<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/nport" xmlns:com="http://www.sec.gov/edgar/common" xmlns:ncom="http://www.sec.gov/edgar/nportcommon" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.sec.gov/edgar/nport eis_NPORT_Filer.xsd">
  <headerData>
    <submissionType>NPORT-P/A</submissionType>
    <isConfidential>false</isConfidential>
    <accessionNumber>0001752724-19-204362</accessionNumber>
    <filerInfo>

      <filer>
        <issuerCredentials>
          <cik>0000809707</cik>
          <ccc>XXXXXXXX</ccc>
        </issuerCredentials>
      </filer>


      <seriesClassInfo>
        <seriesId>S000006852</seriesId>
        <classId>C000018516</classId>
        <classId>C000018513</classId>
        <classId>C000064443</classId>
        <classId>C000018515</classId>
        <classId>C000128878</classId>
      </seriesClassInfo>

    </filerInfo>
  </headerData>
  <formData>
    <genInfo>
      <regName>Franklin Investors Securities Trust</regName>
      <regFileNumber>811-04986</regFileNumber>
      <regCik>0000809707</regCik>
      <regLei>549300XUGIR9DEQFV548</regLei>
      <regStreet1>One Franklin Parkway</regStreet1>
      <regCity>San Mateo</regCity>
      <regStateConditional regCountry="US" regState="US-CA"/>
      <regZipOrPostalCode>94403-1906</regZipOrPostalCode>
      <regPhone>650-312-2000</regPhone>
      <seriesName>Franklin Equity Income Fund</seriesName>
      <seriesId>S000006852</seriesId>
      <seriesLei>549300NQIOLSX881UZ17</seriesLei>
      <repPdEnd>2019-10-31</repPdEnd>
      <repPdDate>2019-10-31</repPdDate>
      <isFinalFiling>N</isFinalFiling>
    </genInfo>
    <fundInfo>
      <totAssets>2533801083.32</totAssets>
      <totLiabs>34782936.66</totLiabs>
      <netAssets>2499018146.66</netAssets>
      <assetsAttrMiscSec>0.00000000</assetsAttrMiscSec>
      <assetsInvested>0.00000000</assetsInvested>
      <amtPayOneYrBanksBorr>0.00000000</amtPayOneYrBanksBorr>
      <amtPayOneYrCtrldComp>0.00000000</amtPayOneYrCtrldComp>
      <amtPayOneYrOthAffil>0.00000000</amtPayOneYrOthAffil>
      <amtPayOneYrOther>0.00000000</amtPayOneYrOther>
      <amtPayAftOneYrBanksBorr>0.00000000</amtPayAftOneYrBanksBorr>
      <amtPayAftOneYrCtrldComp>0.00000000</amtPayAftOneYrCtrldComp>
      <amtPayAftOneYrOthAffil>0.00000000</amtPayAftOneYrOthAffil>
      <amtPayAftOneYrOther>0.00000000</amtPayAftOneYrOther>
      <delayDeliv>0.00000000</delayDeliv>
      <standByCommit>0.00000000</standByCommit>
      <liquidPref>0.00000000</liquidPref>
      <cshNotRptdInCorD>1209816.82000000</cshNotRptdInCorD>
      <isNonCashCollateral>N</isNonCashCollateral>
      <returnInfo>
        <monthlyTotReturns>
          <monthlyTotReturn classId="C000018513" rtn1="-1.43869300" rtn2="2.80854820" rtn3="1.23494730"/>
          <monthlyTotReturn classId="C000018516" rtn1="-1.43869300" rtn2="2.78161290" rtn3="1.19586460"/>
          <monthlyTotReturn classId="C000128878" rtn1="-1.39700320" rtn2="2.84495330" rtn3="1.27118330"/>
          <monthlyTotReturn classId="C000064443" rtn1="-1.43580800" rtn2="2.82739400" rtn3="1.27155690"/>
          <monthlyTotReturn classId="C000018515" rtn1="-1.48964610" rtn2="2.72147680" rtn3="1.16693540"/>
        </monthlyTotReturns>
        <monthlyReturnCats>
          <commodityContracts>
            <mon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <mon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <mon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <futureCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </futureCategory>
            <optionCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </optionCategory>
          </commodityContracts>
          <creditContracts>
            <mon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <mon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <mon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <futureCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </futureCategory>
            <optionCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </optionCategory>
            <swaptionCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </swaptionCategory>
            <swapCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </swapCategory>
          </creditContracts>
          <equityContracts>
            <mon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <mon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <mon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <futureCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </futureCategory>
            <optionCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </optionCategory>
            <swapCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </swapCategory>
          </equityContracts>
          <foreignExchgContracts>
            <mon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <mon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <mon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <forwardCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </forwardCategory>
            <futureCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </futureCategory>
            <optionCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </optionCategory>
          </foreignExchgContracts>
          <interestRtContracts>
            <mon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <mon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <mon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <futureCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </futureCategory>
            <swaptionCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </swaptionCategory>
            <swapCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </swapCategory>
          </interestRtContracts>
          <otherContracts>
            <mon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <mon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <mon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <futureCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </futureCategory>
            <optionCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </optionCategory>
            <swapCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </swapCategory>
            <otherCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </otherCategory>
          </otherContracts>
        </monthlyReturnCats>
        <othMon1 netRealizedGain="7845552.27000000" netUnrealizedAppr="-38566392.96000000"/>
        <othMon2 netRealizedGain="18153574.39000000" netUnrealizedAppr="55732632.53000000"/>
        <othMon3 netRealizedGain="36340770.30000000" netUnrealizedAppr="3569983.72000000"/>
      </returnInfo>
      <mon1Flow redemption="31511657.91000000" reinvestment="0.59000000" sales="37570497.92000000"/>
      <mon2Flow redemption="31960534.70000000" reinvestment="13621801.25000000" sales="34823654.10000000"/>
      <mon3Flow redemption="30676290.70000000" reinvestment="0.06000000" sales="39714341.00000000"/>

    </fundInfo>
    <invstOrSecs>
      <invstOrSec>
        <name>ONEOK INC COM USD.01</name>
        <lei>2T3D6M0JSY48PSZI1Q41</lei>
        <title>ONEOK INC COM USD.01</title>
        <cusip>682680103</cusip>
        <identifiers>
          <ticker value="OKE"/>
          <other otherDesc="Internal Identifier" value="5043"/>
        </identifiers>
        <balance>250000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>17457500.00000000</valUSD>
        <pctVal>0.698574359027</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PROCTER &amp; GAMBLE CO COM NPV</name>
        <lei>2572IBTT8CCZW6AU4141</lei>
        <title>PROCTER &amp; GAMBLE CO COM NPV</title>
        <cusip>742718109</cusip>
        <identifiers>
          <ticker value="PG"/>
          <other otherDesc="Internal Identifier" value="4513"/>
        </identifiers>
        <balance>546500.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>68044715.00000000</valUSD>
        <pctVal>2.722857978880</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ILLINOIS TOOL WORKS INC COM NPV</name>
        <lei>76NA4I14SZCFAYMNSV04</lei>
        <title>ILLINOIS TOOL WORKS INC COM NPV</title>
        <cusip>452308109</cusip>
        <identifiers>
          <ticker value="ITW"/>
          <other otherDesc="Internal Identifier" value="29902"/>
        </identifiers>
        <balance>82500.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>13907850.00000000</valUSD>
        <pctVal>0.556532573346</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>OCCIDENTAL PETROLEUM CORP COM USD.2</name>
        <lei>IM7X0T3ECJW4C1T7ON55</lei>
        <title>OCCIDENTAL PETROLEUM CORP COM USD.2</title>
        <cusip>674599105</cusip>
        <identifiers>
          <ticker value="OXY"/>
          <other otherDesc="Internal Identifier" value="18979"/>
        </identifiers>
        <balance>537000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>21748500.00000000</valUSD>
        <pctVal>0.870281795635</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>RAYTHEON CO NEW COM NPV</name>
        <lei>YR6K3WJN0KKLUPZSNL57</lei>
        <title>RAYTHEON CO NEW COM NPV</title>
        <cusip>755111507</cusip>
        <identifiers>
          <ticker value="RTN"/>
          <other otherDesc="Internal Identifier" value="209000"/>
        </identifiers>
        <balance>215000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>45625150.00000000</valUSD>
        <pctVal>1.825723036904</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>XCEL ENERGY INC COM USD2.5</name>
        <lei>LGJNMI9GH8XIDG5RCM61</lei>
        <title>XCEL ENERGY INC COM USD2.5</title>
        <cusip>98389B100</cusip>
        <identifiers>
          <ticker value="XEL"/>
          <other otherDesc="Internal Identifier" value="911"/>
        </identifiers>
        <balance>723500.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>45949485.00000000</valUSD>
        <pctVal>1.838701534097</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ELI LILLY &amp; CO COM NPV</name>
        <lei>FRDRIPF3EKNDJ2CQJL29</lei>
        <title>ELI LILLY &amp; CO COM NPV</title>
        <cusip>532457108</cusip>
        <identifiers>
          <ticker value="LLY"/>
          <other otherDesc="Internal Identifier" value="16427"/>
        </identifiers>
        <balance>55000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6267250.00000000</valUSD>
        <pctVal>0.250788495008</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UNITEDHEALTH GROUP INC COM USD0.01</name>
        <lei>549300GHBMY8T5GXDE41</lei>
        <title>UNITEDHEALTH GROUP INC COM USD0.01</title>
        <cusip>91324P102</cusip>
        <identifiers>
          <ticker value="UNH"/>
          <other otherDesc="Internal Identifier" value="12365"/>
        </identifiers>
        <balance>140500.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>35504350.00000000</valUSD>
        <pctVal>1.420731980175</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>COCA-COLA CO COM USD0.25</name>
        <lei>UWJKFUJFZ02DKWI3RY53</lei>
        <title>COCA-COLA CO COM USD0.25</title>
        <cusip>191216100</cusip>
        <identifiers>
          <ticker value="KO"/>
          <other otherDesc="Internal Identifier" value="3082"/>
        </identifiers>
        <balance>1075000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>58512250.00000000</valUSD>
        <pctVal>2.341409568321</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>EMERSON ELECTRIC CO COM USD1</name>
        <lei>FGLT0EWZSUIRRITFOA30</lei>
        <title>EMERSON ELECTRIC CO COM USD1</title>
        <cusip>291011104</cusip>
        <identifiers>
          <ticker value="EMR"/>
          <other otherDesc="Internal Identifier" value="26548"/>
        </identifiers>
        <balance>381000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>26727150.00000000</valUSD>
        <pctVal>1.069506039230</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CISCO SYSTEMS INC COM USD NPV</name>
        <lei>8E6NF1YAL0WT6CWXXV93</lei>
        <title>CISCO SYSTEMS INC COM USD NPV</title>
        <cusip>17275R102</cusip>
        <identifiers>
          <ticker value="CSCO"/>
          <other otherDesc="Internal Identifier" value="29591"/>
        </identifiers>
        <balance>629233.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>29894859.83000000</valUSD>
        <pctVal>1.196264215606</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MEDTRONIC PLC ORD USD.1</name>
        <lei>549300GX3ZBSQWUXY261</lei>
        <title>MEDTRONIC PLC ORD USD.1</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="IE00BTN1Y115"/>
          <other otherDesc="Internal Identifier" value="596122"/>
        </identifiers>
        <balance>455000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>49549500.00000000</valUSD>
        <pctVal>1.982758711305</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LOCKHEED MARTIN CORP COM USD1</name>
        <lei>DPRBOZP0K5RM2YE8UU08</lei>
        <title>LOCKHEED MARTIN CORP COM USD1</title>
        <cusip>539830109</cusip>
        <identifiers>
          <ticker value="LMT"/>
          <other otherDesc="Internal Identifier" value="31735"/>
        </identifiers>
        <balance>95000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>35784600.00000000</valUSD>
        <pctVal>1.431946384536</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TELUS CORP ORD CAD NPV</name>
        <lei>L2TEUTQ8OSHMJWVLCE40</lei>
        <title>TELUS CORP ORD CAD NPV</title>
        <cusip>87971M103</cusip>
        <identifiers>
          <ticker value="T"/>
          <other otherDesc="Internal Identifier" value="22691"/>
        </identifiers>
        <balance>470000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.31605000"/>
        <valUSD>16725788.07000000</valUSD>
        <pctVal>0.669294382369</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BB&amp;T CORP COM USD5</name>
        <lei>549300DRQQI75D2JP341</lei>
        <title>BB&amp;T CORP COM USD5</title>
        <cusip>054937107</cusip>
        <identifiers>
          <ticker value="BBT"/>
          <other otherDesc="Internal Identifier" value="63877"/>
        </identifiers>
        <balance>1050000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>55702500.00000000</valUSD>
        <pctVal>2.228975410780</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>REPUBLIC SERVICES INC COM USD.01</name>
        <lei>NKNQHM6BLECKVOQP7O46</lei>
        <title>REPUBLIC SERVICES INC COM USD.01</title>
        <cusip>760759100</cusip>
        <identifiers>
          <ticker value="RSG"/>
          <other otherDesc="Internal Identifier" value="55349"/>
        </identifiers>
        <balance>498500.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>43623735.00000000</valUSD>
        <pctVal>1.745634983015</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SUNCOR ENERGY INC ORD USD NPV</name>
        <lei>549300W70ZOQDVLCHY06</lei>
        <title>SUNCOR ENERGY INC ORD USD NPV</title>
        <cusip>867224107</cusip>
        <identifiers>
          <ticker value="SU"/>
          <other otherDesc="Internal Identifier" value="450532"/>
        </identifiers>
        <balance>1035000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>30729150.00000000</valUSD>
        <pctVal>1.229648933965</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Dow Inc COM USD 0.01</name>
        <lei>5493003S21INSLK2IP73</lei>
        <title>Dow Inc COM USD 0.01</title>
        <cusip>260557103</cusip>
        <identifiers>
          <ticker value="DOW"/>
          <other otherDesc="Internal Identifier" value="971097"/>
        </identifiers>
        <balance>160000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8078400.00000000</valUSD>
        <pctVal>0.323262958726</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LOWE'S COMPANIES INC COM USD.5</name>
        <lei>WAFCR4OKGSC504WU3E95</lei>
        <title>LOWE'S COMPANIES INC COM USD.5</title>
        <cusip>548661107</cusip>
        <identifiers>
          <ticker value="LOW"/>
          <other otherDesc="Internal Identifier" value="34083"/>
        </identifiers>
        <balance>151000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>16853110.00000000</valUSD>
        <pctVal>0.674389260539</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BLACKROCK INC COM USD.01</name>
        <lei>549300LRIF3NWCU26A80</lei>
        <title>BLACKROCK INC COM USD.01</title>
        <cusip>09247X101</cusip>
        <identifiers>
          <ticker value="BLK"/>
          <other otherDesc="Internal Identifier" value="176942"/>
        </identifiers>
        <balance>39500.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>18237150.00000000</valUSD>
        <pctVal>0.729772611870</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UNILEVER NV COM NY REGD NLG1</name>
        <lei>549300TK7G7NZTVM1Z30</lei>
        <title>UNILEVER NV COM NY REGD NLG1</title>
        <cusip>904784709</cusip>
        <identifiers>
          <ticker value="UN"/>
          <other otherDesc="Internal Identifier" value="1258"/>
        </identifiers>
        <balance>450000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>26658000.00000000</valUSD>
        <pctVal>1.066738952481</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>IFT MONEY MARKET PORTFOLIO OEMF-SWEEP MONEY MARKET PORTFOLIO</name>
        <lei>N/A</lei>
        <title>IFT MONEY MARKET PORTFOLIO OEMF-SWEEP MONEY MARKET PORTFOLIO</title>
        <cusip>457756500</cusip>
        <identifiers>
          <ticker value="INFXX"/>
          <other otherDesc="Internal Identifier" value="170875"/>
        </identifiers>
        <balance>82896934.30200000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>82896934.30000000</valUSD>
        <pctVal>3.317180165770</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MICROSOFT CORP COM USD0.001</name>
        <lei>INR2EJN1ERAN0W5ZP974</lei>
        <title>MICROSOFT CORP COM USD0.001</title>
        <cusip>594918104</cusip>
        <identifiers>
          <ticker value="MSFT"/>
          <other otherDesc="Internal Identifier" value="853"/>
        </identifiers>
        <balance>500000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>71685000.00000000</valUSD>
        <pctVal>2.868526588964</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BASF SE ORD EUR NPV***REGISTERED SHARES***</name>
        <lei>529900PM64WH8AF1E917</lei>
        <title>BASF SE ORD EUR NPV***REGISTERED SHARES***</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="DE000BASF111"/>
          <other otherDesc="Internal Identifier" value="54436"/>
        </identifiers>
        <balance>87500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89726330"/>
        <valUSD>6658480.74000000</valUSD>
        <pctVal>0.266443873122</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ROGERS COMMUNICATIONS INC ORD B USD1.625</name>
        <lei>54930030NVF3Y2OL0A78</lei>
        <title>ROGERS COMMUNICATIONS INC ORD B USD1.625</title>
        <cusip>775109200</cusip>
        <identifiers>
          <ticker value="RCI"/>
          <other otherDesc="Internal Identifier" value="60240"/>
        </identifiers>
        <balance>350000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>16481500.00000000</valUSD>
        <pctVal>0.659519020381</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DG 6.5% ELN Issued by Wells Fargo Bank N.A. 6.50% ELN 12/23/2019</name>
        <lei>KB1H1DSPRFMYMCUFXT09</lei>
        <title>DG 6.5% ELN Issued by Wells Fargo Bank N.A. 6.50% ELN 12/23/2019</title>
        <cusip>94980V447</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="948749"/>
        </identifiers>
        <balance>205000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>25299757.87000000</valUSD>
        <pctVal>1.012387921384</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SCHW 7.00% ELN ISSUED BY GOLDMAN SACHS INTERNATIONAL 7.00% ELN 01/17/20</name>
        <lei>W22LROWP2IHZNBB6K528</lei>
        <title>SCHW 7.00% ELN ISSUED BY GOLDMAN SACHS INTERNATIONAL 7.00% ELN 01/17/20</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="XS1269129786"/>
          <other otherDesc="Internal Identifier" value="953924"/>
        </identifiers>
        <balance>436000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>17951764.16000000</valUSD>
        <pctVal>0.718352693196</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ROYAL DUTCH SHELL PLC SPONSORED ADR A</name>
        <lei>21380068P1DRHMJ8KU70</lei>
        <title>ROYAL DUTCH SHELL PLC SPONSORED ADR A</title>
        <cusip>780259206</cusip>
        <identifiers>
          <ticker value="RDS/A"/>
          <other otherDesc="Internal Identifier" value="339933"/>
        </identifiers>
        <balance>600000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>34782000.00000000</valUSD>
        <pctVal>1.391826627849</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MERCK &amp; CO INC COM USD.05</name>
        <lei>4YV9Y5M8S0BRK1RP0397</lei>
        <title>MERCK &amp; CO INC COM USD.05</title>
        <cusip>58933Y105</cusip>
        <identifiers>
          <ticker value="MRK"/>
          <other otherDesc="Internal Identifier" value="2049"/>
        </identifiers>
        <balance>455000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>39430300.00000000</valUSD>
        <pctVal>1.577831679721</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ARTHUR J GALLAGHER &amp; CO COM USD1</name>
        <lei>54930049QLLMPART6V29</lei>
        <title>ARTHUR J GALLAGHER &amp; CO COM USD1</title>
        <cusip>363576109</cusip>
        <identifiers>
          <ticker value="AJG"/>
          <other otherDesc="Internal Identifier" value="43324"/>
        </identifiers>
        <balance>210000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>19156200.00000000</valUSD>
        <pctVal>0.766549055500</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WALMART INC COM USD0.1</name>
        <lei>Y87794H0US1R65VBXU25</lei>
        <title>WALMART INC COM USD0.1</title>
        <cusip>931142103</cusip>
        <identifiers>
          <ticker value="WMT"/>
          <other otherDesc="Internal Identifier" value="1352"/>
        </identifiers>
        <balance>380000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>44558800.00000000</valUSD>
        <pctVal>1.783052278333</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ANALOG DEVICES INC COM USD.167</name>
        <lei>GYVOE5EZ4GDAVTU4CQ61</lei>
        <title>ANALOG DEVICES INC COM USD.167</title>
        <cusip>032654105</cusip>
        <identifiers>
          <ticker value="ADI"/>
          <other otherDesc="Internal Identifier" value="30788"/>
        </identifiers>
        <balance>176000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>18766880.00000000</valUSD>
        <pctVal>0.750970137014</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>INTEL CORP COM USD.001</name>
        <lei>KNX4USFCNGPY45LOCE31</lei>
        <title>INTEL CORP COM USD.001</title>
        <cusip>458140100</cusip>
        <identifiers>
          <ticker value="INTC"/>
          <other otherDesc="Internal Identifier" value="7126"/>
        </identifiers>
        <balance>328402.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>18564565.06000000</valUSD>
        <pctVal>0.742874359868</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MORGAN STANLEY COM USD.01</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>MORGAN STANLEY COM USD.01</title>
        <cusip>617446448</cusip>
        <identifiers>
          <ticker value="MS"/>
          <other otherDesc="Internal Identifier" value="22155"/>
        </identifiers>
        <balance>1225000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>56411250.00000000</valUSD>
        <pctVal>2.257336549372</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TRACTOR SUPPLY CO COM USD.008</name>
        <lei>549300OJ9VZHZRO6I137</lei>
        <title>TRACTOR SUPPLY CO COM USD.008</title>
        <cusip>892356106</cusip>
        <identifiers>
          <ticker value="TSCO"/>
          <other otherDesc="Internal Identifier" value="51994"/>
        </identifiers>
        <balance>121000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>11497420.00000000</valUSD>
        <pctVal>0.460077491448</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>US BANCORP COM USD.01</name>
        <lei>N1GZ7BBF3NP8GI976H15</lei>
        <title>US BANCORP COM USD.01</title>
        <cusip>902973304</cusip>
        <identifiers>
          <ticker value="USB"/>
          <other otherDesc="Internal Identifier" value="203182"/>
        </identifiers>
        <balance>555000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>31646100.00000000</valUSD>
        <pctVal>1.266341344591</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NORFOLK SOUTHERN CORP COM USD1</name>
        <lei>54930036C8MWP850MI84</lei>
        <title>NORFOLK SOUTHERN CORP COM USD1</title>
        <cusip>655844108</cusip>
        <identifiers>
          <ticker value="NSC"/>
          <other otherDesc="Internal Identifier" value="910"/>
        </identifiers>
        <balance>216000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>39312000.00000000</valUSD>
        <pctVal>1.573097820539</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HOST HOTELS &amp; RESORTS INC REIT USD.01</name>
        <lei>N6EL63S0K3PB1YFTDI24</lei>
        <title>HOST HOTELS &amp; RESORTS INC REIT USD.01</title>
        <cusip>44107P104</cusip>
        <identifiers>
          <ticker value="HST"/>
          <other otherDesc="Internal Identifier" value="29888"/>
        </identifiers>
        <balance>1525000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>24994750.00000000</valUSD>
        <pctVal>1.000182813134</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BAC 7.00% ELN ISSUED BY CREDIT SUISSE AG BAC 7.00% ELN 10/15/20</name>
        <lei>ANGGYXNX0JLX3X63JN86</lei>
        <title>BAC 7.00% ELN ISSUED BY CREDIT SUISSE AG BAC 7.00% ELN 10/15/20</title>
        <cusip>22550T310</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="1013352"/>
        </identifiers>
        <balance>850000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>26266130.50000000</valUSD>
        <pctVal>1.051058013928</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>EXXON MOBIL CORP COM NPV</name>
        <lei>J3WHBG0MTS7O8ZVMDC91</lei>
        <title>EXXON MOBIL CORP COM NPV</title>
        <cusip>30231G102</cusip>
        <identifiers>
          <ticker value="XOM"/>
          <other otherDesc="Internal Identifier" value="29743"/>
        </identifiers>
        <balance>455934.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>30807460.38000000</valUSD>
        <pctVal>1.232782579877</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>METLIFE INC COM USD.01</name>
        <lei>C4BXATY60WC6XEOZDX54</lei>
        <title>METLIFE INC COM USD.01</title>
        <cusip>59156R108</cusip>
        <identifiers>
          <ticker value="MET"/>
          <other otherDesc="Internal Identifier" value="185823"/>
        </identifiers>
        <balance>810000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>37899900.00000000</valUSD>
        <pctVal>1.516591628222</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>STANLEY BLACK &amp; DECKER INC COM USD2.5</name>
        <lei>549300DJ09SMTO561131</lei>
        <title>STANLEY BLACK &amp; DECKER INC COM USD2.5</title>
        <cusip>854502101</cusip>
        <identifiers>
          <ticker value="SWK"/>
          <other otherDesc="Internal Identifier" value="64082"/>
        </identifiers>
        <balance>95780.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>14494387.40000000</valUSD>
        <pctVal>0.580003287265</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>JPMORGAN CHASE &amp; CO COM USD1</name>
        <lei>8I5DZWZKVSZI1NUHU748</lei>
        <title>JPMORGAN CHASE &amp; CO COM USD1</title>
        <cusip>46625H100</cusip>
        <identifiers>
          <ticker value="JPM"/>
          <other otherDesc="Internal Identifier" value="344"/>
        </identifiers>
        <balance>866000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>108180720.00000000</valUSD>
        <pctVal>4.328928949339</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DuPont de Nemours Inc COM USD 0.01</name>
        <lei>5493004JF0SDFLM8GD76</lei>
        <title>DuPont de Nemours Inc COM USD 0.01</title>
        <cusip>26614N102</cusip>
        <identifiers>
          <ticker value="DD"/>
          <other otherDesc="Internal Identifier" value="812044"/>
        </identifiers>
        <balance>138333.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9117528.03000000</valUSD>
        <pctVal>0.364844410681</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HCA 6.00% ELN ISSUED BY GOLDMAN SACHS INTERNATION 6.00% ELN 12/11/2019</name>
        <lei>W22LROWP2IHZNBB6K528</lei>
        <title>HCA 6.00% ELN ISSUED BY GOLDMAN SACHS INTERNATION 6.00% ELN 12/11/2019</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="XS1269129513"/>
          <other otherDesc="Internal Identifier" value="947098"/>
        </identifiers>
        <balance>140200.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>18980647.67000000</valUSD>
        <pctVal>0.759524203350</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>JOHNSON &amp; JOHNSON COM USD1</name>
        <lei>549300G0CFPGEF6X2043</lei>
        <title>JOHNSON &amp; JOHNSON COM USD1</title>
        <cusip>478160104</cusip>
        <identifiers>
          <ticker value="JNJ"/>
          <other otherDesc="Internal Identifier" value="726"/>
        </identifiers>
        <balance>400000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>52816000.00000000</valUSD>
        <pctVal>2.113470047049</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PROLOGIS INC REIT USD.01</name>
        <lei>529900DFH19P073LZ636</lei>
        <title>PROLOGIS INC REIT USD.01</title>
        <cusip>74340W103</cusip>
        <identifiers>
          <ticker value="PLD"/>
          <other otherDesc="Internal Identifier" value="50251"/>
        </identifiers>
        <balance>215000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>18868400.00000000</valUSD>
        <pctVal>0.755032532485</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>EQUITY RESIDENTIAL REAL ESTATE INVESTMENT TRUST USD0.01</name>
        <lei>5493008RACSH5EP3PI59</lei>
        <title>EQUITY RESIDENTIAL REAL ESTATE INVESTMENT TRUST USD0.01</title>
        <cusip>29476L107</cusip>
        <identifiers>
          <ticker value="EQR"/>
          <other otherDesc="Internal Identifier" value="29730"/>
        </identifiers>
        <balance>300000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>26598000.00000000</valUSD>
        <pctVal>1.064338009531</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>INTERNATIONAL PAPER CO COM USD1</name>
        <lei>824LMFJDH41EY779Q875</lei>
        <title>INTERNATIONAL PAPER CO COM USD1</title>
        <cusip>460146103</cusip>
        <identifiers>
          <ticker value="IP"/>
          <other otherDesc="Internal Identifier" value="1782"/>
        </identifiers>
        <balance>175000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7644000.00000000</valUSD>
        <pctVal>0.305880131771</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PFIZER INC COM USD.05</name>
        <lei>765LHXWGK1KXCLTFYQ30</lei>
        <title>PFIZER INC COM USD.05</title>
        <cusip>717081103</cusip>
        <identifiers>
          <ticker value="PFE"/>
          <other otherDesc="Internal Identifier" value="971"/>
        </identifiers>
        <balance>1184300.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>45441591.00000000</valUSD>
        <pctVal>1.818377792123</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NESTLE SA ORD REGD CHF0.1</name>
        <lei>KY37LUS27QQX7BB93L28</lei>
        <title>NESTLE SA ORD REGD CHF0.1</title>
        <cusip>H57312649</cusip>
        <identifiers>
          <ticker value="NESN"/>
          <other otherDesc="Internal Identifier" value="7187"/>
        </identifiers>
        <balance>190000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt="0.98965000"/>
        <valUSD>20285670.84000000</valUSD>
        <pctVal>0.811745639667</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WELLS FARGO &amp; CO COM USD.1666</name>
        <lei>PBLD0EJDB5FWOLXP3B76</lei>
        <title>WELLS FARGO &amp; CO COM USD.1666</title>
        <cusip>949746101</cusip>
        <identifiers>
          <ticker value="WFC"/>
          <other otherDesc="Internal Identifier" value="20314"/>
        </identifiers>
        <balance>525000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>27105750.00000000</valUSD>
        <pctVal>1.084655989242</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>OXY 8.0% ELN Issued by Citigroup Global Markets Holdings Inc 8.0% ELN 3/3/2020</name>
        <lei>82VOJDD5PTRDMVVMGV31</lei>
        <title>OXY 8.0% ELN Issued by Citigroup Global Markets Holdings Inc 8.0% ELN 3/3/2020</title>
        <cusip>17326W183</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="964528"/>
        </identifiers>
        <balance>250000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>14404227.50000000</valUSD>
        <pctVal>0.576395474328</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TJX 5.5% ELN Issued by JPMorgan Chase Bank, National Association 5.5% ELN 08/25/2020</name>
        <lei>7H6GLXDRUGQFU57RNE97</lei>
        <title>TJX 5.5% ELN Issued by JPMorgan Chase Bank, National Association 5.5% ELN 08/25/2020</title>
        <cusip>48128D677</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="999340"/>
        </identifiers>
        <balance>326000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>18574195.89000000</valUSD>
        <pctVal>0.743259744425</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LOW 7.00% ELN ISSUED BY Royal Bank of Canada LOW 7.00% ELN 10/09/2020</name>
        <lei>ES7IP3U3RHIGC71XBU11</lei>
        <title>LOW 7.00% ELN ISSUED BY Royal Bank of Canada LOW 7.00% ELN 10/09/2020</title>
        <cusip>78013P725</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="1013444"/>
        </identifiers>
        <balance>115000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>12815029.37000000</valUSD>
        <pctVal>0.512802573567</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MCDONALD'S CORP COM USD.01</name>
        <lei>UE2136O97NLB5BYP9H04</lei>
        <title>MCDONALD'S CORP COM USD.01</title>
        <cusip>580135101</cusip>
        <identifiers>
          <ticker value="MCD"/>
          <other otherDesc="Internal Identifier" value="799"/>
        </identifiers>
        <balance>175000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>34422500.00000000</valUSD>
        <pctVal>1.377440978009</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ORACLE CORP COM USD0.01</name>
        <lei>1Z4GXXU7ZHVWFCD8TV52</lei>
        <title>ORACLE CORP COM USD0.01</title>
        <cusip>68389X105</cusip>
        <identifiers>
          <ticker value="ORCL"/>
          <other otherDesc="Internal Identifier" value="25597"/>
        </identifiers>
        <balance>340000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>18526600.00000000</valUSD>
        <pctVal>0.741355160816</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TEXAS INSTRUMENTS INC COM USD1</name>
        <lei>WDJNR2L6D8RWOEB8T652</lei>
        <title>TEXAS INSTRUMENTS INC COM USD1</title>
        <cusip>882508104</cusip>
        <identifiers>
          <ticker value="TXN"/>
          <other otherDesc="Internal Identifier" value="5041"/>
        </identifiers>
        <balance>250000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>29497500.00000000</valUSD>
        <pctVal>1.180363577568</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AVGO 10.0% ELN Issued by Barclays Bank PLC 10.0% ELN 6/23/2020</name>
        <lei>G5GSEF7VJP5I7OUK5573</lei>
        <title>AVGO 10.0% ELN Issued by Barclays Bank PLC 10.0% ELN 6/23/2020</title>
        <cusip>06747B233</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="989519"/>
        </identifiers>
        <balance>67000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>19913682.58000000</valUSD>
        <pctVal>0.796860263164</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Aqua America Inc 6% CNV PFD *WTRU*</name>
        <lei>549300ILTEOF3E3QY357</lei>
        <title>Aqua America Inc 6% CNV PFD *WTRU*</title>
        <cusip>03836W202</cusip>
        <identifiers>
          <ticker value="WTR"/>
          <other otherDesc="Internal Identifier" value="977669"/>
        </identifiers>
        <balance>370000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>22292500.00000000</valUSD>
        <pctVal>0.892050345044</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MSFT 6.50% ELN ISSUED BY BARCLAYS BANK PLC 6.50% ELN 11/05/2020</name>
        <lei>G5GSEF7VJP5I7OUK5573</lei>
        <title>MSFT 6.50% ELN ISSUED BY BARCLAYS BANK PLC 6.50% ELN 11/05/2020</title>
        <cusip>06747D536</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="1018628"/>
        </identifiers>
        <balance>110000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>15593932.20000000</valUSD>
        <pctVal>0.624002359520</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VERIZON COMMUNICATIONS INC COM USD1</name>
        <lei>2S72QS2UO2OESLG6Y829</lei>
        <title>VERIZON COMMUNICATIONS INC COM USD1</title>
        <cusip>92343V104</cusip>
        <identifiers>
          <ticker value="VZ"/>
          <other otherDesc="Internal Identifier" value="22610"/>
        </identifiers>
        <balance>875000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>52911250.00000000</valUSD>
        <pctVal>2.117281543982</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NEXTERA ENERGY INC COM USD.01</name>
        <lei>N/A</lei>
        <title>NEXTERA ENERGY INC COM USD.01</title>
        <cusip>65339F101</cusip>
        <identifiers>
          <ticker value="NEE"/>
          <other otherDesc="Internal Identifier" value="546"/>
        </identifiers>
        <balance>255300.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>60848202.00000000</valUSD>
        <pctVal>2.434884359736</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TARGET CORP COM USD.0833</name>
        <lei>8WDDFXB5T1Z6J0XC1L66</lei>
        <title>TARGET CORP COM USD.0833</title>
        <cusip>87612E106</cusip>
        <identifiers>
          <ticker value="TGT"/>
          <other otherDesc="Internal Identifier" value="434"/>
        </identifiers>
        <balance>220000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>23520200.00000000</valUSD>
        <pctVal>0.941177639363</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HCA HEALTHCARE INC COM USD .01</name>
        <lei>529900PH4ZGUH2MNEU89</lei>
        <title>HCA HEALTHCARE INC COM USD .01</title>
        <cusip>40412C101</cusip>
        <identifiers>
          <ticker value="HCA"/>
          <other otherDesc="Internal Identifier" value="488690"/>
        </identifiers>
        <balance>120000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>16024800.00000000</valUSD>
        <pctVal>0.641243842963</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CHEVRON CORP COM USD.75</name>
        <lei>N/A</lei>
        <title>CHEVRON CORP COM USD.75</title>
        <cusip>166764100</cusip>
        <identifiers>
          <ticker value="CVX"/>
          <other otherDesc="Internal Identifier" value="14093"/>
        </identifiers>
        <balance>500000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>58070000.00000000</valUSD>
        <pctVal>2.323712617998</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>INTC 8.0% ELN Issued by Goldman Sachs International 8.0% ELN 12/10/2019</name>
        <lei>W22LROWP2IHZNBB6K528</lei>
        <title>INTC 8.0% ELN Issued by Goldman Sachs International 8.0% ELN 12/10/2019</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="XS1269129356"/>
          <other otherDesc="Internal Identifier" value="946940"/>
        </identifiers>
        <balance>230000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>12650636.18000000</valUSD>
        <pctVal>0.506224262393</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Fortive Corp 5% CNV PFD A *FTVVP*</name>
        <lei>549300MU9YQJYHDQEF63</lei>
        <title>Fortive Corp 5% CNV PFD A *FTVVP*</title>
        <cusip>34959J207</cusip>
        <identifiers>
          <ticker value="FTV"/>
          <other otherDesc="Internal Identifier" value="878935"/>
        </identifiers>
        <balance>13250.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>11932287.50000000</valUSD>
        <pctVal>0.477479025750</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BANK OF AMERICA CORP COM USD.01</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
        <title>BANK OF AMERICA CORP COM USD.01</title>
        <cusip>060505104</cusip>
        <identifiers>
          <ticker value="BAC"/>
          <other otherDesc="Internal Identifier" value="19138"/>
        </identifiers>
        <balance>1679708.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>52524469.16000000</valUSD>
        <pctVal>2.101804231802</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BECTON DICKINSON AND CO 6.125% CNV PFD SER A *BDXA*</name>
        <lei>ICE2EP6D98PQUILVRZ91</lei>
        <title>BECTON DICKINSON AND CO 6.125% CNV PFD SER A *BDXA*</title>
        <cusip>075887208</cusip>
        <identifiers>
          <ticker value="BDX"/>
          <other otherDesc="Internal Identifier" value="665829"/>
        </identifiers>
        <balance>700000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>43176000.00000000</valUSD>
        <pctVal>1.727718546490</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>APPLE INC COM USD.00001</name>
        <lei>HWUPKR0MPOU8FGXBT394</lei>
        <title>APPLE INC COM USD.00001</title>
        <cusip>037833100</cusip>
        <identifiers>
          <ticker value="AAPL"/>
          <other otherDesc="Internal Identifier" value="16746"/>
        </identifiers>
        <balance>130000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>32338800.00000000</valUSD>
        <pctVal>1.294060230943</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>COMCAST CORP COM A USD1 (NEW)</name>
        <lei>51M0QTTNCGUN7KFCFZ59</lei>
        <title>COMCAST CORP COM A USD1 (NEW)</title>
        <cusip>20030N101</cusip>
        <identifiers>
          <ticker value="CMCSA"/>
          <other otherDesc="Internal Identifier" value="262997"/>
        </identifiers>
        <balance>860000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>38545200.00000000</valUSD>
        <pctVal>1.542413769644</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PEPSICO INC COM USD.017</name>
        <lei>FJSUNZKFNQ5YPJ5OT455</lei>
        <title>PEPSICO INC COM USD.017</title>
        <cusip>713448108</cusip>
        <identifiers>
          <ticker value="PEP"/>
          <other otherDesc="Internal Identifier" value="6887"/>
        </identifiers>
        <balance>415000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>56925550.00000000</valUSD>
        <pctVal>2.277916632021</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Broadcom Inc 8% CNV PFD a *AVGOP*</name>
        <lei>549300WV6GIDOZJTV909</lei>
        <title>Broadcom Inc 8% CNV PFD a *AVGOP*</title>
        <cusip>11135F200</cusip>
        <identifiers>
          <ticker value="AVGO"/>
          <other otherDesc="Internal Identifier" value="1012579"/>
        </identifiers>
        <balance>12400.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>13429448.00000000</valUSD>
        <pctVal>0.537388974863</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UNITED TECHNOLOGIES CORP COM USD1</name>
        <lei>I07WOS4YJ0N7YRFE7309</lei>
        <title>UNITED TECHNOLOGIES CORP COM USD1</title>
        <cusip>913017109</cusip>
        <identifiers>
          <ticker value="UTX"/>
          <other otherDesc="Internal Identifier" value="4842"/>
        </identifiers>
        <balance>260000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>37330800.00000000</valUSD>
        <pctVal>1.493818684345</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CSCO 7.0% ELN Issued by Merrill Lynch International &amp; Co. C.V. 7.00% ELN 3/11/2020</name>
        <lei>AHYI0DDQ2LCHPGHJC422</lei>
        <title>CSCO 7.0% ELN Issued by Merrill Lynch International &amp; Co. C.V. 7.00% ELN 3/11/2020</title>
        <cusip>59027A466</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="966254"/>
        </identifiers>
        <balance>225000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10952124.98000000</valUSD>
        <pctVal>0.438257120887</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BAXTER INTERNATIONAL INC COM USD1</name>
        <lei>J5OIVXX3P24RJRW5CK77</lei>
        <title>BAXTER INTERNATIONAL INC COM USD1</title>
        <cusip>071813109</cusip>
        <identifiers>
          <ticker value="BAX"/>
          <other otherDesc="Internal Identifier" value="5171"/>
        </identifiers>
        <balance>380000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>29146000.00000000</valUSD>
        <pctVal>1.166298053455</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>3M CO COM USD.01</name>
        <lei>LUZQVYP4VS22CLWDAR65</lei>
        <title>3M CO COM USD.01</title>
        <cusip>88579Y101</cusip>
        <identifiers>
          <ticker value="MMM"/>
          <other otherDesc="Internal Identifier" value="833"/>
        </identifiers>
        <balance>167500.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>27635825.00000000</valUSD>
        <pctVal>1.105867319808</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AMZN 6.5% ELN ISSUED BY CITIGROUP GLOBAL MARKETS HOLDINGS INC 6.50% ELN 3/23/2020</name>
        <lei>82VOJDD5PTRDMVVMGV31</lei>
        <title>AMZN 6.5% ELN ISSUED BY CITIGROUP GLOBAL MARKETS HOLDINGS INC 6.50% ELN 3/23/2020</title>
        <cusip>17326W407</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="967916"/>
        </identifiers>
        <balance>17500.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>31075144.40000000</valUSD>
        <pctVal>1.243494147552</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DUKE ENERGY CORP COM USD.001</name>
        <lei>I1BZKREC126H0VB1BL91</lei>
        <title>DUKE ENERGY CORP COM USD.001</title>
        <cusip>26441C204</cusip>
        <identifiers>
          <ticker value="DUK"/>
          <other otherDesc="Internal Identifier" value="358486"/>
        </identifiers>
        <balance>500000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>47130000.00000000</valUSD>
        <pctVal>1.885940686864</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <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>2019-11-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Robert Kubilis</ncom:nameOfApplicant>
      <ncom:signature>Robert Kubilis</ncom:signature>
      <ncom:signerName>Robert Kubilis</ncom:signerName>
      <ncom:title>Chief Financial Officer, Chief Accounting Officer and Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
