
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        <name>Sysco Corp.</name>
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        <name>Devon Energy Corp.</name>
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        <name>Texas Instruments, Inc.</name>
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        <name>Broadcom, Inc.</name>
        <lei>549300WV6GIDOZJTV909</lei>
        <title>Broadcom, Inc.</title>
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        <name>Hartford Financial Services Group, Inc. (The)</name>
        <lei>IU7C3FTM7Y3BQM112U94</lei>
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        <invCountry>US</invCountry>
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          <maturityDt>2043-04-15</maturityDt>
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          <annualizedRt>4.30000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>VICI Properties LP</name>
        <lei>254900X4QE7SGKQLLN38</lei>
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        <cusip>925650AG8</cusip>
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        <balance>25000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>23351.08000000</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>2054-04-01</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>20030NDH1</cusip>
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        <balance>25000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>19811.74000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.75000000</annualizedRt>
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      <invstOrSec>
        <name>BAT Capital Corp.</name>
        <lei>2138005GYEXN7XRHFA84</lei>
        <title>BAT Capital Corp.</title>
        <cusip>054989AD0</cusip>
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          <isin value="US054989AD07"/>
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        <balance>50000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>52331.72000000</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>2053-08-02</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.08100000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>FedEx Corp.</name>
        <lei>549300E707U7WNPZN687</lei>
        <title>FedEx Corp.</title>
        <cusip>31428XBE5</cusip>
        <identifiers>
          <isin value="US31428XBE58"/>
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        <balance>25000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>20993.47000000</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>2045-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.75000000</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>Comcast Corp.</name>
        <lei>51M0QTTNCGUN7KFCFZ59</lei>
        <title>Comcast Corp.</title>
        <cusip>20030NDS7</cusip>
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          <isin value="US20030NDS71"/>
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        <balance>25000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>15119.25000000</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>2051-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.88700000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>PulteGroup, Inc.</name>
        <lei>N/A</lei>
        <title>PulteGroup, Inc.</title>
        <cusip>745867AT8</cusip>
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          <isin value="US745867AT82"/>
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        <balance>25000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>25121.21000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Merck &amp; Co., Inc.</name>
        <lei>4YV9Y5M8S0BRK1RP0397</lei>
        <title>Merck &amp; Co., Inc.</title>
        <cusip>58933YBF1</cusip>
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          <isin value="US58933YBF16"/>
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        <balance>55000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>33551.77000000</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>2051-12-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.75000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Constellation Energy Generation LLC</name>
        <lei>S2PEWKCZFFECR4533P43</lei>
        <title>Constellation Energy Generation LLC</title>
        <cusip>210385AE0</cusip>
        <identifiers>
          <isin value="US210385AE04"/>
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        <balance>20000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>20757.79000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Microsoft Corp.</name>
        <lei>INR2EJN1ERAN0W5ZP974</lei>
        <title>Microsoft Corp.</title>
        <cusip>594918CE2</cusip>
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          <isin value="US594918CE21"/>
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        <balance>100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>65910.96000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-03-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.92100000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Charter Communications Operating LLC</name>
        <lei>N/A</lei>
        <title>Charter Communications Operating LLC</title>
        <cusip>161175BN3</cusip>
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        <balance>65000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>52386.80000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.75000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Energy Transfer LP</name>
        <lei>MTLVN9N7JE8MIBIJ1H73</lei>
        <title>Energy Transfer LP</title>
        <cusip>29278NAR4</cusip>
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          <isin value="US29278NAR44"/>
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        <balance>70000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>58023.28000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>W R Berkley Corp.</name>
        <lei>SQOAGCLKBDWNVYV1OV80</lei>
        <title>W R Berkley Corp.</title>
        <cusip>084423AW2</cusip>
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          <isin value="US084423AW21"/>
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        <balance>20000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>11348.45000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2061-09-30</maturityDt>
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          <annualizedRt>3.15000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Aon Global Ltd.</name>
        <lei>VVT2B79I2Z4U3R6BY589</lei>
        <title>Aon Global Ltd.</title>
        <cusip>00185AAB0</cusip>
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          <isin value="US00185AAB08"/>
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        <balance>20000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>15839.66000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-12-12</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.25000000</annualizedRt>
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      <invstOrSec>
        <name>Masco Corp.</name>
        <lei>5GCSNMQXHEYA1JO8QN11</lei>
        <title>Masco Corp.</title>
        <cusip>574599BM7</cusip>
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          <isin value="US574599BM79"/>
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        <balance>25000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>20258.04000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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      <invstOrSec>
        <name>Nasdaq, Inc.</name>
        <lei>549300L8X1Q78ERXFD06</lei>
        <title>Nasdaq, Inc.</title>
        <cusip>63111XAL5</cusip>
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          <isin value="US63111XAL55"/>
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        <balance>60000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>60076.85000000</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>2063-06-28</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.10000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Bristol-Myers Squibb Co.</name>
        <lei>HLYYNH7UQUORYSJQCN42</lei>
        <title>Bristol-Myers Squibb Co.</title>
        <cusip>110122EL8</cusip>
        <identifiers>
          <isin value="US110122EL84"/>
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        <balance>20000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>19142.62000000</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>2064-02-22</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.65000000</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>Johnson &amp; Johnson</name>
        <lei>549300G0CFPGEF6X2043</lei>
        <title>Johnson &amp; Johnson</title>
        <cusip>478160AN4</cusip>
        <identifiers>
          <isin value="US478160AN49"/>
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        <balance>75000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>79847.53000000</valUSD>
        <pctVal>0.256333516219</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.95000000</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>Zoetis, Inc.</name>
        <lei>549300HD9Q1LOC9KLJ48</lei>
        <title>Zoetis, Inc.</title>
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      <invstOrSec>
        <name>QUALCOMM, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>AstraZeneca plc</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Bank of America Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Elevance Health, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>International Business Machines Corp.</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2096-12-01</maturityDt>
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        <name>LYB International Finance III LLC</name>
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        <name>Halliburton Co.</name>
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        <invCountry>US</invCountry>
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          <maturityDt>2045-11-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Comcast Corp.</name>
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        <name>Citigroup, Inc.</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>Citigroup, Inc.</title>
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        <name>Corning, Inc.</name>
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        <title>Corning, Inc.</title>
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        <name>Burlington Northern Santa Fe LLC</name>
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        <name>Royalty Pharma plc</name>
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        <name>Charter Communications Operating LLC</name>
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        <name>Kinder Morgan Energy Partners LP</name>
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        <name>Citigroup, Inc.</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
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        <name>Fiserv, Inc.</name>
        <lei>GI7UBEJLXYLGR2C7GV83</lei>
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        <name>Church &amp; Dwight Co., Inc.</name>
        <lei>POOXSI30AWAQGYJZC921</lei>
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        <name>McDonald's Corp.</name>
        <lei>UE2136O97NLB5BYP9H04</lei>
        <title>McDonald's Corp.</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>AbbVie, Inc.</name>
        <lei>FR5LCKFTG8054YNNRU85</lei>
        <title>AbbVie, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.40000000</annualizedRt>
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      <invstOrSec>
        <name>MPLX LP</name>
        <lei>5493000CZJ19CK4P3G36</lei>
        <title>MPLX LP</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2047-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.20000000</annualizedRt>
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      <invstOrSec>
        <name>Constellation Brands, Inc.</name>
        <lei>5493005GKEG8QCVY7037</lei>
        <title>Constellation Brands, Inc.</title>
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          <isin value="US21036PBG28"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2050-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.75000000</annualizedRt>
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      <invstOrSec>
        <name>CSX Corp.</name>
        <lei>549300JVQR4N1MMP3Q88</lei>
        <title>CSX Corp.</title>
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          <isin value="US126408HL09"/>
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        <balance>25000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>20396.67000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2068-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.65000000</annualizedRt>
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      <invstOrSec>
        <name>PepsiCo, Inc.</name>
        <lei>FJSUNZKFNQ5YPJ5OT455</lei>
        <title>PepsiCo, Inc.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2045-07-17</maturityDt>
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      <invstOrSec>
        <name>Quest Diagnostics, Inc.</name>
        <lei>8MCWUBXQ0WE04KMXBX50</lei>
        <title>Quest Diagnostics, Inc.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2045-03-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.70000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>TELUS Corp.</name>
        <lei>L2TEUTQ8OSHMJWVLCE40</lei>
        <title>TELUS Corp.</title>
        <cusip>87971MBK8</cusip>
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          <isin value="US87971MBK80"/>
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        <balance>15000.00000000</balance>
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        <curCd>USD</curCd>
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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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          <isCashCollateral>N</isCashCollateral>
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        <name>Darden Restaurants, Inc.</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2048-02-15</maturityDt>
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      <invstOrSec>
        <name>Visa, Inc.</name>
        <lei>549300JZ4OKEHW3DPJ59</lei>
        <title>Visa, Inc.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2045-12-14</maturityDt>
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        <name>Altria Group, Inc.</name>
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        <name>Phillips 66</name>
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      <invstOrSec>
        <name>Moody's Corp.</name>
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        <title>Moody's Corp.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-08-19</maturityDt>
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        <name>PPL Electric Utilities Corp.</name>
        <lei>549300GCZLSGYEYPIR35</lei>
        <title>PPL Electric Utilities Corp.</title>
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        <name>Cenovus Energy, Inc.</name>
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        <invCountry>CA</invCountry>
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        <name>Marsh &amp; McLennan Cos., Inc.</name>
        <lei>549300XMP3KDCKJXIU47</lei>
        <title>Marsh &amp; McLennan Cos., Inc.</title>
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        <name>Berkshire Hathaway Energy Co.</name>
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        <title>Berkshire Hathaway Energy Co.</title>
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        <invCountry>US</invCountry>
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        <name>Walmart, Inc.</name>
        <lei>Y87794H0US1R65VBXU25</lei>
        <title>Walmart, Inc.</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2053-04-15</maturityDt>
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        <name>Burlington Northern Santa Fe LLC</name>
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      <invstOrSec>
        <name>Boeing Co. (The)</name>
        <lei>RVHJWBXLJ1RFUBSY1F30</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2040-05-01</maturityDt>
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      <invstOrSec>
        <name>American Financial Group, Inc.</name>
        <lei>549300AFOM7IVKIU1G39</lei>
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          <isin value="US025932AL88"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2047-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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      <invstOrSec>
        <name>Burlington Northern Santa Fe LLC</name>
        <lei>N/A</lei>
        <title>Burlington Northern Santa Fe LLC</title>
        <cusip>12189LBG5</cusip>
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          <isin value="US12189LBG59"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2051-09-15</maturityDt>
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      <invstOrSec>
        <name>S&amp;P Global, Inc.</name>
        <lei>Y6X4K52KMJMZE7I7MY94</lei>
        <title>S&amp;P Global, Inc.</title>
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          <isin value="US78409VBL71"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2052-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.70000000</annualizedRt>
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      <invstOrSec>
        <name>Lam Research Corp.</name>
        <lei>549300I4GMO6D34U1T02</lei>
        <title>Lam Research Corp.</title>
        <cusip>512807AX6</cusip>
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          <isin value="US512807AX67"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2060-06-15</maturityDt>
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          <annualizedRt>3.12500000</annualizedRt>
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        <name>Cenovus Energy, Inc.</name>
        <lei>549300F4XPHJ7NOSP309</lei>
        <title>Cenovus Energy, Inc.</title>
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        <balance>10000.00000000</balance>
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        <valUSD>9135.98000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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      <invstOrSec>
        <name>Consolidated Edison Co. of New York, Inc.</name>
        <lei>VZFZPMWDHTQCFKYOBP05</lei>
        <title>Consolidated Edison Co. of New York, Inc.</title>
        <cusip>209111FQ1</cusip>
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          <isin value="US209111FQ16"/>
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        <balance>25000.00000000</balance>
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        <valUSD>19988.11000000</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>2058-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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        <name>Enbridge, Inc.</name>
        <lei>98TPTUM4IVMFCZBCUR27</lei>
        <title>Enbridge, Inc.</title>
        <cusip>29250NBZ7</cusip>
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          <isin value="US29250NBZ78"/>
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        <balance>25000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>26731.06000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.70000000</annualizedRt>
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      <invstOrSec>
        <name>Apple, Inc.</name>
        <lei>HWUPKR0MPOU8FGXBT394</lei>
        <title>Apple, Inc.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2045-02-09</maturityDt>
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        <name>Williams Cos., Inc. (The)</name>
        <lei>D71FAKCBLFS2O0RBPG08</lei>
        <title>Williams Cos., Inc. (The)</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2045-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.10000000</annualizedRt>
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      <invstOrSec>
        <name>Sysco Corp.</name>
        <lei>5RGWIFLMGH3YS7KWI652</lei>
        <title>Sysco Corp.</title>
        <cusip>871829AJ6</cusip>
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          <isin value="US871829AJ69"/>
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        <balance>20000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-09-21</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.37500000</annualizedRt>
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      <invstOrSec>
        <name>Quanta Services, Inc.</name>
        <lei>SHVRXXEACT60MMH07S24</lei>
        <title>Quanta Services, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Home Depot, Inc. (The)</name>
        <lei>QEKMOTMBBKA8I816DO57</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2048-12-06</maturityDt>
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          <annualizedRt>4.50000000</annualizedRt>
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      <invstOrSec>
        <name>Wells Fargo &amp; Co.</name>
        <lei>PBLD0EJDB5FWOLXP3B76</lei>
        <title>Wells Fargo &amp; Co.</title>
        <cusip>94974BGQ7</cusip>
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        <invCountry>US</invCountry>
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        <name>Amgen, Inc.</name>
        <lei>62QBXGPJ34PQ72Z12S66</lei>
        <title>Amgen, Inc.</title>
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        <invCountry>US</invCountry>
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          <maturityDt>2063-03-02</maturityDt>
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          <annualizedRt>5.75000000</annualizedRt>
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      <invstOrSec>
        <name>AT&amp;T, Inc.</name>
        <lei>549300Z40J86GGSTL398</lei>
        <title>AT&amp;T, Inc.</title>
        <cusip>00206RLJ9</cusip>
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        <valUSD>39131.92000000</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>2055-09-15</maturityDt>
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      <invstOrSec>
        <name>Texas Instruments, Inc.</name>
        <lei>WDJNR2L6D8RWOEB8T652</lei>
        <title>Texas Instruments, Inc.</title>
        <cusip>882926AA6</cusip>
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        <balance>100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>90589.16000000</valUSD>
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        <name>Altria Group, Inc.</name>
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        <name>Cooperatieve Rabobank UA</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-05-24</maturityDt>
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        <name>Goldman Sachs Group, Inc. (The)</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2043-02-24</maturityDt>
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        <name>Rio Tinto Alcan, Inc.</name>
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        <invCountry>CA</invCountry>
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        <name>Southern Co. Gas Capital Corp.</name>
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          <maturityDt>2041-03-15</maturityDt>
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        <name>Broadcom, Inc.</name>
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          <maturityDt>2041-02-15</maturityDt>
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          <annualizedRt>3.50000000</annualizedRt>
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        <name>Kraft Heinz Foods Co.</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2039-01-26</maturityDt>
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          <annualizedRt>6.87500000</annualizedRt>
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        <name>Oklahoma Gas and Electric Co.</name>
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        <invCountry>US</invCountry>
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          <maturityDt>2040-06-01</maturityDt>
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          <annualizedRt>5.85000000</annualizedRt>
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        <name>International Transmission Co.</name>
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        <title>International Transmission Co.</title>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2043-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.62500000</annualizedRt>
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        <name>Vale Overseas Ltd.</name>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>6.87500000</annualizedRt>
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        <name>Merck &amp; Co., Inc.</name>
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        <invCountry>US</invCountry>
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        <name>Apple, Inc.</name>
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        <name>GlaxoSmithKline Capital, Inc.</name>
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        <name>ONEOK, Inc.</name>
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        <name>Oracle Corp.</name>
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        <name>Abbott Laboratories</name>
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        <invCountry>US</invCountry>
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        <name>Marriott International, Inc.</name>
        <lei>225YDZ14ZO8E1TXUSU86</lei>
        <title>Marriott International, Inc.</title>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>Time Warner Cable LLC</name>
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        <name>Entergy Corp.</name>
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        <name>Markel Group, Inc.</name>
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        <name>TransCanada PipeLines Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2039-01-15</maturityDt>
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        <name>Canadian Pacific Railway Co.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Dick's Sporting Goods, Inc.</name>
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        <name>Eastern Gas Transmission &amp; Storage, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2049-11-15</maturityDt>
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        <name>ArcelorMittal SA</name>
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        <invCountry>LU</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Philip Morris International, Inc.</name>
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        <invCountry>US</invCountry>
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          <maturityDt>2038-05-16</maturityDt>
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        <name>Microsoft Corp.</name>
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          <annualizedRt>3.95000000</annualizedRt>
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        <name>Philip Morris International, Inc.</name>
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          <maturityDt>2043-03-04</maturityDt>
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        <name>Suncor Energy, Inc.</name>
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        <name>Texas Instruments, Inc.</name>
        <lei>WDJNR2L6D8RWOEB8T652</lei>
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        <name>Merck &amp; Co., Inc.</name>
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        <name>Unum Group</name>
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        <name>Bank of America Corp.</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
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          <maturityDt>2041-06-19</maturityDt>
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        <name>Enbridge, Inc.</name>
        <lei>98TPTUM4IVMFCZBCUR27</lei>
        <title>Enbridge, Inc.</title>
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        <invCountry>CA</invCountry>
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        <name>Cisco Systems, Inc.</name>
        <lei>549300LKFJ962MZ46593</lei>
        <title>Cisco Systems, Inc.</title>
        <cusip>17275RAD4</cusip>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Energy Transfer LP</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2047-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.30000000</annualizedRt>
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      <invstOrSec>
        <name>Spectra Energy Partners LP</name>
        <lei>2HKVXE7U4NF5B6UGSU72</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2043-09-25</maturityDt>
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          <annualizedRt>5.95000000</annualizedRt>
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      <invstOrSec>
        <name>NiSource, Inc.</name>
        <lei>549300D8GOWWH0SJB189</lei>
        <title>NiSource, Inc.</title>
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          <isin value="US65473QBG73"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2048-03-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.95000000</annualizedRt>
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      <invstOrSec>
        <name>McDonald's Corp.</name>
        <lei>UE2136O97NLB5BYP9H04</lei>
        <title>McDonald's Corp.</title>
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          <isin value="US58013MEV28"/>
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        <balance>40000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>34030.48000000</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>2045-05-26</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.60000000</annualizedRt>
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      <invstOrSec>
        <name>Public Service Electric and Gas Co.</name>
        <lei>549300RUHPVD434XUK18</lei>
        <title>Public Service Electric and Gas Co.</title>
        <cusip>74456QAU0</cusip>
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          <isin value="US74456QAU04"/>
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        <balance>25000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>23703.83000000</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>2039-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.37500000</annualizedRt>
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      <invstOrSec>
        <name>Goldman Sachs Group, Inc. (The)</name>
        <lei>784F5XWPLTWKTBV3E584</lei>
        <title>Goldman Sachs Group, Inc. (The)</title>
        <cusip>38148LAF3</cusip>
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          <isin value="US38148LAF31"/>
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        <balance>25000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>22896.28000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-05-22</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.15000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Intuit, Inc.</name>
        <lei>VI90HBPH7XSFMB9E4M29</lei>
        <title>Intuit, Inc.</title>
        <cusip>46124HAH9</cusip>
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          <isin value="US46124HAH93"/>
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        <balance>100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>97779.47000000</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>2053-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Arthur J Gallagher &amp; Co.</name>
        <lei>54930049QLLMPART6V29</lei>
        <title>Arthur J Gallagher &amp; Co.</title>
        <cusip>04316JAJ8</cusip>
        <identifiers>
          <isin value="US04316JAJ88"/>
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        <balance>35000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>33246.68000000</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>2054-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.75000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>PacifiCorp</name>
        <lei>SGY07Y7FNYBNLM6Z1M11</lei>
        <title>PacifiCorp</title>
        <cusip>695114DE5</cusip>
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        <balance>25000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>23067.69000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.80000000</annualizedRt>
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      <invstOrSec>
        <name>RPM International, Inc.</name>
        <lei>549300TJCKW4BRXPJ474</lei>
        <title>RPM International, Inc.</title>
        <cusip>749685AU7</cusip>
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          <isin value="US749685AU73"/>
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        <balance>20000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>17997.08000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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      <invstOrSec>
        <name>W R Berkley Corp.</name>
        <lei>SQOAGCLKBDWNVYV1OV80</lei>
        <title>W R Berkley Corp.</title>
        <cusip>084423AV4</cusip>
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          <isin value="US084423AV48"/>
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        <balance>70000.00000000</balance>
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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>2052-03-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.55000000</annualizedRt>
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      <invstOrSec>
        <name>Mastercard, Inc.</name>
        <lei>AR5L2ODV9HN37376R084</lei>
        <title>Mastercard, Inc.</title>
        <cusip>57636QAT1</cusip>
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          <isin value="US57636QAT13"/>
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        <balance>20000.00000000</balance>
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        <valUSD>13048.47000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.95000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Microsoft Corp.</name>
        <lei>INR2EJN1ERAN0W5ZP974</lei>
        <title>Microsoft Corp.</title>
        <cusip>594918CD4</cusip>
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          <isin value="US594918CD48"/>
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        <balance>115000.00000000</balance>
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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>2060-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.67500000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Broadcom, Inc.</name>
        <lei>549300WV6GIDOZJTV909</lei>
        <title>Broadcom, Inc.</title>
        <cusip>11135FBP5</cusip>
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          <isin value="US11135FBP53"/>
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        <balance>165000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>128047.90000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.13700000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Burlington Northern Santa Fe LLC</name>
        <lei>N/A</lei>
        <title>Burlington Northern Santa Fe LLC</title>
        <cusip>12189LBK6</cusip>
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          <isin value="US12189LBK61"/>
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        <balance>80000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>74865.32000000</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>2054-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.20000000</annualizedRt>
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      <invstOrSec>
        <name>Xcel Energy, Inc.</name>
        <lei>LGJNMI9GH8XIDG5RCM61</lei>
        <title>Xcel Energy, Inc.</title>
        <cusip>98389BAN0</cusip>
        <identifiers>
          <isin value="US98389BAN01"/>
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        <balance>25000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>21067.29000000</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>2041-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.80000000</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>Arizona Public Service Co.</name>
        <lei>YG6VT0TPHRH4TFVAQV64</lei>
        <title>Arizona Public Service Co.</title>
        <cusip>040555CP7</cusip>
        <identifiers>
          <isin value="US040555CP79"/>
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        <balance>5000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3999.91000000</valUSD>
        <pctVal>0.012840860510</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.70000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Broadcom, Inc.</name>
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        <title>Broadcom, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Interpublic Group of Cos., Inc. (The)</name>
        <lei>5493008IUOJ5VWTRC333</lei>
        <title>Interpublic Group of Cos., Inc. (The)</title>
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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>2041-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.37500000</annualizedRt>
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      <invstOrSec>
        <name>Kentucky Utilities Co.</name>
        <lei>AGX0G2MXE54NFNNICD28</lei>
        <title>Kentucky Utilities Co.</title>
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          <isin value="US491674BM82"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2050-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.30000000</annualizedRt>
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      <invstOrSec>
        <name>MPLX LP</name>
        <lei>5493000CZJ19CK4P3G36</lei>
        <title>MPLX LP</title>
        <cusip>55336VBT6</cusip>
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          <isin value="US55336VBT61"/>
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        <balance>110000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>91938.27000000</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>2052-03-14</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.95000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Home Depot, Inc. (The)</name>
        <lei>QEKMOTMBBKA8I816DO57</lei>
        <title>Home Depot, Inc. (The)</title>
        <cusip>437076CC4</cusip>
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          <isin value="US437076CC49"/>
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        <balance>90000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>68310.80000000</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>2040-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.30000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Mastercard, Inc.</name>
        <lei>AR5L2ODV9HN37376R084</lei>
        <title>Mastercard, Inc.</title>
        <cusip>57636QAQ7</cusip>
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          <isin value="US57636QAQ73"/>
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        <balance>100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>77446.78000000</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>2050-03-26</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.85000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Prudential Financial, Inc.</name>
        <lei>5PRBRS5FEH7NREC8OR45</lei>
        <title>Prudential Financial, Inc.</title>
        <cusip>74432QCE3</cusip>
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          <isin value="US74432QCE35"/>
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        <balance>5000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3994.25000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-02-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.35000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Marathon Petroleum Corp.</name>
        <lei>3BNYRYQHD39K4LCKQF12</lei>
        <title>Marathon Petroleum Corp.</title>
        <cusip>56585ABE1</cusip>
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          <isin value="US56585ABE10"/>
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        <balance>15000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>11923.79000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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      <invstOrSec>
        <name>Stryker Corp.</name>
        <lei>5493002F0SC4JTBU5137</lei>
        <title>Stryker Corp.</title>
        <cusip>863667AJ0</cusip>
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          <isin value="US863667AJ04"/>
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        <balance>45000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>38840.43000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.62500000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Southern Power Co.</name>
        <lei>5LADC78JBG2BMZD5XF57</lei>
        <title>Southern Power Co., Series F</title>
        <cusip>843646AU4</cusip>
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          <isin value="US843646AU49"/>
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        <balance>25000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>21236.97000000</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>2046-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.95000000</annualizedRt>
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      <invstOrSec>
        <name>AT&amp;T, Inc.</name>
        <lei>549300Z40J86GGSTL398</lei>
        <title>AT&amp;T, Inc.</title>
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          <isin value="US00206RMN97"/>
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        <balance>40000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>26987.56000000</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>2057-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.80000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ConocoPhillips Co.</name>
        <lei>6VJJ5GQWIRDQ06DUXG89</lei>
        <title>ConocoPhillips Co.</title>
        <cusip>20826FBH8</cusip>
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          <isin value="US20826FBH82"/>
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        <balance>45000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>44167.34000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2063-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.70000000</annualizedRt>
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      <invstOrSec>
        <name>Cisco Systems, Inc.</name>
        <lei>549300LKFJ962MZ46593</lei>
        <title>Cisco Systems, Inc.</title>
        <cusip>17275RAF9</cusip>
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          <isin value="US17275RAF91"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2040-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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      <invstOrSec>
        <name>Charter Communications Operating LLC</name>
        <lei>N/A</lei>
        <title>Charter Communications Operating LLC</title>
        <cusip>161175CG7</cusip>
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          <isin value="US161175CG74"/>
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        <balance>50000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2062-06-30</maturityDt>
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          <annualizedRt>3.95000000</annualizedRt>
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      <invstOrSec>
        <name>ConocoPhillips Co.</name>
        <lei>6VJJ5GQWIRDQ06DUXG89</lei>
        <title>ConocoPhillips Co.</title>
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          <isin value="US20826FAR73"/>
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        <balance>25000.00000000</balance>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2046-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.95000000</annualizedRt>
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        <name>Goldman Sachs Group, Inc. (The)</name>
        <lei>784F5XWPLTWKTBV3E584</lei>
        <title>Goldman Sachs Group, Inc. (The)</title>
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        <balance>15000.00000000</balance>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2045-10-21</maturityDt>
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          <annualizedRt>4.75000000</annualizedRt>
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      <invstOrSec>
        <name>Texas Instruments, Inc.</name>
        <lei>WDJNR2L6D8RWOEB8T652</lei>
        <title>Texas Instruments, Inc.</title>
        <cusip>882508BM5</cusip>
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        <balance>20000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>12093.18000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.70000000</annualizedRt>
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      <invstOrSec>
        <name>Energy Transfer LP</name>
        <lei>MTLVN9N7JE8MIBIJ1H73</lei>
        <title>Energy Transfer LP</title>
        <cusip>29273RAJ8</cusip>
        <identifiers>
          <isin value="US29273RAJ86"/>
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        <balance>25000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>27565.27000000</valUSD>
        <pctVal>0.088492437832</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>HCA, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Aflac, Inc.</name>
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        <title>Aflac, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>BHP Billiton Finance USA Ltd.</name>
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        <title>BHP Billiton Finance USA Ltd.</title>
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        <curCd>USD</curCd>
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        <invCountry>AU</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2043-09-30</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Kraft Heinz Foods Co.</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2045-07-15</maturityDt>
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      <invstOrSec>
        <name>International Business Machines Corp.</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2050-05-15</maturityDt>
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        <name>Burlington Northern Santa Fe LLC</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-05-01</maturityDt>
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          <annualizedRt>6.15000000</annualizedRt>
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        <name>Southern California Gas Co.</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2052-11-15</maturityDt>
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          <annualizedRt>6.35000000</annualizedRt>
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        <name>Canadian Natural Resources Ltd.</name>
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        <title>Canadian Natural Resources Ltd.</title>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2047-06-01</maturityDt>
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          <annualizedRt>4.95000000</annualizedRt>
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        <name>Kinder Morgan, Inc.</name>
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        <title>Kinder Morgan, Inc.</title>
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        <valUSD>21311.87000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2046-02-15</maturityDt>
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          <annualizedRt>5.05000000</annualizedRt>
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        <name>Berkshire Hathaway Finance Corp.</name>
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        <title>Berkshire Hathaway Finance Corp.</title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2050-10-15</maturityDt>
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          <annualizedRt>2.85000000</annualizedRt>
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      <invstOrSec>
        <name>International Business Machines Corp.</name>
        <lei>VGRQXHF3J8VDLUA7XE92</lei>
        <title>International Business Machines Corp.</title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2052-02-09</maturityDt>
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        <name>Enterprise Products Operating LLC</name>
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          <maturityDt>2040-09-01</maturityDt>
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        <name>International Business Machines Corp.</name>
        <lei>VGRQXHF3J8VDLUA7XE92</lei>
        <title>International Business Machines Corp.</title>
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        <name>International Business Machines Corp.</name>
        <lei>VGRQXHF3J8VDLUA7XE92</lei>
        <title>International Business Machines Corp.</title>
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        <name>Lockheed Martin Corp.</name>
        <lei>DPRBOZP0K5RM2YE8UU08</lei>
        <title>Lockheed Martin Corp.</title>
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        <name>Otis Worldwide Corp.</name>
        <lei>549300ZLBKR8VSU25153</lei>
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        <invCountry>US</invCountry>
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          <maturityDt>2040-02-15</maturityDt>
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        <name>Union Pacific Corp.</name>
        <lei>549300LMMRSZZCZ8CL11</lei>
        <title>Union Pacific Corp.</title>
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        <balance>30000.00000000</balance>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2070-02-05</maturityDt>
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        <name>Oracle Corp.</name>
        <lei>1Z4GXXU7ZHVWFCD8TV52</lei>
        <title>Oracle Corp.</title>
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        <name>Diamondback Energy, Inc.</name>
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        <name>Canadian Pacific Railway Co.</name>
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        <name>Lockheed Martin Corp.</name>
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        <name>Bristol-Myers Squibb Co.</name>
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        <name>Masco Corp.</name>
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        <name>Oracle Corp.</name>
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        <name>Canadian Natural Resources Ltd.</name>
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        <name>PacifiCorp</name>
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        <name>Principal Financial Group, Inc.</name>
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        <name>T-Mobile USA, Inc.</name>
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        <name>Comcast Corp.</name>
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        <name>Oracle Corp.</name>
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        <name>Apple, Inc.</name>
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        <name>Western Union Co. (The)</name>
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        <name>Oracle Corp.</name>
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        <name>Emera US Finance LP</name>
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        <name>Ameren Illinois Co.</name>
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        <name>Occidental Petroleum Corp.</name>
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        <name>Citigroup, Inc.</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>Citigroup, Inc.</title>
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        <name>Meta Platforms, Inc.</name>
        <lei>BQ4BKCS1HXDV9HN80Z93</lei>
        <title>Meta Platforms, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Johnson &amp; Johnson</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2046-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.70000000</annualizedRt>
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      <invstOrSec>
        <name>Nucor Corp.</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.97900000</annualizedRt>
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      <invstOrSec>
        <name>Sysco Corp.</name>
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        <title>Sysco Corp.</title>
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          <isin value="US871829BD80"/>
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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>2046-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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        <name>Zoetis, Inc.</name>
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        <title>Zoetis, Inc.</title>
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          <isin value="US98978VAP85"/>
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        <balance>40000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2048-08-20</maturityDt>
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          <annualizedRt>4.45000000</annualizedRt>
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        <name>Goldman Sachs Group, Inc. (The)</name>
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        <title>Goldman Sachs Group, Inc. (The)</title>
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        <valUSD>7158.80000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2042-04-22</maturityDt>
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          <annualizedRt>3.21000000</annualizedRt>
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      <invstOrSec>
        <name>Dover Corp.</name>
        <lei>549300FMC2ALGA7N9E80</lei>
        <title>Dover Corp.</title>
        <cusip>260003AK4</cusip>
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          <isin value="US260003AK45"/>
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        <curCd>USD</curCd>
        <valUSD>23740.60000000</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>2041-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.37500000</annualizedRt>
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      <invstOrSec>
        <name>Burlington Northern Santa Fe LLC</name>
        <lei>N/A</lei>
        <title>Burlington Northern Santa Fe LLC</title>
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        <curCd>USD</curCd>
        <valUSD>46968.37000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.15000000</annualizedRt>
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      <invstOrSec>
        <name>Alleghany Corp.</name>
        <lei>549300DCJE6AYX159479</lei>
        <title>Alleghany Corp.</title>
        <cusip>017175AD2</cusip>
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          <isin value="US017175AD24"/>
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        <balance>25000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>22658.69000000</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>2044-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.90000000</annualizedRt>
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        <name>Altria Group, Inc.</name>
        <lei>XSGZFLO9YTNO9VCQV219</lei>
        <title>Altria Group, Inc.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2042-08-09</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.25000000</annualizedRt>
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      <invstOrSec>
        <name>Citigroup, Inc.</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>Citigroup, Inc.</title>
        <cusip>172967HA2</cusip>
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        <balance>75000.00000000</balance>
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        <valUSD>80144.03000000</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>2043-09-13</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.67500000</annualizedRt>
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      <invstOrSec>
        <name>Oracle Corp.</name>
        <lei>1Z4GXXU7ZHVWFCD8TV52</lei>
        <title>Oracle Corp.</title>
        <cusip>68389XBX2</cusip>
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        <balance>50000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2050-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.60000000</annualizedRt>
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      <invstOrSec>
        <name>Willis North America, Inc.</name>
        <lei>5493004KVU1HWZCP0C66</lei>
        <title>Willis North America, Inc.</title>
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        <balance>20000.00000000</balance>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-03-05</maturityDt>
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          <annualizedRt>5.90000000</annualizedRt>
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      <invstOrSec>
        <name>Berkshire Hathaway Finance Corp.</name>
        <lei>549300RLHFT5RU20WM87</lei>
        <title>Berkshire Hathaway Finance Corp.</title>
        <cusip>084664BV2</cusip>
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          <isin value="US084664BV29"/>
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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>2043-05-15</maturityDt>
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          <annualizedRt>4.30000000</annualizedRt>
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      <invstOrSec>
        <name>HCA, Inc.</name>
        <lei>L3CJ6J7LJ2DX62FTXD46</lei>
        <title>HCA, Inc.</title>
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          <annualizedRt>5.25000000</annualizedRt>
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      <invstOrSec>
        <name>ConocoPhillips Co.</name>
        <lei>6VJJ5GQWIRDQ06DUXG89</lei>
        <title>ConocoPhillips Co.</title>
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        <balance>40000.00000000</balance>
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        <invCountry>US</invCountry>
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          <annualizedRt>5.30000000</annualizedRt>
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        <name>Bristol-Myers Squibb Co.</name>
        <lei>HLYYNH7UQUORYSJQCN42</lei>
        <title>Bristol-Myers Squibb Co.</title>
        <cusip>110122EC8</cusip>
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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>2063-11-15</maturityDt>
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          <annualizedRt>6.40000000</annualizedRt>
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      <invstOrSec>
        <name>Sompo International Holdings Ltd.</name>
        <lei>54930073OSJENOG1DL54</lei>
        <title>Sompo International Holdings Ltd.</title>
        <cusip>29267HAA7</cusip>
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        <balance>20000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>21413.02000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-07-15</maturityDt>
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          <annualizedRt>7.00000000</annualizedRt>
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      <invstOrSec>
        <name>Westpac Banking Corp.</name>
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        <name>S&amp;P Global, Inc.</name>
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        <name>Western Midstream Operating LP</name>
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          <maturityDt>2044-04-01</maturityDt>
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        <name>ONEOK, Inc.</name>
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        <name>Home Depot, Inc. (The)</name>
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        <name>Kinder Morgan Energy Partners LP</name>
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          <maturityDt>2039-09-01</maturityDt>
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        <name>Valmont Industries, Inc.</name>
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          <maturityDt>2054-10-01</maturityDt>
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          <annualizedRt>5.25000000</annualizedRt>
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        <name>Lockheed Martin Corp.</name>
        <lei>DPRBOZP0K5RM2YE8UU08</lei>
        <title>Lockheed Martin Corp.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.20000000</annualizedRt>
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        <name>Motorola Solutions, Inc.</name>
        <lei>6S552MUG6KGJVEBSEC55</lei>
        <title>Motorola Solutions, Inc.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.50000000</annualizedRt>
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        <name>McKesson Corp.</name>
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        <name>Williams Cos., Inc. (The)</name>
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        <name>Interpublic Group of Cos., Inc. (The)</name>
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        <name>Kimberly-Clark Corp.</name>
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        <name>Brown &amp; Brown, Inc.</name>
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        <name>Union Pacific Corp.</name>
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        <name>Kroger Co. (The)</name>
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        <name>Johnson &amp; Johnson</name>
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        <invCountry>US</invCountry>
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        <name>Kinder Morgan Energy Partners LP</name>
        <lei>549300PDHUGWPWGOT525</lei>
        <title>Kinder Morgan Energy Partners LP</title>
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        <name>Atmos Energy Corp.</name>
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        <name>Citigroup, Inc.</name>
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        <name>Apple, Inc.</name>
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        <name>Duke Energy Indiana LLC</name>
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        <name>HCA, Inc.</name>
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        <name>Hartford Financial Services Group, Inc. (The)</name>
        <lei>IU7C3FTM7Y3BQM112U94</lei>
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        <name>Bristol-Myers Squibb Co.</name>
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        <name>Boeing Co. (The)</name>
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        <name>Union Pacific Corp.</name>
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        <name>Oracle Corp.</name>
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        <name>Valero Energy Corp.</name>
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        <name>Sherwin-Williams Co. (The)</name>
        <lei>Z15BMIOX8DDH0X2OBP21</lei>
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        <name>MPLX LP</name>
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        <name>Bank of America Corp.</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
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        <name>Constellation Energy Generation LLC</name>
        <lei>S2PEWKCZFFECR4533P43</lei>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>Nokia OYJ</name>
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        <invCountry>FI</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Berkshire Hathaway Energy Co.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Moody's Corp.</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2044-07-15</maturityDt>
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          <annualizedRt>5.25000000</annualizedRt>
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      <invstOrSec>
        <name>Kinder Morgan, Inc.</name>
        <lei>549300WR7IX8XE0TBO16</lei>
        <title>Kinder Morgan, Inc.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2048-03-01</maturityDt>
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          <annualizedRt>5.20000000</annualizedRt>
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      <invstOrSec>
        <name>ONEOK Partners LP</name>
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        <title>ONEOK Partners LP</title>
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          <isin value="US68268NAG88"/>
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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>2041-02-01</maturityDt>
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          <annualizedRt>6.12500000</annualizedRt>
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      <invstOrSec>
        <name>Johnson &amp; Johnson</name>
        <lei>549300G0CFPGEF6X2043</lei>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-03-03</maturityDt>
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          <annualizedRt>3.62500000</annualizedRt>
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        <name>Diamondback Energy, Inc.</name>
        <lei>549300R22LSX6OHWEN64</lei>
        <title>Diamondback Energy, Inc.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2052-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.25000000</annualizedRt>
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      <invstOrSec>
        <name>McDonald's Corp.</name>
        <lei>UE2136O97NLB5BYP9H04</lei>
        <title>McDonald's Corp.</title>
        <cusip>58013MFR0</cusip>
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        <valUSD>39414.45000000</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>2050-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.20000000</annualizedRt>
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        <name>General Mills, Inc.</name>
        <lei>2TGYMUGI08PO8X8L6150</lei>
        <title>General Mills, Inc.</title>
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        <balance>25000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>23855.61000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2040-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.40000000</annualizedRt>
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        <name>Visa, Inc.</name>
        <lei>549300JZ4OKEHW3DPJ59</lei>
        <title>Visa, Inc.</title>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2040-04-15</maturityDt>
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          <annualizedRt>2.70000000</annualizedRt>
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        <name>Lockheed Martin Corp.</name>
        <lei>DPRBOZP0K5RM2YE8UU08</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Lloyds Banking Group plc</name>
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        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Wells Fargo &amp; Co.</name>
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        <invCountry>US</invCountry>
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        <name>PacifiCorp</name>
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        <invCountry>US</invCountry>
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          <annualizedRt>4.15000000</annualizedRt>
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        <name>MPLX LP</name>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>McDonald's Corp.</name>
        <lei>UE2136O97NLB5BYP9H04</lei>
        <title>McDonald's Corp.</title>
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        <name>Interstate Power and Light Co.</name>
        <lei>EF9UQIIO4KY2BWOK3P26</lei>
        <title>Interstate Power and Light Co.</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Lowe's Cos., Inc.</name>
        <lei>WAFCR4OKGSC504WU3E95</lei>
        <title>Lowe's Cos., Inc.</title>
        <cusip>548661ES2</cusip>
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        <balance>40000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>MidAmerican Energy Co.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Everest Reinsurance Holdings, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Merck &amp; Co., Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Microsoft Corp.</name>
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        <name>Kroger Co. (The)</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2038-04-15</maturityDt>
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        <name>Applied Materials, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-10-01</maturityDt>
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          <annualizedRt>5.10000000</annualizedRt>
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        <name>Dover Corp.</name>
        <lei>549300FMC2ALGA7N9E80</lei>
        <title>Dover Corp.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2038-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.60000000</annualizedRt>
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        <name>Corning, Inc.</name>
        <lei>549300X2937PB0CJ7I56</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2068-11-15</maturityDt>
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          <annualizedRt>5.85000000</annualizedRt>
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        <name>OhioHealth Corp.</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-11-15</maturityDt>
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        <name>Constellation Brands, Inc.</name>
        <lei>5493005GKEG8QCVY7037</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Principal Financial Group, Inc.</name>
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        <name>Kinder Morgan Energy Partners LP</name>
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        <invCountry>US</invCountry>
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          <maturityDt>2042-11-01</maturityDt>
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        <name>Eli Lilly &amp; Co.</name>
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        <name>Westpac Banking Corp.</name>
        <lei>EN5TNI6CI43VEPAMHL14</lei>
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        <invCountry>AU</invCountry>
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        <name>PacifiCorp</name>
        <lei>SGY07Y7FNYBNLM6Z1M11</lei>
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        <name>Coca-Cola Co. (The)</name>
        <lei>UWJKFUJFZ02DKWI3RY53</lei>
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        <name>Consolidated Edison Co. of New York, Inc.</name>
        <lei>VZFZPMWDHTQCFKYOBP05</lei>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NNN REIT, Inc.</name>
        <lei>5493008JKH5SOTI0JS97</lei>
        <title>NNN REIT, Inc.</title>
        <cusip>637417AM8</cusip>
        <identifiers>
          <isin value="US637417AM83"/>
        </identifiers>
        <balance>50000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>41352.98000000</valUSD>
        <pctVal>0.132754948957</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.80000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>EnLink Midstream Partners LP</name>
        <lei>88CPW63VL7KHJWS0NY83</lei>
        <title>EnLink Midstream Partners LP</title>
        <cusip>29336UAC1</cusip>
        <identifiers>
          <isin value="US29336UAC18"/>
        </identifiers>
        <balance>25000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>21649.46000000</valUSD>
        <pctVal>0.069500987770</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.60000000</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 Midstream Operating LP</name>
        <lei>L6D8A6MLSY454J2JXJ60</lei>
        <title>Western Midstream Operating LP</title>
        <cusip>958254AJ3</cusip>
        <identifiers>
          <isin value="US958254AJ35"/>
        </identifiers>
        <balance>60000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>50173.79000000</valUSD>
        <pctVal>0.161072283798</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.30000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2024-05-30</ncom:dateSigned>
      <ncom:nameOfApplicant>FlexShares Trust</ncom:nameOfApplicant>
      <ncom:signature>Randal Rein</ncom:signature>
      <ncom:signerName>Randal Rein</ncom:signerName>
      <ncom:title>Treasurer and PFO</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
