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        <lei>549300ASFUWYQO0RW077</lei>
        <title>Arbor Realty Trust Inc PREFERRED STOCK</title>
        <cusip>038923850</cusip>
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          <isin value="US0389238504"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>BANK OF AMERICA CORPORATION</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
        <title>Bank of America Corp PREFERRED STOCK</title>
        <cusip>060505625</cusip>
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          <isin value="US0605056250"/>
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        <balance>127477.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <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"/>
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        <balance>432165.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9974368.20000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ASSOCIATED BANC-CORP</name>
        <lei>549300N3CIN473IW5094</lei>
        <title>Associated Banc-Corp PREFERRED STOCK</title>
        <cusip>045487600</cusip>
        <identifiers>
          <isin value="US0454876006"/>
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        <balance>128015.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3199094.85000000</valUSD>
        <pctVal>1.202504233143</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>04686J507</cusip>
        <identifiers>
          <isin value="US04686J5074"/>
        </identifiers>
        <balance>209387.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5724640.58000000</valUSD>
        <pctVal>2.151828830794</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>87161C709</cusip>
        <identifiers>
          <isin value="US87161C7092"/>
        </identifiers>
        <balance>151797.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4066641.63000000</valUSD>
        <pctVal>1.528605434988</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>195001.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5048575.89000000</valUSD>
        <pctVal>1.897703620470</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>04686J861</cusip>
        <identifiers>
          <isin value="US04686J8615"/>
        </identifiers>
        <balance>363828.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9350379.60000000</valUSD>
        <pctVal>3.514703870221</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>RITHM CAPITAL CORP.</name>
        <lei>549300WNTHGEO5LP2G31</lei>
        <title>Rithm Capital Corp PREFERRED STOCK</title>
        <cusip>64828T300</cusip>
        <identifiers>
          <isin value="US64828T3005"/>
        </identifiers>
        <balance>66198.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1692020.88000000</valUSD>
        <pctVal>0.636011861532</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>ANNALY CAPITAL MANAGEMENT, INC.</name>
        <lei>2DTL0G3FPRYUT58TI025</lei>
        <title>Annaly Capital Management Inc PREFERRED STOCK</title>
        <cusip>035710847</cusip>
        <identifiers>
          <isin value="US0357108473"/>
        </identifiers>
        <balance>191592.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4944989.52000000</valUSD>
        <pctVal>1.858766654152</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>324269.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7847309.80000000</valUSD>
        <pctVal>2.949716621653</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>180924.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4414545.60000000</valUSD>
        <pctVal>1.659378674379</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>493267843</cusip>
        <identifiers>
          <isin value="US4932678430"/>
        </identifiers>
        <balance>257967.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6578158.50000000</valUSD>
        <pctVal>2.472656739934</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>AGNC INVESTMENT CORP.</name>
        <lei>5TRACI5HRMELWV32OF39</lei>
        <title>AGNC Investment Corp PREFERRED STOCK</title>
        <cusip>00123Q500</cusip>
        <identifiers>
          <isin value="US00123Q5009"/>
        </identifiers>
        <balance>141021.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3608727.39000000</valUSD>
        <pctVal>1.356480556597</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>RITHM CAPITAL CORP.</name>
        <lei>549300WNTHGEO5LP2G31</lei>
        <title>Rithm Capital Corp PREFERRED STOCK</title>
        <cusip>64828T409</cusip>
        <identifiers>
          <isin value="US64828T4094"/>
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        <balance>120095.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3029996.85000000</valUSD>
        <pctVal>1.138942172514</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>902973866</cusip>
        <identifiers>
          <isin value="US9029738666"/>
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        <balance>6224.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5525044.80000000</valUSD>
        <pctVal>2.076802993293</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>CHS Inc.</name>
        <lei>XEIEFTLYDQ1MZ6TZV015</lei>
        <title>CHS Inc PREFERRED STOCK</title>
        <cusip>12542R506</cusip>
        <identifiers>
          <isin value="US12542R5063"/>
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        <balance>180626.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4578869.10000000</valUSD>
        <pctVal>1.721146053472</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>060505591</cusip>
        <identifiers>
          <isin value="US0605055914"/>
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        <balance>90061.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2170470.10000000</valUSD>
        <pctVal>0.815855610896</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>CHIMERA INVESTMENT CORPORATION</name>
        <lei>2JBBQFJOL123LOUBE657</lei>
        <title>Chimera Investment Corp PREFERRED STOCK</title>
        <cusip>16934Q604</cusip>
        <identifiers>
          <isin value="US16934Q6044"/>
        </identifiers>
        <balance>85367.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2151248.40000000</valUSD>
        <pctVal>0.808630387293</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>M&amp;T BANK CORPORATION</name>
        <lei>549300WYXDDBYRASEG81</lei>
        <title>M&amp;T Bank Corp PREFERRED STOCK</title>
        <cusip>55261F872</cusip>
        <identifiers>
          <isin value="US55261F8721"/>
        </identifiers>
        <balance>106974.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2740673.88000000</valUSD>
        <pctVal>1.030188880572</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>129307.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3270174.03000000</valUSD>
        <pctVal>1.229222107682</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>254900LMFT1CY9IYB476</lei>
        <title>Apollo Global Management Inc PREFERRED STOCK</title>
        <cusip>03769M205</cusip>
        <identifiers>
          <isin value="US03769M2052"/>
        </identifiers>
        <balance>259715.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7061650.85000000</valUSD>
        <pctVal>2.654396145868</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>133556.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3282806.48000000</valUSD>
        <pctVal>1.233970505373</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>JACKSON FINANCIAL INC.</name>
        <lei>213800WXW2KG1N4CO374</lei>
        <title>Jackson Financial Inc PREFERRED STOCK</title>
        <cusip>46817M206</cusip>
        <identifiers>
          <isin value="US46817M2061"/>
        </identifiers>
        <balance>238123.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6541238.81000000</valUSD>
        <pctVal>2.458779038398</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>TWO HARBORS INVESTMENT CORP.</name>
        <lei>549300ZUIBT6KH4HU823</lei>
        <title>Two Harbors Investment Corp PREFERRED STOCK</title>
        <cusip>90187B309</cusip>
        <identifiers>
          <isin value="US90187B3096"/>
        </identifiers>
        <balance>108589.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2540982.60000000</valUSD>
        <pctVal>0.955127145681</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>NGL ENERGY PARTNERS LP</name>
        <lei>5299005YSRP46BE8Z459</lei>
        <title>NGL Energy Partners LP PREFERRED STOCK</title>
        <cusip>62913M206</cusip>
        <identifiers>
          <isin value="US62913M2061"/>
        </identifiers>
        <balance>136632.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3197188.80000000</valUSD>
        <pctVal>1.201787770112</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>AGNC INVESTMENT CORP.</name>
        <lei>5TRACI5HRMELWV32OF39</lei>
        <title>AGNC Investment Corp PREFERRED STOCK</title>
        <cusip>00123Q609</cusip>
        <identifiers>
          <isin value="US00123Q6098"/>
        </identifiers>
        <balance>102202.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2602062.92000000</valUSD>
        <pctVal>0.978086559767</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>170977.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3515287.12000000</valUSD>
        <pctVal>1.321357396613</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>38144G804</cusip>
        <identifiers>
          <isin value="US38144G8042"/>
        </identifiers>
        <balance>583071.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>13847936.25000000</valUSD>
        <pctVal>5.205285476587</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>CHS Inc.</name>
        <lei>XEIEFTLYDQ1MZ6TZV015</lei>
        <title>CHS Inc PREFERRED STOCK</title>
        <cusip>12542R704</cusip>
        <identifiers>
          <isin value="US12542R7044"/>
        </identifiers>
        <balance>211317.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5310396.21000000</valUSD>
        <pctVal>1.996118971651</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>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>169114.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4231232.28000000</valUSD>
        <pctVal>1.590473232800</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>117640.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3006878.40000000</valUSD>
        <pctVal>1.130252203853</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>ANNALY CAPITAL MANAGEMENT, INC.</name>
        <lei>2DTL0G3FPRYUT58TI025</lei>
        <title>Annaly Capital Management Inc PREFERRED STOCK</title>
        <cusip>035710870</cusip>
        <identifiers>
          <isin value="US0357108705"/>
        </identifiers>
        <balance>311278.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8034085.18000000</valUSD>
        <pctVal>3.019923413145</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>015857808</cusip>
        <identifiers>
          <isin value="US0158578080"/>
        </identifiers>
        <balance>151070.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3858327.80000000</valUSD>
        <pctVal>1.450302579292</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>MORGAN STANLEY</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>Morgan Stanley PREFERRED STOCK</title>
        <cusip>61747S504</cusip>
        <identifiers>
          <isin value="US61747S5047"/>
        </identifiers>
        <balance>475674.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>11411419.26000000</valUSD>
        <pctVal>4.289425793777</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>SYNCHRONY FINANCIAL</name>
        <lei>549300RS7EWPM9MA6C78</lei>
        <title>Synchrony Financial PREFERRED STOCK</title>
        <cusip>87165B400</cusip>
        <identifiers>
          <isin value="US87165B4005"/>
        </identifiers>
        <balance>214427.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5682315.50000000</valUSD>
        <pctVal>2.135919303176</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>ANNALY CAPITAL MANAGEMENT, INC.</name>
        <lei>2DTL0G3FPRYUT58TI025</lei>
        <title>Annaly Capital Management Inc PREFERRED STOCK</title>
        <cusip>035710862</cusip>
        <identifiers>
          <isin value="US0357108622"/>
        </identifiers>
        <balance>184048.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4684021.60000000</valUSD>
        <pctVal>1.760671710667</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>WESTERN ALLIANCE BANCORPORATION</name>
        <lei>5493003VJXZ5JXT9S762</lei>
        <title>Western Alliance Bancorp PREFERRED STOCK</title>
        <cusip>957638406</cusip>
        <identifiers>
          <isin value="US9576384062"/>
        </identifiers>
        <balance>128686.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2824657.70000000</valUSD>
        <pctVal>1.061757466000</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>HUNTINGTON BANCSHARES INCORPORATED</name>
        <lei>549300XTVCVV9I7B5T19</lei>
        <title>Huntington Bancshares Inc/OH PREFERRED STOCK</title>
        <cusip>446150773</cusip>
        <identifiers>
          <isin value="US4461507737"/>
        </identifiers>
        <balance>141009.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3732508.23000000</valUSD>
        <pctVal>1.403008399960</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>259779.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6442519.20000000</valUSD>
        <pctVal>2.421671433127</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>BANC OF CALIFORNIA, INC.</name>
        <lei>549300ZKWUJDP6LJ1X87</lei>
        <title>Banc of California Inc PREFERRED STOCK</title>
        <cusip>05990K841</cusip>
        <identifiers>
          <isin value="US05990K8412"/>
        </identifiers>
        <balance>222352.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5558800.00000000</valUSD>
        <pctVal>2.089491198174</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>759351885</cusip>
        <identifiers>
          <isin value="US7593518852"/>
        </identifiers>
        <balance>299240.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8019632.00000000</valUSD>
        <pctVal>3.014490623263</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>216588.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5453685.84000000</valUSD>
        <pctVal>2.049979952559</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>CHIMERA INVESTMENT CORPORATION</name>
        <lei>2JBBQFJOL123LOUBE657</lei>
        <title>Chimera Investment Corp PREFERRED STOCK</title>
        <cusip>16934Q406</cusip>
        <identifiers>
          <isin value="US16934Q4064"/>
        </identifiers>
        <balance>141033.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3558262.59000000</valUSD>
        <pctVal>1.337511398610</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>TENNESSEE VALLEY AUTHORITY</name>
        <lei>549300HE1ISW43LNKM54</lei>
        <title>Tennessee Valley Authority PREFERRED STOCK</title>
        <cusip>880591300</cusip>
        <identifiers>
          <isin value="US8805913006"/>
        </identifiers>
        <balance>109497.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2491056.75000000</valUSD>
        <pctVal>0.936360573015</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>59512.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1494941.44000000</valUSD>
        <pctVal>0.561931888297</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>04686J838</cusip>
        <identifiers>
          <isin value="US04686J8383"/>
        </identifiers>
        <balance>242778.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6275811.30000000</valUSD>
        <pctVal>2.359007784549</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>FLAGSTAR FINANCIAL, INC.</name>
        <lei>529900HVXOTLY61GL030</lei>
        <title>Flagstar Financial Inc PREFERRED STOCK</title>
        <cusip>649445202</cusip>
        <identifiers>
          <isin value="US6494452021"/>
        </identifiers>
        <balance>222024.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4957795.92000000</valUSD>
        <pctVal>1.863580437717</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>2024-11-30</ncom:dateSigned>
      <ncom:nameOfApplicant>GLOBAL X FUNDS</ncom:nameOfApplicant>
      <ncom:signature>Joe Costello</ncom:signature>
      <ncom:signerName>Joe Costello</ncom:signerName>
      <ncom:title>CCO</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
