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      <invstOrSec>
        <name>American Equity Investment Life Holding Co.</name>
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      <invstOrSec>
        <name>First Horizon Corp.</name>
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      <invstOrSec>
        <name>Equitable Holdings, Inc.</name>
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        <name>Prudential Financial, Inc.</name>
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        <name>Wells Fargo &amp; Co.</name>
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        <name>E. I. du Pont de Nemours and Co.</name>
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        <name>Athene Holding Ltd.</name>
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        <name>The Allstate Corp.</name>
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        <name>PS Business Parks, Inc.</name>
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        <name>Qurate Retail, Inc.</name>
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        <name>Public Storage</name>
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        <cusip>74460W511</cusip>
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        <name>Brookfield BRP Holdings (Canada) Inc.</name>
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        <name>KeyCorp</name>
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        <name>Spirit Realty Capital, Inc.</name>
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        <name>M&amp;T Bank Corp.</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>
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        <name>Public Storage</name>
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        <name>South Jersey Industries, Inc.</name>
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        <name>Public Storage</name>
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        <name>KeyCorp</name>
        <lei>RKPI3RZGV1V1FJTH5T61</lei>
        <title>KeyCorp, Series E, Pfd.</title>
        <cusip>493267702</cusip>
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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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      <invstOrSec>
        <name>SCE Trust II</name>
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      <invstOrSec>
        <name>Webster Financial Corp.</name>
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      <invstOrSec>
        <name>Bank OZK</name>
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        <name>DCP Midstream, L.P.</name>
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      <invstOrSec>
        <name>Wells Fargo &amp; Co.</name>
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        <name>JPMorgan Chase &amp; Co.</name>
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        <name>Integrys Holding, Inc.</name>
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        <name>The Southern Co.</name>
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        <title>The Southern Co., Pfd.</title>
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        <name>MetLife, Inc.</name>
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        <cusip>59156R876</cusip>
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        <name>SITE Centers Corp.</name>
        <lei>W2AVA6SODOQ1LCYJQR54</lei>
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        <cusip>82981J877</cusip>
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        <name>Huntington Bancshares Inc.</name>
        <lei>549300XTVCVV9I7B5T19</lei>
        <title>Huntington Bancshares Inc., Series H, Pfd.</title>
        <cusip>446150823</cusip>
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        <name>Energy Transfer L.P.</name>
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        <cusip>29273V605</cusip>
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        <name>Public Storage</name>
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        <title>Public Storage, Series R, Pfd.</title>
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        <name>NuStar Energy L.P.</name>
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        <cusip>67058H409</cusip>
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        <name>Wintrust Financial Corp.</name>
        <lei>Q774KI4AW80FHFW33O61</lei>
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        <cusip>97650W405</cusip>
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        <name>DCP Midstream, L.P.</name>
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        <cusip>23311P308</cusip>
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        <name>Stifel Financial Corp.</name>
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        <name>AEGON Funding Co. LLC</name>
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        <name>W. R. Berkley Corp.</name>
        <lei>SQOAGCLKBDWNVYV1OV80</lei>
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        <name>Fifth Third Bancorp</name>
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        <name>Bank of America Corp.</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
        <title>Bank of America Corp., Series GG, Pfd.</title>
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        <name>Qwest Corp.</name>
        <lei>549300R2L4N683OO1509</lei>
        <title>Qwest Corp., Pfd.</title>
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        <name>Affiliated Managers Group, Inc.</name>
        <lei>2JE75BUE3T1BLCYYGK54</lei>
        <title>Affiliated Managers Group, Inc., Pfd.</title>
        <cusip>008252850</cusip>
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        <invCountry>US</invCountry>
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        <name>Bank of America Corp.</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Wells Fargo &amp; Co.</name>
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        <title>Wells Fargo &amp; Co., Series Q, Pfd.</title>
        <cusip>949746556</cusip>
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          <isin value="US9497465560"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Old National Bancorp</name>
        <lei>549300MMK90CL5KMVX16</lei>
        <title>Old National Bancorp, Series A, Pfd.</title>
        <cusip>68003D204</cusip>
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          <isin value="US68003D2045"/>
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        <balance>192143.00000000</balance>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Energy Transfer L.P.</name>
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        <cusip>29273V407</cusip>
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          <isin value="US29273V4077"/>
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        <balance>86288.00000000</balance>
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      <invstOrSec>
        <name>SCE Trust III</name>
        <lei>N/A</lei>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>PS Business Parks, Inc.</name>
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        <cusip>69360J552</cusip>
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        <assetCat>EP</assetCat>
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      <invstOrSec>
        <name>DTE Energy Co.</name>
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        <title>DTE Energy Co., Series E, Pfd.</title>
        <cusip>233331859</cusip>
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        <balance>751651.00000000</balance>
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        <assetCat>EP</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Morgan Stanley</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>Morgan Stanley, Series E, Pfd.</title>
        <cusip>61762V200</cusip>
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          <isin value="US61762V2007"/>
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        <balance>1580981.00000000</balance>
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        <assetCat>EP</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Brighthouse Financial, Inc.</name>
        <lei>5493003T8SZSHOGGAW52</lei>
        <title>Brighthouse Financial, Inc., Series D, Pfd.</title>
        <cusip>10922N889</cusip>
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          <isin value="US10922N8891"/>
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        <balance>620651.00000000</balance>
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        <assetCat>EP</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>NiSource Inc.</name>
        <lei>549300D8GOWWH0SJB189</lei>
        <title>NiSource Inc., Series B, Pfd.</title>
        <cusip>65473P881</cusip>
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          <isin value="US65473P8813"/>
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        <balance>926777.00000000</balance>
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        <assetCat>EP</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Wells Fargo &amp; Co.</name>
        <lei>PBLD0EJDB5FWOLXP3B76</lei>
        <title>Wells Fargo &amp; Co., Series R, Pfd.</title>
        <cusip>949746465</cusip>
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          <isin value="US9497464654"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>U.S. Bancorp</name>
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        <cusip>902973718</cusip>
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        <assetCat>EP</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Brookfield Finance Inc.</name>
        <lei>549300XH8D8K6OYWGD17</lei>
        <title>Brookfield Finance Inc., Series 50, Pfd.</title>
        <cusip>11271L102</cusip>
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        <balance>718774.00000000</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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      <invstOrSec>
        <name>Brookfield Property Partners L.P.</name>
        <lei>5493004J5Z0TZW83NU62</lei>
        <title>Brookfield Property Partners L.P., Series A, Pfd.</title>
        <cusip>G16249164</cusip>
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          <isin value="BMG162491648"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Northern Trust Corp.</name>
        <lei>549300GLF98S992BC502</lei>
        <title>Northern Trust Corp., Series E, Pfd.</title>
        <cusip>665859856</cusip>
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      <invstOrSec>
        <name>SiriusPoint Ltd.</name>
        <lei>549300OGXFI85N3YZZ51</lei>
        <title>SiriusPoint Ltd., Series B, Pfd.</title>
        <cusip>EP0598912</cusip>
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        <balance>350535.00000000</balance>
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        <invCountry>BM</invCountry>
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        <fairValLevel>1</fairValLevel>
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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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        <balance>2305405.00000000</balance>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <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>The Charles Schwab Corp.</name>
        <lei>549300VSGCJ7E698NM85</lei>
        <title>The Charles Schwab Corp., Series J, Pfd.</title>
        <cusip>808513865</cusip>
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      <invstOrSec>
        <name>United States Cellular Corp.</name>
        <lei>549300B164AZXESI6E03</lei>
        <title>United States Cellular Corp., Pfd.</title>
        <cusip>911684702</cusip>
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      <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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        <balance>1049436.00000000</balance>
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        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Triton International Ltd.</name>
        <lei>N/A</lei>
        <title>Triton International Ltd., Pfd.</title>
        <cusip>EP0573691</cusip>
        <identifiers>
          <isin value="BMG9078F1317"/>
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        <balance>258381.00000000</balance>
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        <assetCat>EP</assetCat>
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        <invCountry>BM</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>Brighthouse Financial, Inc.</name>
        <lei>5493003T8SZSHOGGAW52</lei>
        <title>Brighthouse Financial, Inc., Series B, Pfd.</title>
        <cusip>10922N509</cusip>
        <identifiers>
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        <balance>715386.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>17863188.42000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Assurant, Inc.</name>
        <lei>H3F39CAXWQRVWURFXL38</lei>
        <title>Assurant, Inc., Pfd.</title>
        <cusip>04621X306</cusip>
        <identifiers>
          <isin value="US04621X3061"/>
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        <balance>382251.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>8168703.87000000</valUSD>
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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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        </securityLending>
      </invstOrSec>
      <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>
        <identifiers>
          <isin value="US8794337613"/>
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        <balance>1295815.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>25605304.40000000</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>
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          <loanByFundCondition isLoanByFund="Y" loanVal="214642.00000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Capital One Financial Corp.</name>
        <lei>ZUE8T73ROZOF6FLBAR73</lei>
        <title>Capital One Financial Corp., Series K, Pfd.</title>
        <cusip>14040H774</cusip>
        <identifiers>
          <isin value="US14040H7742"/>
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        <balance>224877.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4178214.66000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="318108.00000000"/>
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      </invstOrSec>
      <invstOrSec>
        <name>Public Storage</name>
        <lei>549300LMZF40TKJ6DM64</lei>
        <title>Public Storage, Series P, Pfd.</title>
        <cusip>74460W461</cusip>
        <identifiers>
          <isin value="US74460W4612"/>
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        <balance>1209714.00000000</balance>
        <units>NS</units>
        <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>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CMS Energy Corp.</name>
        <lei>549300IA9XFBAGNIBW29</lei>
        <title>CMS Energy Corp., Pfd.</title>
        <cusip>125896860</cusip>
        <identifiers>
          <isin value="US1258968601"/>
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        <balance>387295.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9198256.25000000</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="974765.00000000"/>
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      </invstOrSec>
      <invstOrSec>
        <name>American Financial Group, Inc.</name>
        <lei>549300AFOM7IVKIU1G39</lei>
        <title>American Financial Group, Inc., Pfd.</title>
        <cusip>025932807</cusip>
        <identifiers>
          <isin value="US0259328070"/>
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        <balance>165886.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4067524.72000000</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>
      <invstOrSec>
        <name>Brookfield Infrastructure Partners L.P.</name>
        <lei>549300WEH5R2OODI7Y90</lei>
        <title>Brookfield Infrastructure Partners L.P., Series 13, Pfd.</title>
        <cusip>G16252267</cusip>
        <identifiers>
          <isin value="USG162522670"/>
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        <balance>383286.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
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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>
          <isLoanByFund>N</isLoanByFund>
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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>315890.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5698655.60000000</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="43416.00000000"/>
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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>37921.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>923755.56000000</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="165490.00000000"/>
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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>513238.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10044067.66000000</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="56308.00000000"/>
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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>1359816.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>33587455.20000000</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="878970.00000000"/>
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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>754758.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>13223360.16000000</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>
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          <isLoanByFund>N</isLoanByFund>
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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>1119216.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>28719082.56000000</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="1720048.00000000"/>
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      <invstOrSec>
        <name>First Republic Bank</name>
        <lei>YWC0TIKBQM2JV8L4IV08</lei>
        <title>First Republic Bank, Series N, Pfd.</title>
        <cusip>33616C696</cusip>
        <identifiers>
          <isin value="US33616C6966"/>
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        <balance>1333949.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>25371709.98000000</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>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="731080.00000000"/>
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      <invstOrSec>
        <name>Regions Financial Corp.</name>
        <lei>CW05CS5KW59QTC0DG824</lei>
        <title>Regions Financial Corp., Series B, Pfd.</title>
        <cusip>7591EP506</cusip>
        <identifiers>
          <isin value="US7591EP5063"/>
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        <balance>911997.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>22809044.97000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>NextEra Energy Capital Holdings, Inc.</name>
        <lei>UMI46YPGBLUE4VGNNT48</lei>
        <title>NextEra Energy Capital Holdings, Inc., Series N, Pfd.</title>
        <cusip>65339K860</cusip>
        <identifiers>
          <isin value="US65339K8606"/>
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        <balance>1241203.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>30248117.11000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Enbridge Inc.</name>
        <lei>98TPTUM4IVMFCZBCUR27</lei>
        <title>Enbridge Inc., Series B, Pfd.</title>
        <cusip>29250N477</cusip>
        <identifiers>
          <isin value="US29250N4777"/>
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        <balance>79993.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1964628.08000000</valUSD>
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        <assetCat>EP</assetCat>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>First Republic Bank</name>
        <lei>YWC0TIKBQM2JV8L4IV08</lei>
        <title>First Republic Bank, Series J, Pfd.</title>
        <cusip>33616C787</cusip>
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          <isin value="US33616C7873"/>
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        <balance>679970.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>13694595.80000000</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>Ford Motor Co.</name>
        <lei>20S05OYHG0MQM4VUIC57</lei>
        <title>Ford Motor Co., Pfd.</title>
        <cusip>345370845</cusip>
        <identifiers>
          <isin value="US3453708451"/>
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        <balance>1374554.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>33607845.30000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>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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        <balance>2188839.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>46272056.46000000</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>Huntington Bancshares Inc.</name>
        <lei>549300XTVCVV9I7B5T19</lei>
        <title>Huntington Bancshares Inc., Series C, Pfd.</title>
        <cusip>446150781</cusip>
        <identifiers>
          <isin value="US4461507810"/>
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        <balance>364140.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8531800.20000000</valUSD>
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        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <loanByFundCondition isLoanByFund="Y" loanVal="125060.00000000"/>
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      <invstOrSec>
        <name>American International Group, Inc.</name>
        <lei>ODVCVCQG2BP6VHV36M30</lei>
        <title>American International Group, Inc., Series A, Pfd.</title>
        <cusip>026874768</cusip>
        <identifiers>
          <isin value="US0268747682"/>
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        <balance>904203.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>21773208.24000000</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>NuStar Energy L.P.</name>
        <lei>5493003BMLTUIEG2LG44</lei>
        <title>NuStar Energy L.P., Series B, Pfd.</title>
        <cusip>67058H300</cusip>
        <identifiers>
          <isin value="US67058H3003"/>
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        <balance>129437.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2725943.22000000</valUSD>
        <pctVal>0.050225236182</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>DTE Energy Co.</name>
        <lei>549300IX8SD6XXD71I78</lei>
        <title>DTE Energy Co., Pfd.</title>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Brunswick Corp.</name>
        <lei>YM4O38W15AX4YLLQKU27</lei>
        <title>Brunswick Corp., Pfd.</title>
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        <assetCat>EP</assetCat>
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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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          <isin value="US7593518027"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Carlyle Finance L.L.C.</name>
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      <invstOrSec>
        <name>First Republic Bank</name>
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      <invstOrSec>
        <name>Fifth Third Bancorp</name>
        <lei>THRNG6BD57P9QWTQLG42</lei>
        <title>Fifth Third Bancorp, Series A, Pfd.</title>
        <cusip>316773886</cusip>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Brookfield Property Partners L.P.</name>
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        <cusip>G16249149</cusip>
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          <isin value="BMG162491499"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>The Southern Co.</name>
        <lei>549300FC3G3YU2FBZD92</lei>
        <title>The Southern Co., Series C, Pfd.</title>
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          <isin value="US8425878837"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Wintrust Financial Corp.</name>
        <lei>Q774KI4AW80FHFW33O61</lei>
        <title>Wintrust Financial Corp., Series E, Pfd.</title>
        <cusip>97650W504</cusip>
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          <isin value="US97650W5040"/>
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        <balance>534047.00000000</balance>
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        <assetCat>EP</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Truist Financial Corp.</name>
        <lei>549300DRQQI75D2JP341</lei>
        <title>Truist Financial Corp., Series R, Pfd.</title>
        <cusip>89832Q695</cusip>
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        <balance>1724881.00000000</balance>
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      <invstOrSec>
        <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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      <invstOrSec>
        <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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      <invstOrSec>
        <name>Western Alliance BanCorp.</name>
        <lei>5493003VJXZ5JXT9S762</lei>
        <title>Western Alliance BanCorp., Series A, Pfd.</title>
        <cusip>957638406</cusip>
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        <fairValLevel>1</fairValLevel>
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        <name>U.S. Bancorp</name>
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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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        <balance>233413.00000000</balance>
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        <invCountry>BM</invCountry>
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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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      <invstOrSec>
        <name>Air Lease Corp.</name>
        <lei>5493004NW4M4P8TMMK63</lei>
        <title>Air Lease Corp., Series A, Pfd.</title>
        <cusip>00912X500</cusip>
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        <name>KKR Group Finance Co. IX LLC</name>
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        <cusip>48253M104</cusip>
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        <name>Brookfield BRP Holdings (Canada) Inc.</name>
        <lei>549300NSPD7QJ50GZW26</lei>
        <title>Brookfield BRP Holdings (Canada) Inc., Pfd.</title>
        <cusip>11259P208</cusip>
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        <invCountry>CA</invCountry>
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        <name>Entergy New Orleans, LLC</name>
        <lei>1Q8BAFRNDFTDI3IGJH73</lei>
        <title>Entergy New Orleans, LLC, Pfd.</title>
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        <name>Duke Energy Corp.</name>
        <lei>I1BZKREC126H0VB1BL91</lei>
        <title>Duke Energy Corp., Series A, Pfd.</title>
        <cusip>26441C501</cusip>
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      <invstOrSec>
        <name>Citigroup Inc.</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>Citigroup Inc., Series J, Pfd.</title>
        <cusip>172967358</cusip>
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        <balance>578492.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Athene Holding Ltd.</name>
        <lei>549300H316CT32FQXI76</lei>
        <title>Athene Holding Ltd., Series D, Pfd.</title>
        <cusip>04686J408</cusip>
        <identifiers>
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        <balance>1071080.00000000</balance>
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      <invstOrSec>
        <name>Kimco Realty Corp.</name>
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      <invstOrSec>
        <name>SCE Trust VI</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Bank of America Corp.</name>
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      <invstOrSec>
        <name>Morgan Stanley</name>
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        <name>Public Storage</name>
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      <invstOrSec>
        <name>MetLife, Inc.</name>
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        <name>CNO Financial Group, Inc.</name>
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        <name>Old National Bancorp</name>
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      <invstOrSec>
        <name>Kimco Realty Corp.</name>
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        <name>SL Green Realty Corp.</name>
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        <name>Renaissancere Holdings Ltd.</name>
        <lei>EK6GB9U3U58PDI411C94</lei>
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        <name>Triton International Ltd.</name>
        <lei>N/A</lei>
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        <cusip>EP0599514</cusip>
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        <fairValLevel>1</fairValLevel>
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        <name>Texas Capital Bancshares, Inc.</name>
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        <title>Texas Capital Bancshares, Inc., Series B, Pfd.</title>
        <cusip>88224Q305</cusip>
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        <name>Aspen Insurance Holdings Ltd.</name>
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        <title>Aspen Insurance Holdings Ltd., Pfd.</title>
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        <name>Duke Energy Corp.</name>
        <lei>I1BZKREC126H0VB1BL91</lei>
        <title>Duke Energy Corp., Pfd.</title>
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        <name>Algonquin Power &amp; Utilities Corp.</name>
        <lei>549300K5VIUTJXQL7X75</lei>
        <title>Algonquin Power &amp; Utilities Corp., Pfd.</title>
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        <name>Brunswick Corp.</name>
        <lei>YM4O38W15AX4YLLQKU27</lei>
        <title>Brunswick Corp., Pfd.</title>
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        <name>Qwest Corp.</name>
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        <title>Qwest Corp., Pfd.</title>
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        <name>First Horizon Corp.</name>
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        <name>AT&amp;T Inc.</name>
        <lei>549300Z40J86GGSTL398</lei>
        <title>AT&amp;T Inc., Series C, Pfd.</title>
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        <name>JPMorgan Chase &amp; Co.</name>
        <lei>8I5DZWZKVSZI1NUHU748</lei>
        <title>JPMorgan Chase &amp; Co., Series GG, Pfd.</title>
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        <name>Brookfield Property Partners L.P.</name>
        <lei>5493004J5Z0TZW83NU62</lei>
        <title>Brookfield Property Partners L.P., Series A2, Pfd.</title>
        <cusip>G16249156</cusip>
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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>W. R. Berkley Corp.</name>
        <lei>SQOAGCLKBDWNVYV1OV80</lei>
        <title>W. R. Berkley Corp., Pfd.</title>
        <cusip>084423706</cusip>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>Athene Holding Ltd.</name>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>Enstar Group Ltd.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Cadence Bank</name>
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        <title>Cadence Bank, Series A, Pfd.</title>
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          <isin value="US12740C2026"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>JPMorgan Chase &amp; Co.</name>
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          <isin value="US48128B5232"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Arch Capital Group Ltd.</name>
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        <title>Arch Capital Group Ltd., Series G, Pfd.</title>
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          <isin value="US03939A4040"/>
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        <balance>925986.00000000</balance>
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        <assetCat>EP</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Agree Realty Corp.</name>
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        <assetCat>EP</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Morgan Stanley</name>
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        <title>Morgan Stanley, Series P, Pfd.</title>
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          <isin value="US61762V8533"/>
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        <assetCat>EP</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>American Homes 4 Rent</name>
        <lei>549300ZJUO7A58PNUW40</lei>
        <title>American Homes 4 Rent, Series G, Pfd.</title>
        <cusip>02665T876</cusip>
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        <assetCat>EP</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>The Goldman Sachs Group, Inc.</name>
        <lei>784F5XWPLTWKTBV3E584</lei>
        <title>The Goldman Sachs Group, Inc., Series J, Pfd.</title>
        <cusip>38145G308</cusip>
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        <balance>20633.00000000</balance>
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        <assetCat>EP</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>EPR Properties</name>
        <lei>549300YSSXFHMPOWZ492</lei>
        <title>EPR Properties, Series G, Pfd.</title>
        <cusip>26884U505</cusip>
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          <isin value="US26884U5056"/>
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        <balance>356743.00000000</balance>
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        <assetCat>EP</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>State Street Corp.</name>
        <lei>549300ZFEEJ2IP5VME73</lei>
        <title>State Street Corp., Series G, Pfd.</title>
        <cusip>857477855</cusip>
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          <isin value="US8574778556"/>
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        <balance>907912.00000000</balance>
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        <assetCat>EP</assetCat>
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      <invstOrSec>
        <name>Brookfield Renewable Partners L.P.</name>
        <lei>VA8DFMRI2GY8Y7V79H93</lei>
        <title>Brookfield Renewable Partners L.P., Series 17, Pfd.</title>
        <cusip>EP0586206</cusip>
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          <isin value="BMG162582313"/>
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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>Morgan Stanley</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>Morgan Stanley, Series L, Pfd.</title>
        <cusip>61762V804</cusip>
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        <balance>1064322.00000000</balance>
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      <invstOrSec>
        <name>PS Business Parks, Inc.</name>
        <lei>N/A</lei>
        <title>PS Business Parks, Inc., Series Y, Pfd.</title>
        <cusip>69360J578</cusip>
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        <balance>394281.00000000</balance>
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        <fairValLevel>1</fairValLevel>
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        <name>PacWest Bancorp</name>
        <lei>549300YI8VMFO7G36V04</lei>
        <title>PacWest Bancorp, Series A, Pfd.</title>
        <cusip>695263202</cusip>
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        <name>Arch Capital Group Ltd.</name>
        <lei>549300AYR4P8AFKDCE43</lei>
        <title>Arch Capital Group Ltd., Series F, Pfd.</title>
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        <invCountry>BM</invCountry>

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        <fairValLevel>1</fairValLevel>
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        <name>AT&amp;T Inc.</name>
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        <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>
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        <name>KeyCorp</name>
        <lei>RKPI3RZGV1V1FJTH5T61</lei>
        <title>KeyCorp, Pfd.</title>
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        <name>Entergy Arkansas, LLC</name>
        <lei>549300A0I5ONUIFMLP35</lei>
        <title>Entergy Arkansas, LLC, Pfd.</title>
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        <name>Prudential Financial, Inc.</name>
        <lei>5PRBRS5FEH7NREC8OR45</lei>
        <title>Prudential Financial, Inc., Pfd.</title>
        <cusip>744320888</cusip>
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        <name>Aspen Insurance Holdings Ltd.</name>
        <lei>549300YX6HECG9XQCQ75</lei>
        <title>Aspen Insurance Holdings Ltd., Pfd.</title>
        <cusip>G05384162</cusip>
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        <balance>473830.00000000</balance>
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        <invCountry>BM</invCountry>
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      <invstOrSec>
        <name>The Goldman Sachs Group, Inc.</name>
        <lei>784F5XWPLTWKTBV3E584</lei>
        <title>The Goldman Sachs Group, Inc., Series K, Pfd.</title>
        <cusip>38148B108</cusip>
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        <balance>1268778.00000000</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>The Allstate Corp.</name>
        <lei>OBT0W1ED8G0NWVOLOJ77</lei>
        <title>The Allstate Corp., Series I, Pfd.</title>
        <cusip>020002812</cusip>
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        <balance>549638.00000000</balance>
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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>INVESCO PRIVATE PRIME FUND</name>
        <lei>N/A</lei>
        <title>INVESCO PRIVATE PRIME FUND</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="CADIS_ID" value="2487474"/>
        </identifiers>
        <balance>130140060.70000000</balance>
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        <curCd>USD</curCd>
        <valUSD>130153077.49000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>PF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="130153077.49000000" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Public Storage</name>
        <lei>549300LMZF40TKJ6DM64</lei>
        <title>Public Storage, Series O, Pfd.</title>
        <cusip>74460W487</cusip>
        <identifiers>
          <isin value="US74460W4877"/>
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        <balance>367516.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6622638.32000000</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="30906.00000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Ford Motor Co.</name>
        <lei>20S05OYHG0MQM4VUIC57</lei>
        <title>Ford Motor Co., Pfd.</title>
        <cusip>345370837</cusip>
        <identifiers>
          <isin value="US3453708378"/>
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        <balance>1467714.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>34960947.48000000</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="2356956.00000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Vornado Realty Trust</name>
        <lei>N/A</lei>
        <title>Vornado Realty Trust, Series L, Pfd.</title>
        <cusip>929042844</cusip>
        <identifiers>
          <isin value="US9290428443"/>
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        <balance>416592.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9048378.24000000</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="15134.00000000"/>
        </securityLending>
      </invstOrSec>
      <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>463640.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10445809.20000000</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>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>710861.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>15475443.97000000</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="54750.00000000"/>
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      </invstOrSec>
      <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>193799.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4222880.21000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>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>1057858.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>21040795.62000000</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="133914.00000000"/>
        </securityLending>
      </invstOrSec>
      <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>504520.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>12340559.20000000</valUSD>
        <pctVal>0.227373591604</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>Public Storage</name>
        <lei>549300LMZF40TKJ6DM64</lei>
        <title>Public Storage, Series Q, Pfd.</title>
        <cusip>74460W446</cusip>
        <identifiers>
          <isin value="US74460W4463"/>
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        <balance>283816.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5151260.40000000</valUSD>
        <pctVal>0.094911467094</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>Federal Realty Investment Trust</name>
        <lei>549300LI6XZ51GOCJ427</lei>
        <title>Federal Realty Investment Trust, Series C, Pfd.</title>
        <cusip>313745200</cusip>
        <identifiers>
          <isin value="US3137452005"/>
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        <balance>315038.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7658573.78000000</valUSD>
        <pctVal>0.141108469940</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="90021.00000000"/>
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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>181300.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4280493.00000000</valUSD>
        <pctVal>0.078867663245</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>CMS Energy Corp.</name>
        <lei>549300IA9XFBAGNIBW29</lei>
        <title>CMS Energy Corp., Series C, Pfd.</title>
        <cusip>125896837</cusip>
        <identifiers>
          <isin value="US1258968379"/>
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        <balance>417400.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7312848.00000000</valUSD>
        <pctVal>0.134738506389</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="3512.00000000"/>
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      <invstOrSec>
        <name>Navient Corp.</name>
        <lei>54930067J0ZNOEBRW338</lei>
        <title>Navient Corp., Pfd.</title>
        <cusip>63938C405</cusip>
        <identifiers>
          <isin value="US63938C4050"/>
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        <balance>632756.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>13920632.00000000</valUSD>
        <pctVal>0.256486277805</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="2212.00000000"/>
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      <invstOrSec>
        <name>Zions Bancorp. N.A.</name>
        <lei>8WH0EE09O9V05QJZ3V89</lei>
        <title>Zions Bancorp. N.A., Series G, Pfd.</title>
        <cusip>989701859</cusip>
        <identifiers>
          <isin value="US9897018597"/>
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        <balance>42638.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1074477.60000000</valUSD>
        <pctVal>0.019797144282</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="613080.00000000"/>
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      </invstOrSec>
      <invstOrSec>
        <name>Sempra Energy</name>
        <lei>PBBKGKLRK5S5C0Y4T545</lei>
        <title>Sempra Energy, Pfd.</title>
        <cusip>816851604</cusip>
        <identifiers>
          <isin value="US8168516040"/>
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        <balance>1379758.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>33969641.96000000</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="679580.40000000"/>
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      <invstOrSec>
        <name>Diversified Healthcare Trust</name>
        <lei>N/A</lei>
        <title>Diversified Healthcare Trust, Pfd.</title>
        <cusip>25525P305</cusip>
        <identifiers>
          <isin value="US25525P3055"/>
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        <balance>452886.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7237118.28000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="4896.00000000"/>
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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>609777.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>13433387.31000000</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>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>549008.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>13500106.72000000</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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          <loanByFundCondition isLoanByFund="Y" loanVal="118656.00000000"/>
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      <invstOrSec>
        <name>Ford Motor Co.</name>
        <lei>20S05OYHG0MQM4VUIC57</lei>
        <title>Ford Motor Co., Pfd.</title>
        <cusip>345370811</cusip>
        <identifiers>
          <isin value="US3453708113"/>
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        <balance>1100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>27005000.00000000</valUSD>
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        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>The Charles Schwab Corp.</name>
        <lei>549300VSGCJ7E698NM85</lei>
        <title>The Charles Schwab Corp., Series D, Pfd.</title>
        <cusip>808513600</cusip>
        <identifiers>
          <isin value="US8085136005"/>
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        <balance>1308553.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>32700739.47000000</valUSD>
        <pctVal>0.602507914019</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>JPMorgan Chase &amp; Co.</name>
        <lei>8I5DZWZKVSZI1NUHU748</lei>
        <title>JPMorgan Chase &amp; Co., Series JJ, Pfd.</title>
        <cusip>48128B580</cusip>
        <identifiers>
          <isin value="US48128B5802"/>
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        <balance>3015777.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>59893331.22000000</valUSD>
        <pctVal>1.103528747113</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>Associated Banc-Corp</name>
        <lei>549300N3CIN473IW5094</lei>
        <title>Associated Banc-Corp, Series E, Pfd.</title>
        <cusip>045487204</cusip>
        <identifiers>
          <isin value="US0454872047"/>
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        <balance>188323.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4574365.67000000</valUSD>
        <pctVal>0.084282238336</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="82005.00000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Associated Banc-Corp</name>
        <lei>549300N3CIN473IW5094</lei>
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      <invstOrSec>
        <name>Wells Fargo &amp; Co.</name>
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      <invstOrSec>
        <name>W. R. Berkley Corp.</name>
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        <name>Stifel Financial Corp.</name>
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        <name>SCE Trust IV</name>
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        <name>U.S. Bancorp</name>
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        <name>The Allstate Corp.</name>
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        <name>Stifel Financial Corp.</name>
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        <name>Morgan Stanley</name>
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        <name>Bank of America Corp.</name>
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        <name>Fulton Financial Corp.</name>
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        <name>Brunswick Corp.</name>
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        <name>Citigroup Inc.</name>
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        <name>Fortress Transportation and Infrastructure Investors LLC</name>
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        <name>Bank of America Corp.</name>
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        <name>Global Net Lease, Inc.</name>
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        <name>Silvergate Capital Corp.</name>
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        <name>United States Cellular Corp.</name>
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        <title>United States Cellular Corp., Pfd.</title>
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        <name>The Hartford Financial Services Group, Inc.</name>
        <lei>IU7C3FTM7Y3BQM112U94</lei>
        <title>The Hartford Financial Services Group, Inc., Series G, Pfd.</title>
        <cusip>416518603</cusip>
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        <name>American Financial Group, Inc.</name>
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        <name>Wells Fargo &amp; Co.</name>
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        <cusip>94988U128</cusip>
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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>Truist Financial Corp.</name>
        <lei>549300DRQQI75D2JP341</lei>
        <title>Truist Financial Corp., Series O, Pfd.</title>
        <cusip>89832Q745</cusip>
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        <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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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>The Southern Co.</name>
        <lei>549300FC3G3YU2FBZD92</lei>
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      <invstOrSec>
        <name>Hancock Whitney Corp.</name>
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        <title>Hancock Whitney Corp., Pfd.</title>
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          <isin value="US4101204067"/>
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      <invstOrSec>
        <name>Bank of America Corp.</name>
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        <title>Bank of America Corp., Series QQ, Pfd.</title>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Public Storage</name>
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        <title>Public Storage, Series F, Pfd.</title>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>QVC, Inc.</name>
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        <title>QVC, Inc., Pfd.</title>
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        <assetCat>EP</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Fortress Transportation and Infrastructure Investors LLC</name>
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        <title>Fortress Transportation and Infrastructure Investors LLC, Series B, Pfd.</title>
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        <assetCat>EP</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>WESCO International, Inc.</name>
        <lei>529900TXOGREY3WNJ434</lei>
        <title>WESCO International, Inc., Series A, Pfd.</title>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>U.S. Bancorp</name>
        <lei>N1GZ7BBF3NP8GI976H15</lei>
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        <assetCat>EP</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Entergy Mississippi, LLC</name>
        <lei>54930043I78H35DVVW89</lei>
        <title>Entergy Mississippi, LLC, Pfd.</title>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Wells Fargo &amp; Co.</name>
        <lei>PBLD0EJDB5FWOLXP3B76</lei>
        <title>Wells Fargo &amp; Co., Series DD, Pfd.</title>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>KeyCorp</name>
        <lei>RKPI3RZGV1V1FJTH5T61</lei>
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        <assetCat>EP</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Citizens Financial Group, Inc.</name>
        <lei>2138004JDDA4ZQUPFW65</lei>
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        <cusip>174610204</cusip>
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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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        <assetCat>EP</assetCat>
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        <invCountry>BM</invCountry>

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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Capital One Financial Corp.</name>
        <lei>ZUE8T73ROZOF6FLBAR73</lei>
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        <cusip>14040H824</cusip>
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        <name>QVC, Inc.</name>
        <lei>549300WBLU5NKPX5X472</lei>
        <title>QVC, Inc., Pfd.</title>
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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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        <name>Triton International Ltd.</name>
        <lei>N/A</lei>
        <title>Triton International Ltd., Pfd.</title>
        <cusip>EP0580365</cusip>
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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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        <name>Public Storage</name>
        <lei>549300LMZF40TKJ6DM64</lei>
        <title>Public Storage, Series H, Pfd.</title>
        <cusip>74460W644</cusip>
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        <name>United States Cellular Corp.</name>
        <lei>549300B164AZXESI6E03</lei>
        <title>United States Cellular Corp., Pfd.</title>
        <cusip>911684801</cusip>
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        <name>Brighthouse Financial, Inc.</name>
        <lei>5493003T8SZSHOGGAW52</lei>
        <title>Brighthouse Financial, Inc., Pfd.</title>
        <cusip>10922N202</cusip>
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        <name>First Horizon Corp.</name>
        <lei>TF3RXI1ZB1TQ30H9JV10</lei>
        <title>First Horizon Corp., Series D, Pfd.</title>
        <cusip>320517808</cusip>
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        <balance>180624.00000000</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>SCE Trust V</name>
        <lei>N/A</lei>
        <title>SCE Trust V, Series K, Pfd.</title>
        <cusip>78409W201</cusip>
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        <balance>635373.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>Diversified Healthcare Trust</name>
        <lei>N/A</lei>
        <title>Diversified Healthcare Trust, Pfd.</title>
        <cusip>25525P206</cusip>
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          <isin value="US25525P2065"/>
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        <balance>661224.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10182849.60000000</valUSD>
        <pctVal>0.187618004078</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="1560.00000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>The Allstate Corp.</name>
        <lei>OBT0W1ED8G0NWVOLOJ77</lei>
        <title>The Allstate Corp., Series G, Pfd.</title>
        <cusip>020002127</cusip>
        <identifiers>
          <isin value="US0200021279"/>
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        <balance>1106382.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>27150614.28000000</valUSD>
        <pctVal>0.500247402331</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="458800.00000000"/>
        </securityLending>
      </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>1499232.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>37031030.40000000</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>
          <loanByFundCondition isLoanByFund="Y" loanVal="24710.00000000"/>
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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>240737.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5060291.74000000</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="252166.00000000"/>
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      </invstOrSec>
      <invstOrSec>
        <name>BIP Bermuda Holdings I Ltd.</name>
        <lei>549300Y8SLOLKXX0MZ44</lei>
        <title>BIP Bermuda Holdings I Ltd., Pfd.</title>
        <cusip>05554M100</cusip>
        <identifiers>
          <isin value="US05554M1009"/>
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        <balance>346856.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6989148.40000000</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>
          <isLoanByFund>N</isLoanByFund>
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      <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>477449.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>11177081.09000000</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="373670.00000000"/>
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      </invstOrSec>
      <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>902303.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>21934985.93000000</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="1495750.62000000"/>
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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>746943.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>14147100.42000000</valUSD>
        <pctVal>0.260658936208</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="325752.00000000"/>
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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>507027.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10576583.22000000</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="8276.00000000"/>
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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>776166.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>14832532.26000000</valUSD>
        <pctVal>0.273287950561</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Bank of America Corp.</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
        <title>Bank of America Corp., Series K*, Pfd.</title>
        <cusip>060505179</cusip>
        <identifiers>
          <isin value="US0605051798"/>
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        <balance>30693.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>794027.91000000</valUSD>
        <pctVal>0.014629886280</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="5142.00000000"/>
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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>578828.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>13949754.80000000</valUSD>
        <pctVal>0.257022862536</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="1903271.04000000"/>
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      <invstOrSec>
        <name>DTE Energy Co.</name>
        <lei>549300IX8SD6XXD71I78</lei>
        <title>DTE Energy Co., Series G, Pfd.</title>
        <cusip>233331826</cusip>
        <identifiers>
          <isin value="US2333318267"/>
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        <balance>350921.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6671008.21000000</valUSD>
        <pctVal>0.122912671277</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="17739.00000000"/>
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      <invstOrSec>
        <name>Argo Group US, Inc.</name>
        <lei>N/A</lei>
        <title>Argo Group US, Inc., Pfd.</title>
        <cusip>040130205</cusip>
        <identifiers>
          <isin value="US0401302056"/>
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        <balance>234374.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5292164.92000000</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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          <loanByFundCondition isLoanByFund="Y" loanVal="18560.00000000"/>
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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>621315.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>12929565.15000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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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>452501.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>11176774.70000000</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>Prudential Financial, Inc.</name>
        <lei>5PRBRS5FEH7NREC8OR45</lei>
        <title>Prudential Financial, Inc., Pfd.</title>
        <cusip>744320870</cusip>
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          <isin value="US7443208704"/>
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        <balance>500000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>12495000.00000000</valUSD>
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        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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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>
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          <isin value="US11276B1098"/>
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        <balance>407538.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>7669865.16000000</valUSD>
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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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          <isCashCollateral>N</isCashCollateral>
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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>639010.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>15502382.60000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <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., Pfd.</title>
        <cusip>125896845</cusip>
        <identifiers>
          <isin value="US1258968452"/>
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        <balance>1198444.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>28762656.00000000</valUSD>
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        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
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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>
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          <isin value="US2538688225"/>
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        <balance>625607.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
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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>184297.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4530020.26000000</valUSD>
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        <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>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>1990146.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>36479376.18000000</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>
          <loanByFundCondition isLoanByFund="Y" loanVal="9742006.00000000"/>
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      <invstOrSec>
        <name>Fossil Group, Inc.</name>
        <lei>DDMY8YZ6L8UEMS1FDM73</lei>
        <title>Fossil Group, Inc., Pfd.</title>
        <cusip>34988V304</cusip>
        <identifiers>
          <isin value="US34988V3042"/>
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        <balance>144073.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2576025.24000000</valUSD>
        <pctVal>0.047463012120</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
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      <invstOrSec>
        <name>Apollo Asset Management Inc.</name>
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        <title>Apollo Asset Management Inc., Series A, Pfd.</title>
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      <invstOrSec>
        <name>Spire Inc.</name>
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        <title>Spire Inc., Series A, Pfd.</title>
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          <isin value="US84857L3096"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Brighthouse Financial, Inc.</name>
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        <title>Brighthouse Financial, Inc., Series A, Pfd.</title>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Triton International Ltd.</name>
        <lei>N/A</lei>
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        <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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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>JPMorgan Chase &amp; Co.</name>
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        <curCd>USD</curCd>
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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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        <assetCat>EP</assetCat>
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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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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Bank of America Corp.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Synovus Financial Corp.</name>
        <lei>549300EIUS8UN5JTLE54</lei>
        <title>Synovus Financial Corp., Series E, Pfd.</title>
        <cusip>87161C709</cusip>
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        <assetCat>EP</assetCat>
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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 2017, Pfd.</title>
        <cusip>373334440</cusip>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Digital Realty Trust, Inc.</name>
        <lei>549300HKCZ31D08NEI41</lei>
        <title>Digital Realty Trust, Inc., Series K, Pfd.</title>
        <cusip>253868830</cusip>
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        <fairValLevel>1</fairValLevel>
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        <name>Valley National Bancorp</name>
        <lei>549300ET52S1UBIB9762</lei>
        <title>Valley National Bancorp, Series A, Pfd.</title>
        <cusip>919794206</cusip>
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        <fairValLevel>1</fairValLevel>
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        <name>National Rural Utilities Cooperative Finance Corp.</name>
        <lei>4NYF266XZC35SCTGX023</lei>
        <title>National Rural Utilities Cooperative Finance Corp., Series US, Pfd.</title>
        <cusip>637432105</cusip>
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        <fairValLevel>1</fairValLevel>
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        <name>Office Properties Income Trust</name>
        <lei>N/A</lei>
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        <cusip>67623C208</cusip>
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        <fairValLevel>1</fairValLevel>
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        <name>Public Storage</name>
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        <cusip>74460W396</cusip>
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        <name>Public Storage</name>
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        <cusip>74460W537</cusip>
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        <name>Vornado Realty Trust</name>
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        <cusip>929042794</cusip>
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        <name>Apollo Asset Management Inc.</name>
        <lei>54930054P2G7ZJB0KM79</lei>
        <title>Apollo Asset Management Inc., Series B, Pfd.</title>
        <cusip>03769W302</cusip>
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        <name>Unum Group</name>
        <lei>549300E32YFDO6TZ8R31</lei>
        <title>Unum Group, Pfd.</title>
        <cusip>91529Y601</cusip>
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        <name>Entergy Louisiana, LLC</name>
        <lei>0V5453U14HDZO63CGH17</lei>
        <title>Entergy Louisiana, LLC, Pfd.</title>
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        <name>Kemper Corp.</name>
        <lei>549300FNI1JKTRY2PV09</lei>
        <title>Kemper Corp., Pfd.</title>
        <cusip>488401308</cusip>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>JPMorgan Chase &amp; Co.</name>
        <lei>8I5DZWZKVSZI1NUHU748</lei>
        <title>JPMorgan Chase &amp; Co., Series EE, Pfd.</title>
        <cusip>48128B648</cusip>
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        <balance>2816697.00000000</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>Morgan Stanley</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
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          <isin value="US61762V8616"/>
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        <valUSD>46877419.82000000</valUSD>
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        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="3052312.00000000"/>
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      </invstOrSec>
      <invstOrSec>
        <name>First Republic Bank</name>
        <lei>YWC0TIKBQM2JV8L4IV08</lei>
        <title>First Republic Bank, Series H, Pfd.</title>
        <cusip>33616C811</cusip>
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          <isin value="US33616C8111"/>
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        <balance>359705.00000000</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>
      <invstOrSec>
        <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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          <isin value="US11272B1035"/>
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        <balance>404517.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>7143770.22000000</valUSD>
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        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Signature Bank</name>
        <lei>VLP5AP0XK2GM6GKD1007</lei>
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        <cusip>82669G203</cusip>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Affiliated Managers Group, Inc.</name>
        <lei>2JE75BUE3T1BLCYYGK54</lei>
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        <cusip>008252843</cusip>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Synovus Financial Corp.</name>
        <lei>549300EIUS8UN5JTLE54</lei>
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        <cusip>87161C600</cusip>
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        <balance>280035.00000000</balance>
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        <fairValLevel>1</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>W. R. Berkley Corp.</name>
        <lei>SQOAGCLKBDWNVYV1OV80</lei>
        <title>W. R. Berkley Corp., Pfd.</title>
        <cusip>084423888</cusip>
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        <balance>492160.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>SVB Financial Group</name>
        <lei>549300D2KJ20JMXE7542</lei>
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        <cusip>78486Q200</cusip>
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        <balance>713732.00000000</balance>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>American Homes 4 Rent</name>
        <lei>549300ZJUO7A58PNUW40</lei>
        <title>American Homes 4 Rent, Series H, Pfd.</title>
        <cusip>02665T868</cusip>
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        <balance>179525.00000000</balance>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Cullen/Frost Bankers, Inc.</name>
        <lei>529900V2E9G9AY665O34</lei>
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        <cusip>229899307</cusip>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Regions Financial Corp.</name>
        <lei>CW05CS5KW59QTC0DG824</lei>
        <title>Regions Financial Corp., Series C, Pfd.</title>
        <cusip>7591EP704</cusip>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>First Republic Bank</name>
        <lei>YWC0TIKBQM2JV8L4IV08</lei>
        <title>First Republic Bank, Series K, Pfd.</title>
        <cusip>33616C761</cusip>
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          <isin value="US33616C7618"/>
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        <balance>949558.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>16797681.02000000</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>
      <invstOrSec>
        <name>Synchrony Financial</name>
        <lei>549300RS7EWPM9MA6C78</lei>
        <title>Synchrony Financial, Series A, Pfd.</title>
        <cusip>87165B202</cusip>
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        <balance>1392156.00000000</balance>
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        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      </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"/>
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        <balance>459307.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>11110636.33000000</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>
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      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2022-09-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Invesco Exchange-Traded Fund Trust II</ncom:nameOfApplicant>
      <ncom:signature>Sheri Morris</ncom:signature>
      <ncom:signerName>Sheri Morris</ncom:signerName>
      <ncom:title>Vice President</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
