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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>ALLY FINANCIAL INC</name>
        <lei>549300JBN1OSM8YNAI90</lei>
        <title>ALLY FINANCIAL INC</title>
        <cusip>02005NBN9</cusip>
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          <isin value="US02005NBN93"/>
          <other otherDesc="SEDOL" value="BN0ZM87"/>
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        <balance>925000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>772416.35000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.70000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ATHENE HOLDING LTD</name>
        <lei>549300H316CT32FQXI76</lei>
        <title>Athene Holding Ltd</title>
        <cusip>04686J408</cusip>
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          <isin value="US04686J4085"/>
          <ticker value="ATH"/>
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        <balance>28800.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>552960.00000000</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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      <invstOrSec>
        <name>CITIGROUP INC</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>Citigroup Inc</title>
        <cusip>172967PM7</cusip>
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          <isin value="US172967PM70"/>
          <other otherDesc="SEDOL" value="BPDZKQ2"/>
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        <balance>1185000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1241370.45000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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          <maturityDt>N/A</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>LIBERTY MUTUAL INSURANCE</name>
        <lei>CNC20I6IOMGF7KY49D67</lei>
        <title>Liberty Mutual Insurance Co</title>
        <cusip>53079QAD9</cusip>
        <identifiers>
          <isin value="US53079QAD97"/>
          <other otherDesc="SEDOL" value="2567376"/>
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        <balance>3000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3562883.04000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2097-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.69700000</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>TPG RE FINANCE TRUST INC</name>
        <lei>N/A</lei>
        <title>TPG RE Finance Trust Inc</title>
        <cusip>87266M206</cusip>
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          <isin value="US87266M2061"/>
          <ticker value="TRTX"/>
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        <balance>28200.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>523110.00000000</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>HUNTINGTON BANCSHARES</name>
        <lei>549300XTVCVV9I7B5T19</lei>
        <title>Huntington Bancshares Inc/OH</title>
        <cusip>446150773</cusip>
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          <isin value="US4461507737"/>
          <ticker value="HBAN"/>
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        <balance>43600.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1105260.00000000</valUSD>
        <pctVal>0.581458276170</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>
        <name>NY COMMUNITY BANCORP INC</name>
        <lei>529900HVXOTLY61GL030</lei>
        <title>New York Community Bancorp Inc</title>
        <cusip>649445202</cusip>
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          <isin value="US6494452021"/>
          <ticker value="NYCB"/>
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        <balance>241200.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4896360.00000000</valUSD>
        <pctVal>2.575890781453</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LINCOLN NATIONAL CORP</name>
        <lei>EFQMQROEDSNBRIP7LE47</lei>
        <title>Lincoln National Corp</title>
        <cusip>534187BR9</cusip>
        <identifiers>
          <isin value="US534187BR92"/>
          <other otherDesc="SEDOL" value="BP481N4"/>
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        <balance>530000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>579820.00000000</valUSD>
        <pctVal>0.305033329432</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>N/A</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.25000000</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>NATWEST GROUP PLC</name>
        <lei>2138005O9XJIJN4JPN90</lei>
        <title>NatWest Group PLC</title>
        <cusip>639057AQ1</cusip>
        <identifiers>
          <isin value="US639057AQ15"/>
          <other otherDesc="SEDOL" value="BSCC065"/>
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        <balance>285000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>302633.81000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>N/A</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.12500000</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>SCE TRUST II</name>
        <lei>N/A</lei>
        <title>SCE Trust II</title>
        <cusip>78407R204</cusip>
        <identifiers>
          <isin value="US78407R2040"/>
          <ticker value="EIX"/>
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        <balance>176.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3625.60000000</valUSD>
        <pctVal>0.001907365801</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>TRANSCANADA TRUST</name>
        <lei>549300Y0MFCAXLBWUV51</lei>
        <title>Transcanada Trust</title>
        <cusip>89356BAE8</cusip>
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          <isin value="US89356BAE83"/>
          <other otherDesc="SEDOL" value="BKVJXH3"/>
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        <balance>2250000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2118877.88000000</valUSD>
        <pctVal>1.114705209199</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2079-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>WEBSTER FINANCIAL CORP</name>
        <lei>KMRURHT0VWKYS6Z5KU67</lei>
        <title>Webster Financial Corp</title>
        <cusip>947890703</cusip>
        <identifiers>
          <isin value="US9478907036"/>
          <ticker value="WBS"/>
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        <balance>13416.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>314740.70000000</valUSD>
        <pctVal>0.165579668912</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>ENTERGY CORP</name>
        <lei>4XM3TW50JULSLG8BNC79</lei>
        <title>Entergy Corp</title>
        <cusip>29364GAQ6</cusip>
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          <isin value="US29364GAQ64"/>
          <other otherDesc="SEDOL" value="BT02B50"/>
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        <balance>1350000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1378039.50000000</valUSD>
        <pctVal>0.724962879471</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.12500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>SYNOVUS FINANCIAL CORP</name>
        <lei>549300EIUS8UN5JTLE54</lei>
        <title>Synovus Financial Corp</title>
        <cusip>87161C709</cusip>
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          <isin value="US87161C7092"/>
          <ticker value="SNV"/>
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        <balance>122848.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3127710.08000000</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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      <invstOrSec>
        <name>ROYAL BANK OF CANADA</name>
        <lei>ES7IP3U3RHIGC71XBU11</lei>
        <title>Royal Bank of Canada</title>
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          <isin value="US780082AR49"/>
          <other otherDesc="SEDOL" value="BLN8XD1"/>
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        <balance>940000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>977259.12000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2084-05-02</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>NEXTERA ENERGY CAPITAL</name>
        <lei>UMI46YPGBLUE4VGNNT48</lei>
        <title>NextEra Energy Capital Holdings Inc</title>
        <cusip>65339KCW8</cusip>
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          <isin value="US65339KCW80"/>
          <other otherDesc="SEDOL" value="BSLJJN7"/>
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        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>509904.50000000</valUSD>
        <pctVal>0.268251987388</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.70000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>REINSURANCE GRP OF AMER</name>
        <lei>LORM1GNEU1DKEW527V90</lei>
        <title>Reinsurance Group of America Inc</title>
        <cusip>759351885</cusip>
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          <isin value="US7593518852"/>
          <ticker value="RGA"/>
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        <balance>34725.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>904933.50000000</valUSD>
        <pctVal>0.476069950019</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>STANDARD CHARTERED PLC</name>
        <lei>U4LOSYZ7YG4W3S5F2G91</lei>
        <title>Standard Chartered PLC</title>
        <cusip>853254CM0</cusip>
        <identifiers>
          <isin value="US853254CM07"/>
          <other otherDesc="SEDOL" value="BQB53W8"/>
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        <balance>2420000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2513762.90000000</valUSD>
        <pctVal>1.322447426428</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>N/A</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.75000000</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>ARBOR REALTY TRUST INC</name>
        <lei>549300ASFUWYQO0RW077</lei>
        <title>Arbor Realty Trust Inc</title>
        <cusip>038923850</cusip>
        <identifiers>
          <isin value="US0389238504"/>
          <ticker value="ABR"/>
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        <balance>67100.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1242692.00000000</valUSD>
        <pctVal>0.653758887619</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
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      <invstOrSec>
        <name>BANCO BILBAO VIZCAYA ARG</name>
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        <name>SEMPRA</name>
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        <name>WESBANCO INC</name>
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        <name>HSBC HOLDINGS PLC</name>
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        <name>TORONTO-DOMINION BANK</name>
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        <name>SOCIETE GENERALE</name>
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        <name>REGIONS FINANCIAL CORP</name>
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        <name>HUNTINGTON BANCSHARES</name>
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        <name>ING GROEP NV</name>
        <lei>549300NYKK9MWM7GGW15</lei>
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        <name>ENBRIDGE INC</name>
        <lei>98TPTUM4IVMFCZBCUR27</lei>
        <title>Enbridge Inc</title>
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        <name>QWEST CORP</name>
        <lei>549300R2L4N683OO1509</lei>
        <title>Qwest Corp</title>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>EDISON INTERNATIONAL</name>
        <lei>549300I7ROF15MAEVP56</lei>
        <title>Edison International</title>
        <cusip>281020AT4</cusip>
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          <isin value="US281020AT41"/>
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        <assetCat>DBT</assetCat>
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          <maturityDt>N/A</maturityDt>
          <couponKind>Fixed</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SOUTHERN CO</name>
        <lei>549300FC3G3YU2FBZD92</lei>
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          <isin value="US842587DJ36"/>
          <other otherDesc="SEDOL" value="BMFS897"/>
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        <curCd>USD</curCd>
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          <maturityDt>2051-09-15</maturityDt>
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      <invstOrSec>
        <name>COMPEER FINANCIAL ACA</name>
        <lei>54930020HTACTODKHT04</lei>
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          <isin value="US20453QAA04"/>
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        <name>STIFEL FINANCIAL CORP</name>
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      <invstOrSec>
        <name>BANCO SANTANDER SA</name>
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      <invstOrSec>
        <name>BANCO SANTANDER SA</name>
        <lei>5493006QMFDDMYWIAM13</lei>
        <title>Banco Santander SA</title>
        <cusip>05971KAH2</cusip>
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          <isin value="US05971KAH23"/>
          <other otherDesc="SEDOL" value="BKPGK79"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
          <couponKind>Fixed</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>FIRST CITIZENS BANCSHARE</name>
        <lei>549300N3Z00ZHE2XC526</lei>
        <title>First Citizens BancShares Inc/NC</title>
        <cusip>319626305</cusip>
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          <isin value="US3196263053"/>
          <ticker value="FCNCA"/>
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        <balance>19620.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>438703.20000000</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>M&amp;T BANK CORPORATION</name>
        <lei>549300WYXDDBYRASEG81</lei>
        <title>M&amp;T Bank Corp</title>
        <cusip>55261FAN4</cusip>
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          <isin value="US55261FAN42"/>
          <other otherDesc="SEDOL" value="BPCKX47"/>
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        <balance>725000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>630473.78000000</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>N/A</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>BARCLAYS PLC</name>
        <lei>213800LBQA1Y9L22JB70</lei>
        <title>Barclays PLC</title>
        <cusip>06738EBN4</cusip>
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          <isin value="US06738EBN40"/>
          <other otherDesc="SEDOL" value="BMF3VZ9"/>
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        <balance>1720000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1710834.29000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>N/A</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.12500000</annualizedRt>
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      <invstOrSec>
        <name>ATHENE HOLDING LTD</name>
        <lei>549300H316CT32FQXI76</lei>
        <title>Athene Holding Ltd</title>
        <cusip>04686J861</cusip>
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          <isin value="US04686J8615"/>
          <ticker value="ATH"/>
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        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

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        <name>STATE STREET CORP</name>
        <lei>549300ZFEEJ2IP5VME73</lei>
        <title>State Street Corp</title>
        <cusip>857477CH4</cusip>
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          <maturityDt>N/A</maturityDt>
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        <name>STANDARD CHARTERED PLC</name>
        <lei>U4LOSYZ7YG4W3S5F2G91</lei>
        <title>Standard Chartered PLC</title>
        <cusip>853254BX7</cusip>
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          <isin value="US853254BX70"/>
          <other otherDesc="SEDOL" value="BMF9NP1"/>
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        <balance>450000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>385798.14000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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          <annualizedRt>4.75000000</annualizedRt>
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      <invstOrSec>
        <name>QWEST CORP</name>
        <lei>549300R2L4N683OO1509</lei>
        <title>Qwest Corp</title>
        <cusip>74913G873</cusip>
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          <isin value="US74913G8731"/>
          <ticker value="CTL"/>
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        <curCd>USD</curCd>
        <valUSD>611408.40000000</valUSD>
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        <assetCat>EP</assetCat>
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        <name>VALLEY NATIONAL BANCORP</name>
        <lei>549300ET52S1UBIB9762</lei>
        <title>Valley National Bancorp</title>
        <cusip>919794404</cusip>
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          <isin value="US9197944047"/>
          <ticker value="VLY"/>
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        <curCd>USD</curCd>
        <valUSD>212314.00000000</valUSD>
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        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
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        <name>RAYMOND JAMES FINANCIAL</name>
        <lei>RGUZHJ05YTITL6D76949</lei>
        <title>Raymond James Financial Inc</title>
        <cusip>754730406</cusip>
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          <isin value="US7547304060"/>
          <ticker value="RJF"/>
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        <issuerCat>CORP</issuerCat>
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        <name>MORGAN STANLEY</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>Morgan Stanley</title>
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          <ticker value="MS"/>
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        <invCountry>US</invCountry>
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        <name>JPMORGAN CHASE &amp; CO</name>
        <lei>8I5DZWZKVSZI1NUHU748</lei>
        <title>JPMorgan Chase &amp; Co</title>
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      <invstOrSec>
        <name>SEMPRA</name>
        <lei>PBBKGKLRK5S5C0Y4T545</lei>
        <title>Sempra</title>
        <cusip>816851BK4</cusip>
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          <isin value="US816851BK46"/>
          <other otherDesc="SEDOL" value="BMVT1B7"/>
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        <balance>1400000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1374985.50000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>N/A</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.87500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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        <name>ENTERPRISE PRODUCTS OPER</name>
        <lei>5493004LGN656HWLDA30</lei>
        <title>Enterprise Products Operating LLC</title>
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        <name>WESTERN ALLIANCE BANCORP</name>
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      <invstOrSec>
        <name>AERCAP IRELAND CAP/GLOBA</name>
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          <maturityDt>2055-03-10</maturityDt>
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      <invstOrSec>
        <name>UNIVERSAL INSURANCE HLDS</name>
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        <title>Universal Insurance Holdings Inc</title>
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        <curCd>USD</curCd>
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        <name>CITIGROUP INC</name>
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        <title>Citigroup Inc</title>
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          <maturityDt>N/A</maturityDt>
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        <name>SCE TRUST VIII</name>
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          <isin value="US80620A2087"/>
          <ticker value="EIX"/>
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        <name>GLOBAL ATLANTIC</name>
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      <invstOrSec>
        <name>ATHENE HOLDING LTD</name>
        <lei>549300H316CT32FQXI76</lei>
        <title>Athene Holding Ltd</title>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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        <name>APOLLO MANAGEMENT HOLDIN</name>
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        <title>Apollo Management Holdings LP</title>
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        <invCountry>US</invCountry>
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        <name>BARCLAYS PLC</name>
        <lei>213800LBQA1Y9L22JB70</lei>
        <title>Barclays PLC</title>
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        <name>CENTERPOINT ENERGY INC</name>
        <lei>21TPXMRRHFKOBHDC8J74</lei>
        <title>CenterPoint Energy Inc</title>
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        <name>BNP PARIBAS</name>
        <lei>R0MUWSFPU8MPRO8K5P83</lei>
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        <name>PNC FINANCIAL SERVICES</name>
        <lei>CFGNEKW0P8842LEUIA51</lei>
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        <name>VOYA FINANCIAL INC</name>
        <lei>549300T065Z4KJ686G75</lei>
        <title>Voya Financial Inc</title>
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        <name>BANK OF AMERICA CORP</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
        <title>Bank of America Corp</title>
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          <maturityDt>N/A</maturityDt>
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        <name>SEMPRA</name>
        <lei>PBBKGKLRK5S5C0Y4T545</lei>
        <title>Sempra</title>
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        <invCountry>US</invCountry>
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        <name>AERCAP HOLDINGS NV</name>
        <lei>549300SZYINBBLJQU475</lei>
        <title>AerCap Holdings NV</title>
        <cusip>00774YAA7</cusip>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

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        <name>DELPHI FINANCIAL GROUP</name>
        <lei>5493001NGT0EEYMZG011</lei>
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        <name>AMER AGCREDIT ACA</name>
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        <name>TPG OPERATING GROUP II</name>
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        <name>CNO FINANCIAL GROUP INC</name>
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        <name>BANCO BILBAO VIZCAYA ARG</name>
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        <name>ENSTAR GROUP LTD</name>
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        <name>LIBERTY MUTUAL GROUP INC</name>
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        <name>CITIZENS FINANCIAL GROUP</name>
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        <name>BBVA BANCOMER SA TEXAS</name>
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        <name>AMERICAN ELECTRIC POWER</name>
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        <title>American Electric Power Co Inc</title>
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        <name>METLIFE CAPITAL TRUST IV</name>
        <lei>0004254959</lei>
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        <name>CITIGROUP INC</name>
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        <name>SCE TRUST VII</name>
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          <ticker value="EIX"/>
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        <name>VISTRA CORP</name>
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        <title>Vistra Corp</title>
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        <name>SBL HOLDINGS INC</name>
        <lei>635400MJW3QDSBJRKQ59</lei>
        <title>SBL Holdings Inc</title>
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      <invstOrSec>
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      <invstOrSec>
        <name>BARCLAYS PLC</name>
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        <name>SBL HOLDINGS INC</name>
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        <name>PNC FINANCIAL SERVICES</name>
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        <name>BANCO MERCANTIL DE NORTE</name>
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        <name>MORGAN STANLEY</name>
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        <title>Morgan Stanley</title>
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        <name>UBS GROUP AG</name>
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        <name>ALGONQUIN PWR &amp; UTILITY</name>
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        <name>TRUIST FINANCIAL CORP</name>
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        <name>DEUTSCHE BANK AG</name>
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        <name>SOUTH BOW CAN INFRA HOLD</name>
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        <title>Texas Capital Bancshares Inc</title>
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        <name>PRUDENTIAL FINANCIAL INC</name>
        <lei>5PRBRS5FEH7NREC8OR45</lei>
        <title>Prudential Financial Inc</title>
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        <name>LLOYDS BANKING GROUP PLC</name>
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        <name>FIFTH THIRD BANCORP</name>
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        <name>BANK OF MONTREAL</name>
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        <name>SCE TRUST V</name>
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        <name>BANCO MERCANTIL DE NORTE</name>
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        <name>ENERGY TRANSFER LP</name>
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        <name>GENERAL MOTORS FINL CO</name>
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        <name>BNP PARIBAS</name>
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        <title>Transcanada Trust</title>
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        <name>HSBC HOLDINGS PLC</name>
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        <name>SOCIETE GENERALE</name>
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        <name>NORTHPOINTE BANCSHARES I</name>
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        <name>GENERAL MOTORS FINL CO</name>
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        <name>DISCOVER FINANCIAL SVS</name>
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        <name>GENERAL MOTORS FINL CO</name>
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        <name>DOMINION ENERGY INC</name>
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        <name>LINCOLN NATIONAL CORP</name>
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        <name>AES CORP/THE</name>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>N/A</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>10.04083000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Security reported as PREFERRED EQUITY on Form N-PORT per market convention; reported as CORPORATE DEBT SECURITY on SOI of Form N-CSR/N-CSRS per specific terms of security. 25432X300:74913G873:74913G881:989701818." noteItem="C.4.a"/>
      <explntrNote note="Security reported as DEBT on Form N-PORT per market convention; reported as PREFERRED STOCK &amp; HYBRID PREFERRED SECURITIES on SOI of Form N-CSR/N-CSRS per specific terms of security. 00440FAA2:00773HAA5:00774MBK0:00774YAA7:00130HCK9:015857AH8:02005NBM1:02005NBN9:02369GAA3:025537AU5:025537BA8:025816CH0:026874BS5:03765HAE1:05463HAC5:060505EL4:060505EU4:060505GB4:06055HAB9:11102AAG6:14040HCF0:15189TBJ5:172967JM4:172967MK4:172967MU2:172967MV0:172967NB3:172967PC9:172967PE5:172967PK1:172967PM7:174610AQ8:19075QAC6:20035AAA2:200340AU1:20453QAA0:254709AQ1:25746UDM8:25746UDU0:26441CCG8:281020AS6:281020AT4:290876AD3:29250NAN5:29250NBC8:29250NBT1:29250NCG8:29273VAM2:29273VAX8:29360AAA8:29360AAB6:29364GAQ6:29379VBN2:29452EAA9:29882DAA1:299808AE5:37045XCA2:37045XCM6:37045XDB9:37959GAC1:37959GAG2:38141GA38:38141GA79:38144GAB7:38148BAE8:40427LAB0:446150AL8:446150AT1:446150AV6:48128BAN1:48128BAQ4:50149XAA2:514666AK2:514666AM8:514666AN6:53079EAN4:53079EBM5:534187BR9:55261FAH7:55261FAN4:591560AA5:59156RAV0:59156RBS6:61745VAB9:302570AX4:65339KCW8:65339KDB3:65473PAR6:92556HAE7:69331VAA4:693475BC8:693475BD6:693475BF1:693475BP9:743863AA0:744320BK7:744320BL5:7591EPAR1:78397DAA6:78397DAC2:816851BK4:816851BM0:816851BS7:836720AH5:842587DJ3:857477CH4:89356BAB4:89356BAE8:89832QAE9:89832QAF6:92840MAC6:92857WBQ2:949746TD3:95002YAA1:95002YAC7:989701BF3." noteItem="C.4.a"/>
      <explntrNote note="Security reported as DEBT on Form N-PORT per market convention; reported as CONTINGENT CAPITAL SECURITY on SOI of Form N-CSR/N-CSRS per specific terms of security. 05254HAA2:05946KAF8:05946KAG6:05946KAM3:05962GAJ8:05971PAB4:05973KAB3:05964HBH7:05971KAH2:05971KAQ2:06368L5Q5:06368LQ58:0641598S8:0641598V1:06738EBN4:06738EBT1:06738EBX2:06738ECN3:05533UAG3:05565A5R0:05565AAN3:05565AM34:05565AS20:05565ASK0:225313AP0:251525AX9:404280BL2:404280BP3:258524098:456837AY9:539439AU3:53944YAQ6:53944YAV5:556079AB7:639057AD0:639057AQ1:74728GAE0:780082AR4:83367TBU2:83368JFA3:83370RAA6:83370RAB4:83370RAC2:853254BX7:853254CM0:89116CKP1:89117F8Z5:902613AD0:902613AJ7:902613BE7." noteItem="C.4.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2024-10-24</ncom:dateSigned>
      <ncom:nameOfApplicant>Flaherty &amp; Crumrine Total Return Fund Inc</ncom:nameOfApplicant>
      <ncom:signature>Bradford Stone </ncom:signature>
      <ncom:signerName>Bradford Stone </ncom:signerName>
      <ncom:title>Chief Financial Officer, Treasurer and Vice President</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
