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        <name>Albemarle Corp.</name>
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        <name>American Tower Corp.</name>
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        <name>Analog Devices, Inc.</name>
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        <name>Applied Materials, Inc.</name>
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        <name>ArcelorMittal SA</name>
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        <name>Barclays plc</name>
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        <name>Fresenius Medical Care US Finance III, Inc.</name>
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        <name>General Motors Co.</name>
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        <name>General Motors Financial Co., Inc.</name>
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        <name>General Motors Financial Co., Inc.</name>
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        <name>Goldman Sachs Group, Inc. (The)</name>
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        <name>Goldman Sachs Group, Inc. (The)</name>
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        <name>HCA, Inc.</name>
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        <name>Halliburton Co.</name>
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        <name>Healthpeak OP LLC</name>
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        <name>Hewlett Packard Enterprise Co.</name>
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        <name>Huntsman International LLC</name>
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        <name>Ingersoll Rand, Inc.</name>
        <lei>5299004C02FMZCUOIR50</lei>
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        <name>Nestle SA</name>
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        <name>NIKE, Inc.</name>
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        <name>Pacific Gas and Electric Co.</name>
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        <name>JPMorgan Chase &amp; Co.</name>
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        <name>BNP Paribas Issuance BV into Bank of America Corp.</name>
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        <invCountry>NL</invCountry>

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          <annualizedRt>8.50000000</annualizedRt>
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        <name>Citigroup Global Markets Holdings, Inc. into Exxon Mobil Corp.</name>
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        <invCountry>US</invCountry>
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          <annualizedRt>9.00000000</annualizedRt>
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        <name>JPMorgan Chase Bank NA into Alphabet, Inc.</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>8.00000000</annualizedRt>
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      <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>
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          <other otherDesc="Inhouse Asset ID" value="1359995"/>
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        <balance>80000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>15579519.92000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>SN</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>8.50000000</annualizedRt>
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        <name>Royal Bank of Canada into Texas Instruments, Inc.</name>
        <lei>ES7IP3U3RHIGC71XBU11</lei>
        <title>Royal Bank of Canada into Texas Instruments, Inc.</title>
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        <valUSD>32865034.32000000</valUSD>
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        <invCountry>CA</invCountry>
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        <debtSec>
          <maturityDt>2025-06-11</maturityDt>
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          <annualizedRt>8.00000000</annualizedRt>
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        <name>UBS AG into Oracle Corp.</name>
        <lei>BFM8T61CT2L1QCEMIK50</lei>
        <title>UBS AG into Oracle Corp.</title>
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        <balance>185000.00000000</balance>
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        <valUSD>25392348.79000000</valUSD>
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        <assetCat>SN</assetCat>
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        <invCountry>CH</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-06-10</maturityDt>
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          <annualizedRt>9.00000000</annualizedRt>
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        <name>Wells Fargo Bank NA into Boeing Co. (The)</name>
        <lei>KB1H1DSPRFMYMCUFXT09</lei>
        <title>Wells Fargo Bank NA into Boeing Co. (The)</title>
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          <isin value="US95002A1390"/>
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        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8818031.53000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>SN</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-06-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.00000000</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>BNP Paribas Issuance BV into Freeport-McMoRan, Inc.</name>
        <lei>7245009UXRIGIRYOBR48</lei>
        <title>BNP Paribas Issuance BV into Freeport-McMoRan, Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS2817274199"/>
          <other otherDesc="Inhouse Asset ID" value="1376446"/>
        </identifiers>
        <balance>525000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>19576311.24000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>SN</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-08-12</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>10.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>JPMorgan Chase Bank NA into Comcast Corp.</name>
        <lei>N/A</lei>
        <title>JPMorgan Chase Bank NA into Comcast Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="1384379"/>
        </identifiers>
        <balance>800000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>27732189.00000000</valUSD>
        <pctVal>0.818837096281</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>SN</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-09-02</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>
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      </invstOrSec>
      <invstOrSec>
        <name>Royal Bank of Canada into Cisco Systems, Inc.</name>
        <lei>ES7IP3U3RHIGC71XBU11</lei>
        <title>Royal Bank of Canada into Cisco Systems, Inc.</title>
        <cusip>779942424</cusip>
        <identifiers>
          <isin value="US7799424244"/>
          <other otherDesc="Inhouse Asset ID" value="1386118"/>
        </identifiers>
        <balance>100000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5372973.90000000</valUSD>
        <pctVal>0.158645621038</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>SN</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-09-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.00000000</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>Merrill Lynch BV into Microsoft Corp</name>
        <lei>549300RQ1D1WIE085245</lei>
        <title>Merrill Lynch BV into Microsoft Corp</title>
        <cusip>59027W237</cusip>
        <identifiers>
          <isin value="US59027W2373"/>
          <other otherDesc="Inhouse Asset ID" value="1386120"/>
        </identifiers>
        <balance>45000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>18853040.54000000</valUSD>
        <pctVal>0.556666081132</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>SN</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-10-06</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Wells Fargo Bank NA into Schlumberger NV</name>
        <lei>N/A</lei>
        <title>Wells Fargo Bank NA into Schlumberger NV</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="1417083"/>
        </identifiers>
        <balance>330000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>13587111.27000000</valUSD>
        <pctVal>0.401181123465</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>SN</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-11-26</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>10.00000000</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>Citigroup Global Markets Holdings, Inc. into Boeing Co. (The)</name>
        <lei>82VOJDD5PTRDMVVMGV31</lei>
        <title>Citigroup Global Markets Holdings, Inc. into Boeing Co. (The)</title>
        <cusip>17331V485</cusip>
        <identifiers>
          <isin value="US17331V4858"/>
          <other otherDesc="Inhouse Asset ID" value="1421105"/>
        </identifiers>
        <balance>40000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6537851.14000000</valUSD>
        <pctVal>0.193040478824</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>SN</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-12-08</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>Toronto-Dominion Bank (The) into Starbucks Corp.</name>
        <lei>PT3QB789TSUIDF371261</lei>
        <title>Toronto-Dominion Bank (The) into Starbucks Corp.</title>
        <cusip>891160A52</cusip>
        <identifiers>
          <isin value="US891160A522"/>
          <other otherDesc="Inhouse Asset ID" value="1427617"/>
        </identifiers>
        <balance>115000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>11990544.54000000</valUSD>
        <pctVal>0.354039945204</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>SN</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-01-12</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.00000000</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>15600000.00000000</valUSD>
        <pctVal>0.460614872558</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>Medtronic plc</name>
        <lei>549300GX3ZBSQWUXY261</lei>
        <title>Medtronic plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="IE00BTN1Y115"/>
          <other otherDesc="Inhouse Asset ID" value="596122"/>
        </identifiers>
        <balance>200000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>18164000.00000000</valUSD>
        <pctVal>0.536321060586</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>INSTITUTIONAL FIDUCIARY TRUST</name>
        <lei>N/A</lei>
        <title>INSTITUTIONAL FIDUCIARY TRUST</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="TICKER" value="INFXX"/>
        </identifiers>
        <balance>5840000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5840000.00000000</valUSD>
        <pctVal>0.172435311265</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="5840000.00000000" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>LyondellBasell Industries NV</name>
        <lei>BN6WCCZ8OVP3ITUUVN49</lei>
        <title>LyondellBasell Industries NV, Class A</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="NL0009434992"/>
          <other otherDesc="Inhouse Asset ID" value="482394"/>
        </identifiers>
        <balance>150000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>11355000.00000000</valUSD>
        <pctVal>0.335274479352</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <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>Boeing Co. (The)</title>
        <cusip>00CB6WAA4</cusip>
        <identifiers>
          <isin value="US00CB6WAA44"/>
          <other otherDesc="Inhouse Asset ID" value="1438618"/>
          <other otherDesc="Option Ticker" value="BA UG 03/21/25 C195 Equity"/>
        </identifiers>
        <balance>-400.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-90800.00000000</valUSD>
        <pctVal>-0.00268101477</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>
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                <issuerName>Boeing Co. (The)</issuerName>
                <issueTitle>Boeing Co. (The)</issueTitle>
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            </descRefInstrmnt>
            <shareNo>100.00000000</shareNo>
            <exercisePrice>195.00000000</exercisePrice>
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            <expDt>2025-03-21</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>27525.98000000</unrealizedAppr>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>Applied Materials, Inc.</title>
        <cusip>00CB77Y20</cusip>
        <identifiers>
          <isin value="US00CB77Y205"/>
          <other otherDesc="Inhouse Asset ID" value="1438617"/>
          <other otherDesc="Option Ticker" value="AMAT UG 03/21/25 C220 Equity"/>
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        <balance>-1000.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-131000.00000000</valUSD>
        <pctVal>-0.00386798386</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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              <counterpartyName>Options Clearing</counterpartyName>
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            <putOrCall>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
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                <issueTitle>Applied Materials, Inc.</issueTitle>
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            <shareNo>100.00000000</shareNo>
            <exercisePrice>220.00000000</exercisePrice>
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            <expDt>2025-03-21</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>324000.54000000</unrealizedAppr>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>Albemarle Corp.</title>
        <cusip>00CB7AWN9</cusip>
        <identifiers>
          <isin value="US00CB7AWN97"/>
          <other otherDesc="Inhouse Asset ID" value="1435961"/>
          <other otherDesc="Option Ticker" value="ALB UG 03/21/25 C115 Equity"/>
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        <balance>-1250.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-55000.00000000</valUSD>
        <pctVal>-0.00162396269</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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              <counterpartyName>Options Clearing</counterpartyName>
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            <putOrCall>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
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              <otherRefInst>
                <issuerName>Albemarle Corp.</issuerName>
                <issueTitle>Albemarle Corp.</issueTitle>
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                  <cusip value="012653101"/>
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            <shareNo>100.00000000</shareNo>
            <exercisePrice>115.00000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2025-03-21</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>78525.27000000</unrealizedAppr>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>Chevron Corp.</title>
        <cusip>00CB8E6C3</cusip>
        <identifiers>
          <isin value="US00CB8E6C33"/>
          <other otherDesc="Inhouse Asset ID" value="1436276"/>
          <other otherDesc="Option Ticker" value="CVX UG 03/21/25 C170 Equity"/>
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        <balance>-2000.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-30000.00000000</valUSD>
        <pctVal>-0.00088579783</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>
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              <otherRefInst>
                <issuerName>Chevron Corp.</issuerName>
                <issueTitle>Chevron Corp.</issueTitle>
                <identifiers>
                  <cusip value="166764100"/>
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              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>100.00000000</shareNo>
            <exercisePrice>170.00000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2025-03-21</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>139641.71000000</unrealizedAppr>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>International Business Machines Corp.</title>
        <cusip>00CB8PQQ5</cusip>
        <identifiers>
          <isin value="US00CB8PQQ52"/>
          <other otherDesc="Inhouse Asset ID" value="1438620"/>
          <other otherDesc="Option Ticker" value="IBM UG 03/21/25 C250 Equity"/>
        </identifiers>
        <balance>-850.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-996200.00000000</valUSD>
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        <name>N/A</name>
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        <name>N/A</name>
        <lei>N/A</lei>
        <title>Starbucks Corp.</title>
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          <other otherDesc="Option Ticker" value="SBUX UC 03/21/25 C110 Equity"/>
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        <units>NC</units>
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        <valUSD>-416500.00000000</valUSD>
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        <assetCat>DE</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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            <expDt>2025-03-21</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-245314.13000000</unrealizedAppr>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>UnitedHealth Group, Inc.</title>
        <cusip>00CB8YTX8</cusip>
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          <isin value="US00CB8YTX83"/>
          <other otherDesc="Inhouse Asset ID" value="1438629"/>
          <other otherDesc="Option Ticker" value="UNH UG 03/21/25 C580 Equity"/>
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        <balance>-500.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-279500.00000000</valUSD>
        <pctVal>-0.00825268313</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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              <counterpartyName>Options Clearing</counterpartyName>
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            <expDt>2025-03-21</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-151741.97000000</unrealizedAppr>
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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>Target Corp.</title>
        <cusip>00CB8ZLF2</cusip>
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          <other otherDesc="Inhouse Asset ID" value="1438621"/>
          <other otherDesc="Option Ticker" value="TGT UG 03/21/25 C155 Equity"/>
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        <balance>-1500.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-285000.00000000</valUSD>
        <pctVal>-0.00841507940</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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              <counterpartyName>Options Clearing</counterpartyName>
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            <writtenOrPur>Written</writtenOrPur>
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            <shareNo>100.00000000</shareNo>
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            <expDt>2025-03-21</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-52726.68000000</unrealizedAppr>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>Target Corp.</title>
        <cusip>00PB962J4</cusip>
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          <isin value="US00PB962J49"/>
          <other otherDesc="Inhouse Asset ID" value="1438622"/>
          <other otherDesc="Option Ticker" value="TGT UG 03/21/25 P120 Equity"/>
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        <balance>-1000.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-165000.00000000</valUSD>
        <pctVal>-0.00487188807</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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            <writtenOrPur>Written</writtenOrPur>
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            <shareNo>100.00000000</shareNo>
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            <expDt>2025-03-21</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>18818.07000000</unrealizedAppr>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>RTX Corp.</title>
        <cusip>N/A</cusip>
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          <other otherDesc="Inhouse Asset ID" value="1438636"/>
          <other otherDesc="Option Ticker" value="RTX UG 03/21/25 C135 Equity"/>
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        <balance>-1550.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-196850.00000000</valUSD>
        <pctVal>-0.00581231010</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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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>Taiwan Semiconductor Manufacturing Co. Ltd.</title>
        <cusip>00PBAF054</cusip>
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          <isin value="US00PBAF0548"/>
          <other otherDesc="Inhouse Asset ID" value="1428232"/>
          <other otherDesc="Option Ticker" value="TSM UC 03/21/25 P170 Equity"/>
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        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-191000.00000000</valUSD>
        <pctVal>-0.00563957952</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>NextEra Energy, Inc.</title>
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          <isin value="US00CBAGL951"/>
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        <curCd>USD</curCd>
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        <assetCat>DE</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>Morgan Stanley</title>
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          <other otherDesc="Inhouse Asset ID" value="1438637"/>
          <other otherDesc="Option Ticker" value="MS UG 03/21/25 C145 Equity"/>
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        <valUSD>-342000.00000000</valUSD>
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        <assetCat>DE</assetCat>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>Air Products and Chemicals, Inc.</title>
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          <other otherDesc="Inhouse Asset ID" value="1438615"/>
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        <curCd>USD</curCd>
        <valUSD>-739000.00000000</valUSD>
        <pctVal>-0.02182015325</pctVal>
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        <assetCat>DE</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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            <shareNo>100.00000000</shareNo>
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            <unrealizedAppr>-521182.87000000</unrealizedAppr>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>Analog Devices, Inc.</title>
        <cusip>00CBEEVP9</cusip>
        <identifiers>
          <isin value="US00CBEEVP98"/>
          <other otherDesc="Inhouse Asset ID" value="1438616"/>
          <other otherDesc="Option Ticker" value="ADI UC 03/21/25 C240 Equity"/>
        </identifiers>
        <balance>-2000.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-374000.00000000</valUSD>
        <pctVal>-0.01104294630</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>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Analog Devices, Inc.</issuerName>
                <issueTitle>Analog Devices, Inc.</issueTitle>
                <identifiers>
                  <cusip value="032654105"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>100.00000000</shareNo>
            <exercisePrice>240.00000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2025-03-21</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>497122.16000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>Union Pacific Corp.</title>
        <cusip>00PBQ0FW5</cusip>
        <identifiers>
          <isin value="US00PBQ0FW51"/>
          <other otherDesc="Inhouse Asset ID" value="1438628"/>
          <other otherDesc="Option Ticker" value="UNP UG 03/21/25 P220 Equity"/>
        </identifiers>
        <balance>-1000.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-82000.00000000</valUSD>
        <pctVal>-0.00242118074</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>Union Pacific Corp.</issuerName>
                <issueTitle>Union Pacific Corp.</issueTitle>
                <identifiers>
                  <cusip value="907818108"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>100.00000000</shareNo>
            <exercisePrice>220.00000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2025-03-21</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>150816.71000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>Union Pacific Corp.</title>
        <cusip>00CBPTZ88</cusip>
        <identifiers>
          <isin value="US00CBPTZ887"/>
          <other otherDesc="Inhouse Asset ID" value="1438627"/>
          <other otherDesc="Option Ticker" value="UNP UG 03/21/25 C250 Equity"/>
        </identifiers>
        <balance>-1500.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-1035000.00000000</valUSD>
        <pctVal>-0.03056002519</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>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Union Pacific Corp.</issuerName>
                <issueTitle>Union Pacific Corp.</issueTitle>
                <identifiers>
                  <cusip value="907818108"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>100.00000000</shareNo>
            <exercisePrice>250.00000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2025-03-21</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-693274.73000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>Home Depot, Inc. (The)</title>
        <cusip>00CBR53D2</cusip>
        <identifiers>
          <isin value="US00CBR53D21"/>
          <other otherDesc="Inhouse Asset ID" value="1438619"/>
          <other otherDesc="Option Ticker" value="HD UG 03/21/25 C445 Equity"/>
        </identifiers>
        <balance>-1500.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-495000.00000000</valUSD>
        <pctVal>-0.01461566422</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>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Home Depot, Inc. (The)</issuerName>
                <issueTitle>Home Depot, Inc. (The)</issueTitle>
                <identifiers>
                  <cusip value="437076102"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>100.00000000</shareNo>
            <exercisePrice>445.00000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2025-03-21</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-65122.18000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <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>2025-03-03</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>
  <documents>XXXX</documents>
</edgarSubmission>
