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      <invstOrSec>
        <name>CHS Inc.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Fifth Third Bancorp</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Goldman Sachs Group, Inc. (The)</name>
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        <title>Goldman Sachs Group, Inc. (The), Series C, Pfd.</title>
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          <isin value="US38144X6094"/>
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        <fairValLevel>1</fairValLevel>
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        <name>Valley National Bancorp</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Reinsurance Group of America, Inc.</name>
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      <invstOrSec>
        <name>Lincoln National Corp.</name>
        <lei>EFQMQROEDSNBRIP7LE47</lei>
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      <invstOrSec>
        <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>Mellon Capital IV</name>
        <lei>N/A</lei>
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          <isin value="US58551TAA51"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Goldman Sachs Group, Inc. (The)</name>
        <lei>784F5XWPLTWKTBV3E584</lei>
        <title>Goldman Sachs Group, Inc. (The), Series S</title>
        <cusip>38144GAC5</cusip>
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          <isin value="US38144GAC50"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>American National Group Inc.</name>
        <lei>549300RK5RZQ740FPL83</lei>
        <title>American National Group Inc., Series B, Pfd.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>JPMorgan Chase &amp; Co.</name>
        <lei>8I5DZWZKVSZI1NUHU748</lei>
        <title>JPMorgan Chase &amp; Co., Series CC</title>
        <cusip>48128BAD3</cusip>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Tennessee Valley Authority</name>
        <lei>549300HE1ISW43LNKM54</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>Energy Transfer L.P.</name>
        <lei>MTLVN9N7JE8MIBIJ1H73</lei>
        <title>Energy Transfer L.P.</title>
        <cusip>29273RBA6</cusip>
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        <name>TransCanada Trust</name>
        <lei>549300Y0MFCAXLBWUV51</lei>
        <title>TransCanada Trust</title>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>New York Mortgage Trust, Inc.</name>
        <lei>549300JFGR0M7ULHWG48</lei>
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        <name>Bank of New York Mellon Corp. (The)</name>
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        <name>Rithm Capital Corp.</name>
        <lei>549300WNTHGEO5LP2G31</lei>
        <title>Rithm Capital Corp., Series D, Pfd.</title>
        <cusip>64828T706</cusip>
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        <name>Merchants Bancorp</name>
        <lei>54930008Y0GPVLF81889</lei>
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        <name>Enbridge Inc.</name>
        <lei>98TPTUM4IVMFCZBCUR27</lei>
        <title>Enbridge Inc.</title>
        <cusip>29250NBT1</cusip>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Energy Transfer L.P.</name>
        <lei>MTLVN9N7JE8MIBIJ1H73</lei>
        <title>Energy Transfer L.P., Series B</title>
        <cusip>29273VAJ9</cusip>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>NextEra Energy Capital Holdings, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Bank of America Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Goldman Sachs Group, Inc. (The)</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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        <name>AGNC Investment Corp.</name>
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        <cusip>00123Q807</cusip>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Two Harbors Investment Corp.</name>
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        <cusip>90187B309</cusip>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Duke Energy Corp.</name>
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        <title>Duke Energy Corp.</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Synovus Financial Corp.</name>
        <lei>549300EIUS8UN5JTLE54</lei>
        <title>Synovus Financial Corp., Series D, Pfd.</title>
        <cusip>87161C600</cusip>
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        <fairValLevel>1</fairValLevel>
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        <name>Goldman Sachs Group, Inc. (The)</name>
        <lei>784F5XWPLTWKTBV3E584</lei>
        <title>Goldman Sachs Group, Inc. (The), Series D, Pfd.</title>
        <cusip>38144G804</cusip>
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          <isin value="US38144G8042"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>BP Capital Markets PLC</name>
        <lei>549300CRVT18MXX0AG93</lei>
        <title>BP Capital Markets PLC</title>
        <cusip>05565QDV7</cusip>
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        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Bank of New York Mellon Corp. (The)</name>
        <lei>WFLLPEPC7FZXENRZV188</lei>
        <title>Bank of New York Mellon Corp. (The), Series H</title>
        <cusip>064058AJ9</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>New York Mortgage Trust, Inc.</name>
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        <title>New York Mortgage Trust, Inc., Series E, Pfd.</title>
        <cusip>649604873</cusip>
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        <fairValLevel>1</fairValLevel>
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        <name>American International Group, Inc.</name>
        <lei>ODVCVCQG2BP6VHV36M30</lei>
        <title>American International Group, Inc., Series A-9</title>
        <cusip>026874DM6</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>Compass Diversified Holdings</name>
        <lei>5299001SM1LBYANJRR58</lei>
        <title>Compass Diversified Holdings, Series B, Pfd.</title>
        <cusip>20451Q302</cusip>
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        <fairValLevel>1</fairValLevel>
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        <name>CMS Energy Corp.</name>
        <lei>549300IA9XFBAGNIBW29</lei>
        <title>CMS Energy Corp.</title>
        <cusip>125896BU3</cusip>
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        <name>TransCanada Trust</name>
        <lei>549300Y0MFCAXLBWUV51</lei>
        <title>TransCanada Trust</title>
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        <invCountry>CA</invCountry>
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        <name>Goldman Sachs Capital II</name>
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        <title>Goldman Sachs Capital II</title>
        <cusip>381427AA1</cusip>
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        <name>Wintrust Financial Corp.</name>
        <lei>Q774KI4AW80FHFW33O61</lei>
        <title>Wintrust Financial Corp., Series D, Pfd.</title>
        <cusip>97650W405</cusip>
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        <name>Citigroup Inc.</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>Citigroup Inc.</title>
        <cusip>172967PE5</cusip>
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        <balance>12226000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>7.62500000</annualizedRt>
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        <name>Stanley Black &amp; Decker, Inc.</name>
        <lei>549300DJ09SMTO561131</lei>
        <title>Stanley Black &amp; Decker, Inc.</title>
        <cusip>854502AM3</cusip>
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        <balance>6081000.00000000</balance>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2060-03-15</maturityDt>
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        <name>JPMorgan Chase &amp; Co.</name>
        <lei>8I5DZWZKVSZI1NUHU748</lei>
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        <name>AerCap Ireland Capital DAC / AerCap Global Aviation Trust</name>
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        <name>PNC Financial Services Group, Inc. (The)</name>
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        <name>Enbridge Inc.</name>
        <lei>98TPTUM4IVMFCZBCUR27</lei>
        <title>Enbridge Inc.</title>
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        <name>Apollo Global Management, Inc.</name>
        <lei>254900LMFT1CY9IYB476</lei>
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        <name>Nationwide Financial Services, Inc.</name>
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        <name>MetLife, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Enbridge Inc.</name>
        <lei>98TPTUM4IVMFCZBCUR27</lei>
        <title>Enbridge Inc., Series 16-A</title>
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        <name>Bank of America Corp.</name>
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        <name>Wells Fargo &amp; Co.</name>
        <lei>PBLD0EJDB5FWOLXP3B76</lei>
        <title>Wells Fargo &amp; Co., Series BB</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Energy Transfer L.P.</name>
        <lei>MTLVN9N7JE8MIBIJ1H73</lei>
        <title>Energy Transfer L.P., Series F</title>
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        <name>Goldman Sachs Group, Inc. (The)</name>
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        <name>Algonquin Power &amp; Utilities Corp.</name>
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        <cusip>015857808</cusip>
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        <name>Western Alliance Bancorporation</name>
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        <name>CoBank, ACB</name>
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        <name>Flagstar Financial, Inc.</name>
        <lei>529900HVXOTLY61GL030</lei>
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        <name>MFA Financial, Inc.</name>
        <lei>YW72IMH2RRC8Z1TGLG58</lei>
        <title>MFA Financial, Inc., Series C, Pfd.</title>
        <cusip>55272X508</cusip>
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        <name>Lincoln National Corp.</name>
        <lei>EFQMQROEDSNBRIP7LE47</lei>
        <title>Lincoln National Corp.</title>
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        <name>Wesbanco, Inc.</name>
        <lei>N/A</lei>
        <title>Wesbanco, Inc., Series A, Pfd.</title>
        <cusip>950810705</cusip>
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        <name>AES Corp. (The)</name>
        <lei>2NUNNB7D43COUIRE5295</lei>
        <title>AES Corp. (The)</title>
        <cusip>00130HCK9</cusip>
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        <balance>7772000.00000000</balance>
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        <valUSD>8097553.38000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>AGNC Investment Corp.</name>
        <lei>5TRACI5HRMELWV32OF39</lei>
        <title>AGNC Investment Corp., Series G, Pfd.</title>
        <cusip>00123Q856</cusip>
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          <isin value="US00123Q8565"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Annaly Capital Management, Inc.</name>
        <lei>2DTL0G3FPRYUT58TI025</lei>
        <title>Annaly Capital Management, Inc., Series I, Pfd.</title>
        <cusip>035710847</cusip>
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          <isin value="US0357108473"/>
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        <balance>144488.00000000</balance>
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        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Huntington Bancshares Inc.</name>
        <lei>549300XTVCVV9I7B5T19</lei>
        <title>Huntington Bancshares Inc., Series G</title>
        <cusip>446150AV6</cusip>
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          <isin value="US446150AV63"/>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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          <annualizedRt>4.45000000</annualizedRt>
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      <invstOrSec>
        <name>Enbridge Inc.</name>
        <lei>98TPTUM4IVMFCZBCUR27</lei>
        <title>Enbridge Inc., Series 20-A, Conv.</title>
        <cusip>29250NBC8</cusip>
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          <isin value="US29250NBC83"/>
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        <balance>8102000.00000000</balance>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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            <dbtSecRefInstrument>
              <name>Enbridge Inc.</name>
              <title>Enbridge Inc.</title>
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      <invstOrSec>
        <name>NGL Energy Partners L.P.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>KeyCorp</name>
        <lei>RKPI3RZGV1V1FJTH5T61</lei>
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        <cusip>493267702</cusip>
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          <isin value="US4932677028"/>
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        <balance>163307.00000000</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 E, Pfd.</title>
        <cusip>04686J507</cusip>
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          <isin value="US04686J5074"/>
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        <balance>163507.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4470281.38000000</valUSD>
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        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Tennessee Valley Authority</name>
        <lei>549300HE1ISW43LNKM54</lei>
        <title>Tennessee Valley Authority, Series A, Pfd.</title>
        <cusip>880591409</cusip>
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          <isin value="US8805914095"/>
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        <balance>68244.00000000</balance>
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        <assetCat>EP</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Fifth Third Bancorp</name>
        <lei>THRNG6BD57P9QWTQLG42</lei>
        <title>Fifth Third Bancorp, Series I, Pfd.</title>
        <cusip>316773605</cusip>
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        <balance>147035.00000000</balance>
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        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Enbridge Inc.</name>
        <lei>98TPTUM4IVMFCZBCUR27</lei>
        <title>Enbridge Inc.</title>
        <cusip>29250NBN4</cusip>
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          <isin value="US29250NBN49"/>
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        <balance>4053000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4144950.41000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2083-01-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.37500000</annualizedRt>
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      <invstOrSec>
        <name>National Rural Utilities Cooperative Finance Corp.</name>
        <lei>4NYF266XZC35SCTGX023</lei>
        <title>National Rural Utilities Cooperative Finance Corp.</title>
        <cusip>637432PB5</cusip>
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          <isin value="US637432PB56"/>
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        <balance>3250000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-09-15</maturityDt>
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          <annualizedRt>7.12500000</annualizedRt>
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      <invstOrSec>
        <name>Chimera Investment Corp.</name>
        <lei>2JBBQFJOL123LOUBE657</lei>
        <title>Chimera Investment Corp., Series B, Pfd.</title>
        <cusip>16934Q406</cusip>
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          <isin value="US16934Q4064"/>
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        <balance>106364.00000000</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>Banc of California, Inc.</name>
        <lei>549300ZKWUJDP6LJ1X87</lei>
        <title>Banc of California, Inc., Series F, Pfd.</title>
        <cusip>05990K841</cusip>
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          <isin value="US05990K8412"/>
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        <balance>167718.00000000</balance>
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        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>MetLife, Inc.</name>
        <lei>C4BXATY60WC6XEOZDX54</lei>
        <title>MetLife, Inc., Series D</title>
        <cusip>59156RBT4</cusip>
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        <balance>4080000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>JPMorgan Chase &amp; Co.</name>
        <lei>8I5DZWZKVSZI1NUHU748</lei>
        <title>JPMorgan Chase &amp; Co., Series II</title>
        <cusip>48128BAH4</cusip>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>Edison International</name>
        <lei>549300I7ROF15MAEVP56</lei>
        <title>Edison International, Series A</title>
        <cusip>281020AS6</cusip>
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          <isin value="US281020AS67"/>
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        <balance>9436000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>9375310.48000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>N/A</maturityDt>
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          <annualizedRt>5.37500000</annualizedRt>
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        <name>TransCanada Pipelines Ltd.</name>
        <lei>5BV01I6231JPDAPMGH09</lei>
        <title>TransCanada Pipelines Ltd.</title>
        <cusip>89352HAC3</cusip>
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        <balance>8043000.00000000</balance>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2067-05-15</maturityDt>
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          <annualizedRt>6.99507000</annualizedRt>
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        <name>Goldman Sachs Group, Inc. (The)</name>
        <lei>784F5XWPLTWKTBV3E584</lei>
        <title>Goldman Sachs Group, Inc. (The), Series Q</title>
        <cusip>38148BAE8</cusip>
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        <balance>4058000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4069512.55000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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          <annualizedRt>7.37900000</annualizedRt>
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      <invstOrSec>
        <name>American National Group Inc.</name>
        <lei>549300RK5RZQ740FPL83</lei>
        <title>American National Group Inc., Series A, Pfd.</title>
        <cusip>025676875</cusip>
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        <balance>131058.00000000</balance>
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        <valUSD>3327562.62000000</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>
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      <invstOrSec>
        <name>Citigroup Inc.</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>Citigroup Inc., Series Y</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Enstar Finance LLC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>SiriusPoint Ltd.</name>
        <lei>549300OGXFI85N3YZZ51</lei>
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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>MetLife, Inc.</name>
        <lei>C4BXATY60WC6XEOZDX54</lei>
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        <cusip>59156RCA4</cusip>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Charles Schwab Corp. (The)</name>
        <lei>549300VSGCJ7E698NM85</lei>
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        <cusip>808513AR6</cusip>
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          <isin value="US808513AR62"/>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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      <invstOrSec>
        <name>BP Capital Markets PLC</name>
        <lei>549300CRVT18MXX0AG93</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>PartnerRe Finance B LLC</name>
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        <title>PartnerRe Finance B LLC</title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2050-10-01</maturityDt>
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      <invstOrSec>
        <name>Truist Financial Corp.</name>
        <lei>549300DRQQI75D2JP341</lei>
        <title>Truist Financial Corp., Series I, Pfd.</title>
        <cusip>89832Q810</cusip>
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          <isin value="US89832Q8107"/>
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        <balance>56411.00000000</balance>
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        <assetCat>EP</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Heartland Financial USA, Inc.</name>
        <lei>549300QF7B0DFZT32C73</lei>
        <title>Heartland Financial USA, Inc., Series E, Pfd.</title>
        <cusip>42234Q201</cusip>
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          <isin value="US42234Q2012"/>
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        <assetCat>EP</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Vodafone Group PLC</name>
        <lei>213800TB53ELEUKM7Q61</lei>
        <title>Vodafone Group PLC</title>
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        <assetCat>DBT</assetCat>
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        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Ellington Financial Inc.</name>
        <lei>60GS1D1R1YY5G1W7IT74</lei>
        <title>Ellington Financial Inc., Series C, Pfd.</title>
        <cusip>28852N406</cusip>
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          <isin value="US28852N4060"/>
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        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Prudential Financial, Inc.</name>
        <lei>5PRBRS5FEH7NREC8OR45</lei>
        <title>Prudential Financial, Inc.</title>
        <cusip>744320BL5</cusip>
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        <balance>4067000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2053-03-01</maturityDt>
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        <name>Goldman Sachs Group, Inc. (The)</name>
        <lei>784F5XWPLTWKTBV3E584</lei>
        <title>Goldman Sachs Group, Inc. (The), Series V</title>
        <cusip>38141GYU2</cusip>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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      <invstOrSec>
        <name>Prudential Financial, Inc.</name>
        <lei>5PRBRS5FEH7NREC8OR45</lei>
        <title>Prudential Financial, Inc.</title>
        <cusip>744320BF8</cusip>
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        <name>Granite Point Mortgage Trust Inc.</name>
        <lei>529900VX2HQZ76AYIE02</lei>
        <title>Granite Point Mortgage Trust Inc., Series A, Pfd.</title>
        <cusip>38741L305</cusip>
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      <invstOrSec>
        <name>Truist Financial Corp.</name>
        <lei>549300DRQQI75D2JP341</lei>
        <title>Truist Financial Corp., Series N</title>
        <cusip>89832QAD1</cusip>
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      <invstOrSec>
        <name>Enbridge Inc.</name>
        <lei>98TPTUM4IVMFCZBCUR27</lei>
        <title>Enbridge Inc., Series NC5</title>
        <cusip>29250NBS3</cusip>
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          <isin value="US29250NBS36"/>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Paramount Global</name>
        <lei>5KYC8KF17ROCY24M3H09</lei>
        <title>Paramount Global</title>
        <cusip>92553PBC5</cusip>
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        <balance>5243000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2057-02-28</maturityDt>
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      <invstOrSec>
        <name>Citigroup Inc.</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>Citigroup Inc., Series DD</title>
        <cusip>172967PM7</cusip>
        <identifiers>
          <isin value="US172967PM70"/>
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        <balance>12205000.00000000</balance>
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        <valUSD>12867157.13000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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      <invstOrSec>
        <name>Corebridge Financial, Inc.</name>
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      <invstOrSec>
        <name>Enbridge Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>NextEra Energy Capital Holdings, Inc.</name>
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        <name>Prudential Financial, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>BP Capital Markets PLC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Regions Financial Corp.</name>
        <lei>CW05CS5KW59QTC0DG824</lei>
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        <name>Athene Holding Ltd.</name>
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        <name>Citigroup Inc.</name>
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        <name>Algonquin Power &amp; Utilities Corp.</name>
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        <title>Algonquin Power &amp; Utilities Corp.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Wells Fargo &amp; Co.</name>
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        <name>Dominion Energy, Inc.</name>
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        <name>Rithm Capital Corp.</name>
        <lei>549300WNTHGEO5LP2G31</lei>
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        <name>Bank of Nova Scotia (The)</name>
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        <name>USB Capital IX</name>
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        <name>Bank of America Corp.</name>
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        <name>U.S. Bancorp</name>
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        <name>Prudential Financial, Inc.</name>
        <lei>5PRBRS5FEH7NREC8OR45</lei>
        <title>Prudential Financial, Inc.</title>
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        <name>Discover Financial Services</name>
        <lei>Z1YLO2USPORE63VVUL20</lei>
        <title>Discover Financial Services, Series D</title>
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      <invstOrSec>
        <name>GasLog Partners L.P.</name>
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        <title>GasLog Partners L.P., Series A, Pfd.</title>
        <cusip>EP0528133</cusip>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>American Electric Power Co., Inc.</name>
        <lei>1B4S6S7G0TW5EE83BO58</lei>
        <title>American Electric Power Co., Inc.</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Bank of America Corp.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>State Street Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Bank of Nova Scotia (The)</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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        <name>Bank of New York Mellon Corp. (The)</name>
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        <cusip>064058AL4</cusip>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Northern Trust Corp.</name>
        <lei>549300GLF98S992BC502</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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        <name>General Motors Financial Co., Inc.</name>
        <lei>5493008B6JBRUJ90QL97</lei>
        <title>General Motors Financial Co., Inc., Series B</title>
        <cusip>37045XCM6</cusip>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Two Harbors Investment Corp.</name>
        <lei>549300ZUIBT6KH4HU823</lei>
        <title>Two Harbors Investment Corp., Series C, Pfd.</title>
        <cusip>90187B507</cusip>
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        <fairValLevel>1</fairValLevel>
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        <name>Apollo Global Management, Inc.</name>
        <lei>254900LMFT1CY9IYB476</lei>
        <title>Apollo Global Management, Inc.</title>
        <cusip>03769MAD8</cusip>
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        <balance>4075000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>6.00000000</annualizedRt>
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      <invstOrSec>
        <name>Truist Financial Corp.</name>
        <lei>549300DRQQI75D2JP341</lei>
        <title>Truist Financial Corp., Series L</title>
        <cusip>89832QAB5</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>Zions Bancorporation N.A.</name>
        <lei>8WH0EE09O9V05QJZ3V89</lei>
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        <cusip>989701859</cusip>
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        <fairValLevel>1</fairValLevel>
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        <name>Edison International</name>
        <lei>549300I7ROF15MAEVP56</lei>
        <title>Edison International, Series B</title>
        <cusip>281020AT4</cusip>
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        <balance>4093000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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        <name>Edison International</name>
        <lei>549300I7ROF15MAEVP56</lei>
        <title>Edison International</title>
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        <name>State Street Corp.</name>
        <lei>549300ZFEEJ2IP5VME73</lei>
        <title>State Street Corp., Series J</title>
        <cusip>857477CM3</cusip>
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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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        <name>Synovus Financial Corp.</name>
        <lei>549300EIUS8UN5JTLE54</lei>
        <title>Synovus Financial Corp., Series E, Pfd.</title>
        <cusip>87161C709</cusip>
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        <name>PNC Financial Services Group, Inc. (The)</name>
        <lei>CFGNEKW0P8842LEUIA51</lei>
        <title>PNC Financial Services Group, Inc. (The), Series V</title>
        <cusip>693475BF1</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>Athene Holding Ltd.</name>
        <lei>549300H316CT32FQXI76</lei>
        <title>Athene Holding Ltd., Series C, Pfd.</title>
        <cusip>04686J309</cusip>
        <identifiers>
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        <balance>195746.00000000</balance>
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        <assetCat>EP</assetCat>
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        <fairValLevel>1</fairValLevel>
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        <name>Enterprise Products Operating LLC</name>
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      <invstOrSec>
        <name>Aspen Insurance Holdings Ltd.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>PG&amp;E Corp.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Bank of Montreal</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Citigroup Inc.</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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      <invstOrSec>
        <name>Tsakos Energy Navigation Ltd.</name>
        <lei>549300IFUTS62LRRCU54</lei>
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        <cusip>EP0526210</cusip>
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        <assetCat>EP</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Plains All American Pipeline, L.P.</name>
        <lei>5521FA2ITF25TVH63740</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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      <invstOrSec>
        <name>American Express Co.</name>
        <lei>R4PP93JZOLY261QX3811</lei>
        <title>American Express Co.</title>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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          <annualizedRt>3.55000000</annualizedRt>
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      <invstOrSec>
        <name>Goldman Sachs Group, Inc. (The)</name>
        <lei>784F5XWPLTWKTBV3E584</lei>
        <title>Goldman Sachs Group, Inc. (The), Series T</title>
        <cusip>38144GAE1</cusip>
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        <balance>5522000.00000000</balance>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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          <annualizedRt>3.80000000</annualizedRt>
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      <invstOrSec>
        <name>FTAI Aviation Ltd.</name>
        <lei>529900E7PUVK6BC8PE80</lei>
        <title>FTAI Aviation Ltd., Series C, Pfd.</title>
        <cusip>EP0602243</cusip>
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          <isin value="KYG3730V1398"/>
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        <assetCat>EP</assetCat>
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        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Vodafone Group PLC</name>
        <lei>213800TB53ELEUKM7Q61</lei>
        <title>Vodafone Group PLC</title>
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        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Bank of New York Mellon Corp. (The)</name>
        <lei>WFLLPEPC7FZXENRZV188</lei>
        <title>Bank of New York Mellon Corp. (The), Series F</title>
        <cusip>064058AF7</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>M&amp;T Bank Corp.</name>
        <lei>549300WYXDDBYRASEG81</lei>
        <title>M&amp;T Bank Corp., Series F</title>
        <cusip>55261FAH7</cusip>
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        <name>General Motors Financial Co., Inc.</name>
        <lei>5493008B6JBRUJ90QL97</lei>
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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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        <name>Rithm Capital Corp.</name>
        <lei>549300WNTHGEO5LP2G31</lei>
        <title>Rithm Capital Corp., Series B, Pfd.</title>
        <cusip>64828T409</cusip>
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        <name>SCE Trust V</name>
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        <cusip>78409W201</cusip>
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        <name>Allstate Corp. (The)</name>
        <lei>OBT0W1ED8G0NWVOLOJ77</lei>
        <title>Allstate Corp. (The), Pfd.</title>
        <cusip>020002309</cusip>
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        <fairValLevel>1</fairValLevel>
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        <name>SCE Trust IV</name>
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        <cusip>78409G206</cusip>
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        <name>State Street Corp.</name>
        <lei>549300ZFEEJ2IP5VME73</lei>
        <title>State Street Corp.</title>
        <cusip>857477AY9</cusip>
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        <name>Citigroup Inc.</name>
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        <name>Bank of America Corp.</name>
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        <name>Ellington Financial Inc.</name>
        <lei>60GS1D1R1YY5G1W7IT74</lei>
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        <name>Two Harbors Investment Corp.</name>
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        <name>Markel Group Inc.</name>
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        <name>Charles Schwab Corp. (The)</name>
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        <name>U.S. Bancorp</name>
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        <name>Paramount Global</name>
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        <name>Tsakos Energy Navigation Ltd.</name>
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        <name>Goldman Sachs Group, Inc. (The)</name>
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        <name>Prudential Financial, Inc.</name>
        <lei>5PRBRS5FEH7NREC8OR45</lei>
        <title>Prudential Financial, Inc.</title>
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        <name>Jackson Financial Inc.</name>
        <lei>213800WXW2KG1N4CO374</lei>
        <title>Jackson Financial Inc., Pfd.</title>
        <cusip>46817M206</cusip>
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        <name>Duke Energy Corp.</name>
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        <name>PNC Financial Services Group, Inc. (The)</name>
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        <name>Energy Transfer L.P.</name>
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        <name>Invesco Private Prime Fund</name>
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        <name>Vodafone Group PLC</name>
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        <name>Ellington Financial Inc.</name>
        <lei>60GS1D1R1YY5G1W7IT74</lei>
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        <name>Dominion Energy, Inc.</name>
        <lei>ILUL7B6Z54MRYCF6H308</lei>
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        <name>Sempra</name>
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        <name>CoBank, ACB</name>
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        <name>M&amp;T Bank Corp.</name>
        <lei>549300WYXDDBYRASEG81</lei>
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        <name>Entergy Corp.</name>
        <lei>4XM3TW50JULSLG8BNC79</lei>
        <title>Entergy Corp.</title>
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        <name>Bank of America Corp.</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
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        <name>Charles Schwab Corp. (The)</name>
        <lei>549300VSGCJ7E698NM85</lei>
        <title>Charles Schwab Corp. (The), Series G</title>
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        <name>Arbor Realty Trust, Inc.</name>
        <lei>549300ASFUWYQO0RW077</lei>
        <title>Arbor Realty Trust, Inc., Series F, Pfd.</title>
        <cusip>038923850</cusip>
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        <name>ACRES Commercial Realty Corp.</name>
        <lei>549300RUJWPCMY4JFR46</lei>
        <title>ACRES Commercial Realty Corp., Series C, Pfd.</title>
        <cusip>00489Q201</cusip>
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        <fairValLevel>1</fairValLevel>
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        <name>Vodafone Group PLC</name>
        <lei>213800TB53ELEUKM7Q61</lei>
        <title>Vodafone Group PLC</title>
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        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Citigroup Inc.</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>Citigroup Inc., Series P</title>
        <cusip>172967JM4</cusip>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>Bank of America Corp.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>AGNC Investment Corp.</name>
        <lei>5TRACI5HRMELWV32OF39</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>Citizens Financial Group, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Prudential Financial, Inc.</name>
        <lei>5PRBRS5FEH7NREC8OR45</lei>
        <title>Prudential Financial, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>KeyCorp</name>
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        <fairValLevel>2</fairValLevel>
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        <name>BAC Capital Trust XIV</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Lincoln National Corp.</name>
        <lei>EFQMQROEDSNBRIP7LE47</lei>
        <title>Lincoln National Corp., Series C</title>
        <cusip>534187BR9</cusip>
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        <balance>4083000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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      <invstOrSec>
        <name>Prudential Financial, Inc.</name>
        <lei>5PRBRS5FEH7NREC8OR45</lei>
        <title>Prudential Financial, Inc.</title>
        <cusip>744320BH4</cusip>
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          <isin value="US744320BH48"/>
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        <balance>6523000.00000000</balance>
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        <valUSD>5944706.04000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2050-10-01</maturityDt>
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          <annualizedRt>3.70000000</annualizedRt>
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        <name>U.S. Bancorp</name>
        <lei>N1GZ7BBF3NP8GI976H15</lei>
        <title>U.S. Bancorp, Series J</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Aptiv PLC</name>
        <lei>254900HTTDFIJZ32GX53</lei>
        <title>Aptiv PLC</title>
        <cusip>03837AAD2</cusip>
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        <assetCat>DBT</assetCat>
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        <invCountry>JE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-12-15</maturityDt>
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        <name>American Electric Power Co., Inc.</name>
        <lei>1B4S6S7G0TW5EE83BO58</lei>
        <title>American Electric Power Co., Inc.</title>
        <cusip>025537BA8</cusip>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>6.95000000</annualizedRt>
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      <invstOrSec>
        <name>Ally Financial Inc.</name>
        <lei>549300JBN1OSM8YNAI90</lei>
        <title>Ally Financial Inc., Series B</title>
        <cusip>02005NBM1</cusip>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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          <annualizedRt>4.70000000</annualizedRt>
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        <name>Enterprise Products Operating LLC</name>
        <lei>5493004LGN656HWLDA30</lei>
        <title>Enterprise Products Operating LLC, Series E</title>
        <cusip>29379VBN2</cusip>
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      <invstOrSec>
        <name>NiSource Inc.</name>
        <lei>549300D8GOWWH0SJB189</lei>
        <title>NiSource Inc.</title>
        <cusip>65473PAR6</cusip>
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        <balance>4056000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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        <name>Fifth Third Bancorp</name>
        <lei>THRNG6BD57P9QWTQLG42</lei>
        <title>Fifth Third Bancorp, Series L</title>
        <cusip>316773DB3</cusip>
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        <balance>2850000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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        <name>Associated Banc-Corp</name>
        <lei>549300N3CIN473IW5094</lei>
        <title>Associated Banc-Corp, Pfd.</title>
        <cusip>045487600</cusip>
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        <name>Bank of America Corp.</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
        <title>Bank of America Corp., Series AA</title>
        <cusip>060505EN0</cusip>
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          <isin value="US060505EN03"/>
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        <balance>15470000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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        <name>NextEra Energy Capital Holdings, Inc.</name>
        <lei>UMI46YPGBLUE4VGNNT48</lei>
        <title>NextEra Energy Capital Holdings, Inc.</title>
        <cusip>65339KCW8</cusip>
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        <balance>8149000.00000000</balance>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Energy Transfer L.P.</name>
        <lei>MTLVN9N7JE8MIBIJ1H73</lei>
        <title>Energy Transfer L.P., Series G</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Argo Group International Holdings, Inc.</name>
        <lei>984500ID778EF9FCDF46</lei>
        <title>Argo Group International Holdings, Inc., Pfd.</title>
        <cusip>040128407</cusip>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Annaly Capital Management, Inc.</name>
        <lei>2DTL0G3FPRYUT58TI025</lei>
        <title>Annaly Capital Management, Inc., Series F, Pfd.</title>
        <cusip>035710870</cusip>
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          <isin value="US0357108705"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Enbridge Inc.</name>
        <lei>98TPTUM4IVMFCZBCUR27</lei>
        <title>Enbridge Inc.</title>
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        <balance>6915000.00000000</balance>
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        <assetCat>DBT</assetCat>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>JPMorgan Chase &amp; Co.</name>
        <lei>8I5DZWZKVSZI1NUHU748</lei>
        <title>JPMorgan Chase &amp; Co., Series KK</title>
        <cusip>48128BAN1</cusip>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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      <invstOrSec>
        <name>Chimera Investment Corp.</name>
        <lei>2JBBQFJOL123LOUBE657</lei>
        <title>Chimera Investment Corp., Series C, Pfd.</title>
        <cusip>16934Q505</cusip>
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          <isin value="US16934Q5053"/>
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        <fairValLevel>1</fairValLevel>
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        <name>Enstar Group Ltd.</name>
        <lei>213800AMAL5QFXVUCN04</lei>
        <title>Enstar Group Ltd., Series D, Pfd.</title>
        <cusip>29359U109</cusip>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>NextEra Energy Capital Holdings, Inc.</name>
        <lei>UMI46YPGBLUE4VGNNT48</lei>
        <title>NextEra Energy Capital Holdings, Inc.</title>
        <cusip>65339KAV2</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>JPMorgan Chase &amp; Co.</name>
        <lei>8I5DZWZKVSZI1NUHU748</lei>
        <title>JPMorgan Chase &amp; Co., Series NN</title>
        <cusip>48128BAQ4</cusip>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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      <invstOrSec>
        <name>Athene Holding Ltd.</name>
        <lei>549300H316CT32FQXI76</lei>
        <title>Athene Holding Ltd., Pfd.</title>
        <cusip>04686J838</cusip>
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          <isin value="US04686J8383"/>
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        <fairValLevel>1</fairValLevel>
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        <name>TransCanada Trust</name>
        <lei>549300Y0MFCAXLBWUV51</lei>
        <title>TransCanada Trust, Series 16-A</title>
        <cusip>89356BAB4</cusip>
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          <isin value="US89356BAB45"/>
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        <balance>9777000.00000000</balance>
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        <assetCat>DBT</assetCat>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2076-08-15</maturityDt>
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        <name>Sempra</name>
        <lei>PBBKGKLRK5S5C0Y4T545</lei>
        <title>Sempra</title>
        <cusip>816851BM0</cusip>
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        <balance>8115000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2052-04-01</maturityDt>
          <couponKind>Variable</couponKind>
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        <name>Southern Co. (The)</name>
        <lei>549300FC3G3YU2FBZD92</lei>
        <title>Southern Co. (The), Series 21-A</title>
        <cusip>842587DJ3</cusip>
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          <isin value="US842587DJ36"/>
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        <balance>8145000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2051-09-15</maturityDt>
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      <invstOrSec>
        <name>AGNC Investment Corp.</name>
        <lei>5TRACI5HRMELWV32OF39</lei>
        <title>AGNC Investment Corp., Series D, Pfd.</title>
        <cusip>00123Q609</cusip>
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        <name>Morgan Stanley</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
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        <cusip>61747S504</cusip>
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        <balance>359449.00000000</balance>
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        <fairValLevel>1</fairValLevel>
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        <name>Wells Fargo &amp; Co.</name>
        <lei>PBLD0EJDB5FWOLXP3B76</lei>
        <title>Wells Fargo &amp; Co.</title>
        <cusip>95002YAC7</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>Energy Transfer L.P.</name>
        <lei>MTLVN9N7JE8MIBIJ1H73</lei>
        <title>Energy Transfer L.P.</title>
        <cusip>29273VBC3</cusip>
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        <name>Dominion Energy, Inc.</name>
        <lei>ILUL7B6Z54MRYCF6H308</lei>
        <title>Dominion Energy, Inc., Series B</title>
        <cusip>25746UDD8</cusip>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Citigroup Capital XIII</name>
        <lei>N/A</lei>
        <title>Citigroup Capital XIII, Pfd.</title>
        <cusip>173080201</cusip>
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          <isin value="US1730802014"/>
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        <balance>733721.00000000</balance>
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        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Seapeak LLC</name>
        <lei>549300CP38L0UER0I397</lei>
        <title>Seapeak LLC, Series B, Pfd.</title>
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        <name>M&amp;T Bank Corp.</name>
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        <name>NiSource Inc.</name>
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        <name>National Rural Utilities Cooperative Finance Corp.</name>
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        <name>Bank of America Corp.</name>
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        <name>CenterPoint Energy, Inc.</name>
        <lei>21TPXMRRHFKOBHDC8J74</lei>
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        <name>Dynex Capital, Inc.</name>
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        <name>Charles Schwab Corp. (The)</name>
        <lei>549300VSGCJ7E698NM85</lei>
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        <name>Discover Financial Services</name>
        <lei>Z1YLO2USPORE63VVUL20</lei>
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        <name>CenterPoint Energy, Inc.</name>
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        <name>Goldman Sachs Group, Inc. (The)</name>
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        <name>Prudential Financial, Inc.</name>
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        <name>Synchrony Financial</name>
        <lei>549300RS7EWPM9MA6C78</lei>
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        <name>Energy Transfer L.P.</name>
        <lei>MTLVN9N7JE8MIBIJ1H73</lei>
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        <name>Charles Schwab Corp. (The)</name>
        <lei>549300VSGCJ7E698NM85</lei>
        <title>Charles Schwab Corp. (The), Series I</title>
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        <name>Enbridge Inc.</name>
        <lei>98TPTUM4IVMFCZBCUR27</lei>
        <title>Enbridge Inc.</title>
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        <name>Sempra</name>
        <lei>PBBKGKLRK5S5C0Y4T545</lei>
        <title>Sempra</title>
        <cusip>816851BK4</cusip>
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        <name>PNC Financial Services Group, Inc. (The)</name>
        <lei>CFGNEKW0P8842LEUIA51</lei>
        <title>PNC Financial Services Group, Inc. (The), Series R</title>
        <cusip>693475AM7</cusip>
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      <invstOrSec>
        <name>TransCanada Trust</name>
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      <invstOrSec>
        <name>WEC Energy Group Inc.</name>
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        <name>KeyCorp</name>
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      <invstOrSec>
        <name>Dominion Energy, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>JPMorgan Chase &amp; Co.</name>
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        <name>Enbridge Inc.</name>
        <lei>98TPTUM4IVMFCZBCUR27</lei>
        <title>Enbridge Inc.</title>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.50000000</annualizedRt>
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        <name>Allstate Corp. (The)</name>
        <lei>OBT0W1ED8G0NWVOLOJ77</lei>
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        <cusip>020002BB6</cusip>
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          <isin value="US020002BB69"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Corebridge Financial, Inc.</name>
        <lei>549300XY1661QCIA7J65</lei>
        <title>Corebridge Financial, Inc.</title>
        <cusip>21871XAP4</cusip>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Truist Financial Corp.</name>
        <lei>549300DRQQI75D2JP341</lei>
        <title>Truist Financial Corp., Series M</title>
        <cusip>89832QAC3</cusip>
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          <isin value="US89832QAC33"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Aegon Ltd.</name>
        <lei>O4QK7KMMK83ITNTHUG69</lei>
        <title>Aegon Ltd.</title>
        <cusip>007924AJ2</cusip>
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        <assetCat>DBT</assetCat>
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        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.50000000</annualizedRt>
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        <name>Invesco Private Government Fund</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>Citigroup Inc.</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>Citigroup Inc., Series BB</title>
        <cusip>172967PJ4</cusip>
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          <isin value="US172967PJ42"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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          <annualizedRt>7.20000000</annualizedRt>
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        <name>AGNC Investment Corp.</name>
        <lei>5TRACI5HRMELWV32OF39</lei>
        <title>AGNC Investment Corp., Series F, Pfd.</title>
        <cusip>00123Q872</cusip>
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          <isin value="US00123Q8722"/>
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        <name>Annaly Capital Management, Inc.</name>
        <lei>2DTL0G3FPRYUT58TI025</lei>
        <title>Annaly Capital Management, Inc., Series G, Pfd.</title>
        <cusip>035710862</cusip>
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        <name>New York Mortgage Trust, Inc.</name>
        <lei>549300JFGR0M7ULHWG48</lei>
        <title>New York Mortgage Trust, Inc., Series F, Pfd.</title>
        <cusip>649604865</cusip>
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        <name>American Electric Power Co., Inc.</name>
        <lei>1B4S6S7G0TW5EE83BO58</lei>
        <title>American Electric Power Co., Inc.</title>
        <cusip>025537AU5</cusip>
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      <invstOrSec>
        <name>Citigroup Inc.</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>Citigroup Inc., Series W</title>
        <cusip>172967MU2</cusip>
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      <invstOrSec>
        <name>Capital One Financial Corp.</name>
        <lei>ZUE8T73ROZOF6FLBAR73</lei>
        <title>Capital One Financial Corp., Series M</title>
        <cusip>14040HCF0</cusip>
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        <balance>8155000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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          <annualizedRt>3.95000000</annualizedRt>
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      <invstOrSec>
        <name>Chimera Investment Corp.</name>
        <lei>2JBBQFJOL123LOUBE657</lei>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>CHS Inc.</name>
        <lei>XEIEFTLYDQ1MZ6TZV015</lei>
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        <cusip>12542R506</cusip>
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        <assetCat>EP</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Enstar Finance LLC</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>Dominion Energy, Inc.</name>
        <lei>ILUL7B6Z54MRYCF6H308</lei>
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          <isin value="US25746UDU07"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>PPL Capital Funding, Inc.</name>
        <lei>549300MROK5WY0D2NU17</lei>
        <title>PPL Capital Funding, Inc., Series A</title>
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          <isin value="US69352PAC77"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2067-03-30</maturityDt>
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      <invstOrSec>
        <name>Rithm Capital Corp.</name>
        <lei>549300WNTHGEO5LP2G31</lei>
        <title>Rithm Capital Corp., Series A, Pfd.</title>
        <cusip>64828T300</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 D</title>
        <cusip>7591EPAR1</cusip>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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        <securityLending>
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      <invstOrSec>
        <name>Citigroup Inc.</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>Citigroup Inc., Series CC</title>
        <cusip>172967PK1</cusip>
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          <isin value="US172967PK15"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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          <annualizedRt>7.12500000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Valley National Bancorp</name>
        <lei>549300ET52S1UBIB9762</lei>
        <title>Valley National Bancorp, Series B, Pfd.</title>
        <cusip>919794305</cusip>
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        <balance>32685.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>TransCanada Trust</name>
        <lei>549300Y0MFCAXLBWUV51</lei>
        <title>TransCanada Trust</title>
        <cusip>89356BAG3</cusip>
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        <balance>6517000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2082-03-07</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.60000000</annualizedRt>
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      <invstOrSec>
        <name>Enterprise Products Operating LLC</name>
        <lei>5493004LGN656HWLDA30</lei>
        <title>Enterprise Products Operating LLC</title>
        <cusip>29379VBR3</cusip>
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        <balance>5691000.00000000</balance>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2078-02-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.37500000</annualizedRt>
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      <invstOrSec>
        <name>FTAI Aviation Ltd.</name>
        <lei>529900E7PUVK6BC8PE80</lei>
        <title>FTAI Aviation Ltd., Series B, Pfd.</title>
        <cusip>EP0602235</cusip>
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        <balance>40550.00000000</balance>
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        <assetCat>EP</assetCat>
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        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Midland States Bancorp, Inc.</name>
        <lei>5493006RHXW9TTBWYC94</lei>
        <title>Midland States Bancorp, Inc., Pfd.</title>
        <cusip>597742303</cusip>
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        <balance>37669.00000000</balance>
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        <assetCat>EP</assetCat>
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        <fairValLevel>1</fairValLevel>
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        <name>Goldman Sachs Group, Inc. (The)</name>
        <lei>784F5XWPLTWKTBV3E584</lei>
        <title>Goldman Sachs Group, Inc. (The), Series X</title>
        <cusip>38141GA79</cusip>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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      <invstOrSec>
        <name>Edison International</name>
        <lei>549300I7ROF15MAEVP56</lei>
        <title>Edison International</title>
        <cusip>281020AZ0</cusip>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-06-15</maturityDt>
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        <name>Equitable Holdings, Inc.</name>
        <lei>549300FIBAKMNHPZ4009</lei>
        <title>Equitable Holdings, Inc., Series B</title>
        <cusip>29452EAA9</cusip>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Citigroup Inc.</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>Citigroup Inc., Series V</title>
        <cusip>172967MK4</cusip>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>4.70000000</annualizedRt>
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        <name>Ally Financial Inc.</name>
        <lei>549300JBN1OSM8YNAI90</lei>
        <title>Ally Financial Inc., Series C</title>
        <cusip>02005NBN9</cusip>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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          <annualizedRt>4.70000000</annualizedRt>
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      <invstOrSec>
        <name>General Motors Financial Co., Inc.</name>
        <lei>5493008B6JBRUJ90QL97</lei>
        <title>General Motors Financial Co., Inc., Series A</title>
        <cusip>37045XCA2</cusip>
        <identifiers>
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        <balance>8140000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>7946429.99000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>N/A</maturityDt>
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          <annualizedRt>5.75000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CMS Energy Corp.</name>
        <lei>549300IA9XFBAGNIBW29</lei>
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        <name>M&amp;T Bank Corp.</name>
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        <name>Sempra</name>
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        <name>Emera Inc.</name>
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        <name>Sempra</name>
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        <name>Athene Holding Ltd.</name>
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        <name>WESCO International, Inc.</name>
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        <name>Huntington Bancshares Inc.</name>
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        <name>Assurant, Inc.</name>
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        <name>CenterPoint Energy, Inc.</name>
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        <name>Reinsurance Group of America, Inc.</name>
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        <name>Wintrust Financial Corp.</name>
        <lei>Q774KI4AW80FHFW33O61</lei>
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        <name>Southern Co. (The)</name>
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        <name>Huntington Bancshares Inc.</name>
        <lei>549300XTVCVV9I7B5T19</lei>
        <title>Huntington Bancshares Inc., Series J, Pfd.</title>
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        <name>BP Capital Markets PLC</name>
        <lei>549300CRVT18MXX0AG93</lei>
        <title>BP Capital Markets PLC</title>
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        <name>Truist Financial Corp.</name>
        <lei>549300DRQQI75D2JP341</lei>
        <title>Truist Financial Corp., Series A</title>
        <cusip>86787XAA3</cusip>
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        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2797296.53000000</valUSD>
        <pctVal>0.150343235777</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-05-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.45507000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Truist Financial Corp.</name>
        <lei>549300DRQQI75D2JP341</lei>
        <title>Truist Financial Corp., Series P</title>
        <cusip>89832QAE9</cusip>
        <identifiers>
          <isin value="US89832QAE98"/>
        </identifiers>
        <balance>8165000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8125479.36000000</valUSD>
        <pctVal>0.436711248209</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>N/A</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.95000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2024-12-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Invesco Exchange-Traded Fund Trust II</ncom:nameOfApplicant>
      <ncom:signature>Adrien Deberghes</ncom:signature>
      <ncom:signerName>Adrien Deberghes</ncom:signerName>
      <ncom:title>Vice President</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
