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        <name>General Dynamics Corporation</name>
        <lei>9C1X8XOOTYY2FNYTVH06</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Exxon Mobil Corp.</name>
        <lei>J3WHBG0MTS7O8ZVMDC91</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Virginia Electric and Power Company</name>
        <lei>CQKUMNNZVDJLRYV2PT43</lei>
        <title>D 3.5 03/15/27 A</title>
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          <maturityDt>2027-03-15</maturityDt>
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        <name>Eastern Gas Transmission and Storage Inc</name>
        <lei>H2VQBNB3NSKRM5QWBI71</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2049-11-15</maturityDt>
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        <name>Gallagher Aj &amp;Co</name>
        <lei>54930049QLLMPART6V29</lei>
        <title>AJG 6.5 02/15/34</title>
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          <isin value="US04316JAF66"/>
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        <curCd>USD</curCd>
        <valUSD>2715531.90000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-02-15</maturityDt>
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        <name>JPMorgan Chase &amp; Co.</name>
        <lei>8I5DZWZKVSZI1NUHU748</lei>
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        <cusip>46647PBL9</cusip>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-04-22</maturityDt>
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        <name>EDP Finance B.V.</name>
        <lei>5299007L43AQDFOW5739</lei>
        <title>EDPPL 1.71 01/24/28 144A</title>
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        <curCd>USD</curCd>
        <valUSD>3085388.48000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-01-24</maturityDt>
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        <name>T-Mobile USA, Inc.</name>
        <lei>549300V2JRLO5DIFGE82</lei>
        <title>TMUS 2.875 02/15/31</title>
        <cusip>87264ABT1</cusip>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-02-15</maturityDt>
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          <annualizedRt>2.87500000</annualizedRt>
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        <name>Vertiv Group Corp.</name>
        <lei>549300ZT8RQ5VK10E643</lei>
        <title>VRT 4.125 11/15/28 144A</title>
        <cusip>92535UAB0</cusip>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>Foundry JV Holdco LLC.</name>
        <lei>21380048QROAMGM6EP30</lei>
        <title>FABSJV 5.9 01/25/33</title>
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        <name>Targa Resources Corp.</name>
        <lei>5493003QENHHS261UR94</lei>
        <title>TRGP 6.05 05/15/56</title>
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        <name>Wells Fargo &amp; Co.</name>
        <lei>PBLD0EJDB5FWOLXP3B76</lei>
        <title>WFC V5.574 07/25/29 MTN</title>
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        <name>Cisco Systems, Inc.</name>
        <lei>549300LKFJ962MZ46593</lei>
        <title>CSCO 5.3 02/26/54</title>
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        <name>HCA Inc.</name>
        <lei>L3CJ6J7LJ2DX62FTXD46</lei>
        <title>HCA 3.5 09/01/30</title>
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        <name>Charter Communications Operating, LLC/Charter Communications Operating Capital Corp.</name>
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        <title>CHTR 3.5 03/01/42</title>
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        <name>Global Payments Inc</name>
        <lei>549300NOMHGVQBX6S778</lei>
        <title>GPN 5.4 08/15/32</title>
        <cusip>37940XAQ5</cusip>
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        <invCountry>US</invCountry>
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          <maturityDt>2032-08-15</maturityDt>
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          <annualizedRt>5.40000000</annualizedRt>
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        <name>Comcast Corporation</name>
        <lei>51M0QTTNCGUN7KFCFZ59</lei>
        <title>CMCSA 3.75 04/01/40</title>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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          <maturityDt>2040-04-01</maturityDt>
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          <annualizedRt>3.75000000</annualizedRt>
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        <name>Vodafone Group PLC</name>
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        <name>Public Service Electric &amp; Gas Co.</name>
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        <name>Aker BP ASA</name>
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        <name>Berkshire Hathaway Energy Company</name>
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        <name>Medline Borrower LP</name>
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        <name>AerCap Ireland Capital Designated Activity Co. / AerCap Global Aviation Trust (AER)</name>
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        <name>VICI PROPERTIES LP</name>
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        <name>Amgen Inc.</name>
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        <name>Pricoa Global Funding I</name>
        <lei>635400IBXEBMD9ADYA79</lei>
        <title>PRU 5.1 05/30/28 144A</title>
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        <name>MPLX LP</name>
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        <name>Boeing Co.</name>
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        <name>GABX Leasing LLC</name>
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        <name>Honeywell Aerospace Inc.</name>
        <lei>213800ZUAQRBYL67JS90</lei>
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        <name>Athene Global Funding</name>
        <lei>549300LM1QSI4MSIL320</lei>
        <title>ATH 5.543 08/22/35 144A</title>
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        <name>Athene Holding Ltd</name>
        <lei>549300H316CT32FQXI76</lei>
        <title>ATH 6.625 05/19/55</title>
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        <name>Novartis Capital Corporation</name>
        <lei>5493002KF87V5RSRQS84</lei>
        <title>NOVNVX 3.7 09/21/42</title>
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        <name>Pacific Gas and Electric Company</name>
        <lei>1HNPXZSMMB7HMBMVBS46</lei>
        <title>PCG 3.3 08/01/40</title>
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        <name>Oracle Corp.</name>
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        <name>McDonald's Corp.</name>
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        <name>Essex Portfolio Lp</name>
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        <name>Mitsubishi UFJ Financial Group Inc.</name>
        <lei>353800V2V8PUY9TK3E06</lei>
        <title>MUFG V5.159 04/24/31</title>
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        <name>Morgan Stanley</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
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        <cusip>61747YFE0</cusip>
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        <name>Lockheed Martin Corporation</name>
        <lei>DPRBOZP0K5RM2YE8UU08</lei>
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        <name>Truist Financial Corp.</name>
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        <name>American Express Company</name>
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        <name>Goldman Sachs Group, Inc.</name>
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        <name>UnitedHealth Group Inc.</name>
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        <name>Bank of America Corp.</name>
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        <name>Georgia Power Company</name>
        <lei>D981X4Z4RWS7PDMJUZ03</lei>
        <title>SO 4.75 09/01/40 10-C</title>
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        <name>Goldman Sachs Group, Inc.</name>
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        <name>UNITED AIRLINES PASS THROUGH TRUST SERIES 2016-1A</name>
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        <name>Home Depot Inc.</name>
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        <name>Institutional Fidu</name>
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        <name>Servicenow Inc</name>
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        <name>Vistra Operations Co LLC</name>
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        <name>B.A.T. Capital Corporation</name>
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        <name>Marvell Technology Inc</name>
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        <name>Broadcom Inc</name>
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        <name>Caterpillar Inc</name>
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        <name>Blackrock Inc.</name>
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        <name>JPMorgan Chase &amp; Co.</name>
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        <name>Midamerican Energy Company</name>
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        <name>Comcast Corporation</name>
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        <name>Citigroup Inc.</name>
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        <name>Apple Inc.</name>
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        <name>Philip Morris International Inc.</name>
        <lei>HL3H1H2BGXWVG3BSWR90</lei>
        <title>PM 5.375 02/15/33</title>
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        <name>Alphabet Inc.</name>
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        <name>Mizuho Financial Group Inc.</name>
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        <name>JPMorgan Chase &amp; Co.</name>
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        <name>CVS Health Corp</name>
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        <name>Southern California Gas Co.</name>
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        <name>Jackson National Life Global Funding</name>
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        <name>Analog Devices Inc.</name>
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        <name>PNC Financial Services Group Inc.</name>
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        <name>Northrop Grumman Corporation</name>
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        <name>Energy Transfer LP</name>
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        <name>Pfizer Investment Enterprises Pte Ltd.</name>
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        <name>Truist Financial Corp.</name>
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        <name>ENEL Finance International N.V.</name>
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        <name>General Motors Financial Company Inc</name>
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        <title>GM 5.45 09/06/34</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Constellation Energy Generation LLC</name>
        <lei>S2PEWKCZFFECR4533P43</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Georgia Power Company</name>
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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>4.30000000</annualizedRt>
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      <invstOrSec>
        <name>Elevance Health Inc.</name>
        <lei>8MYN82XMYQH89CTMTH67</lei>
        <title>ELV 4.1 05/15/32</title>
        <cusip>036752AT0</cusip>
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          <isin value="US036752AT01"/>
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        <curCd>USD</curCd>
        <valUSD>480275.10000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.10000000</annualizedRt>
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        <name>UBS Group AG</name>
        <lei>549300SZJ9VS8SGXAN81</lei>
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        <curCd>USD</curCd>
        <valUSD>5190975.14000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-01-12</maturityDt>
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        <name>Royal Bank of Canada</name>
        <lei>ES7IP3U3RHIGC71XBU11</lei>
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        <cusip>78017DAH1</cusip>
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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>2031-05-02</maturityDt>
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        <name>U.S. Bancorp.</name>
        <lei>N1GZ7BBF3NP8GI976H15</lei>
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        <valUSD>3562313.06000000</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>2030-07-23</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.10000000</annualizedRt>
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      <invstOrSec>
        <name>ICON Investments Six DAC</name>
        <lei>635400FQ1M7J2CHLAS59</lei>
        <title>ICLR 6 05/08/34</title>
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        <curCd>USD</curCd>
        <valUSD>1014374.92000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-05-08</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>T-Mobile USA, Inc.</name>
        <lei>549300V2JRLO5DIFGE82</lei>
        <title>TMUS 5.3 05/15/35</title>
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        <valUSD>2824354.37000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>CSL Finance PLC</name>
        <lei>2549007CCNBNAF4HBC02</lei>
        <title>CSLAU 4.25 04/27/32 144A</title>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-04-27</maturityDt>
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        <name>Gallagher Aj &amp;Co</name>
        <lei>54930049QLLMPART6V29</lei>
        <title>AJG 5.75 03/02/53</title>
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          <maturityDt>2053-03-02</maturityDt>
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        <name>Morgan Stanley</name>
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        <name>HCA Inc.</name>
        <lei>L3CJ6J7LJ2DX62FTXD46</lei>
        <title>HCA 4.6 11/15/32</title>
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        <name>Howmet Aerospace Inc</name>
        <lei>549300HO5WFZUT5N2T22</lei>
        <title>HWM 5.95 02/01/37</title>
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        <name>Smbc Aviation Capital Finance</name>
        <lei>549300OD7VKRVNWB2J98</lei>
        <title>SMBCAC 1.9 10/15/26 144A</title>
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        <invCountry>IE</invCountry>
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        <name>AbbVie Inc.</name>
        <lei>FR5LCKFTG8054YNNRU85</lei>
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        <name>Commonwealth Edison Company</name>
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        <title>EXC 4 03/01/48</title>
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        <invCountry>US</invCountry>
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          <maturityDt>2048-03-01</maturityDt>
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        <name>Tapestry Inc</name>
        <lei>549300LJNVY5SW3VTN33</lei>
        <title>TPR 5.5 03/11/35</title>
        <cusip>876030AL1</cusip>
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        <balance>885000.00000000</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>2035-03-11</maturityDt>
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        <name>Citigroup Inc.</name>
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        <name>Bank of America Corp.</name>
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        <name>Eaton Corp.</name>
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        <name>Oracle Corp.</name>
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        <name>Oracle Corp.</name>
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        <name>Targa Resources Partners LP/Targa Resources Finance Corp.</name>
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        <name>Eli Lilly &amp; Co.</name>
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        <name>Lowes Companies, Inc.</name>
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        <name>TotalEnergies Capital S.A.</name>
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        <name>Charter Communications Operating, LLC/Charter Communications Operating Capital Corp.</name>
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        <name>Berkshire Hathaway Finance Corporation</name>
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        <name>Tyco Electronics Group SA</name>
        <lei>C33G1C5SYE2YM95EE712</lei>
        <title>TEL 4.875 02/09/36</title>
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        <invCountry>LU</invCountry>

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        <fairValLevel>2</fairValLevel>
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        <name>Synopsys Inc</name>
        <lei>QG7T915N9S0NY5UKNE63</lei>
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        <name>TRANSCONTINENTAL GAS PIPELINE COMPANY LLC</name>
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        <name>Vertiv Holdings Co</name>
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        <name>Morgan Stanley</name>
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        <title>MS V5.9 03/13/47</title>
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        <name>BEIGNET INVESTOR LLC</name>
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        <name>Glencore Funding LLC</name>
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        <name>Morgan Stanley</name>
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        <name>Novartis Capital Corporation</name>
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        <name>Abbott Laboratories</name>
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        <name>CVS Health Corp</name>
        <lei>549300EJG376EN5NQE29</lei>
        <title>CVS 5.3 12/05/43</title>
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        <name>Bristol-Myers Squibb Company</name>
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        <name>Siemens Funding BV</name>
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        <name>Mars Inc.</name>
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        <name>Sutter Health</name>
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        <name>Oracle Corp.</name>
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        <title>ORCL 4.45 09/26/30</title>
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        <name>Mars Inc.</name>
        <lei>54930073HKEO6GZBSS03</lei>
        <title>MARS 2.375 07/16/40 144A</title>
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        <name>Kellanova</name>
        <lei>LONOZNOJYIBXOHXWDB86</lei>
        <title>K 4.5 04/01/46</title>
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        <name>Bank of America Corp.</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
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        <name>National Australia Bank Ltd.</name>
        <lei>F8SB4JFBSYQFRQEH3Z21</lei>
        <title>NAB 2.332 08/21/30 144A</title>
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        <invCountry>AU</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Goldman Sachs Group, Inc.</name>
        <lei>784F5XWPLTWKTBV3E584</lei>
        <title>GS V5.065 01/21/37</title>
        <cusip>38145GAS9</cusip>
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        <name>JPMorgan Chase &amp; Co.</name>
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        <name>Piedmont Natural Gas Company, Inc.</name>
        <lei>VXB4M3BDPKF3I2AZ3G89</lei>
        <title>DUK 5.05 05/15/52</title>
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        <name>NatWest Group PLC</name>
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        <name>Newmont Corp / Newcrest Finance Pty Ltd.</name>
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        <title>NEM 5.35 03/15/34</title>
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        <name>Ascension Health Alliance</name>
        <lei>549300IMOY6ECI21DH68</lei>
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        <name>Eli Lilly &amp; Co.</name>
        <lei>FRDRIPF3EKNDJ2CQJL29</lei>
        <title>LLY 5.65 10/15/65</title>
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        <name>Roche Holdings, Inc.</name>
        <lei>PVJRP0EQNV6OGDPZGY95</lei>
        <title>ROSW 2.607 12/13/51 144A</title>
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        <name>Kraft Heinz Foods Company</name>
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        <name>Mayo Clinic</name>
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        <name>Boeing Co.</name>
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        <name>RWE Finance US LLC</name>
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        <name>Hyundai Capital America</name>
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        <name>United States Treasury Bonds</name>
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        <issuerCat>UST</issuerCat>
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        <fairValLevel>2</fairValLevel>
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        <name>Aker BP ASA</name>
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        <cusip>00973RAJ2</cusip>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-01-15</maturityDt>
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      <invstOrSec>
        <name>UBS Group AG</name>
        <lei>549300SZJ9VS8SGXAN81</lei>
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        <invCountry>CH</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-02-08</maturityDt>
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      <invstOrSec>
        <name>Anheuser-Busch Companies LLC / Anheuser-Busch InBev Worldwide Inc</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2046-02-01</maturityDt>
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        <name>Banco Santander SA</name>
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          <isin value="US05971KAG40"/>
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        <curCd>USD</curCd>
        <valUSD>1254578.43000000</valUSD>
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        <invCountry>ES</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-12-03</maturityDt>
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      <invstOrSec>
        <name>Southern Company Gas Capital Corp.</name>
        <lei>E8CD46SWUD2TSN8PA636</lei>
        <title>SO 4.95 09/15/34</title>
        <cusip>8426EPAH1</cusip>
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        <balance>2980000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-09-15</maturityDt>
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        <name>MSCI Inc.</name>
        <lei>549300HTIN2PD78UB763</lei>
        <title>MSCI 3.625 09/01/30 144A</title>
        <cusip>55354GAK6</cusip>
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        <balance>1600000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.62500000</annualizedRt>
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      <invstOrSec>
        <name>Hyundai Capital America</name>
        <lei>549300RIPPWJB5Z0FK07</lei>
        <title>HYNMTR 5.35 03/19/29 144A</title>
        <cusip>44891ACY1</cusip>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-03-19</maturityDt>
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          <annualizedRt>5.35000000</annualizedRt>
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        <name>Royal Caribbean Cruises Ltd.</name>
        <lei>K2NEH8QNVW44JIWK7Z55</lei>
        <title>RCL 5.375 01/15/36</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>LR</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-01-15</maturityDt>
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        <name>Intel Corporation</name>
        <lei>KNX4USFCNGPY45LOCE31</lei>
        <title>INTC 3.734 12/08/47</title>
        <cusip>458140BG4</cusip>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2047-12-08</maturityDt>
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        <name>Bristol-Myers Squibb Company</name>
        <lei>HLYYNH7UQUORYSJQCN42</lei>
        <title>BMY 4.125 06/15/39</title>
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        <name>Brown &amp; Brown Inc</name>
        <lei>549300PC8KTJ71XKFY89</lei>
        <title>BRO 2.375 03/15/31</title>
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        <name>Synopsys Inc</name>
        <lei>QG7T915N9S0NY5UKNE63</lei>
        <title>SNPS 5.7 04/01/55</title>
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        <name>Pilgrims Pride Corporation</name>
        <lei>549300ZSLGV64ZL3HD75</lei>
        <title>PPC 3.5 03/01/32</title>
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        <name>American Tower Corporation</name>
        <lei>5493006ORUSIL88JOE18</lei>
        <title>AMT 4.7 12/15/32</title>
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        <name>Capital One Financial Corp.</name>
        <lei>ZUE8T73ROZOF6FLBAR73</lei>
        <title>COF V6.183 01/30/36</title>
        <cusip>14040HDJ1</cusip>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-01-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.18300000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Verizon Communications Inc.</name>
        <lei>2S72QS2UO2OESLG6Y829</lei>
        <title>VZ 3.4 03/22/41</title>
        <cusip>92343VGK4</cusip>
        <identifiers>
          <isin value="US92343VGK44"/>
        </identifiers>
        <balance>4400000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3380584.55000000</valUSD>
        <pctVal>0.572189734139</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-03-22</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.40000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Nippon Life Insurance Co.</name>
        <lei>549300Y0HHMFW3EVWY08</lei>
        <title>NIPLIF V6.5 04/30/55 144a</title>
        <cusip>654579AP6</cusip>
        <identifiers>
          <isin value="US654579AP63"/>
        </identifiers>
        <balance>1600000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1654297.60000000</valUSD>
        <pctVal>0.280002493631</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-04-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>General Dynamics Corporation</name>
        <lei>9C1X8XOOTYY2FNYTVH06</lei>
        <title>GD 2.85 06/01/41</title>
        <cusip>369550BQ0</cusip>
        <identifiers>
          <isin value="US369550BQ02"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>747189.89000000</valUSD>
        <pctVal>0.126467591088</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.85000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Iqvia Inc</name>
        <lei>549300PLWY28YB00C717</lei>
        <title>IQV 6.25 02/01/29</title>
        <cusip>46266TAF5</cusip>
        <identifiers>
          <isin value="US46266TAF57"/>
        </identifiers>
        <balance>2000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2079822.00000000</valUSD>
        <pctVal>0.352025745736</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Boeing Co.</name>
        <lei>RVHJWBXLJ1RFUBSY1F30</lei>
        <title>BA 3.65 03/01/47</title>
        <cusip>097023BV6</cusip>
        <identifiers>
          <isin value="US097023BV68"/>
        </identifiers>
        <balance>3250000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2289303.67000000</valUSD>
        <pctVal>0.387482117050</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.65000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DTE Electric Co.</name>
        <lei>9N0FWODEJVKHC2DYLO03</lei>
        <title>DTE 3.65 03/01/52 B</title>
        <cusip>23338VAR7</cusip>
        <identifiers>
          <isin value="US23338VAR78"/>
        </identifiers>
        <balance>3400000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2469546.21000000</valUSD>
        <pctVal>0.417989542472</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.65000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Verizon Communications Inc.</name>
        <lei>2S72QS2UO2OESLG6Y829</lei>
        <title>VZ 4.75 01/15/33</title>
        <cusip>92343VHF4</cusip>
        <identifiers>
          <isin value="US92343VHF40"/>
        </identifiers>
        <balance>2600000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2568779.85000000</valUSD>
        <pctVal>0.434785593347</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.75000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>JBS USA HOLDING LUX SARL</name>
        <lei>RB8RC03FUD8DSX57C193</lei>
        <title>JBS 3.625 01/15/32</title>
        <cusip>46590XAU0</cusip>
        <identifiers>
          <isin value="US46590XAU00"/>
        </identifiers>
        <balance>3690000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3422401.57000000</valUSD>
        <pctVal>0.579267583902</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.62500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Morgan Stanley</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>MS V5.192 04/17/31</title>
        <cusip>61747YFZ3</cusip>
        <identifiers>
          <isin value="US61747YFZ34"/>
        </identifiers>
        <balance>4100000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4162054.94000000</valUSD>
        <pctVal>0.704459561466</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-04-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.19200000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Barclays PLC</name>
        <lei>213800LBQA1Y9L22JB70</lei>
        <title>BACR V5.086 02/25/29</title>
        <cusip>06738ECX1</cusip>
        <identifiers>
          <isin value="US06738ECX13"/>
        </identifiers>
        <balance>4795000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4835499.43000000</valUSD>
        <pctVal>0.818445180814</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-02-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.08600000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Alphabet Inc.</name>
        <lei>5493006MHB84DD0ZWV18</lei>
        <title>GOOGL 4.4 02/15/33</title>
        <cusip>02079KBL0</cusip>
        <identifiers>
          <isin value="US02079KBL08"/>
        </identifiers>
        <balance>1780000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1758345.93000000</valUSD>
        <pctVal>0.297613467532</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.40000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Viper Energy Partners LLC</name>
        <lei>54930010ZZ02MRGRI973</lei>
        <title>VNOM 5.7 08/01/35</title>
        <cusip>92764MAB0</cusip>
        <identifiers>
          <isin value="US92764MAB00"/>
        </identifiers>
        <balance>1350000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1361346.75000000</valUSD>
        <pctVal>0.230418326603</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.70000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Duke Energy Progress LLC</name>
        <lei>0NIFZ782LS46WOC9QK20</lei>
        <title>DUK 2.5 08/15/50</title>
        <cusip>26442UAK0</cusip>
        <identifiers>
          <isin value="US26442UAK07"/>
        </identifiers>
        <balance>6000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3460392.18000000</valUSD>
        <pctVal>0.585697784571</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>



      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-05-21</ncom:dateSigned>
      <ncom:nameOfApplicant>Franklin Templeton ETF Trust</ncom:nameOfApplicant>
      <ncom:signature>Monica Krogh</ncom:signature>
      <ncom:signerName>Monica Krogh</ncom:signerName>
      <ncom:title>Assistant Treasurer Controller, US Fund Administration and Oversight</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
