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      </invstOrSec>
      <invstOrSec>
        <name>Sempra Energy</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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      <invstOrSec>
        <name>American Equity Investment Life Holding Co.</name>
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          <isin value="US0256765035"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>State Street Corp.</name>
        <lei>549300ZFEEJ2IP5VME73</lei>
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          <isin value="US857477AQ64"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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      <invstOrSec>
        <name>Fifth Third Bancorp</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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          <annualizedRt>5.10000000</annualizedRt>
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      <invstOrSec>
        <name>Energy Transfer Operating L.P.</name>
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          <isin value="US29278N3017"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Morgan Stanley</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>Morgan Stanley</title>
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          <isin value="US617474AA97"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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      <invstOrSec>
        <name>Capital One Financial Corp.</name>
        <lei>ZUE8T73ROZOF6FLBAR73</lei>
        <title>Capital One Financial Corp.</title>
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          <isin value="US14040HBH75"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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      <invstOrSec>
        <name>Athene Holding Ltd.</name>
        <lei>549300H316CT32FQXI76</lei>
        <title>Athene Holding Ltd., Series A, Pfd.</title>
        <cusip>G0684D305</cusip>
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          <isin value="BMG0684D3054"/>
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        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Allstate Corp. (The)</name>
        <lei>OBT0W1ED8G0NWVOLOJ77</lei>
        <title>Allstate Corp. (The), Pfd.</title>
        <cusip>020002309</cusip>
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          <isin value="US0200023093"/>
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        <balance>137711.00000000</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>Enbridge Inc.</name>
        <lei>98TPTUM4IVMFCZBCUR27</lei>
        <title>Enbridge Inc.</title>
        <cusip>29250NAS4</cusip>
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          <isin value="US29250NAS45"/>
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        <balance>6940000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2077-07-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SVB Financial Group</name>
        <lei>549300D2KJ20JMXE7542</lei>
        <title>SVB Financial Group</title>
        <cusip>78486QAG6</cusip>
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        <balance>5275000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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          <annualizedRt>4.10000000</annualizedRt>
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      <invstOrSec>
        <name>New Residential Investment Corp.</name>
        <lei>549300WNTHGEO5LP2G31</lei>
        <title>New Residential Investment Corp., Series B, Pfd.</title>
        <cusip>64828T409</cusip>
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        <fairValLevel>1</fairValLevel>
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        <name>AerCap Holdings N.V.</name>
        <lei>549300SZYINBBLJQU475</lei>
        <title>AerCap Holdings N.V.</title>
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        <balance>5018000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Goldman Sachs Group, Inc. (The)</name>
        <lei>784F5XWPLTWKTBV3E584</lei>
        <title>Goldman Sachs Group, Inc. (The)</title>
        <cusip>38148BAC2</cusip>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Prudential Financial, Inc.</name>
        <lei>5PRBRS5FEH7NREC8OR45</lei>
        <title>Prudential Financial, Inc.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Discover Financial Services</name>
        <lei>Z1YLO2USPORE63VVUL20</lei>
        <title>Discover Financial Services, Series D</title>
        <cusip>254709AQ1</cusip>
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        <balance>3395000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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        <name>BP Capital Markets PLC</name>
        <lei>549300CRVT18MXX0AG93</lei>
        <title>BP Capital Markets PLC</title>
        <cusip>05565QDU9</cusip>
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        <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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      <invstOrSec>
        <name>Bank of America Corp.</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
        <title>Bank of America Corp., Series E, Pfd.</title>
        <cusip>060505815</cusip>
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        <balance>90486.00000000</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>M&amp;T Bank Corp.</name>
        <lei>549300WYXDDBYRASEG81</lei>
        <title>M&amp;T Bank Corp., Series E</title>
        <cusip>55261FAG9</cusip>
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        <balance>2365000.00000000</balance>
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        <valUSD>2589675.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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          <annualizedRt>6.45000000</annualizedRt>
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      <invstOrSec>
        <name>AGNC Investment Corp.</name>
        <lei>5TRACI5HRMELWV32OF39</lei>
        <title>AGNC Investment Corp., Series E, Pfd.</title>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Bank of America Corp.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Mellon Capital IV</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>KeyCorp</name>
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        <title>KeyCorp, Series E, Pfd.</title>
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          <isin value="US4932677028"/>
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        <fairValLevel>1</fairValLevel>
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        <name>NextEra Energy Capital Holdings, Inc.</name>
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        <title>NextEra Energy Capital Holdings, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Voya Financial, Inc.</name>
        <lei>549300T065Z4KJ686G75</lei>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>DCP Midstream, L.P.</name>
        <lei>52990024YYS3MLGW0E91</lei>
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        <cusip>23311P209</cusip>
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          <isin value="US23311P2092"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>New Residential Investment Corp.</name>
        <lei>549300WNTHGEO5LP2G31</lei>
        <title>New Residential Investment Corp., Series A</title>
        <cusip>64828T300</cusip>
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        <fairValLevel>1</fairValLevel>
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        <name>GasLog Partners L.P.</name>
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        <title>GasLog Partners L.P., Series A, Pfd.</title>
        <cusip>EP0528133</cusip>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Integrys Holding, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Truist Financial Corp.</name>
        <lei>549300DRQQI75D2JP341</lei>
        <title>Truist Financial Corp., Series N</title>
        <cusip>89832QAD1</cusip>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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        <name>Stanley Black &amp; Decker, Inc.</name>
        <lei>549300DJ09SMTO561131</lei>
        <title>Stanley Black &amp; Decker, Inc.</title>
        <cusip>854502AM3</cusip>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>PartnerRe Finance B LLC</name>
        <lei>549300O0FAGHK2F79881</lei>
        <title>PartnerRe Finance B LLC</title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2050-10-01</maturityDt>
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          <annualizedRt>4.50000000</annualizedRt>
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      <invstOrSec>
        <name>Viacom, Inc.</name>
        <lei>5KYC8KF17ROCY24M3H09</lei>
        <title>Viacom, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>General Motors Financial Co., Inc.</name>
        <lei>5493008B6JBRUJ90QL97</lei>
        <title>General Motors Financial Co., Inc., Series A</title>
        <cusip>37045XCA2</cusip>
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        <balance>6940000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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        <name>Bank of New York Mellon Corp. (The)</name>
        <lei>WFLLPEPC7FZXENRZV188</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>AGNC Investment Corp.</name>
        <lei>5TRACI5HRMELWV32OF39</lei>
        <title>AGNC Investment Corp., Series F, Pfd.</title>
        <cusip>00123Q872</cusip>
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        <name>Goldman Sachs Group, Inc. (The)</name>
        <lei>784F5XWPLTWKTBV3E584</lei>
        <title>Goldman Sachs Group, Inc. (The), Series P</title>
        <cusip>38148BAD0</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>Huntington Bancshares, Inc.</name>
        <lei>549300XTVCVV9I7B5T19</lei>
        <title>Huntington Bancshares, Inc., Series G</title>
        <cusip>446150AV6</cusip>
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        <balance>3485000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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        <name>Citigroup Capital XIII</name>
        <lei>N/A</lei>
        <title>Citigroup Capital XIII, Pfd.</title>
        <cusip>173080201</cusip>
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        <balance>625468.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Two Harbors Investment Corp.</name>
        <lei>549300ZUIBT6KH4HU823</lei>
        <title>Two Harbors Investment Corp., Series A, Pfd.</title>
        <cusip>90187B200</cusip>
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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>
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        <cusip>060505591</cusip>
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          <isin value="US0605055914"/>
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        <balance>60590.00000000</balance>
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        <assetCat>EP</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>NuStar Energy L.P.</name>
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        <title>NuStar Energy L.P., Series C, Pfd.</title>
        <cusip>67058H409</cusip>
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          <isin value="US67058H4092"/>
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        <balance>49067.00000000</balance>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Wintrust Financial Corp.</name>
        <lei>Q774KI4AW80FHFW33O61</lei>
        <title>Wintrust Financial Corp., Series D, Pfd.</title>
        <cusip>97650W405</cusip>
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          <isin value="US97650W4050"/>
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        <balance>35563.00000000</balance>
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        <fairValLevel>1</fairValLevel>
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        <name>Aegon NV</name>
        <lei>O4QK7KMMK83ITNTHUG69</lei>
        <title>Aegon NV</title>
        <cusip>007924AJ2</cusip>
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          <isin value="US007924AJ23"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>NL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2048-04-11</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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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 F</title>
        <cusip>446150AT1</cusip>
        <identifiers>
          <isin value="US446150AT18"/>
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        <balance>3430000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3880187.50000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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      <invstOrSec>
        <name>Annaly Capital Management, Inc.</name>
        <lei>2DTL0G3FPRYUT58TI025</lei>
        <title>Annaly Capital Management, Inc., Series G, Pfd.</title>
        <cusip>035710862</cusip>
        <identifiers>
          <isin value="US0357108622"/>
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        <balance>121166.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2952815.42000000</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>DCP Midstream, L.P.</name>
        <lei>52990024YYS3MLGW0E91</lei>
        <title>DCP Midstream, L.P., Series C, Pfd.</title>
        <cusip>23311P308</cusip>
        <identifiers>
          <isin value="US23311P3082"/>
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        <balance>31070.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>702182.00000000</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>JPMorgan Chase &amp; Co.</name>
        <lei>8I5DZWZKVSZI1NUHU748</lei>
        <title>JPMorgan Chase &amp; Co., Series HH</title>
        <cusip>48128BAG6</cusip>
        <identifiers>
          <isin value="US48128BAG68"/>
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        <balance>20450000.00000000</balance>
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        <valUSD>20884562.50000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.60000000</annualizedRt>
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        <name>JPMorgan Chase &amp; Co.</name>
        <lei>8I5DZWZKVSZI1NUHU748</lei>
        <title>JPMorgan Chase &amp; Co.</title>
        <cusip>48124BAC9</cusip>
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          <isin value="US48124BAC90"/>
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        <balance>10245000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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          <annualizedRt>5.15000000</annualizedRt>
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      <invstOrSec>
        <name>American International Group, Inc.</name>
        <lei>ODVCVCQG2BP6VHV36M30</lei>
        <title>American International Group, Inc.</title>
        <cusip>026874DM6</cusip>
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          <isin value="US026874DM66"/>
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        <balance>5179000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5889817.75000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2048-04-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.75000000</annualizedRt>
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        <name>Fifth Third Bancorp</name>
        <lei>THRNG6BD57P9QWTQLG42</lei>
        <title>Fifth Third Bancorp, Series I, Pfd.</title>
        <cusip>316773605</cusip>
        <identifiers>
          <isin value="US3167736053"/>
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        <balance>123097.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3438099.21000000</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>People's United Financial, Inc.</name>
        <lei>ROPY7PEPIPIDJNF0BO69</lei>
        <title>People's United Financial, Inc., Series A, Pfd.</title>
        <cusip>712704204</cusip>
        <identifiers>
          <isin value="US7127042049"/>
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        <balance>70315.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1906239.65000000</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>Transcanada Trust</name>
        <lei>N/A</lei>
        <title>Transcanada Trust, Series 16-A</title>
        <cusip>89356BAB4</cusip>
        <identifiers>
          <isin value="US89356BAB45"/>
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        <balance>8272000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>9142304.90000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2076-08-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.87500000</annualizedRt>
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      <invstOrSec>
        <name>MetLife, Inc.</name>
        <lei>C4BXATY60WC6XEOZDX54</lei>
        <title>MetLife, Inc., Series G</title>
        <cusip>59156RCA4</cusip>
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          <isin value="US59156RCA41"/>
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        <balance>6845000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>7016125.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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          <annualizedRt>3.85000000</annualizedRt>
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        <name>Wells Fargo &amp; Co.</name>
        <lei>PBLD0EJDB5FWOLXP3B76</lei>
        <title>Wells Fargo &amp; Co., Series Q, Pfd.</title>
        <cusip>949746556</cusip>
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          <isin value="US9497465560"/>
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        <balance>482876.00000000</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>JPMorgan Chase &amp; Co.</name>
        <lei>8I5DZWZKVSZI1NUHU748</lei>
        <title>JPMorgan Chase &amp; Co.</title>
        <cusip>46625HJQ4</cusip>
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          <isin value="US46625HJQ48"/>
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        <balance>13630000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>15065168.67000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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          <annualizedRt>6.75000000</annualizedRt>
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      <invstOrSec>
        <name>SCE Trust III</name>
        <lei>N/A</lei>
        <title>SCE Trust III, Series H, Pfd.</title>
        <cusip>78409B207</cusip>
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          <isin value="US78409B2079"/>
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        <balance>79171.00000000</balance>
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        <valUSD>1946023.18000000</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>Air Lease Corp.</name>
        <lei>5493004NW4M4P8TMMK63</lei>
        <title>Air Lease Corp., Series B</title>
        <cusip>00912XBJ2</cusip>
        <identifiers>
          <isin value="US00912XBJ28"/>
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        <balance>1990000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1945225.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.65000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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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>241119.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>6828490.08000000</valUSD>
        <pctVal>0.446519788445</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Truist Financial Corp.</name>
        <lei>549300DRQQI75D2JP341</lei>
        <title>Truist Financial Corp., Series Q</title>
        <cusip>89832QAF6</cusip>
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        <name>CenterPoint Energy, Inc.</name>
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        <name>NiSource, Inc.</name>
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        <name>Enbridge, Inc.</name>
        <lei>98TPTUM4IVMFCZBCUR27</lei>
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              <title>Enbridge, Inc.</title>
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        <name>Wells Fargo &amp; Co.</name>
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        <name>Hartford Financial Services Group, Inc. (The)</name>
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        <cusip>416518504</cusip>
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        <name>PNC Financial Services Group, Inc. (The)</name>
        <lei>CFGNEKW0P8842LEUIA51</lei>
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          <isin value="US6934758573"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Chimera Investment Corp.</name>
        <lei>2JBBQFJOL123LOUBE657</lei>
        <title>Chimera Investment Corp., Series C, Pfd.</title>
        <cusip>16934Q505</cusip>
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          <isin value="US16934Q5053"/>
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        <balance>74006.00000000</balance>
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        <valUSD>1709538.60000000</valUSD>
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        <fairValLevel>1</fairValLevel>
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        <name>Bank of New York Mellon Corp. (The)</name>
        <lei>WFLLPEPC7FZXENRZV188</lei>
        <title>Bank of New York Mellon Corp. (The)</title>
        <cusip>064058AF7</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>NextEra Energy Capital Holdings, Inc.</name>
        <lei>UMI46YPGBLUE4VGNNT48</lei>
        <title>NextEra Energy Capital Holdings, Inc.</title>
        <cusip>302570AW6</cusip>
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          <isin value="US302570AW69"/>
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        <fairValLevel>2</fairValLevel>
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        <name>MetLife, Inc.</name>
        <lei>C4BXATY60WC6XEOZDX54</lei>
        <title>MetLife, Inc., Series C</title>
        <cusip>59156RBP2</cusip>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
          <annualizedRt>3.79150000</annualizedRt>
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        <name>Bank of America Corp.</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
        <title>Bank of America Corp., Series FF</title>
        <cusip>060505FL3</cusip>
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        <curCd>USD</curCd>
        <valUSD>17684847.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.87500000</annualizedRt>
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        <name>MetLife, Inc.</name>
        <lei>C4BXATY60WC6XEOZDX54</lei>
        <title>MetLife, Inc., Series A, Pfd.</title>
        <cusip>59156R504</cusip>
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        <balance>165793.00000000</balance>
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        <name>Citigroup, Inc.</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>Citigroup, Inc.</title>
        <cusip>172967MV0</cusip>
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          <isin value="US172967MV07"/>
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        <balance>15930000.00000000</balance>
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        <name>Chimera Investment Corp.</name>
        <lei>2JBBQFJOL123LOUBE657</lei>
        <title>Chimera Investment Corp., Series D, Pfd.</title>
        <cusip>16934Q604</cusip>
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        <name>State Street Corp.</name>
        <lei>549300ZFEEJ2IP5VME73</lei>
        <title>State Street Corp., Series D, Pfd.</title>
        <cusip>857477608</cusip>
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          <isin value="US8574776089"/>
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        <fairValLevel>1</fairValLevel>
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        <name>Athene Holding Ltd.</name>
        <lei>549300H316CT32FQXI76</lei>
        <title>Athene Holding Ltd., Series C, Pfd.</title>
        <cusip>04686J309</cusip>
        <identifiers>
          <isin value="US04686J3095"/>
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        <balance>164804.00000000</balance>
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        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Citigroup, Inc.</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>Citigroup, Inc., Series T</title>
        <cusip>172967KM2</cusip>
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          <isin value="US172967KM26"/>
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        <balance>10352000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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        <name>U.S. Bancorp</name>
        <lei>N1GZ7BBF3NP8GI976H15</lei>
        <title>U.S. Bancorp, Series I</title>
        <cusip>902973AY2</cusip>
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        <balance>5190000.00000000</balance>
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        <valUSD>5170537.50000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.72725000</annualizedRt>
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        <name>Transcanada Trust</name>
        <lei>N/A</lei>
        <title>Transcanada Trust</title>
        <cusip>89356BAC2</cusip>
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          <isin value="US89356BAC28"/>
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        <balance>10205000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>10587687.50000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>Regions Financial Corp.</name>
        <lei>CW05CS5KW59QTC0DG824</lei>
        <title>Regions Financial Corp., Series B, Pfd.</title>
        <cusip>7591EP506</cusip>
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          <isin value="US7591EP5063"/>
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        <assetCat>EP</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Enbridge, Inc.</name>
        <lei>98TPTUM4IVMFCZBCUR27</lei>
        <title>Enbridge, Inc., Series B, Pfd.</title>
        <cusip>29250N477</cusip>
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          <isin value="US29250N4777"/>
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        <assetCat>EP</assetCat>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Dynex Capital, Inc.</name>
        <lei>5CIJ4S9HAEBWILA19B65</lei>
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        <cusip>26817Q878</cusip>
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          <isin value="US26817Q8785"/>
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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>General Motors Financial Co., Inc.</name>
        <lei>5493008B6JBRUJ90QL97</lei>
        <title>General Motors Financial Co., Inc., Series C</title>
        <cusip>37045XDB9</cusip>
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          <isin value="US37045XDB91"/>
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        <valUSD>3891525.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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          <annualizedRt>5.70000000</annualizedRt>
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        <name>Charles Schwab Corp. (The)</name>
        <lei>549300VSGCJ7E698NM85</lei>
        <title>Charles Schwab Corp. (The)</title>
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          <isin value="US808513AE59"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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          <annualizedRt>7.00000000</annualizedRt>
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        <name>JPMorgan Chase &amp; Co.</name>
        <lei>8I5DZWZKVSZI1NUHU748</lei>
        <title>JPMorgan Chase &amp; Co., Series R</title>
        <cusip>48126HAA8</cusip>
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          <isin value="US48126HAA86"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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          <annualizedRt>6.00000000</annualizedRt>
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      <invstOrSec>
        <name>Principal Financial Group, Inc.</name>
        <lei>CUMYEZJOAF02RYZ1JJ85</lei>
        <title>Principal Financial Group, Inc.</title>
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          <isin value="US74251VAL62"/>
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        <valUSD>2818123.75000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-05-15</maturityDt>
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          <annualizedRt>3.24163000</annualizedRt>
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      <invstOrSec>
        <name>Bank of America Corp.</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
        <title>Bank of America Corp., Series AA</title>
        <cusip>060505EN0</cusip>
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          <isin value="US060505EN03"/>
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        <balance>12980000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>14431099.10000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.10000000</annualizedRt>
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      <invstOrSec>
        <name>Atlas Corp.</name>
        <lei>N/A</lei>
        <title>Atlas Corp., Series I, Pfd.</title>
        <cusip>EP0586958</cusip>
        <identifiers>
          <isin value="MHY0436Q1585"/>
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        <balance>42409.00000000</balance>
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        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MH</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Energy Transfer Operating, L.P.</name>
        <lei>5493008K8W3OKZE54J59</lei>
        <title>Energy Transfer Operating, L.P., Series E, Pfd.</title>
        <cusip>29278N509</cusip>
        <identifiers>
          <isin value="US29278N5095"/>
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        <balance>226489.00000000</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>NuStar Energy L.P.</name>
        <lei>5493003BMLTUIEG2LG44</lei>
        <title>NuStar Energy L.P., Series B, Pfd.</title>
        <cusip>67058H300</cusip>
        <identifiers>
          <isin value="US67058H3003"/>
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        <balance>108333.00000000</balance>
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        <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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        <name>Bank of New York Mellon Corp. (The)</name>
        <lei>WFLLPEPC7FZXENRZV188</lei>
        <title>Bank of New York Mellon Corp. (The), Series H</title>
        <cusip>064058AJ9</cusip>
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          <isin value="US064058AJ97"/>
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        <balance>3995000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.70000000</annualizedRt>
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        <name>WEC Energy Group, Inc.</name>
        <lei>549300IGLYTZUK3PVP70</lei>
        <title>WEC Energy Group, Inc.</title>
        <cusip>976657AH9</cusip>
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          <isin value="US976657AH99"/>
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        <balance>3416000.00000000</balance>
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        <valUSD>3157972.92000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2067-05-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>2.30625000</annualizedRt>
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        <name>Reinsurance Group of America, Inc.</name>
        <lei>LORM1GNEU1DKEW527V90</lei>
        <title>Reinsurance Group of America, Inc., Pfd.</title>
        <cusip>759351802</cusip>
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          <isin value="US7593518027"/>
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        <balance>114480.00000000</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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        <name>JPMorgan Chase &amp; Co.</name>
        <lei>8I5DZWZKVSZI1NUHU748</lei>
        <title>JPMorgan Chase &amp; Co., Series FF</title>
        <cusip>48128BAF8</cusip>
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          <isin value="US48128BAF85"/>
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        <balance>15521000.00000000</balance>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Wintrust Financial Corp.</name>
        <lei>Q774KI4AW80FHFW33O61</lei>
        <title>Wintrust Financial Corp., Series E, Pfd.</title>
        <cusip>97650W504</cusip>
        <identifiers>
          <isin value="US97650W5040"/>
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        <balance>81656.00000000</balance>
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        <valUSD>2245540.00000000</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>Enbridge Inc.</name>
        <lei>98TPTUM4IVMFCZBCUR27</lei>
        <title>Enbridge Inc.</title>
        <cusip>29250NAW5</cusip>
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          <isin value="US29250NAW56"/>
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        <balance>5870000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>6231315.23000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2078-03-01</maturityDt>
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      <invstOrSec>
        <name>USB Capital IX</name>
        <lei>N/A</lei>
        <title>USB Capital IX</title>
        <cusip>91731KAA8</cusip>
        <identifiers>
          <isin value="US91731KAA88"/>
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        <balance>4780000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4642575.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
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      <invstOrSec>
        <name>Citigroup, Inc.</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>Citigroup, Inc., Series U</title>
        <cusip>172967MG3</cusip>
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          <isin value="US172967MG30"/>
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        <balance>10250000.00000000</balance>
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        <valUSD>10570312.50000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>N/A</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Goldman Sachs Group, Inc. (The)</name>
        <lei>784F5XWPLTWKTBV3E584</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>Charles Schwab Corp. (The)</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Invesco Private Government Fund</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Citigroup, Inc.</name>
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          <isin value="US172967JZ57"/>
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        <fairValLevel>2</fairValLevel>
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        <name>Aspen Insurance Holdings Ltd.</name>
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          <isin value="BMG053841547"/>
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        <fairValLevel>1</fairValLevel>
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        <name>Wells Fargo &amp; Co.</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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        <name>NGL Energy Partners L.P.</name>
        <lei>5299005YSRP46BE8Z459</lei>
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          <isin value="US62913M2061"/>
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        <name>Air Lease Corp.</name>
        <lei>5493004NW4M4P8TMMK63</lei>
        <title>Air Lease Corp., Series A, Pfd.</title>
        <cusip>00912X500</cusip>
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          <isin value="US00912X5005"/>
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        <fairValLevel>1</fairValLevel>
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        <name>Annaly Capital Management, Inc.</name>
        <lei>2DTL0G3FPRYUT58TI025</lei>
        <title>Annaly Capital Management, Inc., Series I</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Citizens Financial Group, Inc.</name>
        <lei>2138004JDDA4ZQUPFW65</lei>
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        <cusip>174610AU9</cusip>
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          <isin value="US174610AU90"/>
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      <invstOrSec>
        <name>AGNC Investment Corp.</name>
        <lei>5TRACI5HRMELWV32OF39</lei>
        <title>AGNC Investment Corp., Series D</title>
        <cusip>00123Q609</cusip>
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          <isin value="US00123Q6098"/>
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        <fairValLevel>1</fairValLevel>
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        <name>Regions Financial Corp.</name>
        <lei>CW05CS5KW59QTC0DG824</lei>
        <title>Regions Financial Corp., Series D</title>
        <cusip>7591EPAR1</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>Two Harbors Investment Corp.</name>
        <lei>549300ZUIBT6KH4HU823</lei>
        <title>Two Harbors Investment Corp., Series C, Pfd.</title>
        <cusip>90187B507</cusip>
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        <name>Charles Schwab Corp. (The)</name>
        <lei>549300VSGCJ7E698NM85</lei>
        <title>Charles Schwab Corp. (The), Series E</title>
        <cusip>808513AP0</cusip>
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        <balance>4135000.00000000</balance>
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        <name>Citigroup, Inc.</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
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        <name>Bank of America Corp.</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
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        <name>Fifth Third Bancorp</name>
        <lei>THRNG6BD57P9QWTQLG42</lei>
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        <name>JPMorgan Chase &amp; Co.</name>
        <lei>8I5DZWZKVSZI1NUHU748</lei>
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        <name>GMAC Capital Trust I</name>
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        <cusip>361860208</cusip>
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        <name>Morgan Stanley</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>Morgan Stanley</title>
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        <balance>9049000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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        <name>TransCanada PipeLines Ltd.</name>
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        <name>Citigroup, Inc.</name>
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        <name>US Bancorp</name>
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        <name>Goldman Sachs Capital II</name>
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        <name>Algonquin Power &amp; Utilities Corp.</name>
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        <name>Transcanada Trust</name>
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      <invstOrSec>
        <name>Morgan Stanley</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>Morgan Stanley, Series N</title>
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        <name>Two Harbors Investment Corp.</name>
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        <name>Enterprise Products Operating LLC</name>
        <lei>5493004LGN656HWLDA30</lei>
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        <name>Charles Schwab Corp. (The)</name>
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        <name>Citigroup, Inc.</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>Citigroup, Inc.</title>
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        <name>Huntington Bancshares, Inc.</name>
        <lei>549300XTVCVV9I7B5T19</lei>
        <title>Huntington Bancshares, Inc., Series E</title>
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        <name>PennyMac Mortgage Investment Trust</name>
        <lei>549300BSSOQO1ZWDUJ97</lei>
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        <cusip>70931T301</cusip>
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        <name>KeyCorp</name>
        <lei>RKPI3RZGV1V1FJTH5T61</lei>
        <title>KeyCorp</title>
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        <name>GasLog Partners L.P.</name>
        <lei>5299004R0RSGEG82BS06</lei>
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        <cusip>EP0546291</cusip>
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        <name>Goldman Sachs Group, Inc. (The)</name>
        <lei>784F5XWPLTWKTBV3E584</lei>
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        <cusip>38144X609</cusip>
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        <fairValLevel>1</fairValLevel>
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        <name>Tsakos Energy Navigation Ltd.</name>
        <lei>549300IFUTS62LRRCU54</lei>
        <title>Tsakos Energy Navigation Ltd., Series E, Pfd.</title>
        <cusip>EP0526210</cusip>
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        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>Enstar Group Ltd.</name>
        <lei>213800AMAL5QFXVUCN04</lei>
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        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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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)</title>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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      <invstOrSec>
        <name>Viacom, Inc.</name>
        <lei>5KYC8KF17ROCY24M3H09</lei>
        <title>Viacom, Inc.</title>
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          <isin value="US92553PBD33"/>
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        <balance>3455000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>New York Mortgage Trust, Inc.</name>
        <lei>549300JFGR0M7ULHWG48</lei>
        <title>New York Mortgage Trust, Inc., Series D, Pfd.</title>
        <cusip>649604881</cusip>
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          <isin value="US6496048819"/>
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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>Teekay LNG Partners L.P.</name>
        <lei>549300CP38L0UER0I397</lei>
        <title>Teekay LNG Partners L.P., Series B, Pfd.</title>
        <cusip>EP0537951</cusip>
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          <isin value="MHY8564M2048"/>
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        <balance>49499.00000000</balance>
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        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MH</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Reinsurance Group of America, Inc.</name>
        <lei>LORM1GNEU1DKEW527V90</lei>
        <title>Reinsurance Group of America, Inc., Pfd.</title>
        <cusip>759351703</cusip>
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          <isin value="US7593517037"/>
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        <balance>114528.00000000</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>Goldman Sachs Group, Inc. (The)</name>
        <lei>784F5XWPLTWKTBV3E584</lei>
        <title>Goldman Sachs Group, Inc. (The), Series J, Pfd.</title>
        <cusip>38145G308</cusip>
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          <isin value="US38145G3083"/>
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        <balance>278846.00000000</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>Prudential Financial, Inc.</name>
        <lei>5PRBRS5FEH7NREC8OR45</lei>
        <title>Prudential Financial, Inc.</title>
        <cusip>744320BH4</cusip>
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          <isin value="US744320BH48"/>
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        <balance>5500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5637500.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2050-10-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.70000000</annualizedRt>
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      <invstOrSec>
        <name>Enstar Finance LLC</name>
        <lei>N/A</lei>
        <title>Enstar Finance LLC</title>
        <cusip>29360AAA8</cusip>
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          <isin value="US29360AAA88"/>
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        <balance>2390000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2040-09-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.75000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>State Street Corp.</name>
        <lei>549300ZFEEJ2IP5VME73</lei>
        <title>State Street Corp., Series G, Pfd.</title>
        <cusip>857477855</cusip>
        <identifiers>
          <isin value="US8574778556"/>
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        <balance>138167.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>JPMorgan Chase &amp; Co.</name>
        <lei>8I5DZWZKVSZI1NUHU748</lei>
        <title>JPMorgan Chase &amp; Co.</title>
        <cusip>48123KAE6</cusip>
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          <isin value="US48123KAE64"/>
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        <balance>2240000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2005157.93000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-02-02</maturityDt>
          <couponKind>Floating</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>AGNC Investment Corp.</name>
        <lei>5TRACI5HRMELWV32OF39</lei>
        <title>AGNC Investment Corp., Series C, Pfd.</title>
        <cusip>00123Q500</cusip>
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          <isin value="US00123Q5009"/>
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        <balance>92489.00000000</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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        <name>JPMorgan Chase &amp; Co.</name>
        <lei>8I5DZWZKVSZI1NUHU748</lei>
        <title>JPMorgan Chase &amp; Co., Series V</title>
        <cusip>48127FAA1</cusip>
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          <isin value="US48127FAA12"/>
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        <balance>17369000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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          <annualizedRt>3.55750000</annualizedRt>
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        <name>Chimera Investment Corp.</name>
        <lei>2JBBQFJOL123LOUBE657</lei>
        <title>Chimera Investment Corp., Series B, Pfd.</title>
        <cusip>16934Q406</cusip>
        <identifiers>
          <isin value="US16934Q4064"/>
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        <balance>92684.00000000</balance>
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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>JPMorgan Chase &amp; Co.</name>
        <lei>8I5DZWZKVSZI1NUHU748</lei>
        <title>JPMorgan Chase &amp; Co.</title>
        <cusip>46625HJW1</cusip>
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          <isin value="US46625HJW16"/>
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        <balance>6940000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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        <name>Goldman Sachs Group, Inc. (The)</name>
        <lei>784F5XWPLTWKTBV3E584</lei>
        <title>Goldman Sachs Group, Inc. (The), Series K, Pfd.</title>
        <cusip>38148B108</cusip>
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          <isin value="US38148B1089"/>
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        <balance>195690.00000000</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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        <name>MFA Financial, Inc.</name>
        <lei>YW72IMH2RRC8Z1TGLG58</lei>
        <title>MFA Financial, Inc., Series C, Pfd.</title>
        <cusip>55272X508</cusip>
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        <balance>77090.00000000</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>Truist Financial Corp.</name>
        <lei>549300DRQQI75D2JP341</lei>
        <title>Truist Financial Corp., Series P</title>
        <cusip>89832QAE9</cusip>
        <identifiers>
          <isin value="US89832QAE98"/>
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        <balance>6875000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>7409875.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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          <annualizedRt>4.95000000</annualizedRt>
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      <invstOrSec>
        <name>Invesco Private Prime Fund</name>
        <lei>N/A</lei>
        <title>Invesco Private Prime Fund</title>
        <cusip>N/A</cusip>
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          <other otherDesc="CADIS_ID" value="2487474"/>
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        <balance>56865943.71000000</balance>
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        <valUSD>56888690.61000000</valUSD>
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        <assetCat>STIV</assetCat>
        <issuerCat>PF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="56888690.61000000" isCashCollateral="Y"/>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Charles Schwab Corp. (The)</name>
        <lei>549300VSGCJ7E698NM85</lei>
        <title>Charles Schwab Corp. (The)</title>
        <cusip>808513AR6</cusip>
        <identifiers>
          <isin value="US808513AR62"/>
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        <balance>3465000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3681562.50000000</valUSD>
        <pctVal>0.240739971705</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>Variable</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
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        <name>PNC Financial Services Group, Inc. (The)</name>
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        <name>JPMorgan Chase &amp; Co.</name>
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        <name>Prudential Financial, Inc.</name>
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        <name>Enterprise Products Operating LLC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>General Motors Financial Co., Inc.</name>
        <lei>5493008B6JBRUJ90QL97</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Citigroup, Inc.</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>Citigroup, Inc.</title>
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      <invstOrSec>
        <name>Truist Financial Corp.</name>
        <lei>549300DRQQI75D2JP341</lei>
        <title>Truist Financial Corp., Series I, Pfd.</title>
        <cusip>89832Q810</cusip>
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          <isin value="US89832Q8107"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>General Electric Co.</name>
        <lei>3C7474T6CDKPR9K6YT90</lei>
        <title>General Electric Co.</title>
        <cusip>369604BQ5</cusip>
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          <isin value="US369604BQ57"/>
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        <balance>39564000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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      <invstOrSec>
        <name>Southern Co. (The)</name>
        <lei>549300FC3G3YU2FBZD92</lei>
        <title>Southern Co. (The), Series B</title>
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          <isin value="US842587CY12"/>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.50000000</annualizedRt>
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      <invstOrSec>
        <name>Transcanada Trust</name>
        <lei>N/A</lei>
        <title>Transcanada Trust</title>
        <cusip>89356BAE8</cusip>
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        <balance>7525000.00000000</balance>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2079-09-15</maturityDt>
          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>Compass Diversified Holdings</name>
        <lei>5299001SM1LBYANJRR58</lei>
        <title>Compass Diversified Holdings, Series B, Pfd.</title>
        <cusip>20451Q302</cusip>
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          <isin value="US20451Q3020"/>
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        <fairValLevel>1</fairValLevel>
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        <name>JPMorgan Chase &amp; Co.</name>
        <lei>8I5DZWZKVSZI1NUHU748</lei>
        <title>JPMorgan Chase &amp; Co., Series W</title>
        <cusip>48123UAB0</cusip>
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        <balance>4059000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Citigroup, Inc.</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>Citigroup, Inc., Series W</title>
        <cusip>172967MU2</cusip>
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          <isin value="US172967MU24"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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        <name>American Express Co.</name>
        <lei>R4PP93JZOLY261QX3811</lei>
        <title>American Express Co.</title>
        <cusip>025816BL2</cusip>
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        <name>Bank of America Corp.</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
        <title>Bank of America Corp., Series 5, Pfd.</title>
        <cusip>060505583</cusip>
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        <name>Zions Bancorp. N.A.</name>
        <lei>8WH0EE09O9V05QJZ3V89</lei>
        <title>Zions Bancorp. N.A., Series G, Pfd.</title>
        <cusip>989701859</cusip>
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      <invstOrSec>
        <name>Plains All American Pipeline, L.P.</name>
        <lei>5521FA2ITF25TVH63740</lei>
        <title>Plains All American Pipeline, L.P., Series B</title>
        <cusip>726503AE5</cusip>
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        <balance>5328000.00000000</balance>
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        <name>BP Capital Markets PLC</name>
        <lei>549300CRVT18MXX0AG93</lei>
        <title>BP Capital Markets PLC</title>
        <cusip>05565QDV7</cusip>
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        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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      <invstOrSec>
        <name>American Equity Investment Life Holding Co.</name>
        <lei>549300RK5RZQ740FPL83</lei>
        <title>American Equity Investment Life Holding Co., Series B, Pfd.</title>
        <cusip>025676602</cusip>
        <identifiers>
          <isin value="US0256766025"/>
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        <balance>82353.00000000</balance>
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        <valUSD>2217766.29000000</valUSD>
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        <assetCat>EP</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>CMS Energy Corp.</name>
        <lei>549300IA9XFBAGNIBW29</lei>
        <title>CMS Energy Corp.</title>
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          <isin value="US125896BU39"/>
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        <curCd>USD</curCd>
        <valUSD>3836518.11000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2050-06-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.75000000</annualizedRt>
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      <invstOrSec>
        <name>National Rural Utilities Cooperative Finance Corp.</name>
        <lei>4NYF266XZC35SCTGX023</lei>
        <title>National Rural Utilities Cooperative Finance Corp.</title>
        <cusip>637432NK7</cusip>
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          <isin value="US637432NK73"/>
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        <balance>2470000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2688553.95000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-04-20</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Altera Infrastructure L.P.</name>
        <lei>549300ZJBGOCXKXQWE39</lei>
        <title>Altera Infrastructure L.P., Series E, Pfd.</title>
        <cusip>Y1001E125</cusip>
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          <isin value="MHY1001E1251"/>
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        <balance>33693.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>749669.25000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MH</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Northern Trust Corp.</name>
        <lei>549300GLF98S992BC502</lei>
        <title>Northern Trust Corp., Series D</title>
        <cusip>665859AQ7</cusip>
        <identifiers>
          <isin value="US665859AQ77"/>
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        <balance>3470000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3756275.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.60000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Bank of America Corp.</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
        <title>Bank of America Corp., Series X</title>
        <cusip>060505EH3</cusip>
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          <isin value="US060505EH35"/>
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        <balance>13665000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>14979602.79000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.25000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Wachovia Capital Trust III</name>
        <lei>529900IS945AVTZGWM53</lei>
        <title>Wachovia Capital Trust III</title>
        <cusip>92978AAA0</cusip>
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          <isin value="US92978AAA07"/>
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        <balance>8449000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>8456773.08000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>N/A</maturityDt>
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          <annualizedRt>5.56975000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Ellington Financial, Inc.</name>
        <lei>60GS1D1R1YY5G1W7IT74</lei>
        <title>Ellington Financial, Inc., Pfd.</title>
        <cusip>28852N208</cusip>
        <identifiers>
          <isin value="US28852N2080"/>
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        <balance>32081.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>744920.82000000</valUSD>
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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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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Everest Reinsurance Holdings, Inc.</name>
        <lei>N/A</lei>
        <title>Everest Reinsurance Holdings, Inc.</title>
        <cusip>299808AE5</cusip>
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          <isin value="US299808AE55"/>
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        <balance>1599000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1479252.28000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-05-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>2.57875000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SCE Trust IV</name>
        <lei>N/A</lei>
        <title>SCE Trust IV, Series J, Pfd.</title>
        <cusip>78409G206</cusip>
        <identifiers>
          <isin value="US78409G2066"/>
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        <balance>93834.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2242632.60000000</valUSD>
        <pctVal>0.146647329406</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Morgan Stanley</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>Morgan Stanley, Series K, Pfd.</title>
        <cusip>61762V606</cusip>
        <identifiers>
          <isin value="US61762V6065"/>
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        <balance>278953.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7743735.28000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>NextEra Energy Capital Holdings, Inc.</name>
        <lei>UMI46YPGBLUE4VGNNT48</lei>
        <title>NextEra Energy Capital Holdings, Inc.</title>
        <cusip>65339KAV2</cusip>
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          <isin value="US65339KAV26"/>
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        <balance>3770000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4087324.33000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2077-12-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.80000000</annualizedRt>
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      <invstOrSec>
        <name>Citigroup, Inc.</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>Citigroup, Inc., Series K, Pfd.</title>
        <cusip>172967341</cusip>
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          <isin value="US1729673418"/>
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        <balance>412910.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>11297217.60000000</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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        <name>Goldman Sachs Group, Inc. (The)</name>
        <lei>784F5XWPLTWKTBV3E584</lei>
        <title>Goldman Sachs Group, Inc. (The), Series A, Pfd.</title>
        <cusip>38143Y665</cusip>
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          <isin value="US38143Y6656"/>
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        <balance>208914.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4873963.62000000</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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        <name>Progressive Corp. (The)</name>
        <lei>529900TACNVLY9DCR586</lei>
        <title>Progressive Corp. (The), Series B</title>
        <cusip>743315AU7</cusip>
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          <isin value="US743315AU74"/>
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        <balance>3390000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3542550.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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          <annualizedRt>5.37500000</annualizedRt>
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      <invstOrSec>
        <name>Morgan Stanley</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>Morgan Stanley, Series A, Pfd.</title>
        <cusip>61747S504</cusip>
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          <isin value="US61747S5047"/>
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        <balance>305185.00000000</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>Bank of America Corp.</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
        <title>Bank of America Corp., Series DD</title>
        <cusip>060505EU4</cusip>
        <identifiers>
          <isin value="US060505EU46"/>
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        <balance>6895000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>7920655.38000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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          <annualizedRt>6.30000000</annualizedRt>
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      <invstOrSec>
        <name>Duke Energy Corp.</name>
        <lei>I1BZKREC126H0VB1BL91</lei>
        <title>Duke Energy Corp.</title>
        <cusip>26441CBG9</cusip>
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          <isin value="US26441CBG96"/>
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        <balance>6875000.00000000</balance>
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        <valUSD>7369725.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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          <annualizedRt>4.87500000</annualizedRt>
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      <invstOrSec>
        <name>State Street Corp.</name>
        <lei>549300ZFEEJ2IP5VME73</lei>
        <title>State Street Corp.</title>
        <cusip>857477BA0</cusip>
        <identifiers>
          <isin value="US857477BA04"/>
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        <balance>3440000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3599100.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>N/A</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.62500000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Wells Fargo &amp; Co.</name>
        <lei>PBLD0EJDB5FWOLXP3B76</lei>
        <title>Wells Fargo &amp; Co.</title>
        <cusip>949746RN3</cusip>
        <identifiers>
          <isin value="US949746RN35"/>
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        <balance>13946000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>15295275.50000000</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>Variable</couponKind>
          <annualizedRt>5.87500000</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>New Residential Investment Corp.</name>
        <lei>549300WNTHGEO5LP2G31</lei>
        <title>New Residential Investment Corp., Series C, Pfd.</title>
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          <isin value="US64828T5083"/>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Truist Financial Corp.</name>
        <lei>549300DRQQI75D2JP341</lei>
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        <cusip>89832QAC3</cusip>
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          <isin value="US89832QAC33"/>
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        <balance>3480000.00000000</balance>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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          <annualizedRt>5.12500000</annualizedRt>
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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 G</title>
        <cusip>064058AH3</cusip>
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          <isin value="US064058AH32"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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      <invstOrSec>
        <name>Fortress Transportation &amp; Infrastructure Investors LLC</name>
        <lei>529900E7PUVK6BC8PE80</lei>
        <title>Fortress Transportation &amp; Infrastructure Investors LLC, Series B, Pfd.</title>
        <cusip>34960P309</cusip>
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          <isin value="US34960P3091"/>
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        <balance>32699.00000000</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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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CMS Energy Corp.</name>
        <lei>549300IA9XFBAGNIBW29</lei>
        <title>CMS Energy Corp.</title>
        <cusip>125896BV1</cusip>
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          <isin value="US125896BV12"/>
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        <balance>2750000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2761137.50000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2050-12-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.75000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>WESCO International, Inc.</name>
        <lei>529900TXOGREY3WNJ434</lei>
        <title>WESCO International, Inc., Series A, Pfd.</title>
        <cusip>95082P303</cusip>
        <identifiers>
          <isin value="US95082P3038"/>
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        <balance>150227.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4559389.45000000</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>PNC Financial Services Group, Inc. (The)</name>
        <lei>CFGNEKW0P8842LEUIA51</lei>
        <title>PNC Financial Services Group, Inc. (The)</title>
        <cusip>693475AQ8</cusip>
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          <isin value="US693475AQ81"/>
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        <balance>3600000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3948768.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Citizens Financial Group, Inc.</name>
        <lei>2138004JDDA4ZQUPFW65</lei>
        <title>Citizens Financial Group, Inc., Series D, Pfd.</title>
        <cusip>174610204</cusip>
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          <isin value="US1746102045"/>
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        <balance>86010.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2364414.90000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Vodafone Group PLC</name>
        <lei>213800TB53ELEUKM7Q61</lei>
        <title>Vodafone Group PLC</title>
        <cusip>92857WBQ2</cusip>
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          <isin value="US92857WBQ24"/>
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        <balance>13490000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>16178321.33000000</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>2079-04-04</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.00000000</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>
        <name>Markel Corp.</name>
        <lei>549300SCNO12JLWIK605</lei>
        <title>Markel Corp.</title>
        <cusip>570535AW4</cusip>
        <identifiers>
          <isin value="US570535AW40"/>
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        <balance>4120000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4527550.40000000</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>Variable</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>NuStar Energy L.P.</name>
        <lei>5493003BMLTUIEG2LG44</lei>
        <title>NuStar Energy L.P., Series A, Pfd.</title>
        <cusip>67058H201</cusip>
        <identifiers>
          <isin value="US67058H2013"/>
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        <balance>63134.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1325814.00000000</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>172967GF2</cusip>
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          <isin value="US172967GF21"/>
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        <balance>5175000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5370615.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.90000000</annualizedRt>
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      <invstOrSec>
        <name>Citigroup, Inc.</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>Citigroup, Inc.</title>
        <cusip>172967HQ7</cusip>
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          <isin value="US172967HQ76"/>
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        <balance>12010000.00000000</balance>
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        <valUSD>12716188.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.30000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>First Horizon Corp.</name>
        <lei>TF3RXI1ZB1TQ30H9JV10</lei>
        <title>First Horizon Corp., Series D, Pfd.</title>
        <cusip>320517808</cusip>
        <identifiers>
          <isin value="US3205178086"/>
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        <balance>29006.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>762857.80000000</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>
        <name>PennyMac Mortgage Investment Trust</name>
        <lei>549300BSSOQO1ZWDUJ97</lei>
        <title>PennyMac Mortgage Investment Trust, Series B, Pfd.</title>
        <cusip>70931T400</cusip>
        <identifiers>
          <isin value="US70931T4004"/>
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        <balance>55441.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1386025.00000000</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>SCE Trust V</name>
        <lei>N/A</lei>
        <title>SCE Trust V, Series K, Pfd.</title>
        <cusip>78409W201</cusip>
        <identifiers>
          <isin value="US78409W2017"/>
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        <balance>86129.00000000</balance>
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        <curCd>USD</curCd>
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        <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>Heartland Financial USA, Inc.</name>
        <lei>549300QF7B0DFZT32C73</lei>
        <title>Heartland Financial USA, Inc., Series E, Pfd.</title>
        <cusip>42234Q201</cusip>
        <identifiers>
          <isin value="US42234Q2012"/>
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        <balance>32887.00000000</balance>
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        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Allstate Corp. (The)</name>
        <lei>OBT0W1ED8G0NWVOLOJ77</lei>
        <title>Allstate Corp. (The)</title>
        <cusip>020002BB6</cusip>
        <identifiers>
          <isin value="US020002BB69"/>
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        <balance>5469000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5861312.04000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2053-08-15</maturityDt>
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          <annualizedRt>5.75000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Truist Financial Corp.</name>
        <lei>549300DRQQI75D2JP341</lei>
        <title>Truist Financial Corp., Series L</title>
        <cusip>89832QAB5</cusip>
        <identifiers>
          <isin value="US89832QAB59"/>
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        <balance>5150000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5220812.50000000</valUSD>
        <pctVal>0.341392616186</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>Variable</couponKind>
          <annualizedRt>5.05000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Argo Group International Holdings Ltd.</name>
        <lei>549300M4T8Y5TTWI6O03</lei>
        <title>Argo Group International Holdings Ltd., Pfd.</title>
        <cusip>040128209</cusip>
        <identifiers>
          <isin value="US0401282092"/>
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        <balance>42853.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1122320.07000000</valUSD>
        <pctVal>0.073389301932</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Dominion Energy, Inc.</name>
        <lei>ILUL7B6Z54MRYCF6H308</lei>
        <title>Dominion Energy, Inc.</title>
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        <name>Lincoln National Corp.</name>
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        <name>American Express Co.</name>
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        <name>Bank of America Corp.</name>
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        <name>Algonquin Power &amp; Utilities Corp.</name>
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        <name>Citigroup, Inc.</name>
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        <name>Annaly Capital Management, Inc.</name>
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        <name>Prudential Financial, Inc.</name>
        <lei>5PRBRS5FEH7NREC8OR45</lei>
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        <name>Energy Transfer Operating, L.P.</name>
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        <name>GasLog Partners L.P.</name>
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        <name>PNC Financial Services Group, Inc. (The)</name>
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        <name>Prudential Financial, Inc.</name>
        <lei>5PRBRS5FEH7NREC8OR45</lei>
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        <name>MetLife, Inc.</name>
        <lei>C4BXATY60WC6XEOZDX54</lei>
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        <name>Aegon N.V.</name>
        <lei>O4QK7KMMK83ITNTHUG69</lei>
        <title>Aegon N.V., Series 1, Pfd.</title>
        <cusip>007924509</cusip>
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        <name>NuStar Logistics L.P.</name>
        <lei>N62BF2PKP51FIIOIUN20</lei>
        <title>NuStar Logistics L.P., Pfd.</title>
        <cusip>67059T204</cusip>
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        <name>Morgan Stanley</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>Morgan Stanley, Series I, Pfd.</title>
        <cusip>61761J406</cusip>
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        <name>New York Community Bancorp, Inc.</name>
        <lei>529900HVXOTLY61GL030</lei>
        <title>New York Community Bancorp, Inc., Series A, Pfd.</title>
        <cusip>649445202</cusip>
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        <name>Synovus Financial Corp.</name>
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        <name>M&amp;T Bank Corp.</name>
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        <name>Valley National Bancorp</name>
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        <name>New York Mortgage Trust, Inc.</name>
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        <name>Comerica, Inc.</name>
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        <name>Goldman Sachs Group, Inc. (The)</name>
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        <name>Bank of America Corp.</name>
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        <name>Dominion Energy, Inc.</name>
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        <name>Energy Transfer Operating L.P.</name>
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        <name>Lincoln National Corp.</name>
        <lei>EFQMQROEDSNBRIP7LE47</lei>
        <title>Lincoln National Corp.</title>
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        <name>CHS, Inc.</name>
        <lei>XEIEFTLYDQ1MZ6TZV015</lei>
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        <name>M&amp;T Bank Corp.</name>
        <lei>549300WYXDDBYRASEG81</lei>
        <title>M&amp;T Bank Corp., Series G</title>
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        <name>Valley National Bancorp</name>
        <lei>549300ET52S1UBIB9762</lei>
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        <name>FNB Corp.</name>
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        <name>Discover Financial Services</name>
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        <name>Bank of America Corp.</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
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        <name>Prudential Financial, Inc.</name>
        <lei>5PRBRS5FEH7NREC8OR45</lei>
        <title>Prudential Financial, Inc.</title>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Morgan Stanley</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>Morgan Stanley, Series M</title>
        <cusip>61762VAA9</cusip>
        <identifiers>
          <isin value="US61762VAA98"/>
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        <balance>2785000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3137859.50000000</valUSD>
        <pctVal>0.205186848585</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>Variable</couponKind>
          <annualizedRt>5.87500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="2916290.81000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Synovus Financial Corp.</name>
        <lei>549300EIUS8UN5JTLE54</lei>
        <title>Synovus Financial Corp., Series D, Pfd.</title>
        <cusip>87161C600</cusip>
        <identifiers>
          <isin value="US87161C6003"/>
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        <balance>57262.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1503127.50000000</valUSD>
        <pctVal>0.098290568697</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>CHS, Inc.</name>
        <lei>XEIEFTLYDQ1MZ6TZV015</lei>
        <title>CHS, Inc., Series 3, Pfd.</title>
        <cusip>12542R704</cusip>
        <identifiers>
          <isin value="US12542R7044"/>
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        <balance>135286.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3652722.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="45288.00000000"/>
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      </invstOrSec>
      <invstOrSec>
        <name>AXIS Specialty Finance LLC</name>
        <lei>N/A</lei>
        <title>AXIS Specialty Finance LLC</title>
        <cusip>05463HAC5</cusip>
        <identifiers>
          <isin value="US05463HAC51"/>
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        <balance>2909000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2994270.82000000</valUSD>
        <pctVal>0.195797483401</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-01-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.90000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Tsakos Energy Navigation Ltd.</name>
        <lei>549300IFUTS62LRRCU54</lei>
        <title>Tsakos Energy Navigation Ltd., Series F, Pfd.</title>
        <cusip>EP0555672</cusip>
        <identifiers>
          <isin value="BMG9108L1651"/>
        </identifiers>
        <balance>43147.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>971670.44000000</valUSD>
        <pctVal>0.063538216241</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Energy Transfer Operating, L.P.</name>
        <lei>5493008K8W3OKZE54J59</lei>
        <title>Energy Transfer Operating, L.P., Series D, Pfd.</title>
        <cusip>29278N400</cusip>
        <identifiers>
          <isin value="US29278N4007"/>
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        <balance>126420.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2858356.20000000</valUSD>
        <pctVal>0.186909930419</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Enterprise Products Operating LLC</name>
        <lei>5493004LGN656HWLDA30</lei>
        <title>Enterprise Products Operating LLC, Series D</title>
        <cusip>29379VBM4</cusip>
        <identifiers>
          <isin value="US29379VBM46"/>
        </identifiers>
        <balance>4735000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4503198.79000000</valUSD>
        <pctVal>0.294467348927</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2077-08-16</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.87500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WesBanco, Inc.</name>
        <lei>N/A</lei>
        <title>WesBanco, Inc., Series A, Pfd.</title>
        <cusip>950810705</cusip>
        <identifiers>
          <isin value="US9508107052"/>
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        <balance>40227.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1092163.05000000</valUSD>
        <pctVal>0.071417313098</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>
          <loanByFundCondition isLoanByFund="Y" loanVal="126900.00000000"/>
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      </invstOrSec>
      <invstOrSec>
        <name>State Street Corp.</name>
        <lei>549300ZFEEJ2IP5VME73</lei>
        <title>State Street Corp.</title>
        <cusip>857477AY9</cusip>
        <identifiers>
          <isin value="US857477AY98"/>
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        <balance>3536000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3008623.28000000</valUSD>
        <pctVal>0.196736000895</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-06-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>1.21650000</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>JPMorgan Chase &amp; Co.</name>
        <lei>8I5DZWZKVSZI1NUHU748</lei>
        <title>JPMorgan Chase &amp; Co.</title>
        <cusip>48126HAC4</cusip>
        <identifiers>
          <isin value="US48126HAC43"/>
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        <balance>10978000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>11953414.40000000</valUSD>
        <pctVal>0.781642208827</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>Variable</couponKind>
          <annualizedRt>6.10000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>National Rural Utilities Cooperative Finance Corp.</name>
        <lei>4NYF266XZC35SCTGX023</lei>
        <title>National Rural Utilities Cooperative Finance Corp.</title>
        <cusip>637432MT9</cusip>
        <identifiers>
          <isin value="US637432MT91"/>
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        <balance>2714000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2829073.60000000</valUSD>
        <pctVal>0.184995120527</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-04-30</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.75000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Citigroup, Inc.</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>Citigroup, Inc., Series A</title>
        <cusip>172967GD7</cusip>
        <identifiers>
          <isin value="US172967GD72"/>
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        <balance>10216000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>10654024.89000000</valUSD>
        <pctVal>0.696674211170</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>Variable</couponKind>
          <annualizedRt>5.95000000</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>JPMorgan Chase &amp; Co.</name>
        <lei>8I5DZWZKVSZI1NUHU748</lei>
        <title>JPMorgan Chase &amp; Co., Series CC</title>
        <cusip>48128BAD3</cusip>
        <identifiers>
          <isin value="US48128BAD38"/>
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        <balance>8600000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8610750.00000000</valUSD>
        <pctVal>0.563063023202</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>N/A</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.62500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="8214262.40000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ACRES Commercial Realty Corp.</name>
        <lei>549300RUJWPCMY4JFR46</lei>
        <title>ACRES Commercial Realty Corp., Pfd.</title>
        <cusip>00489Q201</cusip>
        <identifiers>
          <isin value="US00489Q2012"/>
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        <balance>33009.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>803769.15000000</valUSD>
        <pctVal>0.052559032320</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>
          <loanByFundCondition isLoanByFund="Y" loanVal="7605.00000000"/>
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      </invstOrSec>
      <invstOrSec>
        <name>Reinsurance Group of America, Inc.</name>
        <lei>LORM1GNEU1DKEW527V90</lei>
        <title>Reinsurance Group of America, Inc.</title>
        <cusip>759351AE9</cusip>
        <identifiers>
          <isin value="US759351AE91"/>
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        <balance>2230000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2079475.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2065-12-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>2.88150000</annualizedRt>
          <isDefault>N</isDefault>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Regions Financial Corp.</name>
        <lei>CW05CS5KW59QTC0DG824</lei>
        <title>Regions Financial Corp., Series C, Pfd.</title>
        <cusip>7591EP704</cusip>
        <identifiers>
          <isin value="US7591EP7044"/>
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        <balance>142177.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3838779.00000000</valUSD>
        <pctVal>0.251020469662</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>
          <loanByFundCondition isLoanByFund="Y" loanVal="466400.00000000"/>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2021-03-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Invesco Exchange-Traded Fund Trust II</ncom:nameOfApplicant>
      <ncom:signature>Sheri Morris</ncom:signature>
      <ncom:signerName>Sheri Morris</ncom:signerName>
      <ncom:title>Vice President</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
