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        <name>Morgan Stanley</name>
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      <invstOrSec>
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        <name>Arch Capital Group Ltd.</name>
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        <name>Bank of America Corp.</name>
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        <name>RenaissanceRe Holdings Ltd.</name>
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        <name>Bank of America Corp.</name>
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        <name>KeyCorp</name>
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        <name>U.S. Bancorp</name>
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        <name>JPMorgan Chase &amp; Co.</name>
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        <name>Hartford Insurance Group, Inc. (The)</name>
        <lei>IU7C3FTM7Y3BQM112U94</lei>
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        <name>JPMorgan Chase &amp; Co.</name>
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        <name>Brighthouse Financial, Inc.</name>
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        <name>KeyCorp</name>
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        <name>Regions Financial Corp.</name>
        <lei>CW05CS5KW59QTC0DG824</lei>
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        <name>Voya Financial, Inc.</name>
        <lei>549300T065Z4KJ686G75</lei>
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        <name>Bank of America Corp.</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
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        <name>Allstate Corp. (The)</name>
        <lei>OBT0W1ED8G0NWVOLOJ77</lei>
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        <name>Aspen Insurance Holdings Ltd.</name>
        <lei>549300YX6HECG9XQCQ75</lei>
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        <name>Capital One Financial Corp.</name>
        <lei>ZUE8T73ROZOF6FLBAR73</lei>
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        <name>Bank of America Corp.</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
        <title>Bank of America Corp., Series LL, Pfd.</title>
        <cusip>06055H202</cusip>
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        <name>Fifth Third Bancorp</name>
        <lei>THRNG6BD57P9QWTQLG42</lei>
        <title>Fifth Third Bancorp, Series K, Pfd.</title>
        <cusip>316773860</cusip>
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        <name>Athene Holding Ltd.</name>
        <lei>549300H316CT32FQXI76</lei>
        <title>Athene Holding Ltd., Series B, Pfd.</title>
        <cusip>04686J200</cusip>
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      <invstOrSec>
        <name>Citizens Financial Group, Inc.</name>
        <lei>2138004JDDA4ZQUPFW65</lei>
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      <invstOrSec>
        <name>Northern Trust Corp.</name>
        <lei>549300GLF98S992BC502</lei>
        <title>Northern Trust Corp., Series E, Pfd.</title>
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          <isin value="US6658598569"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>JPMorgan Chase &amp; Co.</name>
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        <balance>390086.00000000</balance>
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        <assetCat>EP</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Allstate Corp. (The)</name>
        <lei>OBT0W1ED8G0NWVOLOJ77</lei>
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        <balance>179870.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Synchrony Financial</name>
        <lei>549300RS7EWPM9MA6C78</lei>
        <title>Synchrony Financial, Series A, Pfd.</title>
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          <isin value="US87165B2025"/>
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        <assetCat>EP</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Morgan Stanley</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>Morgan Stanley, Series L, Pfd.</title>
        <cusip>61762V804</cusip>
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        <balance>216409.00000000</balance>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>MetLife, Inc.</name>
        <lei>C4BXATY60WC6XEOZDX54</lei>
        <title>MetLife, Inc., Series F, Pfd.</title>
        <cusip>59156R850</cusip>
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          <isin value="US59156R8503"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Equitable Holdings, Inc.</name>
        <lei>549300FIBAKMNHPZ4009</lei>
        <title>Equitable Holdings, Inc., Series A, Pfd.</title>
        <cusip>29452E200</cusip>
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        <balance>479820.00000000</balance>
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        <assetCat>EP</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Wells Fargo &amp; Co.</name>
        <lei>PBLD0EJDB5FWOLXP3B76</lei>
        <title>Wells Fargo &amp; Co., Series Z, Pfd.</title>
        <cusip>94988U151</cusip>
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          <isin value="US94988U1512"/>
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        <assetCat>EP</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Capital One Financial Corp.</name>
        <lei>ZUE8T73ROZOF6FLBAR73</lei>
        <title>Capital One Financial Corp., Series J, Pfd.</title>
        <cusip>14040H782</cusip>
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          <isin value="US14040H7825"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Invesco Government &amp; Agency Portfolio</name>
        <lei>5493007T1J7WZ5QI1A47</lei>
        <title>Invesco Government &amp; Agency Portfolio, Institutional Class</title>
        <cusip>825252885</cusip>
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          <isin value="US8252528851"/>
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        <balance>47800.47000000</balance>
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        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>First Citizens BancShares, Inc.</name>
        <lei>549300N3Z00ZHE2XC526</lei>
        <title>First Citizens BancShares, Inc., Series A, Pfd.</title>
        <cusip>319626305</cusip>
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          <isin value="US3196263053"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Invesco Private Government Fund</name>
        <lei>N/A</lei>
        <title>Invesco Private Government Fund</title>
        <cusip>N/A</cusip>
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        <assetCat>STIV</assetCat>
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        <name>Brighthouse Financial, Inc.</name>
        <lei>5493003T8SZSHOGGAW52</lei>
        <title>Brighthouse Financial, Inc., Series B, Pfd.</title>
        <cusip>10922N509</cusip>
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        <fairValLevel>1</fairValLevel>
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        <name>Truist Financial Corp.</name>
        <lei>549300DRQQI75D2JP341</lei>
        <title>Truist Financial Corp., Series O, Pfd.</title>
        <cusip>89832Q745</cusip>
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        <assetCat>EP</assetCat>
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        <fairValLevel>1</fairValLevel>
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        <name>Invesco Private Prime Fund</name>
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        <title>Invesco Private Prime Fund</title>
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      <invstOrSec>
        <name>Truist Financial Corp.</name>
        <lei>549300DRQQI75D2JP341</lei>
        <title>Truist Financial Corp., Series R, Pfd.</title>
        <cusip>89832Q695</cusip>
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        <name>U.S. Bancorp</name>
        <lei>N1GZ7BBF3NP8GI976H15</lei>
        <title>U.S. Bancorp, Series L, Pfd.</title>
        <cusip>902973734</cusip>
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        <name>Wells Fargo &amp; Co.</name>
        <lei>PBLD0EJDB5FWOLXP3B76</lei>
        <title>Wells Fargo &amp; Co., Series AA, Pfd.</title>
        <cusip>94988U128</cusip>
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        <fairValLevel>1</fairValLevel>
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        <name>Bank of America Corp.</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
        <title>Bank of America Corp., Series NN, Pfd.</title>
        <cusip>06055H400</cusip>
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          <isin value="US06055H4002"/>
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        <balance>466021.00000000</balance>
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        <assetCat>EP</assetCat>
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        <fairValLevel>1</fairValLevel>
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        <name>Brighthouse Financial, Inc.</name>
        <lei>5493003T8SZSHOGGAW52</lei>
        <title>Brighthouse Financial, Inc., Series C, Pfd.</title>
        <cusip>10922N707</cusip>
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          <isin value="US10922N7075"/>
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        <balance>344857.00000000</balance>
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        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Athene Holding Ltd.</name>
        <lei>549300H316CT32FQXI76</lei>
        <title>Athene Holding Ltd., Series D, Pfd.</title>
        <cusip>04686J408</cusip>
        <identifiers>
          <isin value="US04686J4085"/>
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        <balance>344803.00000000</balance>
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        <valUSD>5851306.91000000</valUSD>
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        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Equitable Holdings, Inc.</name>
        <lei>549300FIBAKMNHPZ4009</lei>
        <title>Equitable Holdings, Inc., Series C, Pfd.</title>
        <cusip>29452E408</cusip>
        <identifiers>
          <isin value="US29452E4089"/>
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        <balance>179914.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2997367.24000000</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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      </invstOrSec>
      <invstOrSec>
        <name>Bank of America Corp.</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
        <title>Bank of America Corp., Series PP, Pfd.</title>
        <cusip>06055H608</cusip>
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          <isin value="US06055H6080"/>
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        <assetCat>EP</assetCat>
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        <fairValLevel>1</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>Wells Fargo &amp; Co.</name>
        <lei>PBLD0EJDB5FWOLXP3B76</lei>
        <title>Wells Fargo &amp; Co., Series CC, Pfd.</title>
        <cusip>95002Y202</cusip>
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          <isin value="US95002Y2028"/>
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        <balance>455103.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>U.S. Bancorp</name>
        <lei>N1GZ7BBF3NP8GI976H15</lei>
        <title>U.S. Bancorp, Series M, Pfd.</title>
        <cusip>902973718</cusip>
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          <isin value="US9029737189"/>
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        <balance>449695.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EP</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>WaFd, Inc.</name>
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        <title>WaFd, Inc., Series A, Pfd.</title>
        <cusip>938824307</cusip>
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          <isin value="US9388243076"/>
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        <balance>179914.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Huntington Bancshares Inc.</name>
        <lei>549300XTVCVV9I7B5T19</lei>
        <title>Huntington Bancshares Inc., Series H, Pfd.</title>
        <cusip>446150823</cusip>
        <identifiers>
          <isin value="US4461508230"/>
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        <balance>299867.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5313643.24000000</valUSD>
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        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Texas Capital Bancshares, Inc.</name>
        <lei>549300466Q2SXRX0YM48</lei>
        <title>Texas Capital Bancshares, Inc., Series B, Pfd.</title>
        <cusip>88224Q305</cusip>
        <identifiers>
          <isin value="US88224Q3056"/>
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        <balance>179914.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>JPMorgan Chase &amp; Co.</name>
        <lei>8I5DZWZKVSZI1NUHU748</lei>
        <title>JPMorgan Chase &amp; Co., Series JJ, Pfd.</title>
        <cusip>48128B580</cusip>
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          <isin value="US48128B5802"/>
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        <curCd>USD</curCd>
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        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>Charles Schwab Corp. (The)</name>
        <lei>549300VSGCJ7E698NM85</lei>
        <title>Charles Schwab Corp. (The), Series J, Pfd.</title>
        <cusip>808513865</cusip>
        <identifiers>
          <isin value="US8085138654"/>
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        <balance>359865.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6866224.20000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="821486.00000000"/>
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      <invstOrSec>
        <name>Regions Financial Corp.</name>
        <lei>CW05CS5KW59QTC0DG824</lei>
        <title>Regions Financial Corp., Series E, Pfd.</title>
        <cusip>7591EP886</cusip>
        <identifiers>
          <isin value="US7591EP8869"/>
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        <balance>239910.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4162438.50000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Capital One Financial Corp.</name>
        <lei>ZUE8T73ROZOF6FLBAR73</lei>
        <title>Capital One Financial Corp., Series L, Pfd.</title>
        <cusip>14040H758</cusip>
        <identifiers>
          <isin value="US14040H7585"/>
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        <balance>319079.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5411579.84000000</valUSD>
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        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>JPMorgan Chase &amp; Co.</name>
        <lei>8I5DZWZKVSZI1NUHU748</lei>
        <title>JPMorgan Chase &amp; Co., Series LL, Pfd.</title>
        <cusip>48128B549</cusip>
        <identifiers>
          <isin value="US48128B5497"/>
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        <balance>802019.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>15960178.10000000</valUSD>
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        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Arch Capital Group Ltd.</name>
        <lei>549300AYR4P8AFKDCE43</lei>
        <title>Arch Capital Group Ltd., Series G, Pfd.</title>
        <cusip>03939A404</cusip>
        <identifiers>
          <isin value="US03939A4040"/>
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        <balance>299867.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5337632.60000000</valUSD>
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        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>RenaissanceRe Holdings Ltd.</name>
        <lei>EK6GB9U3U58PDI411C94</lei>
        <title>RenaissanceRe Holdings Ltd., Series G, Pfd.</title>
        <cusip>G7498P127</cusip>
        <identifiers>
          <isin value="BMG7498P1279"/>
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        <balance>299867.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4845850.72000000</valUSD>
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        <assetCat>EP</assetCat>
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        <invCountry>BM</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Stifel Financial Corp.</name>
        <lei>549300E5F07FE5GHJX84</lei>
        <title>Stifel Financial Corp., Series D, Pfd.</title>
        <cusip>860630862</cusip>
        <identifiers>
          <isin value="US8606308620"/>
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        <balance>179914.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
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        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Wells Fargo &amp; Co.</name>
        <lei>PBLD0EJDB5FWOLXP3B76</lei>
        <title>Wells Fargo &amp; Co., Series DD, Pfd.</title>
        <cusip>95002Y400</cusip>
        <identifiers>
          <isin value="US95002Y4008"/>
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        <balance>541866.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9628958.82000000</valUSD>
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        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>JPMorgan Chase &amp; Co.</name>
        <lei>8I5DZWZKVSZI1NUHU748</lei>
        <title>JPMorgan Chase &amp; Co., Series MM, Pfd.</title>
        <cusip>48128B523</cusip>
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        <balance>867047.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Capital One Financial Corp.</name>
        <lei>ZUE8T73ROZOF6FLBAR73</lei>
        <title>Capital One Financial Corp., Series N, Pfd.</title>
        <cusip>14040H733</cusip>
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        <balance>200683.00000000</balance>
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        <fairValLevel>1</fairValLevel>
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        <name>Western Alliance Bancorporation</name>
        <lei>5493003VJXZ5JXT9S762</lei>
        <title>Western Alliance Bancorporation, Series A, Pfd.</title>
        <cusip>957638406</cusip>
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        <balance>179914.00000000</balance>
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        <fairValLevel>1</fairValLevel>
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        <name>Morgan Stanley</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>Morgan Stanley, Series O, Pfd.</title>
        <cusip>61762V861</cusip>
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        <balance>563469.00000000</balance>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Bank of America Corp.</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
        <title>Bank of America Corp., Series QQ, Pfd.</title>
        <cusip>06055H806</cusip>
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        <balance>562250.00000000</balance>
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        <fairValLevel>1</fairValLevel>
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        <name>Bank OZK</name>
        <lei>549300VYK2WBD7SST478</lei>
        <title>Bank OZK, Series A, Pfd.</title>
        <cusip>06417N202</cusip>
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        <balance>209930.00000000</balance>
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        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Brighthouse Financial, Inc.</name>
        <lei>5493003T8SZSHOGGAW52</lei>
        <title>Brighthouse Financial, Inc., Series D, Pfd.</title>
        <cusip>10922N889</cusip>
        <identifiers>
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        <balance>209930.00000000</balance>
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        <valUSD>2561146.00000000</valUSD>
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        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Bank of America Corp.</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
        <title>Bank of America Corp., Series SS, Pfd.</title>
        <cusip>06055H871</cusip>
        <identifiers>
          <isin value="US06055H8714"/>
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        <balance>297202.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5899459.70000000</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>
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      <invstOrSec>
        <name>U.S. Bancorp</name>
        <lei>N1GZ7BBF3NP8GI976H15</lei>
        <title>U.S. Bancorp, Series O, Pfd.</title>
        <cusip>902973668</cusip>
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        <balance>269832.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4986495.36000000</valUSD>
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        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>M&amp;T Bank Corp.</name>
        <lei>549300WYXDDBYRASEG81</lei>
        <title>M&amp;T Bank Corp., Series H, Pfd.</title>
        <cusip>55261F872</cusip>
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          <isin value="US55261F8721"/>
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        <balance>149935.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>KeyCorp</name>
        <lei>RKPI3RZGV1V1FJTH5T61</lei>
        <title>KeyCorp, Pfd.</title>
        <cusip>493267843</cusip>
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          <isin value="US4932678430"/>
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        <balance>359827.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Morgan Stanley</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>Morgan Stanley, Series P, Pfd.</title>
        <cusip>61762V853</cusip>
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          <isin value="US61762V8533"/>
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        <balance>433524.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Lincoln National Corp.</name>
        <lei>EFQMQROEDSNBRIP7LE47</lei>
        <title>Lincoln National Corp., Series D, Pfd.</title>
        <cusip>534187885</cusip>
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          <isin value="US5341878859"/>
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        <balance>299867.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>Athene Holding Ltd.</name>
        <lei>549300H316CT32FQXI76</lei>
        <title>Athene Holding Ltd., Series E, Pfd.</title>
        <cusip>04686J507</cusip>
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          <isin value="US04686J5074"/>
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        <balance>299829.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Huntington Bancshares Inc.</name>
        <lei>549300XTVCVV9I7B5T19</lei>
        <title>Huntington Bancshares Inc., Series J, Pfd.</title>
        <cusip>446150773</cusip>
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          <isin value="US4461507737"/>
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        <balance>194923.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Jackson Financial Inc.</name>
        <lei>213800WXW2KG1N4CO374</lei>
        <title>Jackson Financial Inc., Pfd.</title>
        <cusip>46817M206</cusip>
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          <isin value="US46817M2061"/>
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        <balance>329885.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EP</assetCat>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Allstate Corp. (The)</name>
        <lei>OBT0W1ED8G0NWVOLOJ77</lei>
        <title>Allstate Corp. (The), Series J, Pfd.</title>
        <cusip>020002788</cusip>
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          <isin value="US0200027888"/>
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        <balance>359810.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
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        <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>
        <name>Athene Holding Ltd.</name>
        <lei>549300H316CT32FQXI76</lei>
        <title>Athene Holding Ltd., Series A, Pfd.</title>
        <cusip>04686J861</cusip>
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          <isin value="US04686J8615"/>
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        <balance>517205.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
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        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Synchrony Financial</name>
        <lei>549300RS7EWPM9MA6C78</lei>
        <title>Synchrony Financial, Series B, Pfd.</title>
        <cusip>87165B400</cusip>
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          <isin value="US87165B4005"/>
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        <balance>299867.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>7790544.66000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
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        <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>M&amp;T Bank Corp.</name>
        <lei>549300WYXDDBYRASEG81</lei>
        <title>M&amp;T Bank Corp., Series J, Pfd.</title>
        <cusip>55261F864</cusip>
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          <isin value="US55261F8648"/>
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        <balance>449744.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <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>
        <name>Citizens Financial Group, Inc.</name>
        <lei>2138004JDDA4ZQUPFW65</lei>
        <title>Citizens Financial Group, Inc., Series H, Pfd.</title>
        <cusip>174610600</cusip>
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          <isin value="US1746106004"/>
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        <balance>239910.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Morgan Stanley</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>Morgan Stanley, Series Q, Pfd.</title>
        <cusip>61762V838</cusip>
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          <isin value="US61762V8384"/>
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        <balance>433488.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Regions Financial Corp.</name>
        <lei>CW05CS5KW59QTC0DG824</lei>
        <title>Regions Financial Corp., Pfd.</title>
        <cusip>7591EP860</cusip>
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        <balance>299867.00000000</balance>
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        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>American National Group Inc.</name>
        <lei>549300RK5RZQ740FPL83</lei>
        <title>American National Group Inc., Pfd.</title>
        <cusip>025676859</cusip>
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        <balance>179914.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
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        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Bank of New York Mellon Corp. (The)</name>
        <lei>WFLLPEPC7FZXENRZV188</lei>
        <title>Bank of New York Mellon Corp. (The), Series K, Pfd.</title>
        <cusip>064058845</cusip>
        <identifiers>
          <isin value="US0640588457"/>
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        <balance>299867.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7724573.92000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>UMB Financial Corp.</name>
        <lei>549300MGEH3N3CUCV828</lei>
        <title>UMB Financial Corp., Pfd.</title>
        <cusip>902788405</cusip>
        <identifiers>
          <isin value="US9027884058"/>
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        <balance>179914.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
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        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Citizens Financial Group, Inc.</name>
        <lei>2138004JDDA4ZQUPFW65</lei>
        <title>Citizens Financial Group, Inc., Series I, Pfd.</title>
        <cusip>174610808</cusip>
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          <isin value="US1746108083"/>
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        <balance>239910.00000000</balance>
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        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Comerica Inc.</name>
        <lei>I9Q57JVPWHHZ3ZGBW498</lei>
        <title>Comerica Inc., Series B, Pfd.</title>
        <cusip>200340701</cusip>
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          <isin value="US2003407010"/>
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        <balance>239910.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>M&amp;T Bank Corp.</name>
        <lei>549300WYXDDBYRASEG81</lei>
        <title>M&amp;T Bank Corp., Series K, Pfd.</title>
        <cusip>55261F849</cusip>
        <identifiers>
          <isin value="US55261F8499"/>
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        <balance>269846.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>6862183.78000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Morgan Stanley</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>Morgan Stanley, Series E, Pfd.</title>
        <cusip>61762V200</cusip>
        <identifiers>
          <isin value="US61762V2007"/>
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        <balance>373843.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>9547950.22000000</valUSD>
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        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Morgan Stanley</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>Morgan Stanley, Series F, Pfd.</title>
        <cusip>61763E207</cusip>
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          <isin value="US61763E2072"/>
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        <balance>368495.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>9304498.75000000</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>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Morgan Stanley</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>Morgan Stanley, Series I, Pfd.</title>
        <cusip>61761J406</cusip>
        <identifiers>
          <isin value="US61761J4067"/>
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        <balance>433490.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>10954292.30000000</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>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2026-03-02</ncom:dateSigned>
      <ncom:nameOfApplicant>Invesco Exchange-Traded Fund Trust</ncom:nameOfApplicant>
      <ncom:signature>Adrien Deberghes</ncom:signature>
      <ncom:signerName>Adrien Deberghes</ncom:signerName>
      <ncom:title>Vice President</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
