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      <invstOrSec>
        <name>First Horizon Corp.</name>
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      <invstOrSec>
        <name>Equitable Holdings, Inc.</name>
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      <invstOrSec>
        <name>Prudential Financial, Inc.</name>
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        <name>Wells Fargo &amp; Co.</name>
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        <name>EI du Pont de Nemours and Co.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Athene Holding Ltd.</name>
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          <isin value="BMG0684D3054"/>
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        <name>Allstate Corp. (The)</name>
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        <name>PS Business Parks, Inc.</name>
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        <name>Qurate Retail, Inc.</name>
        <lei>549300PSXEKU4PHLCR04</lei>
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        <name>Public Storage</name>
        <lei>549300LMZF40TKJ6DM64</lei>
        <title>Public Storage, Series N</title>
        <cusip>74460W511</cusip>
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      <invstOrSec>
        <name>Brookfield BRP Holdings Canada, Inc.</name>
        <lei>549300NSPD7QJ50GZW26</lei>
        <title>Brookfield BRP Holdings Canada, Inc., Pfd.</title>
        <cusip>11259P109</cusip>
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        <name>KeyCorp</name>
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        <name>Spirit Realty Capital, Inc.</name>
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        <name>RenaissanceRe Holdings Ltd.</name>
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        <name>Bank of Hawaii Corp.</name>
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        <name>American Financial Group, Inc.</name>
        <lei>549300AFOM7IVKIU1G39</lei>
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        <cusip>025932864</cusip>
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        <name>Public Storage</name>
        <lei>549300LMZF40TKJ6DM64</lei>
        <title>Public Storage, Series K, Pfd.</title>
        <cusip>74460W578</cusip>
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        <name>South Jersey Industries, Inc.</name>
        <lei>549300DJYWYT5VXLFA46</lei>
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        <name>Public Storage</name>
        <lei>549300LMZF40TKJ6DM64</lei>
        <title>Public Storage, Series J, Pfd.</title>
        <cusip>74460W594</cusip>
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        <name>First Midwest Bancorp, Inc.</name>
        <lei>7XRS7ORI584PF41IVU88</lei>
        <title>First Midwest Bancorp, Inc., Series C, Pfd.</title>
        <cusip>320867500</cusip>
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        <name>Brightsphere Investment Group, Inc.</name>
        <lei>5493004FTLQNQTBOP608</lei>
        <title>Brightsphere Investment Group, Inc., Pfd.</title>
        <cusip>10948W202</cusip>
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        <name>KeyCorp</name>
        <lei>RKPI3RZGV1V1FJTH5T61</lei>
        <title>KeyCorp, Series E, Pfd.</title>
        <cusip>493267702</cusip>
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        <balance>1087739.00000000</balance>
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        <name>Voya Financial, Inc.</name>
        <lei>549300T065Z4KJ686G75</lei>
        <title>Voya Financial, Inc., Series B, Pfd.</title>
        <cusip>929089209</cusip>
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        <balance>603047.00000000</balance>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>SCE Trust II</name>
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      <invstOrSec>
        <name>Webster Financial Corp.</name>
        <lei>KMRURHT0VWKYS6Z5KU67</lei>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Bank OZK</name>
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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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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Wells Fargo &amp; Co.</name>
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        <cusip>95002Y202</cusip>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>JPMorgan Chase &amp; Co.</name>
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        <cusip>48128B549</cusip>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Integrys Holding, Inc.</name>
        <lei>549300J4ZRR1SZF4ES33</lei>
        <title>Integrys Holding, Inc., Pfd.</title>
        <cusip>45822P204</cusip>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Southern Co. (The)</name>
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        <title>Southern Co. (The), Pfd.</title>
        <cusip>842587404</cusip>
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          <isin value="US8425874042"/>
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        <balance>922644.00000000</balance>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>MetLife, Inc.</name>
        <lei>C4BXATY60WC6XEOZDX54</lei>
        <title>MetLife, Inc., Series E, Pfd.</title>
        <cusip>59156R876</cusip>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>SITE Centers Corp.</name>
        <lei>W2AVA6SODOQ1LCYJQR54</lei>
        <title>SITE Centers Corp., Series A, Pfd.</title>
        <cusip>82981J877</cusip>
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          <isin value="US82981J8779"/>
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        <balance>290089.00000000</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>Huntington Bancshares, Inc.</name>
        <lei>549300XTVCVV9I7B5T19</lei>
        <title>Huntington Bancshares, Inc., Series H, Pfd.</title>
        <cusip>446150823</cusip>
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          <isin value="US4461508230"/>
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        <balance>1008900.00000000</balance>
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        <assetCat>EP</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Energy Transfer L.P.</name>
        <lei>MTLVN9N7JE8MIBIJ1H73</lei>
        <title>Energy Transfer L.P., Series E, Pfd.</title>
        <cusip>29273V605</cusip>
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        <balance>1645777.00000000</balance>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Public Storage</name>
        <lei>549300LMZF40TKJ6DM64</lei>
        <title>Public Storage, Series R, Pfd.</title>
        <cusip>74460W420</cusip>
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        <balance>514912.00000000</balance>
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        <fairValLevel>1</fairValLevel>
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        <name>NuStar Energy L.P.</name>
        <lei>5493003BMLTUIEG2LG44</lei>
        <title>NuStar Energy L.P., Series C, Pfd.</title>
        <cusip>67058H409</cusip>
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        <balance>355240.00000000</balance>
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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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        <balance>262180.00000000</balance>
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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>
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        <balance>240689.00000000</balance>
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        <invCountry>US</invCountry>
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        <name>Stifel Financial Corp.</name>
        <lei>549300E5F07FE5GHJX84</lei>
        <title>Stifel Financial Corp., Series B, Pfd.</title>
        <cusip>860630706</cusip>
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        <balance>250493.00000000</balance>
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        <name>AEGON Funding Co. LLC</name>
        <lei>KEIOKM01PSK5VZ5CCI74</lei>
        <title>AEGON Funding Co. LLC</title>
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      <invstOrSec>
        <name>W. R. Berkley Corp.</name>
        <lei>SQOAGCLKBDWNVYV1OV80</lei>
        <title>W. R. Berkley Corp., Pfd.</title>
        <cusip>084423805</cusip>
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        <name>Fifth Third Bancorp</name>
        <lei>THRNG6BD57P9QWTQLG42</lei>
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        <cusip>316773605</cusip>
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        <name>Bank of America Corp.</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
        <title>Bank of America Corp., Series GG, Pfd.</title>
        <cusip>060505229</cusip>
        <identifiers>
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        <balance>3148707.00000000</balance>
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        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
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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>
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        <balance>583283.00000000</balance>
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        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>Qwest Corp.</name>
        <lei>549300R2L4N683OO1509</lei>
        <title>Qwest Corp., Pfd.</title>
        <cusip>74913G873</cusip>
        <identifiers>
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        <balance>1247183.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>32127434.08000000</valUSD>
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        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Affiliated Managers Group, Inc.</name>
        <lei>2JE75BUE3T1BLCYYGK54</lei>
        <title>Affiliated Managers Group, Inc., Pfd.</title>
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      <invstOrSec>
        <name>Bank of America Corp.</name>
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        <name>Wells Fargo &amp; Co.</name>
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      <invstOrSec>
        <name>Energy Transfer L.P.</name>
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      <invstOrSec>
        <name>SCE Trust III</name>
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      <invstOrSec>
        <name>PS Business Parks, Inc.</name>
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      <invstOrSec>
        <name>DTE Energy Co.</name>
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        <name>Morgan Stanley</name>
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        <name>American Homes 4 Rent</name>
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        <title>American Homes 4 Rent, Series F, Pfd.</title>
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        <name>Brighthouse Financial, Inc.</name>
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        <name>NiSource, Inc.</name>
        <lei>549300D8GOWWH0SJB189</lei>
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        <cusip>65473P881</cusip>
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      <invstOrSec>
        <name>Wells Fargo &amp; Co.</name>
        <lei>PBLD0EJDB5FWOLXP3B76</lei>
        <title>Wells Fargo &amp; Co., Series R, Pfd.</title>
        <cusip>949746465</cusip>
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        <name>US Bancorp</name>
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        <name>Brookfield Finance, Inc.</name>
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        <name>Brookfield Property Partners L.P.</name>
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        <name>Northern Trust Corp.</name>
        <lei>549300GLF98S992BC502</lei>
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        <name>Dime Community Bancshares, Inc.</name>
        <lei>N/A</lei>
        <title>Dime Community Bancshares, Inc., Pfd.</title>
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        <name>SiriusPoint Ltd.</name>
        <lei>549300OGXFI85N3YZZ51</lei>
        <title>SiriusPoint Ltd., Series B, Pfd.</title>
        <cusip>EP0598912</cusip>
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        <name>Capital One Financial Corp.</name>
        <lei>ZUE8T73ROZOF6FLBAR73</lei>
        <title>Capital One Financial Corp., Series J, Pfd.</title>
        <cusip>14040H782</cusip>
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        <name>Affiliated Managers Group, Inc.</name>
        <lei>2JE75BUE3T1BLCYYGK54</lei>
        <title>Affiliated Managers Group, Inc., Pfd.</title>
        <cusip>008252835</cusip>
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        <name>Capital One Financial Corp.</name>
        <lei>ZUE8T73ROZOF6FLBAR73</lei>
        <title>Capital One Financial Corp., Series L, Pfd.</title>
        <cusip>14040H758</cusip>
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        <name>Charles Schwab Corp. (The)</name>
        <lei>549300VSGCJ7E698NM85</lei>
        <title>Charles Schwab Corp. (The), Series J, Pfd.</title>
        <cusip>808513865</cusip>
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        <name>NextEra Energy Capital Holdings, Inc.</name>
        <lei>UMI46YPGBLUE4VGNNT48</lei>
        <title>NextEra Energy Capital Holdings, Inc., Series K, Investment Units</title>
        <cusip>65339K100</cusip>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>United States Cellular Corp.</name>
        <lei>N/A</lei>
        <title>United States Cellular Corp., Pfd.</title>
        <cusip>911684702</cusip>
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        <balance>1026287.00000000</balance>
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        <invCountry>US</invCountry>
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      </invstOrSec>
      <invstOrSec>
        <name>AXIS Capital Holdings Ltd.</name>
        <lei>N/A</lei>
        <title>AXIS Capital Holdings Ltd., Series E, Pfd.</title>
        <cusip>05461T305</cusip>
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          <isin value="US05461T3059"/>
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        <balance>1209276.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EP</assetCat>
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        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Triton International Ltd.</name>
        <lei>N/A</lei>
        <title>Triton International Ltd., Pfd.</title>
        <cusip>EP0573691</cusip>
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          <isin value="BMG9078F1317"/>
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        <balance>297009.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
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        <invCountry>BM</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Brighthouse Financial, Inc.</name>
        <lei>5493003T8SZSHOGGAW52</lei>
        <title>Brighthouse Financial, Inc., Series B, Pfd.</title>
        <cusip>10922N509</cusip>
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          <isin value="US10922N5095"/>
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        <balance>824610.00000000</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>
      <invstOrSec>
        <name>Assurant, Inc.</name>
        <lei>H3F39CAXWQRVWURFXL38</lei>
        <title>Assurant, Inc., Pfd.</title>
        <cusip>04621X306</cusip>
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          <isin value="US04621X3061"/>
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        <balance>427605.00000000</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>Telephone and Data Systems, Inc.</name>
        <lei>N/A</lei>
        <title>Telephone and Data Systems, Inc., Series VV, Pfd.</title>
        <cusip>879433761</cusip>
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          <isin value="US8794337613"/>
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        <balance>1492951.00000000</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>
      <invstOrSec>
        <name>First Midwest Bancorp, Inc.</name>
        <lei>7XRS7ORI584PF41IVU88</lei>
        <title>First Midwest Bancorp, Inc., Series A, Pfd.</title>
        <cusip>320867203</cusip>
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          <isin value="US3208672036"/>
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        <balance>215999.00000000</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>Capital One Financial Corp.</name>
        <lei>ZUE8T73ROZOF6FLBAR73</lei>
        <title>Capital One Financial Corp., Series K, Pfd.</title>
        <cusip>14040H774</cusip>
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          <isin value="US14040H7742"/>
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        <balance>201661.00000000</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>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Public Storage</name>
        <lei>549300LMZF40TKJ6DM64</lei>
        <title>Public Storage, Series P, Pfd.</title>
        <cusip>74460W461</cusip>
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          <isin value="US74460W4612"/>
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        <balance>1393530.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <loanByFundCondition isLoanByFund="Y" loanVal="263648.00000000"/>
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      <invstOrSec>
        <name>CMS Energy Corp.</name>
        <lei>549300IA9XFBAGNIBW29</lei>
        <title>CMS Energy Corp., Pfd.</title>
        <cusip>125896860</cusip>
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          <isin value="US1258968601"/>
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        <balance>445903.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <loanByFundCondition isLoanByFund="Y" loanVal="13035.00000000"/>
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      <invstOrSec>
        <name>American Financial Group, Inc.</name>
        <lei>549300AFOM7IVKIU1G39</lei>
        <title>American Financial Group, Inc., Pfd.</title>
        <cusip>025932807</cusip>
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          <isin value="US0259328070"/>
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        <balance>191194.00000000</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>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Brookfield Infrastructure Partners L.P.</name>
        <lei>549300WEH5R2OODI7Y90</lei>
        <title>Brookfield Infrastructure Partners L.P., Series 13</title>
        <cusip>EP0593202</cusip>
        <identifiers>
          <isin value="USG162522670"/>
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        <balance>441894.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>10897106.04000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Prospect Capital Corp.</name>
        <lei>549300FSD8T39P5Q0O47</lei>
        <title>Prospect Capital Corp., Series A, Pfd.</title>
        <cusip>74348T565</cusip>
        <identifiers>
          <isin value="US74348T5653"/>
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        <balance>363842.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>7833518.26000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Global Net Lease, Inc.</name>
        <lei>549300NUYANCT5SU8Z65</lei>
        <title>Global Net Lease, Inc., Series B, Pfd.</title>
        <cusip>379378409</cusip>
        <identifiers>
          <isin value="US3793784097"/>
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        <balance>19050.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>490156.50000000</valUSD>
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        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Washington Federal, Inc.</name>
        <lei>N/A</lei>
        <title>Washington Federal, Inc., Series A, Pfd.</title>
        <cusip>938824307</cusip>
        <identifiers>
          <isin value="US9388243076"/>
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        <balance>590494.00000000</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>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>State Street Corp.</name>
        <lei>549300ZFEEJ2IP5VME73</lei>
        <title>State Street Corp., Series D, Pfd.</title>
        <cusip>857477608</cusip>
        <identifiers>
          <isin value="US8574776089"/>
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        <balance>1519676.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>40651333.00000000</valUSD>
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        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Capital One Financial Corp.</name>
        <lei>ZUE8T73ROZOF6FLBAR73</lei>
        <title>Capital One Financial Corp., Series N, Pfd.</title>
        <cusip>14040H733</cusip>
        <identifiers>
          <isin value="US14040H7338"/>
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        <balance>869310.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>21306788.10000000</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>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>1259674.00000000</balance>
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        <assetCat>EP</assetCat>
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        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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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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        <balance>1077322.00000000</balance>
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        <fairValLevel>1</fairValLevel>
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        <name>NextEra Energy Capital Holdings, Inc.</name>
        <lei>UMI46YPGBLUE4VGNNT48</lei>
        <title>NextEra Energy Capital Holdings, Inc., Series N, Pfd.</title>
        <cusip>65339K860</cusip>
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        <balance>1471445.00000000</balance>
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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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        <balance>1232813.00000000</balance>
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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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        <name>Apollo Global Management, Inc.</name>
        <lei>54930054P2G7ZJB0KM79</lei>
        <title>Apollo Global Management, Inc., Series A, Pfd.</title>
        <cusip>03768E303</cusip>
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        <balance>589418.00000000</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>First Republic Bank</name>
        <lei>YWC0TIKBQM2JV8L4IV08</lei>
        <title>First Republic Bank, Series J, Pfd.</title>
        <cusip>33616C787</cusip>
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        <balance>782572.00000000</balance>
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        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>Ford Motor Co.</name>
        <lei>20S05OYHG0MQM4VUIC57</lei>
        <title>Ford Motor Co., Pfd.</title>
        <cusip>345370845</cusip>
        <identifiers>
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        <balance>1583678.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>42030814.12000000</valUSD>
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        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>AT&amp;T, Inc.</name>
        <lei>549300Z40J86GGSTL398</lei>
        <title>AT&amp;T, Inc., Series A, Pfd.</title>
        <cusip>00206R508</cusip>
        <identifiers>
          <isin value="US00206R5081"/>
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      <invstOrSec>
        <name>Huntington Bancshares, Inc.</name>
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        <title>Huntington Bancshares, Inc., Series C, Pfd.</title>
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      <invstOrSec>
        <name>American International Group, Inc.</name>
        <lei>ODVCVCQG2BP6VHV36M30</lei>
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      <invstOrSec>
        <name>NuStar Energy L.P.</name>
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      <invstOrSec>
        <name>DTE Energy Co.</name>
        <lei>549300IX8SD6XXD71I78</lei>
        <title>DTE Energy Co., Pfd.</title>
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      <invstOrSec>
        <name>Brunswick Corp.</name>
        <lei>YM4O38W15AX4YLLQKU27</lei>
        <title>Brunswick Corp., Pfd.</title>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Apollo Global Management, Inc.</name>
        <lei>54930054P2G7ZJB0KM79</lei>
        <title>Apollo Global Management, Inc., Series B, Pfd.</title>
        <cusip>03768E402</cusip>
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          <isin value="US03768E4026"/>
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        <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>759351802</cusip>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Carlyle Finance LLC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>First Republic Bank</name>
        <lei>YWC0TIKBQM2JV8L4IV08</lei>
        <title>First Republic Bank, Series M, Pfd.</title>
        <cusip>33616C720</cusip>
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        <name>Fifth Third Bancorp</name>
        <lei>THRNG6BD57P9QWTQLG42</lei>
        <title>Fifth Third Bancorp, Series A, Pfd.</title>
        <cusip>316773886</cusip>
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        <balance>241202.00000000</balance>
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        <name>Brookfield Property Partners L.P.</name>
        <lei>5493004J5Z0TZW83NU62</lei>
        <title>Brookfield Property Partners L.P., Series A-1</title>
        <cusip>G16249149</cusip>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Southern Co. (The)</name>
        <lei>549300FC3G3YU2FBZD92</lei>
        <title>Southern Co. (The), Series C</title>
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        <name>Wintrust Financial Corp.</name>
        <lei>Q774KI4AW80FHFW33O61</lei>
        <title>Wintrust Financial Corp., Series E, Pfd.</title>
        <cusip>97650W504</cusip>
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        <name>Truist Financial Corp.</name>
        <lei>549300DRQQI75D2JP341</lei>
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        <cusip>89832Q695</cusip>
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        <name>Pitney Bowes, Inc.</name>
        <lei>549300N2O26NW4ST6W55</lei>
        <title>Pitney Bowes, Inc., Pfd.</title>
        <cusip>724479506</cusip>
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        <name>Invesco Private Government Fund</name>
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        <title>Invesco Private Government Fund</title>
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        <assetCat>STIV</assetCat>
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        <name>Oaktree Capital Group, LLC</name>
        <lei>254900T1ODNFOK2L6090</lei>
        <title>Oaktree Capital Group, LLC, Series A, Pfd.</title>
        <cusip>674001300</cusip>
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        <name>Western Alliance Bancorp</name>
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        <title>Western Alliance Bancorp, Series A, Pfd.</title>
        <cusip>957638406</cusip>
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        <name>U.S. Bancorp</name>
        <lei>N1GZ7BBF3NP8GI976H15</lei>
        <title>U.S. Bancorp, Series L, Pfd.</title>
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        <name>Aspen Insurance Holdings Ltd.</name>
        <lei>549300YX6HECG9XQCQ75</lei>
        <title>Aspen Insurance Holdings Ltd., Pfd.</title>
        <cusip>G05384154</cusip>
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        <name>First Republic Bank</name>
        <lei>YWC0TIKBQM2JV8L4IV08</lei>
        <title>First Republic Bank, Series L, Pfd.</title>
        <cusip>33616C746</cusip>
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        <name>Capital One Financial Corp.</name>
        <lei>ZUE8T73ROZOF6FLBAR73</lei>
        <title>Capital One Financial Corp., Series G, Pfd.</title>
        <cusip>14040H865</cusip>
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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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        <invCountry>US</invCountry>
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        <name>KKR Group Finance Co. IX LLC</name>
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        <name>Entergy New Orleans LLC</name>
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      <invstOrSec>
        <name>Duke Energy Corp.</name>
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        <name>Citigroup, Inc.</name>
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        <name>Athene Holding Ltd.</name>
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        <name>Kimco Realty Corp.</name>
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        <name>SCE Trust VI</name>
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        <name>Bank of America Corp.</name>
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        <name>Public Storage</name>
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        <name>MetLife, Inc.</name>
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        <name>CNO Financial Group, Inc.</name>
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        <name>Kimco Realty Corp.</name>
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        <name>SL Green Realty Corp.</name>
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        <name>RenaissanceRe Holdings Ltd.</name>
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        <name>Triton International Ltd.</name>
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        <name>Texas Capital Bancshares, Inc.</name>
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        <name>Aspen Insurance Holdings Ltd.</name>
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        <name>Duke Energy Corp.</name>
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        <name>Algonquin Power &amp; Utilities Corp.</name>
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        <name>Brunswick Corp.</name>
        <lei>YM4O38W15AX4YLLQKU27</lei>
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        <name>Interstate Power &amp; Light Co.</name>
        <lei>EF9UQIIO4KY2BWOK3P26</lei>
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        <name>Qwest Corp.</name>
        <lei>549300R2L4N683OO1509</lei>
        <title>Qwest Corp., Pfd.</title>
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        <name>First Horizon Corp.</name>
        <lei>TF3RXI1ZB1TQ30H9JV10</lei>
        <title>First Horizon Corp., Pfd.</title>
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        <name>JPMorgan Chase &amp; Co.</name>
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        <name>W. R. Berkley Corp.</name>
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        <name>Athene Holding Ltd.</name>
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        <name>Cadence Bank</name>
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        <name>JPMorgan Chase &amp; Co.</name>
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        <name>Capital One Financial Corp.</name>
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        <name>Arch Capital Group Ltd.</name>
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        <name>Agree Realty Corp.</name>
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        <name>American Homes 4 Rent</name>
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        <name>Reinsurance Group of America, Inc.</name>
        <lei>LORM1GNEU1DKEW527V90</lei>
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        <name>Goldman Sachs Group, Inc. (The)</name>
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        <name>EPR Properties</name>
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        <name>State Street Corp.</name>
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        <name>Brookfield Renewable Partners L.P.</name>
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        <name>Morgan Stanley</name>
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        <name>PS Business Parks, Inc.</name>
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        <cusip>69360J578</cusip>
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        <name>Arch Capital Group Ltd.</name>
        <lei>549300AYR4P8AFKDCE43</lei>
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        <name>AT&amp;T, Inc.</name>
        <lei>549300Z40J86GGSTL398</lei>
        <title>AT&amp;T, Inc., Pfd.</title>
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        <name>Public Storage</name>
        <lei>549300LMZF40TKJ6DM64</lei>
        <title>Public Storage, Series I, Pfd.</title>
        <cusip>74460W628</cusip>
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        <name>Entergy Arkansas LLC</name>
        <lei>549300A0I5ONUIFMLP35</lei>
        <title>Entergy Arkansas LLC, Pfd.</title>
        <cusip>29364D100</cusip>
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      </invstOrSec>
      <invstOrSec>
        <name>Prudential Financial, Inc.</name>
        <lei>5PRBRS5FEH7NREC8OR45</lei>
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          <isin value="US7443208886"/>
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        <assetCat>EP</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Aspen Insurance Holdings Ltd.</name>
        <lei>549300YX6HECG9XQCQ75</lei>
        <title>Aspen Insurance Holdings Ltd., Pfd.</title>
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          <isin value="BMG053841620"/>
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        <balance>545758.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
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        <invCountry>BM</invCountry>
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        <fairValLevel>1</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>Goldman Sachs Group, Inc. (The)</name>
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          <isin value="US38148B1089"/>
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        <assetCat>EP</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Allstate Corp. (The)</name>
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        <title>Allstate Corp. (The), Series I, Pfd.</title>
        <cusip>020002812</cusip>
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          <isin value="US0200028126"/>
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        <curCd>USD</curCd>
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        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Invesco Private Prime Fund</name>
        <lei>N/A</lei>
        <title>Invesco Private Prime Fund</title>
        <cusip>N/A</cusip>
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        <curCd>USD</curCd>
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        <assetCat>STIV</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="144824000.10000000" isCashCollateral="Y"/>
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      <invstOrSec>
        <name>Public Storage</name>
        <lei>549300LMZF40TKJ6DM64</lei>
        <title>Public Storage, Series O, Pfd.</title>
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          <isin value="US74460W4877"/>
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        <balance>423460.00000000</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>Ford Motor Co.</name>
        <lei>20S05OYHG0MQM4VUIC57</lei>
        <title>Ford Motor Co., Pfd.</title>
        <cusip>345370837</cusip>
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          <isin value="US3453708378"/>
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        <balance>1690158.00000000</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>Vornado Realty Trust</name>
        <lei>N/A</lei>
        <title>Vornado Realty Trust, Series L, Pfd.</title>
        <cusip>929042844</cusip>
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          <isin value="US9290428443"/>
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        <balance>479196.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Fifth Third Bancorp</name>
        <lei>THRNG6BD57P9QWTQLG42</lei>
        <title>Fifth Third Bancorp, Series K, Pfd.</title>
        <cusip>316773860</cusip>
        <identifiers>
          <isin value="US3167738604"/>
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        <balance>534236.00000000</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>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="13245.00000000"/>
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      <invstOrSec>
        <name>Telephone and Data Systems, Inc.</name>
        <lei>N/A</lei>
        <title>Telephone and Data Systems, Inc., Series UU, Pfd.</title>
        <cusip>879433787</cusip>
        <identifiers>
          <isin value="US8794337878"/>
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        <balance>818753.00000000</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>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Energy Transfer L.P.</name>
        <lei>MTLVN9N7JE8MIBIJ1H73</lei>
        <title>Energy Transfer L.P., Series D, Pfd.</title>
        <cusip>29273V506</cusip>
        <identifiers>
          <isin value="US29273V5066"/>
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        <balance>913679.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Brighthouse Financial, Inc.</name>
        <lei>5493003T8SZSHOGGAW52</lei>
        <title>Brighthouse Financial, Inc., Series C, Pfd.</title>
        <cusip>10922N707</cusip>
        <identifiers>
          <isin value="US10922N7075"/>
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        <balance>1102890.00000000</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>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <loanByFundCondition isLoanByFund="Y" loanVal="7647.00000000"/>
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      <invstOrSec>
        <name>CMS Energy Corp.</name>
        <lei>549300IA9XFBAGNIBW29</lei>
        <title>CMS Energy Corp., Pfd.</title>
        <cusip>125896852</cusip>
        <identifiers>
          <isin value="US1258968528"/>
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        <balance>580537.00000000</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>DTE Energy Co.</name>
        <lei>549300IX8SD6XXD71I78</lei>
        <title>DTE Energy Co., Series F, Investment Units</title>
        <cusip>233331867</cusip>
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          <isin value="US2333318671"/>
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        <balance>872271.00000000</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>Public Storage</name>
        <lei>549300LMZF40TKJ6DM64</lei>
        <title>Public Storage, Series Q, Pfd.</title>
        <cusip>74460W446</cusip>
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          <isin value="US74460W4463"/>
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        <balance>326440.00000000</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>Fortress Transportation and Infrastructure Investors LLC</name>
        <lei>529900E7PUVK6BC8PE80</lei>
        <title>Fortress Transportation and Infrastructure Investors LLC, Series C, Pfd.</title>
        <cusip>34960P408</cusip>
        <identifiers>
          <isin value="US34960P4081"/>
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        <balance>209272.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CMS Energy Corp.</name>
        <lei>549300IA9XFBAGNIBW29</lei>
        <title>CMS Energy Corp., Series C, Pfd.</title>
        <cusip>125896837</cusip>
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          <isin value="US1258968379"/>
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        <balance>481336.00000000</balance>
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        <assetCat>EP</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Navient Corp.</name>
        <lei>54930067J0ZNOEBRW338</lei>
        <title>Navient Corp., Pfd.</title>
        <cusip>63938C405</cusip>
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          <isin value="US63938C4050"/>
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        <balance>728660.00000000</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>Zions Bancorp. N.A.</name>
        <lei>8WH0EE09O9V05QJZ3V89</lei>
        <title>Zions Bancorp. N.A., Series G, Pfd.</title>
        <cusip>989701859</cusip>
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          <isin value="US9897018597"/>
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        <balance>229581.00000000</balance>
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        <assetCat>EP</assetCat>
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      <invstOrSec>
        <name>Sempra Energy</name>
        <lei>PBBKGKLRK5S5C0Y4T545</lei>
        <title>Sempra Energy, Pfd.</title>
        <cusip>816851604</cusip>
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          <isin value="US8168516040"/>
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        <balance>1588882.00000000</balance>
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        <assetCat>EP</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Diversified Healthcare Trust</name>
        <lei>N/A</lei>
        <title>Diversified Healthcare Trust, Pfd.</title>
        <cusip>25525P305</cusip>
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          <isin value="US25525P3055"/>
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        <balance>522150.00000000</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>First Citizens BancShares, Inc.</name>
        <lei>549300N3Z00ZHE2XC526</lei>
        <title>First Citizens BancShares, Inc., Series A, Pfd.</title>
        <cusip>319626305</cusip>
        <identifiers>
          <isin value="US3196263053"/>
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        <balance>684400.00000000</balance>
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        <valUSD>18047628.00000000</valUSD>
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        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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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>644854.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>17727036.46000000</valUSD>
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        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <loanByFundCondition isLoanByFund="Y" loanVal="19474.00000000"/>
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      <invstOrSec>
        <name>Charles Schwab Corp. (The)</name>
        <lei>549300VSGCJ7E698NM85</lei>
        <title>Charles Schwab Corp. (The), Series D, Pfd.</title>
        <cusip>808513600</cusip>
        <identifiers>
          <isin value="US8085136005"/>
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        <balance>1554424.00000000</balance>
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        <name>JPMorgan Chase &amp; Co.</name>
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      <invstOrSec>
        <name>Associated Banc-Corp.</name>
        <lei>549300N3CIN473IW5094</lei>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Associated Banc-Corp.</name>
        <lei>549300N3CIN473IW5094</lei>
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      <invstOrSec>
        <name>Wells Fargo &amp; Co.</name>
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        <name>W R Berkley Corp.</name>
        <lei>SQOAGCLKBDWNVYV1OV80</lei>
        <title>W R Berkley Corp., Pfd.</title>
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        <name>Stifel Financial Corp.</name>
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        <name>SCE Trust IV</name>
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        <name>US Bancorp</name>
        <lei>N1GZ7BBF3NP8GI976H15</lei>
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        <name>Allstate Corp. (The)</name>
        <lei>OBT0W1ED8G0NWVOLOJ77</lei>
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        <name>Stifel Financial Corp.</name>
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        <name>Morgan Stanley</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
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        <cusip>61762V606</cusip>
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        <name>Bank of America Corp.</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
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        <name>Fulton Financial Corp.</name>
        <lei>5493005QLZ6O1BNC0C11</lei>
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        <name>Brunswick Corp.</name>
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        <name>Citigroup, Inc.</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
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        <name>Fortress Transportation and Infrastructure Investors LLC</name>
        <lei>529900E7PUVK6BC8PE80</lei>
        <title>Fortress Transportation and Infrastructure Investors LLC, Series A, Pfd.</title>
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        <name>Global Net Lease, Inc.</name>
        <lei>549300NUYANCT5SU8Z65</lei>
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        <name>Silvergate Capital Corp.</name>
        <lei>BPE6FTXDZEBNAGIT2T19</lei>
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        <name>United States Cellular Corp.</name>
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        <name>Hartford Financial Services Group, Inc. (The)</name>
        <lei>IU7C3FTM7Y3BQM112U94</lei>
        <title>Hartford Financial Services Group, Inc. (The), Series G, Pfd.</title>
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        <name>American Financial Group, Inc.</name>
        <lei>549300AFOM7IVKIU1G39</lei>
        <title>American Financial Group, Inc., Pfd.</title>
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        <name>Prudential PLC</name>
        <lei>5493001Z3ZE83NGK8Y12</lei>
        <title>Prudential PLC, Pfd.</title>
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        <invCountry>GB</invCountry>
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        <name>Wells Fargo &amp; Co.</name>
        <lei>PBLD0EJDB5FWOLXP3B76</lei>
        <title>Wells Fargo &amp; Co., Series AA, Pfd.</title>
        <cusip>94988U128</cusip>
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        <invCountry>US</invCountry>
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      </invstOrSec>
      <invstOrSec>
        <name>American Financial Group, Inc.</name>
        <lei>549300AFOM7IVKIU1G39</lei>
        <title>American Financial Group, Inc., Pfd.</title>
        <cusip>025932880</cusip>
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          <isin value="US0259328807"/>
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        <balance>448218.00000000</balance>
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        <fairValLevel>1</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>Truist Financial Corp.</name>
        <lei>549300DRQQI75D2JP341</lei>
        <title>Truist Financial Corp., Series O, Pfd.</title>
        <cusip>89832Q745</cusip>
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          <isin value="US89832Q7455"/>
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        <balance>1247329.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Brookfield Infrastructure Partners L.P.</name>
        <lei>549300WEH5R2OODI7Y90</lei>
        <title>Brookfield Infrastructure Partners L.P., Series 14, Pfd.</title>
        <cusip>EP0597286</cusip>
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          <isin value="BMG162522756"/>
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        <balance>498475.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EP</assetCat>
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        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Southern Co. (The)</name>
        <lei>549300FC3G3YU2FBZD92</lei>
        <title>Southern Co. (The), Series 2020, Pfd.</title>
        <cusip>842587800</cusip>
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          <isin value="US8425878001"/>
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        <balance>2027411.00000000</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>Hancock Whitney Corp.</name>
        <lei>549300GRNBWY8HIICT41</lei>
        <title>Hancock Whitney Corp., Pfd.</title>
        <cusip>410120406</cusip>
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          <isin value="US4101204067"/>
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        <balance>383504.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Bank of America Corp.</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
        <title>Bank of America Corp., Series QQ, Pfd.</title>
        <cusip>06055H806</cusip>
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          <isin value="US06055H8060"/>
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        <balance>2740000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Public Storage</name>
        <lei>549300LMZF40TKJ6DM64</lei>
        <title>Public Storage, Series F, Pfd.</title>
        <cusip>74460W685</cusip>
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          <isin value="US74460W6856"/>
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        <balance>633944.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>QVC, Inc.</name>
        <lei>549300WBLU5NKPX5X472</lei>
        <title>QVC, Inc., Pfd.</title>
        <cusip>747262301</cusip>
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          <isin value="US7472623013"/>
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        <balance>463405.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>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>285758.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>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>1130232.00000000</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>Entergy Mississippi LLC</name>
        <lei>54930043I78H35DVVW89</lei>
        <title>Entergy Mississippi LLC, Pfd.</title>
        <cusip>29364N108</cusip>
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          <isin value="US29364N1081"/>
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        <balance>598176.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Wells Fargo &amp; Co.</name>
        <lei>PBLD0EJDB5FWOLXP3B76</lei>
        <title>Wells Fargo &amp; Co., Series DD, Pfd.</title>
        <cusip>95002Y400</cusip>
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          <isin value="US95002Y4008"/>
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        <balance>2774271.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>68080610.34000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>KeyCorp</name>
        <lei>RKPI3RZGV1V1FJTH5T61</lei>
        <title>KeyCorp, Series G, Pfd.</title>
        <cusip>493267868</cusip>
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          <isin value="US4932678687"/>
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        <balance>886987.00000000</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>Citizens Financial Group, Inc.</name>
        <lei>2138004JDDA4ZQUPFW65</lei>
        <title>Citizens Financial Group, Inc., Series D, Pfd.</title>
        <cusip>174610204</cusip>
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        <balance>639189.00000000</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>Brookfield Property Preferred L.P.</name>
        <lei>N/A</lei>
        <title>Brookfield Property Preferred L.P., Pfd.</title>
        <cusip>G1624R107</cusip>
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          <isin value="BMG1624R1079"/>
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        <balance>1375766.00000000</balance>
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        <curCd>USD</curCd>
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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>Capital One Financial Corp.</name>
        <lei>ZUE8T73ROZOF6FLBAR73</lei>
        <title>Capital One Financial Corp., Series I, Pfd.</title>
        <cusip>14040H824</cusip>
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        <balance>3110601.00000000</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>QVC, Inc.</name>
        <lei>549300WBLU5NKPX5X472</lei>
        <title>QVC, Inc.</title>
        <cusip>747262400</cusip>
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        <fairValLevel>1</fairValLevel>
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        <name>Stifel Financial Corp.</name>
        <lei>549300E5F07FE5GHJX84</lei>
        <title>Stifel Financial Corp., Series D, Pfd.</title>
        <cusip>860630862</cusip>
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        <fairValLevel>1</fairValLevel>
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        <name>Triton International Ltd.</name>
        <lei>N/A</lei>
        <title>Triton International Ltd.</title>
        <cusip>EP0580365</cusip>
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          <isin value="BMG9078F1499"/>
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        <balance>384195.00000000</balance>
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        <invCountry>BM</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Globe Life, Inc.</name>
        <lei>5493001JFHKQOPP6XA71</lei>
        <title>Globe Life, Inc., Pfd.</title>
        <cusip>37959E300</cusip>
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        <balance>693847.00000000</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>Public Storage</name>
        <lei>549300LMZF40TKJ6DM64</lei>
        <title>Public Storage, Series H, Pfd.</title>
        <cusip>74460W644</cusip>
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          <isin value="US74460W6443"/>
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        <balance>557087.00000000</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>United States Cellular Corp.</name>
        <lei>N/A</lei>
        <title>United States Cellular Corp.</title>
        <cusip>911684801</cusip>
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        <balance>1086552.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Brighthouse Financial, Inc.</name>
        <lei>5493003T8SZSHOGGAW52</lei>
        <title>Brighthouse Financial, Inc., Pfd.</title>
        <cusip>10922N202</cusip>
        <identifiers>
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        <balance>869644.00000000</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>Federal Realty Investment Trust</name>
        <lei>549300LI6XZ51GOCJ427</lei>
        <title>Federal Realty Investment Trust, Series C, Pfd.</title>
        <cusip>313747701</cusip>
        <identifiers>
          <isin value="US3137477010"/>
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        <balance>316805.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>8008830.40000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <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>208596.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5483988.84000000</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="90236.00000000"/>
        </securityLending>
      </invstOrSec>
      <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>716307.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>18108240.96000000</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="2584.00000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Diversified Healthcare Trust</name>
        <lei>N/A</lei>
        <title>Diversified Healthcare Trust, Pfd.</title>
        <cusip>25525P206</cusip>
        <identifiers>
          <isin value="US25525P2065"/>
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        <balance>761124.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>17346015.96000000</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="2317.00000000"/>
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      </invstOrSec>
      <invstOrSec>
        <name>Allstate Corp. (The)</name>
        <lei>OBT0W1ED8G0NWVOLOJ77</lei>
        <title>Allstate Corp. (The), Series G, Pfd.</title>
        <cusip>020002127</cusip>
        <identifiers>
          <isin value="US0200021279"/>
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        <balance>1245945.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>32905407.45000000</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="3432150.00000000"/>
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      </invstOrSec>
      <invstOrSec>
        <name>AT&amp;T, Inc.</name>
        <lei>549300Z40J86GGSTL398</lei>
        <title>AT&amp;T, Inc., Pfd.</title>
        <cusip>00206R409</cusip>
        <identifiers>
          <isin value="US00206R4092"/>
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        <balance>1727004.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>45817416.12000000</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="4786200.00000000"/>
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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>234379.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6218074.87000000</valUSD>
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        <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>
          <loanByFundCondition isLoanByFund="Y" loanVal="26640.00000000"/>
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      </invstOrSec>
      <invstOrSec>
        <name>Digital Realty Trust, Inc.</name>
        <lei>549300HKCZ31D08NEI41</lei>
        <title>Digital Realty Trust, Inc., Series J, Pfd.</title>
        <cusip>253868855</cusip>
        <identifiers>
          <isin value="US2538688555"/>
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        <balance>549377.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>14146457.75000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Public Storage</name>
        <lei>549300LMZF40TKJ6DM64</lei>
        <title>Public Storage, Series G, Pfd.</title>
        <cusip>74460W669</cusip>
        <identifiers>
          <isin value="US74460W6690"/>
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        <balance>1039499.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>26517619.49000000</valUSD>
        <pctVal>0.357900384626</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="2560.00000000"/>
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      </invstOrSec>
      <invstOrSec>
        <name>Regions Financial Corp.</name>
        <lei>CW05CS5KW59QTC0DG824</lei>
        <title>Regions Financial Corp., Series E, Pfd.</title>
        <cusip>7591EP886</cusip>
        <identifiers>
          <isin value="US7591EP8869"/>
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        <balance>839038.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>20724238.60000000</valUSD>
        <pctVal>0.279708854289</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>Vornado Realty Trust</name>
        <lei>N/A</lei>
        <title>Vornado Realty Trust, Series N, Pfd.</title>
        <cusip>929042810</cusip>
        <identifiers>
          <isin value="US9290428104"/>
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        <balance>562139.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>14441350.91000000</valUSD>
        <pctVal>0.194910596977</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>Hudson Pacific Properties, Inc.</name>
        <lei>N/A</lei>
        <title>Hudson Pacific Properties, Inc., Series C, Pfd.</title>
        <cusip>444097307</cusip>
        <identifiers>
          <isin value="US4440973075"/>
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        <balance>61994.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1559769.04000000</valUSD>
        <pctVal>0.021051736546</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>First Republic Bank</name>
        <lei>YWC0TIKBQM2JV8L4IV08</lei>
        <title>First Republic Bank, Series I, Pfd.</title>
        <cusip>336158803</cusip>
        <identifiers>
          <isin value="US3361588037"/>
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        <balance>666740.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>17581933.80000000</valUSD>
        <pctVal>0.237298105581</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="5252.00000000"/>
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      <invstOrSec>
        <name>DTE Energy Co.</name>
        <lei>549300IX8SD6XXD71I78</lei>
        <title>DTE Energy Co., Series G</title>
        <cusip>233331826</cusip>
        <identifiers>
          <isin value="US2333318267"/>
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        <balance>395296.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9961459.20000000</valUSD>
        <pctVal>0.134446837525</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="2202180.00000000"/>
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      <invstOrSec>
        <name>Argo Group U.S., Inc.</name>
        <lei>N/A</lei>
        <title>Argo Group U.S., Inc., Pfd.</title>
        <cusip>040130205</cusip>
        <identifiers>
          <isin value="US0401302056"/>
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        <balance>270338.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6904432.52000000</valUSD>
        <pctVal>0.093187062114</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="2590.00000000"/>
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      <invstOrSec>
        <name>Vornado Realty Trust</name>
        <lei>N/A</lei>
        <title>Vornado Realty Trust, Series M, Pfd.</title>
        <cusip>929042828</cusip>
        <identifiers>
          <isin value="US9290428286"/>
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        <balance>715887.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>18233641.89000000</valUSD>
        <pctVal>0.246094014888</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="812800.00000000"/>
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      <invstOrSec>
        <name>Alabama Power Co.</name>
        <lei>0RL818ELFOHP5JHOFU19</lei>
        <title>Alabama Power Co., Series A, Pfd.</title>
        <cusip>010392462</cusip>
        <identifiers>
          <isin value="US0103924629"/>
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        <balance>521765.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>13461537.00000000</valUSD>
        <pctVal>0.181686341482</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Brookfield Infrastructure Finance ULC</name>
        <lei>N/A</lei>
        <title>Brookfield Infrastructure Finance ULC, Pfd.</title>
        <cusip>11276B109</cusip>
        <identifiers>
          <isin value="US11276B1098"/>
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        <balance>468810.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>11762442.90000000</valUSD>
        <pctVal>0.158754176243</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CIT Group, Inc.</name>
        <lei>N8O96ZZJQRFYQUJY7K79</lei>
        <title>CIT Group, Inc., Series B, Pfd.</title>
        <cusip>125581884</cusip>
        <identifiers>
          <isin value="US1255818841"/>
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        <balance>404348.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10480700.16000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Algonquin Power &amp; Utilities Corp.</name>
        <lei>549300K5VIUTJXQL7X75</lei>
        <title>Algonquin Power &amp; Utilities Corp., Series 19-A, Pfd.</title>
        <cusip>015857808</cusip>
        <identifiers>
          <isin value="US0158578080"/>
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        <balance>736246.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>20364564.36000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CMS Energy Corp.</name>
        <lei>549300IA9XFBAGNIBW29</lei>
        <title>CMS Energy Corp., Pfd.</title>
        <cusip>125896845</cusip>
        <identifiers>
          <isin value="US1258968452"/>
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        <balance>1380928.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>36677447.68000000</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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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Digital Realty Trust, Inc.</name>
        <lei>549300HKCZ31D08NEI41</lei>
        <title>Digital Realty Trust, Inc., Series L, Pfd.</title>
        <cusip>253868822</cusip>
        <identifiers>
          <isin value="US2538688225"/>
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        <balance>720179.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>19192770.35000000</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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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Enstar Group Ltd.</name>
        <lei>213800AMAL5QFXVUCN04</lei>
        <title>Enstar Group Ltd., Series E, Pfd.</title>
        <cusip>29359U208</cusip>
        <identifiers>
          <isin value="US29359U2087"/>
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        <balance>212269.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5659091.54000000</valUSD>
        <pctVal>0.076379067116</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>
          <loanByFundCondition isLoanByFund="Y" loanVal="13350.00000000"/>
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      </invstOrSec>
      <invstOrSec>
        <name>Bank of America Corp.</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
        <title>Bank of America Corp., Series PP, Pfd.</title>
        <cusip>06055H608</cusip>
        <identifiers>
          <isin value="US06055H6080"/>
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        <balance>2292510.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>55937244.00000000</valUSD>
        <pctVal>0.754968263652</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="41018116.23000000"/>
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      </invstOrSec>
      <invstOrSec>
        <name>Fossil Group, Inc.</name>
        <lei>DDMY8YZ6L8UEMS1FDM73</lei>
        <title>Fossil Group, Inc., Pfd.</title>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Spire, Inc.</name>
        <lei>549300NXSY15DRY2R511</lei>
        <title>Spire, Inc., Series A, Pfd.</title>
        <cusip>84857L309</cusip>
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          <isin value="US84857L3096"/>
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        <balance>527271.00000000</balance>
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      <invstOrSec>
        <name>Brighthouse Financial, Inc.</name>
        <lei>5493003T8SZSHOGGAW52</lei>
        <title>Brighthouse Financial, Inc., Series A, Pfd.</title>
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          <isin value="US10922N3017"/>
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      <invstOrSec>
        <name>Triton International Ltd.</name>
        <lei>N/A</lei>
        <title>Triton International Ltd., Pfd.</title>
        <cusip>EP0585000</cusip>
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          <isin value="BMG9078F2067"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Citizens Financial Group, Inc.</name>
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      <invstOrSec>
        <name>JPMorgan Chase &amp; Co.</name>
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        <title>JPMorgan Chase &amp; Co., Series DD, Pfd.</title>
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          <isin value="US48128B6552"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Morgan Stanley</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>Morgan Stanley, Series I, Pfd.</title>
        <cusip>61761J406</cusip>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>New York Community Bancorp, Inc.</name>
        <lei>529900HVXOTLY61GL030</lei>
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          <isin value="US6494452021"/>
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      <invstOrSec>
        <name>Bank of America Corp.</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Synovus Financial Corp.</name>
        <lei>549300EIUS8UN5JTLE54</lei>
        <title>Synovus Financial Corp., Series E, Pfd.</title>
        <cusip>87161C709</cusip>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Georgia Power Co.</name>
        <lei>D981X4Z4RWS7PDMJUZ03</lei>
        <title>Georgia Power Co., Series 2017A, Pfd.</title>
        <cusip>373334440</cusip>
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      <invstOrSec>
        <name>Digital Realty Trust, Inc.</name>
        <lei>549300HKCZ31D08NEI41</lei>
        <title>Digital Realty Trust, Inc., Series K, Pfd.</title>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Valley National Bancorp</name>
        <lei>549300ET52S1UBIB9762</lei>
        <title>Valley National Bancorp, Series A, Pfd.</title>
        <cusip>919794206</cusip>
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        <name>National Rural Utilities Cooperative Finance Corp.</name>
        <lei>4NYF266XZC35SCTGX023</lei>
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        <cusip>637432105</cusip>
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        <name>Office Properties Income Trust</name>
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        <cusip>67623C208</cusip>
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        <name>Public Storage</name>
        <lei>549300LMZF40TKJ6DM64</lei>
        <title>Public Storage, Series M, Pfd.</title>
        <cusip>74460W537</cusip>
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        <name>Vornado Realty Trust</name>
        <lei>N/A</lei>
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        <cusip>929042794</cusip>
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        <name>Unum Group</name>
        <lei>549300E32YFDO6TZ8R31</lei>
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        <cusip>91529Y601</cusip>
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        <name>Entergy Louisiana, LLC</name>
        <lei>0V5453U14HDZO63CGH17</lei>
        <title>Entergy Louisiana, LLC, Pfd.</title>
        <cusip>29364W108</cusip>
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        <name>Valley National Bancorp</name>
        <lei>549300ET52S1UBIB9762</lei>
        <title>Valley National Bancorp, Series B, Pfd.</title>
        <cusip>919794305</cusip>
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        <name>JPMorgan Chase &amp; Co.</name>
        <lei>8I5DZWZKVSZI1NUHU748</lei>
        <title>JPMorgan Chase &amp; Co., Series EE, Pfd.</title>
        <cusip>48128B648</cusip>
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        <name>Morgan Stanley</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>Morgan Stanley, Series O, Pfd.</title>
        <cusip>61762V861</cusip>
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        <name>First Republic Bank</name>
        <lei>YWC0TIKBQM2JV8L4IV08</lei>
        <title>First Republic Bank, Series H, Pfd.</title>
        <cusip>33616C811</cusip>
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        <name>Brookfield Finance I UK PLC</name>
        <lei>213800JCKNPJE9FDCJ76</lei>
        <title>Brookfield Finance I UK PLC, Pfd.</title>
        <cusip>11272B103</cusip>
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        <balance>465789.00000000</balance>
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        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="134640.00000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Public Storage</name>
        <lei>549300LMZF40TKJ6DM64</lei>
        <title>Public Storage, Series E, Pfd.</title>
        <cusip>74460W719</cusip>
        <identifiers>
          <isin value="US74460W7193"/>
        </identifiers>
        <balance>1317665.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>33257864.60000000</valUSD>
        <pctVal>0.448871458341</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>Signature Bank</name>
        <lei>VLP5AP0XK2GM6GKD1007</lei>
        <title>Signature Bank, Series A, Pfd.</title>
        <cusip>82669G203</cusip>
        <identifiers>
          <isin value="US82669G2030"/>
        </identifiers>
        <balance>1436320.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>36654886.40000000</valUSD>
        <pctVal>0.494720046268</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="10212.00000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Affiliated Managers Group, Inc.</name>
        <lei>2JE75BUE3T1BLCYYGK54</lei>
        <title>Affiliated Managers Group, Inc.</title>
        <cusip>008252843</cusip>
        <identifiers>
          <isin value="US0082528433"/>
        </identifiers>
        <balance>534453.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>13468215.60000000</valUSD>
        <pctVal>0.181776480550</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>Synovus Financial Corp.</name>
        <lei>549300EIUS8UN5JTLE54</lei>
        <title>Synovus Financial Corp., Series D, Pfd.</title>
        <cusip>87161C600</cusip>
        <identifiers>
          <isin value="US87161C6003"/>
        </identifiers>
        <balance>456353.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>12024901.55000000</valUSD>
        <pctVal>0.162296502198</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="7743.00000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>W R Berkley Corp.</name>
        <lei>SQOAGCLKBDWNVYV1OV80</lei>
        <title>W R Berkley Corp.</title>
        <cusip>084423888</cusip>
        <identifiers>
          <isin value="US0844238883"/>
        </identifiers>
        <balance>566752.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>14684544.32000000</valUSD>
        <pctVal>0.198192905746</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="1319565.00000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SVB Financial Group</name>
        <lei>549300D2KJ20JMXE7542</lei>
        <title>SVB Financial Group, Series A, Pfd.</title>
        <cusip>78486Q200</cusip>
        <identifiers>
          <isin value="US78486Q2003"/>
        </identifiers>
        <balance>724852.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>18904140.16000000</valUSD>
        <pctVal>0.255143529639</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="23355.00000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>American Homes 4 Rent</name>
        <lei>549300ZJUO7A58PNUW40</lei>
        <title>American Homes 4 Rent, Series H, Pfd.</title>
        <cusip>02665T868</cusip>
        <identifiers>
          <isin value="US02665T8687"/>
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        <balance>179525.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4712531.25000000</valUSD>
        <pctVal>0.063603625792</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>Cullen/Frost Bankers, Inc.</name>
        <lei>529900V2E9G9AY665O34</lei>
        <title>Cullen/Frost Bankers, Inc., Series B, Pfd.</title>
        <cusip>229899307</cusip>
        <identifiers>
          <isin value="US2298993070"/>
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        <balance>309771.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7889867.37000000</valUSD>
        <pctVal>0.106487181756</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="612502.00000000"/>
        </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"/>
        </identifiers>
        <balance>1006113.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>27577557.33000000</valUSD>
        <pctVal>0.372206048857</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>First Republic Bank</name>
        <lei>YWC0TIKBQM2JV8L4IV08</lei>
        <title>First Republic Bank</title>
        <cusip>33616C761</cusip>
        <identifiers>
          <isin value="US33616C7618"/>
        </identifiers>
        <balance>1093414.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>25946714.22000000</valUSD>
        <pctVal>0.350195046830</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="1300026.00000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Synchrony Financial</name>
        <lei>549300RS7EWPM9MA6C78</lei>
        <title>Synchrony Financial, Series A, Pfd.</title>
        <cusip>87165B202</cusip>
        <identifiers>
          <isin value="US87165B2025"/>
        </identifiers>
        <balance>1541816.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>40549760.80000000</valUSD>
        <pctVal>0.547288001938</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="7860.00000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Oaktree Capital Group, LLC</name>
        <lei>254900T1ODNFOK2L6090</lei>
        <title>Oaktree Capital Group, LLC, Series B, Pfd.</title>
        <cusip>674001409</cusip>
        <identifiers>
          <isin value="US6740014096"/>
        </identifiers>
        <balance>528571.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>13975417.24000000</valUSD>
        <pctVal>0.188622029492</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>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2021-12-30</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>
  <documents>XXXX</documents>
</edgarSubmission>
