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        <fairValLevel>2</fairValLevel>
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        <name>Goldman Sachs Group, Inc. (The)</name>
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        <name>Valley National Bancorp</name>
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        <name>Reinsurance Group of America, Inc.</name>
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      <invstOrSec>
        <name>Lincoln National Corp.</name>
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      <invstOrSec>
        <name>Kemper Corp.</name>
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        <name>Mellon Capital IV</name>
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        <name>Goldman Sachs Group, Inc. (The)</name>
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        <name>American National Group Inc.</name>
        <lei>549300RK5RZQ740FPL83</lei>
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        <name>Capital One Financial Corp.</name>
        <lei>ZUE8T73ROZOF6FLBAR73</lei>
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        <name>JPMorgan Chase &amp; Co.</name>
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        <name>Tennessee Valley Authority</name>
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        <name>Energy Transfer L.P.</name>
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        <name>New York Mortgage Trust, Inc.</name>
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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>
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        <cusip>64828T706</cusip>
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        <name>AES Corp. (The)</name>
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        <title>AES Corp. (The)</title>
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        <name>Merchants Bancorp</name>
        <lei>54930008Y0GPVLF81889</lei>
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        <cusip>58844R884</cusip>
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        <name>Evergy, Inc.</name>
        <lei>549300PGTHDQY6PSUI61</lei>
        <title>Evergy, Inc.</title>
        <cusip>30034WAE6</cusip>
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        <name>Enbridge Inc.</name>
        <lei>98TPTUM4IVMFCZBCUR27</lei>
        <title>Enbridge Inc.</title>
        <cusip>29250NBT1</cusip>
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        <name>NextEra Energy Capital Holdings, Inc.</name>
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        <name>Bank of America Corp.</name>
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        <name>Goldman Sachs Group, Inc. (The)</name>
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        <name>AGNC Investment Corp.</name>
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        <name>Two Harbors Investment Corp.</name>
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        <name>Duke Energy Corp.</name>
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        <title>Duke Energy Corp.</title>
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        <name>Synovus Financial Corp.</name>
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        <name>Goldman Sachs Group, Inc. (The)</name>
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        <name>BP Capital Markets PLC</name>
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        <name>Bank of New York Mellon Corp. (The)</name>
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        <name>New York Mortgage Trust, Inc.</name>
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        <name>American International Group, Inc.</name>
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        <name>Compass Diversified Holdings</name>
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        <name>CMS Energy Corp.</name>
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        <name>TransCanada Trust</name>
        <lei>549300Y0MFCAXLBWUV51</lei>
        <title>TransCanada Trust</title>
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        <name>Goldman Sachs Capital II</name>
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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., Series AA</title>
        <cusip>172967PE5</cusip>
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      <invstOrSec>
        <name>Stanley Black &amp; Decker, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>JPMorgan Chase &amp; Co.</name>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>AerCap Ireland Capital DAC / AerCap Global Aviation Trust</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-03-10</maturityDt>
          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>PNC Financial Services Group, Inc. (The)</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
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      <invstOrSec>
        <name>Enbridge Inc.</name>
        <lei>98TPTUM4IVMFCZBCUR27</lei>
        <title>Enbridge Inc.</title>
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          <isin value="US29250NCG88"/>
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        <curCd>USD</curCd>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-03-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.37500000</annualizedRt>
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      <invstOrSec>
        <name>CVS Health Corp.</name>
        <lei>549300EJG376EN5NQE29</lei>
        <title>CVS Health Corp.</title>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-03-10</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Apollo Global Management, Inc.</name>
        <lei>254900LMFT1CY9IYB476</lei>
        <title>Apollo Global Management, Inc., Pfd.</title>
        <cusip>03769M205</cusip>
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          <isin value="US03769M2052"/>
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        <balance>198224.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5106250.24000000</valUSD>
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        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Nationwide Financial Services, Inc.</name>
        <lei>5493001H7AZNDS6BKJ36</lei>
        <title>Nationwide Financial Services, Inc.</title>
        <cusip>638612AJ0</cusip>
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          <isin value="US638612AJ06"/>
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        <balance>3293000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3251837.50000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.75000000</annualizedRt>
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      <invstOrSec>
        <name>MetLife, Inc.</name>
        <lei>C4BXATY60WC6XEOZDX54</lei>
        <title>MetLife, Inc., Series A, Pfd.</title>
        <cusip>59156R504</cusip>
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          <isin value="US59156R5046"/>
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        <balance>198270.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Enbridge Inc.</name>
        <lei>98TPTUM4IVMFCZBCUR27</lei>
        <title>Enbridge Inc., Series 16-A</title>
        <cusip>29250NAN5</cusip>
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          <isin value="US29250NAN57"/>
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        <balance>6197000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>6130075.50000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2077-01-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
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      <invstOrSec>
        <name>CMS Energy Corp.</name>
        <lei>549300IA9XFBAGNIBW29</lei>
        <title>CMS Energy Corp.</title>
        <cusip>125896BY5</cusip>
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        <balance>8260000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>8171993.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-06-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
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        <name>Goldman Sachs Group, Inc. (The)</name>
        <lei>784F5XWPLTWKTBV3E584</lei>
        <title>Goldman Sachs Group, Inc. (The)</title>
        <cusip>38141GC28</cusip>
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          <isin value="US38141GC282"/>
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        <balance>15671000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>15839651.30000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>N/A</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.85000000</annualizedRt>
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        <name>Wells Fargo &amp; Co.</name>
        <lei>PBLD0EJDB5FWOLXP3B76</lei>
        <title>Wells Fargo &amp; Co., Series BB</title>
        <cusip>949746TD3</cusip>
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          <isin value="US949746TD35"/>
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        <balance>29006000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>28577569.78000000</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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          <annualizedRt>3.90000000</annualizedRt>
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        <name>Goldman Sachs Group, Inc. (The)</name>
        <lei>784F5XWPLTWKTBV3E584</lei>
        <title>Goldman Sachs Group, Inc. (The), Series A, Pfd.</title>
        <cusip>38143Y665</cusip>
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          <isin value="US38143Y6656"/>
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        <name>Algonquin Power &amp; Utilities Corp.</name>
        <lei>549300K5VIUTJXQL7X75</lei>
        <title>Algonquin Power &amp; Utilities Corp., Series 19-A, Pfd.</title>
        <cusip>015857808</cusip>
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          <isin value="US0158578080"/>
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        <fairValLevel>1</fairValLevel>
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        <name>Western Alliance Bancorporation</name>
        <lei>5493003VJXZ5JXT9S762</lei>
        <title>Western Alliance Bancorporation, Series A, Pfd.</title>
        <cusip>957638406</cusip>
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        <name>CoBank, ACB</name>
        <lei>P0J8I7M2E0A77CKF1705</lei>
        <title>CoBank, ACB, Series K</title>
        <cusip>19075QAE2</cusip>
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        <name>Flagstar Financial, Inc.</name>
        <lei>529900HVXOTLY61GL030</lei>
        <title>Flagstar Financial, Inc., Series A., Pfd.</title>
        <cusip>649445202</cusip>
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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>MFA Financial, Inc.</name>
        <lei>YW72IMH2RRC8Z1TGLG58</lei>
        <title>MFA Financial, Inc., Series C, Pfd.</title>
        <cusip>55272X508</cusip>
        <identifiers>
          <isin value="US55272X5086"/>
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        <balance>91385.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2211517.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Lincoln National Corp.</name>
        <lei>EFQMQROEDSNBRIP7LE47</lei>
        <title>Lincoln National Corp.</title>
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          <isin value="US534187BN88"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CVS Health Corp.</name>
        <lei>549300EJG376EN5NQE29</lei>
        <title>CVS Health Corp.</title>
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          <isin value="US126650EG12"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Wesbanco, Inc.</name>
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        <cusip>950810705</cusip>
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          <isin value="US9508107052"/>
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        <assetCat>EP</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>AES Corp. (The)</name>
        <lei>2NUNNB7D43COUIRE5295</lei>
        <title>AES Corp. (The)</title>
        <cusip>00130HCK9</cusip>
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          <isin value="US00130HCK95"/>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-01-15</maturityDt>
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          <annualizedRt>7.60000000</annualizedRt>
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      <invstOrSec>
        <name>AGNC Investment Corp.</name>
        <lei>5TRACI5HRMELWV32OF39</lei>
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        <cusip>00123Q856</cusip>
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          <isin value="US00123Q8565"/>
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        <assetCat>EP</assetCat>
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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>146263.00000000</balance>
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        <assetCat>EP</assetCat>
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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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        <balance>4105000.00000000</balance>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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          <annualizedRt>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>8262000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2080-07-15</maturityDt>
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          <isContngtConvrtbl>N</isContngtConvrtbl>
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            <dbtSecRefInstrument>
              <name>Enbridge Inc.</name>
              <title>Enbridge Inc.</title>
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      <invstOrSec>
        <name>JPMorgan Chase &amp; Co.</name>
        <lei>8I5DZWZKVSZI1NUHU748</lei>
        <title>JPMorgan Chase &amp; Co., Series OO</title>
        <cusip>48128AAJ2</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>6.50000000</annualizedRt>
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      <invstOrSec>
        <name>NGL Energy Partners L.P.</name>
        <lei>5299005YSRP46BE8Z459</lei>
        <title>NGL Energy Partners L.P., Series B, Pfd.</title>
        <cusip>62913M206</cusip>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>KeyCorp</name>
        <lei>RKPI3RZGV1V1FJTH5T61</lei>
        <title>KeyCorp, Series E, Pfd.</title>
        <cusip>493267702</cusip>
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        <balance>165307.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Athene Holding Ltd.</name>
        <lei>549300H316CT32FQXI76</lei>
        <title>Athene Holding Ltd., Series E, Pfd.</title>
        <cusip>04686J507</cusip>
        <identifiers>
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        <balance>165507.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Tennessee Valley Authority</name>
        <lei>549300HE1ISW43LNKM54</lei>
        <title>Tennessee Valley Authority, Series A, Pfd.</title>
        <cusip>880591409</cusip>
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        <balance>69394.00000000</balance>
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        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Fifth Third Bancorp</name>
        <lei>THRNG6BD57P9QWTQLG42</lei>
        <title>Fifth Third Bancorp, Series I, Pfd.</title>
        <cusip>316773605</cusip>
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        <balance>149085.00000000</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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        <balance>4135000.00000000</balance>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
          <annualizedRt>7.37500000</annualizedRt>
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        <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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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2053-09-15</maturityDt>
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        <name>Chimera Investment Corp.</name>
        <lei>2JBBQFJOL123LOUBE657</lei>
        <title>Chimera Investment Corp., Series B, Pfd.</title>
        <cusip>16934Q406</cusip>
        <identifiers>
          <isin value="US16934Q4064"/>
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        <balance>107764.00000000</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>Banc of California, Inc.</name>
        <lei>549300ZKWUJDP6LJ1X87</lei>
        <title>Banc of California, Inc., Series F, Pfd.</title>
        <cusip>05990K841</cusip>
        <identifiers>
          <isin value="US05990K8412"/>
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        <balance>169993.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4210726.61000000</valUSD>
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        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
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        <name>Southern Co. (The)</name>
        <lei>549300FC3G3YU2FBZD92</lei>
        <title>Southern Co. (The)</title>
        <cusip>842587EB9</cusip>
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        <balance>14870000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>15149793.92000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-03-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.37500000</annualizedRt>
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      <invstOrSec>
        <name>MetLife, Inc.</name>
        <lei>C4BXATY60WC6XEOZDX54</lei>
        <title>MetLife, Inc., Series D</title>
        <cusip>59156RBT4</cusip>
        <identifiers>
          <isin value="US59156RBT41"/>
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        <balance>4130000.00000000</balance>
        <units>PA</units>
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        <name>UMB Financial Corp.</name>
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        <name>Edison International</name>
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        <name>TransCanada Pipelines Ltd.</name>
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        <name>Goldman Sachs Group, Inc. (The)</name>
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        <name>Citigroup Inc.</name>
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        <name>SiriusPoint Ltd.</name>
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        <name>MetLife, Inc.</name>
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        <name>Charles Schwab Corp. (The)</name>
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        <name>BP Capital Markets PLC</name>
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        <name>PartnerRe Finance B LLC</name>
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        <name>Truist Financial Corp.</name>
        <lei>549300DRQQI75D2JP341</lei>
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        <name>Vodafone Group PLC</name>
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        <name>Prudential Financial, Inc.</name>
        <lei>5PRBRS5FEH7NREC8OR45</lei>
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        <name>Goldman Sachs Group, Inc. (The)</name>
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        <name>Prudential Financial, Inc.</name>
        <lei>5PRBRS5FEH7NREC8OR45</lei>
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        <name>Granite Point Mortgage Trust Inc.</name>
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        <name>Truist Financial Corp.</name>
        <lei>549300DRQQI75D2JP341</lei>
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      <invstOrSec>
        <name>Rogers Communications Inc.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Enbridge Inc.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Paramount Global</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Bank of America Corp.</name>
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        <title>Bank of America Corp.</title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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      <invstOrSec>
        <name>Citigroup Inc.</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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          <annualizedRt>7.00000000</annualizedRt>
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        <name>Corebridge Financial, Inc.</name>
        <lei>549300XY1661QCIA7J65</lei>
        <title>Corebridge Financial, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-09-15</maturityDt>
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      <invstOrSec>
        <name>Enbridge Inc.</name>
        <lei>98TPTUM4IVMFCZBCUR27</lei>
        <title>Enbridge Inc.</title>
        <cusip>29250NBP9</cusip>
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          <isin value="US29250NBP96"/>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2083-01-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.62500000</annualizedRt>
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      <invstOrSec>
        <name>NextEra Energy Capital Holdings, Inc.</name>
        <lei>UMI46YPGBLUE4VGNNT48</lei>
        <title>NextEra Energy Capital Holdings, Inc.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2079-05-01</maturityDt>
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      <invstOrSec>
        <name>BP Capital Markets PLC</name>
        <lei>549300CRVT18MXX0AG93</lei>
        <title>BP Capital Markets PLC</title>
        <cusip>05565QDX3</cusip>
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        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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      <invstOrSec>
        <name>Regions Financial Corp.</name>
        <lei>CW05CS5KW59QTC0DG824</lei>
        <title>Regions Financial Corp., Pfd.</title>
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        <name>Athene Holding Ltd.</name>
        <lei>549300H316CT32FQXI76</lei>
        <title>Athene Holding Ltd., Series A, Pfd.</title>
        <cusip>04686J861</cusip>
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        <fairValLevel>1</fairValLevel>
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        <name>Citigroup Inc.</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>Citigroup Inc., Series X</title>
        <cusip>172967MV0</cusip>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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          <annualizedRt>3.87500000</annualizedRt>
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        <name>Algonquin Power &amp; Utilities Corp.</name>
        <lei>549300K5VIUTJXQL7X75</lei>
        <title>Algonquin Power &amp; Utilities Corp.</title>
        <cusip>015857AH8</cusip>
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          <isin value="US015857AH86"/>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2082-01-18</maturityDt>
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        <name>Wells Fargo &amp; Co.</name>
        <lei>PBLD0EJDB5FWOLXP3B76</lei>
        <title>Wells Fargo &amp; Co.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Dominion Energy, Inc.</name>
        <lei>ILUL7B6Z54MRYCF6H308</lei>
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        <cusip>25746UDT3</cusip>
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        <name>Rithm Capital Corp.</name>
        <lei>549300WNTHGEO5LP2G31</lei>
        <title>Rithm Capital Corp., Series C, Pfd.</title>
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        <name>Bank of Nova Scotia (The)</name>
        <lei>L3I9ZG2KFGXZ61BMYR72</lei>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>USB Capital IX</name>
        <lei>N/A</lei>
        <title>USB Capital IX</title>
        <cusip>91731KAA8</cusip>
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        <balance>5579000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Bank of America Corp.</name>
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        <name>Prudential Financial, Inc.</name>
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        <name>GasLog Partners L.P.</name>
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        <name>American Electric Power Co., Inc.</name>
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        <name>Bank of America Corp.</name>
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        <name>State Street Corp.</name>
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        <name>Bank of Nova Scotia (The)</name>
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        <name>Bank of New York Mellon Corp. (The)</name>
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        <name>Northern Trust Corp.</name>
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        <name>General Motors Financial Co., Inc.</name>
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        <name>Two Harbors Investment Corp.</name>
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        <name>Apollo Global Management, Inc.</name>
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        <name>State Street Corp.</name>
        <lei>549300ZFEEJ2IP5VME73</lei>
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        <name>Edison International</name>
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        <name>State Street Corp.</name>
        <lei>549300ZFEEJ2IP5VME73</lei>
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        <name>Synovus Financial Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>PNC Financial Services Group, Inc. (The)</name>
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        <name>Athene Holding Ltd.</name>
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        <name>Enterprise Products Operating LLC</name>
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        <name>PG&amp;E Corp.</name>
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        <name>Citigroup Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Bank of Montreal</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Citigroup Inc.</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
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        <name>TransCanada Pipelines Ltd.</name>
        <lei>5BV01I6231JPDAPMGH09</lei>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Tsakos Energy Navigation Ltd.</name>
        <lei>549300IFUTS62LRRCU54</lei>
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        <cusip>EP0526210</cusip>
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        <name>Plains All American Pipeline, L.P.</name>
        <lei>5521FA2ITF25TVH63740</lei>
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        <name>American Express Co.</name>
        <lei>R4PP93JZOLY261QX3811</lei>
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        <name>Goldman Sachs Group, Inc. (The)</name>
        <lei>784F5XWPLTWKTBV3E584</lei>
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        <name>FTAI Aviation Ltd.</name>
        <lei>529900E7PUVK6BC8PE80</lei>
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        <cusip>EP0602243</cusip>
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        <name>Vodafone Group PLC</name>
        <lei>213800TB53ELEUKM7Q61</lei>
        <title>Vodafone Group PLC</title>
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        <name>Bank of New York Mellon Corp. (The)</name>
        <lei>WFLLPEPC7FZXENRZV188</lei>
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        <cusip>064058AF7</cusip>
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        <name>Bank of New York Mellon Corp. (The)</name>
        <lei>WFLLPEPC7FZXENRZV188</lei>
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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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          <maturityDt>N/A</maturityDt>
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      <invstOrSec>
        <name>General Motors Financial Co., Inc.</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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      <invstOrSec>
        <name>Voya Financial, Inc.</name>
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        <cusip>929089209</cusip>
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          <isin value="US9290892093"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Rithm Capital Corp.</name>
        <lei>549300WNTHGEO5LP2G31</lei>
        <title>Rithm Capital Corp., Series B, Pfd.</title>
        <cusip>64828T409</cusip>
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          <isin value="US64828T4094"/>
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        <balance>93351.00000000</balance>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>SCE Trust V</name>
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          <isin value="US78409W2017"/>
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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>Allstate Corp. (The)</name>
        <lei>OBT0W1ED8G0NWVOLOJ77</lei>
        <title>Allstate Corp. (The), Pfd.</title>
        <cusip>020002309</cusip>
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          <isin value="US0200023093"/>
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        <balance>165515.00000000</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>AerCap Ireland Capital DAC / AerCap Global Aviation Trust</name>
        <lei>N/A</lei>
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        <cusip>00774MBQ7</cusip>
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          <isin value="US00774MBQ78"/>
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        <balance>4100000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>IE</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2056-01-31</maturityDt>
          <couponKind>Variable</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SCE Trust IV</name>
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        <cusip>78409G206</cusip>
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          <isin value="US78409G2066"/>
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        <balance>107651.00000000</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>State Street Corp.</name>
        <lei>549300ZFEEJ2IP5VME73</lei>
        <title>State Street Corp.</title>
        <cusip>857477AY9</cusip>
        <identifiers>
          <isin value="US857477AY98"/>
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        <balance>4163000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2047-06-15</maturityDt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Regions Financial Corp.</name>
        <lei>CW05CS5KW59QTC0DG824</lei>
        <title>Regions Financial Corp., Series C, Pfd.</title>
        <cusip>7591EP704</cusip>
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          <isin value="US7591EP7044"/>
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        <balance>165449.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Goldman Sachs Group, Inc. (The)</name>
        <lei>784F5XWPLTWKTBV3E584</lei>
        <title>Goldman Sachs Group, Inc. (The), Series W</title>
        <cusip>38141GA38</cusip>
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          <isin value="US38141GA385"/>
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        <balance>12373000.00000000</balance>
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        <valUSD>12970269.46000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.50000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Citigroup Inc.</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>Citigroup Inc., Series Z</title>
        <cusip>172967PC9</cusip>
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          <isin value="US172967PC98"/>
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        <balance>10314000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>10673769.44000000</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>7.37500000</annualizedRt>
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      <invstOrSec>
        <name>Bank of America Corp.</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
        <title>Bank of America Corp., Series DD</title>
        <cusip>060505EU4</cusip>
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        <balance>8260000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>8343789.44000000</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>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.30000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Bank of America Corp.</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
        <title>Bank of America Corp., Series E, Pfd.</title>
        <cusip>060505815</cusip>
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          <isin value="US0605058157"/>
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        <balance>101734.00000000</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>Equitable Holdings, Inc.</name>
        <lei>549300FIBAKMNHPZ4009</lei>
        <title>Equitable Holdings, Inc.</title>
        <cusip>29452EAD3</cusip>
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          <isin value="US29452EAD31"/>
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        <balance>4130000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4187357.44000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-03-28</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.70000000</annualizedRt>
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      <invstOrSec>
        <name>PNC Financial Services Group, Inc. (The)</name>
        <lei>CFGNEKW0P8842LEUIA51</lei>
        <title>PNC Financial Services Group, Inc. (The), Series W</title>
        <cusip>693475BP9</cusip>
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          <isin value="US693475BP99"/>
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        <balance>12395000.00000000</balance>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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      <invstOrSec>
        <name>Ellington Financial Inc.</name>
        <lei>60GS1D1R1YY5G1W7IT74</lei>
        <title>Ellington Financial Inc., Series B, Pfd.</title>
        <cusip>28852N307</cusip>
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          <isin value="US28852N3070"/>
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        <balance>39828.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Two Harbors Investment Corp.</name>
        <lei>549300ZUIBT6KH4HU823</lei>
        <title>Two Harbors Investment Corp., Series A, Pfd.</title>
        <cusip>90187B200</cusip>
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          <isin value="US90187B2007"/>
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        <balance>41906.00000000</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>Markel Group Inc.</name>
        <lei>549300SCNO12JLWIK605</lei>
        <title>Markel Group Inc.</title>
        <cusip>570535AW4</cusip>
        <identifiers>
          <isin value="US570535AW40"/>
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        <balance>4957000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4957000.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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          <annualizedRt>6.00000000</annualizedRt>
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      <invstOrSec>
        <name>Bell Canada</name>
        <lei>5493000G3EFX9S7TDE29</lei>
        <title>Bell Canada</title>
        <cusip>0778FPAQ2</cusip>
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        <balance>10302000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>10355580.70000000</valUSD>
        <pctVal>0.505893879174</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-09-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Charles Schwab Corp. (The)</name>
        <lei>549300VSGCJ7E698NM85</lei>
        <title>Charles Schwab Corp. (The), Series K</title>
        <cusip>808513CB9</cusip>
        <identifiers>
          <isin value="US808513CB92"/>
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        <balance>6195000.00000000</balance>
        <units>PA</units>
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        <name>Tsakos Energy Navigation Ltd.</name>
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        <name>MetLife, Inc.</name>
        <lei>C4BXATY60WC6XEOZDX54</lei>
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        <name>Jackson Financial Inc.</name>
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        <name>Duke Energy Corp.</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>Sempra</name>
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        <name>CoBank, ACB</name>
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        <name>M&amp;T Bank Corp.</name>
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      <invstOrSec>
        <name>Rogers Communications Inc.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Entergy Corp.</name>
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        <title>Entergy Corp.</title>
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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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      <invstOrSec>
        <name>Charles Schwab Corp. (The)</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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        <name>Arbor Realty Trust, Inc.</name>
        <lei>549300ASFUWYQO0RW077</lei>
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        <cusip>038923850</cusip>
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        <fairValLevel>1</fairValLevel>
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        <name>ACRES Commercial Realty Corp.</name>
        <lei>549300RUJWPCMY4JFR46</lei>
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        <cusip>00489Q201</cusip>
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        <fairValLevel>1</fairValLevel>
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        <name>Vodafone Group PLC</name>
        <lei>213800TB53ELEUKM7Q61</lei>
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        <name>Bank of America Corp.</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
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        <name>AGNC Investment Corp.</name>
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        <name>Citizens Financial Group, Inc.</name>
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        <name>Prudential Financial, Inc.</name>
        <lei>5PRBRS5FEH7NREC8OR45</lei>
        <title>Prudential Financial, Inc.</title>
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        <name>KeyCorp</name>
        <lei>RKPI3RZGV1V1FJTH5T61</lei>
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        <name>BAC Capital Trust XIV</name>
        <lei>549300QO5OB3VGJT6S64</lei>
        <title>BAC Capital Trust XIV, Series G</title>
        <cusip>05518VAA3</cusip>
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        <name>Lincoln National Corp.</name>
        <lei>EFQMQROEDSNBRIP7LE47</lei>
        <title>Lincoln National Corp., Series C</title>
        <cusip>534187BR9</cusip>
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        <name>Prudential Financial, Inc.</name>
        <lei>5PRBRS5FEH7NREC8OR45</lei>
        <title>Prudential Financial, Inc.</title>
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        <name>U.S. Bancorp</name>
        <lei>N1GZ7BBF3NP8GI976H15</lei>
        <title>U.S. Bancorp, Series J</title>
        <cusip>902973AZ9</cusip>
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        <balance>8260000.00000000</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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      </invstOrSec>
      <invstOrSec>
        <name>Aptiv Swiss Holdings Ltd.</name>
        <lei>254900HTTDFIJZ32GX53</lei>
        <title>Aptiv Swiss Holdings Ltd.</title>
        <cusip>03837AAD2</cusip>
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          <isin value="US03837AAD28"/>
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        <balance>4140000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4065152.53000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-12-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.87500000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>American Electric Power Co., Inc.</name>
        <lei>1B4S6S7G0TW5EE83BO58</lei>
        <title>American Electric Power Co., Inc.</title>
        <cusip>025537BA8</cusip>
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          <isin value="US025537BA89"/>
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        <balance>4960000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5084193.44000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-12-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.95000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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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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          <isin value="US02005NBM11"/>
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        <balance>11153000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>10571943.20000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.70000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Reinsurance Group of America, Inc.</name>
        <lei>LORM1GNEU1DKEW527V90</lei>
        <title>Reinsurance Group of America, Inc.</title>
        <cusip>759351AT6</cusip>
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          <isin value="US759351AT60"/>
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        <balance>5780000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5688496.24000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-09-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.65000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Enterprise Products Operating LLC</name>
        <lei>5493004LGN656HWLDA30</lei>
        <title>Enterprise Products Operating LLC, Series E</title>
        <cusip>29379VBN2</cusip>
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          <isin value="US29379VBN29"/>
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        <balance>8265000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>8153144.80000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2077-08-16</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Exelon Corp.</name>
        <lei>3SOUA6IRML7435B56G12</lei>
        <title>Exelon Corp.</title>
        <cusip>30161NBQ3</cusip>
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          <isin value="US30161NBQ34"/>
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        <balance>8260000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>8254701.29000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-03-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>NiSource Inc.</name>
        <lei>549300D8GOWWH0SJB189</lei>
        <title>NiSource Inc.</title>
        <cusip>65473PAR6</cusip>
        <identifiers>
          <isin value="US65473PAR64"/>
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        <balance>4131000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4237294.76000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-11-30</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.95000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Fifth Third Bancorp</name>
        <lei>THRNG6BD57P9QWTQLG42</lei>
        <title>Fifth Third Bancorp, Series L</title>
        <cusip>316773DB3</cusip>
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          <isin value="US316773DB33"/>
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        <balance>2890000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2877127.07000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>N/A</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Associated Banc-Corp</name>
        <lei>549300N3CIN473IW5094</lei>
        <title>Associated Banc-Corp, Pfd.</title>
        <cusip>045487600</cusip>
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          <isin value="US0454876006"/>
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        <balance>99240.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2400615.60000000</valUSD>
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        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>NextEra Energy Capital Holdings, Inc.</name>
        <lei>UMI46YPGBLUE4VGNNT48</lei>
        <title>NextEra Energy Capital Holdings, Inc.</title>
        <cusip>65339KCW8</cusip>
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          <isin value="US65339KCW80"/>
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        <balance>8264000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>8398223.89000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-09-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.70000000</annualizedRt>
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        <name>Energy Transfer L.P.</name>
        <lei>MTLVN9N7JE8MIBIJ1H73</lei>
        <title>Energy Transfer L.P., Series G</title>
        <cusip>29273VAM2</cusip>
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          <isin value="US29273VAM28"/>
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        <balance>9086000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>9147766.63000000</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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          <annualizedRt>7.12500000</annualizedRt>
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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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          <isin value="US0401284072"/>
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        <balance>50429.00000000</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>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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        <balance>238396.00000000</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>Enbridge Inc.</name>
        <lei>98TPTUM4IVMFCZBCUR27</lei>
        <title>Enbridge Inc.</title>
        <cusip>29250NAW5</cusip>
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          <isin value="US29250NAW56"/>
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        <balance>7025000.00000000</balance>
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        <valUSD>6922653.48000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <annualizedRt>6.25000000</annualizedRt>
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        <name>JPMorgan Chase &amp; Co.</name>
        <lei>8I5DZWZKVSZI1NUHU748</lei>
        <title>JPMorgan Chase &amp; Co., Series KK</title>
        <cusip>48128BAN1</cusip>
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          <isin value="US48128BAN10"/>
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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>3.65000000</annualizedRt>
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        <name>Chimera Investment Corp.</name>
        <lei>2JBBQFJOL123LOUBE657</lei>
        <title>Chimera Investment Corp., Series C, Pfd.</title>
        <cusip>16934Q505</cusip>
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          <isin value="US16934Q5053"/>
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        <balance>86186.00000000</balance>
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        <assetCat>EP</assetCat>
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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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        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <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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        <balance>4545000.00000000</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>2077-12-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.80000000</annualizedRt>
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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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        <balance>20176000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>21087724.39000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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      <invstOrSec>
        <name>Brookfield Finance Inc.</name>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Athene Holding Ltd.</name>
        <lei>549300H316CT32FQXI76</lei>
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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>TransCanada Trust</name>
        <lei>549300Y0MFCAXLBWUV51</lei>
        <title>TransCanada Trust, Series 16-A</title>
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          <isin value="US89356BAB45"/>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2076-08-15</maturityDt>
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          <annualizedRt>5.87500000</annualizedRt>
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      <invstOrSec>
        <name>Sempra</name>
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        <title>Sempra</title>
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          <isin value="US816851BM02"/>
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        <balance>8260000.00000000</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>
          <annualizedRt>4.12500000</annualizedRt>
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      <invstOrSec>
        <name>Southern Co. (The)</name>
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        <title>Southern Co. (The), Series 21-A</title>
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          <isin value="US842587DJ36"/>
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        <balance>8265000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2051-09-15</maturityDt>
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          <annualizedRt>3.75000000</annualizedRt>
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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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          <isin value="US00123Q6098"/>
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        <assetCat>EP</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Morgan Stanley</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>Morgan Stanley, Series A, Pfd.</title>
        <cusip>61747S504</cusip>
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          <isin value="US61747S5047"/>
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        <balance>364024.00000000</balance>
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        <assetCat>EP</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Wells Fargo &amp; Co.</name>
        <lei>PBLD0EJDB5FWOLXP3B76</lei>
        <title>Wells Fargo &amp; Co.</title>
        <cusip>95002YAC7</cusip>
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          <isin value="US95002YAC75"/>
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        <balance>16530000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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          <annualizedRt>6.85000000</annualizedRt>
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      <invstOrSec>
        <name>Energy Transfer L.P.</name>
        <lei>MTLVN9N7JE8MIBIJ1H73</lei>
        <title>Energy Transfer L.P.</title>
        <cusip>29273VBC3</cusip>
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          <isin value="US29273VBC37"/>
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        <balance>3305000.00000000</balance>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-10-01</maturityDt>
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        <name>NextEra Energy Capital Holdings, Inc.</name>
        <lei>UMI46YPGBLUE4VGNNT48</lei>
        <title>NextEra Energy Capital Holdings, Inc.</title>
        <cusip>65339KDE7</cusip>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-08-15</maturityDt>
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        <name>Citigroup Capital XIII</name>
        <lei>N/A</lei>
        <title>Citigroup Capital XIII, Pfd.</title>
        <cusip>173080201</cusip>
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        <balance>742671.00000000</balance>
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        <assetCat>EP</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Seapeak LLC</name>
        <lei>549300CP38L0UER0I397</lei>
        <title>Seapeak LLC, Series B, Pfd.</title>
        <cusip>EP0537951</cusip>
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          <isin value="MHY8564M2048"/>
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        <balance>56555.00000000</balance>
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        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MH</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>M&amp;T Bank Corp.</name>
        <lei>549300WYXDDBYRASEG81</lei>
        <title>M&amp;T Bank Corp., Series G</title>
        <cusip>55261FAL8</cusip>
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        <balance>3302000.00000000</balance>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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      <invstOrSec>
        <name>NiSource Inc.</name>
        <lei>549300D8GOWWH0SJB189</lei>
        <title>NiSource Inc.</title>
        <cusip>65473PAT2</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>National Rural Utilities Cooperative Finance Corp.</name>
        <lei>4NYF266XZC35SCTGX023</lei>
        <title>National Rural Utilities Cooperative Finance Corp.</title>
        <cusip>637432NK7</cusip>
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          <maturityDt>2046-04-20</maturityDt>
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      <invstOrSec>
        <name>Bank of America Corp.</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
        <title>Bank of America Corp., Series FF</title>
        <cusip>060505FL3</cusip>
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          <isin value="US060505FL38"/>
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        <balance>18763000.00000000</balance>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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          <annualizedRt>5.87500000</annualizedRt>
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        <name>CenterPoint Energy, Inc.</name>
        <lei>21TPXMRRHFKOBHDC8J74</lei>
        <title>CenterPoint Energy, Inc., Series B</title>
        <cusip>15189TBJ5</cusip>
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          <isin value="US15189TBJ51"/>
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        <balance>3304000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-02-15</maturityDt>
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      <invstOrSec>
        <name>Dynex Capital, Inc.</name>
        <lei>5CIJ4S9HAEBWILA19B65</lei>
        <title>Dynex Capital, Inc., Series C, Pfd.</title>
        <cusip>26817Q878</cusip>
        <identifiers>
          <isin value="US26817Q8785"/>
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        <balance>37112.00000000</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>Charles Schwab Corp. (The)</name>
        <lei>549300VSGCJ7E698NM85</lei>
        <title>Charles Schwab Corp. (The), Series H</title>
        <cusip>808513BJ3</cusip>
        <identifiers>
          <isin value="US808513BJ38"/>
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        <balance>18403000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>16632977.38000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <name>Goldman Sachs Group, Inc. (The)</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CenterPoint Energy, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Goldman Sachs Group, Inc. (The)</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Prudential Financial, Inc.</name>
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        <name>Synchrony Financial</name>
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        <name>Invesco Government &amp; Agency Portfolio</name>
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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>
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        <name>Enbridge Inc.</name>
        <lei>98TPTUM4IVMFCZBCUR27</lei>
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        <name>Sempra</name>
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        <name>TransCanada Trust</name>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>KeyCorp</name>
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        <name>Dominion Energy, Inc.</name>
        <lei>ILUL7B6Z54MRYCF6H308</lei>
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        <name>Enbridge Inc.</name>
        <lei>98TPTUM4IVMFCZBCUR27</lei>
        <title>Enbridge Inc.</title>
        <cusip>29250NAS4</cusip>
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        <name>Allstate Corp. (The)</name>
        <lei>OBT0W1ED8G0NWVOLOJ77</lei>
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        <name>Corebridge Financial, Inc.</name>
        <lei>549300XY1661QCIA7J65</lei>
        <title>Corebridge Financial, Inc.</title>
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        <name>Truist Financial Corp.</name>
        <lei>549300DRQQI75D2JP341</lei>
        <title>Truist Financial Corp., Series M</title>
        <cusip>89832QAC3</cusip>
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        <name>Aegon Ltd.</name>
        <lei>O4QK7KMMK83ITNTHUG69</lei>
        <title>Aegon Ltd.</title>
        <cusip>007924AJ2</cusip>
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        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2048-04-11</maturityDt>
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      <invstOrSec>
        <name>Invesco Private Government Fund</name>
        <lei>N/A</lei>
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          <other otherDesc="CADIS_ID" value="2442116"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Citigroup Inc.</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
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          <isin value="US172967PJ42"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>AGNC Investment Corp.</name>
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          <isin value="US00123Q8722"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>EUSHI Finance, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Annaly Capital Management, Inc.</name>
        <lei>2DTL0G3FPRYUT58TI025</lei>
        <title>Annaly Capital Management, Inc., Series G, Pfd.</title>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>New York Mortgage Trust, Inc.</name>
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          <isin value="US6496048652"/>
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        <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>Citigroup Inc.</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>Citigroup Inc., Series W</title>
        <cusip>172967MU2</cusip>
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          <isin value="US172967MU24"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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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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          <isin value="US14040HCF01"/>
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        <balance>8265000.00000000</balance>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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          <annualizedRt>3.95000000</annualizedRt>
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      <invstOrSec>
        <name>Chimera Investment Corp.</name>
        <lei>2JBBQFJOL123LOUBE657</lei>
        <title>Chimera Investment Corp., Series D, Pfd.</title>
        <cusip>16934Q604</cusip>
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          <isin value="US16934Q6044"/>
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        <balance>66026.00000000</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>CHS Inc.</name>
        <lei>XEIEFTLYDQ1MZ6TZV015</lei>
        <title>CHS Inc., Series 2, Pfd.</title>
        <cusip>12542R506</cusip>
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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>Enstar Finance LLC</name>
        <lei>N/A</lei>
        <title>Enstar Finance LLC</title>
        <cusip>29360AAB6</cusip>
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          <isin value="US29360AAB61"/>
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        <balance>4131000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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        <name>Dominion Energy, Inc.</name>
        <lei>ILUL7B6Z54MRYCF6H308</lei>
        <title>Dominion Energy, Inc., Series B</title>
        <cusip>25746UDU0</cusip>
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          <isin value="US25746UDU07"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-06-01</maturityDt>
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        <name>PPL Capital Funding, Inc.</name>
        <lei>549300MROK5WY0D2NU17</lei>
        <title>PPL Capital Funding, Inc., Series A</title>
        <cusip>69352PAC7</cusip>
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          <isin value="US69352PAC77"/>
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        <fairValLevel>2</fairValLevel>
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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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        <balance>34885.00000000</balance>
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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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        <name>Citigroup Inc.</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>Citigroup Inc., Series CC</title>
        <cusip>172967PK1</cusip>
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        <invCountry>US</invCountry>
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          <maturityDt>N/A</maturityDt>
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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>33135.00000000</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>6607000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>6221632.85000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2082-03-07</maturityDt>
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          <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>5781000.00000000</balance>
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        <name>Midland States Bancorp, Inc.</name>
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        <name>Goldman Sachs Group, Inc. (The)</name>
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        <name>Edison International</name>
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        <name>NextEra Energy Capital Holdings, Inc.</name>
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        <name>Bank of New York Mellon Corp. (The)</name>
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        <name>Ally Financial Inc.</name>
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          <maturityDt>N/A</maturityDt>
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        <name>General Motors Financial Co., Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CMS Energy Corp.</name>
        <lei>549300IA9XFBAGNIBW29</lei>
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        <name>Truist Financial Corp.</name>
        <lei>549300DRQQI75D2JP341</lei>
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        <name>Bank of America Corp.</name>
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        <name>PacifiCorp</name>
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        <name>NextEra Energy Capital Holdings, Inc.</name>
        <lei>UMI46YPGBLUE4VGNNT48</lei>
        <title>NextEra Energy Capital Holdings, Inc.</title>
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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>
        <lei>549300H316CT32FQXI76</lei>
        <title>Athene Holding Ltd.</title>
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        <name>Bell Canada</name>
        <lei>5493000G3EFX9S7TDE29</lei>
        <title>Bell Canada</title>
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        <invCountry>CA</invCountry>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WESCO International, Inc.</name>
        <lei>529900TXOGREY3WNJ434</lei>
        <title>WESCO International, Inc., Series A, Pfd.</title>
        <cusip>95082P303</cusip>
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          <isin value="US95082P3038"/>
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        <balance>177988.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4542253.76000000</valUSD>
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        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>U.S. Bancorp</name>
        <lei>N1GZ7BBF3NP8GI976H15</lei>
        <title>U.S. Bancorp, Series B, Pfd.</title>
        <cusip>902973155</cusip>
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          <isin value="US9029731554"/>
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        <balance>330886.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>6796398.44000000</valUSD>
        <pctVal>0.332019658852</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>Huntington Bancshares Inc.</name>
        <lei>549300XTVCVV9I7B5T19</lei>
        <title>Huntington Bancshares Inc., Series F</title>
        <cusip>446150AT1</cusip>
        <identifiers>
          <isin value="US446150AT18"/>
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        <balance>4131000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4129011.34000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.62500000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Assurant, Inc.</name>
        <lei>H3F39CAXWQRVWURFXL38</lei>
        <title>Assurant, Inc.</title>
        <cusip>04621XAK4</cusip>
        <identifiers>
          <isin value="US04621XAK46"/>
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        <balance>3308000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3357038.59000000</valUSD>
        <pctVal>0.163999038203</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-03-27</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="325487.58000000"/>
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      </invstOrSec>
      <invstOrSec>
        <name>CenterPoint Energy, Inc.</name>
        <lei>21TPXMRRHFKOBHDC8J74</lei>
        <title>CenterPoint Energy, Inc.</title>
        <cusip>15189TBP1</cusip>
        <identifiers>
          <isin value="US15189TBP12"/>
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        <balance>4130000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4132295.41000000</valUSD>
        <pctVal>0.201872112769</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-05-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.70000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Reinsurance Group of America, Inc.</name>
        <lei>LORM1GNEU1DKEW527V90</lei>
        <title>Reinsurance Group of America, Inc., Pfd.</title>
        <cusip>759351802</cusip>
        <identifiers>
          <isin value="US7593518027"/>
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        <balance>133573.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3296581.64000000</valUSD>
        <pctVal>0.161045577470</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Wintrust Financial Corp.</name>
        <lei>Q774KI4AW80FHFW33O61</lei>
        <title>Wintrust Financial Corp., Series E, Pfd.</title>
        <cusip>97650W504</cusip>
        <identifiers>
          <isin value="US97650W5040"/>
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        <balance>95340.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2404474.80000000</valUSD>
        <pctVal>0.117464111302</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="2522.50000000"/>
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      </invstOrSec>
      <invstOrSec>
        <name>Southern Co. (The)</name>
        <lei>549300FC3G3YU2FBZD92</lei>
        <title>Southern Co. (The), Series B</title>
        <cusip>842587DF1</cusip>
        <identifiers>
          <isin value="US842587DF14"/>
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        <balance>10332000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>10255423.97000000</valUSD>
        <pctVal>0.501000993093</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-01-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.00000000</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>Huntington Bancshares Inc.</name>
        <lei>549300XTVCVV9I7B5T19</lei>
        <title>Huntington Bancshares Inc., Series J, Pfd.</title>
        <cusip>446150773</cusip>
        <identifiers>
          <isin value="US4461507737"/>
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        <balance>107963.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2673163.88000000</valUSD>
        <pctVal>0.130590189396</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>BP Capital Markets PLC</name>
        <lei>549300CRVT18MXX0AG93</lei>
        <title>BP Capital Markets PLC</title>
        <cusip>05565QDU9</cusip>
        <identifiers>
          <isin value="US05565QDU94"/>
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        <balance>9912000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>9898993.47000000</valUSD>
        <pctVal>0.483588545301</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>N/A</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.37500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="9715408.85000000"/>
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      </invstOrSec>
      <invstOrSec>
        <name>Truist Financial Corp.</name>
        <lei>549300DRQQI75D2JP341</lei>
        <title>Truist Financial Corp., Series A</title>
        <cusip>86787XAA3</cusip>
        <identifiers>
          <isin value="US86787XAA37"/>
        </identifiers>
        <balance>2892000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2844471.40000000</valUSD>
        <pctVal>0.138958954831</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>5.25794000</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>Citigroup Inc.</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>Citigroup Inc., Series EE</title>
        <cusip>172967PR6</cusip>
        <identifiers>
          <isin value="US172967PR67"/>
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        <balance>12370000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>12268183.77000000</valUSD>
        <pctVal>0.599328927815</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>N/A</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.75000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="2441841.37000000"/>
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      </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>8265000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8231604.44000000</valUSD>
        <pctVal>0.402132765184</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>2025-06-30</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>
