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        <cusip>65339K860</cusip>
        <identifiers>
          <isin value="US65339K8606"/>
        </identifiers>
        <balance>95675.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2537301.00000000</valUSD>
        <pctVal>0.435458059852</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Enbridge Inc.</name>
        <lei>98TPTUM4IVMFCZBCUR27</lei>
        <title>Enbridge Inc PREFERRED STOCK</title>
        <cusip>29250N477</cusip>
        <identifiers>
          <isin value="US29250N4777"/>
        </identifiers>
        <balance>83323.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2245554.85000000</valUSD>
        <pctVal>0.385387842543</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SEMPRA ENERGY</name>
        <lei>PBBKGKLRK5S5C0Y4T545</lei>
        <title>Sempra Energy PREFERRED STOCK</title>
        <cusip>816851604</cusip>
        <identifiers>
          <isin value="US8168516040"/>
        </identifiers>
        <balance>105515.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2780320.25000000</valUSD>
        <pctVal>0.477165642481</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>THE CHARLES SCHWAB CORPORATION</name>
        <lei>549300VSGCJ7E698NM85</lei>
        <title>Charles Schwab Corp/The PREFERRED STOCK</title>
        <cusip>808513402</cusip>
        <identifiers>
          <isin value="US8085134026"/>
        </identifiers>
        <balance>83226.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2150559.84000000</valUSD>
        <pctVal>0.369084556985</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ASSURANT, INC.</name>
        <lei>H3F39CAXWQRVWURFXL38</lei>
        <title>Assurant Inc PREFERRED STOCK</title>
        <cusip>04621X207</cusip>
        <identifiers>
          <isin value="US04621X2071"/>
        </identifiers>
        <balance>10725.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1392855.75000000</valUSD>
        <pctVal>0.239045451268</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PUBLIC STORAGE</name>
        <lei>549300LMZF40TKJ6DM64</lei>
        <title>Public Storage PREFERRED STOCK</title>
        <cusip>74460W719</cusip>
        <identifiers>
          <isin value="US74460W7193"/>
        </identifiers>
        <balance>52267.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1314515.05000000</valUSD>
        <pctVal>0.225600420809</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PUBLIC STORAGE</name>
        <lei>549300LMZF40TKJ6DM64</lei>
        <title>Public Storage PREFERRED STOCK</title>
        <cusip>74460W107</cusip>
        <identifiers>
          <isin value="US74460W1071"/>
        </identifiers>
        <balance>33159.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>835275.21000000</valUSD>
        <pctVal>0.143352058896</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>STATE STREET CORPORATION</name>
        <lei>549300ZFEEJ2IP5VME73</lei>
        <title>State Street Corp PREFERRED STOCK</title>
        <cusip>857477509</cusip>
        <identifiers>
          <isin value="US8574775099"/>
        </identifiers>
        <balance>69843.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1749567.15000000</valUSD>
        <pctVal>0.300265170242</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CAPITAL ONE FINANCIAL CORPORATION</name>
        <lei>ZUE8T73ROZOF6FLBAR73</lei>
        <title>Capital One Financial Corp PREFERRED STOCK</title>
        <cusip>14040H881</cusip>
        <identifiers>
          <isin value="US14040H8815"/>
        </identifiers>
        <balance>69076.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1782160.80000000</valUSD>
        <pctVal>0.305858975467</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VEREIT, INC.</name>
        <lei>5493002H54FNIBW75H44</lei>
        <title>VEREIT Inc PREFERRED STOCK</title>
        <cusip>92339V209</cusip>
        <identifiers>
          <isin value="US92339V2097"/>
        </identifiers>
        <balance>135805.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3423644.05000000</valUSD>
        <pctVal>0.587574511513</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>QWEST CORPORATION</name>
        <lei>549300R2L4N683OO1509</lei>
        <title>Qwest Corp PREFERRED STOCK</title>
        <cusip>74913G881</cusip>
        <identifiers>
          <isin value="US74913G8814"/>
        </identifiers>
        <balance>136519.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3404783.86000000</valUSD>
        <pctVal>0.584337677670</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PRUDENTIAL FINANCIAL, INC.</name>
        <lei>5PRBRS5FEH7NREC8OR45</lei>
        <title>Prudential Financial Inc PREFERRED STOCK</title>
        <cusip>744320706</cusip>
        <identifiers>
          <isin value="US7443207060"/>
        </identifiers>
        <balance>98725.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2521436.50000000</valUSD>
        <pctVal>0.432735353957</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TELEPHONE AND DATA SYSTEMS, INC.</name>
        <lei>N/A</lei>
        <title>Telephone &amp; Data Systems Inc PREFERRED STOCK</title>
        <cusip>879433845</cusip>
        <identifiers>
          <isin value="US8794338454"/>
        </identifiers>
        <balance>31562.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>800727.94000000</valUSD>
        <pctVal>0.137422968430</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>HUNTINGTON BANCSHARES INCORPORATED</name>
        <lei>549300XTVCVV9I7B5T19</lei>
        <title>Huntington Bancshares Inc/OH PREFERRED STOCK</title>
        <cusip>446150708</cusip>
        <identifiers>
          <isin value="US4461507083"/>
        </identifiers>
        <balance>83254.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2171264.32000000</valUSD>
        <pctVal>0.372637912574</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>BANK OF AMERICA CORPORATION</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
        <title>Bank of America Corp PREFERRED STOCK</title>
        <cusip>060505195</cusip>
        <identifiers>
          <isin value="US0605051954"/>
        </identifiers>
        <balance>119206.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3212601.70000000</valUSD>
        <pctVal>0.551354885904</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>THE PNC FINANCIAL SERVICES GROUP, INC.</name>
        <lei>CFGNEKW0P8842LEUIA51</lei>
        <title>PNC Financial Services Group Inc/The PREFERRED STOCK</title>
        <cusip>693475857</cusip>
        <identifiers>
          <isin value="US6934758573"/>
        </identifiers>
        <balance>210471.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5674298.16000000</valUSD>
        <pctVal>0.973837502045</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <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>SL GREEN REALTY CORP.</name>
        <lei>549300VQZPJU97H3GT17</lei>
        <title>SL Green Realty Corp PREFERRED STOCK</title>
        <cusip>78440X507</cusip>
        <identifiers>
          <isin value="US78440X5077"/>
        </identifiers>
        <balance>34307.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>884434.46000000</valUSD>
        <pctVal>0.151788894584</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <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>THE GOLDMAN SACHS GROUP, INC.</name>
        <lei>784F5XWPLTWKTBV3E584</lei>
        <title>Goldman Sachs Group Inc/The PREFERRED STOCK</title>
        <cusip>38144G804</cusip>
        <identifiers>
          <isin value="US38144G8042"/>
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        <balance>107715.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2514068.10000000</valUSD>
        <pctVal>0.431470770382</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <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>REINSURANCE GROUP OF AMERICA, INCORPORATED</name>
        <lei>LORM1GNEU1DKEW527V90</lei>
        <title>Reinsurance Group of America Inc PREFERRED STOCK</title>
        <cusip>759351802</cusip>
        <identifiers>
          <isin value="US7593518027"/>
        </identifiers>
        <balance>56918.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1573213.52000000</valUSD>
        <pctVal>0.269998911107</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <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>ENTERGY ARKANSAS, LLC</name>
        <lei>549300A0I5ONUIFMLP35</lei>
        <title>Entergy Arkansas LLC PREFERRED STOCK</title>
        <cusip>29364D100</cusip>
        <identifiers>
          <isin value="US29364D1000"/>
        </identifiers>
        <balance>58293.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1486471.50000000</valUSD>
        <pctVal>0.255112024712</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BRUNSWICK CORPORATION</name>
        <lei>YM4O38W15AX4YLLQKU27</lei>
        <title>Brunswick Corp/DE PREFERRED STOCK</title>
        <cusip>117043406</cusip>
        <identifiers>
          <isin value="US1170434062"/>
        </identifiers>
        <balance>27204.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>736684.32000000</valUSD>
        <pctVal>0.126431639254</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <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>U.S. BANCORP</name>
        <lei>N1GZ7BBF3NP8GI976H15</lei>
        <title>US Bancorp PREFERRED STOCK</title>
        <cusip>902973833</cusip>
        <identifiers>
          <isin value="US9029738336"/>
        </identifiers>
        <balance>153967.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4201759.43000000</valUSD>
        <pctVal>0.721116654805</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PS BUSINESS PARKS, INC.</name>
        <lei>N/A</lei>
        <title>PS Business Parks Inc PREFERRED STOCK</title>
        <cusip>69360J578</cusip>
        <identifiers>
          <isin value="US69360J5781"/>
        </identifiers>
        <balance>29414.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>745644.90000000</valUSD>
        <pctVal>0.127969476815</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>KIMCO REALTY CORPORATION</name>
        <lei>549300EA7I6T15IBYS12</lei>
        <title>Kimco Realty Corp PREFERRED STOCK</title>
        <cusip>49446R737</cusip>
        <identifiers>
          <isin value="US49446R7373"/>
        </identifiers>
        <balance>33151.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>839714.83000000</valUSD>
        <pctVal>0.144113997787</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DTE ENERGY COMPANY</name>
        <lei>549300IX8SD6XXD71I78</lei>
        <title>DTE Energy Co PREFERRED STOCK</title>
        <cusip>233331701</cusip>
        <identifiers>
          <isin value="US2333317012"/>
        </identifiers>
        <balance>27925.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>699521.25000000</valUSD>
        <pctVal>0.120053618530</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PRUDENTIAL FINANCIAL, INC.</name>
        <lei>5PRBRS5FEH7NREC8OR45</lei>
        <title>Prudential Financial Inc PREFERRED STOCK</title>
        <cusip>744320607</cusip>
        <identifiers>
          <isin value="US7443206070"/>
        </identifiers>
        <balance>79673.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2036441.88000000</valUSD>
        <pctVal>0.349499342043</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ENERGY TRANSFER OPERATING, L.P.</name>
        <lei>5493008K8W3OKZE54J59</lei>
        <title>Energy Transfer Operating LP PREFERRED STOCK</title>
        <cusip>29278N301</cusip>
        <identifiers>
          <isin value="US29278N3017"/>
        </identifiers>
        <balance>64060.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1478504.80000000</valUSD>
        <pctVal>0.253744759368</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SLM CORPORATION</name>
        <lei>4K8SLPBF5DXXGPW03H93</lei>
        <title>SLM Corp PREFERRED STOCK</title>
        <cusip>78442P502</cusip>
        <identifiers>
          <isin value="US78442P5026"/>
        </identifiers>
        <balance>14738.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>769470.98000000</valUSD>
        <pctVal>0.132058569347</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HSBC HOLDINGS PLC</name>
        <lei>MLU0ZO3ML4LN2LL2TL39</lei>
        <title>HSBC Holdings PLC PREFERRED STOCK</title>
        <cusip>404280604</cusip>
        <identifiers>
          <isin value="US4042806046"/>
        </identifiers>
        <balance>182839.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4753814.00000000</valUSD>
        <pctVal>0.815861666132</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WELLS FARGO &amp; COMPANY</name>
        <lei>PBLD0EJDB5FWOLXP3B76</lei>
        <title>Wells Fargo &amp; Co PREFERRED STOCK</title>
        <cusip>94988U656</cusip>
        <identifiers>
          <isin value="US94988U6560"/>
        </identifiers>
        <balance>95958.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2504503.80000000</valUSD>
        <pctVal>0.429829320857</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DEUTSCHE BANK CONTINGENT CAPITAL TRUST II</name>
        <lei>529900JWJD3AK210TY73</lei>
        <title>Deutsche Bank Contingent Capital Trust II PREFERRED STOCK</title>
        <cusip>25153X208</cusip>
        <identifiers>
          <isin value="US25153X2080"/>
        </identifiers>
        <balance>111404.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2834117.76000000</valUSD>
        <pctVal>0.486398508163</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PS BUSINESS PARKS, INC.</name>
        <lei>N/A</lei>
        <title>PS Business Parks Inc PREFERRED STOCK</title>
        <cusip>69360J628</cusip>
        <identifiers>
          <isin value="US69360J6284"/>
        </identifiers>
        <balance>27929.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>705486.54000000</valUSD>
        <pctVal>0.121077396793</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ING Groep N.V.</name>
        <lei>549300NYKK9MWM7GGW15</lei>
        <title>ING Groep NV PREFERRED STOCK</title>
        <cusip>456837509</cusip>
        <identifiers>
          <isin value="US4568375095"/>
        </identifiers>
        <balance>97347.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2520313.83000000</valUSD>
        <pctVal>0.432542678472</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ARCH CAPITAL GROUP LTD.</name>
        <lei>549300AYR4P8AFKDCE43</lei>
        <title>Arch Capital Group Ltd PREFERRED STOCK</title>
        <cusip>03939A206</cusip>
        <identifiers>
          <isin value="US03939A2069"/>
        </identifiers>
        <balance>64083.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1605279.15000000</valUSD>
        <pctVal>0.275502096196</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CBL &amp; ASSOCIATES PROPERTIES, INC.</name>
        <lei>529900EIVFBRS4PUBZ13</lei>
        <title>CBL &amp; Associates Properties Inc PREFERRED STOCK</title>
        <cusip>124830605</cusip>
        <identifiers>
          <isin value="US1248306052"/>
        </identifiers>
        <balance>66735.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>729413.55000000</valUSD>
        <pctVal>0.125183811188</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FIRST REPUBLIC BANK</name>
        <lei>YWC0TIKBQM2JV8L4IV08</lei>
        <title>First Republic Bank/CA PREFERRED STOCK</title>
        <cusip>33616C811</cusip>
        <identifiers>
          <isin value="US33616C8111"/>
        </identifiers>
        <balance>27893.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>725218.00000000</valUSD>
        <pctVal>0.124463760212</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PUBLIC STORAGE</name>
        <lei>549300LMZF40TKJ6DM64</lei>
        <title>Public Storage PREFERRED STOCK</title>
        <cusip>74460W776</cusip>
        <identifiers>
          <isin value="US74460W7763"/>
        </identifiers>
        <balance>44757.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1150254.90000000</valUSD>
        <pctVal>0.197409675513</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GLOBE LIFE INC.</name>
        <lei>5493001JFHKQOPP6XA71</lei>
        <title>Globe Life Inc PREFERRED STOCK</title>
        <cusip>37959E201</cusip>
        <identifiers>
          <isin value="US37959E2019"/>
        </identifiers>
        <balance>44771.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1201205.93000000</valUSD>
        <pctVal>0.206154021048</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DCP Midstream, LP</name>
        <lei>52990024YYS3MLGW0E91</lei>
        <title>DCP Midstream LP PREFERRED STOCK</title>
        <cusip>23311P308</cusip>
        <identifiers>
          <isin value="US23311P3082"/>
        </identifiers>
        <balance>14892.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>355620.96000000</valUSD>
        <pctVal>0.061032574883</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ALGONQUIN POWER &amp; UTILITIES CORP.</name>
        <lei>549300K5VIUTJXQL7X75</lei>
        <title>ALGONQUIN PWR &amp; UTILITY PREFERRED STOCK</title>
        <cusip>015857808</cusip>
        <identifiers>
          <isin value="US0158578080"/>
        </identifiers>
        <balance>51673.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1426174.80000000</valUSD>
        <pctVal>0.244763751489</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BANK OF AMERICA CORPORATION</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
        <title>Bank of America Corp PREFERRED STOCK</title>
        <cusip>060505286</cusip>
        <identifiers>
          <isin value="US0605052861"/>
        </identifiers>
        <balance>155592.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4070286.72000000</valUSD>
        <pctVal>0.698552973468</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>APOLLO GLOBAL MANAGEMENT, INC.</name>
        <lei>54930054P2G7ZJB0KM79</lei>
        <title>Apollo Global Management Inc PREFERRED STOCK</title>
        <cusip>03768E303</cusip>
        <identifiers>
          <isin value="US03768E3036"/>
        </identifiers>
        <balance>41022.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1071494.64000000</valUSD>
        <pctVal>0.183892639098</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BRUNSWICK CORPORATION</name>
        <lei>YM4O38W15AX4YLLQKU27</lei>
        <title>Brunswick Corp/DE PREFERRED STOCK</title>
        <cusip>117043604</cusip>
        <identifiers>
          <isin value="US1170436042"/>
        </identifiers>
        <balance>32285.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>858458.15000000</valUSD>
        <pctVal>0.147330774103</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DTE ENERGY COMPANY</name>
        <lei>549300IX8SD6XXD71I78</lei>
        <title>DTE Energy Co PREFERRED STOCK</title>
        <cusip>233331867</cusip>
        <identifiers>
          <isin value="US2333318671"/>
        </identifiers>
        <balance>41803.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1108615.56000000</valUSD>
        <pctVal>0.190263425931</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ASSOCIATED BANC-CORP</name>
        <lei>549300N3CIN473IW5094</lei>
        <title>Associated Banc-Corp PREFERRED STOCK</title>
        <cusip>045487204</cusip>
        <identifiers>
          <isin value="US0454872047"/>
        </identifiers>
        <balance>14806.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>398429.46000000</valUSD>
        <pctVal>0.068379478682</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MORGAN STANLEY</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>Morgan Stanley PREFERRED STOCK</title>
        <cusip>61747S504</cusip>
        <identifiers>
          <isin value="US61747S5047"/>
        </identifiers>
        <balance>154579.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3442474.33000000</valUSD>
        <pctVal>0.590806212125</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>THE PNC FINANCIAL SERVICES GROUP, INC.</name>
        <lei>CFGNEKW0P8842LEUIA51</lei>
        <title>PNC Financial Services Group Inc/The PREFERRED STOCK</title>
        <cusip>693475832</cusip>
        <identifiers>
          <isin value="US6934758326"/>
        </identifiers>
        <balance>68438.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1732850.16000000</valUSD>
        <pctVal>0.297396157841</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>THE HANOVER INSURANCE GROUP, INC.</name>
        <lei>JJYR6MFKFF6CF8DBZ078</lei>
        <title>Hanover Insurance Group Inc/The PREFERRED STOCK</title>
        <cusip>410867204</cusip>
        <identifiers>
          <isin value="US4108672043"/>
        </identifiers>
        <balance>23167.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>594581.06000000</valUSD>
        <pctVal>0.102043515851</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BRIGHTHOUSE FINANCIAL, INC.</name>
        <lei>5493003T8SZSHOGGAW52</lei>
        <title>Brighthouse Financial Inc PREFERRED STOCK</title>
        <cusip>10922N202</cusip>
        <identifiers>
          <isin value="US10922N2027"/>
        </identifiers>
        <balance>51510.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1335654.30000000</valUSD>
        <pctVal>0.229228392733</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>METLIFE, INC.</name>
        <lei>C4BXATY60WC6XEOZDX54</lei>
        <title>MetLife Inc PREFERRED STOCK</title>
        <cusip>59156R504</cusip>
        <identifiers>
          <isin value="US59156R5046"/>
        </identifiers>
        <balance>83132.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2020107.60000000</valUSD>
        <pctVal>0.346696011308</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CAPITAL ONE FINANCIAL CORPORATION</name>
        <lei>ZUE8T73ROZOF6FLBAR73</lei>
        <title>Capital One Financial Corp PREFERRED STOCK</title>
        <cusip>14040H840</cusip>
        <identifiers>
          <isin value="US14040H8401"/>
        </identifiers>
        <balance>69114.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1812860.22000000</valUSD>
        <pctVal>0.311127688116</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>THE HARTFORD FINANCIAL SERVICES GROUP, INC.</name>
        <lei>IU7C3FTM7Y3BQM112U94</lei>
        <title>Hartford Financial Services Group Inc/The PREFERRED STOCK</title>
        <cusip>416518504</cusip>
        <identifiers>
          <isin value="US4165185046"/>
        </identifiers>
        <balance>83384.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2363102.56000000</valUSD>
        <pctVal>0.405561679914</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PUBLIC STORAGE</name>
        <lei>549300LMZF40TKJ6DM64</lei>
        <title>Public Storage PREFERRED STOCK</title>
        <cusip>74460W875</cusip>
        <identifiers>
          <isin value="US74460W8753"/>
        </identifiers>
        <balance>69030.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1738175.40000000</valUSD>
        <pctVal>0.298310089093</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DIGITAL REALTY TRUST, INC.</name>
        <lei>549300HKCZ31D08NEI41</lei>
        <title>Digital Realty Trust Inc PREFERRED STOCK</title>
        <cusip>253868848</cusip>
        <identifiers>
          <isin value="US2538688480"/>
        </identifiers>
        <balance>29938.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>792458.86000000</valUSD>
        <pctVal>0.136003807860</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>THE ALLSTATE CORPORATION</name>
        <lei>OBT0W1ED8G0NWVOLOJ77</lei>
        <title>Allstate Corp/The PREFERRED STOCK</title>
        <cusip>020002408</cusip>
        <identifiers>
          <isin value="US0200024083"/>
        </identifiers>
        <balance>42361.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1079781.89000000</valUSD>
        <pctVal>0.185314918049</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DTE ENERGY COMPANY</name>
        <lei>549300IX8SD6XXD71I78</lei>
        <title>DTE Energy Co PREFERRED STOCK</title>
        <cusip>233331859</cusip>
        <identifiers>
          <isin value="US2333318598"/>
        </identifiers>
        <balance>56860.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1464713.60000000</valUSD>
        <pctVal>0.251377878499</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>KIMCO REALTY CORPORATION</name>
        <lei>549300EA7I6T15IBYS12</lei>
        <title>Kimco Realty Corp PREFERRED STOCK</title>
        <cusip>49446R711</cusip>
        <identifiers>
          <isin value="US49446R7118"/>
        </identifiers>
        <balance>38942.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>999641.14000000</valUSD>
        <pctVal>0.171560958425</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>THE HARTFORD FINANCIAL SERVICES GROUP, INC.</name>
        <lei>IU7C3FTM7Y3BQM112U94</lei>
        <title>Hartford Financial Services Group Inc/The PREFERRED STOCK</title>
        <cusip>416518603</cusip>
        <identifiers>
          <isin value="US4165186036"/>
        </identifiers>
        <balance>50914.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1367040.90000000</valUSD>
        <pctVal>0.234615040963</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WELLS FARGO &amp; COMPANY</name>
        <lei>PBLD0EJDB5FWOLXP3B76</lei>
        <title>Wells Fargo &amp; Co PREFERRED STOCK</title>
        <cusip>94988U672</cusip>
        <identifiers>
          <isin value="US94988U6727"/>
        </identifiers>
        <balance>164328.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4261025.04000000</valUSD>
        <pctVal>0.731287969736</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WELLS FARGO &amp; COMPANY</name>
        <lei>PBLD0EJDB5FWOLXP3B76</lei>
        <title>Wells Fargo &amp; Co PREFERRED STOCK</title>
        <cusip>949746721</cusip>
        <identifiers>
          <isin value="US9497467210"/>
        </identifiers>
        <balance>92666.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2338889.84000000</valUSD>
        <pctVal>0.401406231241</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>EPR PROPERTIES</name>
        <lei>549300YSSXFHMPOWZ492</lei>
        <title>EPR Properties PREFERRED STOCK</title>
        <cusip>26884U505</cusip>
        <identifiers>
          <isin value="US26884U5056"/>
        </identifiers>
        <balance>20695.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>533517.10000000</valUSD>
        <pctVal>0.091563563512</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FORD MOTOR COMPANY</name>
        <lei>20S05OYHG0MQM4VUIC57</lei>
        <title>Ford Motor Co PREFERRED STOCK</title>
        <cusip>345370845</cusip>
        <identifiers>
          <isin value="US3453708451"/>
        </identifiers>
        <balance>104420.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2687770.80000000</valUSD>
        <pctVal>0.461282070158</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BB&amp;T Corporation</name>
        <lei>549300DRQQI75D2JP341</lei>
        <title>BB&amp;T Corp PREFERRED STOCK</title>
        <cusip>054937602</cusip>
        <identifiers>
          <isin value="US0549376020"/>
        </identifiers>
        <balance>64112.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1615622.40000000</valUSD>
        <pctVal>0.277277231104</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SCE TRUST V</name>
        <lei>N/A</lei>
        <title>SCE Trust V PREFERRED STOCK</title>
        <cusip>78409W201</cusip>
        <identifiers>
          <isin value="US78409W2017"/>
        </identifiers>
        <balance>44740.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1086287.20000000</valUSD>
        <pctVal>0.186431375920</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DIGITAL REALTY TRUST, INC.</name>
        <lei>549300HKCZ31D08NEI41</lei>
        <title>Digital Realty Trust Inc PREFERRED STOCK</title>
        <cusip>253868855</cusip>
        <identifiers>
          <isin value="US2538688555"/>
        </identifiers>
        <balance>29415.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>742728.75000000</valUSD>
        <pctVal>0.127468999725</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>JPMORGAN CHASE &amp; CO.</name>
        <lei>8I5DZWZKVSZI1NUHU748</lei>
        <title>JPMorgan Chase &amp; Co PREFERRED STOCK</title>
        <cusip>46637G124</cusip>
        <identifiers>
          <isin value="US46637G1242"/>
        </identifiers>
        <balance>126666.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3167916.66000000</valUSD>
        <pctVal>0.543685925531</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DEUTSCHE BANK CONTINGENT CAPITAL TRUST V</name>
        <lei>529900LOWHPIHBISC790</lei>
        <title>Deutsche Bank Contingent Capital Trust V PREFERRED STOCK</title>
        <cusip>25150L108</cusip>
        <identifiers>
          <isin value="US25150L1089"/>
        </identifiers>
        <balance>194103.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4936039.29000000</valUSD>
        <pctVal>0.847135634510</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VORNADO REALTY TRUST</name>
        <lei>N/A</lei>
        <title>Vornado Realty Trust PREFERRED STOCK</title>
        <cusip>929042844</cusip>
        <identifiers>
          <isin value="US9290428443"/>
        </identifiers>
        <balance>44743.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1127971.03000000</valUSD>
        <pctVal>0.193585260989</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TRITON INTERNATIONAL LIMITED</name>
        <lei>N/A</lei>
        <title>Triton International Ltd/Bermuda PREFERRED STOCK</title>
        <cusip>G9078F131</cusip>
        <identifiers>
          <isin value="BMG9078F1317"/>
        </identifiers>
        <balance>18730.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>505710.00000000</valUSD>
        <pctVal>0.086791238188</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ENERGY TRANSFER OPERATING, L.P.</name>
        <lei>5493008K8W3OKZE54J59</lei>
        <title>Energy Transfer Operating LP PREFERRED STOCK</title>
        <cusip>29278N400</cusip>
        <identifiers>
          <isin value="US29278N4007"/>
        </identifiers>
        <balance>63329.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1504063.75000000</valUSD>
        <pctVal>0.258131251463</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NUSTAR LOGISTICS, L.P.</name>
        <lei>N62BF2PKP51FIIOIUN20</lei>
        <title>NuStar Logistics LP PREFERRED STOCK</title>
        <cusip>67059T204</cusip>
        <identifiers>
          <isin value="US67059T2042"/>
        </identifiers>
        <balance>57174.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1485952.26000000</valUSD>
        <pctVal>0.255022911421</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PUBLIC STORAGE</name>
        <lei>549300LMZF40TKJ6DM64</lei>
        <title>Public Storage PREFERRED STOCK</title>
        <cusip>74460W792</cusip>
        <identifiers>
          <isin value="US74460W7920"/>
        </identifiers>
        <balance>26486.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>670095.80000000</valUSD>
        <pctVal>0.115003547857</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WELLS FARGO &amp; COMPANY</name>
        <lei>PBLD0EJDB5FWOLXP3B76</lei>
        <title>Wells Fargo &amp; Co PREFERRED STOCK</title>
        <cusip>949746556</cusip>
        <identifiers>
          <isin value="US9497465560"/>
        </identifiers>
        <balance>246623.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6661287.23000000</valUSD>
        <pctVal>1.143227079993</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PITNEY BOWES INC.</name>
        <lei>549300N2O26NW4ST6W55</lei>
        <title>Pitney Bowes Inc PREFERRED STOCK</title>
        <cusip>724479506</cusip>
        <identifiers>
          <isin value="US7244795065"/>
        </identifiers>
        <balance>63564.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1234412.88000000</valUSD>
        <pctVal>0.211853082382</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WELLS FARGO &amp; COMPANY</name>
        <lei>PBLD0EJDB5FWOLXP3B76</lei>
        <title>Wells Fargo &amp; Co PREFERRED STOCK</title>
        <cusip>949746465</cusip>
        <identifiers>
          <isin value="US9497464654"/>
        </identifiers>
        <balance>117223.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3374850.17000000</valUSD>
        <pctVal>0.579200381555</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ASPEN INSURANCE HOLDINGS LIMITED</name>
        <lei>549300YX6HECG9XQCQ75</lei>
        <title>Aspen Insurance Holdings Ltd PREFERRED STOCK</title>
        <cusip>G05384154</cusip>
        <identifiers>
          <isin value="BMG053841547"/>
        </identifiers>
        <balance>40540.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1103904.20000000</valUSD>
        <pctVal>0.189454850329</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>QWEST CORPORATION</name>
        <lei>549300R2L4N683OO1509</lei>
        <title>Qwest Corp PREFERRED STOCK</title>
        <cusip>74913G105</cusip>
        <identifiers>
          <isin value="US74913G1058"/>
        </identifiers>
        <balance>69028.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1740195.88000000</valUSD>
        <pctVal>0.298656849017</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WEBSTER FINANCIAL CORPORATION</name>
        <lei>KMRURHT0VWKYS6Z5KU67</lei>
        <title>Webster Financial Corp PREFERRED STOCK</title>
        <cusip>947890505</cusip>
        <identifiers>
          <isin value="US9478905055"/>
        </identifiers>
        <balance>22903.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>580362.02000000</valUSD>
        <pctVal>0.099603207991</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>REINSURANCE GROUP OF AMERICA, INCORPORATED</name>
        <lei>LORM1GNEU1DKEW527V90</lei>
        <title>Reinsurance Group of America Inc PREFERRED STOCK</title>
        <cusip>759351703</cusip>
        <identifiers>
          <isin value="US7593517037"/>
        </identifiers>
        <balance>56906.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1549550.38000000</valUSD>
        <pctVal>0.265937782753</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ALGONQUIN POWER &amp; UTILITIES CORP.</name>
        <lei>549300K5VIUTJXQL7X75</lei>
        <title>Algonquin Power &amp; Utilities Corp PREFERRED STOCK</title>
        <cusip>015857709</cusip>
        <identifiers>
          <isin value="US0158577090"/>
        </identifiers>
        <balance>42374.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1164861.26000000</valUSD>
        <pctVal>0.199916456217</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CMS ENERGY CORPORATION</name>
        <lei>549300IA9XFBAGNIBW29</lei>
        <title>CMS Energy Corp PREFERRED STOCK</title>
        <cusip>125896860</cusip>
        <identifiers>
          <isin value="US1258968601"/>
        </identifiers>
        <balance>29430.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>764885.70000000</valUSD>
        <pctVal>0.131271631915</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>THE ALLSTATE CORPORATION</name>
        <lei>OBT0W1ED8G0NWVOLOJ77</lei>
        <title>Allstate Corp/The PREFERRED STOCK</title>
        <cusip>020002309</cusip>
        <identifiers>
          <isin value="US0200023093"/>
        </identifiers>
        <balance>69129.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1815327.54000000</valUSD>
        <pctVal>0.311551135858</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VORNADO REALTY TRUST</name>
        <lei>N/A</lei>
        <title>Vornado Realty Trust PREFERRED STOCK</title>
        <cusip>929042851</cusip>
        <identifiers>
          <isin value="US9290428518"/>
        </identifiers>
        <balance>44755.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1134986.80000000</valUSD>
        <pctVal>0.194789325305</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NEXTERA ENERGY CAPITAL HOLDINGS, INC.</name>
        <lei>UMI46YPGBLUE4VGNNT48</lei>
        <title>NextEra Energy Capital Holdings Inc PREFERRED STOCK</title>
        <cusip>65339K100</cusip>
        <identifiers>
          <isin value="US65339K1007"/>
        </identifiers>
        <balance>79042.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2023475.20000000</valUSD>
        <pctVal>0.347273967397</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SENIOR HOUSING PROPERTIES TRUST</name>
        <lei>N/A</lei>
        <title>Senior Housing Properties Trust PREFERRED STOCK</title>
        <cusip>81721M307</cusip>
        <identifiers>
          <isin value="US81721M3079"/>
        </identifiers>
        <balance>37306.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>950556.88000000</valUSD>
        <pctVal>0.163136992711</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TELEPHONE AND DATA SYSTEMS, INC.</name>
        <lei>N/A</lei>
        <title>Telephone &amp; Data Systems Inc PREFERRED STOCK</title>
        <cusip>879433795</cusip>
        <identifiers>
          <isin value="US8794337951"/>
        </identifiers>
        <balance>28730.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>714802.40000000</valUSD>
        <pctVal>0.122676208412</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>JPMORGAN CHASE &amp; CO.</name>
        <lei>8I5DZWZKVSZI1NUHU748</lei>
        <title>JPMorgan Chase &amp; Co PREFERRED STOCK</title>
        <cusip>48127R461</cusip>
        <identifiers>
          <isin value="US48127R4618"/>
        </identifiers>
        <balance>200470.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5061867.50000000</valUSD>
        <pctVal>0.868730592381</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CENTERPOINT ENERGY, INC.</name>
        <lei>21TPXMRRHFKOBHDC8J74</lei>
        <title>CenterPoint Energy Inc PREFERRED STOCK</title>
        <cusip>15189T503</cusip>
        <identifiers>
          <isin value="US15189T5039"/>
        </identifiers>
        <balance>68279.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3080748.48000000</valUSD>
        <pctVal>0.528725900472</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AVANTOR, INC.</name>
        <lei>5493003VM0XB4U8YD238</lei>
        <title>Avantor Inc PREFERRED STOCK</title>
        <cusip>05352A209</cusip>
        <identifiers>
          <isin value="US05352A2096"/>
        </identifiers>
        <balance>72305.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4348422.70000000</valUSD>
        <pctVal>0.746287378738</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>U.S. BANCORP</name>
        <lei>N1GZ7BBF3NP8GI976H15</lei>
        <title>US BANCORP PREFERRED STOCK</title>
        <cusip>902973791</cusip>
        <identifiers>
          <isin value="US9029737916"/>
        </identifiers>
        <balance>69693.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1758354.39000000</valUSD>
        <pctVal>0.301773258751</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>RENAISSANCERE HOLDINGS LTD.</name>
        <lei>EK6GB9U3U58PDI411C94</lei>
        <title>RenaissanceRe Holdings Ltd PREFERRED STOCK</title>
        <cusip>75968N309</cusip>
        <identifiers>
          <isin value="US75968N3098"/>
        </identifiers>
        <balance>36872.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>971945.92000000</valUSD>
        <pctVal>0.166807834231</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>W. R. BERKLEY CORPORATION</name>
        <lei>SQOAGCLKBDWNVYV1OV80</lei>
        <title>WR Berkley Corp PREFERRED STOCK</title>
        <cusip>084423508</cusip>
        <identifiers>
          <isin value="US0844235087"/>
        </identifiers>
        <balance>13967.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>363421.34000000</valUSD>
        <pctVal>0.062371295965</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CAPITAL ONE FINANCIAL CORPORATION</name>
        <lei>ZUE8T73ROZOF6FLBAR73</lei>
        <title>Capital One Financial Corp PREFERRED STOCK</title>
        <cusip>14040H600</cusip>
        <identifiers>
          <isin value="US14040H6009"/>
        </identifiers>
        <balance>69033.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1727205.66000000</valUSD>
        <pctVal>0.296427434375</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CAPITAL ONE FINANCIAL CORPORATION</name>
        <lei>ZUE8T73ROZOF6FLBAR73</lei>
        <title>Capital One Financial Corp PREFERRED STOCK</title>
        <cusip>14040H865</cusip>
        <identifiers>
          <isin value="US14040H8658"/>
        </identifiers>
        <balance>83169.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2103344.01000000</valUSD>
        <pctVal>0.360981255986</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BANK OF AMERICA CORPORATION</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
        <title>Bank of America Corp PREFERRED STOCK</title>
        <cusip>060505583</cusip>
        <identifiers>
          <isin value="US0605055831"/>
        </identifiers>
        <balance>59605.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1395353.05000000</valUSD>
        <pctVal>0.239474044254</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NAVIENT CORPORATION</name>
        <lei>54930067J0ZNOEBRW338</lei>
        <title>Navient Corp PREFERRED STOCK</title>
        <cusip>63938C405</cusip>
        <identifiers>
          <isin value="US63938C4050"/>
        </identifiers>
        <balance>42130.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>977416.00000000</valUSD>
        <pctVal>0.167746623293</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CITIGROUP INC.</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>Citigroup Inc PREFERRED STOCK</title>
        <cusip>172967317</cusip>
        <identifiers>
          <isin value="US1729673178"/>
        </identifiers>
        <balance>144697.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3769356.85000000</valUSD>
        <pctVal>0.646906622742</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FEDERAL REALTY INVESTMENT TRUST</name>
        <lei>549300LI6XZ51GOCJ427</lei>
        <title>Federal Realty Investment Trust PREFERRED STOCK</title>
        <cusip>313747701</cusip>
        <identifiers>
          <isin value="US3137477010"/>
        </identifiers>
        <balance>21939.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>562077.18000000</valUSD>
        <pctVal>0.096465117181</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NISOURCE INC.</name>
        <lei>549300D8GOWWH0SJB189</lei>
        <title>NiSource Inc PREFERRED STOCK</title>
        <cusip>65473P881</cusip>
        <identifiers>
          <isin value="US65473P8813"/>
        </identifiers>
        <balance>69181.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1884490.44000000</valUSD>
        <pctVal>0.323421048906</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>U.S. BANCORP</name>
        <lei>N1GZ7BBF3NP8GI976H15</lei>
        <title>US Bancorp PREFERRED STOCK</title>
        <cusip>902973759</cusip>
        <identifiers>
          <isin value="US9029737593"/>
        </identifiers>
        <balance>79745.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2113242.50000000</valUSD>
        <pctVal>0.362680060051</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BANK OF AMERICA CORPORATION</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
        <title>Bank of America Corp PREFERRED STOCK</title>
        <cusip>06053U601</cusip>
        <identifiers>
          <isin value="US06053U6010"/>
        </identifiers>
        <balance>195911.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5172050.40000000</valUSD>
        <pctVal>0.887640462303</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GMAC CAPITAL TRUST I</name>
        <lei>N/A</lei>
        <title>GMAC Capital Trust I PREFERRED STOCK</title>
        <cusip>361860208</cusip>
        <identifiers>
          <isin value="US3618602086"/>
        </identifiers>
        <balance>375268.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9730699.24000000</valUSD>
        <pctVal>1.670007386611</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Dominion Energy, Inc.</name>
        <lei>ILUL7B6Z54MRYCF6H308</lei>
        <title>Dominion Energy Inc PREFERRED STOCK</title>
        <cusip>25746U844</cusip>
        <identifiers>
          <isin value="US25746U8449"/>
        </identifiers>
        <balance>111502.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2839955.94000000</valUSD>
        <pctVal>0.487400471484</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UNUM GROUP</name>
        <lei>549300E32YFDO6TZ8R31</lei>
        <title>Unum Group PREFERRED STOCK</title>
        <cusip>91529Y601</cusip>
        <identifiers>
          <isin value="US91529Y6014"/>
        </identifiers>
        <balance>44754.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1181953.14000000</valUSD>
        <pctVal>0.202849808194</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CITIGROUP INC.</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>Citigroup Inc PREFERRED STOCK</title>
        <cusip>172967358</cusip>
        <identifiers>
          <isin value="US1729673582"/>
        </identifiers>
        <balance>132784.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3800278.08000000</valUSD>
        <pctVal>0.652213402988</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NUSTAR ENERGY L.P.</name>
        <lei>5493003BMLTUIEG2LG44</lei>
        <title>NuStar Energy LP PREFERRED STOCK</title>
        <cusip>67058H201</cusip>
        <identifiers>
          <isin value="US67058H2013"/>
        </identifiers>
        <balance>33291.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>792658.71000000</valUSD>
        <pctVal>0.136038106626</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BANK OF AMERICA CORPORATION</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
        <title>Bank of America Corp PREFERRED STOCK</title>
        <cusip>060505815</cusip>
        <identifiers>
          <isin value="US0605058157"/>
        </identifiers>
        <balance>46599.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1130491.74000000</valUSD>
        <pctVal>0.194017871659</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AMERICAN HOMES 4 RENT</name>
        <lei>549300ZJUO7A58PNUW40</lei>
        <title>American Homes 4 Rent PREFERRED STOCK</title>
        <cusip>02665T801</cusip>
        <identifiers>
          <isin value="US02665T8018"/>
        </identifiers>
        <balance>34281.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>891991.62000000</valUSD>
        <pctVal>0.153085873630</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>THE CHARLES SCHWAB CORPORATION</name>
        <lei>549300VSGCJ7E698NM85</lei>
        <title>Charles Schwab Corp/The PREFERRED STOCK</title>
        <cusip>808513600</cusip>
        <identifiers>
          <isin value="US8085136005"/>
        </identifiers>
        <balance>104450.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2724056.00000000</valUSD>
        <pctVal>0.467509428597</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TELEPHONE AND DATA SYSTEMS, INC.</name>
        <lei>N/A</lei>
        <title>Telephone &amp; Data Systems Inc PREFERRED STOCK</title>
        <cusip>879433837</cusip>
        <identifiers>
          <isin value="US8794338371"/>
        </identifiers>
        <balance>44226.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1132627.86000000</valUSD>
        <pctVal>0.194384478014</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>REGIONS FINANCIAL CORPORATION</name>
        <lei>CW05CS5KW59QTC0DG824</lei>
        <title>Regions Financial Corp PREFERRED STOCK</title>
        <cusip>7591EP506</cusip>
        <identifiers>
          <isin value="US7591EP5063"/>
        </identifiers>
        <balance>69183.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1905299.82000000</valUSD>
        <pctVal>0.326992407701</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>OAKTREE CAPITAL GROUP, LLC</name>
        <lei>254900T1ODNFOK2L6090</lei>
        <title>Oaktree Capital Group LLC PREFERRED STOCK</title>
        <cusip>674001409</cusip>
        <identifiers>
          <isin value="US6740014096"/>
        </identifiers>
        <balance>35031.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>943384.83000000</valUSD>
        <pctVal>0.161906107224</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NEW YORK COMMUNITY BANCORP, INC.</name>
        <lei>529900HVXOTLY61GL030</lei>
        <title>New York Community Bancorp Inc PREFERRED STOCK</title>
        <cusip>649445202</cusip>
        <identifiers>
          <isin value="US6494452021"/>
        </identifiers>
        <balance>71328.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1924429.44000000</valUSD>
        <pctVal>0.330275481807</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ENSTAR GROUP LIMITED</name>
        <lei>213800AMAL5QFXVUCN04</lei>
        <title>Enstar Group Ltd PREFERRED STOCK</title>
        <cusip>29359U208</cusip>
        <identifiers>
          <isin value="US29359U2087"/>
        </identifiers>
        <balance>15773.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>418299.96000000</valUSD>
        <pctVal>0.071789704500</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>KIMCO REALTY CORPORATION</name>
        <lei>549300EA7I6T15IBYS12</lei>
        <title>Kimco Realty Corp PREFERRED STOCK</title>
        <cusip>49446R778</cusip>
        <identifiers>
          <isin value="US49446R7787"/>
        </identifiers>
        <balance>33159.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>836933.16000000</valUSD>
        <pctVal>0.143636600497</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>STANLEY BLACK &amp; DECKER, INC.</name>
        <lei>549300DJ09SMTO561131</lei>
        <title>Stanley Black &amp; Decker Inc PREFERRED STOCK</title>
        <cusip>854502705</cusip>
        <identifiers>
          <isin value="US8545027059"/>
        </identifiers>
        <balance>104368.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2641554.08000000</valUSD>
        <pctVal>0.453350238963</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BRUNSWICK CORPORATION</name>
        <lei>YM4O38W15AX4YLLQKU27</lei>
        <title>Brunswick Corp/DE PREFERRED STOCK</title>
        <cusip>117043505</cusip>
        <identifiers>
          <isin value="US1170435051"/>
        </identifiers>
        <balance>18373.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>497173.38000000</valUSD>
        <pctVal>0.085326161722</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>RENAISSANCERE HOLDINGS LTD.</name>
        <lei>EK6GB9U3U58PDI411C94</lei>
        <title>RenaissanceRe Holdings Ltd PREFERRED STOCK</title>
        <cusip>G7498P119</cusip>
        <identifiers>
          <isin value="BMG7498P1196"/>
        </identifiers>
        <balance>40528.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1016036.96000000</valUSD>
        <pctVal>0.174374850811</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>JPMORGAN CHASE &amp; CO.</name>
        <lei>8I5DZWZKVSZI1NUHU748</lei>
        <title>JPMorgan Chase &amp; Co PREFERRED STOCK</title>
        <cusip>48127X542</cusip>
        <identifiers>
          <isin value="US48127X5427"/>
        </identifiers>
        <balance>199764.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5113958.40000000</valUSD>
        <pctVal>0.877670565309</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>QWEST CORPORATION</name>
        <lei>549300R2L4N683OO1509</lei>
        <title>Qwest Corp PREFERRED STOCK</title>
        <cusip>74913G709</cusip>
        <identifiers>
          <isin value="US74913G7097"/>
        </identifiers>
        <balance>60362.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1535609.28000000</valUSD>
        <pctVal>0.263545175665</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PRUDENTIAL FINANCIAL, INC.</name>
        <lei>5PRBRS5FEH7NREC8OR45</lei>
        <title>Prudential Financial Inc PREFERRED STOCK</title>
        <cusip>744320805</cusip>
        <identifiers>
          <isin value="US7443208050"/>
        </identifiers>
        <balance>78375.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2068316.25000000</valUSD>
        <pctVal>0.354969702603</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ASSURED GUARANTY MUNICIPAL HOLDINGS INC.</name>
        <lei>N/A</lei>
        <title>Assured Guaranty Municipal Holdings Inc PREFERRED STOCK</title>
        <cusip>04623A304</cusip>
        <identifiers>
          <isin value="US04623A3041"/>
        </identifiers>
        <balance>33879.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>887629.80000000</valUSD>
        <pctVal>0.152337286973</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>IBERIABANK CORPORATION</name>
        <lei>WQ4U3ADCR5WID15LA317</lei>
        <title>IBERIABANK Corp PREFERRED STOCK</title>
        <cusip>450828702</cusip>
        <identifiers>
          <isin value="US4508287020"/>
        </identifiers>
        <balance>13508.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>358907.56000000</valUSD>
        <pctVal>0.061596629546</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORPORATION</name>
        <lei>4NYF266XZC35SCTGX023</lei>
        <title>National Rural Utilities Cooperative Finance Corp PREFERRED STOCK</title>
        <cusip>637432105</cusip>
        <identifiers>
          <isin value="US6374321056"/>
        </identifiers>
        <balance>33822.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>896621.22000000</valUSD>
        <pctVal>0.153880417374</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CAPITAL ONE FINANCIAL CORPORATION</name>
        <lei>ZUE8T73ROZOF6FLBAR73</lei>
        <title>Capital One Financial Corp PREFERRED STOCK</title>
        <cusip>14040H402</cusip>
        <identifiers>
          <isin value="US14040H4020"/>
        </identifiers>
        <balance>122035.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3086265.15000000</valUSD>
        <pctVal>0.529672685427</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WELLS FARGO &amp; COMPANY</name>
        <lei>PBLD0EJDB5FWOLXP3B76</lei>
        <title>Wells Fargo &amp; Co PREFERRED STOCK</title>
        <cusip>949746655</cusip>
        <identifiers>
          <isin value="US9497466550"/>
        </identifiers>
        <balance>86689.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2188897.25000000</valUSD>
        <pctVal>0.375664120930</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>STATE STREET CORPORATION</name>
        <lei>549300ZFEEJ2IP5VME73</lei>
        <title>State Street Corp PREFERRED STOCK</title>
        <cusip>857477889</cusip>
        <identifiers>
          <isin value="US8574778895"/>
        </identifiers>
        <balance>104351.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2644254.34000000</valUSD>
        <pctVal>0.453813664461</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DIGITAL REALTY TRUST, INC.</name>
        <lei>549300HKCZ31D08NEI41</lei>
        <title>Digital Realty Trust Inc PREFERRED STOCK</title>
        <cusip>253868889</cusip>
        <identifiers>
          <isin value="US2538688894"/>
        </identifiers>
        <balance>37302.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>943740.60000000</valUSD>
        <pctVal>0.161967165377</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>OFFICE PROPERTIES INCOME TRUST</name>
        <lei>N/A</lei>
        <title>Office Properties Income Trust PREFERRED STOCK</title>
        <cusip>38376A202</cusip>
        <identifiers>
          <isin value="US38376A2024"/>
        </identifiers>
        <balance>46248.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1184873.76000000</valUSD>
        <pctVal>0.203351052437</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UNITED STATES CELLULAR CORPORATION</name>
        <lei>N/A</lei>
        <title>United States Cellular Corp PREFERRED STOCK</title>
        <cusip>911684405</cusip>
        <identifiers>
          <isin value="US9116844054"/>
        </identifiers>
        <balance>51059.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1303536.27000000</valUSD>
        <pctVal>0.223716214623</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DANAHER CORPORATION</name>
        <lei>S4BKK9OTCEWQ3YHPFM11</lei>
        <title>Danaher Corp PREFERRED STOCK</title>
        <cusip>235851300</cusip>
        <identifiers>
          <isin value="US2358513008"/>
        </identifiers>
        <balance>5772.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6584351.28000000</valUSD>
        <pctVal>1.130023136307</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>QWEST CORPORATION</name>
        <lei>549300R2L4N683OO1509</lei>
        <title>Qwest Corp PREFERRED STOCK</title>
        <cusip>74913G600</cusip>
        <identifiers>
          <isin value="US74913G6008"/>
        </identifiers>
        <balance>107852.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2640216.96000000</valUSD>
        <pctVal>0.453120759023</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>THE GOLDMAN SACHS GROUP, INC.</name>
        <lei>784F5XWPLTWKTBV3E584</lei>
        <title>Goldman Sachs Group Inc/The PREFERRED STOCK</title>
        <cusip>38143Y665</cusip>
        <identifiers>
          <isin value="US38143Y6656"/>
        </identifiers>
        <balance>105142.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2266861.52000000</valUSD>
        <pctVal>0.389044547514</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SEMPRA ENERGY</name>
        <lei>PBBKGKLRK5S5C0Y4T545</lei>
        <title>Sempra Energy PREFERRED STOCK</title>
        <cusip>816851406</cusip>
        <identifiers>
          <isin value="US8168514060"/>
        </identifiers>
        <balance>61035.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7196636.85000000</valUSD>
        <pctVal>1.235105145255</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DCP Midstream, LP</name>
        <lei>52990024YYS3MLGW0E91</lei>
        <title>DCP Midstream LP PREFERRED STOCK</title>
        <cusip>23311P209</cusip>
        <identifiers>
          <isin value="US23311P2092"/>
        </identifiers>
        <balance>23687.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>544327.26000000</valUSD>
        <pctVal>0.093418830704</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SENIOR HOUSING PROPERTIES TRUST</name>
        <lei>N/A</lei>
        <title>Senior Housing Properties Trust PREFERRED STOCK</title>
        <cusip>81721M208</cusip>
        <identifiers>
          <isin value="US81721M2089"/>
        </identifiers>
        <balance>52261.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1260535.32000000</valUSD>
        <pctVal>0.216336282066</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AQUA AMERICA, INC.</name>
        <lei>549300ILTEOF3E3QY357</lei>
        <title>Aqua America Inc PREFERRED STOCK</title>
        <cusip>03836W202</cusip>
        <identifiers>
          <isin value="US03836W2026"/>
        </identifiers>
        <balance>48078.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2861121.78000000</valUSD>
        <pctVal>0.491033006852</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MORGAN STANLEY</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>Morgan Stanley PREFERRED STOCK</title>
        <cusip>61762V507</cusip>
        <identifiers>
          <isin value="US61762V5075"/>
        </identifiers>
        <balance>69721.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1765335.72000000</valUSD>
        <pctVal>0.302971412386</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AXIS CAPITAL HOLDINGS LIMITED</name>
        <lei>N/A</lei>
        <title>Axis Capital Holdings Ltd PREFERRED STOCK</title>
        <cusip>05461T305</cusip>
        <identifiers>
          <isin value="US05461T3059"/>
        </identifiers>
        <balance>76127.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1926774.37000000</valUSD>
        <pctVal>0.330677924666</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>STIFEL FINANCIAL CORP.</name>
        <lei>549300E5F07FE5GHJX84</lei>
        <title>Stifel Financial Corp PREFERRED STOCK</title>
        <cusip>860630409</cusip>
        <identifiers>
          <isin value="US8606304090"/>
        </identifiers>
        <balance>22075.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>567989.75000000</valUSD>
        <pctVal>0.097479847503</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PUBLIC STORAGE</name>
        <lei>549300LMZF40TKJ6DM64</lei>
        <title>Public Storage PREFERRED STOCK</title>
        <cusip>74460W800</cusip>
        <identifiers>
          <isin value="US74460W8001"/>
        </identifiers>
        <balance>70638.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1784315.88000000</valUSD>
        <pctVal>0.306228835785</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PRUDENTIAL PUBLIC LIMITED COMPANY</name>
        <lei>5493001Z3ZE83NGK8Y12</lei>
        <title>Prudential PLC PREFERRED STOCK</title>
        <cusip>G7293H189</cusip>
        <identifiers>
          <isin value="GB00B0G40271"/>
        </identifiers>
        <balance>44781.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1200130.80000000</valUSD>
        <pctVal>0.205969504499</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BANK OF AMERICA CORPORATION</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
        <title>Bank of America Corp PREFERRED STOCK</title>
        <cusip>060505682</cusip>
        <identifiers>
          <isin value="US0605056821"/>
        </identifiers>
        <balance>10845.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>16050600.00000000</valUSD>
        <pctVal>2.754644851149</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>RLJ LODGING TRUST</name>
        <lei>N/A</lei>
        <title>RLJ Lodging Trust PREFERRED STOCK</title>
        <cusip>74965L200</cusip>
        <identifiers>
          <isin value="US74965L2007"/>
        </identifiers>
        <balance>48113.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1370739.37000000</valUSD>
        <pctVal>0.235249781804</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AIR LEASE CORPORATION</name>
        <lei>5493004NW4M4P8TMMK63</lei>
        <title>Air Lease Corp PREFERRED STOCK</title>
        <cusip>00912X500</cusip>
        <identifiers>
          <isin value="US00912X5005"/>
        </identifiers>
        <balance>35233.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>929798.87000000</valUSD>
        <pctVal>0.159574450166</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>STIFEL FINANCIAL CORP.</name>
        <lei>549300E5F07FE5GHJX84</lei>
        <title>Stifel Financial Corp PREFERRED STOCK</title>
        <cusip>860630706</cusip>
        <identifiers>
          <isin value="US8606307069"/>
        </identifiers>
        <balance>22177.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>587025.19000000</valUSD>
        <pctVal>0.100746758197</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AEGON N.V.</name>
        <lei>O4QK7KMMK83ITNTHUG69</lei>
        <title>Aegon NV PREFERRED STOCK</title>
        <cusip>007924509</cusip>
        <identifiers>
          <isin value="NL0000062438"/>
        </identifiers>
        <balance>35012.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>842038.60000000</valUSD>
        <pctVal>0.144512809113</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CITIZENS FINANCIAL GROUP, INC.</name>
        <lei>2138004JDDA4ZQUPFW65</lei>
        <title>Citizens Financial Group Inc PREFERRED STOCK</title>
        <cusip>174610204</cusip>
        <identifiers>
          <isin value="US1746102045"/>
        </identifiers>
        <balance>42444.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1171029.96000000</valUSD>
        <pctVal>0.200975144222</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TENNESSEE VALLEY AUTHORITY</name>
        <lei>549300HE1ISW43LNKM54</lei>
        <title>Tennessee Valley Authority PREFERRED STOCK</title>
        <cusip>880591300</cusip>
        <identifiers>
          <isin value="US8805913006"/>
        </identifiers>
        <balance>40940.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1060346.00000000</valUSD>
        <pctVal>0.181979281107</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Spire Inc.</name>
        <lei>549300NXSY15DRY2R511</lei>
        <title>Spire Inc PREFERRED STOCK</title>
        <cusip>84857L309</cusip>
        <identifiers>
          <isin value="US84857L3096"/>
        </identifiers>
        <balance>33860.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>895597.00000000</valUSD>
        <pctVal>0.153704638129</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>JPMORGAN CHASE &amp; CO.</name>
        <lei>8I5DZWZKVSZI1NUHU748</lei>
        <title>JPMorgan Chase &amp; Co PREFERRED STOCK</title>
        <cusip>48128B648</cusip>
        <identifiers>
          <isin value="US48128B6487"/>
        </identifiers>
        <balance>259936.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7189829.76000000</valUSD>
        <pctVal>1.233936895133</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CMS ENERGY CORPORATION</name>
        <lei>549300IA9XFBAGNIBW29</lei>
        <title>CMS Energy Corp PREFERRED STOCK</title>
        <cusip>125896852</cusip>
        <identifiers>
          <isin value="US1258968528"/>
        </identifiers>
        <balance>41282.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1097275.56000000</valUSD>
        <pctVal>0.188317226249</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ENTERGY LOUISIANA, LLC</name>
        <lei>0V5453U14HDZO63CGH17</lei>
        <title>Entergy Louisiana LLC PREFERRED STOCK</title>
        <cusip>29364W108</cusip>
        <identifiers>
          <isin value="US29364W1080"/>
        </identifiers>
        <balance>39826.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1016359.52000000</valUSD>
        <pctVal>0.174430209380</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CHANGE HEALTHCARE INC.</name>
        <lei>549300GS1BPJEDOZHM07</lei>
        <title>Change Healthcare Inc PREFERRED STOCK</title>
        <cusip>15912K209</cusip>
        <identifiers>
          <isin value="US15912K2096"/>
        </identifiers>
        <balance>19432.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1007354.88000000</valUSD>
        <pctVal>0.172884810129</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BANK OF AMERICA CORPORATION</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
        <title>Bank of America Corp PREFERRED STOCK</title>
        <cusip>060505260</cusip>
        <identifiers>
          <isin value="US0605052606"/>
        </identifiers>
        <balance>126940.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3349946.60000000</valUSD>
        <pctVal>0.574926367445</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FIFTH THIRD BANCORP</name>
        <lei>THRNG6BD57P9QWTQLG42</lei>
        <title>Fifth Third Bancorp PREFERRED STOCK</title>
        <cusip>316773605</cusip>
        <identifiers>
          <isin value="US3167736053"/>
        </identifiers>
        <balance>64216.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1807680.40000000</valUSD>
        <pctVal>0.310238714215</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UNITED STATES CELLULAR CORPORATION</name>
        <lei>N/A</lei>
        <title>United States Cellular Corp PREFERRED STOCK</title>
        <cusip>911684504</cusip>
        <identifiers>
          <isin value="US9116845044"/>
        </identifiers>
        <balance>40546.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1031895.70000000</valUSD>
        <pctVal>0.177096568161</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ATHENE HOLDING LTD.</name>
        <lei>549300H316CT32FQXI76</lei>
        <title>Athene Holding Ltd PREFERRED STOCK</title>
        <cusip>G0684D305</cusip>
        <identifiers>
          <isin value="BMG0684D3054"/>
        </identifiers>
        <balance>120404.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3311110.00000000</valUSD>
        <pctVal>0.568261131240</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Dominion Energy, Inc.</name>
        <lei>ILUL7B6Z54MRYCF6H308</lei>
        <title>Dominion Energy Inc PREFERRED STOCK</title>
        <cusip>25746U133</cusip>
        <identifiers>
          <isin value="US25746U1337"/>
        </identifiers>
        <balance>49059.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5178177.45000000</valUSD>
        <pctVal>0.888692002229</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>EBAY INC.</name>
        <lei>OML71K8X303XQONU6T67</lei>
        <title>eBay Inc PREFERRED STOCK</title>
        <cusip>278642202</cusip>
        <identifiers>
          <isin value="US2786422020"/>
        </identifiers>
        <balance>104471.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2728782.52000000</valUSD>
        <pctVal>0.468320605997</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SCE TRUST IV</name>
        <lei>N/A</lei>
        <title>SCE Trust IV PREFERRED STOCK</title>
        <cusip>78409G206</cusip>
        <identifiers>
          <isin value="US78409G2066"/>
        </identifiers>
        <balance>48540.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1163018.40000000</valUSD>
        <pctVal>0.199600179890</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PPL CAPITAL FUNDING, INC.</name>
        <lei>549300MROK5WY0D2NU17</lei>
        <title>PPL Capital Funding Inc PREFERRED STOCK</title>
        <cusip>69352P202</cusip>
        <identifiers>
          <isin value="US69352P2020"/>
        </identifiers>
        <balance>64131.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1635340.50000000</valUSD>
        <pctVal>0.280661301646</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BROOKFIELD PROPERTY PARTNERS L.P.</name>
        <lei>5493004J5Z0TZW83NU62</lei>
        <title>Brookfield Property Partners LP PREFERRED STOCK</title>
        <cusip>G16249149</cusip>
        <identifiers>
          <isin value="BMG162491499"/>
        </identifiers>
        <balance>25592.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>652851.92000000</valUSD>
        <pctVal>0.112044109253</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WELLS FARGO &amp; COMPANY</name>
        <lei>PBLD0EJDB5FWOLXP3B76</lei>
        <title>Wells Fargo &amp; Co PREFERRED STOCK</title>
        <cusip>949746804</cusip>
        <identifiers>
          <isin value="US9497468044"/>
        </identifiers>
        <balance>13997.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>20435620.00000000</valUSD>
        <pctVal>3.507213151723</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NEW YORK COMMUNITY CAPITAL TRUST V</name>
        <lei>N/A</lei>
        <title>New York Community Capital Trust V PREFERRED STOCK</title>
        <cusip>64944P307</cusip>
        <identifiers>
          <isin value="US64944P3073"/>
        </identifiers>
        <balance>11107.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>557571.40000000</valUSD>
        <pctVal>0.095691823742</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>APOLLO GLOBAL MANAGEMENT, INC.</name>
        <lei>54930054P2G7ZJB0KM79</lei>
        <title>Apollo Global Management Inc PREFERRED STOCK</title>
        <cusip>03768E402</cusip>
        <identifiers>
          <isin value="US03768E4026"/>
        </identifiers>
        <balance>44753.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1185954.50000000</valUSD>
        <pctVal>0.203536531788</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>KEYCORP</name>
        <lei>RKPI3RZGV1V1FJTH5T61</lei>
        <title>KeyCorp PREFERRED STOCK</title>
        <cusip>493267868</cusip>
        <identifiers>
          <isin value="US4932678687"/>
        </identifiers>
        <balance>62057.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1604794.02000000</valUSD>
        <pctVal>0.275418836949</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>INTERNATIONAL FLAVORS &amp; FRAGRANCES INC.</name>
        <lei>BZLRL03D3GPGMOGFO832</lei>
        <title>International Flavors &amp; Fragrances Inc PREFERRED STOCK</title>
        <cusip>459506309</cusip>
        <identifiers>
          <isin value="US4595063094"/>
        </identifiers>
        <balance>57407.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2970812.25000000</valUSD>
        <pctVal>0.509858364683</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ZIONS BANCORPORATION, NATIONAL ASSOCIATION</name>
        <lei>8WH0EE09O9V05QJZ3V89</lei>
        <title>Zions Bancorp NA PREFERRED STOCK</title>
        <cusip>989701859</cusip>
        <identifiers>
          <isin value="US9897018597"/>
        </identifiers>
        <balance>20374.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>555395.24000000</valUSD>
        <pctVal>0.095318345620</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VORNADO REALTY TRUST</name>
        <lei>N/A</lei>
        <title>Vornado Realty Trust PREFERRED STOCK</title>
        <cusip>929042828</cusip>
        <identifiers>
          <isin value="US9290428286"/>
        </identifiers>
        <balance>47685.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1222643.40000000</valUSD>
        <pctVal>0.209833174249</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Wells Fargo Real Estate Investment Corporation</name>
        <lei>N/A</lei>
        <title>Wells Fargo Real Estate Investment Corp PREFERRED STOCK</title>
        <cusip>94988N207</cusip>
        <identifiers>
          <isin value="US94988N2071"/>
        </identifiers>
        <balance>39951.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1009961.28000000</valUSD>
        <pctVal>0.173332127136</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CITIGROUP CAPITAL XIII</name>
        <lei>N/A</lei>
        <title>Citigroup Capital XIII PREFERRED STOCK</title>
        <cusip>173080201</cusip>
        <identifiers>
          <isin value="US1730802014"/>
        </identifiers>
        <balance>315865.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8721032.65000000</valUSD>
        <pctVal>1.496725834923</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>KKR &amp; CO. INC.</name>
        <lei>549300JOHU21WRN2Z451</lei>
        <title>KKR &amp; Co Inc PREFERRED STOCK</title>
        <cusip>48251W203</cusip>
        <identifiers>
          <isin value="US48251W2035"/>
        </identifiers>
        <balance>51547.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1353624.22000000</valUSD>
        <pctVal>0.232312436171</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WELLS FARGO &amp; COMPANY</name>
        <lei>PBLD0EJDB5FWOLXP3B76</lei>
        <title>Wells Fargo &amp; Co PREFERRED STOCK</title>
        <cusip>949746366</cusip>
        <identifiers>
          <isin value="US9497463664"/>
        </identifiers>
        <balance>112548.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2847464.40000000</valUSD>
        <pctVal>0.488689092513</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ENSTAR GROUP LIMITED</name>
        <lei>213800AMAL5QFXVUCN04</lei>
        <title>Enstar Group Ltd PREFERRED STOCK</title>
        <cusip>29359U109</cusip>
        <identifiers>
          <isin value="US29359U1097"/>
        </identifiers>
        <balance>56869.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1519539.68000000</valUSD>
        <pctVal>0.260787269985</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>THE GOLDMAN SACHS GROUP, INC.</name>
        <lei>784F5XWPLTWKTBV3E584</lei>
        <title>Goldman Sachs Group Inc/The PREFERRED STOCK</title>
        <cusip>38144X609</cusip>
        <identifiers>
          <isin value="US38144X6094"/>
        </identifiers>
        <balance>29854.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>680969.74000000</valUSD>
        <pctVal>0.116869761135</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>THE SOUTHERN COMPANY</name>
        <lei>549300FC3G3YU2FBZD92</lei>
        <title>Southern Co/The PREFERRED STOCK</title>
        <cusip>842587404</cusip>
        <identifiers>
          <isin value="US8425874042"/>
        </identifiers>
        <balance>64139.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1643241.18000000</valUSD>
        <pctVal>0.282017236469</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ASPEN INSURANCE HOLDINGS LIMITED</name>
        <lei>549300YX6HECG9XQCQ75</lei>
        <title>Aspen Insurance Holdings Ltd PREFERRED STOCK</title>
        <cusip>G05384162</cusip>
        <identifiers>
          <isin value="BMG053841620"/>
        </identifiers>
        <balance>36864.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>948510.72000000</valUSD>
        <pctVal>0.162785825521</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>THE SOUTHERN COMPANY</name>
        <lei>549300FC3G3YU2FBZD92</lei>
        <title>Southern Co/The PREFERRED STOCK</title>
        <cusip>842587305</cusip>
        <identifiers>
          <isin value="US8425873051"/>
        </identifiers>
        <balance>111503.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2846671.59000000</valUSD>
        <pctVal>0.488553028441</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CMS ENERGY CORPORATION</name>
        <lei>549300IA9XFBAGNIBW29</lei>
        <title>CMS Energy Corp PREFERRED STOCK</title>
        <cusip>125896845</cusip>
        <identifiers>
          <isin value="US1258968452"/>
        </identifiers>
        <balance>87549.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2315671.05000000</valUSD>
        <pctVal>0.397421363365</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SOUTH JERSEY INDUSTRIES, INC.</name>
        <lei>549300DJYWYT5VXLFA46</lei>
        <title>South Jersey Industries Inc PREFERRED STOCK</title>
        <cusip>838518116</cusip>
        <identifiers>
          <isin value="US8385181164"/>
        </identifiers>
        <balance>21224.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1075207.84000000</valUSD>
        <pctVal>0.184529907939</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AT&amp;T INC.</name>
        <lei>549300Z40J86GGSTL398</lei>
        <title>AT&amp;T Inc PREFERRED STOCK</title>
        <cusip>00206R409</cusip>
        <identifiers>
          <isin value="US00206R4092"/>
        </identifiers>
        <balance>115113.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3062005.80000000</valUSD>
        <pctVal>0.525509233994</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PEOPLE'S UNITED FINANCIAL, INC.</name>
        <lei>ROPY7PEPIPIDJNF0BO69</lei>
        <title>People's United Financial Inc PREFERRED STOCK</title>
        <cusip>712704204</cusip>
        <identifiers>
          <isin value="US7127042049"/>
        </identifiers>
        <balance>36870.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>985166.40000000</valUSD>
        <pctVal>0.169076766680</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LEGG MASON, INC.</name>
        <lei>OWUNCC6U1ZJXMZKFBJ36</lei>
        <title>Legg Mason Inc PREFERRED STOCK</title>
        <cusip>524901600</cusip>
        <identifiers>
          <isin value="US5249016008"/>
        </identifiers>
        <balance>69071.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1755094.11000000</valUSD>
        <pctVal>0.301213721193</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BB&amp;T Corporation</name>
        <lei>549300DRQQI75D2JP341</lei>
        <title>BB&amp;T Corp PREFERRED STOCK</title>
        <cusip>054937800</cusip>
        <identifiers>
          <isin value="US0549378000"/>
        </identifiers>
        <balance>69036.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1739707.20000000</valUSD>
        <pctVal>0.298572980510</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MORGAN STANLEY</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>Morgan Stanley PREFERRED STOCK</title>
        <cusip>61762V606</cusip>
        <identifiers>
          <isin value="US61762V6065"/>
        </identifiers>
        <balance>139797.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3897540.36000000</valUSD>
        <pctVal>0.668905803198</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CITIGROUP INC.</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>Citigroup Inc PREFERRED STOCK</title>
        <cusip>172967341</cusip>
        <identifiers>
          <isin value="US1729673418"/>
        </identifiers>
        <balance>209788.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5876161.88000000</valUSD>
        <pctVal>1.008481867797</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>THE GOLDMAN SACHS GROUP, INC.</name>
        <lei>784F5XWPLTWKTBV3E584</lei>
        <title>Goldman Sachs Group Inc/The PREFERRED STOCK</title>
        <cusip>38145G308</cusip>
        <identifiers>
          <isin value="US38145G3083"/>
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        <balance>139755.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3678351.60000000</valUSD>
        <pctVal>0.631288069957</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>KEYCORP</name>
        <lei>RKPI3RZGV1V1FJTH5T61</lei>
        <title>KeyCorp PREFERRED STOCK</title>
        <cusip>493267702</cusip>
        <identifiers>
          <isin value="US4932677028"/>
        </identifiers>
        <balance>69238.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1983668.70000000</valUSD>
        <pctVal>0.340442274484</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>QVC, INC.</name>
        <lei>549300WBLU5NKPX5X472</lei>
        <title>QVC Inc PREFERRED STOCK</title>
        <cusip>747262301</cusip>
        <identifiers>
          <isin value="US7472623013"/>
        </identifiers>
        <balance>33546.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>852739.32000000</valUSD>
        <pctVal>0.146349293933</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>JPMORGAN CHASE &amp; CO.</name>
        <lei>8I5DZWZKVSZI1NUHU748</lei>
        <title>JPMorgan Chase &amp; Co PREFERRED STOCK</title>
        <cusip>48127V827</cusip>
        <identifiers>
          <isin value="US48127V8274"/>
        </identifiers>
        <balance>160941.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4124917.83000000</valUSD>
        <pctVal>0.707928903706</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GATX CORPORATION</name>
        <lei>549300IHYHCQP2PIR591</lei>
        <title>GATX Corp PREFERRED STOCK</title>
        <cusip>361448608</cusip>
        <identifiers>
          <isin value="US3614486088"/>
        </identifiers>
        <balance>22070.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>578675.40000000</valUSD>
        <pctVal>0.099313745971</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>QWEST CORPORATION</name>
        <lei>549300R2L4N683OO1509</lei>
        <title>Qwest Corp PREFERRED STOCK</title>
        <cusip>74913G873</cusip>
        <identifiers>
          <isin value="US74913G8731"/>
        </identifiers>
        <balance>91648.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2368184.32000000</valUSD>
        <pctVal>0.406433824508</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>THE GOLDMAN SACHS GROUP, INC.</name>
        <lei>784F5XWPLTWKTBV3E584</lei>
        <title>Goldman Sachs Group Inc/The PREFERRED STOCK</title>
        <cusip>38148B504</cusip>
        <identifiers>
          <isin value="US38148B5049"/>
        </identifiers>
        <balance>93842.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2458660.40000000</valUSD>
        <pctVal>0.421961559791</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SYNOVUS FINANCIAL CORP.</name>
        <lei>549300EIUS8UN5JTLE54</lei>
        <title>Synovus Financial Corp PREFERRED STOCK</title>
        <cusip>87161C600</cusip>
        <identifiers>
          <isin value="US87161C6003"/>
        </identifiers>
        <balance>29431.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>772269.44000000</valUSD>
        <pctVal>0.132538848179</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NEXTERA ENERGY CAPITAL HOLDINGS, INC.</name>
        <lei>UMI46YPGBLUE4VGNNT48</lei>
        <title>NextEra Energy Capital Holdings Inc PREFERRED STOCK</title>
        <cusip>65339K803</cusip>
        <identifiers>
          <isin value="US65339K8036"/>
        </identifiers>
        <balance>69046.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1729602.30000000</valUSD>
        <pctVal>0.296838751836</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>W. R. BERKLEY CORPORATION</name>
        <lei>SQOAGCLKBDWNVYV1OV80</lei>
        <title>WR Berkley Corp PREFERRED STOCK</title>
        <cusip>084423607</cusip>
        <identifiers>
          <isin value="US0844236077"/>
        </identifiers>
        <balance>43254.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1106004.78000000</valUSD>
        <pctVal>0.189815357218</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GEORGIA POWER COMPANY</name>
        <lei>D981X4Z4RWS7PDMJUZ03</lei>
        <title>Georgia Power Co PREFERRED STOCK</title>
        <cusip>373334440</cusip>
        <identifiers>
          <isin value="US3733344408"/>
        </identifiers>
        <balance>39826.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1007199.54000000</valUSD>
        <pctVal>0.172858150283</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SEMPRA ENERGY</name>
        <lei>PBBKGKLRK5S5C0Y4T545</lei>
        <title>Sempra Energy PREFERRED STOCK</title>
        <cusip>816851505</cusip>
        <identifiers>
          <isin value="US8168515059"/>
        </identifiers>
        <balance>20379.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2398812.09000000</valUSD>
        <pctVal>0.411690240401</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PS BUSINESS PARKS, INC.</name>
        <lei>N/A</lei>
        <title>PS Business Parks Inc PREFERRED STOCK</title>
        <cusip>69360J594</cusip>
        <identifiers>
          <isin value="US69360J5948"/>
        </identifiers>
        <balance>33870.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>860636.70000000</valUSD>
        <pctVal>0.147704662402</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MORGAN STANLEY</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>Morgan Stanley PREFERRED STOCK</title>
        <cusip>61763E207</cusip>
        <identifiers>
          <isin value="US61763E2072"/>
        </identifiers>
        <balance>118635.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3404824.50000000</valUSD>
        <pctVal>0.584344652411</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WELLS FARGO &amp; COMPANY</name>
        <lei>PBLD0EJDB5FWOLXP3B76</lei>
        <title>Wells Fargo &amp; Co PREFERRED STOCK</title>
        <cusip>94988U714</cusip>
        <identifiers>
          <isin value="US94988U7147"/>
        </identifiers>
        <balance>141344.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3642434.88000000</valUSD>
        <pctVal>0.625123950994</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <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>BRIGHTSPHERE INVESTMENT GROUP INC..</name>
        <lei>5493004FTLQNQTBOP608</lei>
        <title>Brightsphere Investment Group Inc PREFERRED STOCK</title>
        <cusip>10948W202</cusip>
        <identifiers>
          <isin value="US10948W2026"/>
        </identifiers>
        <balance>16055.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>399127.30000000</valUSD>
        <pctVal>0.068499243760</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>QWEST CORPORATION</name>
        <lei>549300R2L4N683OO1509</lei>
        <title>Qwest Corp PREFERRED STOCK</title>
        <cusip>74913G808</cusip>
        <identifiers>
          <isin value="US74913G8087"/>
        </identifiers>
        <balance>34629.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>892043.04000000</valUSD>
        <pctVal>0.153094698462</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <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>DUKE ENERGY CORPORATION</name>
        <lei>I1BZKREC126H0VB1BL91</lei>
        <title>Duke Energy Corp PREFERRED STOCK</title>
        <cusip>26441C501</cusip>
        <identifiers>
          <isin value="US26441C5013"/>
        </identifiers>
        <balance>139801.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3770432.97000000</valUSD>
        <pctVal>0.647091309198</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VALLEY NATIONAL BANCORP</name>
        <lei>549300ET52S1UBIB9762</lei>
        <title>Valley National Bancorp PREFERRED STOCK</title>
        <cusip>919794305</cusip>
        <identifiers>
          <isin value="US9197943056"/>
        </identifiers>
        <balance>14623.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>389849.18000000</valUSD>
        <pctVal>0.066906909175</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SCE TRUST III</name>
        <lei>N/A</lei>
        <title>SCE Trust III PREFERRED STOCK</title>
        <cusip>78409B207</cusip>
        <identifiers>
          <isin value="US78409B2079"/>
        </identifiers>
        <balance>41027.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>992443.13000000</valUSD>
        <pctVal>0.170325617616</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>W. R. BERKLEY CORPORATION</name>
        <lei>SQOAGCLKBDWNVYV1OV80</lei>
        <title>WR Berkley Corp PREFERRED STOCK</title>
        <cusip>084423706</cusip>
        <identifiers>
          <isin value="US0844237067"/>
        </identifiers>
        <balance>27198.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>732170.16000000</valUSD>
        <pctVal>0.125656907617</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DUKE ENERGY CORPORATION</name>
        <lei>I1BZKREC126H0VB1BL91</lei>
        <title>Duke Energy Corp PREFERRED STOCK</title>
        <cusip>26441C303</cusip>
        <identifiers>
          <isin value="US26441C3034"/>
        </identifiers>
        <balance>69060.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1742383.80000000</valUSD>
        <pctVal>0.299032345419</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MORGAN STANLEY</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>Morgan Stanley PREFERRED STOCK</title>
        <cusip>61761J406</cusip>
        <identifiers>
          <isin value="US61761J4067"/>
        </identifiers>
        <balance>139824.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3894098.40000000</valUSD>
        <pctVal>0.668315085257</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MORGAN STANLEY</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>Morgan Stanley PREFERRED STOCK</title>
        <cusip>61762V200</cusip>
        <identifiers>
          <isin value="US61762V2007"/>
        </identifiers>
        <balance>120447.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3506212.17000000</valUSD>
        <pctVal>0.601745062560</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NUSTAR ENERGY L.P.</name>
        <lei>5493003BMLTUIEG2LG44</lei>
        <title>NuStar Energy LP PREFERRED STOCK</title>
        <cusip>67058H300</cusip>
        <identifiers>
          <isin value="US67058H3003"/>
        </identifiers>
        <balance>57514.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1261857.16000000</valUSD>
        <pctVal>0.216563139613</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NATIONAL RETAIL PROPERTIES, INC.</name>
        <lei>5493008JKH5SOTI0JS97</lei>
        <title>National Retail Properties Inc PREFERRED STOCK</title>
        <cusip>637417874</cusip>
        <identifiers>
          <isin value="US6374178746"/>
        </identifiers>
        <balance>51505.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1300501.25000000</valUSD>
        <pctVal>0.223195336761</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AMERICAN INTERNATIONAL GROUP, INC.</name>
        <lei>ODVCVCQG2BP6VHV36M30</lei>
        <title>American International Group Inc PREFERRED STOCK</title>
        <cusip>026874768</cusip>
        <identifiers>
          <isin value="US0268747682"/>
        </identifiers>
        <balance>73164.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1928603.04000000</valUSD>
        <pctVal>0.330991765669</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DUKE ENERGY CORPORATION</name>
        <lei>I1BZKREC126H0VB1BL91</lei>
        <title>Duke Energy Corp PREFERRED STOCK</title>
        <cusip>26441C402</cusip>
        <identifiers>
          <isin value="US26441C4024"/>
        </identifiers>
        <balance>69157.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1847875.04000000</valUSD>
        <pctVal>0.317137020703</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DIGITAL REALTY TRUST, INC.</name>
        <lei>549300HKCZ31D08NEI41</lei>
        <title>Digital Realty Trust Inc PREFERRED STOCK</title>
        <cusip>253868863</cusip>
        <identifiers>
          <isin value="US2538688639"/>
        </identifiers>
        <balance>37334.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>963217.20000000</valUSD>
        <pctVal>0.165309789074</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UNITED STATES CELLULAR CORPORATION</name>
        <lei>N/A</lei>
        <title>United States Cellular Corp PREFERRED STOCK</title>
        <cusip>911684603</cusip>
        <identifiers>
          <isin value="US9116846034"/>
        </identifiers>
        <balance>44762.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1163812.00000000</valUSD>
        <pctVal>0.199736379543</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>REGIONS FINANCIAL CORPORATION</name>
        <lei>CW05CS5KW59QTC0DG824</lei>
        <title>Regions Financial Corp PREFERRED STOCK</title>
        <cusip>7591EP308</cusip>
        <identifiers>
          <isin value="US7591EP3084"/>
        </identifiers>
        <balance>69076.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1760747.24000000</valUSD>
        <pctVal>0.302183925762</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NEXTERA ENERGY CAPITAL HOLDINGS, INC.</name>
        <lei>UMI46YPGBLUE4VGNNT48</lei>
        <title>NextEra Energy Capital Holdings Inc PREFERRED STOCK</title>
        <cusip>65339K886</cusip>
        <identifiers>
          <isin value="US65339K8861"/>
        </identifiers>
        <balance>64114.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1604773.42000000</valUSD>
        <pctVal>0.275415301525</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PUBLIC STORAGE</name>
        <lei>549300LMZF40TKJ6DM64</lei>
        <title>Public Storage PREFERRED STOCK</title>
        <cusip>74460W750</cusip>
        <identifiers>
          <isin value="US74460W7508"/>
        </identifiers>
        <balance>29421.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>749058.66000000</valUSD>
        <pctVal>0.128555355000</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AMERICAN FINANCIAL GROUP, INC.</name>
        <lei>549300AFOM7IVKIU1G39</lei>
        <title>American Financial Group Inc/OH PREFERRED STOCK</title>
        <cusip>025932609</cusip>
        <identifiers>
          <isin value="US0259326090"/>
        </identifiers>
        <balance>20734.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>524570.20000000</valUSD>
        <pctVal>0.090028073747</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>The Bank of New York Mellon Corporation</name>
        <lei>N/A</lei>
        <title>Bank of New York Mellon Corp/The PREFERRED STOCK</title>
        <cusip>064058209</cusip>
        <identifiers>
          <isin value="US0640582096"/>
        </identifiers>
        <balance>81636.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2094779.76000000</valUSD>
        <pctVal>0.359511437589</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PROSPECT CAPITAL CORPORATION</name>
        <lei>549300FSD8T39P5Q0O47</lei>
        <title>Prospect Capital Corp PREFERRED STOCK</title>
        <cusip>74348T300</cusip>
        <identifiers>
          <isin value="US74348T3005"/>
        </identifiers>
        <balance>32481.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>823718.16000000</valUSD>
        <pctVal>0.141368608540</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LEGG MASON, INC.</name>
        <lei>OWUNCC6U1ZJXMZKFBJ36</lei>
        <title>Legg Mason Inc PREFERRED STOCK</title>
        <cusip>524901501</cusip>
        <identifiers>
          <isin value="US5249015018"/>
        </identifiers>
        <balance>36879.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>972499.23000000</valUSD>
        <pctVal>0.166902794703</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WELLS FARGO &amp; COMPANY</name>
        <lei>PBLD0EJDB5FWOLXP3B76</lei>
        <title>Wells Fargo &amp; Co PREFERRED STOCK</title>
        <cusip>949746747</cusip>
        <identifiers>
          <isin value="US9497467475"/>
        </identifiers>
        <balance>105444.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2655079.92000000</valUSD>
        <pctVal>0.455671578073</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FIRST REPUBLIC BANK</name>
        <lei>YWC0TIKBQM2JV8L4IV08</lei>
        <title>First Republic Bank/CA PREFERRED STOCK</title>
        <cusip>33616C837</cusip>
        <identifiers>
          <isin value="US33616C8376"/>
        </identifiers>
        <balance>22318.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>575358.04000000</valUSD>
        <pctVal>0.098744412199</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SCE TRUST VI</name>
        <lei>N/A</lei>
        <title>SCE Trust VI PREFERRED STOCK</title>
        <cusip>78410V200</cusip>
        <identifiers>
          <isin value="US78410V2007"/>
        </identifiers>
        <balance>67543.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1566997.60000000</valUSD>
        <pctVal>0.268932119086</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AMERICAN HOMES 4 RENT</name>
        <lei>549300ZJUO7A58PNUW40</lei>
        <title>American Homes 4 Rent PREFERRED STOCK</title>
        <cusip>02665T868</cusip>
        <identifiers>
          <isin value="US02665T8687"/>
        </identifiers>
        <balance>17049.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>455719.77000000</valUSD>
        <pctVal>0.078211787596</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VOYA FINANCIAL, INC.</name>
        <lei>549300T065Z4KJ686G75</lei>
        <title>Voya Financial Inc PREFERRED STOCK</title>
        <cusip>929089209</cusip>
        <identifiers>
          <isin value="US9290892093"/>
        </identifiers>
        <balance>40907.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1093853.18000000</valUSD>
        <pctVal>0.187729868677</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>THE GOLDMAN SACHS GROUP, INC.</name>
        <lei>784F5XWPLTWKTBV3E584</lei>
        <title>Goldman Sachs Group Inc/The PREFERRED STOCK</title>
        <cusip>38148B108</cusip>
        <identifiers>
          <isin value="US38148B1089"/>
        </identifiers>
        <balance>97436.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2692156.68000000</valUSD>
        <pctVal>0.462034786054</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AT&amp;T INC.</name>
        <lei>549300Z40J86GGSTL398</lei>
        <title>AT&amp;T Inc PREFERRED STOCK</title>
        <cusip>00206R300</cusip>
        <identifiers>
          <isin value="US00206R3003"/>
        </identifiers>
        <balance>185364.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4825024.92000000</valUSD>
        <pctVal>0.828083065589</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>QTS REALTY TRUST, INC.</name>
        <lei>5493006PA4CJK4OG2J54</lei>
        <title>QTS Realty Trust Inc PREFERRED STOCK</title>
        <cusip>74736A301</cusip>
        <identifiers>
          <isin value="US74736A3014"/>
        </identifiers>
        <balance>11021.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1391180.83000000</valUSD>
        <pctVal>0.238757997232</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Energizer Holdings, Inc.</name>
        <lei>5493000D6NN0V57UME20</lei>
        <title>Energizer Holdings Inc PREFERRED STOCK</title>
        <cusip>29272W208</cusip>
        <identifiers>
          <isin value="US29272W2089"/>
        </identifiers>
        <balance>7533.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>788479.11000000</valUSD>
        <pctVal>0.135320793029</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ARCH CAPITAL GROUP LTD.</name>
        <lei>549300AYR4P8AFKDCE43</lei>
        <title>Arch Capital Group Ltd PREFERRED STOCK</title>
        <cusip>03939A107</cusip>
        <identifiers>
          <isin value="US03939A1079"/>
        </identifiers>
        <balance>49195.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1257916.15000000</valUSD>
        <pctVal>0.215886773439</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PS BUSINESS PARKS, INC.</name>
        <lei>N/A</lei>
        <title>PS Business Parks Inc PREFERRED STOCK</title>
        <cusip>69360J669</cusip>
        <identifiers>
          <isin value="US69360J6698"/>
        </identifiers>
        <balance>34293.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>866927.04000000</valUSD>
        <pctVal>0.148784226574</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SCE TRUST II</name>
        <lei>N/A</lei>
        <title>SCE Trust II PREFERRED STOCK</title>
        <cusip>78407R204</cusip>
        <identifiers>
          <isin value="US78407R2040"/>
        </identifiers>
        <balance>59740.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1453474.20000000</valUSD>
        <pctVal>0.249448944046</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PUBLIC STORAGE</name>
        <lei>549300LMZF40TKJ6DM64</lei>
        <title>Public Storage PREFERRED STOCK</title>
        <cusip>74460W669</cusip>
        <identifiers>
          <isin value="US74460W6690"/>
        </identifiers>
        <balance>44743.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1140051.64000000</valUSD>
        <pctVal>0.195658566045</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ARES CAPITAL CORPORATION</name>
        <lei>WEQ82666OJYSI5GUAB47</lei>
        <title>Allied Capital Corp PREFERRED STOCK</title>
        <cusip>01903Q207</cusip>
        <identifiers>
          <isin value="US01903Q2075"/>
        </identifiers>
        <balance>30990.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>797682.60000000</valUSD>
        <pctVal>0.136900319423</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FORTIVE CORPORATION</name>
        <lei>549300MU9YQJYHDQEF63</lei>
        <title>Fortive Corp PREFERRED STOCK</title>
        <cusip>34959J207</cusip>
        <identifiers>
          <isin value="US34959J2078"/>
        </identifiers>
        <balance>4923.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4607616.77000000</valUSD>
        <pctVal>0.790770925171</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>JPMORGAN CHASE &amp; CO.</name>
        <lei>8I5DZWZKVSZI1NUHU748</lei>
        <title>JPMorgan Chase &amp; Co PREFERRED STOCK</title>
        <cusip>48128B655</cusip>
        <identifiers>
          <isin value="US48128B6552"/>
        </identifiers>
        <balance>238187.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6388175.34000000</valUSD>
        <pctVal>1.096354921845</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PARTNERRE LTD.</name>
        <lei>7LLHQS68KCIGNZBR7918</lei>
        <title>PartnerRe Ltd PREFERRED STOCK</title>
        <cusip>G68603144</cusip>
        <identifiers>
          <isin value="BMG686031441"/>
        </identifiers>
        <balance>43843.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1185953.15000000</valUSD>
        <pctVal>0.203536300097</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>COMMERCE BANCSHARES, INC.</name>
        <lei>N/A</lei>
        <title>Commerce Bancshares Inc/MO PREFERRED STOCK</title>
        <cusip>200525301</cusip>
        <identifiers>
          <isin value="US2005253016"/>
        </identifiers>
        <balance>19609.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>509834.00000000</valUSD>
        <pctVal>0.087499009572</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>COLFAX CORPORATION</name>
        <lei>635400OP2DYYYMOIYL17</lei>
        <title>Colfax Corp PREFERRED STOCK</title>
        <cusip>194014205</cusip>
        <identifiers>
          <isin value="US1940142052"/>
        </identifiers>
        <balance>16454.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2418573.46000000</valUSD>
        <pctVal>0.415081737051</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ENTERGY MISSISSIPPI, LLC</name>
        <lei>54930043I78H35DVVW89</lei>
        <title>Entergy Mississippi LLC PREFERRED STOCK</title>
        <cusip>29364N108</cusip>
        <identifiers>
          <isin value="US29364N1081"/>
        </identifiers>
        <balance>38329.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1002303.35000000</valUSD>
        <pctVal>0.172017853685</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BRIGHTHOUSE FINANCIAL, INC.</name>
        <lei>5493003T8SZSHOGGAW52</lei>
        <title>Brighthouse Financial Inc PREFERRED STOCK</title>
        <cusip>10922N301</cusip>
        <identifiers>
          <isin value="US10922N3017"/>
        </identifiers>
        <balance>60543.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1614681.81000000</valUSD>
        <pctVal>0.277115804652</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BANK OF AMERICA CORPORATION</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
        <title>Bank of America Corp PREFERRED STOCK</title>
        <cusip>060505591</cusip>
        <identifiers>
          <isin value="US0605055914"/>
        </identifiers>
        <balance>29237.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>676544.18000000</valUSD>
        <pctVal>0.116110235256</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AMERICAN HOMES 4 RENT</name>
        <lei>549300ZJUO7A58PNUW40</lei>
        <title>American Homes 4 Rent PREFERRED STOCK</title>
        <cusip>02665T884</cusip>
        <identifiers>
          <isin value="US02665T8844"/>
        </identifiers>
        <balance>22777.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>593113.08000000</valUSD>
        <pctVal>0.101791577384</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BB&amp;T Corporation</name>
        <lei>549300DRQQI75D2JP341</lei>
        <title>BB&amp;T Corp PREFERRED STOCK</title>
        <cusip>054937875</cusip>
        <identifiers>
          <isin value="US0549378752"/>
        </identifiers>
        <balance>64198.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1680703.64000000</valUSD>
        <pctVal>0.288446639267</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NORTHERN TRUST CORPORATION</name>
        <lei>549300GLF98S992BC502</lei>
        <title>Northern Trust Corp PREFERRED STOCK</title>
        <cusip>665859872</cusip>
        <identifiers>
          <isin value="US6658598726"/>
        </identifiers>
        <balance>56851.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1438898.81000000</valUSD>
        <pctVal>0.246947478492</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PUBLIC STORAGE</name>
        <lei>549300LMZF40TKJ6DM64</lei>
        <title>Public Storage PREFERRED STOCK</title>
        <cusip>74460W735</cusip>
        <identifiers>
          <isin value="US74460W7359"/>
        </identifiers>
        <balance>48550.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1222003.50000000</valUSD>
        <pctVal>0.209723352981</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>U.S. BANCORP</name>
        <lei>N1GZ7BBF3NP8GI976H15</lei>
        <title>US Bancorp PREFERRED STOCK</title>
        <cusip>902973155</cusip>
        <identifiers>
          <isin value="US9029731554"/>
        </identifiers>
        <balance>139353.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2993302.44000000</valUSD>
        <pctVal>0.513718188371</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ENERGY TRANSFER OPERATING, L.P.</name>
        <lei>5493008K8W3OKZE54J59</lei>
        <title>Energy Transfer Operating LP PREFERRED STOCK</title>
        <cusip>29278N509</cusip>
        <identifiers>
          <isin value="US29278N5095"/>
        </identifiers>
        <balance>111414.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2687305.68000000</valUSD>
        <pctVal>0.461202245079</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>THE ALLSTATE CORPORATION</name>
        <lei>OBT0W1ED8G0NWVOLOJ77</lei>
        <title>Allstate Corp/The PREFERRED STOCK</title>
        <cusip>020002127</cusip>
        <identifiers>
          <isin value="US0200021279"/>
        </identifiers>
        <balance>79757.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2117548.35000000</valUSD>
        <pctVal>0.363419040994</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AEGON N.V.</name>
        <lei>O4QK7KMMK83ITNTHUG69</lei>
        <title>Aegon NV PREFERRED STOCK</title>
        <cusip>007924301</cusip>
        <identifiers>
          <isin value="NL0000021541"/>
        </identifiers>
        <balance>139712.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3485814.40000000</valUSD>
        <pctVal>0.598244345321</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AFFILIATED MANAGERS GROUP, INC.</name>
        <lei>2JE75BUE3T1BLCYYGK54</lei>
        <title>Affiliated Managers Group Inc PREFERRED STOCK</title>
        <cusip>008252850</cusip>
        <identifiers>
          <isin value="US0082528508"/>
        </identifiers>
        <balance>40834.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1073117.52000000</valUSD>
        <pctVal>0.184171161897</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FIRST REPUBLIC BANK</name>
        <lei>YWC0TIKBQM2JV8L4IV08</lei>
        <title>First Republic Bank/CA PREFERRED STOCK</title>
        <cusip>336158803</cusip>
        <identifiers>
          <isin value="US3361588037"/>
        </identifiers>
        <balance>44753.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1185059.44000000</valUSD>
        <pctVal>0.203382919311</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>STATE STREET CORPORATION</name>
        <lei>549300ZFEEJ2IP5VME73</lei>
        <title>State Street Corp PREFERRED STOCK</title>
        <cusip>857477855</cusip>
        <identifiers>
          <isin value="US8574778556"/>
        </identifiers>
        <balance>69124.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1885011.48000000</valUSD>
        <pctVal>0.323510471118</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AMERICAN ELECTRIC POWER COMPANY, INC.</name>
        <lei>1B4S6S7G0TW5EE83BO58</lei>
        <title>American Electric Power Co Inc PREFERRED STOCK</title>
        <cusip>025537127</cusip>
        <identifiers>
          <isin value="US0255371272"/>
        </identifiers>
        <balance>56140.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2987209.40000000</valUSD>
        <pctVal>0.512672485328</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PARTNERRE LTD.</name>
        <lei>7LLHQS68KCIGNZBR7918</lei>
        <title>PartnerRe Ltd PREFERRED STOCK</title>
        <cusip>G68603151</cusip>
        <identifiers>
          <isin value="BMG686031516"/>
        </identifiers>
        <balance>25506.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>648107.46000000</valUSD>
        <pctVal>0.111229852945</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>KEYCORP</name>
        <lei>RKPI3RZGV1V1FJTH5T61</lei>
        <title>KeyCorp PREFERRED STOCK</title>
        <cusip>493267876</cusip>
        <identifiers>
          <isin value="US4932678760"/>
        </identifiers>
        <balance>60512.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1564840.32000000</valUSD>
        <pctVal>0.268561881198</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>METLIFE, INC.</name>
        <lei>C4BXATY60WC6XEOZDX54</lei>
        <title>MetLife Inc PREFERRED STOCK</title>
        <cusip>59156R876</cusip>
        <identifiers>
          <isin value="US59156R8768"/>
        </identifiers>
        <balance>112264.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2959279.04000000</valUSD>
        <pctVal>0.507879005809</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WASHINGTON PRIME GROUP INC.</name>
        <lei>549300RWGA2GV6YQYT67</lei>
        <title>Washington Prime Group Inc PREFERRED STOCK</title>
        <cusip>93964W207</cusip>
        <identifiers>
          <isin value="US93964W2070"/>
        </identifiers>
        <balance>14596.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>329577.68000000</valUSD>
        <pctVal>0.056562960840</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DILLARD'S CAPITAL TRUST I</name>
        <lei>N/A</lei>
        <title>Dillard's Capital Trust I PREFERRED STOCK</title>
        <cusip>25406P200</cusip>
        <identifiers>
          <isin value="US25406P2002"/>
        </identifiers>
        <balance>26695.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>699409.00000000</valUSD>
        <pctVal>0.120034353899</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>W. R. BERKLEY CORPORATION</name>
        <lei>SQOAGCLKBDWNVYV1OV80</lei>
        <title>WR Berkley Corp PREFERRED STOCK</title>
        <cusip>084423409</cusip>
        <identifiers>
          <isin value="US0844234098"/>
        </identifiers>
        <balance>52286.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1320221.50000000</valUSD>
        <pctVal>0.226579776291</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>STIFEL FINANCIAL CORP.</name>
        <lei>549300E5F07FE5GHJX84</lei>
        <title>Stifel Financial Corp PREFERRED STOCK</title>
        <cusip>860630607</cusip>
        <identifiers>
          <isin value="US8606306079"/>
        </identifiers>
        <balance>33157.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>860424.15000000</valUSD>
        <pctVal>0.147668184030</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SPIRIT REALTY CAPITAL, INC.</name>
        <lei>549300LTU6LVPZSHMJ25</lei>
        <title>Spirit Realty Capital Inc PREFERRED STOCK</title>
        <cusip>84860W201</cusip>
        <identifiers>
          <isin value="US84860W2017"/>
        </identifiers>
        <balance>25391.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>647470.50000000</valUSD>
        <pctVal>0.111120536247</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>STATE STREET CORPORATION</name>
        <lei>549300ZFEEJ2IP5VME73</lei>
        <title>State Street Corp PREFERRED STOCK</title>
        <cusip>857477608</cusip>
        <identifiers>
          <isin value="US8574776089"/>
        </identifiers>
        <balance>104485.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2807511.95000000</valUSD>
        <pctVal>0.481832351289</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BANCO SANTANDER, S.A.</name>
        <lei>5493006QMFDDMYWIAM13</lei>
        <title>Banco Santander SA PREFERRED STOCK</title>
        <cusip>05971K406</cusip>
        <identifiers>
          <isin value="US05971K4067"/>
        </identifiers>
        <balance>30865.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>711746.90000000</valUSD>
        <pctVal>0.122151815720</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>ES</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DIGITAL REALTY TRUST, INC.</name>
        <lei>549300HKCZ31D08NEI41</lei>
        <title>Digital Realty Trust Inc PREFERRED STOCK</title>
        <cusip>253868830</cusip>
        <identifiers>
          <isin value="US2538688308"/>
        </identifiers>
        <balance>29383.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>784819.93000000</valUSD>
        <pctVal>0.134692795238</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PARTNERRE LTD.</name>
        <lei>7LLHQS68KCIGNZBR7918</lei>
        <title>PartnerRe Ltd PREFERRED STOCK</title>
        <cusip>G68603136</cusip>
        <identifiers>
          <isin value="BMG686031367"/>
        </identifiers>
        <balance>23591.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>624925.59000000</valUSD>
        <pctVal>0.107251321373</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>AMERICAN HOMES 4 RENT</name>
        <lei>549300ZJUO7A58PNUW40</lei>
        <title>American Homes 4 Rent PREFERRED STOCK</title>
        <cusip>02665T702</cusip>
        <identifiers>
          <isin value="US02665T7028"/>
        </identifiers>
        <balance>39615.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1042270.65000000</valUSD>
        <pctVal>0.178877143504</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>REGIONS FINANCIAL CORPORATION</name>
        <lei>CW05CS5KW59QTC0DG824</lei>
        <title>Regions Financial Corp PREFERRED STOCK</title>
        <cusip>7591EP704</cusip>
        <identifiers>
          <isin value="US7591EP7044"/>
        </identifiers>
        <balance>69199.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1853149.22000000</valUSD>
        <pctVal>0.318042188907</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PRUDENTIAL PUBLIC LIMITED COMPANY</name>
        <lei>5493001Z3ZE83NGK8Y12</lei>
        <title>Prudential PLC PREFERRED STOCK</title>
        <cusip>G7293H114</cusip>
        <identifiers>
          <isin value="GB00B02FFZ25"/>
        </identifiers>
        <balance>36878.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>987592.84000000</valUSD>
        <pctVal>0.169493198493</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AXIS CAPITAL HOLDINGS LIMITED</name>
        <lei>N/A</lei>
        <title>Axis Capital Holdings Ltd PREFERRED STOCK</title>
        <cusip>G0692U117</cusip>
        <identifiers>
          <isin value="BMG0692U1172"/>
        </identifiers>
        <balance>31543.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>790783.01000000</valUSD>
        <pctVal>0.135716194215</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>PUBLIC STORAGE</name>
        <lei>549300LMZF40TKJ6DM64</lei>
        <title>Public Storage PREFERRED STOCK</title>
        <cusip>74460W644</cusip>
        <identifiers>
          <isin value="US74460W6443"/>
        </identifiers>
        <balance>40241.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1086507.00000000</valUSD>
        <pctVal>0.186469098556</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>THE SOUTHERN COMPANY</name>
        <lei>549300FC3G3YU2FBZD92</lei>
        <title>Southern Co/The PREFERRED STOCK</title>
        <cusip>842587206</cusip>
        <identifiers>
          <isin value="US8425872061"/>
        </identifiers>
        <balance>139752.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3627961.92000000</valUSD>
        <pctVal>0.622640064738</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DTE ENERGY COMPANY</name>
        <lei>549300IX8SD6XXD71I78</lei>
        <title>DTE Energy Co PREFERRED STOCK</title>
        <cusip>233331800</cusip>
        <identifiers>
          <isin value="US2333318002"/>
        </identifiers>
        <balance>44760.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1139142.00000000</valUSD>
        <pctVal>0.195502451311</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AMERICAN FINANCIAL GROUP, INC.</name>
        <lei>549300AFOM7IVKIU1G39</lei>
        <title>American Financial Group Inc/OH PREFERRED STOCK</title>
        <cusip>025932807</cusip>
        <identifiers>
          <isin value="US0259328070"/>
        </identifiers>
        <balance>17139.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>460182.15000000</valUSD>
        <pctVal>0.078977632617</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>OAKTREE CAPITAL GROUP, LLC</name>
        <lei>254900T1ODNFOK2L6090</lei>
        <title>Oaktree Capital Group LLC PREFERRED STOCK</title>
        <cusip>674001300</cusip>
        <identifiers>
          <isin value="US6740013007"/>
        </identifiers>
        <balance>26859.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>731907.75000000</valUSD>
        <pctVal>0.125611872145</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Alabama Power Company</name>
        <lei>0RL818ELFOHP5JHOFU19</lei>
        <title>Alabama Power Co PREFERRED STOCK</title>
        <cusip>010392462</cusip>
        <identifiers>
          <isin value="US0103924629"/>
        </identifiers>
        <balance>36873.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>960172.92000000</valUSD>
        <pctVal>0.164787321987</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PUBLIC STORAGE</name>
        <lei>549300LMZF40TKJ6DM64</lei>
        <title>Public Storage PREFERRED STOCK</title>
        <cusip>74460W685</cusip>
        <identifiers>
          <isin value="US74460W6856"/>
        </identifiers>
        <balance>41270.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1063115.20000000</valUSD>
        <pctVal>0.182454538263</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NABORS INDUSTRIES LTD.</name>
        <lei>N/A</lei>
        <title>Nabors Industries Ltd PREFERRED STOCK</title>
        <cusip>G6359F129</cusip>
        <identifiers>
          <isin value="BMG6359F1297"/>
        </identifiers>
        <balance>21140.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>355574.80000000</valUSD>
        <pctVal>0.061024652786</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SYNOVUS FINANCIAL CORP.</name>
        <lei>549300EIUS8UN5JTLE54</lei>
        <title>Synovus Financial Corp PREFERRED STOCK</title>
        <cusip>87161C709</cusip>
        <identifiers>
          <isin value="US87161C7092"/>
        </identifiers>
        <balance>47915.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1248664.90000000</valUSD>
        <pctVal>0.214299050353</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CAPITAL ONE FINANCIAL CORPORATION</name>
        <lei>ZUE8T73ROZOF6FLBAR73</lei>
        <title>Capital One Financial Corp PREFERRED STOCK</title>
        <cusip>14040H709</cusip>
        <identifiers>
          <isin value="US14040H7098"/>
        </identifiers>
        <balance>69908.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1749098.16000000</valUSD>
        <pctVal>0.300184680983</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BANK OF AMERICA CORPORATION</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
        <title>Bank of America Corp PREFERRED STOCK</title>
        <cusip>060505229</cusip>
        <identifiers>
          <isin value="US0605052291"/>
        </identifiers>
        <balance>190936.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5189640.48000000</valUSD>
        <pctVal>0.890659316632</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2019-11-30</ncom:dateSigned>
      <ncom:nameOfApplicant>GLOBAL X FUNDS</ncom:nameOfApplicant>
      <ncom:signature>Luis Berruga</ncom:signature>
      <ncom:signerName>Luis Berruga</ncom:signerName>
      <ncom:title>President</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
