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      <regZipOrPostalCode>02116</regZipOrPostalCode>
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      <repPdEnd>2026-07-31</repPdEnd>
      <repPdDate>2026-01-31</repPdDate>
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        <name>Duke Energy Corporation</name>
        <lei>I1BZKREC126H0VB1BL91</lei>
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        <title>ENTERGY CORP JR SUBORDINA 12/54 VAR</title>
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          <ticker value="ETR"/>
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        <name>EUSHI Finance Inc.</name>
        <lei>N/A</lei>
        <title>EUSHI FINANCE INC COMPANY GUAR 12/54 VAR</title>
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          <ticker value="EMACN"/>
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      <invstOrSec>
        <name>FandG Annuities and Life Inc.</name>
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        <name>Farm Credit Bank of Texas</name>
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        <name>Federal National Mortgage Association</name>
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        <name>General Motors Financial Company Inc.</name>
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          <ticker value="GM"/>
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      <invstOrSec>
        <name>Global Atlantic (Fin) Company</name>
        <lei>N/A</lei>
        <title>GLOBAL ATLANTIC FIN CO COMPANY GUAR 144A 10/54 VAR</title>
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      </invstOrSec>
      <invstOrSec>
        <name>The Goldman Sachs Group Inc.</name>
        <lei>784F5XWPLTWKTBV3E584</lei>
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        <cusip>38141GA38</cusip>
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          <isin value="US38141GA385"/>
          <ticker value="GS"/>
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        <balance>5040000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5331023.16</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-02-10</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.500000000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>The Goldman Sachs Group Inc.</name>
        <lei>784F5XWPLTWKTBV3E584</lei>
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        <cusip>38141GA79</cusip>
        <identifiers>
          <isin value="US38141GA799"/>
          <ticker value="GS"/>
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        <balance>4151000</balance>
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        <curCd>USD</curCd>
        <valUSD>4381965.79</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-05-10</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.500000000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Huntington Bancshares Incorporated</name>
        <lei>549300XTVCVV9I7B5T19</lei>
        <title>HUNTINGTON BANCSHARES INC/OH PREFFERD STOCK</title>
        <cusip>446150773</cusip>
        <identifiers>
          <isin value="US4461507737"/>
          <ticker value="HBAN"/>
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        <balance>125550</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3182692.5</valUSD>
        <pctVal>0.9215306080</pctVal>
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        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Huntington Bancshares Incorporated</name>
        <lei>549300XTVCVV9I7B5T19</lei>
        <title>HUNTINGTON BANCSHARES INC/OH JR SUBORDINA 12/99 VAR</title>
        <cusip>446150BG8</cusip>
        <identifiers>
          <isin value="US446150BG87"/>
          <ticker value="HBAN"/>
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        <balance>2050000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2049642.89</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-10-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.250000000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Jackson Financial Inc.</name>
        <lei>N/A</lei>
        <title>JACKSON FINANCIAL INC PREFERRED STOCK VAR</title>
        <cusip>46817M206</cusip>
        <identifiers>
          <isin value="US46817M2061"/>
          <ticker value="JXN"/>
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        <balance>52975</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1383177.25</valUSD>
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        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>JPMorgan Chase and Co.</name>
        <lei>8I5DZWZKVSZI1NUHU748</lei>
        <title>JPMORGAN CHASE and CO JR SUBORDINA 12/99 VAR</title>
        <cusip>48128BAQ4</cusip>
        <identifiers>
          <isin value="US48128BAQ41"/>
          <ticker value="JPM"/>
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        <balance>3675000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3876970.65</valUSD>
        <pctVal>1.1225549186</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-06-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.875000000000</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>
      <invstOrSec>
        <name>KKR Group Finance Co. IX LLC</name>
        <lei>N/A</lei>
        <title>KKR GROUP FINANCE CO IX LLC PREFERRED STOCK 04/61 4.625</title>
        <cusip>48253M104</cusip>
        <identifiers>
          <isin value="US48253M1045"/>
          <ticker value="KKR"/>
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        <balance>250474</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4385799.74</valUSD>
        <pctVal>1.2698835030</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>KeyCorp</name>
        <lei>RKPI3RZGV1V1FJTH5T61</lei>
        <title>KEYCORP PREFERRED STOCK VAR</title>
        <cusip>493267702</cusip>
        <identifiers>
          <isin value="US4932677028"/>
          <ticker value="KEY"/>
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        <balance>28450</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>716086.5</valUSD>
        <pctVal>0.2073387950</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>KeyCorp</name>
        <lei>RKPI3RZGV1V1FJTH5T61</lei>
        <title>KEYCORP PREFERRED STOCK VAR</title>
        <cusip>493267843</cusip>
        <identifiers>
          <isin value="US4932678430"/>
          <ticker value="KEY"/>
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        <balance>76175</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1928751</valUSD>
        <pctVal>0.5584589406</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</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>KeyCorp</name>
        <lei>RKPI3RZGV1V1FJTH5T61</lei>
        <title>KEYCORP PREFERRED STOCK 5.65</title>
        <cusip>493267876</cusip>
        <identifiers>
          <isin value="US4932678760"/>
          <ticker value="KEY"/>
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        <balance>152983</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3356447.02</valUSD>
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        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Land O'Lakes Inc.</name>
        <lei>N/A</lei>
        <title>LAND O' LAKES INC JR SUBORDINA 144A 12/49 8</title>
        <cusip>514666AK2</cusip>
        <identifiers>
          <isin value="US514666AK27"/>
          <ticker value="LLAKES"/>
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        <balance>670000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>669968.71</valUSD>
        <pctVal>0.1939856498</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.000000000000</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>Lincoln National Corporation</name>
        <lei>EFQMQROEDSNBRIP7LE47</lei>
        <title>LINCOLN NATIONAL CORP PREFERRED STOCK 9</title>
        <cusip>534187885</cusip>
        <identifiers>
          <isin value="US5341878859"/>
          <ticker value="LNC"/>
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        <balance>180400</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4836524</valUSD>
        <pctVal>1.4003881626</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</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>
      <invstOrSec>
        <name>MandT Bank Corporation</name>
        <lei>N/A</lei>
        <title>MandT BANK CORP PREFERRED STOCK 6.35</title>
        <cusip>55261F849</cusip>
        <identifiers>
          <isin value="US55261F8499"/>
          <ticker value="MTB"/>
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        <balance>122725</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3120896.75</valUSD>
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        <assetCat>EP</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>
      <invstOrSec>
        <name>MandT Bank Corporation</name>
        <lei>N/A</lei>
        <title>MandT BANK CORP PREFERRED STOCK 7.5</title>
        <cusip>55261F864</cusip>
        <identifiers>
          <isin value="US55261F8648"/>
          <ticker value="MTB"/>
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        <balance>147500</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3963325</valUSD>
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        <assetCat>EP</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>METLIFE CAPITAL TRUST IV</name>
        <lei>N/A</lei>
        <title>METLIFE CAPITAL TRUST IV JR SUBORDINA 144A 12/67 7.875</title>
        <cusip>591560AA5</cusip>
        <identifiers>
          <isin value="US591560AA57"/>
          <ticker value="MET"/>
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        <balance>3900000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4316457.6</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Morgan Stanley</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>MORGAN STANLEY PREFFERD STOCK</title>
        <cusip>61762V853</cusip>
        <identifiers>
          <isin value="US61762V8533"/>
          <ticker value="MS"/>
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        <balance>127100</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3235966</valUSD>
        <pctVal>0.9369556485</pctVal>
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        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Morgan Stanley</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>MORGAN STANLEY PREFERRED STOCK 6.875</title>
        <cusip>61763E207</cusip>
        <identifiers>
          <isin value="US61763E2072"/>
          <ticker value="MS"/>
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        <balance>99875</balance>
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        <curCd>USD</curCd>
        <valUSD>2521843.75</valUSD>
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        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>NGL Energy Partners LP</name>
        <lei>N/A</lei>
        <title>NGL ENERGY PARTNERS LP PREFERRED STOCK VAR</title>
        <cusip>62913M206</cusip>
        <identifiers>
          <isin value="US62913M2061"/>
          <ticker value="NGL"/>
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        <balance>64150</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1563335.5</valUSD>
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        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>NRG Energy Inc.</name>
        <lei>5E2UPK5SW04M13XY7I38</lei>
        <title>NRG ENERGY INC JR SUBORDINA 144A 12/99 VAR</title>
        <cusip>629377CU4</cusip>
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          <isin value="US629377CU45"/>
          <ticker value="NRG"/>
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        <balance>5445000</balance>
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        <curCd>USD</curCd>
        <valUSD>5996257.25</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-03-15</maturityDt>
          <couponKind>Variable</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>National Rural Utilities Cooperative Finance Corporation</name>
        <lei>4NYF266XZC35SCTGX023</lei>
        <title>NATIONAL RURAL UTILITIES COOPE PREFERRED STOCK 05/64 5.5</title>
        <cusip>637432105</cusip>
        <identifiers>
          <isin value="US6374321056"/>
          <ticker value="NRUC"/>
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        <balance>24800</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>607848</valUSD>
        <pctVal>0.1759989496</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Navient Corporation</name>
        <lei>54930067J0ZNOEBRW338</lei>
        <title>NAVIENT CORP PREFERRED STOCK 12/43 6</title>
        <cusip>63938C405</cusip>
        <identifiers>
          <isin value="US63938C4050"/>
          <ticker value="NAVI"/>
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        <balance>200341</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3936700.65</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>NextEra Energy Inc.</name>
        <lei>N/A</lei>
        <title>NEXTERA ENERGY INC PREFERRED STOCK 11/27 7.234</title>
        <cusip>65339F119</cusip>
        <identifiers>
          <isin value="US65339F1194"/>
          <ticker value="NEE"/>
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        <balance>72900</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3723732</valUSD>
        <pctVal>1.0781855344</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>NextEra Energy Inc.</name>
        <lei>N/A</lei>
        <title>NEXTERA ENERGY INC PREFFERD STOCK</title>
        <cusip>65339F663</cusip>
        <identifiers>
          <isin value="US65339F6631"/>
          <ticker value="NEE"/>
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        <balance>28200</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1564254</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>NextEra Energy Capital Holdings Inc.</name>
        <lei>UMI46YPGBLUE4VGNNT48</lei>
        <title>NEXTERA ENERGY CAPITAL HOLDING PREFERRED STOCK 06/85 6.5</title>
        <cusip>65339K837</cusip>
        <identifiers>
          <isin value="US65339K8374"/>
          <ticker value="NEE"/>
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        <balance>149825</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3835520</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Northwest Natural Holding Company</name>
        <lei>N/A</lei>
        <title>NORTHWEST NATURAL HOLDING CO JR SUBORDINA 09/55 VAR</title>
        <cusip>66765NAA3</cusip>
        <identifiers>
          <isin value="US66765NAA37"/>
          <ticker value="NWN"/>
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        <balance>4250000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4441845</valUSD>
        <pctVal>1.2861110910</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-09-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.000000000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>NSTAR Electric Company</name>
        <lei>54930080R72Y2Z31UR68</lei>
        <title>NSTAR ELECTRIC CO PREFERRED STOCK 4.78</title>
        <cusip>67021C305</cusip>
        <identifiers>
          <isin value="US67021C3051"/>
          <ticker value="ES"/>
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        <balance>15143</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1219162.93</valUSD>
        <pctVal>0.3530017292</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>PGandE Corporation</name>
        <lei>8YQ2GSDWYZXO2EDN3511</lei>
        <title>PGandE CORP PREFERRED STOCK 12/27 6</title>
        <cusip>69331C306</cusip>
        <identifiers>
          <isin value="US69331C3060"/>
          <ticker value="PCG"/>
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        <balance>122200</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4883112</valUSD>
        <pctVal>1.4138774545</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>PGandE Corporation</name>
        <lei>8YQ2GSDWYZXO2EDN3511</lei>
        <title>PGandE CORP JR SUBORDINA 03/55 VAR</title>
        <cusip>69331CAM0</cusip>
        <identifiers>
          <isin value="US69331CAM01"/>
          <ticker value="PCG"/>
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        <balance>4775000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4928033.88</valUSD>
        <pctVal>1.4268843307</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-03-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.375000000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>The PNC Financial Services Group Inc.</name>
        <lei>CFGNEKW0P8842LEUIA51</lei>
        <title>PNC FINANCIAL SERVICES GROUP I JR SUBORDINA 12/99 VAR</title>
        <cusip>693475BF1</cusip>
        <identifiers>
          <isin value="US693475BF18"/>
          <ticker value="PNC"/>
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        <balance>3431000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3483408.53</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>2027-09-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.200000000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>TXNM Energy Inc.</name>
        <lei>5493003JOBJGLZSDDQ28</lei>
        <title>TXNM ENERGY INC JR SUBORDINA 144A 07/56 VAR</title>
        <cusip>69349HAJ6</cusip>
        <identifiers>
          <isin value="US69349HAJ68"/>
          <ticker value="TXNM"/>
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        <balance>3725000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3762141.98</valUSD>
        <pctVal>1.0893069268</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-07-31</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.000000000000</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>
      <invstOrSec>
        <name>Pebblebrook Hotel Trust</name>
        <lei>N/A</lei>
        <title>PEBBLEBROOK HOTEL TRUST PREFERRED STOCK 6.375</title>
        <cusip>70509V803</cusip>
        <identifiers>
          <isin value="US70509V8037"/>
          <ticker value="PEB"/>
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        <balance>160450</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3209000</valUSD>
        <pctVal>0.9291477958</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Reinsurance Group of America Incorporated</name>
        <lei>LORM1GNEU1DKEW527V90</lei>
        <title>REINSURANCE GROUP OF AMERICA I PREFFERD STOCK</title>
        <cusip>759351885</cusip>
        <identifiers>
          <isin value="US7593518852"/>
          <ticker value="RGA"/>
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        <balance>197975</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5038463.75</valUSD>
        <pctVal>1.4588586748</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>TPG Operating Group II L.P.</name>
        <lei>N/A</lei>
        <title>TPG OPERATING GROUP II LP PREFERRED STOCK 03/64 6.95</title>
        <cusip>872652102</cusip>
        <identifiers>
          <isin value="US8726521029"/>
          <ticker value="TPG"/>
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        <balance>173425</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4375512.75</valUSD>
        <pctVal>1.2669049633</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Fifth Third Bancorp</name>
        <lei>THRNG6BD57P9QWTQLG42</lei>
        <title>FIFTH THIRD BANCORP PREFERRED STOCK 6</title>
        <cusip>316773886</cusip>
        <identifiers>
          <isin value="US3167738869"/>
          <ticker value="FITB"/>
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        <balance>139675</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3433211.5</valUSD>
        <pctVal>0.9940669672</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>First Busey Corporation</name>
        <lei>549300X4ZNLYSX7GUY60</lei>
        <title>FIRST BUSEY CORP PREFERRED STOCK 8.25</title>
        <cusip>319383600</cusip>
        <identifiers>
          <isin value="US3193836000"/>
          <ticker value="BUSE"/>
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        <balance>64575</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1695739.5</valUSD>
        <pctVal>0.4909917790</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>First Citizens BancShares Inc.</name>
        <lei>549300N3Z00ZHE2XC526</lei>
        <title>FIRST CITIZENS BANCSHARES INC/ JR SUBORDINA 12/99 VAR</title>
        <cusip>31959XAG8</cusip>
        <identifiers>
          <isin value="US31959XAG88"/>
          <ticker value="FCNCA"/>
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        <balance>2535000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2591900.61</valUSD>
        <pctVal>0.7504701585</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Variable</couponKind>
          <annualizedRt>7.000000000000</annualizedRt>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Fulton Financial Corporation</name>
        <lei>5493005QLZ6O1BNC0C11</lei>
        <title>FULTON FINANCIAL CORP PREFERRED STOCK 5.125</title>
        <cusip>360271308</cusip>
        <identifiers>
          <isin value="US3602713089"/>
          <ticker value="FULT"/>
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        <balance>103025</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1898750.75</valUSD>
        <pctVal>0.5497725379</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Strategy Inc</name>
        <lei>549300WQTWEJUEHXQX21</lei>
        <title>STRATEGY INC PREFERRED STOCK 10</title>
        <cusip>594972861</cusip>
        <identifiers>
          <isin value="US5949728613"/>
          <ticker value="MSTR"/>
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        <balance>59075</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4303023</valUSD>
        <pctVal>1.2459159663</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Morgan Stanley</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>MORGAN STANLEY PREFERRED STOCK 6.375</title>
        <cusip>61761J406</cusip>
        <identifiers>
          <isin value="US61761J4067"/>
          <ticker value="MS"/>
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        <balance>125000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3158750</valUSD>
        <pctVal>0.9145981926</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Morgan Stanley</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>MORGAN STANLEY PREFERRED STOCK 7.125</title>
        <cusip>61762V200</cusip>
        <identifiers>
          <isin value="US61762V2007"/>
          <ticker value="MS"/>
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        <balance>191422</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4888917.88</valUSD>
        <pctVal>1.4155585142</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Morgan Stanley</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>MORGAN STANLEY PREFERRED STOCK 6.625</title>
        <cusip>61762V838</cusip>
        <identifiers>
          <isin value="US61762V8384"/>
          <ticker value="MS"/>
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        <balance>80750</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2117265</valUSD>
        <pctVal>0.6130421028</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Pinnacle Financial Partners Inc.</name>
        <lei>N/A</lei>
        <title>PINNACLE FINANCIAL PARTNERS IN PREFERRED STOCK VAR</title>
        <cusip>72348N307</cusip>
        <identifiers>
          <isin value="US72348N3070"/>
          <ticker value="PNFP"/>
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        <balance>140325</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3647046.75</valUSD>
        <pctVal>1.0559817541</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Pinnacle Financial Partners Inc.</name>
        <lei>N/A</lei>
        <title>PINNACLE FINANCIAL PARTNERS IN PREFERRED STOCK 6.75</title>
        <cusip>72348N505</cusip>
        <identifiers>
          <isin value="US72348N5059"/>
          <ticker value="PNFP"/>
        </identifiers>
        <balance>76350</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1899588</valUSD>
        <pctVal>0.5500149589</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Public Storage</name>
        <lei>N/A</lei>
        <title>PUBLIC STORAGE PREFERRED STOCK 4.625</title>
        <cusip>74460W552</cusip>
        <identifiers>
          <isin value="US74460W5528"/>
          <ticker value="PSA"/>
        </identifiers>
        <balance>133059</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2540096.31</valUSD>
        <pctVal>0.7354705165</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Rakuten Group Inc.</name>
        <lei>N/A</lei>
        <title>RAKUTEN GROUP INC SUBORDINATED 144A 12/99 VAR</title>
        <cusip>75102WAM0</cusip>
        <identifiers>
          <isin value="US75102WAM01"/>
          <ticker value="RAKUTN"/>
        </identifiers>
        <balance>1181000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1222319.8</valUSD>
        <pctVal>0.3539157831</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-12-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>8.125000000000</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>Spire Inc.</name>
        <lei>549300NXSY15DRY2R511</lei>
        <title>SPIRE INC JR SUBORDINA 06/56 VAR</title>
        <cusip>84857LAE1</cusip>
        <identifiers>
          <isin value="US84857LAE11"/>
          <ticker value="SR"/>
        </identifiers>
        <balance>2900000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2928074.81</valUSD>
        <pctVal>0.8478074963</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-06-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.450000000000</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>State Street Corporation</name>
        <lei>549300ZFEEJ2IP5VME73</lei>
        <title>STATE STREET CORP JR SUBORDINA 12/99 VAR</title>
        <cusip>857477CH4</cusip>
        <identifiers>
          <isin value="US857477CH48"/>
          <ticker value="STT"/>
        </identifiers>
        <balance>3588000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3721681.7</valUSD>
        <pctVal>1.0775918817</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>Variable</couponKind>
          <annualizedRt>6.700000000000</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>Sunoco LP</name>
        <lei>N/A</lei>
        <title>SUNOCO LP JR SUBORDINA 144A 12/99 VAR</title>
        <cusip>86765KAE9</cusip>
        <identifiers>
          <isin value="US86765KAE91"/>
          <ticker value="SUN"/>
        </identifiers>
        <balance>2875000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2961336.25</valUSD>
        <pctVal>0.8574381581</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-09-18</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.875000000000</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>Synchrony Financial</name>
        <lei>549300RS7EWPM9MA6C78</lei>
        <title>SYNCHRONY FINANCIAL PREFERRED STOCK VAR</title>
        <cusip>87165B400</cusip>
        <identifiers>
          <isin value="US87165B4005"/>
          <ticker value="SYF"/>
        </identifiers>
        <balance>141975</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3688510.5</valUSD>
        <pctVal>1.0679873484</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Wesbanco Inc.</name>
        <lei>N/A</lei>
        <title>WESBANCO INC PREFERRED STOCK VAR</title>
        <cusip>950810887</cusip>
        <identifiers>
          <isin value="US9508108878"/>
          <ticker value="WSBC"/>
        </identifiers>
        <balance>129550</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3316480</valUSD>
        <pctVal>0.9602680218</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Wintrust Financial Corporation</name>
        <lei>Q774KI4AW80FHFW33O61</lei>
        <title>WINTRUST FINANCIAL CORP PREFERRED STOCK VAR</title>
        <cusip>97650W702</cusip>
        <identifiers>
          <isin value="US97650W7020"/>
          <ticker value="WTFC"/>
        </identifiers>
        <balance>116150</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3086105.5</valUSD>
        <pctVal>0.8935643886</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Xcel Energy Inc.</name>
        <lei>LGJNMI9GH8XIDG5RCM61</lei>
        <title>XCEL ENERGY INC PREFERRED STOCK 10/85 6.25</title>
        <cusip>98389B878</cusip>
        <identifiers>
          <isin value="US98389B8789"/>
          <ticker value="XEL"/>
        </identifiers>
        <balance>119575</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2977417.5</valUSD>
        <pctVal>0.8620943931</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Renaissancere Holdings Ltd.</name>
        <lei>EK6GB9U3U58PDI411C94</lei>
        <title>RENAISSANCERE HOLDINGS LTD PREFERRED STOCK 4.2</title>
        <cusip>EP0599001</cusip>
        <identifiers>
          <isin value="BMG7498P1279"/>
          <ticker value="RNR"/>
        </identifiers>
        <balance>186575</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3015052</valUSD>
        <pctVal>0.8729912496</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>The AES Corporation</name>
        <lei>2NUNNB7D43COUIRE5295</lei>
        <title>AES CORP/THE JR SUBORDINA 01/55 VAR</title>
        <cusip>00130HCK9</cusip>
        <identifiers>
          <isin value="US00130HCK95"/>
          <ticker value="AES"/>
        </identifiers>
        <balance>4189000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4247369.53</valUSD>
        <pctVal>1.2298018189</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-01-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.600000000000</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>AEGON Funding Company LLC</name>
        <lei>KEIOKM01PSK5VZ5CCI74</lei>
        <title>AEGON FUNDING CO LLC PREFERRED STOCK 12/49 5.1</title>
        <cusip>00775V104</cusip>
        <identifiers>
          <isin value="US00775V1044"/>
          <ticker value="AEGON"/>
        </identifiers>
        <balance>257925</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5194609.5</valUSD>
        <pctVal>1.5040697934</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Affiliated Managers Group Inc.</name>
        <lei>2JE75BUE3T1BLCYYGK54</lei>
        <title>AFFILIATED MANAGERS GROUP INC PREFERRED STOCK 03/64 6.75</title>
        <cusip>008252827</cusip>
        <identifiers>
          <isin value="US0082528276"/>
          <ticker value="AMG"/>
        </identifiers>
        <balance>207900</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5051970</valUSD>
        <pctVal>1.4627693331</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Algonquin Power and Utilities Corp.</name>
        <lei>549300K5VIUTJXQL7X75</lei>
        <title>ALGONQUIN POWER and UTILITIES CO PREFERRED STOCK 07/79 VAR</title>
        <cusip>015857808</cusip>
        <identifiers>
          <isin value="US0158578080"/>
          <ticker value="AQNCN"/>
        </identifiers>
        <balance>113300</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2929938</valUSD>
        <pctVal>0.8483469724</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Alliant Energy Corporation</name>
        <lei>N/A</lei>
        <title>ALLIANT ENERGY CORP JR SUBORDINA 04/56 VAR</title>
        <cusip>018802AF5</cusip>
        <identifiers>
          <isin value="US018802AF54"/>
          <ticker value="LNT"/>
        </identifiers>
        <balance>3004000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2982166.33</valUSD>
        <pctVal>0.8634693899</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-04-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.750000000000</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>The Allstate Corporation</name>
        <lei>OBT0W1ED8G0NWVOLOJ77</lei>
        <title>ALLSTATE CORP/THE PREFFERD STOCK</title>
        <cusip>020002788</cusip>
        <identifiers>
          <isin value="US0200027888"/>
          <ticker value="ALL"/>
        </identifiers>
        <balance>84800</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2265856</valUSD>
        <pctVal>0.6560657862</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AltaGas Ltd.</name>
        <lei>N/A</lei>
        <title>ALTAGAS LTD JR SUBORDINA 144A 10/54 VAR</title>
        <cusip>021361AD2</cusip>
        <identifiers>
          <isin value="US021361AD20"/>
          <ticker value="ALACN"/>
        </identifiers>
        <balance>3695000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3842951.5</valUSD>
        <pctVal>1.1127048662</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-10-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.200000000000</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>American Electric Power Company Inc.</name>
        <lei>1B4S6S7G0TW5EE83BO58</lei>
        <title>AMERICAN ELECTRIC POWER CO INC JR SUBORDINA 03/56 VAR</title>
        <cusip>02557TAF6</cusip>
        <identifiers>
          <isin value="US02557TAF66"/>
          <ticker value="AEP"/>
        </identifiers>
        <balance>1900000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1886775.28</valUSD>
        <pctVal>0.5463051083</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-03-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.050000000000</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>American National Group Inc.</name>
        <lei>549300RK5RZQ740FPL83</lei>
        <title>AMERICAN NATIONAL GROUP INC PREFERRED STOCK 7.375</title>
        <cusip>025676859</cusip>
        <identifiers>
          <isin value="US0256768591"/>
          <ticker value="ANGINC"/>
        </identifiers>
        <balance>180800</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4530848</valUSD>
        <pctVal>1.3118814061</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>American National Group Inc.</name>
        <lei>549300RK5RZQ740FPL83</lei>
        <title>AMERICAN NATIONAL GROUP INC JR SUBORDINA 12/55 VAR</title>
        <cusip>025676AR8</cusip>
        <identifiers>
          <isin value="US025676AR82"/>
          <ticker value="ANGINC"/>
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        <balance>3025000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3054977.75</valUSD>
        <pctVal>0.8845515247</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-12-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.000000000000</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>American Financial Group Inc.</name>
        <lei>549300AFOM7IVKIU1G39</lei>
        <title>AMERICAN FINANCIAL GROUP INC/O PREFERRED STOCK 12/59 5.125</title>
        <cusip>025932880</cusip>
        <identifiers>
          <isin value="US0259328807"/>
          <ticker value="AFG"/>
        </identifiers>
        <balance>123850</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2381635.5</valUSD>
        <pctVal>0.6895890855</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Apollo Global Management Inc.</name>
        <lei>N/A</lei>
        <title>APOLLO GLOBAL MANAGEMENT INC PREFERRED STOCK 09/53 VAR</title>
        <cusip>03769M205</cusip>
        <identifiers>
          <isin value="US03769M2052"/>
          <ticker value="APO"/>
        </identifiers>
        <balance>111075</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2927937</valUSD>
        <pctVal>0.8477675942</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Athene Holding Ltd.</name>
        <lei>549300H316CT32FQXI76</lei>
        <title>ATHENE HOLDING LTD PREFERRED STOCK VAR</title>
        <cusip>04686J507</cusip>
        <identifiers>
          <isin value="US04686J5074"/>
          <ticker value="ATH"/>
        </identifiers>
        <balance>293775</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7597021.5</valUSD>
        <pctVal>2.1996745969</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Athene Holding Ltd.</name>
        <lei>549300H316CT32FQXI76</lei>
        <title>ATHENE HOLDING LTD PREFERRED STOCK VAR</title>
        <cusip>04686J861</cusip>
        <identifiers>
          <isin value="US04686J8615"/>
          <ticker value="ATH"/>
        </identifiers>
        <balance>270000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6690600</valUSD>
        <pctVal>1.9372253794</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BNP Paribas</name>
        <lei>R0MUWSFPU8MPRO8K5P83</lei>
        <title>BNP PARIBAS SA JR SUBORDINA 144A 12/99 VAR</title>
        <cusip>05602XQR2</cusip>
        <identifiers>
          <isin value="US05602XQR25"/>
          <ticker value="BNP"/>
        </identifiers>
        <balance>1750000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1765840.53</valUSD>
        <pctVal>0.5112891356</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-12-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.875000000000</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>BW Real Estate Inc.</name>
        <lei>N/A</lei>
        <title>BW REAL ESTATE INC SR UNSECURED 144A 12/99 VAR</title>
        <cusip>05614HAA7</cusip>
        <identifiers>
          <isin value="US05614HAA77"/>
          <ticker value="WAL"/>
        </identifiers>
        <balance>2600000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2730444.6</valUSD>
        <pctVal>0.7905847871</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-03-30</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>9.500000000000</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>Banc of California Inc.</name>
        <lei>549300ZKWUJDP6LJ1X87</lei>
        <title>BANC OF CALIFORNIA INC PREFERRED STOCK VAR</title>
        <cusip>05990K841</cusip>
        <identifiers>
          <isin value="US05990K8412"/>
          <ticker value="BANC"/>
        </identifiers>
        <balance>35000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>882000</valUSD>
        <pctVal>0.2553781103</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Bank of America Corporation</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
        <title>BANK OF AMERICA CORP PREFERRED STOCK 12/86 6.45</title>
        <cusip>060505179</cusip>
        <identifiers>
          <isin value="US0605051798"/>
          <ticker value="BAC"/>
        </identifiers>
        <balance>95854</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2473991.74</valUSD>
        <pctVal>0.7163303123</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Brighthouse Financial Inc.</name>
        <lei>N/A</lei>
        <title>BRIGHTHOUSE FINANCIAL INC PREFERRED STOCK 6.6</title>
        <cusip>10922N301</cusip>
        <identifiers>
          <isin value="US10922N3017"/>
          <ticker value="BHF"/>
        </identifiers>
        <balance>306687</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5164609.08</valUSD>
        <pctVal>1.4953833415</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Brookfield Finance Inc.</name>
        <lei>N/A</lei>
        <title>BROOKFIELD FINANCE INC PREFERRED STOCK 10/80 4.625</title>
        <cusip>11271L102</cusip>
        <identifiers>
          <isin value="US11271L1026"/>
          <ticker value="BNCN"/>
        </identifiers>
        <balance>158548</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2555793.76</valUSD>
        <pctVal>0.7400156244</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Brookfield Infrastructure Finance ULC</name>
        <lei>N/A</lei>
        <title>BROOKFIELD INFRASTRUCTURE FINA COMPANY GUAR 03/55 VAR</title>
        <cusip>11276BAA7</cusip>
        <identifiers>
          <isin value="US11276BAA70"/>
          <ticker value="BIP"/>
        </identifiers>
        <balance>2701000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2725562.89</valUSD>
        <pctVal>0.7891713155</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-03-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.750000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CMS Energy Corporation</name>
        <lei>549300IA9XFBAGNIBW29</lei>
        <title>CMS ENERGY CORP PREFERRED STOCK 03/79 5.875</title>
        <cusip>125896845</cusip>
        <identifiers>
          <isin value="US1258968452"/>
          <ticker value="CMS"/>
        </identifiers>
        <balance>270225</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6498911.25</valUSD>
        <pctVal>1.8817229863</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CMS Energy Corporation</name>
        <lei>549300IA9XFBAGNIBW29</lei>
        <title>CMS ENERGY CORP PREFERRED STOCK 10/78 5.875</title>
        <cusip>125896852</cusip>
        <identifiers>
          <isin value="US1258968528"/>
          <ticker value="CMS"/>
        </identifiers>
        <balance>102900</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2444904</valUSD>
        <pctVal>0.7079081217</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CMS Energy Corporation</name>
        <lei>549300IA9XFBAGNIBW29</lei>
        <title>CMS ENERGY CORP PREFERRED STOCK 03/78 5.625</title>
        <cusip>125896860</cusip>
        <identifiers>
          <isin value="US1258968601"/>
          <ticker value="CMS"/>
        </identifiers>
        <balance>187515</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4305344.4</valUSD>
        <pctVal>1.2465881145</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CMS Energy Corporation</name>
        <lei>549300IA9XFBAGNIBW29</lei>
        <title>CMS ENERGY CORP JR SUBORDINA 06/55 VAR</title>
        <cusip>125896BY5</cusip>
        <identifiers>
          <isin value="US125896BY50"/>
          <ticker value="CMS"/>
        </identifiers>
        <balance>2724000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2813494.3</valUSD>
        <pctVal>0.8146313579</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-06-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.500000000000</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>Energy Transfer LP</name>
        <lei>MTLVN9N7JE8MIBIJ1H73</lei>
        <title>ENERGY TRANSFER LP JR SUBORDINA 12/99 VAR</title>
        <cusip>29273VAJ9</cusip>
        <identifiers>
          <isin value="US29273VAJ98"/>
          <ticker value="ET"/>
        </identifiers>
        <balance>1877000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1899086.66</valUSD>
        <pctVal>0.5498697987</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-02-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.625000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Energy Transfer LP</name>
        <lei>MTLVN9N7JE8MIBIJ1H73</lei>
        <title>ENERGY TRANSFER LP JR SUBORDINA 12/99 VAR</title>
        <cusip>29273VAM2</cusip>
        <identifiers>
          <isin value="US29273VAM28"/>
          <ticker value="ET"/>
        </identifiers>
        <balance>6373000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6582563.36</valUSD>
        <pctVal>1.9059439815</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-05-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.125000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Energy Transfer LP</name>
        <lei>MTLVN9N7JE8MIBIJ1H73</lei>
        <title>ENERGY TRANSFER LP JR SUBORDINA 02/56 VAR</title>
        <cusip>29273VBH2</cusip>
        <identifiers>
          <isin value="US29273VBH24"/>
          <ticker value="ET"/>
        </identifiers>
        <balance>2950000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2971027.6</valUSD>
        <pctVal>0.8602442337</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-02-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.750000000000</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>U.S. Bancorp</name>
        <lei>N1GZ7BBF3NP8GI976H15</lei>
        <title>US BANCORP PREFERRED STOCK 5.5</title>
        <cusip>902973759</cusip>
        <identifiers>
          <isin value="US9029737593"/>
          <ticker value="USB"/>
        </identifiers>
        <balance>43550</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1022989.5</valUSD>
        <pctVal>0.2962008224</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Array Digital Infrastructure Inc.</name>
        <lei>N/A</lei>
        <title>ARRAY DIGITAL INFRASTRUCTURE I PREFERRED STOCK 09/69 6.25</title>
        <cusip>911684702</cusip>
        <identifiers>
          <isin value="US9116847024"/>
          <ticker value="AD"/>
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        <balance>43093</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>901074.63</valUSD>
        <pctVal>0.2609010615</pctVal>
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        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Array Digital Infrastructure Inc.</name>
        <lei>N/A</lei>
        <title>ARRAY DIGITAL INFRASTRUCTURE I PREFERRED STOCK 06/70 5.5</title>
        <cusip>911684884</cusip>
        <identifiers>
          <isin value="US9116848840"/>
          <ticker value="AD"/>
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        <balance>28675</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>525612.75</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Unum Group</name>
        <lei>549300E32YFDO6TZ8R31</lei>
        <title>UNUM GROUP PREFERRED STOCK 06/58 6.25</title>
        <cusip>91529Y601</cusip>
        <identifiers>
          <isin value="US91529Y6014"/>
          <ticker value="UNM"/>
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        <balance>137500</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3231250</valUSD>
        <pctVal>0.9355901574</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</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>
      <invstOrSec>
        <name>Venture Global LNG Inc</name>
        <lei>N/A</lei>
        <title>VENTURE GLOBAL LNG INC JR SUBORDINA 144A 12/99 VAR</title>
        <cusip>92332YAF8</cusip>
        <identifiers>
          <isin value="US92332YAF88"/>
          <ticker value="VENLNG"/>
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        <balance>6622000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5825527.49</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>2029-09-30</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>9.000000000000</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>
      <invstOrSec>
        <name>JH COLLATERAL</name>
        <lei>N/A</lei>
        <title>JH COLLATERAL</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Custodian Identifier" value="926EMC902"/>
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        <balance>220481.96</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2205657.43</valUSD>
        <pctVal>0.6386356308</pctVal>
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        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Vistra Corp.</name>
        <lei>N/A</lei>
        <title>VISTRA CORP JR SUBORDINA 144A VAR</title>
        <cusip>92840MAB8</cusip>
        <identifiers>
          <isin value="US92840MAB81"/>
          <ticker value="VST"/>
        </identifiers>
        <balance>1850000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1884108.45</valUSD>
        <pctVal>0.5455329428</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-10-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>8.000000000000</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>Vistra Corp.</name>
        <lei>N/A</lei>
        <title>VISTRA CORP JR SUBORDINA 144A 12/99 VAR</title>
        <cusip>92840MAD4</cusip>
        <identifiers>
          <isin value="US92840MAD48"/>
          <ticker value="VST"/>
        </identifiers>
        <balance>6772000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7435446.07</valUSD>
        <pctVal>2.1528913452</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-01-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>8.875000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Vornado Realty Trust</name>
        <lei>N/A</lei>
        <title>VORNADO REALTY TRUST PREFERRED STOCK 5.4</title>
        <cusip>929042844</cusip>
        <identifiers>
          <isin value="US9290428443"/>
          <ticker value="VNO"/>
        </identifiers>
        <balance>119425</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2184283.25</valUSD>
        <pctVal>0.6324468579</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Voya Financial Inc.</name>
        <lei>549300T065Z4KJ686G75</lei>
        <title>VOYA FINANCIAL INC JR SUBORDINA 12/99 VAR</title>
        <cusip>929089AG5</cusip>
        <identifiers>
          <isin value="US929089AG55"/>
          <ticker value="VOYA"/>
        </identifiers>
        <balance>2350000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2479583.7</valUSD>
        <pctVal>0.7179494326</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-09-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.758000000000</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>Wells Fargo and Company</name>
        <lei>PBLD0EJDB5FWOLXP3B76</lei>
        <title>WELLS FARGO and CO PREFERRED STOCK 7.5</title>
        <cusip>949746804</cusip>
        <identifiers>
          <isin value="US9497468044"/>
          <ticker value="WFC"/>
        </identifiers>
        <balance>7500</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9254700</valUSD>
        <pctVal>2.6796460286</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Wells Fargo and Company</name>
        <lei>PBLD0EJDB5FWOLXP3B76</lei>
        <title>WELLS FARGO and CO JR SUBORDINA 12/99 VAR</title>
        <cusip>95002YAA1</cusip>
        <identifiers>
          <isin value="US95002YAA10"/>
          <ticker value="WFC"/>
        </identifiers>
        <balance>4008000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4268696.35</valUSD>
        <pctVal>1.2359768789</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-09-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.625000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Aspen Insurance Holdings Limited</name>
        <lei>549300YX6HECG9XQCQ75</lei>
        <title>ASPEN INSURANCE HOLDINGS LTD PREFERRED STOCK 7</title>
        <cusip>EP0607309</cusip>
        <identifiers>
          <isin value="BMG053841703"/>
          <ticker value="AHL"/>
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        <balance>87900</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2168493</valUSD>
        <pctVal>0.6278748804</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Banco Santander SA</name>
        <lei>5493006QMFDDMYWIAM13</lei>
        <title>BANCO SANTANDER SA JR SUBORDINA 12/99 VAR</title>
        <cusip>05971KAQ2</cusip>
        <identifiers>
          <isin value="US05971KAQ22"/>
          <ticker value="SANTAN"/>
        </identifiers>
        <balance>3600000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4344760.8</valUSD>
        <pctVal>1.2580009101</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-05-21</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>9.625000000000</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>Bank of America Corporation</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
        <title>BANK OF AMERICA CORP PREFERRED STOCK 7.25</title>
        <cusip>060505682</cusip>
        <identifiers>
          <isin value="US0605056821"/>
          <ticker value="BAC"/>
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        <balance>7000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8722000</valUSD>
        <pctVal>2.5254057572</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Bank of America Corporation</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
        <title>BANK OF AMERICA CORP PREFERRED STOCK 5</title>
        <cusip>06055H202</cusip>
        <identifiers>
          <isin value="US06055H2022"/>
          <ticker value="BAC"/>
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        <balance>106000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2256740</valUSD>
        <pctVal>0.6534263000</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Bank of America Corporation</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
        <title>BANK OF AMERICA CORP JR SUBORDINA 12/99 VAR</title>
        <cusip>06055HAB9</cusip>
        <identifiers>
          <isin value="US06055HAB96"/>
          <ticker value="BAC"/>
        </identifiers>
        <balance>1850000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1873722.55</valUSD>
        <pctVal>0.5425257642</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-04-27</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.125000000000</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>Bank of America Corporation</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
        <title>BANK OF AMERICA CORP JR SUBORDINA 12/99 VAR</title>
        <cusip>06055HAH6</cusip>
        <identifiers>
          <isin value="US06055HAH66"/>
          <ticker value="BAC"/>
        </identifiers>
        <balance>3925000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4078137.8</valUSD>
        <pctVal>1.1808017288</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-05-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.625000000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Bank of America Corporation</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
        <title>BANK OF AMERICA CORP JR SUBORDINA 12/99 VAR</title>
        <cusip>06055HAK9</cusip>
        <identifiers>
          <isin value="US06055HAK95"/>
          <ticker value="BAC"/>
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        <balance>1350000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1374098.49</valUSD>
        <pctVal>0.3978624441</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-07-26</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.250000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Citigroup Inc.</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>CITIGROUP INC JR SUBORDINA 12/99 VAR</title>
        <cusip>172967PE5</cusip>
        <identifiers>
          <isin value="US172967PE54"/>
          <ticker value="C"/>
        </identifiers>
        <balance>5525000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5793211.13</valUSD>
        <pctVal>1.6773915089</pctVal>
        <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>Variable</couponKind>
          <annualizedRt>7.625000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CITIGROUP INC JR SUBORDINA 12/99 VAR</name>
        <lei>N/A</lei>
        <title>CITIGROUP INC JR SUBORDINA 12/99 VAR</title>
        <cusip>172967QJ3</cusip>
        <identifiers>
          <isin value="US172967QJ33"/>
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        <balance>2025000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2062004.95</valUSD>
        <pctVal>0.5970418679</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-02-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.625000000000</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>Bank of Hawaii Corporation</name>
        <lei>5493006Q8BQ8AD8M2U33</lei>
        <title>BANK OF HAWAII CORP PREFERRED STOCK 8</title>
        <cusip>062540307</cusip>
        <identifiers>
          <isin value="US0625403078"/>
          <ticker value="BOH"/>
        </identifiers>
        <balance>72750</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1911870</valUSD>
        <pctVal>0.5535711425</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>The Bank of New York Mellon Corporation</name>
        <lei>WFLLPEPC7FZXENRZV188</lei>
        <title>BANK OF NEW YORK MELLON CORP/T PREFERRED STOCK VAR</title>
        <cusip>064058845</cusip>
        <identifiers>
          <isin value="US0640588457"/>
          <ticker value="BK"/>
        </identifiers>
        <balance>100750</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2595320</valUSD>
        <pctVal>0.7514602236</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CITIGROUP CAPITAL XIII</name>
        <lei>N/A</lei>
        <title>CITIGROUP CAPITAL XIII PREFERRED STOCK 10/40 VAR</title>
        <cusip>173080201</cusip>
        <identifiers>
          <isin value="US1730802014"/>
          <ticker value="C"/>
        </identifiers>
        <balance>265000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7947350</valUSD>
        <pctVal>2.3011102321</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Citigroup Inc.</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>CITIGROUP INC JR SUBORDINA 12/99 VAR</title>
        <cusip>17327CAV5</cusip>
        <identifiers>
          <isin value="US17327CAV54"/>
          <ticker value="C"/>
        </identifiers>
        <balance>2250000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2317788</valUSD>
        <pctVal>0.6711024030</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-02-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.950000000000</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>The Bank of New York Mellon Corporation</name>
        <lei>WFLLPEPC7FZXENRZV188</lei>
        <title>BANK OF NEW YORK MELLON CORP/T JR SUBORDINA 12/99 VAR</title>
        <cusip>064058AN0</cusip>
        <identifiers>
          <isin value="US064058AN00"/>
          <ticker value="BK"/>
        </identifiers>
        <balance>2724000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2817752.07</valUSD>
        <pctVal>0.8158641711</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-03-20</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.300000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Barclays PLC</name>
        <lei>N/A</lei>
        <title>BARCLAYS PLC JR SUBORDINA 12/99 VAR</title>
        <cusip>06738ECN3</cusip>
        <identifiers>
          <isin value="US06738ECN31"/>
          <ticker value="BACR"/>
        </identifiers>
        <balance>2750000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3127445.75</valUSD>
        <pctVal>0.9055342241</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-12-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>9.625000000000</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>Citigroup Inc.</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>CITIGROUP INC JR SUBORDINA 12/99 VAR</title>
        <cusip>17327CBC6</cusip>
        <identifiers>
          <isin value="US17327CBC64"/>
          <ticker value="C"/>
        </identifiers>
        <balance>2800000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2860357.47</valUSD>
        <pctVal>0.8282003236</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-08-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.875000000000</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>Citizens Financial Group Inc.</name>
        <lei>N/A</lei>
        <title>CITIZENS FINANCIAL GROUP INC PREFERRED STOCK 7.375</title>
        <cusip>174610600</cusip>
        <identifiers>
          <isin value="US1746106004"/>
          <ticker value="CFG"/>
        </identifiers>
        <balance>205000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5381250</valUSD>
        <pctVal>1.5581104943</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Citizens Financial Group Inc.</name>
        <lei>N/A</lei>
        <title>CITIZENS FINANCIAL GROUP INC PREFERRED STOCK VAR</title>
        <cusip>174610808</cusip>
        <identifiers>
          <isin value="US1746108083"/>
          <ticker value="CFG"/>
        </identifiers>
        <balance>74075</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1892616.25</valUSD>
        <pctVal>0.5479963281</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Citizens Financial Group Inc.</name>
        <lei>N/A</lei>
        <title>CITIZENS FINANCIAL GROUP INC JR SUBORDINA 12/99 VAR</title>
        <cusip>174610AQ8</cusip>
        <identifiers>
          <isin value="US174610AQ88"/>
          <ticker value="CFG"/>
        </identifiers>
        <balance>6000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5971143.72</valUSD>
        <pctVal>1.7289108837</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-04-06</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.068380000000</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>Canadian Imperial Bank of Commerce</name>
        <lei>2IGI19DL77OX0HC3ZE78</lei>
        <title>CANADIAN IMPERIAL BANK OF COMM JR SUBORDINA 07/86 VAR</title>
        <cusip>13607QUM2</cusip>
        <identifiers>
          <isin value="US13607QUM22"/>
          <ticker value="CM"/>
        </identifiers>
        <balance>2320000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2326574.09</valUSD>
        <pctVal>0.6736463657</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2086-07-28</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.500000000000</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>Carlyle Finance L.L.C.</name>
        <lei>N/A</lei>
        <title>CARLYLE FINANCE LLC PREFERRED STOCK 05/61 4.625</title>
        <cusip>14314C105</cusip>
        <identifiers>
          <isin value="US14314C1053"/>
          <ticker value="CG"/>
        </identifiers>
        <balance>59926</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1039716.1</valUSD>
        <pctVal>0.3010439148</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CenterPoint Energy Inc.</name>
        <lei>21TPXMRRHFKOBHDC8J74</lei>
        <title>CENTERPOINT ENERGY INC JR SUBORDINA 02/55 VAR</title>
        <cusip>15189TBJ5</cusip>
        <identifiers>
          <isin value="US15189TBJ51"/>
          <ticker value="CNP"/>
        </identifiers>
        <balance>3335000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3537244.41</valUSD>
        <pctVal>1.0241891077</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-02-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.850000000000</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>Citigroup Inc.</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>CITIGROUP INC JR SUBORDINA 12/99 VAR</title>
        <cusip>172967PC9</cusip>
        <identifiers>
          <isin value="US172967PC98"/>
          <ticker value="C"/>
        </identifiers>
        <balance>4525000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4685536.46</valUSD>
        <pctVal>1.3566705746</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-05-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.375000000000</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>CoBank ACB</name>
        <lei>N/A</lei>
        <title>COBANK ACB JR SUBORDINA 12/99 VAR</title>
        <cusip>19075QAE2</cusip>
        <identifiers>
          <isin value="US19075QAE26"/>
          <ticker value="COBKAC"/>
        </identifiers>
        <balance>3000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3023454</valUSD>
        <pctVal>0.8754240012</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-10-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.450000000000</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>CoBank ACB</name>
        <lei>N/A</lei>
        <title>COBANK ACB JR SUBORDINA 12/99 VAR</title>
        <cusip>19075QAF9</cusip>
        <identifiers>
          <isin value="US19075QAF90"/>
          <ticker value="COBKAC"/>
        </identifiers>
        <balance>3850000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3938191.95</valUSD>
        <pctVal>1.1402811997</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-07-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.250000000000</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>Comerica Incorporated</name>
        <lei>I9Q57JVPWHHZ3ZGBW498</lei>
        <title>COMERICA INC PREFERRED STOCK VAR</title>
        <cusip>200340701</cusip>
        <identifiers>
          <isin value="US2003407010"/>
          <ticker value="CMA"/>
        </identifiers>
        <balance>141600</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3646200</valUSD>
        <pctVal>1.0557365824</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Corebridge Financial Inc.</name>
        <lei>N/A</lei>
        <title>COREBRIDGE FINANCIAL INC PREFERRED STOCK 12/64 6.375</title>
        <cusip>21871X208</cusip>
        <identifiers>
          <isin value="US21871X2080"/>
          <ticker value="CRBG"/>
        </identifiers>
        <balance>112300</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2685093</valUSD>
        <pctVal>0.7774534878</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Corebridge Financial Inc.</name>
        <lei>N/A</lei>
        <title>COREBRIDGE FINANCIAL INC JR SUBORDINA 12/99 VAR</title>
        <cusip>21871XAU3</cusip>
        <identifiers>
          <isin value="US21871XAU37"/>
          <ticker value="CRBG"/>
        </identifiers>
        <balance>2155000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2238976.04</valUSD>
        <pctVal>0.6482828459</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-12-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.875000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Regions Financial Corporation</name>
        <lei>CW05CS5KW59QTC0DG824</lei>
        <title>REGIONS FINANCIAL CORP PREFERRED STOCK VAR</title>
        <cusip>7591EP860</cusip>
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          <isin value="US7591EP8604"/>
          <ticker value="RF"/>
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        <balance>136100</balance>
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        <curCd>USD</curCd>
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        <assetCat>EP</assetCat>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Regions Financial Corporation</name>
        <lei>CW05CS5KW59QTC0DG824</lei>
        <title>REGIONS FINANCIAL CORP PREFERRED STOCK 4.45</title>
        <cusip>7591EP886</cusip>
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          <isin value="US7591EP8869"/>
          <ticker value="RF"/>
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        <curCd>USD</curCd>
        <valUSD>313393.05</valUSD>
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        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Rogers Communications Inc.</name>
        <lei>N/A</lei>
        <title>ROGERS COMMUNICATIONS INC SUBORDINATED 04/55 VAR</title>
        <cusip>775109DH1</cusip>
        <identifiers>
          <isin value="US775109DH13"/>
          <ticker value="RCICN"/>
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        <balance>5000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5243236.2</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-04-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.125000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SCE Trust VII</name>
        <lei>N/A</lei>
        <title>SCE TRUST VII PREFERRED STOCK 7.5</title>
        <cusip>783892201</cusip>
        <identifiers>
          <isin value="US7838922018"/>
          <ticker value="EIX"/>
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        <balance>210375</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5301450</valUSD>
        <pctVal>1.5350048557</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</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>
      <invstOrSec>
        <name>SBL Holdings LLC</name>
        <lei>N/A</lei>
        <title>SBL HOLDINGS INC JR SUBORDINA 144A VAR</title>
        <cusip>78397DAA6</cusip>
        <identifiers>
          <isin value="US78397DAA63"/>
          <ticker value="SECBEN"/>
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        <balance>5490000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5545862.01</valUSD>
        <pctVal>1.6057729705</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-05-13</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>9.508000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>SBL Holdings LLC</name>
        <lei>N/A</lei>
        <title>SBL HOLDINGS INC JR SUBORDINA 144A 12/99 VAR</title>
        <cusip>78397DAC2</cusip>
        <identifiers>
          <isin value="US78397DAC20"/>
          <ticker value="SECBEN"/>
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        <balance>5750000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5504227.18</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>2026-11-13</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.500000000000</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>
      <invstOrSec>
        <name>SCE Trust VI</name>
        <lei>N/A</lei>
        <title>SCE TRUST VI PREFERRED STOCK 5</title>
        <cusip>78410V200</cusip>
        <identifiers>
          <isin value="US78410V2007"/>
          <ticker value="EIX"/>
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        <balance>105750</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1943685</valUSD>
        <pctVal>0.5627829958</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SCE Trust VIII</name>
        <lei>N/A</lei>
        <title>SCE TRUST VIII PREFFERD STOCK</title>
        <cusip>80620A208</cusip>
        <identifiers>
          <isin value="US80620A2087"/>
          <ticker value="EIX"/>
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        <balance>121500</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2967030</valUSD>
        <pctVal>0.8590867512</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Sempra</name>
        <lei>PBBKGKLRK5S5C0Y4T545</lei>
        <title>SEMPRA PREFERRED STOCK 07/79 5.75</title>
        <cusip>816851604</cusip>
        <identifiers>
          <isin value="US8168516040"/>
          <ticker value="SRE"/>
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        <balance>270000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6075000</valUSD>
        <pctVal>1.7589818820</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Sempra</name>
        <lei>PBBKGKLRK5S5C0Y4T545</lei>
        <title>SEMPRA JR SUBORDINA 10/54 VAR</title>
        <cusip>816851BS7</cusip>
        <identifiers>
          <isin value="US816851BS71"/>
          <ticker value="SRE"/>
        </identifiers>
        <balance>1500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1537575</valUSD>
        <pctVal>0.4451961428</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-10-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.875000000000</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>Sempra</name>
        <lei>PBBKGKLRK5S5C0Y4T545</lei>
        <title>SEMPRA JR SUBORDINA 10/54 VAR</title>
        <cusip>816851BT5</cusip>
        <identifiers>
          <isin value="US816851BT54"/>
          <ticker value="SRE"/>
        </identifiers>
        <balance>1500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1517424</valUSD>
        <pctVal>0.4393615347</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-10-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.400000000000</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>
      <invstOrSec>
        <name>Sierra Pacific Power Company</name>
        <lei>QB888G5GSVGE1LD1WV84</lei>
        <title>SIERRA PACIFIC POWER CO JR SUBORDINA 12/55 VAR</title>
        <cusip>826418BR5</cusip>
        <identifiers>
          <isin value="US826418BR51"/>
          <ticker value="BRKHEC"/>
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        <balance>2500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2487653.25</valUSD>
        <pctVal>0.7202859252</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-12-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.200000000000</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>
      <invstOrSec>
        <name>Societe Generale</name>
        <lei>O2RNE8IBXP4R0TD8PU41</lei>
        <title>SOCIETE GENERALE SA JR SUBORDINA 144A 12/99 VAR</title>
        <cusip>83370RAF5</cusip>
        <identifiers>
          <isin value="US83370RAF55"/>
          <ticker value="SOCGEN"/>
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        <balance>2360000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2352744.91</valUSD>
        <pctVal>0.6812239786</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-07-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.125000000000</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>South Bow Canadian infrastructure Holdings Ltd.</name>
        <lei>N/A</lei>
        <title>SOUTH BOW CANADIAN INFRASTRUCT COMPANY GUAR 03/55 VAR</title>
        <cusip>836720AJ1</cusip>
        <identifiers>
          <isin value="US836720AJ13"/>
          <ticker value="SOBOCN"/>
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        <balance>3250000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3435565.25</valUSD>
        <pctVal>0.9947484822</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-03-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.500000000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>The Southern Company</name>
        <lei>549300FC3G3YU2FBZD92</lei>
        <title>SOUTHERN CO/THE PREFERRED STOCK 01/80 4.95</title>
        <cusip>842587800</cusip>
        <identifiers>
          <isin value="US8425878001"/>
          <ticker value="SO"/>
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        <balance>86025</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1767813.75</valUSD>
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        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>The Southern Company</name>
        <lei>549300FC3G3YU2FBZD92</lei>
        <title>SOUTHERN CO/THE PREFERRED STOCK 12/28 7.125</title>
        <cusip>842587842</cusip>
        <identifiers>
          <isin value="US8425878423"/>
          <ticker value="SO"/>
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        <balance>67530</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3460912.5</valUSD>
        <pctVal>1.0020876350</pctVal>
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        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>The Southern Company</name>
        <lei>549300FC3G3YU2FBZD92</lei>
        <title>SOUTHERN CO/THE PREFERRED STOCK 03/85 6.5</title>
        <cusip>842587867</cusip>
        <identifiers>
          <isin value="US8425878670"/>
          <ticker value="SO"/>
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        <balance>55125</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1421673.75</valUSD>
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        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
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      <invstOrSec>
        <name>Spire Inc.</name>
        <lei>549300NXSY15DRY2R511</lei>
        <title>SPIRE INC PREFERRED STOCK 5.9</title>
        <cusip>84857L309</cusip>
        <identifiers>
          <isin value="US84857L3096"/>
          <ticker value="SR"/>
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        <balance>31600</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>790000</valUSD>
        <pctVal>0.2287400308</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>T-Mobile USA Inc.</name>
        <lei>549300V2JRLO5DIFGE82</lei>
        <title>T-MOBILE USA INC PREFERRED STOCK 09/69 6.25</title>
        <cusip>87264A105</cusip>
        <identifiers>
          <isin value="US87264A1051"/>
          <ticker value="TMUS"/>
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        <balance>231150</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5813422.5</valUSD>
        <pctVal>1.6832435967</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Telephone and Data Systems Inc.</name>
        <lei>N/A</lei>
        <title>TELEPHONE AND DATA SYSTEMS INC PREFERRED STOCK 6</title>
        <cusip>879433761</cusip>
        <identifiers>
          <isin value="US8794337613"/>
          <ticker value="TDS"/>
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        <balance>314625</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6380595</valUSD>
        <pctVal>1.8474651855</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Telephone and Data Systems Inc.</name>
        <lei>N/A</lei>
        <title>TELEPHONE AND DATA SYSTEMS INC PREFERRED STOCK 6.625</title>
        <cusip>879433787</cusip>
        <identifiers>
          <isin value="US8794337878"/>
          <ticker value="TDS"/>
        </identifiers>
        <balance>211250</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4674962.5</valUSD>
        <pctVal>1.3536089443</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TELUS Corporation</name>
        <lei>N/A</lei>
        <title>TELUS CORP JR SUBORDINA 10/55 VAR</title>
        <cusip>87971MCM3</cusip>
        <identifiers>
          <isin value="US87971MCM38"/>
          <ticker value="TCN"/>
        </identifiers>
        <balance>2875000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3006780.57</valUSD>
        <pctVal>0.8705963039</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-10-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.000000000000</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>TELUS Corporation</name>
        <lei>N/A</lei>
        <title>TELUS CORP JR SUBORDINA 06/56 VAR</title>
        <cusip>87971MCR2</cusip>
        <identifiers>
          <isin value="US87971MCR25"/>
          <ticker value="TCN"/>
        </identifiers>
        <balance>2750000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2762289.39</valUSD>
        <pctVal>0.7998052658</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-06-09</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.625000000000</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>Truist Financial Corporation</name>
        <lei>549300DRQQI75D2JP341</lei>
        <title>TRUIST FINANCIAL CORP PREFERRED STOCK 4.75</title>
        <cusip>89832Q695</cusip>
        <identifiers>
          <isin value="US89832Q6952"/>
          <ticker value="TFC"/>
        </identifiers>
        <balance>141325</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2772796.5</valUSD>
        <pctVal>0.8028475401</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UBS Group AG</name>
        <lei>549300SZJ9VS8SGXAN81</lei>
        <title>UBS GROUP AG JR SUBORDINA 144A 12/99 VAR</title>
        <cusip>902613BW7</cusip>
        <identifiers>
          <isin value="US902613BW72"/>
          <ticker value="UBS"/>
        </identifiers>
        <balance>2300000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2328298.79</valUSD>
        <pctVal>0.6741457428</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-01-08</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.000000000000</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>UMB Financial Corporation</name>
        <lei>549300MGEH3N3CUCV828</lei>
        <title>UMB FINANCIAL CORP PREFERRED STOCK VAR</title>
        <cusip>902788405</cusip>
        <identifiers>
          <isin value="US9027884058"/>
          <ticker value="UMBF"/>
        </identifiers>
        <balance>89625</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2427941.25</valUSD>
        <pctVal>0.7029966534</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Phillips 66 Company</name>
        <lei>N/A</lei>
        <title>PHILLIPS 66 CO COMPANY GUAR 03/56 VAR</title>
        <cusip>718547BA9</cusip>
        <identifiers>
          <isin value="US718547BA95"/>
          <ticker value="PSX"/>
        </identifiers>
        <balance>2185000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2196860.18</valUSD>
        <pctVal>0.6360884369</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-03-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.200000000000</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>The Phoenix Companies Inc.</name>
        <lei>549300Q3ENSFI87YLC32</lei>
        <title>PHOENIX COS INC/THE PREFERRED STOCK 01/32 7.45</title>
        <cusip>71902E208</cusip>
        <identifiers>
          <isin value="US71902E2081"/>
          <ticker value="PNX"/>
        </identifiers>
        <balance>216500</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4091850</valUSD>
        <pctVal>1.1847720188</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Pinnacle Financial Partners Inc.</name>
        <lei>N/A</lei>
        <title>PINNACLE FINANCIAL PARTNERS IN PREFERRED STOCK VAR</title>
        <cusip>72348N208</cusip>
        <identifiers>
          <isin value="US72348N2080"/>
          <ticker value="PNFP"/>
        </identifiers>
        <balance>43150</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1096010</valUSD>
        <pctVal>0.3173434951</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>IRS USD P 3.47 20230510-20260510</name>
        <lei>N/A</lei>
        <title>IRS USD P 3.47 20230510-20260510</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Custodian Identifier" value="30512009"/>
        </identifiers>
        <balance>51500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>26265</valUSD>
        <pctVal>0.0076048822</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>CHICAGO MERCANTILE EXCHANGE</counterpartyName>
              <counterpartyLei>SNZ2OJLFK8MNNCLQOF39</counterpartyLei>
            </counterparties>
            <swapFlag>Y</swapFlag>
            <floatingRecDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="USD-SOFR-COMPOUND" floatingRtSpread="0.000000000000" pmntAmt="451225.830000000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Month" rateTenorUnit="3" resetDt="Month" resetDtUnit="3"/>
              </rtResetTenors>
            </floatingRecDesc>
            <fixedPmntDesc amount="402433.87" curCd="USD" fixedOrFloating="Fixed" fixedRt="3.473000000000"/>
            <terminationDt>2026-05-10</terminationDt>
            <upfrontPmnt>0.000000000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.000000000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>51500000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>26265</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>IRS USD P 3.66 20230503-20260503</name>
        <lei>N/A</lei>
        <title>IRS USD P 3.66 20230503-20260503</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Custodian Identifier" value="30354865"/>
        </identifiers>
        <balance>104000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>468</valUSD>
        <pctVal>0.0001355068</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>CHICAGO MERCANTILE EXCHANGE</counterpartyName>
              <counterpartyLei>SNZ2OJLFK8MNNCLQOF39</counterpartyLei>
            </counterparties>
            <swapFlag>Y</swapFlag>
            <floatingRecDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="USD-SOFR-COMPOUND" floatingRtSpread="0.000000000000" pmntAmt="992968.870000000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Month" rateTenorUnit="3" resetDt="Month" resetDtUnit="3"/>
              </rtResetTenors>
            </floatingRecDesc>
            <fixedPmntDesc amount="952224" curCd="USD" fixedOrFloating="Fixed" fixedRt="3.662400000000"/>
            <terminationDt>2026-05-03</terminationDt>
            <upfrontPmnt>0.000000000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.000000000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>104000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>468</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>IRS USD P 3.82 20231226-20261226</name>
        <lei>N/A</lei>
        <title>IRS USD P 3.82 20231226-20261226</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Custodian Identifier" value="36073684"/>
        </identifiers>
        <balance>25250000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>-75030.38</valUSD>
        <pctVal>-0.0217246221</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>CHICAGO MERCANTILE EXCHANGE</counterpartyName>
              <counterpartyLei>SNZ2OJLFK8MNNCLQOF39</counterpartyLei>
            </counterparties>
            <swapFlag>Y</swapFlag>
            <floatingRecDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="USD-SOFR-COMPOUND" floatingRtSpread="0.000000000000" pmntAmt="95487.080000000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Month" rateTenorUnit="3" resetDt="Month" resetDtUnit="3"/>
              </rtResetTenors>
            </floatingRecDesc>
            <fixedPmntDesc amount="93689.77" curCd="USD" fixedOrFloating="Fixed" fixedRt="3.816500000000"/>
            <terminationDt>2026-12-26</terminationDt>
            <upfrontPmnt>0.000000000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.000000000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>25250000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-75030.38</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Returns are reported without deduction of sales loads and redemption fees, if applicable." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-02-27</ncom:dateSigned>
      <ncom:nameOfApplicant>John Hancock Preferred Income Fund II</ncom:nameOfApplicant>
      <ncom:signature>/s/Salvatore Schiavone</ncom:signature>
      <ncom:signerName>Salvatore Schiavone</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
