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        <name>MPLX LP</name>
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        <name>Morgan Stanley</name>
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        <name>Northwestern Mutual Life Insurance Co. (The)</name>
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      <invstOrSec>
        <name>Marsh &amp; McLennan Cos., Inc.</name>
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      <invstOrSec>
        <name>Kentucky Utilities Co.</name>
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      <invstOrSec>
        <name>VICI Properties LP</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>RTX Corp.</name>
        <lei>I07WOS4YJ0N7YRFE7309</lei>
        <title>RTX Corp.</title>
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        <balance>150000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2052-03-15</maturityDt>
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          <annualizedRt>3.03000000</annualizedRt>
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        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Bonds</title>
        <cusip>912810UQ9</cusip>
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        <balance>300000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2045-11-15</maturityDt>
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          <annualizedRt>4.62500000</annualizedRt>
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        <name>HCA, Inc.</name>
        <lei>L3CJ6J7LJ2DX62FTXD46</lei>
        <title>HCA, Inc.</title>
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        <name>Verizon Communications, Inc.</name>
        <lei>2S72QS2UO2OESLG6Y829</lei>
        <title>Verizon Communications, Inc.</title>
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        <invCountry>US</invCountry>
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          <maturityDt>2040-11-20</maturityDt>
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      <invstOrSec>
        <name>BAT Capital Corp.</name>
        <lei>2138005GYEXN7XRHFA84</lei>
        <title>BAT Capital Corp.</title>
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        <valUSD>260146.79000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2040-09-25</maturityDt>
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          <annualizedRt>3.73400000</annualizedRt>
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        <name>JPMorgan Chase &amp; Co.</name>
        <lei>8I5DZWZKVSZI1NUHU748</lei>
        <title>JPMorgan Chase &amp; Co.</title>
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        <balance>300000.00000000</balance>
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        <invCountry>US</invCountry>
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        <name>Home Depot, Inc. (The)</name>
        <lei>QEKMOTMBBKA8I816DO57</lei>
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        <invCountry>US</invCountry>
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        <name>Republic of Peru</name>
        <lei>254900STKLK2DBJJZ530</lei>
        <title>Peru Government Bond</title>
        <cusip>715638EC2</cusip>
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        <issuerCat>NUSS</issuerCat>
        <invCountry>PE</invCountry>
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          <maturityDt>2054-08-08</maturityDt>
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      <invstOrSec>
        <name>Carrier Global Corp.</name>
        <lei>549300JE3W6CWY2NAN77</lei>
        <title>Carrier Global Corp.</title>
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        <name>T-Mobile USA, Inc.</name>
        <lei>549300V2JRLO5DIFGE82</lei>
        <title>T-Mobile USA, Inc.</title>
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        <invCountry>US</invCountry>
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          <maturityDt>2041-02-15</maturityDt>
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          <annualizedRt>3.00000000</annualizedRt>
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      <invstOrSec>
        <name>Arthur J Gallagher &amp; Co.</name>
        <lei>54930049QLLMPART6V29</lei>
        <title>Arthur J Gallagher &amp; Co.</title>
        <cusip>363576AB5</cusip>
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        <balance>100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>69350.93000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Southern California Edison Co.</name>
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        <curCd>USD</curCd>
        <valUSD>60446.09000000</valUSD>
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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>2047-04-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Georgia Power Co.</name>
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          <isin value="US373334KN09"/>
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        <curCd>USD</curCd>
        <valUSD>67300.16000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2050-01-30</maturityDt>
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          <annualizedRt>3.70000000</annualizedRt>
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      <invstOrSec>
        <name>Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc.</name>
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        <curCd>USD</curCd>
        <valUSD>665722.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2046-02-01</maturityDt>
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          <annualizedRt>4.90000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>JPMorgan Chase &amp; Co.</name>
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        <title>JPMorgan Chase &amp; Co.</title>
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          <isin value="US46647PFJ03"/>
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        <curCd>USD</curCd>
        <valUSD>138988.99000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-01-22</maturityDt>
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          <annualizedRt>4.89800000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Northrop Grumman Corp.</name>
        <lei>RIMU48P07456QXSO0R61</lei>
        <title>Northrop Grumman Corp.</title>
        <cusip>666807CJ9</cusip>
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          <isin value="US666807CJ91"/>
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        <balance>130000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>118280.87000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.95000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Alphabet, Inc.</name>
        <lei>5493006MHB84DD0ZWV18</lei>
        <title>Alphabet, Inc.</title>
        <cusip>02079KBA4</cusip>
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          <isin value="US02079KBA43"/>
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        <balance>440000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>429466.84000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.45000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Eli Lilly &amp; Co.</name>
        <lei>FRDRIPF3EKNDJ2CQJL29</lei>
        <title>Eli Lilly &amp; Co.</title>
        <cusip>532457CM8</cusip>
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          <isin value="US532457CM85"/>
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        <balance>145000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>134126.03000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-02-09</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Commonwealth Edison Co.</name>
        <lei>D8YOXB8L2ZDC8P7Q0771</lei>
        <title>Commonwealth Edison Co., Series 130</title>
        <cusip>202795JT8</cusip>
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          <isin value="US202795JT82"/>
          <other otherDesc="Inhouse Asset ID" value="1172273"/>
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        <balance>60000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>39885.04000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.12500000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>IBM International Capital Pte. Ltd.</name>
        <lei>2549007KTXQQBYZO7485</lei>
        <title>IBM International Capital Pte. Ltd.</title>
        <cusip>449276AG9</cusip>
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          <isin value="US449276AG99"/>
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        <balance>100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>92880.66000000</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>2054-02-05</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.30000000</annualizedRt>
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      <invstOrSec>
        <name>JBS NV / JBS USA Foods Group Holdings, Inc. / JBS USA Food Co. Holdings</name>
        <lei>N/A</lei>
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        <cusip>46590XAX4</cusip>
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        <balance>50000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>52022.07000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
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      <invstOrSec>
        <name>Southern California Gas Co.</name>
        <lei>XY0N0J73VHV5F4CUJV89</lei>
        <title>Southern California Gas Co.</title>
        <cusip>842434DD1</cusip>
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          <isin value="US842434DD11"/>
          <other otherDesc="Inhouse Asset ID" value="1472830"/>
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        <balance>70000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>71862.06000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
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      <invstOrSec>
        <name>CVS Health Corp.</name>
        <lei>549300EJG376EN5NQE29</lei>
        <title>CVS Health Corp.</title>
        <cusip>126650EA4</cusip>
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          <isin value="US126650EA42"/>
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        <balance>50000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>48088.12000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2063-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
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      <invstOrSec>
        <name>Lockheed Martin Corp.</name>
        <lei>DPRBOZP0K5RM2YE8UU08</lei>
        <title>Lockheed Martin Corp.</title>
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          <isin value="US539830BB41"/>
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        <balance>125000.00000000</balance>
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        <valUSD>107617.54000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-12-15</maturityDt>
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          <annualizedRt>4.07000000</annualizedRt>
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      <invstOrSec>
        <name>Oracle Corp.</name>
        <lei>1Z4GXXU7ZHVWFCD8TV52</lei>
        <title>Oracle Corp.</title>
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        <balance>600000.00000000</balance>
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        <valUSD>443540.27000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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          <maturityDt>2040-04-01</maturityDt>
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          <annualizedRt>3.60000000</annualizedRt>
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        <name>Owens Corning</name>
        <lei>JO5M6676RDJIZ2U8X907</lei>
        <title>Owens Corning</title>
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        <curCd>USD</curCd>
        <valUSD>70007.26000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2047-07-15</maturityDt>
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          <annualizedRt>4.30000000</annualizedRt>
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      <invstOrSec>
        <name>CSX Corp.</name>
        <lei>549300JVQR4N1MMP3Q88</lei>
        <title>CSX Corp.</title>
        <cusip>126408HV8</cusip>
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        <balance>140000.00000000</balance>
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        <valUSD>119082.03000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2052-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CRH America Finance, Inc.</name>
        <lei>549300WEVUODRJ4CWK56</lei>
        <title>CRH America Finance, Inc.</title>
        <cusip>12636YAK8</cusip>
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        <name>City of New York NY</name>
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        <name>UnitedHealth Group, Inc.</name>
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        <name>General Dynamics Corp.</name>
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        <name>Lockheed Martin Corp.</name>
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        <name>Duke Energy Progress LLC</name>
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        <name>Capital One Financial Corp.</name>
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        <name>Northern States Power Co.</name>
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        <name>Diamondback Energy, Inc.</name>
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        <name>JBS NV / JBS USA Foods Group Holdings, Inc. / JBS USA Food Co. Holdings</name>
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        <name>Energy Transfer LP</name>
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        <name>Union Pacific Corp.</name>
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        <title>Union Pacific Corp.</title>
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        <name>Leland Stanford Junior University (The)</name>
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        <name>Florida Power &amp; Light Co.</name>
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      <invstOrSec>
        <name>Electricite de France SA</name>
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        <invCountry>FR</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Tapestry, Inc.</name>
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        <title>Tapestry, Inc.</title>
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          <maturityDt>2035-03-11</maturityDt>
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      <invstOrSec>
        <name>Sutter Health</name>
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        <title>Sutter Health</title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2053-08-15</maturityDt>
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      <invstOrSec>
        <name>Verizon Communications, Inc.</name>
        <lei>2S72QS2UO2OESLG6Y829</lei>
        <title>Verizon Communications, Inc.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2046-08-15</maturityDt>
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      <invstOrSec>
        <name>Arthur J Gallagher &amp; Co.</name>
        <lei>54930049QLLMPART6V29</lei>
        <title>Arthur J Gallagher &amp; Co.</title>
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          <isin value="US04316JAB52"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2052-03-09</maturityDt>
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        <name>Freeport-McMoRan, Inc.</name>
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        <invCountry>US</invCountry>
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          <maturityDt>2043-03-15</maturityDt>
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      <invstOrSec>
        <name>Kingdom of Saudi Arabia</name>
        <lei>635400FMICXSM3SI3H65</lei>
        <title>Saudi Arabia Government Bond</title>
        <cusip>80413TBE8</cusip>
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          <isin value="US80413TBE82"/>
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        <issuerCat>NUSS</issuerCat>
        <invCountry>SA</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Amazon.com, Inc.</name>
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        <name>United Mexican States</name>
        <lei>254900EGTWEU67VP6075</lei>
        <title>Mexico Government Bond</title>
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          <maturityDt>2044-03-08</maturityDt>
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        <name>Haleon US Capital LLC</name>
        <lei>549300N8C3A3L0UVQB07</lei>
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        <name>Eli Lilly &amp; Co.</name>
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        <title>Eli Lilly &amp; Co.</title>
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        <name>Paramount Global</name>
        <lei>5KYC8KF17ROCY24M3H09</lei>
        <title>Paramount Global</title>
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        <name>Republic of Peru</name>
        <lei>254900STKLK2DBJJZ530</lei>
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        <issuerCat>NUSS</issuerCat>
        <invCountry>PE</invCountry>
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        <name>Howmet Aerospace, Inc.</name>
        <lei>549300HO5WFZUT5N2T22</lei>
        <title>Howmet Aerospace, Inc.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Salesforce, Inc.</name>
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        <name>Amgen, Inc.</name>
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        <name>BlackRock Funding, Inc.</name>
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          <maturityDt>2054-03-14</maturityDt>
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        <name>Global Payments, Inc.</name>
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        <title>Global Payments, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>American International Group, Inc.</name>
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        <name>Marsh &amp; McLennan Cos., Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Vodafone Group plc</name>
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        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>JPMorgan Chase &amp; Co.</name>
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        <name>Citigroup, Inc.</name>
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        <name>Newmont Corp. / Newcrest Finance Pty. Ltd.</name>
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        <name>Marriott International, Inc.</name>
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        <name>Comcast Corp.</name>
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        <name>CSL Finance plc</name>
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        <name>City of San Antonio TX Electric &amp; Gas Systems Revenue</name>
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        <name>Kinder Morgan, Inc.</name>
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        <title>Kinder Morgan, Inc.</title>
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        <name>Berkshire Hathaway Finance Corp.</name>
        <lei>549300RLHFT5RU20WM87</lei>
        <title>Berkshire Hathaway Finance Corp.</title>
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        <invCountry>US</invCountry>
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        <name>PG&amp;E Wildfire Recovery Funding LLC</name>
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        <name>Boeing Co. (The)</name>
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        <name>General Motors Financial Co., Inc.</name>
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        <name>MidAmerican Energy Co.</name>
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        <name>Siemens Financieringsmaatschappij NV</name>
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        <name>PECO Energy Co.</name>
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        <name>Duke Energy Florida LLC</name>
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        <name>Massachusetts Institute of Technology</name>
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        <name>NiSource, Inc.</name>
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        <name>McDonald's Corp.</name>
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        <name>Walmart, Inc.</name>
        <lei>Y87794H0US1R65VBXU25</lei>
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        <name>Cisco Systems, Inc.</name>
        <lei>549300LKFJ962MZ46593</lei>
        <title>Cisco Systems, Inc.</title>
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        <name>President and Fellows of Harvard College</name>
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        <name>United Mexican States</name>
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        <name>Meta Platforms, Inc.</name>
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        <name>Vodafone Group plc</name>
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        <name>UPMC</name>
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        <name>ConocoPhillips Co.</name>
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        <name>Lowe's Cos., Inc.</name>
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        <name>Bristol-Myers Squibb Co.</name>
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        <name>Chubb INA Holdings LLC</name>
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        <name>Cigna Group (The)</name>
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        <name>Dominion Energy, Inc.</name>
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        <name>Duke Energy Progress LLC</name>
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        <name>Anheuser-Busch InBev Worldwide, Inc.</name>
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        <name>Kraft Heinz Foods Co.</name>
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        <name>Goldman Sachs Group, Inc. (The)</name>
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        <name>Honeywell International, Inc.</name>
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        <name>Jane Street Group / JSG Finance, Inc.</name>
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        <name>JBS NV/ JBS USA Foods Group Holdings, Inc./ JBS USA Food Co. Holdings</name>
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        <name>Bank of America Corp.</name>
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        <name>Bristol-Myers Squibb Co.</name>
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        <name>Athene Holding Ltd.</name>
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        <name>United Nations Development Corp.</name>
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        <name>Hess Corp.</name>
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        <name>Thermo Fisher Scientific, Inc.</name>
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        <name>Mayo Clinic</name>
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      <invstOrSec>
        <name>Exxon Mobil Corp.</name>
        <lei>J3WHBG0MTS7O8ZVMDC91</lei>
        <title>Exxon Mobil Corp.</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Charter Communications Operating LLC / Charter Communications Operating Capital</name>
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      <invstOrSec>
        <name>CVS Health Corp.</name>
        <lei>549300EJG376EN5NQE29</lei>
        <title>CVS Health Corp.</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>AbbVie, Inc.</name>
        <lei>FR5LCKFTG8054YNNRU85</lei>
        <title>AbbVie, Inc.</title>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>4.25000000</annualizedRt>
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      <invstOrSec>
        <name>Consolidated Edison Co. of New York, Inc.</name>
        <lei>VZFZPMWDHTQCFKYOBP05</lei>
        <title>Consolidated Edison Co. of New York, Inc.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2044-03-15</maturityDt>
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        <name>Republic of Chile</name>
        <lei>549300FLZTJM5YJF8D34</lei>
        <title>Chile Government Bond</title>
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          <isin value="US168863CE60"/>
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        <balance>400000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>319980.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>CL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2047-06-21</maturityDt>
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      <invstOrSec>
        <name>Charter Communications Operating LLC / Charter Communications Operating Capital</name>
        <lei>N/A</lei>
        <title>Charter Communications Operating LLC / Charter Communications Operating Capital Corp.</title>
        <cusip>161175BL7</cusip>
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          <isin value="US161175BL78"/>
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        <balance>200000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>164362.60000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2047-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.37500000</annualizedRt>
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        <name>Progressive Corp. (The)</name>
        <lei>529900TACNVLY9DCR586</lei>
        <title>Progressive Corp. (The)</title>
        <cusip>743315AS2</cusip>
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          <isin value="US743315AS29"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>205953.08000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.12500000</annualizedRt>
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      <invstOrSec>
        <name>Apple, Inc.</name>
        <lei>HWUPKR0MPOU8FGXBT394</lei>
        <title>Apple, Inc.</title>
        <cusip>037833AL4</cusip>
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        <balance>850000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>716352.93000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-05-04</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.85000000</annualizedRt>
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      <invstOrSec>
        <name>Intel Corp.</name>
        <lei>KNX4USFCNGPY45LOCE31</lei>
        <title>Intel Corp.</title>
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        <balance>90000.00000000</balance>
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        <valUSD>84450.33000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-02-21</maturityDt>
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        <name>Microsoft Corp.</name>
        <lei>INR2EJN1ERAN0W5ZP974</lei>
        <title>Microsoft Corp.</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Elevance Health, Inc.</name>
        <lei>8MYN82XMYQH89CTMTH67</lei>
        <title>Elevance Health, Inc.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Home Depot, Inc. (The)</name>
        <lei>QEKMOTMBBKA8I816DO57</lei>
        <title>Home Depot, Inc. (The)</title>
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        <invCountry>US</invCountry>
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        <name>Bank of America Corp.</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
        <title>Bank of America Corp.</title>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Boeing Co. (The)</name>
        <lei>RVHJWBXLJ1RFUBSY1F30</lei>
        <title>Boeing Co. (The)</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Home Depot, Inc. (The)</name>
        <lei>QEKMOTMBBKA8I816DO57</lei>
        <title>Home Depot, Inc. (The)</title>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>University of Miami</name>
        <lei>5493008ZSVWUNRYQE312</lei>
        <title>University of Miami, Series 2022</title>
        <cusip>914453AA3</cusip>
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        <balance>240000.00000000</balance>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Bristol-Myers Squibb Co.</name>
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        <fairValLevel>2</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>American Water Capital Corp.</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2050-05-01</maturityDt>
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      <invstOrSec>
        <name>Hess Corp.</name>
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        <title>Hess Corp.</title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2047-04-01</maturityDt>
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      <invstOrSec>
        <name>Arch Capital Group Ltd.</name>
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        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2050-06-30</maturityDt>
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        <name>Kenvue, Inc.</name>
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        <title>Kenvue, Inc.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Northrop Grumman Corp.</name>
        <lei>RIMU48P07456QXSO0R61</lei>
        <title>Northrop Grumman Corp.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Cigna Group (The)</name>
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        <title>Cigna Group (The)</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2040-03-15</maturityDt>
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      <invstOrSec>
        <name>Truist Financial Corp.</name>
        <lei>549300DRQQI75D2JP341</lei>
        <title>Truist Financial Corp.</title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-10-23</maturityDt>
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        <name>UnitedHealth Group, Inc.</name>
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        <title>UnitedHealth Group, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-06-15</maturityDt>
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        <name>Medtronic, Inc.</name>
        <lei>D56MRZY2INAN94ZONZ37</lei>
        <title>Medtronic, Inc.</title>
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        <name>Consumers Energy Co.</name>
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        <title>Consumers Energy Co.</title>
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        <name>ONEOK, Inc.</name>
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        <title>ONEOK, Inc.</title>
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        <name>Health Care Service Corp. A Mutual Legal Reserve Co.</name>
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        <title>Health Care Service Corp. A Mutual Legal Reserve Co.</title>
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        <name>Paramount Global</name>
        <lei>5KYC8KF17ROCY24M3H09</lei>
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        <name>Commonwealth Edison Co.</name>
        <lei>D8YOXB8L2ZDC8P7Q0771</lei>
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        <name>United Mexican States</name>
        <lei>254900EGTWEU67VP6075</lei>
        <title>Mexico Government Bond</title>
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        <issuerCat>NUSS</issuerCat>
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        <name>Duke Energy Corp.</name>
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        <name>Rogers Communications, Inc.</name>
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        <name>Boeing Co. (The)</name>
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        <name>AT&amp;T, Inc.</name>
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        <name>Morgan Stanley</name>
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        <fairValLevel>2</fairValLevel>
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        <name>BAT Capital Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Sysco Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Mars, Inc.</name>
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        <name>Wells Fargo &amp; Co.</name>
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        <name>Boeing Co. (The)</name>
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        <name>Public Service Electric and Gas Co.</name>
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        <name>RWE Finance US LLC</name>
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        <name>Comcast Corp.</name>
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        <name>Bristol-Myers Squibb Co.</name>
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        <name>Merck &amp; Co., Inc.</name>
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        <name>Constellation Energy Generation LLC</name>
        <lei>S2PEWKCZFFECR4533P43</lei>
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        <name>Microsoft Corp.</name>
        <lei>INR2EJN1ERAN0W5ZP974</lei>
        <title>Microsoft Corp.</title>
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        <name>AT&amp;T, Inc.</name>
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        <name>Eli Lilly &amp; Co.</name>
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        <name>Duke Energy Carolinas LLC</name>
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        <name>Comcast Corp.</name>
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        <name>Morgan Stanley</name>
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        <name>Corning, Inc.</name>
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        <name>Lowe's Cos., Inc.</name>
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        <name>Consumers Energy Co.</name>
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        <name>Royalty Pharma plc</name>
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        <name>RTX Corp.</name>
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        <name>Charter Communications Operating LLC / Charter Communications Operating Capital</name>
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        <name>MidAmerican Energy Co.</name>
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        <name>Moody's Corp.</name>
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        <name>Marsh &amp; McLennan Cos., Inc.</name>
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        <name>Walmart, Inc.</name>
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        <name>Ascension Health</name>
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        <name>Boeing Co. (The)</name>
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        <name>Pfizer Investment Enterprises Pte. Ltd.</name>
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        <name>Florida Power &amp; Light Co.</name>
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        <name>Great-West Lifeco Finance Delaware LP</name>
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        <name>HSBC Holdings plc</name>
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        <name>AbbVie, Inc.</name>
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        <name>Kellanova</name>
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        <name>Coca-Cola Co. (The)</name>
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        <name>PPL Electric Utilities Corp.</name>
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        <name>Amphenol Corp.</name>
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        <name>Los Angeles Community College District/CA</name>
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        <name>Public Service Co. of Colorado</name>
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        <name>Travelers Cos., Inc. (The)</name>
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        <name>Dick's Sporting Goods, Inc.</name>
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        <name>Rio Tinto Finance USA plc</name>
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        <name>Bank of America Corp.</name>
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        <name>Beignet Investor LLC</name>
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        <name>Republic of the Philippines</name>
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        <name>Merck &amp; Co., Inc.</name>
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        <name>Intuit, Inc.</name>
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        <name>Boeing Co. (The)</name>
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        <name>Transcontinental Gas Pipe Line Co. LLC</name>
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        <name>Vistra Operations Co. LLC</name>
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        <name>Intel Corp.</name>
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        <name>MPLX LP</name>
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        <name>Athene Holding Ltd.</name>
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        <name>JPMorgan Chase &amp; Co.</name>
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        <name>BP Capital Markets America, Inc.</name>
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        <name>Analog Devices, Inc.</name>
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        <name>Novartis Capital Corp.</name>
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        <title>Novartis Capital Corp.</title>
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        <name>Norfolk Southern Corp.</name>
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        <title>Norfolk Southern Corp.</title>
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        <name>Berkshire Hathaway Finance Corp.</name>
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        <name>Smurfit Kappa Treasury ULC</name>
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        <name>ING Groep NV</name>
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        <name>Kaiser Foundation Hospitals</name>
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        <name>Ingersoll Rand, Inc.</name>
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        <name>Antero Resources Corp.</name>
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        <name>Oracle Corp.</name>
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        <name>Anglo American Capital plc</name>
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        <name>Carlisle Cos., Inc.</name>
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        <name>Cargill, Inc.</name>
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        <name>Owens Corning</name>
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        <name>Home Depot, Inc. (The)</name>
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        <name>United States of America</name>
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        <name>Franklin Institutional U.S. Government Money Market Fund</name>
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        <name>NextEra Energy Capital Holdings, Inc.</name>
        <lei>UMI46YPGBLUE4VGNNT48</lei>
        <title>NextEra Energy Capital Holdings, Inc.</title>
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        <name>Meta Platforms, Inc.</name>
        <lei>BQ4BKCS1HXDV9HN80Z93</lei>
        <title>Meta Platforms, Inc.</title>
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        <name>Kraft Heinz Foods Co.</name>
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        <name>UnitedHealth Group, Inc.</name>
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        <name>Novartis Capital Corp.</name>
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        <name>Simon Property Group LP</name>
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        <fairValLevel>2</fairValLevel>
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        <name>AT&amp;T, Inc.</name>
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        <title>AT&amp;T, Inc.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2053-09-15</maturityDt>
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          <annualizedRt>3.50000000</annualizedRt>
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        <name>State of Texas</name>
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        <issuerCat>MUN</issuerCat>
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          <maturityDt>2039-04-01</maturityDt>
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        <name>Cargill, Inc.</name>
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        <name>Lowe's Cos., Inc.</name>
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        <name>Viper Energy Partners LLC</name>
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        <name>United Mexican States</name>
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        <name>TotalEnergies Capital SA</name>
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        <title>TotalEnergies Capital SA</title>
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        <name>Goldman Sachs Group, Inc. (The)</name>
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        <name>Motorola Solutions, Inc.</name>
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        <name>Pacific Gas and Electric Co.</name>
        <lei>1HNPXZSMMB7HMBMVBS46</lei>
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        <name>Brown &amp; Brown, Inc.</name>
        <lei>549300PC8KTJ71XKFY89</lei>
        <title>Brown &amp; Brown, Inc.</title>
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        <name>Alabama Power Co.</name>
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        <name>Walmart, Inc.</name>
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        <name>Norfolk Southern Corp.</name>
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        <name>Eastern Energy Gas Holdings LLC</name>
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        <name>United States of America</name>
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        <name>Bermuda</name>
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        <issuerCat>NUSS</issuerCat>
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        <fairValLevel>2</fairValLevel>
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        <name>RTX Corp.</name>
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        <name>Bristol-Myers Squibb Co.</name>
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        <name>Enterprise Products Operating LLC</name>
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        <name>Cigna Group (The)</name>
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        <name>Dell International LLC / EMC Corp.</name>
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        <name>Broadcom, Inc.</name>
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        <name>AT&amp;T, Inc.</name>
        <lei>549300Z40J86GGSTL398</lei>
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        <name>Eli Lilly &amp; Co.</name>
        <lei>FRDRIPF3EKNDJ2CQJL29</lei>
        <title>Eli Lilly &amp; Co.</title>
        <cusip>532457CT3</cusip>
        <identifiers>
          <isin value="US532457CT39"/>
          <other otherDesc="Inhouse Asset ID" value="1383722"/>
        </identifiers>
        <balance>110000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>102697.46000000</valUSD>
        <pctVal>0.162690693018</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2064-08-14</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.20000000</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>Synopsys, Inc.</name>
        <lei>QG7T915N9S0NY5UKNE63</lei>
        <title>Synopsys, Inc.</title>
        <cusip>871607AG2</cusip>
        <identifiers>
          <isin value="US871607AG29"/>
          <other otherDesc="Inhouse Asset ID" value="1449760"/>
        </identifiers>
        <balance>200000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>197441.23000000</valUSD>
        <pctVal>0.312781353492</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.70000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Oriental Republic of Uruguay</name>
        <lei>549300RDR012H2V82H43</lei>
        <title>Uruguay Government Bond</title>
        <cusip>760942BA9</cusip>
        <identifiers>
          <isin value="US760942BA98"/>
          <other otherDesc="Inhouse Asset ID" value="661333"/>
        </identifiers>
        <balance>300000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>280470.00000000</valUSD>
        <pctVal>0.444313410193</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>UY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-06-18</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.10000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Verizon Communications, Inc.</name>
        <lei>2S72QS2UO2OESLG6Y829</lei>
        <title>Verizon Communications, Inc.</title>
        <cusip>92343VBG8</cusip>
        <identifiers>
          <isin value="US92343VBG86"/>
          <other otherDesc="Inhouse Asset ID" value="559093"/>
        </identifiers>
        <balance>80000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>64009.60000000</valUSD>
        <pctVal>0.101402373377</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.85000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Vulcan Materials Co.</name>
        <lei>549300Q8LSNHAVWBNI21</lei>
        <title>Vulcan Materials Co.</title>
        <cusip>929160BD0</cusip>
        <identifiers>
          <isin value="US929160BD00"/>
          <other otherDesc="Inhouse Asset ID" value="1421118"/>
        </identifiers>
        <balance>135000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>134458.57000000</valUSD>
        <pctVal>0.213005832233</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.70000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Southern California Gas Co.</name>
        <lei>XY0N0J73VHV5F4CUJV89</lei>
        <title>Southern California Gas Co.</title>
        <cusip>842434CY6</cusip>
        <identifiers>
          <isin value="US842434CY66"/>
          <other otherDesc="Inhouse Asset ID" value="1277995"/>
        </identifiers>
        <balance>160000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>159318.39000000</valUSD>
        <pctVal>0.252388124103</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.75000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Corning, Inc.</name>
        <lei>549300X2937PB0CJ7I56</lei>
        <title>Corning, Inc.</title>
        <cusip>219350BP9</cusip>
        <identifiers>
          <isin value="US219350BP93"/>
          <other otherDesc="Inhouse Asset ID" value="1174476"/>
        </identifiers>
        <balance>100000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>77951.53000000</valUSD>
        <pctVal>0.123488822776</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.90000000</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>Bayer US Finance II LLC</name>
        <lei>529900XWNEXYNJ3X6T40</lei>
        <title>Bayer US Finance II LLC</title>
        <cusip>07274NBF9</cusip>
        <identifiers>
          <isin value="US07274NBF96"/>
          <other otherDesc="Inhouse Asset ID" value="1277574"/>
        </identifiers>
        <balance>200000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>162004.33000000</valUSD>
        <pctVal>0.256643121647</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.40000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Amgen, Inc.</name>
        <lei>62QBXGPJ34PQ72Z12S66</lei>
        <title>Amgen, Inc.</title>
        <cusip>031162DS6</cusip>
        <identifiers>
          <isin value="US031162DS61"/>
          <other otherDesc="Inhouse Asset ID" value="1238480"/>
        </identifiers>
        <balance>175000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>176401.19000000</valUSD>
        <pctVal>0.279450259532</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-03-02</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.60000000</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>Hess Midstream Operations LP</name>
        <lei>N/A</lei>
        <title>Hess Midstream Operations LP</title>
        <cusip>428102AE7</cusip>
        <identifiers>
          <isin value="US428102AE79"/>
          <other otherDesc="Inhouse Asset ID" value="1158141"/>
        </identifiers>
        <balance>250000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>244330.70000000</valUSD>
        <pctVal>0.387062454208</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Mars, Inc.</name>
        <lei>54930073HKEO6GZBSS03</lei>
        <title>Mars, Inc.</title>
        <cusip>571676BC8</cusip>
        <identifiers>
          <isin value="US571676BC81"/>
          <other otherDesc="Inhouse Asset ID" value="1450770"/>
        </identifiers>
        <balance>150000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>149607.00000000</valUSD>
        <pctVal>0.237003588115</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.70000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-03-02</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>
  <documents>XXXX</documents>
</edgarSubmission>
