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      <invstOrSec>
        <name>Toll Brothers Finance Corp.</name>
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        <name>Constellation Energy Generation LLC</name>
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      <invstOrSec>
        <name>PVH Corp.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Oracle Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>ONEOK, Inc.</name>
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        <name>JPMorgan Chase &amp; Co.</name>
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        <name>Morgan Stanley</name>
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        <title>Morgan Stanley</title>
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        <name>State of California</name>
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        <name>Tapestry, Inc.</name>
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        <name>FNMA</name>
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        <name>N/A</name>
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        <name>Rogers Communications, Inc.</name>
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        <name>BlackRock, Inc.</name>
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        <name>Pacific Gas and Electric Co.</name>
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        <name>Humana, Inc.</name>
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        <title>Humana, Inc.</title>
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        <name>Exxon Mobil Corp.</name>
        <lei>J3WHBG0MTS7O8ZVMDC91</lei>
        <title>Exxon Mobil Corp.</title>
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        <name>VICI Properties LP</name>
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        <name>CRH plc</name>
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        <name>FNMA</name>
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        <name>FHLMC Pool</name>
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        <name>Celanese US Holdings LLC</name>
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        <name>Amgen, Inc.</name>
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        <name>NVIDIA Corp.</name>
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        <name>Wyeth LLC</name>
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        <name>CF Industries, Inc.</name>
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        <name>American Tower Corp.</name>
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        <name>Boston Scientific Corp.</name>
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        <name>Hewlett Packard Enterprise Co.</name>
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        <name>Ohio State University (The)</name>
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        <name>Massachusetts Mutual Life Insurance Co.</name>
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        <name>Motorola Solutions, Inc.</name>
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        <name>Berry Global, Inc.</name>
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        <name>DuPont de Nemours, Inc.</name>
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        <name>Goldman Sachs Group, Inc. (The)</name>
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        <name>Crown Castle, Inc.</name>
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        <name>NextEra Energy, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Brunswick Corp.</name>
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        <name>Howmet Aerospace, Inc.</name>
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        <name>GNMA</name>
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        <name>Southwest Airlines Co.</name>
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        <name>Service Corp. International</name>
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        <name>GNMA</name>
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        <name>Banco Santander SA</name>
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        <name>Air Lease Corp.</name>
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        <title>Air Lease Corp.</title>
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        <name>Carnival Corp.</name>
        <lei>F1OF2ZSX47CR0BCWA982</lei>
        <title>Carnival Corp.</title>
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        <name>Morgan Stanley</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>Morgan Stanley</title>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>Pacific Gas and Electric Co.</name>
        <lei>1HNPXZSMMB7HMBMVBS46</lei>
        <title>Pacific Gas and Electric Co.</title>
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          <isin value="US694308HW04"/>
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        <curCd>USD</curCd>
        <valUSD>125818.59000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>3.30000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Aviation Capital Group LLC</name>
        <lei>549300ODEK8HY3445C77</lei>
        <title>Aviation Capital Group LLC</title>
        <cusip>05369AAS0</cusip>
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          <isin value="US05369AAS06"/>
          <other otherDesc="Inhouse Asset ID" value="1455517"/>
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        <balance>135000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>136344.84000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-04-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.12500000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Athene Global Funding</name>
        <lei>549300LM1QSI4MSIL320</lei>
        <title>Athene Global Funding</title>
        <cusip>04685A4D0</cusip>
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          <isin value="US04685A4D06"/>
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        <balance>101000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-11-13</maturityDt>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>Tapestry, Inc.</name>
        <lei>549300LJNVY5SW3VTN33</lei>
        <title>Tapestry, Inc.</title>
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          <isin value="US876030AL10"/>
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        <balance>74000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>74324.92000000</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>2035-03-11</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Spotify Technology SA</name>
        <lei>549300B4X0JHWV0DTD60</lei>
        <title>Spotify Technology SA</title>
        <cusip>N/A</cusip>
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          <isin value="LU1778762911"/>
          <other otherDesc="Inhouse Asset ID" value="867904"/>
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        <balance>877.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>672957.18000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Energy Transfer LP</name>
        <lei>MTLVN9N7JE8MIBIJ1H73</lei>
        <title>Energy Transfer LP</title>
        <cusip>29273VBD1</cusip>
        <identifiers>
          <isin value="US29273VBD10"/>
          <other otherDesc="Inhouse Asset ID" value="1446264"/>
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        <balance>72000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>73633.95000000</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>2030-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.20000000</annualizedRt>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Allstate Corp. (The)</name>
        <lei>OBT0W1ED8G0NWVOLOJ77</lei>
        <title>Allstate Corp. (The)</title>
        <cusip>020002101</cusip>
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          <isin value="US0200021014"/>
          <other otherDesc="Inhouse Asset ID" value="22907"/>
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        <balance>9276.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1867351.56000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>American Tower Corp.</name>
        <lei>5493006ORUSIL88JOE18</lei>
        <title>American Tower Corp.</title>
        <cusip>03027XAX8</cusip>
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          <isin value="US03027XAX84"/>
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        <balance>66000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>64453.93000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.75000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Johnson &amp; Johnson</name>
        <lei>549300G0CFPGEF6X2043</lei>
        <title>Johnson &amp; Johnson</title>
        <cusip>478160104</cusip>
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          <isin value="US4781601046"/>
          <other otherDesc="Inhouse Asset ID" value="726"/>
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        <balance>5771.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>881520.25000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Kenvue, Inc.</name>
        <lei>5493008HSF8L4M2LIJ82</lei>
        <title>Kenvue, Inc.</title>
        <cusip>49177JAS1</cusip>
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          <isin value="US49177JAS15"/>
          <other otherDesc="Inhouse Asset ID" value="1475244"/>
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        <balance>35000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>35440.34000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-05-22</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.85000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      <invstOrSec>
        <name>Merck &amp; Co., Inc.</name>
        <lei>4YV9Y5M8S0BRK1RP0397</lei>
        <title>Merck &amp; Co., Inc.</title>
        <cusip>58933Y105</cusip>
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          <isin value="US58933Y1055"/>
          <other otherDesc="Inhouse Asset ID" value="2049"/>
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        <balance>9177.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>726451.32000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Mastercard, Inc.</name>
        <lei>AR5L2ODV9HN37376R084</lei>
        <title>Mastercard, Inc., Class A</title>
        <cusip>57636Q104</cusip>
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          <isin value="US57636Q1040"/>
          <other otherDesc="Inhouse Asset ID" value="362159"/>
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        <balance>5989.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3365458.66000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Motorola Solutions, Inc.</name>
        <lei>6S552MUG6KGJVEBSEC55</lei>
        <title>Motorola Solutions, Inc.</title>
        <cusip>620076CB3</cusip>
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          <isin value="US620076CB33"/>
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        <balance>105000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>106801.90000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.20000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>AT&amp;T, Inc.</name>
        <lei>549300Z40J86GGSTL398</lei>
        <title>AT&amp;T, Inc.</title>
        <cusip>00206R102</cusip>
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          <isin value="US00206R1023"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
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          <isin value="US91282CNC19"/>
          <other otherDesc="Inhouse Asset ID" value="1472705"/>
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        <balance>2720000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2724462.49000000</valUSD>
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        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>FNMA or FHLMC</name>
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          <isin value="US01F0206791"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>791856.35000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-07-25</maturityDt>
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          <annualizedRt>2.00000000</annualizedRt>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>Southwest Airlines Co.</title>
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        <balance>254040.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>6429.74000000</valUSD>
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        <assetCat>DE</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
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              <counterpartyName>CITIBANK NA</counterpartyName>
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                <issuerName>Southwest Airlines Co.</issuerName>
                <issueTitle>Southwest Airlines Co.</issueTitle>
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      <invstOrSec>
        <name>Hyatt Hotels Corp.</name>
        <lei>T27JQIMTYSH41TCD5186</lei>
        <title>Hyatt Hotels Corp.</title>
        <cusip>448579AU6</cusip>
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          <isin value="US448579AU63"/>
          <other otherDesc="Inhouse Asset ID" value="1454520"/>
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        <balance>165000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>166834.96000000</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>2028-03-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.05000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Rio Tinto Finance USA plc</name>
        <lei>2138006TSNBEUA761G16</lei>
        <title>Rio Tinto Finance USA plc</title>
        <cusip>76720AAS5</cusip>
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        <name>Glencore Finance Canada Ltd.</name>
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        <name>General Motors Financial Co., Inc.</name>
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        <name>Nutrien Ltd.</name>
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        <name>Capital One Financial Corp.</name>
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        <name>Vertiv Group Corp.</name>
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        <name>Paramount Global</name>
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        <name>TELUS Corp.</name>
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        <name>Tesla, Inc.</name>
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        <name>Howmet Aerospace, Inc.</name>
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        <name>Lululemon Athletica, Inc.</name>
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        <name>N/A</name>
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        <name>COMM Mortgage Trust</name>
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        <name>Pacific Gas and Electric Co.</name>
        <lei>1HNPXZSMMB7HMBMVBS46</lei>
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        <name>Assured Guaranty Ltd.</name>
        <lei>549300BBOQUJEPH87M14</lei>
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      <invstOrSec>
        <name>Illumina, Inc.</name>
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        <title>Illumina, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Gartner, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Bank of America Corp.</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-01-24</maturityDt>
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      <invstOrSec>
        <name>Prudential plc</name>
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        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Mars, Inc.</name>
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        <title>Mars, Inc.</title>
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        <balance>50000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-03-01</maturityDt>
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      <invstOrSec>
        <name>Athene Holding Ltd.</name>
        <lei>549300H316CT32FQXI76</lei>
        <title>Athene Holding Ltd.</title>
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          <isin value="US04686JAH41"/>
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        <balance>38000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-04-01</maturityDt>
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          <annualizedRt>6.25000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Progressive Corp. (The)</name>
        <lei>529900TACNVLY9DCR586</lei>
        <title>Progressive Corp. (The)</title>
        <cusip>743315103</cusip>
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          <isin value="US7433151039"/>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Barclays plc</name>
        <lei>213800LBQA1Y9L22JB70</lei>
        <title>Barclays plc</title>
        <cusip>06738ECY9</cusip>
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          <isin value="US06738ECY95"/>
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        <balance>200000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-02-25</maturityDt>
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          <annualizedRt>5.36700000</annualizedRt>
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      <invstOrSec>
        <name>Enbridge, Inc.</name>
        <lei>98TPTUM4IVMFCZBCUR27</lei>
        <title>Enbridge, Inc.</title>
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          <isin value="US29250NAL91"/>
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        <balance>42000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>41934.03000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-12-01</maturityDt>
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          <annualizedRt>4.25000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Hewlett Packard Enterprise Co.</name>
        <lei>549300BX44RGX6ANDV88</lei>
        <title>Hewlett Packard Enterprise Co.</title>
        <cusip>42824CBT5</cusip>
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          <isin value="US42824CBT53"/>
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        <balance>64000.00000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-10-15</maturityDt>
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      <invstOrSec>
        <name>Glencore plc</name>
        <lei>2138002658CPO9NBH955</lei>
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        <invCountry>JE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Analog Devices, Inc.</name>
        <lei>GYVOE5EZ4GDAVTU4CQ61</lei>
        <title>Analog Devices, Inc.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>PNC Financial Services Group, Inc. (The)</name>
        <lei>CFGNEKW0P8842LEUIA51</lei>
        <title>PNC Financial Services Group, Inc. (The)</title>
        <cusip>693475BE4</cusip>
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        <invCountry>US</invCountry>
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        <name>Amgen, Inc.</name>
        <lei>62QBXGPJ34PQ72Z12S66</lei>
        <title>Amgen, Inc.</title>
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        <invCountry>US</invCountry>
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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>Charter Communications Operating LLC / Charter Communications Operating Capital</name>
        <lei>N/A</lei>
        <title>Charter Communications Operating LLC / Charter Communications Operating Capital Corp.</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2051-04-01</maturityDt>
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        <name>Airbus SE</name>
        <lei>MINO79WLOO247M1IL051</lei>
        <title>Airbus SE</title>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CRH plc</name>
        <lei>549300MIDJNNTH068E74</lei>
        <title>CRH plc</title>
        <cusip>N/A</cusip>
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          <other otherDesc="Inhouse Asset ID" value="1298658"/>
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        <balance>329.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>Forward Foreign Currency Contract</title>
        <cusip>N/A</cusip>
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        <balance>1.00000000</balance>
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        <curCd>N/A</curCd>
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      <invstOrSec>
        <name>Citigroup, Inc.</name>
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        <name>Intesa Sanpaolo SpA</name>
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        <name>N/A</name>
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      <invstOrSec>
        <name>VICI Properties LP / VICI Note Co., Inc.</name>
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        <name>Corebridge Financial, Inc.</name>
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        <name>US Bancorp</name>
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        <name>KKR Group Finance Co. VI LLC</name>
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        <balance>25000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <name>Enel Finance International NV</name>
        <lei>0YQH6LCEF474UTUV4B96</lei>
        <title>Enel Finance International NV</title>
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        <name>Trane Technologies plc</name>
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        <assetCat>EC</assetCat>
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        <invCountry>IE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Brunswick Corp.</name>
        <lei>YM4O38W15AX4YLLQKU27</lei>
        <title>Brunswick Corp.</title>
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        <balance>82000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>69765.84000000</valUSD>
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        <invCountry>US</invCountry>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>2.40000000</annualizedRt>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, 30 Year</title>
        <cusip>3140KXMJ2</cusip>
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          <isin value="US3140KXMJ23"/>
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        <balance>125768.27000000</balance>
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        <curCd>USD</curCd>
        <valUSD>105675.21000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2050-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.50000000</annualizedRt>
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      <invstOrSec>
        <name>Intercontinental Exchange, Inc.</name>
        <lei>5493000F4ZO33MV32P92</lei>
        <title>Intercontinental Exchange, Inc.</title>
        <cusip>45866FAN4</cusip>
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        <balance>59000.00000000</balance>
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        <valUSD>49018.63000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <name>N/A</name>
        <lei>N/A</lei>
        <title>Forward Foreign Currency Contract</title>
        <cusip>N/A</cusip>
        <identifiers>
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        <curCd>N/A</curCd>
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        <name>Targa Resources Partners LP / Targa Resources Partners Finance Corp.</name>
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        <title>Targa Resources Partners LP / Targa Resources Partners Finance Corp.</title>
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        <name>PNC Financial Services Group, Inc. (The)</name>
        <lei>CFGNEKW0P8842LEUIA51</lei>
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        <cusip>693475105</cusip>
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        <name>Eastern Energy Gas Holdings LLC</name>
        <lei>549300BFOD6TDMVV4O24</lei>
        <title>Eastern Energy Gas Holdings LLC</title>
        <cusip>27636AAB8</cusip>
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        <balance>47000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.80000000</annualizedRt>
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        <name>South Bow USA Infrastructure Holdings LLC</name>
        <lei>254900Z1WAY7QFQ7O850</lei>
        <title>South Bow USA Infrastructure Holdings LLC</title>
        <cusip>83007CAE2</cusip>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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          <maturityDt>2034-10-01</maturityDt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Hyundai Capital America</name>
        <lei>549300RIPPWJB5Z0FK07</lei>
        <title>Hyundai Capital America</title>
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          <isin value="US44891ACV70"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-01-08</maturityDt>
          <couponKind>Fixed</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>UnitedHealth Group, Inc.</name>
        <lei>549300GHBMY8T5GXDE41</lei>
        <title>UnitedHealth Group, Inc.</title>
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          <isin value="US91324PFQ00"/>
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        <balance>220000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-06-15</maturityDt>
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          <annualizedRt>5.30000000</annualizedRt>
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      <invstOrSec>
        <name>PacifiCorp</name>
        <lei>SGY07Y7FNYBNLM6Z1M11</lei>
        <title>PacifiCorp</title>
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          <isin value="US695114CW67"/>
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        <balance>82000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>75018.63000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-09-15</maturityDt>
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          <annualizedRt>2.70000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
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        <cusip>N/A</cusip>
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          <other otherDesc="Inhouse Asset ID" value="11362"/>
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        <balance>1.00000000</balance>
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        <curCd>N/A</curCd>
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        <fairValLevel>2</fairValLevel>
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            <counterparties>
              <counterpartyName>Goldman Sachs International</counterpartyName>
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        <securityLending>
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      <invstOrSec>
        <name>Capital One Financial Corp.</name>
        <lei>ZUE8T73ROZOF6FLBAR73</lei>
        <title>Capital One Financial Corp.</title>
        <cusip>14040HBN4</cusip>
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          <isin value="US14040HBN44"/>
          <other otherDesc="Inhouse Asset ID" value="665769"/>
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        <balance>142000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>140857.60000000</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>2027-03-09</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.75000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Brown &amp; Brown, Inc.</name>
        <lei>549300PC8KTJ71XKFY89</lei>
        <title>Brown &amp; Brown, Inc.</title>
        <cusip>115236AK7</cusip>
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          <isin value="US115236AK73"/>
          <other otherDesc="Inhouse Asset ID" value="1486776"/>
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        <balance>120000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>121182.93000000</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>2030-06-23</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.90000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>Forward Foreign Currency Contract</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="11434"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>N/A</curCd>
        <valUSD>2384.58000000</valUSD>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
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        <invCountry>N/A</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>Toronto Dominion Bank</counterpartyName>
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            <amtCurSold>502132.51000000</amtCurSold>
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            <amtCurPur>686500.00000000</amtCurPur>
            <curPur>CAD</curPur>
            <settlementDt>2025-07-16</settlementDt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Chipotle Mexican Grill, Inc.</name>
        <lei>N/A</lei>
        <title>Chipotle Mexican Grill, Inc., Class A</title>
        <cusip>169656105</cusip>
        <identifiers>
          <isin value="US1696561059"/>
          <other otherDesc="Inhouse Asset ID" value="347244"/>
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        <balance>10474.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>588115.10000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>Georgia-Pacific LLC</name>
        <lei>L2EVHWFHVAQK72TMH265</lei>
        <title>Georgia-Pacific LLC</title>
        <cusip>37331NAL5</cusip>
        <identifiers>
          <isin value="US37331NAL55"/>
          <other otherDesc="Inhouse Asset ID" value="1294115"/>
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        <balance>200000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>193116.83000000</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>2027-04-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.10000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>NRG Energy, Inc.</name>
        <lei>5E2UPK5SW04M13XY7I38</lei>
        <title>NRG Energy, Inc.</title>
        <cusip>629377CP5</cusip>
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          <isin value="US629377CP59"/>
          <other otherDesc="Inhouse Asset ID" value="1122844"/>
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        <balance>114000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>108237.63000000</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>2027-12-02</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.45000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Sprint Capital Corp.</name>
        <lei>549300L17W0GQBR1PO80</lei>
        <title>Sprint Capital Corp.</title>
        <cusip>852060AD4</cusip>
        <identifiers>
          <isin value="US852060AD48"/>
          <other otherDesc="Inhouse Asset ID" value="165160"/>
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        <balance>198000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>212609.68000000</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>2028-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.87500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>Forward Foreign Currency Contract</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="11482"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>N/A</curCd>
        <valUSD>-11856.70000000</valUSD>
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        <assetCat>DFE</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

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            <counterparties>
              <counterpartyName>JP Morgan Chase Bank</counterpartyName>
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      <invstOrSec>
        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Bonds</title>
        <cusip>912810SF6</cusip>
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          <isin value="US912810SF66"/>
          <other otherDesc="Inhouse Asset ID" value="960691"/>
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        <curCd>USD</curCd>
        <valUSD>1547929.70000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA II, Single-family, 30 Year</title>
        <cusip>3617BG3Z1</cusip>
        <identifiers>
          <isin value="US3617BG3Z13"/>
          <other otherDesc="Inhouse Asset ID" value="1295862"/>
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        <balance>96084.01000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>88280.73000000</valUSD>
        <pctVal>0.029876526171</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-11-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Marsh &amp; McLennan Cos., Inc.</name>
        <lei>549300XMP3KDCKJXIU47</lei>
        <title>Marsh &amp; McLennan Cos., Inc.</title>
        <cusip>571748BG6</cusip>
        <identifiers>
          <isin value="US571748BG65"/>
          <other otherDesc="Inhouse Asset ID" value="972062"/>
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        <balance>185000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>185780.22000000</valUSD>
        <pctVal>0.062872923739</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.37500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Mars, Inc.</name>
        <lei>54930073HKEO6GZBSS03</lei>
        <title>Mars, Inc.</title>
        <cusip>571676BB0</cusip>
        <identifiers>
          <isin value="US571676BB09"/>
          <other otherDesc="Inhouse Asset ID" value="1450780"/>
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        <balance>65000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>65195.29000000</valUSD>
        <pctVal>0.022063804727</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.65000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FNMA or FHLMC</name>
        <lei>N/A</lei>
        <title>Uniform Mortgage-Backed Securities</title>
        <cusip>01F022675</cusip>
        <identifiers>
          <isin value="US01F0226757"/>
          <other otherDesc="Inhouse Asset ID" value="1482209"/>
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        <name>N/A</name>
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      <invstOrSec>
        <name>Bio-Rad Laboratories, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Marvell Technology, Inc.</name>
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        <name>Oracle Corp.</name>
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        <title>Oracle Corp.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Boeing Co. (The)</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>FNMA</name>
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        <cusip>3140L8VQ0</cusip>
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          <other otherDesc="Inhouse Asset ID" value="1296969"/>
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        <curCd>USD</curCd>
        <valUSD>199716.99000000</valUSD>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2051-05-01</maturityDt>
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        <name>Becton Dickinson &amp; Co.</name>
        <lei>ICE2EP6D98PQUILVRZ91</lei>
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        <name>Meta Platforms, Inc.</name>
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      <invstOrSec>
        <name>Exelon Corp.</name>
        <lei>3SOUA6IRML7435B56G12</lei>
        <title>Exelon Corp.</title>
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        <name>CVS Health Corp.</name>
        <lei>549300EJG376EN5NQE29</lei>
        <title>CVS Health Corp.</title>
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        <name>Goldman Sachs Group, Inc. (The)</name>
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        <title>Goldman Sachs Group, Inc. (The)</title>
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        <name>Southern Co. (The)</name>
        <lei>549300FC3G3YU2FBZD92</lei>
        <title>Southern Co. (The)</title>
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        <name>Fairfax Financial Holdings Ltd.</name>
        <lei>GLS7OQD0WOEDI8YAP031</lei>
        <title>Fairfax Financial Holdings Ltd.</title>
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        <name>FNMA or FHLMC</name>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Prologis LP</name>
        <lei>GL16H1DHB0QSHP25F723</lei>
        <title>Prologis LP</title>
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        <name>TIAA Real Estate CDO Ltd.</name>
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        <name>Ares Capital Corp.</name>
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        <name>BP plc</name>
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        <name>Eversource Energy</name>
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        <name>Bristol-Myers Squibb Co.</name>
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        <name>Glencore Funding LLC</name>
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        <name>Corteva, Inc.</name>
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        <name>American Electric Power Co., Inc.</name>
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        <name>International Flavors &amp; Fragrances, Inc.</name>
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        <name>Ares Capital Corp.</name>
        <lei>WEQ82666OJYSI5GUAB47</lei>
        <title>Ares Capital Corp.</title>
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        <name>Boeing Co. (The)</name>
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        <name>JPMorgan Chase &amp; Co.</name>
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      <invstOrSec>
        <name>S&amp;P Global, Inc.</name>
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        <title>S&amp;P Global, Inc.</title>
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      <invstOrSec>
        <name>HCA, Inc.</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-03-15</maturityDt>
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      <invstOrSec>
        <name>Verizon Communications, Inc.</name>
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        <title>Verizon Communications, Inc.</title>
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        <balance>117000.00000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2061-03-22</maturityDt>
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      <invstOrSec>
        <name>Toll Brothers Finance Corp.</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Nasdaq, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Targa Resources Partners LP / Targa Resources Partners Finance Corp.</name>
        <lei>N/A</lei>
        <title>Targa Resources Partners LP / Targa Resources Partners Finance Corp.</title>
        <cusip>87612BBG6</cusip>
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          <isin value="US87612BBG68"/>
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        <balance>130000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-01-15</maturityDt>
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        <name>Levi Strauss &amp; Co.</name>
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        <title>Levi Strauss &amp; Co., Class A</title>
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        <name>Pfizer Investment Enterprises Pte. Ltd.</name>
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        <invCountry>SG</invCountry>

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      <invstOrSec>
        <name>Paramount Global</name>
        <lei>5KYC8KF17ROCY24M3H09</lei>
        <title>Paramount Global</title>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-06-01</maturityDt>
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          <annualizedRt>4.20000000</annualizedRt>
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      <invstOrSec>
        <name>Otis Worldwide Corp.</name>
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        <name>Netflix, Inc.</name>
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        <name>Deutsche Bank AG</name>
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        <balance>95000.00000000</balance>
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        <invCountry>DE</invCountry>
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        <name>Westpac Banking Corp.</name>
        <lei>EN5TNI6CI43VEPAMHL14</lei>
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        <invCountry>AU</invCountry>
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        <name>BAE Systems plc</name>
        <lei>8SVCSVKSGDWMW2QHOH83</lei>
        <title>BAE Systems plc</title>
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        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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          <maturityDt>2054-03-26</maturityDt>
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        <name>AS Mileage Plan IP Ltd.</name>
        <lei>N/A</lei>
        <title>AS Mileage Plan IP Ltd.</title>
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        <assetCat>DBT</assetCat>
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        <invCountry>KY</invCountry>

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        <name>Waste Connections, Inc.</name>
        <lei>549300HDLRTPBQU69P29</lei>
        <title>Waste Connections, Inc.</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

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          <maturityDt>2028-12-01</maturityDt>
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        <name>Fortive Corp.</name>
        <lei>549300MU9YQJYHDQEF63</lei>
        <title>Fortive Corp.</title>
        <cusip>34959J108</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Live Nation Entertainment, Inc.</name>
        <lei>5493007B9BM9ZXJINO78</lei>
        <title>Live Nation Entertainment, Inc.</title>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Broadcom, Inc.</name>
        <lei>549300WV6GIDOZJTV909</lei>
        <title>Broadcom, Inc.</title>
        <cusip>11135F101</cusip>
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        <curCd>USD</curCd>
        <valUSD>5740411.25000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>McKesson Corp.</name>
        <lei>549300WZWOM80UCFSF54</lei>
        <title>McKesson Corp.</title>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>Bank of America Corp.</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
        <title>Bank of America Corp.</title>
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          <isin value="US06051GKL22"/>
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        <balance>416000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>380800.96000000</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>2037-03-08</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.84600000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Ford Motor Credit Co. LLC</name>
        <lei>UDSQCVRUX5BONN0VY111</lei>
        <title>Ford Motor Credit Co. LLC</title>
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          <isin value="US345397D831"/>
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        <balance>200000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>201652.01000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-03-05</maturityDt>
          <couponKind>Fixed</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Jane Street Group / JSG Finance, Inc.</name>
        <lei>N/A</lei>
        <title>Jane Street Group / JSG Finance, Inc.</title>
        <cusip>47077WAE8</cusip>
        <identifiers>
          <isin value="US47077WAE84"/>
          <other otherDesc="Inhouse Asset ID" value="1465738"/>
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        <balance>140000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>144036.34000000</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>2033-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA II, Single-family, 30 Year</title>
        <cusip>36179SGK7</cusip>
        <identifiers>
          <isin value="US36179SGK78"/>
          <other otherDesc="Inhouse Asset ID" value="640748"/>
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        <balance>917140.93000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>823972.56000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-07-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Meta Platforms, Inc.</name>
        <lei>BQ4BKCS1HXDV9HN80Z93</lei>
        <title>Meta Platforms, Inc.</title>
        <cusip>30303M8V7</cusip>
        <identifiers>
          <isin value="US30303M8V78"/>
          <other otherDesc="Inhouse Asset ID" value="1382697"/>
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        <balance>352000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>343532.52000000</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>2054-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.40000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FNMA or FHLMC</name>
        <lei>N/A</lei>
        <title>Uniform Mortgage-Backed Securities</title>
        <cusip>01F050676</cusip>
        <identifiers>
          <isin value="US01F0506760"/>
          <other otherDesc="Inhouse Asset ID" value="1482189"/>
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        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>980134.54000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-07-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>Forward Foreign Currency Contract</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="11536"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>N/A</curCd>
        <valUSD>-1178.16000000</valUSD>
        <pctVal>-0.00039872040</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerConditional desc="Forward Foreign Currency Contract" issuerCat="OTHER"/>
        <invCountry>N/A</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>Toronto Dominion Bank</counterpartyName>
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            <amtCurSold>36200.00000000</amtCurSold>
            <curSold>CAD</curSold>
            <amtCurPur>25425.65000000</amtCurPur>
            <curPur>USD</curPur>
            <settlementDt>2025-07-16</settlementDt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Bank of America Corp.</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
        <title>Bank of America Corp.</title>
        <cusip>59022CAJ2</cusip>
        <identifiers>
          <isin value="US59022CAJ27"/>
          <other otherDesc="Inhouse Asset ID" value="379599"/>
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        <balance>150000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>158500.48000000</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>2037-01-29</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.11000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Southern Co. Gas Capital Corp.</name>
        <lei>E8CD46SWUD2TSN8PA636</lei>
        <title>Southern Co. Gas Capital Corp.</title>
        <cusip>8426EPAH1</cusip>
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          <isin value="US8426EPAH13"/>
          <other otherDesc="Inhouse Asset ID" value="1390423"/>
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        <balance>60000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>59501.04000000</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>2034-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.95000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Abbott Laboratories</name>
        <lei>HQD377W2YR662HK5JX27</lei>
        <title>Abbott Laboratories</title>
        <cusip>002824100</cusip>
        <identifiers>
          <isin value="US0028241000"/>
          <other otherDesc="Inhouse Asset ID" value="110"/>
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        <balance>6377.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>867335.77000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Meta Platforms, Inc.</name>
        <lei>BQ4BKCS1HXDV9HN80Z93</lei>
        <title>Meta Platforms, Inc., Class A</title>
        <cusip>30303M102</cusip>
        <identifiers>
          <isin value="US30303M1027"/>
          <other otherDesc="Inhouse Asset ID" value="521012"/>
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        <balance>8968.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6619191.12000000</valUSD>
        <pctVal>2.240108761341</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <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"/>
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        <balance>5167.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>450407.39000000</valUSD>
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        <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>
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      <invstOrSec>
        <name>Capital One Financial Corp.</name>
        <lei>ZUE8T73ROZOF6FLBAR73</lei>
        <title>Capital One Financial Corp.</title>
        <cusip>14040H105</cusip>
        <identifiers>
          <isin value="US14040H1059"/>
          <other otherDesc="Inhouse Asset ID" value="31454"/>
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        <balance>10483.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2230363.08000000</valUSD>
        <pctVal>0.754813660144</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Costco Wholesale Corp.</name>
        <lei>29DX7H14B9S6O3FD6V18</lei>
        <title>Costco Wholesale Corp.</title>
        <cusip>22160K105</cusip>
        <identifiers>
          <isin value="US22160K1051"/>
          <other otherDesc="Inhouse Asset ID" value="44590"/>
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        <balance>944.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>934503.36000000</valUSD>
        <pctVal>0.316260571161</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>T-Mobile USA, Inc.</name>
        <lei>549300V2JRLO5DIFGE82</lei>
        <title>T-Mobile USA, Inc.</title>
        <cusip>87264ACY9</cusip>
        <identifiers>
          <isin value="US87264ACY91"/>
          <other otherDesc="Inhouse Asset ID" value="1241583"/>
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        <balance>76000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>76546.80000000</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>2033-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.05000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>El Paso Natural Gas Co. LLC</name>
        <lei>N/A</lei>
        <title>El Paso Natural Gas Co. LLC</title>
        <cusip>283695BK9</cusip>
        <identifiers>
          <isin value="US283695BK98"/>
          <other otherDesc="Inhouse Asset ID" value="668316"/>
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        <balance>71000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>83494.18000000</valUSD>
        <pctVal>0.028256631474</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.37500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Athene Holding Ltd.</name>
        <lei>549300H316CT32FQXI76</lei>
        <title>Athene Holding Ltd.</title>
        <cusip>04686JAG6</cusip>
        <identifiers>
          <isin value="US04686JAG67"/>
          <other otherDesc="Inhouse Asset ID" value="1315449"/>
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        <balance>54000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>55956.35000000</valUSD>
        <pctVal>0.018937103887</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>Citigroup, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Philip Morris International, Inc.</name>
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        <name>Willis Towers Watson plc</name>
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        <assetCat>EC</assetCat>
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        <invCountry>IE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>United States of America</name>
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        <fairValLevel>2</fairValLevel>
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        <name>N/A</name>
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        <name>DTE Electric Co.</name>
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        <name>GLP Capital LP / GLP Financing II, Inc.</name>
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        <name>Vistra Operations Co. LLC</name>
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        <name>Canadian Natural Resources Ltd.</name>
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        <name>Palantir Technologies, Inc.</name>
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        <name>Citigroup, Inc.</name>
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        <title>Citigroup, Inc.</title>
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        <name>Keurig Dr Pepper, Inc.</name>
        <lei>DYTQ8KRTKO7Y2BVU5K74</lei>
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        <name>Consolidated Edison Co. of New York, Inc.</name>
        <lei>VZFZPMWDHTQCFKYOBP05</lei>
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        <name>Royalty Pharma plc</name>
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        <name>CVS Pass Through Trust</name>
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        <name>Charter Communications Operating LLC / Charter Communications Operating Capital</name>
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        <name>Time Warner Cable Enterprises LLC</name>
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        <name>Bank of America Corp.</name>
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        <name>Synopsys, Inc.</name>
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        <name>Kellanova</name>
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        <name>Corebridge Financial, Inc.</name>
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        <name>Mars, Inc.</name>
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        <name>Brown &amp; Brown, Inc.</name>
        <lei>549300PC8KTJ71XKFY89</lei>
        <title>Brown &amp; Brown, Inc.</title>
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        <name>Zoetis, Inc.</name>
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        <title>Zoetis, Inc.</title>
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        <name>Antero Resources Corp.</name>
        <lei>APVBKPOULHUX7YZLKU17</lei>
        <title>Antero Resources Corp.</title>
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        <name>American Tower Corp.</name>
        <lei>5493006ORUSIL88JOE18</lei>
        <title>American Tower Corp.</title>
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        <name>PPL Corp.</name>
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        <name>United States of America</name>
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        <name>Nasdaq, Inc.</name>
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        <name>Boeing Co. (The)</name>
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        <name>Philip Morris International, Inc.</name>
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        <name>Cisco Systems, Inc.</name>
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        <name>Starbucks Corp.</name>
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        <name>SMBC Aviation Capital Finance DAC</name>
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      <invstOrSec>
        <name>FNMA</name>
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        <name>MetLife Capital Trust IV</name>
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        <name>Macquarie Airfinance Holdings Ltd.</name>
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        <name>Philip Morris International, Inc.</name>
        <lei>HL3H1H2BGXWVG3BSWR90</lei>
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        <name>Berry Global, Inc.</name>
        <lei>549300AP2Q7ERHX6RI89</lei>
        <title>Berry Global, Inc.</title>
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        <name>Vertex Pharmaceuticals, Inc.</name>
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        <name>Analog Devices, Inc.</name>
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        <name>N/A</name>
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        <name>Kenvue, Inc.</name>
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        <name>GNMA</name>
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        <name>AutoNation, Inc.</name>
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        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Bonds</title>
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          <isin value="US912810SU34"/>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, 30 Year</title>
        <cusip>31402QLR0</cusip>
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          <isin value="US31402QLR01"/>
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        <name>Marvell Technology, Inc.</name>
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        <name>Cheniere Energy Partners LP</name>
        <lei>5493005UEC8AZ34LDV29</lei>
        <title>Cheniere Energy Partners LP</title>
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        <name>TPG, Inc.</name>
        <lei>549300NLO4R8MX77XJ02</lei>
        <title>TPG, Inc., Class A</title>
        <cusip>872657101</cusip>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Cigna Group (The)</name>
        <lei>549300VIWYMSIGT1U456</lei>
        <title>Cigna Group (The)</title>
        <cusip>125523100</cusip>
        <identifiers>
          <isin value="US1255231003"/>
          <other otherDesc="Inhouse Asset ID" value="952384"/>
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        <balance>1157.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>382481.06000000</valUSD>
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        <name>Bank of America Corp.</name>
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        <name>GLP Capital LP / GLP Financing II, Inc.</name>
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        <name>Constellation Energy Generation LLC</name>
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      <invstOrSec>
        <name>Citigroup, Inc.</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>Citigroup, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Cisco Systems, Inc.</name>
        <lei>549300LKFJ962MZ46593</lei>
        <title>Cisco Systems, Inc.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-02-26</maturityDt>
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        <name>Seagate Technology Holdings plc</name>
        <lei>635400RUXIFEZSRU8X70</lei>
        <title>Seagate Technology Holdings plc</title>
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        <assetCat>EC</assetCat>
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        <invCountry>IE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Oshkosh Corp.</name>
        <lei>549300FEKNPCFSA2B506</lei>
        <title>Oshkosh Corp.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Tapestry, Inc.</name>
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        <title>Tapestry, Inc.</title>
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        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
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        <name>Target Corp.</name>
        <lei>8WDDFXB5T1Z6J0XC1L66</lei>
        <title>Target Corp.</title>
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        <name>ConocoPhillips</name>
        <lei>WPTL2Z3FIYTHSP5V2253</lei>
        <title>ConocoPhillips</title>
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        <name>JPMorgan Chase &amp; Co.</name>
        <lei>8I5DZWZKVSZI1NUHU748</lei>
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        <name>Vistra Operations Co. LLC</name>
        <lei>549300ZH5GKBTJZ7NM23</lei>
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        <name>Ally Financial, Inc.</name>
        <lei>549300JBN1OSM8YNAI90</lei>
        <title>Ally Financial, Inc.</title>
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        <name>Charles Schwab Corp. (The)</name>
        <lei>549300VSGCJ7E698NM85</lei>
        <title>Charles Schwab Corp. (The)</title>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>Shell plc</name>
        <lei>21380068P1DRHMJ8KU70</lei>
        <title>Shell plc</title>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Boeing Co. (The)</name>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Pilgrim's Pride Corp.</name>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Berry Global, Inc.</name>
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        <title>Berry Global, Inc.</title>
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          <maturityDt>2026-07-15</maturityDt>
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      <invstOrSec>
        <name>Republic Services, Inc.</name>
        <lei>NKNQHM6BLECKVOQP7O46</lei>
        <title>Republic Services, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Electricite de France SA</name>
        <lei>549300X3UK4GG3FNMO06</lei>
        <title>Electricite de France SA</title>
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        <balance>142000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>135999.30000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-10-13</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.75000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Philip Morris International, Inc.</name>
        <lei>HL3H1H2BGXWVG3BSWR90</lei>
        <title>Philip Morris International, Inc.</title>
        <cusip>718172DP1</cusip>
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          <isin value="US718172DP15"/>
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        <balance>70000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>70560.18000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.75000000</annualizedRt>
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      <invstOrSec>
        <name>Westlake Corp.</name>
        <lei>GOXNEVUM0LL78B1OS344</lei>
        <title>Westlake Corp.</title>
        <cusip>960413AY8</cusip>
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          <isin value="US960413AY89"/>
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        <balance>111000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>74732.22000000</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>2041-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.87500000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>Forward Foreign Currency Contract</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="11458"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>N/A</curCd>
        <valUSD>-17107.58000000</valUSD>
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        <invCountry>N/A</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <fwdDeriv derivCat="FWD">
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              <counterpartyName>Barclays Bank</counterpartyName>
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        <securityLending>
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      <invstOrSec>
        <name>Northern States Power Co.</name>
        <lei>3S1GHB0TEH85KX44SB51</lei>
        <title>Northern States Power Co.</title>
        <cusip>665772CZ0</cusip>
        <identifiers>
          <isin value="US665772CZ03"/>
          <other otherDesc="Inhouse Asset ID" value="1466987"/>
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        <balance>55000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>55573.97000000</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>2035-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.05000000</annualizedRt>
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      <invstOrSec>
        <name>Puget Sound Energy, Inc.</name>
        <lei>8MNFJR7KOMBQ7X62LK44</lei>
        <title>Puget Sound Energy, Inc.</title>
        <cusip>745332CL8</cusip>
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        <balance>71000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>67765.04000000</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>2053-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.44800000</annualizedRt>
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      <invstOrSec>
        <name>LPL Holdings, Inc.</name>
        <lei>549300Z5YF8CCRMYUL26</lei>
        <title>LPL Holdings, Inc.</title>
        <cusip>50212YAL8</cusip>
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          <isin value="US50212YAL83"/>
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        <balance>106000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>107701.36000000</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>2030-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.20000000</annualizedRt>
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        <name>Penske Truck Leasing Co. LP / PTL Finance Corp.</name>
        <lei>N/A</lei>
        <title>Penske Truck Leasing Co. LP / PTL Finance Corp.</title>
        <cusip>709599AW4</cusip>
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          <isin value="US709599AW47"/>
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        <balance>86000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>84702.97000000</valUSD>
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        <invCountry>US</invCountry>
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          <maturityDt>2026-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.40000000</annualizedRt>
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      <invstOrSec>
        <name>Boeing Co. (The)</name>
        <lei>RVHJWBXLJ1RFUBSY1F30</lei>
        <title>Boeing Co. (The)</title>
        <cusip>097023CJ2</cusip>
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          <isin value="US097023CJ22"/>
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        <balance>47000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>41445.66000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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          <annualizedRt>3.60000000</annualizedRt>
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      <invstOrSec>
        <name>FirstEnergy Transmission LLC</name>
        <lei>549300AINIIPOLYX2R63</lei>
        <title>FirstEnergy Transmission LLC</title>
        <cusip>33767BAG4</cusip>
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        <balance>25000.00000000</balance>
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        <valUSD>25024.52000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <name>Hyundai Capital America</name>
        <lei>549300RIPPWJB5Z0FK07</lei>
        <title>Hyundai Capital America</title>
        <cusip>44891ADX2</cusip>
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          <other otherDesc="Inhouse Asset ID" value="1488357"/>
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        <balance>75000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>75988.87000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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          <maturityDt>2032-06-23</maturityDt>
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          <annualizedRt>5.40000000</annualizedRt>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, 30 Year</title>
        <cusip>31416BLC0</cusip>
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          <isin value="US31416BLC09"/>
          <other otherDesc="Inhouse Asset ID" value="614428"/>
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        <balance>13897.01000000</balance>
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        <curCd>USD</curCd>
        <valUSD>14350.00000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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        <debtSec>
          <maturityDt>2037-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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      <invstOrSec>
        <name>Ingersoll Rand, Inc.</name>
        <lei>5299004C02FMZCUOIR50</lei>
        <title>Ingersoll Rand, Inc.</title>
        <cusip>45687V106</cusip>
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          <other otherDesc="Inhouse Asset ID" value="807306"/>
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        <balance>6341.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>527444.38000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <name>Australia &amp; New Zealand Banking Group Ltd.</name>
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      <invstOrSec>
        <name>Broadcom, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>VICI Properties LP</name>
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      <invstOrSec>
        <name>Ameren Corp.</name>
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        <name>Coca-Cola Co. (The)</name>
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        <name>Macquarie Airfinance Holdings Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>DuPont de Nemours, Inc.</name>
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        <name>Comcast Corp.</name>
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        <name>TJX Cos., Inc. (The)</name>
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        <name>N/A</name>
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        <name>Welltower, Inc.</name>
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        <name>AppLovin Corp.</name>
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        <name>Constellation Energy Generation LLC</name>
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        <name>Brown &amp; Brown, Inc.</name>
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        <name>Westinghouse Air Brake Technologies Corp.</name>
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        <name>Waste Management, Inc.</name>
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        <name>Intercontinental Exchange, Inc.</name>
        <lei>5493000F4ZO33MV32P92</lei>
        <title>Intercontinental Exchange, Inc.</title>
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        <invCountry>US</invCountry>
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          <maturityDt>2029-06-15</maturityDt>
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      <invstOrSec>
        <name>Kinder Morgan, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>LPL Holdings, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FNMA</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Energy Transfer LP</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-12-01</maturityDt>
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      <invstOrSec>
        <name>Ovintiv, Inc.</name>
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        <title>Ovintiv, Inc.</title>
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          <isin value="US69047QAC69"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>CNO Global Funding</name>
        <lei>6354008GTNR4833ULD48</lei>
        <title>CNO Global Funding</title>
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          <isin value="US18977W2F62"/>
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        <balance>20000.00000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-09-09</maturityDt>
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        <name>Xcel Energy, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.60000000</annualizedRt>
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      <invstOrSec>
        <name>Procter &amp; Gamble Co. (The)</name>
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        <title>Procter &amp; Gamble Co. (The)</title>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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        <name>General Motors Financial Co., Inc.</name>
        <lei>5493008B6JBRUJ90QL97</lei>
        <title>General Motors Financial Co., Inc.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>T-Mobile USA, Inc.</name>
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        <name>United States of America</name>
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        <name>Air Lease Corp.</name>
        <lei>5493004NW4M4P8TMMK63</lei>
        <title>Air Lease Corp.</title>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, 30 Year</title>
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          <isin value="US3140QS3Q28"/>
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        <curCd>USD</curCd>
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        <name>Constellation Energy Generation LLC</name>
        <lei>S2PEWKCZFFECR4533P43</lei>
        <title>Constellation Energy Generation LLC</title>
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          <maturityDt>2028-03-01</maturityDt>
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          <annualizedRt>5.60000000</annualizedRt>
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        <name>Georgia Power Co.</name>
        <lei>D981X4Z4RWS7PDMJUZ03</lei>
        <title>Georgia Power Co.</title>
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        <balance>89000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>Boeing Co. (The)</name>
        <lei>RVHJWBXLJ1RFUBSY1F30</lei>
        <title>Boeing Co. (The)</title>
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        <balance>180000.00000000</balance>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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          <annualizedRt>2.19600000</annualizedRt>
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        <name>N/A</name>
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          <other otherDesc="Inhouse Asset ID" value="11539"/>
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        <balance>1.00000000</balance>
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        <curCd>N/A</curCd>
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        <isRestrictedSec>N</isRestrictedSec>

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              <counterpartyName>Citibank</counterpartyName>
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        <fairValLevel>1</fairValLevel>
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        <name>Capital One Financial Corp.</name>
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        <name>Sempra, Inc.</name>
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        <name>GNMA</name>
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        <name>Oshkosh Corp.</name>
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        <title>Oshkosh Corp.</title>
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        <name>Duke Energy Ohio, Inc.</name>
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        <name>JBS USA Holding Lux SARL / JBS USA Food Co. / JBS Lux Co. SARL</name>
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        <name>Ovintiv, Inc.</name>
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        <name>NiSource, Inc.</name>
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        <title>NiSource, Inc.</title>
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        <name>FHLMC Pool</name>
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        <name>Vistra Operations Co. LLC</name>
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      <invstOrSec>
        <name>Neuberger Berman Group LLC / Neuberger Berman Finance Corp.</name>
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      <invstOrSec>
        <name>Wells Fargo Commercial Mortgage Trust</name>
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        <name>N/A</name>
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              <counterpartyName>Westpac Banking</counterpartyName>
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        <name>Walt Disney Co. (The)</name>
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        <name>United States of America</name>
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        <fairValLevel>2</fairValLevel>
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        <name>JPMorgan Chase &amp; Co.</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-01-24</maturityDt>
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        <name>Ralliant Corp.</name>
        <lei>N/A</lei>
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        <name>Howmet Aerospace, Inc.</name>
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        <title>Howmet Aerospace, Inc.</title>
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        <lei>54930012H97VSM0I2R19</lei>
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        <name>Pfizer Investment Enterprises Pte. Ltd.</name>
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        <issuerCat>CORP</issuerCat>
        <invCountry>SG</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Microsoft Corp.</name>
        <lei>INR2EJN1ERAN0W5ZP974</lei>
        <title>Microsoft Corp.</title>
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        <name>JBS USA Holding Lux SARL / JBS USA Food Co. / JBS Lux Co. SARL</name>
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        <name>Celanese US Holdings LLC</name>
        <lei>CD30XVRLT4QO00B1C706</lei>
        <title>Celanese US Holdings LLC</title>
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        <name>Athene Global Funding</name>
        <lei>549300LM1QSI4MSIL320</lei>
        <title>Athene Global Funding</title>
        <cusip>04685A3Z2</cusip>
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        <name>MasTec, Inc.</name>
        <lei>549300TMDIT8WREDOF45</lei>
        <title>MasTec, Inc.</title>
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        <name>Amgen, Inc.</name>
        <lei>62QBXGPJ34PQ72Z12S66</lei>
        <title>Amgen, Inc.</title>
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        <name>N/A</name>
        <lei>N/A</lei>
        <title>Forward Foreign Currency Contract</title>
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        <name>Hyundai Capital America</name>
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        <name>Hyatt Hotels Corp.</name>
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        <name>Hewlett Packard Enterprise Co.</name>
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        <name>Paychex, Inc.</name>
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        <name>WestRock MWV LLC</name>
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      <invstOrSec>
        <name>Comcast Corp.</name>
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        <name>Occidental Petroleum Corp.</name>
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        <name>Energy Transfer LP</name>
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        <name>RTX Corp.</name>
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        <name>Brunswick Corp.</name>
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        <title>Brunswick Corp.</title>
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        <name>Dick's Sporting Goods, Inc.</name>
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        <name>FNMA</name>
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        <name>HCA Healthcare, Inc.</name>
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        <name>Unum Group</name>
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        <name>Appalachian Power Co.</name>
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        <name>United States of America</name>
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        <name>Intuitive Surgical, Inc.</name>
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        <title>Intuitive Surgical, Inc.</title>
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        <name>T-Mobile USA, Inc.</name>
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        <title>T-Mobile USA, Inc.</title>
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        <name>Mondelez International, Inc.</name>
        <lei>549300DV9GIB88LZ5P30</lei>
        <title>Mondelez International, Inc., Class A</title>
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        <invCountry>US</invCountry>
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        <name>AbbVie, Inc.</name>
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        <name>FNMA</name>
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        <name>Netflix, Inc.</name>
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        <name>Boeing Co. (The)</name>
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        <name>FNMA</name>
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        <name>Union Pacific Corp.</name>
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        <name>N/A</name>
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          <other otherDesc="Inhouse Asset ID" value="11440"/>
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        <name>Innoviva, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Rogers Communications, Inc.</name>
        <lei>5493000M6Z4XFIP6PF03</lei>
        <title>Rogers Communications, Inc., Series NC5</title>
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        <name>Broadcom, Inc.</name>
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        <title>Broadcom, Inc.</title>
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        <name>Citigroup, Inc.</name>
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        <title>Citigroup, Inc.</title>
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        <name>Rogers Communications, Inc.</name>
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        <name>Air Lease Corp.</name>
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        <name>N/A</name>
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        <name>Regeneron Pharmaceuticals, Inc.</name>
        <lei>549300RCBFWIRX3HYQ56</lei>
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        <name>International Flavors &amp; Fragrances, Inc.</name>
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        <title>International Flavors &amp; Fragrances, Inc.</title>
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        <name>United Rentals, Inc.</name>
        <lei>5323X5O7RN0NKFCDRY08</lei>
        <title>United Rentals, Inc.</title>
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        <name>Zoetis, Inc.</name>
        <lei>549300HD9Q1LOC9KLJ48</lei>
        <title>Zoetis, Inc.</title>
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        <balance>90000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>ONEOK, Inc.</name>
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        <name>HCA, Inc.</name>
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        <name>Copart, Inc.</name>
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        <name>American International Group, Inc.</name>
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        <name>Gilead Sciences, Inc.</name>
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        <name>FNMA</name>
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        <name>FNMA</name>
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        <name>UnitedHealth Group, Inc.</name>
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        <name>General Motors Co.</name>
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        <name>Berkshire Hathaway Finance Corp.</name>
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        <name>Thermo Fisher Scientific, Inc.</name>
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        <name>Hyundai Capital America</name>
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        <name>Carnival Corp.</name>
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        <name>Citigroup, Inc.</name>
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      <invstOrSec>
        <name>Warnermedia Holdings, Inc.</name>
        <lei>549300DXR29GD4N0A520</lei>
        <title>Warnermedia Holdings, Inc.</title>
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        <name>AT&amp;T, Inc.</name>
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        <name>Hyundai Capital America</name>
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        <name>FedEx Corp.</name>
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        <name>Atlassian Corp.</name>
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        <name>Canadian Natural Resources Ltd.</name>
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        <name>Teachers Insurance &amp; Annuity Association of America</name>
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        <name>Hyatt Hotels Corp.</name>
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        <name>DT Midstream, Inc.</name>
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        <name>Visa, Inc.</name>
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        <name>United States of America</name>
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        <name>GNMA</name>
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        <name>Rogers Communications, Inc.</name>
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        <name>McDonald's Corp.</name>
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        <name>Arthur J Gallagher &amp; Co.</name>
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        <title>Arthur J Gallagher &amp; Co.</title>
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        <name>On Holding AG</name>
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        <name>NextEra Energy Capital Holdings, Inc.</name>
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        <name>Meta Platforms, Inc.</name>
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        <name>Charter Communications, Inc.</name>
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        <name>Exelon Corp.</name>
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        <name>7-Eleven, Inc.</name>
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        <name>Service Corp. International</name>
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        <name>Berkshire Hathaway Finance Corp.</name>
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        <name>Duke Energy Corp.</name>
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        <title>Duke Energy Corp.</title>
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        <name>NextEra Energy Capital Holdings, Inc.</name>
        <lei>UMI46YPGBLUE4VGNNT48</lei>
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        <name>Boeing Co. (The)</name>
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        <name>MSCI, Inc.</name>
        <lei>549300HTIN2PD78UB763</lei>
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      <invstOrSec>
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      <invstOrSec>
        <name>QUALCOMM, Inc.</name>
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        <name>WestRock MWV LLC</name>
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        <name>Southern Co. (The)</name>
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      <invstOrSec>
        <name>AerCap Ireland Capital DAC / AerCap Global Aviation Trust</name>
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        <balance>270000.00000000</balance>
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        <invCountry>IE</invCountry>
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      <invstOrSec>
        <name>Truist Financial Corp.</name>
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          <maturityDt>2035-01-24</maturityDt>
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      <invstOrSec>
        <name>Bank of America Corp.</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
        <title>Bank of America Corp.</title>
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          <isin value="US06051GMM86"/>
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        <balance>5000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5142.98000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-01-24</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.51100000</annualizedRt>
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      <invstOrSec>
        <name>American Electric Power Co., Inc.</name>
        <lei>1B4S6S7G0TW5EE83BO58</lei>
        <title>American Electric Power Co., Inc.</title>
        <cusip>025537AX9</cusip>
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          <isin value="US025537AX91"/>
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        <balance>51000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>53043.71000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.62500000</annualizedRt>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>Forward Foreign Currency Contract</title>
        <cusip>N/A</cusip>
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        <balance>1.00000000</balance>
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        <curCd>N/A</curCd>
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        <name>VICI Properties LP / VICI Note Co., Inc.</name>
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        <cusip>92564RAL9</cusip>
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      <invstOrSec>
        <name>N/A</name>
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        <cusip>N/A</cusip>
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        <curCd>N/A</curCd>
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              <counterpartyName>State Street Bank and Trust</counterpartyName>
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        <name>Kinder Morgan Energy Partners LP</name>
        <lei>549300PDHUGWPWGOT525</lei>
        <title>Kinder Morgan Energy Partners LP</title>
        <cusip>494550BW5</cusip>
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          <isin value="US494550BW59"/>
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        <invCountry>US</invCountry>
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        <name>NRG Energy, Inc.</name>
        <lei>5E2UPK5SW04M13XY7I38</lei>
        <title>NRG Energy, Inc.</title>
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        <name>N/A</name>
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        <name>Public Service Enterprise Group, Inc.</name>
        <lei>PUSS41EMO3E6XXNV3U28</lei>
        <title>Public Service Enterprise Group, Inc.</title>
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        <name>Toast, Inc.</name>
        <lei>549300TN1PZNLCD4I551</lei>
        <title>Toast, Inc., Class A</title>
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      <invstOrSec>
        <name>American Tower Corp.</name>
        <lei>5493006ORUSIL88JOE18</lei>
        <title>American Tower Corp.</title>
        <cusip>03027X100</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Agnico Eagle Mines Ltd.</name>
        <lei>254900BFJ2DOHPMEXN45</lei>
        <title>Agnico Eagle Mines Ltd.</title>
        <cusip>008474108</cusip>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>HCA, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Cencora, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>CenterPoint Energy, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Broadcom, Inc.</name>
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      <invstOrSec>
        <name>Duke Energy Corp.</name>
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        <name>Oracle Corp.</name>
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        <title>Oracle Corp.</title>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, 30 Year</title>
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        <name>Eastern Energy Gas Holdings LLC</name>
        <lei>549300BFOD6TDMVV4O24</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
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          <maturityDt>2029-03-31</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, 30 Year</title>
        <cusip>3140EVH91</cusip>
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          <isin value="US3140EVH918"/>
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        <curCd>USD</curCd>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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        <name>Boeing Co. (The)</name>
        <lei>RVHJWBXLJ1RFUBSY1F30</lei>
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        <name>Amazon.com, Inc.</name>
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        <title>Amazon.com, Inc.</title>
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        <invCountry>US</invCountry>
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        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <name>Ashtead Capital, Inc.</name>
        <lei>213800J1134IW58IC398</lei>
        <title>Ashtead Capital, Inc.</title>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, 30 Year</title>
        <cusip>3140L8CU2</cusip>
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          <isin value="US3140L8CU23"/>
          <other otherDesc="Inhouse Asset ID" value="1297030"/>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>2.50000000</annualizedRt>
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        <name>Salesforce, Inc.</name>
        <lei>RCGZFPDMRW58VJ54VR07</lei>
        <title>Salesforce, Inc.</title>
        <cusip>79466L302</cusip>
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        <valUSD>1601235.68000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Royalty Pharma plc</name>
        <lei>549300FGFN7VOK8BZR03</lei>
        <title>Royalty Pharma plc</title>
        <cusip>78081BAR4</cusip>
        <identifiers>
          <isin value="US78081BAR42"/>
          <other otherDesc="Inhouse Asset ID" value="1363298"/>
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        <balance>99000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Crown Castle, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>DR Horton, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.50000000</annualizedRt>
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      <invstOrSec>
        <name>Jefferies Financial Group, Inc.</name>
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        <title>Jefferies Financial Group, Inc.</title>
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          <isin value="US47233WJG50"/>
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        <balance>85000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-03-16</maturityDt>
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          <annualizedRt>5.03000000</annualizedRt>
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      <invstOrSec>
        <name>AT&amp;T, Inc.</name>
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        <title>AT&amp;T, Inc.</title>
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          <isin value="US00206RCQ39"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2046-05-15</maturityDt>
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      <invstOrSec>
        <name>American Transmission Systems, Inc.</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-01-15</maturityDt>
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          <annualizedRt>2.65000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Bonds</title>
        <cusip>912810QL5</cusip>
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          <isin value="US912810QL52"/>
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        <balance>1200000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1150687.50000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2040-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.25000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>North Texas Tollway Authority</name>
        <lei>PQGZGRE0F2WPMYQQ1B78</lei>
        <title>North Texas Tollway Authority, Series 2009 B</title>
        <cusip>66285WFB7</cusip>
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          <isin value="US66285WFB72"/>
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        <balance>55000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>60607.04000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2049-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.71800000</annualizedRt>
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      <invstOrSec>
        <name>DTE Energy Co.</name>
        <lei>549300IX8SD6XXD71I78</lei>
        <title>DTE Energy Co.</title>
        <cusip>233331BL0</cusip>
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          <isin value="US233331BL01"/>
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        <balance>66000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>69077.27000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.85000000</annualizedRt>
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        <name>Synopsys, Inc.</name>
        <lei>QG7T915N9S0NY5UKNE63</lei>
        <title>Synopsys, Inc.</title>
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        <balance>10000.00000000</balance>
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        <valUSD>9949.65000000</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>2055-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.70000000</annualizedRt>
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        <name>Cheniere Energy Partners LP</name>
        <lei>5493005UEC8AZ34LDV29</lei>
        <title>Cheniere Energy Partners LP</title>
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          <isin value="US16411QAN16"/>
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        <balance>66000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>59199.92000000</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>2032-01-31</maturityDt>
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          <annualizedRt>3.25000000</annualizedRt>
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      <invstOrSec>
        <name>American Tower Corp.</name>
        <lei>5493006ORUSIL88JOE18</lei>
        <title>American Tower Corp.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-01-15</maturityDt>
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        <name>Marvell Technology, Inc.</name>
        <lei>N/A</lei>
        <title>Marvell Technology, Inc.</title>
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        <invCountry>US</invCountry>
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        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
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        <name>Energy Transfer LP</name>
        <lei>MTLVN9N7JE8MIBIJ1H73</lei>
        <title>Energy Transfer LP</title>
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        <invCountry>US</invCountry>
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        <name>Oracle Corp.</name>
        <lei>1Z4GXXU7ZHVWFCD8TV52</lei>
        <title>Oracle Corp.</title>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>Pacific Gas and Electric Co.</name>
        <lei>1HNPXZSMMB7HMBMVBS46</lei>
        <title>Pacific Gas and Electric Co.</title>
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        <invCountry>US</invCountry>
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        <name>N/A</name>
        <lei>N/A</lei>
        <title>Forward Foreign Currency Contract</title>
        <cusip>N/A</cusip>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>N/A</curCd>
        <valUSD>439.35000000</valUSD>
        <pctVal>0.000148687621</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerConditional desc="Forward Foreign Currency Contract" issuerCat="OTHER"/>
        <invCountry>N/A</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>Goldman Sachs International</counterpartyName>
              <counterpartyLei>W22LROWP2IHZNBB6K528</counterpartyLei>
            </counterparties>
            <amtCurSold>46254.28000000</amtCurSold>
            <curSold>USD</curSold>
            <amtCurPur>34000.00000000</amtCurPur>
            <curPur>GBP</curPur>
            <settlementDt>2025-09-17</settlementDt>
            <unrealizedAppr>439.35000000</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Duke Energy Corp.</name>
        <lei>I1BZKREC126H0VB1BL91</lei>
        <title>Duke Energy Corp.</title>
        <cusip>26441CCC7</cusip>
        <identifiers>
          <isin value="US26441CCC73"/>
          <other otherDesc="Inhouse Asset ID" value="1327136"/>
        </identifiers>
        <balance>15000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>15243.01000000</valUSD>
        <pctVal>0.005158636400</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-01-05</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.85000000</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>Cintas Corp.</name>
        <lei>N/A</lei>
        <title>Cintas Corp.</title>
        <cusip>172908105</cusip>
        <identifiers>
          <isin value="US1729081059"/>
          <other otherDesc="Inhouse Asset ID" value="29592"/>
        </identifiers>
        <balance>1758.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>391805.46000000</valUSD>
        <pctVal>0.132597295919</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Westpac Banking Corp.</name>
        <lei>EN5TNI6CI43VEPAMHL14</lei>
        <title>Westpac Banking Corp.</title>
        <cusip>961214EQ2</cusip>
        <identifiers>
          <isin value="US961214EQ27"/>
          <other otherDesc="Inhouse Asset ID" value="1174998"/>
        </identifiers>
        <balance>75000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>55571.06000000</valUSD>
        <pctVal>0.018806711594</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-11-16</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.96300000</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>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
        <cusip>91282CLF6</cusip>
        <identifiers>
          <isin value="US91282CLF67"/>
          <other otherDesc="Inhouse Asset ID" value="1383667"/>
        </identifiers>
        <balance>2850000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2783537.12000000</valUSD>
        <pctVal>0.942022337320</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.87500000</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>Linde plc</name>
        <lei>5299003QR1WT0EF88V51</lei>
        <title>Linde plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="IE000S9YS762"/>
          <other otherDesc="Inhouse Asset ID" value="1239901"/>
        </identifiers>
        <balance>420.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>197055.60000000</valUSD>
        <pctVal>0.066688809558</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>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>50000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>49913.51000000</valUSD>
        <pctVal>0.016892047537</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>2025-07-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Putnam Variable Trust</ncom:nameOfApplicant>
      <ncom:signature>Monica Krogh</ncom:signature>
      <ncom:signerName>Monica Krogh</ncom:signerName>
      <ncom:title>Assistant Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
