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      <invstOrSec>
        <name>Applied Materials, Inc.</name>
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      <invstOrSec>
        <name>Camden Property Trust</name>
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        <name>Prologis LP</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-01-31</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Intel Corp.</name>
        <lei>KNX4USFCNGPY45LOCE31</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Weyerhaeuser Co.</name>
        <lei>08IRJODWFYBI7QWRGS31</lei>
        <title>Weyerhaeuser Co.</title>
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        <invCountry>US</invCountry>
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        <name>Suzano Austria GmbH</name>
        <lei>254900287ZNSGVP1R341</lei>
        <title>Suzano Austria GmbH</title>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AT</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.75000000</annualizedRt>
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        <name>COPT Defense Properties LP</name>
        <lei>H0TWO5VRNEP6CQAWPX27</lei>
        <title>COPT Defense Properties LP</title>
        <cusip>22003BAN6</cusip>
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          <isin value="US22003BAN64"/>
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        <curCd>USD</curCd>
        <valUSD>9302.58000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.00000000</annualizedRt>
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        <name>ONEOK, Inc.</name>
        <lei>2T3D6M0JSY48PSZI1Q41</lei>
        <title>ONEOK, Inc.</title>
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          <isin value="US682680BG78"/>
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        <balance>25000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>26746.27000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.10000000</annualizedRt>
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      <invstOrSec>
        <name>Novartis Capital Corp.</name>
        <lei>5493002KF87V5RSRQS84</lei>
        <title>Novartis Capital Corp.</title>
        <cusip>66989HAQ1</cusip>
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          <isin value="US66989HAQ11"/>
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        <balance>10000.00000000</balance>
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        <valUSD>9779.06000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-02-14</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.00000000</annualizedRt>
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        <name>JPMorgan Chase &amp; Co.</name>
        <lei>8I5DZWZKVSZI1NUHU748</lei>
        <title>JPMorgan Chase &amp; Co.</title>
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          <isin value="US46625HRY89"/>
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        <balance>100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>99568.87000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-02-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.78200000</annualizedRt>
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        <name>Banco Santander SA</name>
        <lei>5493006QMFDDMYWIAM13</lei>
        <title>Banco Santander SA</title>
        <cusip>05964HBA2</cusip>
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          <isin value="US05964HBA23"/>
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        <balance>220000.00000000</balance>
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        <valUSD>223527.65000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-03-14</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.55200000</annualizedRt>
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      <invstOrSec>
        <name>Mastercard, Inc.</name>
        <lei>AR5L2ODV9HN37376R084</lei>
        <title>Mastercard, Inc.</title>
        <cusip>57636QAU8</cusip>
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          <isin value="US57636QAU85"/>
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        <balance>33000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>29276.87000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-11-18</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Weyerhaeuser Co.</name>
        <lei>08IRJODWFYBI7QWRGS31</lei>
        <title>Weyerhaeuser Co.</title>
        <cusip>962166CA0</cusip>
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          <isin value="US962166CA07"/>
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        <balance>30000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>27395.36000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Xylem, Inc.</name>
        <lei>549300DF5MV96DRYLQ48</lei>
        <title>Xylem, Inc.</title>
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        <balance>20000.00000000</balance>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>1.95000000</annualizedRt>
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      <invstOrSec>
        <name>American Express Co.</name>
        <lei>R4PP93JZOLY261QX3811</lei>
        <title>American Express Co.</title>
        <cusip>025816DH9</cusip>
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          <isin value="US025816DH90"/>
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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>2029-07-27</maturityDt>
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      <invstOrSec>
        <name>Paramount Global</name>
        <lei>5KYC8KF17ROCY24M3H09</lei>
        <title>Paramount Global</title>
        <cusip>92556HAC1</cusip>
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          <isin value="US92556HAC16"/>
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        <balance>30000.00000000</balance>
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        <valUSD>23434.60000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-05-19</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.95000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      <invstOrSec>
        <name>Biogen, Inc.</name>
        <lei>W8J5WZB5IY3K0NDQT671</lei>
        <title>Biogen, Inc.</title>
        <cusip>09062XAH6</cusip>
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        <balance>10000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>9148.12000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.25000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Citigroup, Inc.</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>Citigroup, Inc.</title>
        <cusip>172967ML2</cusip>
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        <balance>107000.00000000</balance>
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        <name>Occidental Petroleum Corp.</name>
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        <name>Shell Finance US, Inc.</name>
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        <name>Progressive Corp. (The)</name>
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          <maturityDt>2048-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.20000000</annualizedRt>
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        <name>Alphabet, Inc.</name>
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        <name>Accenture Capital, Inc.</name>
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        <name>John Deere Capital Corp.</name>
        <lei>E0KSF7PFQ210NWI8Z391</lei>
        <title>John Deere Capital Corp.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-06-11</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.90000000</annualizedRt>
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        <name>Morgan Stanley</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>Morgan Stanley</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-04-19</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.83100000</annualizedRt>
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        <name>PepsiCo, Inc.</name>
        <lei>FJSUNZKFNQ5YPJ5OT455</lei>
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          <maturityDt>2029-07-29</maturityDt>
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          <annualizedRt>2.62500000</annualizedRt>
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        <name>Primerica, Inc.</name>
        <lei>254900621R686KJR7022</lei>
        <title>Primerica, Inc.</title>
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        <invCountry>US</invCountry>
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          <maturityDt>2031-11-19</maturityDt>
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          <annualizedRt>2.80000000</annualizedRt>
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        <name>Hasbro, Inc.</name>
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          <maturityDt>2029-11-19</maturityDt>
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          <annualizedRt>3.90000000</annualizedRt>
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        <name>Medtronic Global Holdings SCA</name>
        <lei>549300JXMTTP8GKYIX14</lei>
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        <invCountry>LU</invCountry>

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          <annualizedRt>4.50000000</annualizedRt>
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        <name>eBay, Inc.</name>
        <lei>OML71K8X303XQONU6T67</lei>
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        <name>Bain Capital Specialty Finance, Inc.</name>
        <lei>549300V2JL72R0EYBK64</lei>
        <title>Bain Capital Specialty Finance, Inc.</title>
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        <name>Novartis Capital Corp.</name>
        <lei>5493002KF87V5RSRQS84</lei>
        <title>Novartis Capital Corp.</title>
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        <name>Autodesk, Inc.</name>
        <lei>FRKKVKAIQEF3FCSTPG55</lei>
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        <name>Hewlett Packard Enterprise Co.</name>
        <lei>549300BX44RGX6ANDV88</lei>
        <title>Hewlett Packard Enterprise Co.</title>
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        <invCountry>US</invCountry>
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          <maturityDt>2028-07-01</maturityDt>
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        <name>Elevance Health, Inc.</name>
        <lei>8MYN82XMYQH89CTMTH67</lei>
        <title>Elevance Health, Inc.</title>
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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>2053-02-15</maturityDt>
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      <invstOrSec>
        <name>Voya Financial, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>American Water Capital Corp.</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2048-09-01</maturityDt>
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        <name>Laboratory Corp. of America Holdings</name>
        <lei>OZ7UA8IXAIFILY2VZH07</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-06-01</maturityDt>
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      <invstOrSec>
        <name>Enbridge, Inc.</name>
        <lei>98TPTUM4IVMFCZBCUR27</lei>
        <title>Enbridge, Inc.</title>
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        <assetCat>DBT</assetCat>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2077-07-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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      <invstOrSec>
        <name>Kilroy Realty LP</name>
        <lei>5493008CT3N3JR7P1552</lei>
        <title>Kilroy Realty LP</title>
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          <isin value="US49427RAS13"/>
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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>2036-01-15</maturityDt>
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          <annualizedRt>6.25000000</annualizedRt>
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        <name>Cigna Group (The)</name>
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        <title>Cigna Group (The)</title>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-11-15</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="US78409VAN47"/>
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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>2048-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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      <invstOrSec>
        <name>Vodafone Group plc</name>
        <lei>213800TB53ELEUKM7Q61</lei>
        <title>Vodafone Group plc</title>
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          <isin value="US92857WBY57"/>
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        <curCd>USD</curCd>
        <valUSD>68103.98000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2053-02-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.62500000</annualizedRt>
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      <invstOrSec>
        <name>ONEOK, Inc.</name>
        <lei>2T3D6M0JSY48PSZI1Q41</lei>
        <title>ONEOK, Inc.</title>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-11-01</maturityDt>
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          <annualizedRt>5.55000000</annualizedRt>
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      <invstOrSec>
        <name>Johnson &amp; Johnson</name>
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        <title>Johnson &amp; Johnson</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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        <name>Verisk Analytics, Inc.</name>
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        <title>Verisk Analytics, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2050-05-15</maturityDt>
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        <name>Vodafone Group plc</name>
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        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Piedmont Operating Partnership LP</name>
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        <title>Piedmont Operating Partnership LP</title>
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        <name>Fox Corp.</name>
        <lei>549300DDU6FDRBIELS05</lei>
        <title>Fox Corp.</title>
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          <maturityDt>2049-01-25</maturityDt>
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        <name>Fox Corp.</name>
        <lei>549300DDU6FDRBIELS05</lei>
        <title>Fox Corp.</title>
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          <maturityDt>2029-01-25</maturityDt>
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        <name>NiSource, Inc.</name>
        <lei>549300D8GOWWH0SJB189</lei>
        <title>NiSource, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-11-30</maturityDt>
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        <name>ServiceNow, Inc.</name>
        <lei>549300HJTQM36M0E1G39</lei>
        <title>ServiceNow, Inc.</title>
        <cusip>81762PAE2</cusip>
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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>2030-09-01</maturityDt>
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          <annualizedRt>1.40000000</annualizedRt>
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      <invstOrSec>
        <name>Alexandria Real Estate Equities, Inc.</name>
        <lei>MGCJBT4MKTQBVLNUIS88</lei>
        <title>Alexandria Real Estate Equities, Inc.</title>
        <cusip>015271BC2</cusip>
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        <balance>160000.00000000</balance>
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        <valUSD>158579.65000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Centene Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Goldman Sachs Group, Inc. (The)</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Mohawk Industries, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Royal Bank of Canada</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-02-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Starbucks Corp.</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-08-15</maturityDt>
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        <name>PepsiCo, Inc.</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-07-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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        <name>MetLife, Inc.</name>
        <lei>C4BXATY60WC6XEOZDX54</lei>
        <title>MetLife, Inc.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-07-15</maturityDt>
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          <annualizedRt>5.37500000</annualizedRt>
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      <invstOrSec>
        <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>2040-03-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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      <invstOrSec>
        <name>Ingredion, Inc.</name>
        <lei>PKSTQ48QDN0XSVS7YK88</lei>
        <title>Ingredion, 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>2050-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.90000000</annualizedRt>
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        <name>Pfizer, Inc.</name>
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        <name>Essential Utilities, Inc.</name>
        <lei>549300ILTEOF3E3QY357</lei>
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        <invCountry>US</invCountry>
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        <name>AstraZeneca plc</name>
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        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
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          <maturityDt>2042-09-18</maturityDt>
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        <name>Morgan Stanley</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>Morgan Stanley</title>
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        <invCountry>US</invCountry>
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          <maturityDt>2029-02-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.12300000</annualizedRt>
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        <name>Elevance Health, Inc.</name>
        <lei>8MYN82XMYQH89CTMTH67</lei>
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          <annualizedRt>6.10000000</annualizedRt>
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        <name>Principal Financial Group, Inc.</name>
        <lei>CUMYEZJOAF02RYZ1JJ85</lei>
        <title>Principal Financial Group, Inc.</title>
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        <invCountry>US</invCountry>
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        <name>Owens Corning</name>
        <lei>JO5M6676RDJIZ2U8X907</lei>
        <title>Owens Corning</title>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2047-07-15</maturityDt>
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          <annualizedRt>4.30000000</annualizedRt>
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        <name>Campbell's Co. (The)</name>
        <lei>5493007JDSMX8Z5Z1902</lei>
        <title>Campbell's Co. (The)</title>
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        <balance>17000.00000000</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>2030-04-24</maturityDt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Mitsubishi UFJ Financial Group, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CRH SMW Finance DAC</name>
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        <invCountry>IE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ERP Operating LP</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-08-01</maturityDt>
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      <invstOrSec>
        <name>Intel Corp.</name>
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        <title>Intel Corp.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Eversource Energy</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-08-15</maturityDt>
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        <name>Elevance Health, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-05-15</maturityDt>
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        <name>Quest Diagnostics, Inc.</name>
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        <title>Quest Diagnostics, Inc.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-06-30</maturityDt>
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          <annualizedRt>4.20000000</annualizedRt>
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        <name>Kinder Morgan, Inc.</name>
        <lei>549300WR7IX8XE0TBO16</lei>
        <title>Kinder Morgan, Inc.</title>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <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>Anheuser-Busch InBev Finance, Inc.</name>
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        <title>Anheuser-Busch InBev Finance, Inc.</title>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-02-01</maturityDt>
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          <annualizedRt>4.70000000</annualizedRt>
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      <invstOrSec>
        <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>Cigna Group (The)</name>
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        <title>Cigna Group (The)</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-10-15</maturityDt>
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        <name>Suzano Austria GmbH</name>
        <lei>254900287ZNSGVP1R341</lei>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AT</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-01-15</maturityDt>
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      <invstOrSec>
        <name>Target Corp.</name>
        <lei>8WDDFXB5T1Z6J0XC1L66</lei>
        <title>Target Corp.</title>
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        <invCountry>US</invCountry>
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        <name>International Business Machines Corp.</name>
        <lei>VGRQXHF3J8VDLUA7XE92</lei>
        <title>International Business Machines Corp.</title>
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        <invCountry>US</invCountry>
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          <annualizedRt>2.85000000</annualizedRt>
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      <invstOrSec>
        <name>American Express Co.</name>
        <lei>R4PP93JZOLY261QX3811</lei>
        <title>American Express Co.</title>
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        <balance>60000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>GlaxoSmithKline Capital plc</name>
        <lei>549300U0LV41VX7LEP38</lei>
        <title>GlaxoSmithKline Capital plc</title>
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        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-06-01</maturityDt>
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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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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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      <invstOrSec>
        <name>GE HealthCare Technologies, Inc.</name>
        <lei>549300OI9J7XOWZMUN85</lei>
        <title>GE HealthCare Technologies, Inc.</title>
        <cusip>36267VAH6</cusip>
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        <balance>120000.00000000</balance>
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        <valUSD>127111.13000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
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        <name>Williams Cos., Inc. (The)</name>
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        <name>CVS Health Corp.</name>
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        <name>CSX Corp.</name>
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        <name>Cummins, Inc.</name>
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        <name>CVS Health Corp.</name>
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        <name>Hormel Foods Corp.</name>
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        <name>KLA Corp.</name>
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        <name>UnitedHealth Group, Inc.</name>
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        <name>Merck &amp; Co., Inc.</name>
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        <name>Equifax, Inc.</name>
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        <name>Mid-America Apartments LP</name>
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        <name>International Business Machines Corp.</name>
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        <name>Occidental Petroleum Corp.</name>
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        <name>Genpact Luxembourg SARL</name>
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        <title>Genpact Luxembourg Sarl</title>
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        <name>Kroger Co. (The)</name>
        <lei>6CPEOKI6OYJ13Q6O7870</lei>
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        <name>Ingersoll Rand, Inc.</name>
        <lei>5299004C02FMZCUOIR50</lei>
        <title>Ingersoll Rand, Inc.</title>
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        <invCountry>US</invCountry>
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        <name>Connecticut Light and Power Co. (The)</name>
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        <name>TotalEnergies Capital International SA</name>
        <lei>549300U37G2I8G4RUG09</lei>
        <title>TotalEnergies Capital International SA</title>
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        <invCountry>FR</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Citigroup, Inc.</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>Citigroup, Inc.</title>
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        <name>Marriott International, Inc.</name>
        <lei>225YDZ14ZO8E1TXUSU86</lei>
        <title>Marriott International, Inc.</title>
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          <isin value="US571903BQ56"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.30000000</annualizedRt>
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        <name>Voya Financial, Inc.</name>
        <lei>549300T065Z4KJ686G75</lei>
        <title>Voya Financial, Inc.</title>
        <cusip>929089AF7</cusip>
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          <isin value="US929089AF72"/>
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        <curCd>USD</curCd>
        <valUSD>28653.62000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2048-01-23</maturityDt>
          <couponKind>Variable</couponKind>
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        <name>Pepsico Singapore Financing I Pte. Ltd.</name>
        <lei>254900DOMTCMUFROFJ76</lei>
        <title>Pepsico Singapore Financing I Pte. Ltd.</title>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SG</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-02-16</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.70000000</annualizedRt>
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        <name>Brixmor Operating Partnership LP</name>
        <lei>549300CJHBL7JBUA6503</lei>
        <title>Brixmor Operating Partnership LP</title>
        <cusip>11120VAL7</cusip>
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          <isin value="US11120VAL71"/>
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        <balance>7000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>6235.14000000</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>2031-08-16</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.50000000</annualizedRt>
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      <invstOrSec>
        <name>Canadian National Railway Co.</name>
        <lei>3SU7BEP7TH9YEQOZCS77</lei>
        <title>Canadian National Railway Co.</title>
        <cusip>136375DB5</cusip>
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          <isin value="US136375DB52"/>
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        <balance>7000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>6010.59000000</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>2052-08-05</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.40000000</annualizedRt>
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      <invstOrSec>
        <name>Adobe, Inc.</name>
        <lei>FU4LY2G4933NH2E1CP29</lei>
        <title>Adobe, Inc.</title>
        <cusip>00724PAD1</cusip>
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          <isin value="US00724PAD15"/>
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        <balance>33000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>30774.84000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.30000000</annualizedRt>
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      <invstOrSec>
        <name>Brunswick Corp.</name>
        <lei>YM4O38W15AX4YLLQKU27</lei>
        <title>Brunswick Corp.</title>
        <cusip>117043AV1</cusip>
        <identifiers>
          <isin value="US117043AV12"/>
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        <balance>20000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>16136.77000000</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>2052-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.10000000</annualizedRt>
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      <invstOrSec>
        <name>Southern California Gas Co.</name>
        <lei>XY0N0J73VHV5F4CUJV89</lei>
        <title>Southern California Gas Co.</title>
        <cusip>842434DC3</cusip>
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          <isin value="US842434DC38"/>
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        <balance>20000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>20798.61000000</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>2035-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.45000000</annualizedRt>
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      <invstOrSec>
        <name>CBRE Services, Inc.</name>
        <lei>549300CTE3HOMEUMM603</lei>
        <title>CBRE Services, Inc.</title>
        <cusip>12505BAG5</cusip>
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          <isin value="US12505BAG59"/>
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        <balance>18000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>19247.85000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.95000000</annualizedRt>
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        <name>LYB International Finance III LLC</name>
        <lei>984500A51LA0B8EB4053</lei>
        <title>LYB International Finance III LLC</title>
        <cusip>50249AAJ2</cusip>
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          <isin value="US50249AAJ25"/>
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        <balance>50000.00000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>3.62500000</annualizedRt>
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        <name>Citigroup, Inc.</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>Citigroup, Inc.</title>
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          <isin value="US172967ME81"/>
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          <couponKind>Variable</couponKind>
          <annualizedRt>3.98000000</annualizedRt>
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        <name>Microsoft Corp.</name>
        <lei>INR2EJN1ERAN0W5ZP974</lei>
        <title>Microsoft Corp.</title>
        <cusip>594918CS1</cusip>
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          <isin value="US594918CS17"/>
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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>2030-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.35000000</annualizedRt>
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        <name>Merck &amp; Co., Inc.</name>
        <lei>4YV9Y5M8S0BRK1RP0397</lei>
        <title>Merck &amp; Co., Inc.</title>
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        <balance>93000.00000000</balance>
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        <valUSD>67267.80000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <annualizedRt>2.35000000</annualizedRt>
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      <invstOrSec>
        <name>Boardwalk Pipelines LP</name>
        <lei>549300W6AQ2GHHCGL606</lei>
        <title>Boardwalk Pipelines LP</title>
        <cusip>096630AH1</cusip>
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          <isin value="US096630AH15"/>
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        <balance>40000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>37491.79000000</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>2031-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.40000000</annualizedRt>
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        <name>Occidental Petroleum Corp.</name>
        <lei>IM7X0T3ECJW4C1T7ON55</lei>
        <title>Occidental Petroleum Corp.</title>
        <cusip>674599DG7</cusip>
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        <balance>50000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>29636.88000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>Fortune Brands Innovations, Inc.</name>
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      <invstOrSec>
        <name>Public Service Electric and Gas Co.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Adobe, Inc.</name>
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          <annualizedRt>4.80000000</annualizedRt>
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        <name>Meta Platforms, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2053-05-15</maturityDt>
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        <name>General Motors Financial Co., Inc.</name>
        <lei>5493008B6JBRUJ90QL97</lei>
        <title>General Motors Financial Co., Inc.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-04-06</maturityDt>
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          <annualizedRt>5.85000000</annualizedRt>
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        <name>Medtronic, Inc.</name>
        <lei>D56MRZY2INAN94ZONZ37</lei>
        <title>Medtronic, Inc.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-03-15</maturityDt>
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          <annualizedRt>4.37500000</annualizedRt>
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        <name>CNO Financial Group, Inc.</name>
        <lei>11XPYHB76MPM4Y4P2897</lei>
        <title>CNO Financial Group, Inc.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.45000000</annualizedRt>
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      <invstOrSec>
        <name>Biogen, Inc.</name>
        <lei>W8J5WZB5IY3K0NDQT671</lei>
        <title>Biogen, 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>3.25000000</annualizedRt>
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        <name>Principal Financial Group, Inc.</name>
        <lei>CUMYEZJOAF02RYZ1JJ85</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-05-15</maturityDt>
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        <name>Prudential Financial, Inc.</name>
        <lei>5PRBRS5FEH7NREC8OR45</lei>
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          <maturityDt>2052-03-01</maturityDt>
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        <name>Comcast Corp.</name>
        <lei>51M0QTTNCGUN7KFCFZ59</lei>
        <title>Comcast Corp.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Morgan Stanley</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>Morgan Stanley</title>
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        <name>Cigna Group (The)</name>
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        <title>Cigna Group (The)</title>
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        <name>Kinder Morgan, Inc.</name>
        <lei>549300WR7IX8XE0TBO16</lei>
        <title>Kinder Morgan, Inc.</title>
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          <maturityDt>2031-02-15</maturityDt>
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          <annualizedRt>2.00000000</annualizedRt>
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        <name>Brixmor Operating Partnership LP</name>
        <lei>549300CJHBL7JBUA6503</lei>
        <title>Brixmor Operating Partnership LP</title>
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        <name>International Flavors &amp; Fragrances, Inc.</name>
        <lei>BZLRL03D3GPGMOGFO832</lei>
        <title>International Flavors &amp; Fragrances, Inc.</title>
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        <name>CVS Health Corp.</name>
        <lei>549300EJG376EN5NQE29</lei>
        <title>CVS Health Corp.</title>
        <cusip>126650DH0</cusip>
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        <balance>33000.00000000</balance>
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        <invCountry>US</invCountry>
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          <maturityDt>2027-04-01</maturityDt>
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        <name>Baxter International, Inc.</name>
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        <name>ABB Finance USA, Inc.</name>
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        <name>NYU Langone Hospitals</name>
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        <name>Autodesk, Inc.</name>
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        <name>Trane Technologies Financing Ltd.</name>
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        <name>Biogen, Inc.</name>
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        <name>TotalEnergies Capital SA</name>
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        <name>Intel Corp.</name>
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        <name>AGCO Corp.</name>
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        <name>Kroger Co. (The)</name>
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      <invstOrSec>
        <name>State Street Corp.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Equinix, Inc.</name>
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        <title>Equinix, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>3.20000000</annualizedRt>
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      <invstOrSec>
        <name>Diageo Capital plc</name>
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        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-10-24</maturityDt>
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          <annualizedRt>5.30000000</annualizedRt>
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        <name>Quest Diagnostics, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-11-30</maturityDt>
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        <name>Waste Management, Inc.</name>
        <lei>549300YX8JIID70NFS41</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-03-15</maturityDt>
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        <name>Automatic Data Processing, Inc.</name>
        <lei>HGBOLILQXWER4SAL2I23</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-09-09</maturityDt>
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          <annualizedRt>4.45000000</annualizedRt>
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        <name>Ares Capital Corp.</name>
        <lei>WEQ82666OJYSI5GUAB47</lei>
        <title>Ares Capital Corp.</title>
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          <isin value="US04010LBC63"/>
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        <valUSD>61947.10000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-11-15</maturityDt>
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          <annualizedRt>3.20000000</annualizedRt>
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        <name>Paramount Global</name>
        <lei>5KYC8KF17ROCY24M3H09</lei>
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          <isin value="US92556HAB33"/>
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        <balance>25000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-01-15</maturityDt>
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          <annualizedRt>4.95000000</annualizedRt>
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        <name>San Diego Gas &amp; Electric Co.</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-04-15</maturityDt>
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        <name>Avery Dennison Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>John Deere Capital Corp.</name>
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        <title>John Deere Capital Corp., Series I</title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-09-08</maturityDt>
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        <name>Oracle Corp.</name>
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        <name>Pfizer, Inc.</name>
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        <name>Ares Capital Corp.</name>
        <lei>WEQ82666OJYSI5GUAB47</lei>
        <title>Ares Capital Corp.</title>
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        <name>Comcast Corp.</name>
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        <name>Southern California Edison Co.</name>
        <lei>9R1Z5I36FERIBVKW4P77</lei>
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        <name>Ford Motor Co.</name>
        <lei>20S05OYHG0MQM4VUIC57</lei>
        <title>Ford Motor Co.</title>
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        <invCountry>US</invCountry>
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          <maturityDt>2026-12-08</maturityDt>
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        <name>MetLife, Inc.</name>
        <lei>C4BXATY60WC6XEOZDX54</lei>
        <title>MetLife, Inc.</title>
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        <name>PepsiCo, Inc.</name>
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        <name>Pfizer Investment Enterprises Pte. Ltd.</name>
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        <name>Simon Property Group LP</name>
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          <maturityDt>2054-01-15</maturityDt>
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        <name>Verizon Communications, Inc.</name>
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        <name>RELX Capital, Inc.</name>
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        <name>HP, Inc.</name>
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          <maturityDt>2041-09-15</maturityDt>
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        <name>Cencora, Inc.</name>
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        <name>Federal Realty OP LP</name>
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        <name>Lowe's Cos., Inc.</name>
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        <name>Piedmont Operating Partnership LP</name>
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        <name>Union Pacific Corp.</name>
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        <name>Pioneer Natural Resources Co.</name>
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        <name>Lowe's Cos., Inc.</name>
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        <name>Oklahoma Gas and Electric Co.</name>
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        <name>Moody's Corp.</name>
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        <name>UBS AG</name>
        <lei>BFM8T61CT2L1QCEMIK50</lei>
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        <invCountry>CH</invCountry>
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      <invstOrSec>
        <name>QUALCOMM, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Sumitomo Mitsui Financial Group, Inc.</name>
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        <invCountry>JP</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>Verizon Communications, Inc.</name>
        <lei>2S72QS2UO2OESLG6Y829</lei>
        <title>Verizon Communications, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-03-15</maturityDt>
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          <annualizedRt>2.35500000</annualizedRt>
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        <name>Marriott International, Inc.</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-10-15</maturityDt>
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          <annualizedRt>5.25000000</annualizedRt>
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      <invstOrSec>
        <name>Valero Energy Corp.</name>
        <lei>549300XTO5VR8SKV1V74</lei>
        <title>Valero Energy Corp.</title>
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          <isin value="US91913YBC30"/>
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        <balance>60000.00000000</balance>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-12-01</maturityDt>
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          <annualizedRt>2.80000000</annualizedRt>
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      <invstOrSec>
        <name>Newmont Corp.</name>
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        <title>Newmont Corp.</title>
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          <isin value="US65163LAF67"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2050-05-13</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.20000000</annualizedRt>
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        <name>UnitedHealth Group, Inc.</name>
        <lei>549300GHBMY8T5GXDE41</lei>
        <title>UnitedHealth Group, Inc.</title>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Equitable Holdings, Inc.</name>
        <lei>549300FIBAKMNHPZ4009</lei>
        <title>Equitable Holdings, 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>2048-04-20</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Prudential Funding Asia plc</name>
        <lei>2549005TNASWKLR0XC37</lei>
        <title>Prudential Funding Asia plc</title>
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        <assetCat>DBT</assetCat>
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        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-04-14</maturityDt>
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          <annualizedRt>3.12500000</annualizedRt>
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      <invstOrSec>
        <name>Southern California Edison Co.</name>
        <lei>9R1Z5I36FERIBVKW4P77</lei>
        <title>Southern California Edison Co.</title>
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        <balance>7000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.95000000</annualizedRt>
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        <name>Morgan Stanley</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>Morgan Stanley</title>
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        <invCountry>US</invCountry>
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          <maturityDt>2028-01-21</maturityDt>
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        <name>Allstate Corp. (The)</name>
        <lei>OBT0W1ED8G0NWVOLOJ77</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-12-15</maturityDt>
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          <annualizedRt>1.45000000</annualizedRt>
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        <name>Pfizer Investment Enterprises Pte. Ltd.</name>
        <lei>5493000FQO8XF9C0RT95</lei>
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        <invCountry>SG</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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          <maturityDt>2043-05-19</maturityDt>
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        <name>Equifax, Inc.</name>
        <lei>5493004MCF8JDC86VS77</lei>
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        <name>Quest Diagnostics, Inc.</name>
        <lei>8MCWUBXQ0WE04KMXBX50</lei>
        <title>Quest Diagnostics, Inc.</title>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>Anheuser-Busch InBev Worldwide, Inc.</name>
        <lei>549300CRGMZK3K53BF92</lei>
        <title>Anheuser-Busch InBev Worldwide, Inc.</title>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2039-01-23</maturityDt>
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        <name>Williams Cos., Inc. (The)</name>
        <lei>D71FAKCBLFS2O0RBPG08</lei>
        <title>Williams Cos., 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>2044-06-24</maturityDt>
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      <invstOrSec>
        <name>Kinder Morgan, Inc.</name>
        <lei>549300WR7IX8XE0TBO16</lei>
        <title>Kinder Morgan, Inc.</title>
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        <name>Athene Holding Ltd.</name>
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        <name>Exelon Corp.</name>
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        <name>Gerdau Trade, Inc.</name>
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        <name>Republic Services, Inc.</name>
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          <maturityDt>2034-04-01</maturityDt>
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        <name>Union Pacific Corp.</name>
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          <maturityDt>2049-03-01</maturityDt>
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        <name>Pfizer, Inc.</name>
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        <name>Cummins, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-02-20</maturityDt>
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        <name>Kinder Morgan, Inc.</name>
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        <name>PepsiCo, Inc.</name>
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        <name>RELX Capital, Inc.</name>
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        <name>Prudential Financial, Inc.</name>
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        <name>Morgan Stanley</name>
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        <name>Fortune Brands Innovations, Inc.</name>
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        <name>Consolidated Edison Co. of New York, Inc.</name>
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        <name>Campbell's Co. (The)</name>
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        <name>Federal Realty OP LP</name>
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        <name>Takeda Pharmaceutical Co. Ltd.</name>
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        <name>RenaissanceRe Holdings Ltd.</name>
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        <name>CBRE Services, Inc.</name>
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        <name>San Diego Gas &amp; Electric Co.</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-10-01</maturityDt>
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        <name>Alphabet, Inc.</name>
        <lei>5493006MHB84DD0ZWV18</lei>
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        <name>Zimmer Biomet Holdings, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Public Service Electric and Gas Co.</name>
        <lei>549300RUHPVD434XUK18</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2048-05-01</maturityDt>
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      <invstOrSec>
        <name>Intel Corp.</name>
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        <title>Intel Corp.</title>
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          <maturityDt>2050-03-25</maturityDt>
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        <name>JPMorgan Chase &amp; Co.</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-07-22</maturityDt>
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        <name>Marriott International, Inc.</name>
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        <name>PepsiCo, Inc.</name>
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          <maturityDt>2028-05-15</maturityDt>
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          <annualizedRt>4.45000000</annualizedRt>
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        <name>ONEOK, Inc.</name>
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        <name>Ally Financial, Inc.</name>
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        <name>Mohawk Industries, Inc.</name>
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        <name>Johnson &amp; Johnson</name>
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        <name>PepsiCo, Inc.</name>
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          <maturityDt>2031-10-21</maturityDt>
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      <invstOrSec>
        <name>Carrier Global Corp.</name>
        <lei>549300JE3W6CWY2NAN77</lei>
        <title>Carrier Global Corp.</title>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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          <maturityDt>2054-03-15</maturityDt>
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          <annualizedRt>6.20000000</annualizedRt>
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        <name>PayPal Holdings, Inc.</name>
        <lei>5493005X2GO78EFZ3E94</lei>
        <title>PayPal Holdings, Inc.</title>
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        <name>Vodafone Group plc</name>
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        <name>Goldman Sachs Group, Inc. (The)</name>
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        <name>Hershey Co. (The)</name>
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          <maturityDt>2049-11-15</maturityDt>
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        <name>Owens Corning</name>
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        <name>Brookfield Finance, Inc.</name>
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        <name>Prologis LP</name>
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        <invCountry>US</invCountry>
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          <maturityDt>2054-03-15</maturityDt>
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      <invstOrSec>
        <name>Manulife Financial Corp.</name>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-03-16</maturityDt>
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        <name>Walt Disney Co. (The)</name>
        <lei>549300GZKULIZ0WOW665</lei>
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        <invCountry>US</invCountry>
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          <maturityDt>2045-12-01</maturityDt>
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        <name>Sanofi SA</name>
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          <maturityDt>2028-06-19</maturityDt>
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        <name>Lowe's Cos., Inc.</name>
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        <name>Ingersoll Rand, Inc.</name>
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        <name>Universal Health Services, Inc.</name>
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        <name>Unum Group</name>
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        <name>Ventas Realty LP</name>
        <lei>32SXKSJ72K64GM3HOU64</lei>
        <title>Ventas Realty LP</title>
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        <balance>30000.00000000</balance>
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        <name>Barclays plc</name>
        <lei>213800LBQA1Y9L22JB70</lei>
        <title>Barclays plc</title>
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        <invCountry>GB</invCountry>
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        <name>Travelers Cos., Inc. (The)</name>
        <lei>549300Y650407RU8B149</lei>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>Newmont Corp.</name>
        <lei>549300VSP3RIX7FGDZ51</lei>
        <title>Newmont Corp.</title>
        <cusip>651639AZ9</cusip>
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        <balance>10000.00000000</balance>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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        <name>AvalonBay Communities, Inc.</name>
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        <name>Public Service Enterprise Group, Inc.</name>
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        <name>Hartford Insurance Group, Inc. (The)</name>
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        <name>Becton Dickinson &amp; Co.</name>
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        <name>Comcast Corp.</name>
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        <name>Abbott Laboratories</name>
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        <name>Sixth Street Specialty Lending, Inc.</name>
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        <name>CVS Health Corp.</name>
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        <name>Pacific Gas and Electric Co.</name>
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        <name>Comcast Corp.</name>
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        <name>General Motors Financial Co., Inc.</name>
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        <name>American Express Co.</name>
        <lei>R4PP93JZOLY261QX3811</lei>
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        <name>JB Hunt Transport Services, Inc.</name>
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        <name>MetLife, Inc.</name>
        <lei>C4BXATY60WC6XEOZDX54</lei>
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        <name>PPG Industries, Inc.</name>
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        <name>Estee Lauder Cos., Inc. (The)</name>
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        <name>Brunswick Corp.</name>
        <lei>YM4O38W15AX4YLLQKU27</lei>
        <title>Brunswick Corp.</title>
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        <name>Shell Finance US, Inc.</name>
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        <name>Highwoods Realty LP</name>
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        <name>Apple, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Westpac Banking Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Becton Dickinson &amp; Co.</name>
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        <name>Consolidated Edison Co. of New York, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2048-12-01</maturityDt>
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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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          <maturityDt>2037-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
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        <name>Starbucks Corp.</name>
        <lei>OQSJ1DU9TAOC51A47K68</lei>
        <title>Starbucks Corp.</title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2049-08-15</maturityDt>
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        <name>Brighthouse Financial, Inc.</name>
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        <name>Avery Dennison Corp.</name>
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        <name>Essex Portfolio LP</name>
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          <maturityDt>2028-03-01</maturityDt>
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        <name>Dow Chemical Co. (The)</name>
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        <name>ArcelorMittal SA</name>
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        <invCountry>LU</invCountry>
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        <name>FactSet Research Systems, Inc.</name>
        <lei>549300ZSJE7NBK6K9P30</lei>
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        <name>Carrier Global Corp.</name>
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        <name>Regency Centers LP</name>
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        <name>Sempra</name>
        <lei>PBBKGKLRK5S5C0Y4T545</lei>
        <title>Sempra</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>MetLife, Inc.</name>
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        <name>Hercules Capital, Inc.</name>
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        <name>Jones Lang LaSalle, Inc.</name>
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        <name>Mastercard, Inc.</name>
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        <name>Prologis LP</name>
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          <maturityDt>2050-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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        <name>Shell Finance US, Inc.</name>
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          <maturityDt>2043-08-12</maturityDt>
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        <name>HCA, Inc.</name>
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        <title>HCA, Inc.</title>
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          <maturityDt>2032-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.62500000</annualizedRt>
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        <name>FMC Corp.</name>
        <lei>CKDHZ2X64EEBQCSP7013</lei>
        <title>FMC Corp.</title>
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        <name>GE HealthCare Technologies, Inc.</name>
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        <name>Toll Brothers Finance Corp.</name>
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          <maturityDt>2029-11-01</maturityDt>
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          <annualizedRt>3.80000000</annualizedRt>
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        <name>Union Pacific Corp.</name>
        <lei>549300LMMRSZZCZ8CL11</lei>
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        <name>Ryder System, Inc.</name>
        <lei>ZXJ6Y2OSPZXIVGRILD15</lei>
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        <name>Williams Cos., Inc. (The)</name>
        <lei>D71FAKCBLFS2O0RBPG08</lei>
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        <name>Cheniere Corpus Christi Holdings LLC</name>
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        <name>Southwest Airlines Co.</name>
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        <name>Dow Chemical Co. (The)</name>
        <lei>ZQUIP1CSZO8LXRBSOU78</lei>
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        <name>John Deere Capital Corp.</name>
        <lei>E0KSF7PFQ210NWI8Z391</lei>
        <title>John Deere Capital Corp.</title>
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        <invCountry>US</invCountry>
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        <name>Microsoft Corp.</name>
        <lei>INR2EJN1ERAN0W5ZP974</lei>
        <title>Microsoft Corp.</title>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Healthcare Realty Holdings LP</name>
        <lei>549300IYGAS4GE6VDL07</lei>
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          <isin value="US42225UAL89"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.40000000</annualizedRt>
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      <invstOrSec>
        <name>General Motors Financial Co., Inc.</name>
        <lei>5493008B6JBRUJ90QL97</lei>
        <title>General Motors Financial Co., Inc.</title>
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          <isin value="US37045XEP78"/>
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        <balance>35000.00000000</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>2034-01-07</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.10000000</annualizedRt>
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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="US78409VBK98"/>
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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>2032-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.90000000</annualizedRt>
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      <invstOrSec>
        <name>Bank of Montreal</name>
        <lei>NQQ6HPCNCCU6TUTQYE16</lei>
        <title>Bank of Montreal</title>
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          <isin value="US06368DH723"/>
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        <balance>120000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>107212.85000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-01-10</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.08800000</annualizedRt>
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        <name>Hershey Co. (The)</name>
        <lei>21X2CX66SU2BR6QTAD08</lei>
        <title>Hershey Co. (The)</title>
        <cusip>427866BE7</cusip>
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          <isin value="US427866BE76"/>
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        <balance>32000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>28730.39000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.70000000</annualizedRt>
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      <invstOrSec>
        <name>Meta Platforms, Inc.</name>
        <lei>BQ4BKCS1HXDV9HN80Z93</lei>
        <title>Meta Platforms, Inc.</title>
        <cusip>30303M8U9</cusip>
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          <isin value="US30303M8U95"/>
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        <balance>40000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>40185.59000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.75000000</annualizedRt>
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      <invstOrSec>
        <name>Nasdaq, Inc.</name>
        <lei>549300L8X1Q78ERXFD06</lei>
        <title>Nasdaq, Inc.</title>
        <cusip>631103AM0</cusip>
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          <isin value="US631103AM02"/>
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        <balance>4000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3131.11000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-03-07</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.95000000</annualizedRt>
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      <invstOrSec>
        <name>CSX Corp.</name>
        <lei>549300JVQR4N1MMP3Q88</lei>
        <title>CSX Corp.</title>
        <cusip>126408HW6</cusip>
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          <isin value="US126408HW63"/>
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        <balance>60000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>62539.11000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.20000000</annualizedRt>
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      <invstOrSec>
        <name>Hess Corp.</name>
        <lei>UASVRYNXNK17ULIGK870</lei>
        <title>Hess Corp.</title>
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          <isin value="US42809HAC16"/>
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        <balance>57000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>62051.74000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
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        <name>Synchrony Financial</name>
        <lei>549300RS7EWPM9MA6C78</lei>
        <title>Synchrony Financial</title>
        <cusip>87165BAR4</cusip>
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        <balance>44000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>39065.95000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-10-28</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.87500000</annualizedRt>
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      <invstOrSec>
        <name>Host Hotels &amp; Resorts LP</name>
        <lei>FXB7X4WXVA8QPMNOGS12</lei>
        <title>Host Hotels &amp; Resorts LP</title>
        <cusip>44107TBC9</cusip>
        <identifiers>
          <isin value="US44107TBC99"/>
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        <balance>20000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>20193.27000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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        <name>Royal Bank of Canada</name>
        <lei>ES7IP3U3RHIGC71XBU11</lei>
        <title>Royal Bank of Canada</title>
        <cusip>78016HZW3</cusip>
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          <isin value="US78016HZW32"/>
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        <balance>125000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>130370.85000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.15000000</annualizedRt>
          <isDefault>N</isDefault>
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      <invstOrSec>
        <name>Meta Platforms, Inc.</name>
        <lei>BQ4BKCS1HXDV9HN80Z93</lei>
        <title>Meta Platforms, Inc.</title>
        <cusip>30303M8V7</cusip>
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        <balance>40000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>38517.79000000</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>2054-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.40000000</annualizedRt>
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        <name>Consolidated Edison Co. of New York, Inc.</name>
        <lei>VZFZPMWDHTQCFKYOBP05</lei>
        <title>Consolidated Edison Co. of New York, Inc.</title>
        <cusip>209111GK3</cusip>
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          <isin value="US209111GK37"/>
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        <balance>30000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>30788.40000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.70000000</annualizedRt>
          <isDefault>N</isDefault>
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      <invstOrSec>
        <name>CNH Industrial Capital LLC</name>
        <lei>549300PNSJ5B81UMVO28</lei>
        <title>CNH Industrial Capital LLC</title>
        <cusip>12592BAQ7</cusip>
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          <isin value="US12592BAQ77"/>
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        <balance>60000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>60411.87000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-04-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.55000000</annualizedRt>
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      <invstOrSec>
        <name>Mondelez International, Inc.</name>
        <lei>549300DV9GIB88LZ5P30</lei>
        <title>Mondelez International, Inc.</title>
        <cusip>609207AW5</cusip>
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        <balance>50000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>30306.22000000</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>2050-09-04</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.62500000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Simon Property Group LP</name>
        <lei>MR92GTD0MJTTTTQDVG45</lei>
        <title>Simon Property Group LP</title>
        <cusip>828807DV6</cusip>
        <identifiers>
          <isin value="US828807DV66"/>
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        <balance>17000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>17545.92000000</valUSD>
        <pctVal>0.042082719631</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-03-08</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.85000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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        <name>Marriott International, Inc.</name>
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        <name>Public Service Electric and Gas Co.</name>
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        <name>Estee Lauder Cos., Inc. (The)</name>
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        <name>John Deere Capital Corp.</name>
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        <name>ONEOK, Inc.</name>
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        <name>Target Corp.</name>
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        <name>Digital Realty Trust LP</name>
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        <name>Southern California Edison Co.</name>
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        <name>Citigroup, Inc.</name>
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        <name>Bank of New York Mellon Corp. (The)</name>
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        <name>Elevance Health, Inc.</name>
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        <name>QUALCOMM, Inc.</name>
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        <name>Pacific Gas and Electric Co.</name>
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        <name>FMC Corp.</name>
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        <name>Sempra</name>
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        <name>Morgan Stanley</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>Morgan Stanley</title>
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        <invCountry>US</invCountry>
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        <name>Healthpeak OP LLC</name>
        <lei>PZ9HF5U52KPF0MH0QN75</lei>
        <title>Healthpeak OP LLC</title>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
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        <name>Clorox Co. (The)</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-05-01</maturityDt>
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        <name>Dell International LLC</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-07-15</maturityDt>
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          <annualizedRt>8.10000000</annualizedRt>
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        <name>NextEra Energy Capital Holdings, Inc.</name>
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        <title>NextEra Energy Capital Holdings, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-09-01</maturityDt>
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        <name>Canadian National Railway Co.</name>
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        <curCd>USD</curCd>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2048-02-03</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.65000000</annualizedRt>
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        <name>Hartford Insurance Group, Inc. (The)</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2049-08-19</maturityDt>
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          <annualizedRt>3.60000000</annualizedRt>
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        <name>Johnson &amp; Johnson</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2060-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.45000000</annualizedRt>
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        <name>Washington Gas Light Co.</name>
        <lei>DL22T1SB4DUBS063O841</lei>
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        <valUSD>14756.98000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2049-09-15</maturityDt>
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          <annualizedRt>3.65000000</annualizedRt>
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        <name>Mitsubishi UFJ Financial Group, Inc.</name>
        <lei>353800V2V8PUY9TK3E06</lei>
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        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-07-17</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>TotalEnergies Capital SA</name>
        <lei>529900QI55ZLJVCMPA71</lei>
        <title>TotalEnergies Capital SA</title>
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        <valUSD>10082.60000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-09-10</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>Barings BDC, Inc.</name>
        <lei>549300GSF4KFZP6ONG49</lei>
        <title>Barings BDC, Inc.</title>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>3.30000000</annualizedRt>
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        <name>Ventas Realty LP</name>
        <lei>32SXKSJ72K64GM3HOU64</lei>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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        <name>Laboratory Corp. of America Holdings</name>
        <lei>OZ7UA8IXAIFILY2VZH07</lei>
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        <invCountry>US</invCountry>
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        <name>Healthcare Realty Holdings LP</name>
        <lei>549300IYGAS4GE6VDL07</lei>
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        <name>Las Vegas Sands Corp.</name>
        <lei>549300DUOO1KXOHPM605</lei>
        <title>Las Vegas Sands Corp.</title>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Hasbro, Inc.</name>
        <lei>549300NUB6D2R1ITYR45</lei>
        <title>Hasbro, Inc.</title>
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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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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Occidental Petroleum Corp.</name>
        <lei>IM7X0T3ECJW4C1T7ON55</lei>
        <title>Occidental Petroleum Corp.</title>
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        <balance>65000.00000000</balance>
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        <valUSD>69003.48000000</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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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Newmont Corp.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Apple, Inc.</name>
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        <name>Boston Properties LP</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Morgan Stanley</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Kimco Realty OP LLC</name>
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        <name>Capital One Financial Corp.</name>
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        <name>Hubbell, Inc.</name>
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        <name>Microsoft Corp.</name>
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          <maturityDt>2050-06-01</maturityDt>
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        <name>General Mills, Inc.</name>
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        <name>Home Depot, Inc. (The)</name>
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        <name>Trustees of the University of Pennsylvania (The)</name>
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        <name>Anheuser-Busch InBev Worldwide, Inc.</name>
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        <name>Fidelity National Financial, Inc.</name>
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        <name>Home Depot, Inc. (The)</name>
        <lei>QEKMOTMBBKA8I816DO57</lei>
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        <name>Apple, Inc.</name>
        <lei>HWUPKR0MPOU8FGXBT394</lei>
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        <name>CVS Health Corp.</name>
        <lei>549300EJG376EN5NQE29</lei>
        <title>CVS Health Corp.</title>
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          <annualizedRt>5.05000000</annualizedRt>
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      <invstOrSec>
        <name>Verizon Communications, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-03-21</maturityDt>
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      <invstOrSec>
        <name>Nasdaq, Inc.</name>
        <lei>549300L8X1Q78ERXFD06</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-02-15</maturityDt>
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      <invstOrSec>
        <name>Estee Lauder Cos., Inc. (The)</name>
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        <title>Estee Lauder Cos., Inc. (The)</title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-04-15</maturityDt>
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          <annualizedRt>2.60000000</annualizedRt>
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      <invstOrSec>
        <name>eBay, Inc.</name>
        <lei>OML71K8X303XQONU6T67</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-05-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.60000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Capital One Financial Corp.</name>
        <lei>ZUE8T73ROZOF6FLBAR73</lei>
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        <balance>50000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-07-29</maturityDt>
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        <name>Aflac, Inc.</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-04-01</maturityDt>
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          <annualizedRt>3.60000000</annualizedRt>
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      <invstOrSec>
        <name>Southern California Edison Co.</name>
        <lei>9R1Z5I36FERIBVKW4P77</lei>
        <title>Southern California Edison Co.</title>
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          <isin value="US842400JG95"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.45000000</annualizedRt>
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      <invstOrSec>
        <name>Centene Corp.</name>
        <lei>549300Z7JJ4TQSQGT333</lei>
        <title>Centene Corp.</title>
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          <isin value="US15135BAY74"/>
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        <balance>20000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>18645.33000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.45000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Goldman Sachs Group, Inc. (The)</name>
        <lei>784F5XWPLTWKTBV3E584</lei>
        <title>Goldman Sachs Group, Inc. (The)</title>
        <cusip>38141GZU1</cusip>
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          <isin value="US38141GZU11"/>
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        <balance>601000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>604096.37000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-08-23</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.48200000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>HCA, Inc.</name>
        <lei>L3CJ6J7LJ2DX62FTXD46</lei>
        <title>HCA, Inc.</title>
        <cusip>404119BY4</cusip>
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          <isin value="US404119BY43"/>
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        <balance>20000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>19449.42000000</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>2039-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.12500000</annualizedRt>
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      <invstOrSec>
        <name>Caterpillar, Inc.</name>
        <lei>WRJR7GS4GTRECRRTVX92</lei>
        <title>Caterpillar, Inc.</title>
        <cusip>149123CF6</cusip>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2049-09-19</maturityDt>
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          <annualizedRt>3.25000000</annualizedRt>
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      <invstOrSec>
        <name>Verizon Communications, Inc.</name>
        <lei>2S72QS2UO2OESLG6Y829</lei>
        <title>Verizon Communications, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>JPMorgan Chase &amp; Co.</name>
        <lei>8I5DZWZKVSZI1NUHU748</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>JPMorgan Chase &amp; Co.</name>
        <lei>8I5DZWZKVSZI1NUHU748</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-10-23</maturityDt>
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        <name>Arch Capital Group Ltd.</name>
        <lei>549300AYR4P8AFKDCE43</lei>
        <title>Arch Capital Group Ltd.</title>
        <cusip>03939AAA5</cusip>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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          <maturityDt>2050-06-30</maturityDt>
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        <name>Halliburton Co.</name>
        <lei>ENYF8GB5SMQZ25S06U51</lei>
        <title>Halliburton Co.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Pfizer, Inc.</name>
        <lei>765LHXWGK1KXCLTFYQ30</lei>
        <title>Pfizer, Inc.</title>
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        <balance>57000.00000000</balance>
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        <valUSD>68600.07000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.20000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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        <name>Tiffany &amp; Co.</name>
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        <name>Marathon Petroleum Corp.</name>
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        <name>Occidental Petroleum Corp.</name>
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        <name>Ralph Lauren Corp.</name>
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        <name>Fidelity National Financial, Inc.</name>
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        <name>AptarGroup, Inc.</name>
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        <name>Waste Management, Inc.</name>
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        <name>Essential Utilities, Inc.</name>
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        <name>Citigroup, Inc.</name>
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        <name>Enel Americas SA</name>
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        <name>Pfizer, Inc.</name>
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        <name>Xylem, Inc.</name>
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        <name>Prologis LP</name>
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        <name>JPMorgan Chase &amp; Co.</name>
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        <name>AstraZeneca plc</name>
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        <name>Williams Cos., Inc. (The)</name>
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        <name>Elevance Health, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>ONEOK, Inc.</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.70000000</annualizedRt>
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      <invstOrSec>
        <name>Cooperatieve Rabobank UA</name>
        <lei>DG3RU1DBUFHT4ZF9WN62</lei>
        <title>Cooperatieve Rabobank UA</title>
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        <invCountry>NL</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-03-05</maturityDt>
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          <annualizedRt>5.04100000</annualizedRt>
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        <name>Goldman Sachs Group, Inc. (The)</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2039-04-23</maturityDt>
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        <name>Morgan Stanley</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>Morgan Stanley</title>
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          <isin value="US6174468N29"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2051-03-24</maturityDt>
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        <name>ONEOK, Inc.</name>
        <lei>2T3D6M0JSY48PSZI1Q41</lei>
        <title>ONEOK, Inc.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2050-03-15</maturityDt>
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          <annualizedRt>4.50000000</annualizedRt>
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        <name>Cardinal Health, Inc.</name>
        <lei>CCU46N3GJMF4OK4N7U60</lei>
        <title>Cardinal Health, Inc.</title>
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        <balance>33000.00000000</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>2045-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.90000000</annualizedRt>
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      <invstOrSec>
        <name>HP, Inc.</name>
        <lei>WHKXQACZ14C5XRO8LW03</lei>
        <title>HP, Inc.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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      <invstOrSec>
        <name>Equitable Holdings, Inc.</name>
        <lei>549300FIBAKMNHPZ4009</lei>
        <title>Equitable Holdings, Inc.</title>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-01-11</maturityDt>
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          <annualizedRt>5.59400000</annualizedRt>
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        <name>Medtronic Global Holdings SCA</name>
        <lei>549300JXMTTP8GKYIX14</lei>
        <title>Medtronic Global Holdings SCA</title>
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        <assetCat>DBT</assetCat>
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        <invCountry>LU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-03-30</maturityDt>
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          <annualizedRt>4.25000000</annualizedRt>
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        <name>Santander Holdings USA, Inc.</name>
        <lei>549300SMVCQN2P0O6I58</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Mondelez International, Inc.</name>
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        <invCountry>US</invCountry>
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          <annualizedRt>3.00000000</annualizedRt>
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        <name>Cigna Group (The)</name>
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        <invCountry>US</invCountry>
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        <name>Dell International LLC</name>
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        <name>Elevance Health, Inc.</name>
        <lei>8MYN82XMYQH89CTMTH67</lei>
        <title>Elevance Health, Inc.</title>
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      <invstOrSec>
        <name>Intel Corp.</name>
        <lei>KNX4USFCNGPY45LOCE31</lei>
        <title>Intel Corp.</title>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>PayPal Holdings, Inc.</name>
        <lei>5493005X2GO78EFZ3E94</lei>
        <title>PayPal Holdings, Inc.</title>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.40000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Lincoln National Corp.</name>
        <lei>EFQMQROEDSNBRIP7LE47</lei>
        <title>Lincoln National Corp.</title>
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        <name>Apple, Inc.</name>
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        <name>Micron Technology, Inc.</name>
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        <name>PulteGroup, Inc.</name>
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        <name>Anheuser-Busch InBev Worldwide, Inc.</name>
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        <name>Valero Energy Corp.</name>
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        <name>Mastercard, Inc.</name>
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        <name>Cigna Group (The)</name>
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        <name>BorgWarner, Inc.</name>
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        <name>Deere &amp; Co.</name>
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        <name>Southern California Edison Co.</name>
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        <name>HSBC Holdings plc</name>
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        <name>Capital One Financial Corp.</name>
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        <name>Johnson &amp; Johnson</name>
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        <name>Kirby Corp.</name>
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        <name>Regeneron Pharmaceuticals, Inc.</name>
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        <name>JPMorgan Chase &amp; Co.</name>
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        <name>Clorox Co. (The)</name>
        <lei>54930044KVSC06Z79I06</lei>
        <title>Clorox Co. (The)</title>
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        <name>Novartis Capital Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Kroger Co. (The)</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>Merck &amp; Co., Inc.</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2044-05-17</maturityDt>
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          <annualizedRt>4.90000000</annualizedRt>
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        <name>S&amp;P Global, Inc.</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-08-15</maturityDt>
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        <name>CH Robinson Worldwide, Inc.</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-04-15</maturityDt>
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          <annualizedRt>4.20000000</annualizedRt>
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        <name>Consolidated Edison Co. of New York, Inc.</name>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2053-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.90000000</annualizedRt>
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        <name>United Parcel Service, Inc.</name>
        <lei>D01LMJZU09ULLNCY6Z23</lei>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-05-14</maturityDt>
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          <annualizedRt>5.25000000</annualizedRt>
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        <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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          <annualizedRt>2.80000000</annualizedRt>
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        <name>International Business Machines Corp.</name>
        <lei>VGRQXHF3J8VDLUA7XE92</lei>
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        <name>TSMC Arizona Corp.</name>
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        <name>Lear Corp.</name>
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        <title>Lear Corp.</title>
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        <name>Comcast Corp.</name>
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        <name>Prudential Funding Asia plc</name>
        <lei>2549005TNASWKLR0XC37</lei>
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        <invCountry>GB</invCountry>

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        <name>Lowe's Cos., Inc.</name>
        <lei>WAFCR4OKGSC504WU3E95</lei>
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        <name>Quanta Services, Inc.</name>
        <lei>SHVRXXEACT60MMH07S24</lei>
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        <name>Dell International LLC</name>
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        <name>Paramount Global</name>
        <lei>5KYC8KF17ROCY24M3H09</lei>
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        <name>Apple, Inc.</name>
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        <name>Principal Financial Group, Inc.</name>
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        <name>Targa Resources Corp.</name>
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        <name>Starbucks Corp.</name>
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        <name>Norfolk Southern Corp.</name>
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        <name>Comcast Corp.</name>
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        <name>Comcast Corp.</name>
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        <name>Kroger Co. (The)</name>
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        <name>Alphabet, Inc.</name>
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        <name>UDR, Inc.</name>
        <lei>P3CH2EG5X6Z1XWU1OO74</lei>
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        <name>Merck &amp; Co., Inc.</name>
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        <name>Connecticut Light and Power Co. (The)</name>
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        <name>Microsoft Corp.</name>
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        <name>Westinghouse Air Brake Technologies Corp.</name>
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        <name>Paramount Global</name>
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        <name>W R Berkley Corp.</name>
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        <name>IBM International Capital Pte. Ltd.</name>
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        <name>Nasdaq, Inc.</name>
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        <name>Bristol-Myers Squibb Co.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Bank of New York Mellon Corp. (The)</name>
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        <name>Baxter International, Inc.</name>
        <lei>J5OIVXX3P24RJRW5CK77</lei>
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        <name>Elevance Health, Inc.</name>
        <lei>8MYN82XMYQH89CTMTH67</lei>
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        <name>Allstate Corp. (The)</name>
        <lei>OBT0W1ED8G0NWVOLOJ77</lei>
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        <name>Kinder Morgan, Inc.</name>
        <lei>549300WR7IX8XE0TBO16</lei>
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        <name>Marriott International, Inc.</name>
        <lei>225YDZ14ZO8E1TXUSU86</lei>
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        <name>Sempra</name>
        <lei>PBBKGKLRK5S5C0Y4T545</lei>
        <title>Sempra</title>
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        <name>TotalEnergies Capital International SA</name>
        <lei>549300U37G2I8G4RUG09</lei>
        <title>TotalEnergies Capital International SA</title>
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        <invCountry>FR</invCountry>
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        <name>Travelers Cos., Inc. (The)</name>
        <lei>549300Y650407RU8B149</lei>
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        <name>Americold Realty Operating Partnership LP</name>
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        <name>Host Hotels &amp; Resorts LP</name>
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        <name>Micron Technology, Inc.</name>
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        <name>Apple, Inc.</name>
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        <name>Oracle Corp.</name>
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        <name>Moody's Corp.</name>
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        <name>Ally Financial, Inc.</name>
        <lei>549300JBN1OSM8YNAI90</lei>
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        <name>Ingredion, Inc.</name>
        <lei>PKSTQ48QDN0XSVS7YK88</lei>
        <title>Ingredion, Inc.</title>
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        <invCountry>US</invCountry>
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          <maturityDt>2030-06-01</maturityDt>
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        <name>Archer-Daniels-Midland Co.</name>
        <lei>549300LO13MQ9HYSTR83</lei>
        <title>Archer-Daniels-Midland Co.</title>
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        <name>Simon Property Group LP</name>
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        <name>Stryker Corp.</name>
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        <title>Stryker Corp.</title>
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        <name>Enbridge, Inc.</name>
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        <title>Enbridge, Inc.</title>
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        <name>AvalonBay Communities, Inc.</name>
        <lei>K9G90K85RBWD2LAGQX17</lei>
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        <name>KLA Corp.</name>
        <lei>549300H0BF5JCG96TJ81</lei>
        <title>KLA Corp.</title>
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        <name>Avery Dennison Corp.</name>
        <lei>549300PW7VPFCYKLIV37</lei>
        <title>Avery Dennison Corp.</title>
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        <name>Bristol-Myers Squibb Co.</name>
        <lei>HLYYNH7UQUORYSJQCN42</lei>
        <title>Bristol-Myers Squibb Co.</title>
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        <name>QUALCOMM, Inc.</name>
        <lei>H1J8DDZKZP6H7RWC0H53</lei>
        <title>QUALCOMM, Inc.</title>
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        <balance>80000.00000000</balance>
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        <valUSD>73526.32000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <name>Halliburton Co.</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2045-11-15</maturityDt>
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        <name>Comcast Corp.</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2053-05-15</maturityDt>
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          <annualizedRt>5.35000000</annualizedRt>
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        <name>Goldman Sachs Group, Inc. (The)</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-02-24</maturityDt>
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          <annualizedRt>3.10200000</annualizedRt>
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        <name>HCA, Inc.</name>
        <lei>L3CJ6J7LJ2DX62FTXD46</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2042-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.37500000</annualizedRt>
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        <name>Kilroy Realty LP</name>
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        <title>Kilroy Realty LP</title>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-12-15</maturityDt>
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          <annualizedRt>4.75000000</annualizedRt>
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        <name>Becton Dickinson &amp; Co.</name>
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        <curCd>USD</curCd>
        <valUSD>38036.01000000</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>2050-05-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.79400000</annualizedRt>
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        <name>Canadian Imperial Bank of Commerce</name>
        <lei>2IGI19DL77OX0HC3ZE78</lei>
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        <balance>150000.00000000</balance>
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        <valUSD>152283.28000000</valUSD>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-03-30</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.85700000</annualizedRt>
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        <name>Mastercard, Inc.</name>
        <lei>AR5L2ODV9HN37376R084</lei>
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        <curCd>USD</curCd>
        <valUSD>99253.59000000</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>2027-03-26</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.30000000</annualizedRt>
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        <name>Prudential Financial, Inc.</name>
        <lei>5PRBRS5FEH7NREC8OR45</lei>
        <title>Prudential Financial, Inc.</title>
        <cusip>744320BK7</cusip>
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          <isin value="US744320BK76"/>
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        <balance>47000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>48919.01000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-09-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
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      <invstOrSec>
        <name>CSX Corp.</name>
        <lei>549300JVQR4N1MMP3Q88</lei>
        <title>CSX Corp.</title>
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        <balance>3000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2528.55000000</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>2068-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.65000000</annualizedRt>
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        <name>JPMorgan Chase &amp; Co.</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-04-22</maturityDt>
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          <annualizedRt>2.58000000</annualizedRt>
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        <name>Moody's Corp.</name>
        <lei>549300GCEDD8YCF5WU84</lei>
        <title>Moody's Corp.</title>
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        <balance>43000.00000000</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>2041-08-19</maturityDt>
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          <annualizedRt>2.75000000</annualizedRt>
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        <name>Elevance Health, Inc.</name>
        <lei>8MYN82XMYQH89CTMTH67</lei>
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        <name>Consolidated Edison Co. of New York, Inc.</name>
        <lei>VZFZPMWDHTQCFKYOBP05</lei>
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          <maturityDt>2033-03-01</maturityDt>
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        <name>Anheuser-Busch InBev Worldwide, Inc.</name>
        <lei>549300CRGMZK3K53BF92</lei>
        <title>Anheuser-Busch InBev Worldwide, Inc.</title>
        <cusip>03523TBY3</cusip>
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        <assetCat>DBT</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>Baker Hughes Holdings LLC</name>
        <lei>N/A</lei>
        <title>Baker Hughes Holdings LLC</title>
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        <balance>55000.00000000</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>2047-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.08000000</annualizedRt>
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      <invstOrSec>
        <name>HCA, Inc.</name>
        <lei>L3CJ6J7LJ2DX62FTXD46</lei>
        <title>HCA, Inc.</title>
        <cusip>404119AJ8</cusip>
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          <isin value="US404119AJ84"/>
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        <balance>77000.00000000</balance>
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        <valUSD>89110.03000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-11-06</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.50000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Meta Platforms, Inc.</name>
        <lei>BQ4BKCS1HXDV9HN80Z93</lei>
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        <name>BHP Billiton Finance USA Ltd.</name>
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        <name>Connecticut Light and Power Co. (The)</name>
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        <name>Barclays plc</name>
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        <name>Prologis LP</name>
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        <name>JPMorgan Chase &amp; Co.</name>
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        <name>ConocoPhillips Co.</name>
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        <name>MetLife, Inc.</name>
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        <name>Consolidated Edison Co. of New York, Inc.</name>
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        <name>HSBC Holdings plc</name>
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        <name>Enbridge, Inc.</name>
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        <name>Williams Cos., Inc. (The)</name>
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        <name>HCA, Inc.</name>
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        <lei>SHVRXXEACT60MMH07S24</lei>
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        <name>Home Depot, Inc. (The)</name>
        <lei>QEKMOTMBBKA8I816DO57</lei>
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        <name>Valero Energy Corp.</name>
        <lei>549300XTO5VR8SKV1V74</lei>
        <title>Valero Energy Corp.</title>
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        <name>CSX Corp.</name>
        <lei>549300JVQR4N1MMP3Q88</lei>
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        <name>Ford Motor Co.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Healthcare Realty Holdings LP</name>
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        <name>Ventas Realty LP</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-03-01</maturityDt>
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        <name>Westpac Banking Corp.</name>
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        <invCountry>AU</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-11-20</maturityDt>
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        <name>Astrazeneca Finance LLC</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-03-03</maturityDt>
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        <name>Elevance Health, Inc.</name>
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        <title>Elevance Health, Inc.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-02-15</maturityDt>
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          <annualizedRt>4.75000000</annualizedRt>
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        <name>Goldman Sachs Group, Inc. (The)</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2043-02-24</maturityDt>
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          <annualizedRt>3.43600000</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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        <name>Bank of America Corp.</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-12-20</maturityDt>
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          <annualizedRt>3.41900000</annualizedRt>
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        <name>Intel Corp.</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2043-02-10</maturityDt>
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          <annualizedRt>5.62500000</annualizedRt>
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        <name>Merck &amp; Co., Inc.</name>
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          <maturityDt>2039-03-07</maturityDt>
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          <annualizedRt>3.90000000</annualizedRt>
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        <name>Comcast Corp.</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-11-15</maturityDt>
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          <annualizedRt>5.50000000</annualizedRt>
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        <name>San Diego Gas &amp; Electric Co.</name>
        <lei>KNIRVXKVNJJ4P8OTMS63</lei>
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        <name>Public Storage Operating Co.</name>
        <lei>549300LMZF40TKJ6DM64</lei>
        <title>Public Storage Operating Co.</title>
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        <invCountry>US</invCountry>
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          <maturityDt>2053-08-01</maturityDt>
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          <annualizedRt>5.35000000</annualizedRt>
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        <name>GlaxoSmithKline Capital, Inc.</name>
        <lei>5493007Q8VD7Q3ZYZS59</lei>
        <title>GlaxoSmithKline Capital, Inc.</title>
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        <name>Principal Financial Group, Inc.</name>
        <lei>CUMYEZJOAF02RYZ1JJ85</lei>
        <title>Principal Financial Group, Inc.</title>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>Ford Motor Credit Co. LLC</name>
        <lei>UDSQCVRUX5BONN0VY111</lei>
        <title>Ford Motor Credit Co. LLC</title>
        <cusip>345397D42</cusip>
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        <balance>400000.00000000</balance>
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        <invCountry>US</invCountry>
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          <maturityDt>2030-06-10</maturityDt>
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          <annualizedRt>7.20000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Occidental Petroleum Corp.</name>
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        <name>Williams Cos., Inc. (The)</name>
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      <invstOrSec>
        <name>General Motors Financial Co., Inc.</name>
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      <invstOrSec>
        <name>Albemarle Corp.</name>
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      <invstOrSec>
        <name>American International Group, Inc.</name>
        <lei>ODVCVCQG2BP6VHV36M30</lei>
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      <invstOrSec>
        <name>Oaktree Specialty Lending Corp.</name>
        <lei>549300J6MGCEU5928620</lei>
        <title>Oaktree Specialty Lending Corp.</title>
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          <isin value="US67401PAD06"/>
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          <maturityDt>2029-02-15</maturityDt>
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      <invstOrSec>
        <name>Johnson Controls International plc</name>
        <lei>549300XQ6S1GYKGBL205</lei>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2044-07-02</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Travelers Cos., Inc. (The)</name>
        <lei>549300Y650407RU8B149</lei>
        <title>Travelers Cos., Inc. (The)</title>
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          <isin value="US89417EAM12"/>
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        <invCountry>US</invCountry>
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          <maturityDt>2047-05-30</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>Hartford Insurance Group, Inc. (The)</name>
        <lei>IU7C3FTM7Y3BQM112U94</lei>
        <title>Hartford Insurance Group, Inc. (The)</title>
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          <isin value="US416518AD08"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2051-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.90000000</annualizedRt>
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      <invstOrSec>
        <name>Barings BDC, Inc.</name>
        <lei>549300GSF4KFZP6ONG49</lei>
        <title>Barings BDC, Inc.</title>
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        <valUSD>10337.08000000</valUSD>
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        <invCountry>US</invCountry>
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          <maturityDt>2029-02-15</maturityDt>
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        <name>PepsiCo, Inc.</name>
        <lei>FJSUNZKFNQ5YPJ5OT455</lei>
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        <invCountry>US</invCountry>
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          <maturityDt>2041-10-21</maturityDt>
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        <name>Shell International Finance BV</name>
        <lei>213800ITMMKU4Z7I4F78</lei>
        <title>Shell International Finance BV</title>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2051-11-26</maturityDt>
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          <annualizedRt>3.00000000</annualizedRt>
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      <invstOrSec>
        <name>Newmont Corp.</name>
        <lei>N/A</lei>
        <title>Newmont Corp.</title>
        <cusip>65163LAB5</cusip>
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        <balance>48000.00000000</balance>
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        <invCountry>US</invCountry>
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        <name>Hewlett Packard Enterprise Co.</name>
        <lei>549300BX44RGX6ANDV88</lei>
        <title>Hewlett Packard Enterprise Co.</title>
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        <invCountry>US</invCountry>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Unum Group</name>
        <lei>549300E32YFDO6TZ8R31</lei>
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        <invCountry>US</invCountry>
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          <maturityDt>2029-06-15</maturityDt>
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        <name>Reinsurance Group of America, Inc.</name>
        <lei>LORM1GNEU1DKEW527V90</lei>
        <title>Reinsurance Group of America, Inc.</title>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>Orlando Health Obligated Group</name>
        <lei>N/A</lei>
        <title>Orlando Health Obligated Group</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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      <invstOrSec>
        <name>State Street Corp.</name>
        <lei>549300ZFEEJ2IP5VME73</lei>
        <title>State Street Corp.</title>
        <cusip>857477CG6</cusip>
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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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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Lowe's Cos., Inc.</name>
        <lei>WAFCR4OKGSC504WU3E95</lei>
        <title>Lowe's Cos., Inc.</title>
        <cusip>548661EA1</cusip>
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          <isin value="US548661EA10"/>
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        <balance>70000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.62500000</annualizedRt>
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      <invstOrSec>
        <name>Boston Properties LP</name>
        <lei>BVHHEFJI6SHNOKQT2572</lei>
        <title>Boston Properties LP</title>
        <cusip>10112RBD5</cusip>
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          <isin value="US10112RBD52"/>
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        <balance>80000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>74442.60000000</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>2031-01-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.25000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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      <invstOrSec>
        <name>Bank of America Corp.</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
        <title>Bank of America Corp.</title>
        <cusip>06051GHM4</cusip>
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          <isin value="US06051GHM42"/>
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        <balance>70000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>70262.78000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-07-23</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.27100000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>Visa, Inc.</name>
        <lei>549300JZ4OKEHW3DPJ59</lei>
        <title>Visa, Inc.</title>
        <cusip>92826CAM4</cusip>
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          <isin value="US92826CAM47"/>
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        <balance>100000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>92192.14000000</valUSD>
        <pctVal>0.221116702905</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.05000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Laboratory Corp. of America Holdings</name>
        <lei>OZ7UA8IXAIFILY2VZH07</lei>
        <title>Laboratory Corp. of America Holdings</title>
        <cusip>50540RBB7</cusip>
        <identifiers>
          <isin value="US50540RBB78"/>
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        <balance>25000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>24779.79000000</valUSD>
        <pctVal>0.059432674667</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-10-01</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>
      <invstOrSec>
        <name>Stanley Black &amp; Decker, Inc.</name>
        <lei>549300DJ09SMTO561131</lei>
        <title>Stanley Black &amp; Decker, Inc.</title>
        <cusip>854502AT8</cusip>
        <identifiers>
          <isin value="US854502AT83"/>
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        <balance>20000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>20751.07000000</valUSD>
        <pctVal>0.049770058273</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-03-06</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</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>
      <invstOrSec>
        <name>Brixmor Operating Partnership LP</name>
        <lei>549300CJHBL7JBUA6503</lei>
        <title>Brixmor Operating Partnership LP</title>
        <cusip>11120VAM5</cusip>
        <identifiers>
          <isin value="US11120VAM54"/>
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        <balance>7000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7219.24000000</valUSD>
        <pctVal>0.017314865955</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-02-15</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>HCA, Inc.</name>
        <lei>L3CJ6J7LJ2DX62FTXD46</lei>
        <title>HCA, Inc.</title>
        <cusip>404119CH0</cusip>
        <identifiers>
          <isin value="US404119CH01"/>
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        <balance>130000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>128318.86000000</valUSD>
        <pctVal>0.307764232870</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.12500000</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>Pfizer, Inc.</name>
        <lei>765LHXWGK1KXCLTFYQ30</lei>
        <title>Pfizer, Inc.</title>
        <cusip>717081EU3</cusip>
        <identifiers>
          <isin value="US717081EU35"/>
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        <balance>40000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>35555.41000000</valUSD>
        <pctVal>0.085277281009</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.90000000</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>American Express Co.</name>
        <lei>R4PP93JZOLY261QX3811</lei>
        <title>American Express Co.</title>
        <cusip>025816DA4</cusip>
        <identifiers>
          <isin value="US025816DA48"/>
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        <balance>65000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>64462.43000000</valUSD>
        <pctVal>0.154608841739</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-08-03</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.42000000</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>GXO Logistics, Inc.</name>
        <lei>5493007CNWMXN78JRN66</lei>
        <title>GXO Logistics, Inc.</title>
        <cusip>36262GAG6</cusip>
        <identifiers>
          <isin value="US36262GAG64"/>
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        <balance>25000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>26831.33000000</valUSD>
        <pctVal>0.064353156615</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-05-06</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>Citigroup, Inc.</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>Citigroup, Inc.</title>
        <cusip>172967PG0</cusip>
        <identifiers>
          <isin value="US172967PG03"/>
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        <balance>150000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>155883.62000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-02-13</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.82700000</annualizedRt>
          <isDefault>N</isDefault>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>John Deere Capital Corp.</name>
        <lei>E0KSF7PFQ210NWI8Z391</lei>
        <title>John Deere Capital Corp.</title>
        <cusip>24422EXP9</cusip>
        <identifiers>
          <isin value="US24422EXP95"/>
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        <balance>20000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>20713.74000000</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>2034-04-11</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.10000000</annualizedRt>
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      <invstOrSec>
        <name>Stanley Black &amp; Decker, Inc.</name>
        <lei>549300DJ09SMTO561131</lei>
        <title>Stanley Black &amp; Decker, Inc.</title>
        <cusip>854502AN1</cusip>
        <identifiers>
          <isin value="US854502AN14"/>
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        <balance>22000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>13129.55000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2050-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.75000000</annualizedRt>
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      <invstOrSec>
        <name>Plains All American Pipeline LP</name>
        <lei>N/A</lei>
        <title>Plains All American Pipeline LP</title>
        <cusip>72650RBN1</cusip>
        <identifiers>
          <isin value="US72650RBN17"/>
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        <balance>75000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>72475.42000000</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>2030-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.80000000</annualizedRt>
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      <invstOrSec>
        <name>ERP Operating LP</name>
        <lei>DX5HQV5MLU50FEWZ5072</lei>
        <title>ERP Operating LP</title>
        <cusip>26884ABL6</cusip>
        <identifiers>
          <isin value="US26884ABL61"/>
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        <balance>67000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>64449.87000000</valUSD>
        <pctVal>0.154578717416</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</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>
      <invstOrSec>
        <name>Bank of New York Mellon Corp. (The)</name>
        <lei>WFLLPEPC7FZXENRZV188</lei>
        <title>Bank of New York Mellon Corp. (The)</title>
        <cusip>06406RBG1</cusip>
        <identifiers>
          <isin value="US06406RBG11"/>
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        <balance>77000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>76948.37000000</valUSD>
        <pctVal>0.184555536604</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-06-13</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.99200000</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>Cadence Design Systems, Inc.</name>
        <lei>GCT7RXJOGLXPV0NXZY22</lei>
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        <name>Interpublic Group of Cos., Inc. (The)</name>
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        <fairValLevel>2</fairValLevel>
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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>Prudential Financial, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Marathon Petroleum Corp.</name>
        <lei>3BNYRYQHD39K4LCKQF12</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2048-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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        <name>Ecolab, Inc.</name>
        <lei>82DYEISM090VG8LTLS26</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Everest Reinsurance Holdings, Inc.</name>
        <lei>254900P29PM5UJR3VU91</lei>
        <title>Everest Reinsurance Holdings, Inc.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2052-10-15</maturityDt>
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          <annualizedRt>3.12500000</annualizedRt>
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        <name>Southern California Edison Co.</name>
        <lei>9R1Z5I36FERIBVKW4P77</lei>
        <title>Southern California Edison Co.</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>2028-10-01</maturityDt>
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          <annualizedRt>5.65000000</annualizedRt>
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      <invstOrSec>
        <name>Public Service Enterprise Group, Inc.</name>
        <lei>PUSS41EMO3E6XXNV3U28</lei>
        <title>Public Service Enterprise Group, Inc.</title>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.60000000</annualizedRt>
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        <name>CNH Industrial NV</name>
        <lei>549300WGC2HZ5J67V817</lei>
        <title>CNH Industrial NV</title>
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          <isin value="US12594KAB89"/>
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        <balance>10000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>9952.43000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.85000000</annualizedRt>
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      <invstOrSec>
        <name>Ecolab, Inc.</name>
        <lei>82DYEISM090VG8LTLS26</lei>
        <title>Ecolab, Inc.</title>
        <cusip>278865BA7</cusip>
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        <balance>20000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>16401.03000000</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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        <name>HCA, Inc.</name>
        <lei>L3CJ6J7LJ2DX62FTXD46</lei>
        <title>HCA, Inc.</title>
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        <balance>80000.00000000</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>2034-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.60000000</annualizedRt>
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      <invstOrSec>
        <name>Lowe's Cos., Inc.</name>
        <lei>WAFCR4OKGSC504WU3E95</lei>
        <title>Lowe's Cos., Inc.</title>
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        <balance>138000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-09-15</maturityDt>
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        <name>Linde, Inc.</name>
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        <name>Prudential Financial, Inc.</name>
        <lei>5PRBRS5FEH7NREC8OR45</lei>
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        <name>Novartis Capital Corp.</name>
        <lei>5493002KF87V5RSRQS84</lei>
        <title>Novartis Capital Corp.</title>
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        <name>Public Service Co. of New Hampshire</name>
        <lei>549300SHPFALUPKK2351</lei>
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          <maturityDt>2049-07-01</maturityDt>
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          <annualizedRt>3.60000000</annualizedRt>
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      <invstOrSec>
        <name>CSX Corp.</name>
        <lei>549300JVQR4N1MMP3Q88</lei>
        <title>CSX Corp.</title>
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        <invCountry>US</invCountry>
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        <name>eBay, Inc.</name>
        <lei>OML71K8X303XQONU6T67</lei>
        <title>eBay, Inc.</title>
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        <name>Cigna Group (The)</name>
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        <name>ConocoPhillips Co.</name>
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        <name>Enel Chile SA</name>
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          <maturityDt>2028-06-12</maturityDt>
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        <name>Owens Corning</name>
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        <name>Albemarle Corp.</name>
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        <name>Bank of New York Mellon Corp. (The)</name>
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        <name>LYB International Finance III LLC</name>
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        <name>Aflac, Inc.</name>
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        <name>Kinder Morgan, Inc.</name>
        <lei>549300WR7IX8XE0TBO16</lei>
        <title>Kinder Morgan, Inc.</title>
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        <name>Cheniere Energy, Inc.</name>
        <lei>MIHC87W9WTYSYZWV1J40</lei>
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        <name>Citigroup, Inc.</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>Citigroup, Inc.</title>
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        <name>Oracle Corp.</name>
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        <name>Intel Corp.</name>
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        <name>Comcast Corp.</name>
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        <name>American Express Co.</name>
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        <name>UnitedHealth Group, Inc.</name>
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        <name>Aetna, Inc.</name>
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        <name>Citigroup, Inc.</name>
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        <name>Legg Mason, Inc.</name>
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        <name>HCA, Inc.</name>
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        <name>Oracle Corp.</name>
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        <name>Intel Corp.</name>
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        <name>Bristol-Myers Squibb Co.</name>
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        <name>Federal Realty OP LP</name>
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        <name>Pacific Gas and Electric Co.</name>
        <lei>1HNPXZSMMB7HMBMVBS46</lei>
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        <name>Arch Capital Finance LLC</name>
        <lei>549300XG4URFY0200M65</lei>
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        <name>Cheniere Energy Partners LP</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Microsoft Corp.</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2047-06-15</maturityDt>
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          <annualizedRt>4.50000000</annualizedRt>
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      <invstOrSec>
        <name>Enbridge, Inc.</name>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-04-05</maturityDt>
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        <name>Public Service Electric and Gas Co.</name>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2047-12-01</maturityDt>
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          <annualizedRt>3.60000000</annualizedRt>
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        <name>Goldman Sachs Group, Inc. (The)</name>
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          <isin value="US38141GC514"/>
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        <balance>30000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2056-01-28</maturityDt>
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        <name>Williams Cos., Inc. (The)</name>
        <lei>D71FAKCBLFS2O0RBPG08</lei>
        <title>Williams Cos., Inc. (The)</title>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2052-08-15</maturityDt>
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          <annualizedRt>5.30000000</annualizedRt>
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      <invstOrSec>
        <name>BHP Billiton Finance USA Ltd.</name>
        <lei>5493003NUVITP3TMY274</lei>
        <title>BHP Billiton Finance USA Ltd.</title>
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          <isin value="US055451BF42"/>
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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>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2053-09-08</maturityDt>
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          <annualizedRt>5.50000000</annualizedRt>
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        <name>Cigna Group (The)</name>
        <lei>549300VIWYMSIGT1U456</lei>
        <title>Cigna Group (The)</title>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2046-07-15</maturityDt>
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          <annualizedRt>4.80000000</annualizedRt>
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      <invstOrSec>
        <name>John Deere Capital Corp.</name>
        <lei>E0KSF7PFQ210NWI8Z391</lei>
        <title>John Deere Capital Corp.</title>
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        <balance>40000.00000000</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>2029-06-11</maturityDt>
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          <annualizedRt>4.85000000</annualizedRt>
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        <name>Hershey Co. (The)</name>
        <lei>21X2CX66SU2BR6QTAD08</lei>
        <title>Hershey Co. (The)</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2050-06-01</maturityDt>
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          <annualizedRt>2.65000000</annualizedRt>
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        <name>Brighthouse Financial, Inc.</name>
        <lei>5493003T8SZSHOGGAW52</lei>
        <title>Brighthouse Financial, Inc.</title>
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        <balance>5000.00000000</balance>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2051-12-22</maturityDt>
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          <annualizedRt>3.85000000</annualizedRt>
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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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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-09-27</maturityDt>
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          <annualizedRt>4.70000000</annualizedRt>
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        <name>Eversource Energy</name>
        <lei>SJ7XXD41SQU3ZNWUJ746</lei>
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        <name>Johnson Controls International plc</name>
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        <invCountry>IE</invCountry>

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        <name>Campbell's Co. (The)</name>
        <lei>5493007JDSMX8Z5Z1902</lei>
        <title>Campbell's Co. (The)</title>
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        <name>Shell International Finance BV</name>
        <lei>213800ITMMKU4Z7I4F78</lei>
        <title>Shell International Finance BV</title>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

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        <fairValLevel>2</fairValLevel>
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        <name>Canadian National Railway Co.</name>
        <lei>3SU7BEP7TH9YEQOZCS77</lei>
        <title>Canadian National Railway Co.</title>
        <cusip>136375CV2</cusip>
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        <balance>92000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2049-01-20</maturityDt>
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        <name>Morgan Stanley</name>
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        <name>HCA, Inc.</name>
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        <name>MetLife, Inc.</name>
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        <name>FMC Corp.</name>
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        <name>Bank of Nova Scotia (The)</name>
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          <maturityDt>2029-02-14</maturityDt>
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        <name>Equinix Europe 2 Financing Corp. LLC</name>
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          <maturityDt>2034-06-15</maturityDt>
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        <name>JPMorgan Chase &amp; Co.</name>
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          <maturityDt>2030-06-14</maturityDt>
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        <name>Enbridge, Inc.</name>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-11-15</maturityDt>
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        <name>Lowe's Cos., Inc.</name>
        <lei>WAFCR4OKGSC504WU3E95</lei>
        <title>Lowe's Cos., Inc.</title>
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        <name>Morgan Stanley</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>Morgan Stanley</title>
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          <maturityDt>2034-07-21</maturityDt>
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        <name>Essential Utilities, Inc.</name>
        <lei>549300ILTEOF3E3QY357</lei>
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        <name>Kinder Morgan, Inc.</name>
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        <name>Pacific Gas and Electric Co.</name>
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        <name>Regency Centers LP</name>
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        <name>Union Pacific Corp.</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>Johnson &amp; Johnson</name>
        <lei>549300G0CFPGEF6X2043</lei>
        <title>Johnson &amp; Johnson</title>
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        <assetCat>DBT</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-03-03</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.62500000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Newmont Corp.</name>
        <lei>549300VSP3RIX7FGDZ51</lei>
        <title>Newmont Corp.</title>
        <cusip>651639AW6</cusip>
        <identifiers>
          <isin value="US651639AW68"/>
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        <balance>57000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>61801.83000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.87500000</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>Simon Property Group LP</name>
        <lei>MR92GTD0MJTTTTQDVG45</lei>
        <title>Simon Property Group LP</title>
        <cusip>828807DK0</cusip>
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          <isin value="US828807DK02"/>
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        <balance>80000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>74684.13000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.65000000</annualizedRt>
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      <invstOrSec>
        <name>AXIS Specialty Finance LLC</name>
        <lei>N/A</lei>
        <title>AXIS Specialty Finance LLC</title>
        <cusip>05463HAC5</cusip>
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          <isin value="US05463HAC51"/>
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        <balance>27000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>26146.36000000</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>2040-01-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.90000000</annualizedRt>
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      <invstOrSec>
        <name>COPT Defense Properties LP</name>
        <lei>H0TWO5VRNEP6CQAWPX27</lei>
        <title>COPT Defense Properties LP</title>
        <cusip>22003BAM8</cusip>
        <identifiers>
          <isin value="US22003BAM81"/>
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        <balance>20000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>18140.95000000</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>2031-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.75000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Visa, Inc.</name>
        <lei>549300JZ4OKEHW3DPJ59</lei>
        <title>Visa, Inc.</title>
        <cusip>92826CAK8</cusip>
        <identifiers>
          <isin value="US92826CAK80"/>
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        <balance>90000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>69354.73000000</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>2040-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.70000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Store Capital LLC</name>
        <lei>254900Z9PIEFQ6AYXK50</lei>
        <title>Store Capital LLC</title>
        <cusip>862121AD2</cusip>
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          <isin value="US862121AD28"/>
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        <balance>20000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>17542.56000000</valUSD>
        <pctVal>0.042074660895</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.70000000</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>Enbridge, Inc.</name>
        <lei>98TPTUM4IVMFCZBCUR27</lei>
        <title>Enbridge, Inc.</title>
        <cusip>29250NCD5</cusip>
        <identifiers>
          <isin value="US29250NCD57"/>
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        <balance>5000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5132.63000000</valUSD>
        <pctVal>0.012310270949</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-04-05</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>Royal Bank of Canada</name>
        <lei>ES7IP3U3RHIGC71XBU11</lei>
        <title>Royal Bank of Canada</title>
        <cusip>78016HZQ6</cusip>
        <identifiers>
          <isin value="US78016HZQ63"/>
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        <balance>30000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>30862.03000000</valUSD>
        <pctVal>0.074020521907</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-05-02</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>Morgan Stanley Direct Lending Fund</name>
        <lei>549300QEX22T2J8IB029</lei>
        <title>Morgan Stanley Direct Lending Fund</title>
        <cusip>61774AAG8</cusip>
        <identifiers>
          <isin value="US61774AAG85"/>
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        <balance>20000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>20459.52000000</valUSD>
        <pctVal>0.049070795031</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-05-19</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</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>Host Hotels &amp; Resorts LP</name>
        <lei>FXB7X4WXVA8QPMNOGS12</lei>
        <title>Host Hotels &amp; Resorts LP, Series I</title>
        <cusip>44107TAZ9</cusip>
        <identifiers>
          <isin value="US44107TAZ93"/>
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        <balance>10000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>9420.71000000</valUSD>
        <pctVal>0.022594945016</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</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>Target Corp.</name>
        <lei>8WDDFXB5T1Z6J0XC1L66</lei>
        <title>Target Corp.</title>
        <cusip>87612EBG0</cusip>
        <identifiers>
          <isin value="US87612EBG08"/>
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        <balance>10000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7968.72000000</valUSD>
        <pctVal>0.019112443780</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.90000000</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>Kinder Morgan, Inc.</name>
        <lei>549300WR7IX8XE0TBO16</lei>
        <title>Kinder Morgan, Inc.</title>
        <cusip>49456BBC4</cusip>
        <identifiers>
          <isin value="US49456BBC46"/>
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        <balance>80000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>84352.20000000</valUSD>
        <pctVal>0.202313129371</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.85000000</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>Citigroup, Inc.</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>Citigroup, Inc.</title>
        <cusip>17327CAQ6</cusip>
        <identifiers>
          <isin value="US17327CAQ69"/>
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        <balance>102000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>93195.21000000</valUSD>
        <pctVal>0.223522499443</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-01-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.05700000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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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>74456QCQ7</cusip>
        <identifiers>
          <isin value="US74456QCQ73"/>
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        <balance>20000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>20761.99000000</valUSD>
        <pctVal>0.049796249165</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.20000000</annualizedRt>
          <isDefault>N</isDefault>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Brookfield Finance, Inc.</name>
        <lei>549300XH8D8K6OYWGD17</lei>
        <title>Brookfield Finance, Inc.</title>
        <cusip>11271LAH5</cusip>
        <identifiers>
          <isin value="US11271LAH50"/>
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        <balance>130000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>118804.01000000</valUSD>
        <pctVal>0.284943499339</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.72400000</annualizedRt>
          <isDefault>N</isDefault>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Las Vegas Sands Corp.</name>
        <lei>549300DUOO1KXOHPM605</lei>
        <title>Las Vegas Sands Corp.</title>
        <cusip>517834AL1</cusip>
        <identifiers>
          <isin value="US517834AL18"/>
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        <balance>10000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>10500.53000000</valUSD>
        <pctVal>0.025184821312</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.20000000</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>Consolidated Edison Co. of New York, Inc.</name>
        <lei>VZFZPMWDHTQCFKYOBP05</lei>
        <title>Consolidated Edison Co. of New York, Inc.</title>
        <cusip>209111GA5</cusip>
        <identifiers>
          <isin value="US209111GA54"/>
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        <balance>50000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>45486.11000000</valUSD>
        <pctVal>0.109095403048</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.40000000</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>Lowe's Cos., Inc.</name>
        <lei>WAFCR4OKGSC504WU3E95</lei>
        <title>Lowe's Cos., Inc.</title>
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          <isin value="US548661ES28"/>
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        <balance>14000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>14087.60000000</valUSD>
        <pctVal>0.033788169618</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2063-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.85000000</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>
      <invstOrSec>
        <name>Johnson &amp; Johnson</name>
        <lei>549300G0CFPGEF6X2043</lei>
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          <isin value="US478160CR35"/>
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        <balance>60000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>42538.22000000</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>2040-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.10000000</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>ONEOK, Inc.</name>
        <lei>2T3D6M0JSY48PSZI1Q41</lei>
        <title>ONEOK, Inc.</title>
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          <isin value="US682680BZ59"/>
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        <balance>30000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>25632.12000000</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>2049-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.85000000</annualizedRt>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>National Grid plc</name>
        <lei>8R95QZMKZLJX5Q2XR704</lei>
        <title>National Grid plc</title>
        <cusip>636274AE2</cusip>
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          <isin value="US636274AE20"/>
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        <balance>25000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>26644.57000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-06-12</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.80900000</annualizedRt>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Digital Realty Trust LP</name>
        <lei>CD4SPTZ3YBTHY0C1AH38</lei>
        <title>Digital Realty Trust LP</title>
        <cusip>25389JAU0</cusip>
        <identifiers>
          <isin value="US25389JAU07"/>
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        <balance>10000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>9766.81000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.60000000</annualizedRt>
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          <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>Alphabet, Inc.</name>
        <lei>5493006MHB84DD0ZWV18</lei>
        <title>Alphabet, Inc.</title>
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          <isin value="US02079KAG22"/>
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        <balance>130000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>69174.86000000</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>2060-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Verizon Communications, Inc.</name>
        <lei>2S72QS2UO2OESLG6Y829</lei>
        <title>Verizon Communications, Inc.</title>
        <cusip>92343VCK8</cusip>
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          <isin value="US92343VCK89"/>
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        <balance>50000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>45140.97000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-08-21</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.86200000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>State Street Corp.</name>
        <lei>549300ZFEEJ2IP5VME73</lei>
        <title>State Street Corp.</title>
        <cusip>857477BV4</cusip>
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          <isin value="US857477BV41"/>
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        <balance>110000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>107676.67000000</valUSD>
        <pctVal>0.258255316020</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-08-04</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.16400000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CSX Corp.</name>
        <lei>549300JVQR4N1MMP3Q88</lei>
        <title>CSX Corp.</title>
        <cusip>126408HS5</cusip>
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          <isin value="US126408HS51"/>
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        <balance>33000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25655.43000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.80000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Microsoft Corp.</name>
        <lei>INR2EJN1ERAN0W5ZP974</lei>
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          <isin value="US594918CF95"/>
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        <balance>55000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>35443.93000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2062-03-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.04100000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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      <invstOrSec>
        <name>Bank of America Corp.</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
        <title>Bank of America Corp.</title>
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        <balance>127000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>120567.37000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-06-14</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>2.08700000</annualizedRt>
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      <invstOrSec>
        <name>Ventas Realty LP</name>
        <lei>32SXKSJ72K64GM3HOU64</lei>
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        <cusip>92277GBA4</cusip>
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        <balance>20000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>20054.16000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Bank of New York Mellon Corp. (The)</name>
        <lei>WFLLPEPC7FZXENRZV188</lei>
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        <balance>20000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>19760.43000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-06-13</maturityDt>
          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>Verizon Communications, Inc.</name>
        <lei>2S72QS2UO2OESLG6Y829</lei>
        <title>Verizon Communications, Inc.</title>
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        <balance>90000.00000000</balance>
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        <valUSD>70707.24000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-03-22</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.40000000</annualizedRt>
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        <name>American Express Co.</name>
        <lei>R4PP93JZOLY261QX3811</lei>
        <title>American Express Co.</title>
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        <valUSD>49548.54000000</valUSD>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>3.30000000</annualizedRt>
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        <name>Elevance Health, Inc.</name>
        <lei>8MYN82XMYQH89CTMTH67</lei>
        <title>Elevance Health, Inc.</title>
        <cusip>036752BA0</cusip>
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          <isin value="US036752BA01"/>
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        <curCd>USD</curCd>
        <valUSD>39397.92000000</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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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.65000000</annualizedRt>
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      <invstOrSec>
        <name>Adobe, Inc.</name>
        <lei>FU4LY2G4933NH2E1CP29</lei>
        <title>Adobe, Inc.</title>
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        <balance>20000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>21038.72000000</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>2035-01-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.30000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2025-12-01</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>
