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      <invstOrSec>
        <name>Exxon Mobil Corp.</name>
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        <name>Celanese US Holdings LLC</name>
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        <name>Flex Ltd.</name>
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        <name>Regal Rexnord Corp.</name>
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      <invstOrSec>
        <name>Ingersoll Rand, Inc.</name>
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          <isin value="US45687VAB27"/>
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        <balance>20000000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>Occidental Petroleum Corp.</name>
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        <title>Occidental Petroleum Corp.</title>
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        <name>American Tower Corp.</name>
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        <title>American Tower Corp.</title>
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        <name>Bristol-Myers Squibb Co.</name>
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        <name>Huntsman International LLC</name>
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        <name>T-Mobile USA, Inc.</name>
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        <title>T-Mobile USA, Inc.</title>
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        <invCountry>US</invCountry>
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        <name>General Motors Co.</name>
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        <name>N/A</name>
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        <name>International Business Machines Corp.</name>
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        <name>Fifth Third Bancorp</name>
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        <title>Fifth Third Bancorp</title>
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        <name>Haleon US Capital LLC</name>
        <lei>549300N8C3A3L0UVQB07</lei>
        <title>Haleon US Capital LLC</title>
        <cusip>36264FAM3</cusip>
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        <curCd>USD</curCd>
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        <name>FHLMC Pool</name>
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        <name>N/A</name>
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        <name>Merrill Lynch BV into Microsoft Corp</name>
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        <name>NextEra Energy, Inc.</name>
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        <name>Boeing Co. (The)</name>
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        <name>Carrier Global Corp.</name>
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        <name>Barclays plc</name>
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        <name>Boeing Co. (The)</name>
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        <name>Edison International</name>
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        <title>Edison International</title>
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        <name>Delta Air Lines, Inc. / SkyMiles IP Ltd.</name>
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        <name>Crown Castle, Inc.</name>
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        <name>Johnson &amp; Johnson</name>
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        <name>Morgan Stanley</name>
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        <name>DTE Energy Co.</name>
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        <name>Pfizer, Inc.</name>
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        <title>Pfizer, Inc.</title>
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        <name>PNC Financial Services Group, Inc. (The)</name>
        <lei>CFGNEKW0P8842LEUIA51</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>Analog Devices, Inc.</title>
        <cusip>00CBFSX59</cusip>
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          <isin value="US00CBFSX596"/>
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          <other otherDesc="Option Ticker" value="ADI UC 11/15/24 C260 Equity"/>
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        <balance>-2000.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>0.00000000</valUSD>
        <pctVal>0.000000</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerConditional desc="Option" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>Options Clearing</counterpartyName>
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            <putOrCall>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
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                <issuerName>Analog Devices, Inc.</issuerName>
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              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>100.00000000</shareNo>
            <exercisePrice>260.00000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2024-11-15</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>581750.00000000</unrealizedAppr>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Pilgrim's Pride Corp.</name>
        <lei>549300ZSLGV64ZL3HD75</lei>
        <title>Pilgrim's Pride Corp.</title>
        <cusip>72147KAJ7</cusip>
        <identifiers>
          <isin value="US72147KAJ79"/>
          <other otherDesc="Inhouse Asset ID" value="1238557"/>
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        <balance>21000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>19541329.50000000</valUSD>
        <pctVal>0.557591755019</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.25000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Truist Bank</name>
        <lei>JJKC32MCHWDI71265Z06</lei>
        <title>Truist Bank</title>
        <cusip>07330MAC1</cusip>
        <identifiers>
          <isin value="US07330MAC10"/>
          <other otherDesc="Inhouse Asset ID" value="1177820"/>
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        <balance>10000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>9744645.40000000</valUSD>
        <pctVal>0.278053442097</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-09-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.63200000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Citigroup, Inc.</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>Citigroup, Inc.</title>
        <cusip>172967PA3</cusip>
        <identifiers>
          <isin value="US172967PA33"/>
          <other otherDesc="Inhouse Asset ID" value="1223486"/>
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        <balance>10000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>10653135.70000000</valUSD>
        <pctVal>0.303976279168</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-11-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.27000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>Chevron Corp.</title>
        <cusip>00CB35V21</cusip>
        <identifiers>
          <isin value="US00CB35V217"/>
          <other otherDesc="Inhouse Asset ID" value="1388659"/>
          <other otherDesc="Option Ticker" value="CVX UC 12/20/24 C165 Equity"/>
        </identifiers>
        <balance>-3750.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-315000.00000000</valUSD>
        <pctVal>-0.00898820128</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerConditional desc="Option" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>Options Clearing</counterpartyName>
              <counterpartyLei>549300CII6SLYGKNHA04</counterpartyLei>
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            <putOrCall>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Chevron Corp.</issuerName>
                <issueTitle>Chevron Corp.</issueTitle>
                <identifiers>
                  <cusip value="166764100"/>
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              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>100.00000000</shareNo>
            <exercisePrice>165.00000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2024-12-20</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>199422.28000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>United Parcel Service, Inc.</name>
        <lei>D01LMJZU09ULLNCY6Z23</lei>
        <title>United Parcel Service, Inc., Class B</title>
        <cusip>911312106</cusip>
        <identifiers>
          <isin value="US9113121068"/>
          <other otherDesc="Inhouse Asset ID" value="178470"/>
        </identifiers>
        <balance>175000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>23460500.00000000</valUSD>
        <pctVal>0.669421257577</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>Fifth Third Bancorp</name>
        <lei>THRNG6BD57P9QWTQLG42</lei>
        <title>Fifth Third Bancorp</title>
        <cusip>316773DM9</cusip>
        <identifiers>
          <isin value="US316773DM97"/>
          <other otherDesc="Inhouse Asset ID" value="1390444"/>
        </identifiers>
        <balance>15000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>14834244.75000000</valUSD>
        <pctVal>0.423279929062</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-09-06</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.89500000</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>Viatris, Inc.</name>
        <lei>254900ZZTSW7NL773X71</lei>
        <title>Viatris, Inc.</title>
        <cusip>92556VAD8</cusip>
        <identifiers>
          <isin value="US92556VAD82"/>
          <other otherDesc="Inhouse Asset ID" value="1177910"/>
        </identifiers>
        <balance>20000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>17362007.60000000</valUSD>
        <pctVal>0.495407044251</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-06-22</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.70000000</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>Barclays Bank plc into International Business Machines Corp.</name>
        <lei>G5GSEF7VJP5I7OUK5573</lei>
        <title>Barclays Bank plc into International Business Machines Corp.</title>
        <cusip>06748N145</cusip>
        <identifiers>
          <isin value="US06748N1458"/>
          <other otherDesc="Inhouse Asset ID" value="1359995"/>
        </identifiers>
        <balance>80000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>15033357.60000000</valUSD>
        <pctVal>0.428961409612</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>SN</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-06-09</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.50000000</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>Johnson Controls International plc</name>
        <lei>549300XQ6S1GYKGBL205</lei>
        <title>Johnson Controls International plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="IE00BY7QL619"/>
          <other otherDesc="Inhouse Asset ID" value="592021"/>
        </identifiers>
        <balance>200000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>15110000.00000000</valUSD>
        <pctVal>0.431148321732</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>JPMorgan Chase &amp; Co.</name>
        <lei>8I5DZWZKVSZI1NUHU748</lei>
        <title>JPMorgan Chase &amp; Co.</title>
        <cusip>46647PDY9</cusip>
        <identifiers>
          <isin value="US46647PDY97"/>
          <other otherDesc="Inhouse Asset ID" value="1304956"/>
        </identifiers>
        <balance>10000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>10749505.80000000</valUSD>
        <pctVal>0.306726100934</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-10-23</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.25400000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>US Bancorp</name>
        <lei>N1GZ7BBF3NP8GI976H15</lei>
        <title>US Bancorp</title>
        <cusip>91159HJJ0</cusip>
        <identifiers>
          <isin value="US91159HJJ05"/>
          <other otherDesc="Inhouse Asset ID" value="1219940"/>
        </identifiers>
        <balance>10000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>10381007.40000000</valUSD>
        <pctVal>0.296211377789</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-10-21</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.85000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Home Depot, Inc. (The)</name>
        <lei>QEKMOTMBBKA8I816DO57</lei>
        <title>Home Depot, Inc. (The)</title>
        <cusip>437076102</cusip>
        <identifiers>
          <isin value="US4370761029"/>
          <other otherDesc="Inhouse Asset ID" value="638"/>
        </identifiers>
        <balance>150000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>59062500.00000000</valUSD>
        <pctVal>1.685287740060</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>
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      </invstOrSec>
      <invstOrSec>
        <name>Altria Group, Inc.</name>
        <lei>XSGZFLO9YTNO9VCQV219</lei>
        <title>Altria Group, Inc.</title>
        <cusip>02209SBL6</cusip>
        <identifiers>
          <isin value="US02209SBL60"/>
          <other otherDesc="Inhouse Asset ID" value="1132751"/>
        </identifiers>
        <balance>15000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>12486486.30000000</valUSD>
        <pctVal>0.356289054439</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-02-04</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.45000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>Broadcom, Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="1385826"/>
          <other otherDesc="Option Ticker" value="AVGO UC 12/20/24 P135 Equity"/>
        </identifiers>
        <balance>-1000.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-172000.00000000</valUSD>
        <pctVal>-0.00490784323</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerConditional desc="Option" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>Options Clearing</counterpartyName>
              <counterpartyLei>549300CII6SLYGKNHA04</counterpartyLei>
            </counterparties>
            <putOrCall>Put</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Broadcom, Inc.</issuerName>
                <issueTitle>Broadcom, Inc.</issueTitle>
                <identifiers>
                  <cusip value="11135F101"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>100.00000000</shareNo>
            <exercisePrice>135.00000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2024-12-20</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>258811.11000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Citigroup, Inc.</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>Citigroup, Inc.</title>
        <cusip>172967LP4</cusip>
        <identifiers>
          <isin value="US172967LP48"/>
          <other otherDesc="Inhouse Asset ID" value="670340"/>
        </identifiers>
        <balance>10000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>9695199.50000000</valUSD>
        <pctVal>0.276642554155</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-07-24</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.66800000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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        <name>AbbVie, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Expedia Group, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>N/A</name>
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        <name>JBS USA Holding LUX SARL / JBS USA Food Co. / JBS LUX Co. SARL</name>
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        <name>Ashtead Capital, Inc.</name>
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        <name>Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd.</name>
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        <name>JPMorgan Chase Bank NA into Comcast Corp.</name>
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        <title>JPMorgan Chase Bank NA into Comcast Corp.</title>
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        <name>AstraZeneca plc</name>
        <lei>PY6ZZQWO2IZFZC3IOL08</lei>
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        <invCountry>GB</invCountry>
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        <name>Williams Cos., Inc. (The)</name>
        <lei>D71FAKCBLFS2O0RBPG08</lei>
        <title>Williams Cos., Inc. (The)</title>
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      <invstOrSec>
        <name>BAT Capital Corp.</name>
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        <name>NRG Energy, Inc.</name>
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        <name>Pacific Gas and Electric Co.</name>
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      <invstOrSec>
        <name>Broadcom, Inc.</name>
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        <name>Capital One Financial Corp.</name>
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        <name>FHLMC Pool</name>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2053-05-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>UBS AG into Oracle Corp.</name>
        <lei>BFM8T61CT2L1QCEMIK50</lei>
        <title>UBS AG into Oracle Corp.</title>
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        <name>Air Products and Chemicals, Inc.</name>
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        <name>Barclays plc</name>
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        <invCountry>GB</invCountry>
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        <name>GE HealthCare Technologies, Inc.</name>
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        <name>N/A</name>
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        <name>Philip Morris International, Inc.</name>
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        <name>N/A</name>
        <lei>N/A</lei>
        <title>Microsoft Corp.</title>
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        <name>Glencore Funding LLC</name>
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        <name>N/A</name>
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      <invstOrSec>
        <name>United Rentals North America, Inc.</name>
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      <invstOrSec>
        <name>Broadcom, Inc.</name>
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        <name>Royal Bank of Canada into Texas Instruments, Inc.</name>
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        <name>Morgan Stanley</name>
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        <name>US Bancorp</name>
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      <invstOrSec>
        <name>United States of America</name>
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          <isin value="US91282CHT18"/>
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        <issuerCat>UST</issuerCat>
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      <invstOrSec>
        <name>Bank of America Corp.</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
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          <isin value="US06051GLU12"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-09-15</maturityDt>
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        <name>N/A</name>
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        <name>Cisco Systems, Inc.</name>
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        <name>Starbucks Corp.</name>
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        <title>Starbucks Corp.</title>
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        <name>N/A</name>
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        <name>Dow Chemical Co. (The)</name>
        <lei>ZQUIP1CSZO8LXRBSOU78</lei>
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        <name>PepsiCo, Inc.</name>
        <lei>FJSUNZKFNQ5YPJ5OT455</lei>
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      <invstOrSec>
        <name>Ashtead Capital, Inc.</name>
        <lei>213800J1134IW58IC398</lei>
        <title>Ashtead Capital, Inc.</title>
        <cusip>04505AAA7</cusip>
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          <isin value="US04505AAA79"/>
          <other otherDesc="Inhouse Asset ID" value="1207727"/>
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        <balance>15000000.00000000</balance>
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        <valUSD>14962753.35000000</valUSD>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-08-11</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Freeport-McMoRan, Inc.</name>
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      <invstOrSec>
        <name>Oracle Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>General Motors Financial Co., Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>JPMorgan Chase &amp; Co.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Goldman Sachs International Bank into Amazon.com, Inc.</name>
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        <name>BNP Paribas Issuance BV into Bank of America Corp.</name>
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        <name>Edison International</name>
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        <name>Morgan Stanley</name>
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        <name>FNMA</name>
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        <name>Micron Technology, Inc.</name>
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        <name>HP, Inc.</name>
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        <name>Schlumberger NV</name>
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        <name>Lowe's Cos., Inc.</name>
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        <name>Boeing Co. (The)</name>
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        <name>Royal Bank of Canada into Cisco Systems, Inc.</name>
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        <name>Chevron Corp.</name>
        <lei>N/A</lei>
        <title>Chevron Corp.</title>
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        <name>Boeing Co. (The)</name>
        <lei>RVHJWBXLJ1RFUBSY1F30</lei>
        <title>Boeing Co. (The)</title>
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      <invstOrSec>
        <name>Capital One Financial Corp.</name>
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      <invstOrSec>
        <name>N/A</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Target Corp.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>FHLMC Pool</name>
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          <maturityDt>2054-11-01</maturityDt>
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      <invstOrSec>
        <name>Halliburton Co.</name>
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        <title>Halliburton Co.</title>
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          <isin value="US4062161017"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>ConocoPhillips</name>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Vistra Operations Co. LLC</name>
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          <isin value="US92840VAE20"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-07-15</maturityDt>
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        <name>Southern Co. (The)</name>
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          <isin value="US842587DL81"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Charles Schwab Corp. (The)</name>
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        <curCd>USD</curCd>
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        <fairValLevel>1</fairValLevel>
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        <name>Rio Tinto plc</name>
        <lei>213800YOEO5OQ72G2R82</lei>
        <title>Rio Tinto plc</title>
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        <curCd>USD</curCd>
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        <invCountry>GB</invCountry>

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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Broadcom, Inc.</name>
        <lei>549300WV6GIDOZJTV909</lei>
        <title>Broadcom, Inc.</title>
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        <balance>20000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>19030148.80000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Coca-Cola Co. (The)</name>
        <lei>UWJKFUJFZ02DKWI3RY53</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>Expedia Group, Inc.</name>
        <lei>N/A</lei>
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        <invCountry>US</invCountry>
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        <name>United Airlines Pass-Through Trust</name>
        <lei>N/A</lei>
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        <name>N/A</name>
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        <title>Bank of America Corp.</title>
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        <name>HP, Inc.</name>
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        <title>HP, Inc.</title>
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        <name>BNP Paribas Issuance BV into Freeport-McMoRan, Inc.</name>
        <lei>7245009UXRIGIRYOBR48</lei>
        <title>BNP Paribas Issuance BV into Freeport-McMoRan, Inc.</title>
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        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>Procter &amp; Gamble Co. (The)</name>
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        <title>Procter &amp; Gamble Co. (The)</title>
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        <balance>200000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>33036000.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Truist Financial Corp.</name>
        <lei>549300DRQQI75D2JP341</lei>
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          <isin value="US89832Q1094"/>
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        <balance>350000.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
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          <other otherDesc="Inhouse Asset ID" value="1389580"/>
          <other otherDesc="Option Ticker" value="TFC UC 11/15/24 C47.5 Equity"/>
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        <balance>-3500.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-35000.00000000</valUSD>
        <pctVal>-0.00099868903</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <optionSwaptionWarrantDeriv derivCat="OPT">
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              <counterpartyName>Options Clearing</counterpartyName>
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            <putOrCall>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
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                <issuerName>Truist Financial Corp.</issuerName>
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            </descRefInstrmnt>
            <shareNo>100.00000000</shareNo>
            <exercisePrice>47.50000000</exercisePrice>
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            <delta>XXXX</delta>
            <unrealizedAppr>258372.74000000</unrealizedAppr>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Sempra</name>
        <lei>PBBKGKLRK5S5C0Y4T545</lei>
        <title>Sempra</title>
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          <isin value="US816851BR98"/>
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        <balance>15000000.00000000</balance>
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        <valUSD>15314780.55000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Flex Ltd.</name>
        <lei>549300EAQH74YHD07T53</lei>
        <title>Flex Ltd.</title>
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          <isin value="US33938XAE58"/>
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        <balance>10000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>10253349.10000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SG</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Verizon Communications, Inc.</name>
        <lei>2S72QS2UO2OESLG6Y829</lei>
        <title>Verizon Communications, Inc.</title>
        <cusip>92343V104</cusip>
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          <isin value="US92343V1044"/>
          <other otherDesc="Inhouse Asset ID" value="22610"/>
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        <balance>100000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4213000.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>Starbucks Corp.</title>
        <cusip>00CBGA1X1</cusip>
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          <isin value="US00CBGA1X13"/>
          <other otherDesc="Inhouse Asset ID" value="1389346"/>
          <other otherDesc="Option Ticker" value="SBUX UC 11/15/24 C110 Equity"/>
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        <balance>-2500.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-30000.00000000</valUSD>
        <pctVal>-0.00085601916</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerConditional desc="Option" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
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              <counterpartyName>Options Clearing</counterpartyName>
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            <putOrCall>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
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                <issuerName>Starbucks Corp.</issuerName>
                <issueTitle>Starbucks Corp.</issueTitle>
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            </descRefInstrmnt>
            <shareNo>100.00000000</shareNo>
            <exercisePrice>110.00000000</exercisePrice>
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            <expDt>2024-11-15</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>256374.75000000</unrealizedAppr>
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      <invstOrSec>
        <name>FHLMC Pool</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC Pool, 30 Year</title>
        <cusip>3132DWJR5</cusip>
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          <isin value="US3132DWJR51"/>
          <other otherDesc="Inhouse Asset ID" value="1315612"/>
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        <balance>8296525.79800000</balance>
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        <curCd>USD</curCd>
        <valUSD>8224607.12000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Bank of America Corp.</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
        <title>Bank of America Corp.</title>
        <cusip>060505104</cusip>
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          <isin value="US0605051046"/>
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        <balance>750000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>31365000.00000000</valUSD>
        <pctVal>0.894968041769</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>JBS USA Holding LUX SARL / JBS USA Food Co. / JBS LUX Co. SARL</name>
        <lei>N/A</lei>
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        <cusip>46590XAL0</cusip>
        <identifiers>
          <isin value="US46590XAL01"/>
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        <balance>10000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>9985742.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Charles Schwab Corp. (The)</name>
        <lei>549300VSGCJ7E698NM85</lei>
        <title>Charles Schwab Corp. (The)</title>
        <cusip>808513CE3</cusip>
        <identifiers>
          <isin value="US808513CE32"/>
          <other otherDesc="Inhouse Asset ID" value="1263833"/>
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        <balance>10000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>10411031.60000000</valUSD>
        <pctVal>0.297068087481</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-05-19</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.85300000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Fresenius Medical Care US Finance III, Inc.</name>
        <lei>5299006ZHLMXOOUVTU44</lei>
        <title>Fresenius Medical Care US Finance III, Inc.</title>
        <cusip>35805BAE8</cusip>
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          <isin value="US35805BAE83"/>
          <other otherDesc="Inhouse Asset ID" value="1197673"/>
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        <balance>20000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>16846801.80000000</valUSD>
        <pctVal>0.480706176216</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>General Motors Financial Co., Inc.</name>
        <lei>5493008B6JBRUJ90QL97</lei>
        <title>General Motors Financial Co., Inc.</title>
        <cusip>37045XED4</cusip>
        <identifiers>
          <isin value="US37045XED49"/>
          <other otherDesc="Inhouse Asset ID" value="1232937"/>
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        <balance>10000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>10514833.10000000</valUSD>
        <pctVal>0.300029956608</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-01-09</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.40000000</annualizedRt>
          <isDefault>N</isDefault>
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      <invstOrSec>
        <name>Honeywell International, Inc.</name>
        <lei>ISRPG12PN4EIEOEMW547</lei>
        <title>Honeywell International, Inc.</title>
        <cusip>438516106</cusip>
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          <isin value="US4385161066"/>
          <other otherDesc="Inhouse Asset ID" value="14737"/>
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        <balance>100000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>20568000.00000000</valUSD>
        <pctVal>0.586886742646</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>VICI Properties LP / VICI Note Co., Inc.</name>
        <lei>N/A</lei>
        <title>VICI Properties LP / VICI Note Co., Inc.</title>
        <cusip>92564RAB1</cusip>
        <identifiers>
          <isin value="US92564RAB15"/>
          <other otherDesc="Inhouse Asset ID" value="1025036"/>
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        <balance>20000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>19228614.00000000</valUSD>
        <pctVal>0.548668739598</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.62500000</annualizedRt>
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          <isPaidKind>N</isPaidKind>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Hewlett Packard Enterprise Co.</name>
        <lei>549300BX44RGX6ANDV88</lei>
        <title>Hewlett Packard Enterprise Co.</title>
        <cusip>42824CBV0</cusip>
        <identifiers>
          <isin value="US42824CBV00"/>
          <other otherDesc="Inhouse Asset ID" value="1393551"/>
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        <balance>5500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5339278.34000000</valUSD>
        <pctVal>0.152350820354</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>Union Pacific Corp.</title>
        <cusip>00CB5S6S0</cusip>
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          <isin value="US00CB5S6S07"/>
          <other otherDesc="Inhouse Asset ID" value="1388466"/>
          <other otherDesc="Option Ticker" value="UNP UC 11/15/24 C270 Equity"/>
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        <balance>-850.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>-8500.00000000</valUSD>
        <pctVal>-0.00024253876</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerConditional desc="Option" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <optionSwaptionWarrantDeriv derivCat="OPT">
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              <counterpartyName>Options Clearing</counterpartyName>
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            <putOrCall>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
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                <issuerName>Union Pacific Corp.</issuerName>
                <issueTitle>Union Pacific Corp.</issueTitle>
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            </descRefInstrmnt>
            <shareNo>100.00000000</shareNo>
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        <name>NextEra Energy, Inc.</name>
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      <invstOrSec>
        <name>Jabil, Inc.</name>
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        <name>Boeing Co. (The)</name>
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        <fairValLevel>1</fairValLevel>
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        <name>FNMA</name>
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        <name>Capital One Financial Corp.</name>
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        <title>Capital One Financial Corp.</title>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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        <name>RTX Corp.</name>
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        <name>AbbVie, Inc.</name>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Union Pacific Corp.</name>
        <lei>549300LMMRSZZCZ8CL11</lei>
        <title>Union Pacific Corp.</title>
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        <balance>125000.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Wells Fargo Bank NA into Boeing Co. (The)</name>
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        <title>Wells Fargo Bank NA into Boeing Co. (The)</title>
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        <balance>50000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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        <name>Citigroup Global Markets Holdings, Inc. into Exxon Mobil Corp.</name>
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        <name>Sempra</name>
        <lei>PBBKGKLRK5S5C0Y4T545</lei>
        <title>Sempra</title>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>1</fairValLevel>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, 30 Year</title>
        <cusip>3140QBMZ8</cusip>
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        <isRestrictedSec>N</isRestrictedSec>

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          <maturityDt>2049-08-01</maturityDt>
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        <name>N/A</name>
        <lei>N/A</lei>
        <title>Honeywell International, Inc.</title>
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        <valUSD>-150000.00000000</valUSD>
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        <name>Duke Energy Corp.</name>
        <lei>I1BZKREC126H0VB1BL91</lei>
        <title>Duke Energy Corp.</title>
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        <name>N/A</name>
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        <title>International Business Machines Corp.</title>
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      <invstOrSec>
        <name>UnitedHealth Group, Inc.</name>
        <lei>549300GHBMY8T5GXDE41</lei>
        <title>UnitedHealth Group, Inc.</title>
        <cusip>91324P102</cusip>
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          <other otherDesc="Inhouse Asset ID" value="12365"/>
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        <balance>50000.00000000</balance>
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        <valUSD>28225000.00000000</valUSD>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>Morgan Stanley</title>
        <cusip>00CB37RN6</cusip>
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          <other otherDesc="Inhouse Asset ID" value="1388463"/>
          <other otherDesc="Option Ticker" value="MS UC 11/15/24 C115 Equity"/>
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        <balance>-3000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>-1170000.00000000</valUSD>
        <pctVal>-0.03338474761</pctVal>
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      <invstOrSec>
        <name>Amgen, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-03-02</maturityDt>
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      <invstOrSec>
        <name>Micron Technology, Inc.</name>
        <lei>B3DXGBC8GAIYWI2Z0172</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>INSTITUTIONAL FIDUCIARY TRUST</name>
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        <cusip>N/A</cusip>
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          <other otherDesc="TICKER" value="INFXX"/>
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        <fairValLevel>1</fairValLevel>
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        <name>N/A</name>
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        <assetCat>DE</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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            <putOrCall>Call</putOrCall>
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                <issuerName>Broadcom, Inc.</issuerName>
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            <shareNo>100.00000000</shareNo>
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      <invstOrSec>
        <name>JPMorgan Chase Bank NA into Alphabet, Inc.</name>
        <lei>7H6GLXDRUGQFU57RNE97</lei>
        <title>JPMorgan Chase Bank NA into Alphabet, Inc.</title>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-03-28</maturityDt>
          <couponKind>Fixed</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Albemarle Corp.</name>
        <lei>HDBLS2Q6GV1LSKQPBS54</lei>
        <title>Albemarle Corp.</title>
        <cusip>012653101</cusip>
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          <isin value="US0126531013"/>
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        <valUSD>11841250.00000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Institutional Fiduciary Trust - Money Market Portfolio</name>
        <lei>549300M4TP89K77LG374</lei>
        <title>Institutional Fiduciary Trust - Money Market Portfolio</title>
        <cusip>457756500</cusip>
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          <isin value="US4577565009"/>
          <other otherDesc="Inhouse Asset ID" value="170875"/>
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        <curCd>USD</curCd>
        <valUSD>28912901.94000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>JPMorgan Chase &amp; Co.</name>
        <lei>8I5DZWZKVSZI1NUHU748</lei>
        <title>JPMorgan Chase &amp; Co.</title>
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          <isin value="US48128BAQ41"/>
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        <balance>10000000.00000000</balance>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>Charles Schwab Corp. (The)</title>
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          <other otherDesc="Inhouse Asset ID" value="1389579"/>
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        <balance>-1999.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-209895.00000000</valUSD>
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        <assetCat>DE</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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            <putOrCall>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
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                <issuerName>Charles Schwab Corp. (The)</issuerName>
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            <shareNo>100.00000000</shareNo>
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            <unrealizedAppr>-24326.76000000</unrealizedAppr>
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        <name>Goldman Sachs Group, Inc. (The)</name>
        <lei>784F5XWPLTWKTBV3E584</lei>
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        <curCd>USD</curCd>
        <valUSD>12796651.65000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-10-21</maturityDt>
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      <invstOrSec>
        <name>CVS Health Corp.</name>
        <lei>549300EJG376EN5NQE29</lei>
        <title>CVS Health Corp.</title>
        <cusip>126650100</cusip>
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          <isin value="US1266501006"/>
          <other otherDesc="Inhouse Asset ID" value="811"/>
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        <balance>200000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>11292000.00000000</valUSD>
        <pctVal>0.322205615420</pctVal>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Oracle Corp.</name>
        <lei>1Z4GXXU7ZHVWFCD8TV52</lei>
        <title>Oracle Corp.</title>
        <cusip>68389XCJ2</cusip>
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          <isin value="US68389XCJ28"/>
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        <balance>10000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>10732631.90000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>6.25000000</annualizedRt>
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      <invstOrSec>
        <name>BAT Capital Corp.</name>
        <lei>2138005GYEXN7XRHFA84</lei>
        <title>BAT Capital Corp.</title>
        <cusip>05526DBX2</cusip>
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          <isin value="US05526DBX21"/>
          <other otherDesc="Inhouse Asset ID" value="1219792"/>
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        <balance>25000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>28730454.25000000</valUSD>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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          <maturityDt>2032-10-19</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.75000000</annualizedRt>
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      <invstOrSec>
        <name>AerCap Ireland Capital DAC / AerCap Global Aviation Trust</name>
        <lei>N/A</lei>
        <title>AerCap Ireland Capital DAC / AerCap Global Aviation Trust</title>
        <cusip>00774MAX3</cusip>
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          <isin value="US00774MAX39"/>
          <other otherDesc="Inhouse Asset ID" value="1171548"/>
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        <balance>20000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>17592566.00000000</valUSD>
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        <invCountry>IE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-01-30</maturityDt>
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          <annualizedRt>3.30000000</annualizedRt>
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      <invstOrSec>
        <name>Ford Motor Credit Co. LLC</name>
        <lei>UDSQCVRUX5BONN0VY111</lei>
        <title>Ford Motor Credit Co. LLC</title>
        <cusip>345397C35</cusip>
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          <isin value="US345397C353"/>
          <other otherDesc="Inhouse Asset ID" value="1221908"/>
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        <balance>15000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>15761196.75000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-11-04</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.35000000</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>Union Pacific Corp.</title>
        <cusip>00PB5YP60</cusip>
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          <isin value="US00PB5YP609"/>
          <other otherDesc="Inhouse Asset ID" value="1388465"/>
          <other otherDesc="Option Ticker" value="UNP UC 11/15/24 P230 Equity"/>
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        <balance>-350.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-108150.00000000</valUSD>
        <pctVal>-0.00308594910</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerConditional desc="Option" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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            <putOrCall>Put</putOrCall>
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                <issuerName>Union Pacific Corp.</issuerName>
                <issueTitle>Union Pacific Corp.</issueTitle>
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            <shareNo>100.00000000</shareNo>
            <exercisePrice>230.00000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2024-11-15</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>1916.01000000</unrealizedAppr>
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      <invstOrSec>
        <name>Brown &amp; Brown, Inc.</name>
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        <name>Barclays plc</name>
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        <name>Wells Fargo &amp; Co.</name>
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        <name>Lockheed Martin Corp.</name>
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        <name>Truist Financial Corp.</name>
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        <name>Energy Transfer LP</name>
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        <name>Nestle SA</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Morgan Stanley</name>
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        <title>Morgan Stanley</title>
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      <invstOrSec>
        <name>Sprint LLC</name>
        <lei>549300ZTTY7CXOLJ6539</lei>
        <title>Sprint LLC</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Texas Instruments, Inc.</name>
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        <name>ArcelorMittal SA</name>
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        <invCountry>LU</invCountry>
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        <name>Mizuho Markets Cayman LP into Microchip Technology, Inc.</name>
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        <name>N/A</name>
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        <name>Centene Corp.</name>
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        <title>Centene Corp.</title>
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        <name>Humana, Inc.</name>
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        <name>HCA, Inc.</name>
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        <title>HCA, Inc.</title>
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        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
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        <issuerCat>UST</issuerCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-02-15</maturityDt>
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        </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>2024-12-02</ncom:dateSigned>
      <ncom:nameOfApplicant>Franklin Investors Securities Trust</ncom:nameOfApplicant>
      <ncom:signature>Monica Krogh</ncom:signature>
      <ncom:signerName>Monica Krogh</ncom:signerName>
      <ncom:title>Assistant Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
