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          <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>322730.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8290933.70000000</valUSD>
        <pctVal>0.362587964145</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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>420691.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9541271.88000000</valUSD>
        <pctVal>0.417269088321</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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>902973866</cusip>
        <identifiers>
          <isin value="US9029738666"/>
        </identifiers>
        <balance>14517.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>12050561.70000000</valUSD>
        <pctVal>0.527008029700</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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>Truist Financial Corporation</name>
        <lei>549300DRQQI75D2JP341</lei>
        <title>Truist Financial Corp PREFERRED STOCK</title>
        <cusip>89832Q810</cusip>
        <identifiers>
          <isin value="US89832Q8107"/>
        </identifiers>
        <balance>255222.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5650615.08000000</valUSD>
        <pctVal>0.247118731395</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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>PG&amp;E CORPORATION</name>
        <lei>8YQ2GSDWYZXO2EDN3511</lei>
        <title>PG&amp;E Corp PREFERRED STOCK</title>
        <cusip>69331C306</cusip>
        <identifiers>
          <isin value="US69331C3060"/>
        </identifiers>
        <balance>582234.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>25338823.68000000</valUSD>
        <pctVal>1.108144489441</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>TELEPHONE AND DATA SYSTEMS, INC.</name>
        <lei>N/A</lei>
        <title>Telephone and Data Systems Inc PREFERRED STOCK</title>
        <cusip>879433761</cusip>
        <identifiers>
          <isin value="US8794337613"/>
        </identifiers>
        <balance>491815.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8739552.55000000</valUSD>
        <pctVal>0.382207442648</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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>59380.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1305172.40000000</valUSD>
        <pctVal>0.057079192826</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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>360719.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9360658.05000000</valUSD>
        <pctVal>0.409370291480</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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>592989.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>14581599.51000000</valUSD>
        <pctVal>0.637698077397</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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>549300B164AZXESI6E03</lei>
        <title>United States Cellular Corp PREFERRED STOCK</title>
        <cusip>911684884</cusip>
        <identifiers>
          <isin value="US9116848840"/>
        </identifiers>
        <balance>360238.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7950452.66000000</valUSD>
        <pctVal>0.347697683799</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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>189616.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4440806.72000000</valUSD>
        <pctVal>0.194210100578</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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>94988U151</cusip>
        <identifiers>
          <isin value="US94988U1512"/>
        </identifiers>
        <balance>1459709.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>26814854.33000000</valUSD>
        <pctVal>1.172695837668</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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>287604.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7098066.72000000</valUSD>
        <pctVal>0.310420231846</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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>396337.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10296835.26000000</valUSD>
        <pctVal>0.450312192710</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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, INC.</name>
        <lei>254900RHL9MEUS5NKX63</lei>
        <title>NextEra Energy Inc PREFERRED STOCK</title>
        <cusip>65339F119</cusip>
        <identifiers>
          <isin value="US65339F1194"/>
        </identifiers>
        <balance>542625.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>24239058.75000000</valUSD>
        <pctVal>1.060048395389</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>Brookfield BRP Holdings (Canada) Inc.</name>
        <lei>549300NSPD7QJ50GZW26</lei>
        <title>Brookfield BRP Holdings Canada Inc PREFERRED STOCK</title>
        <cusip>11259P307</cusip>
        <identifiers>
          <isin value="US11259P3073"/>
        </identifiers>
        <balance>121190.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2778886.70000000</valUSD>
        <pctVal>0.121529239962</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>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>541054.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>11356723.46000000</valUSD>
        <pctVal>0.496664355032</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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>549300B164AZXESI6E03</lei>
        <title>United States Cellular Corp PREFERRED STOCK</title>
        <cusip>911684702</cusip>
        <identifiers>
          <isin value="US9116847024"/>
        </identifiers>
        <balance>361098.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8731349.64000000</valUSD>
        <pctVal>0.381848704231</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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>65339K860</cusip>
        <identifiers>
          <isin value="US65339K8606"/>
        </identifiers>
        <balance>495570.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>11051211.00000000</valUSD>
        <pctVal>0.483303357960</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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>534545.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>12294535.00000000</valUSD>
        <pctVal>0.537677730527</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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>808513865</cusip>
        <identifiers>
          <isin value="US8085138654"/>
        </identifiers>
        <balance>694724.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>12935760.88000000</valUSD>
        <pctVal>0.565720505297</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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>842587883</cusip>
        <identifiers>
          <isin value="US8425878837"/>
        </identifiers>
        <balance>542846.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9429235.02000000</valUSD>
        <pctVal>0.412369372746</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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>48128B622</cusip>
        <identifiers>
          <isin value="US48128B6222"/>
        </identifiers>
        <balance>164802.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3266375.64000000</valUSD>
        <pctVal>0.142848626740</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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>045487600</cusip>
        <identifiers>
          <isin value="US0454876006"/>
        </identifiers>
        <balance>230737.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5581528.03000000</valUSD>
        <pctVal>0.244097342766</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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>AFFILIATED MANAGERS GROUP, INC.</name>
        <lei>2JE75BUE3T1BLCYYGK54</lei>
        <title>Affiliated Managers Group Inc PREFERRED STOCK</title>
        <cusip>008252827</cusip>
        <identifiers>
          <isin value="US0082528276"/>
        </identifiers>
        <balance>323300.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7542589.00000000</valUSD>
        <pctVal>0.329860554776</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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>LINCOLN NATIONAL CORPORATION</name>
        <lei>EFQMQROEDSNBRIP7LE47</lei>
        <title>Lincoln National Corp PREFERRED STOCK</title>
        <cusip>534187885</cusip>
        <identifiers>
          <isin value="US5341878859"/>
        </identifiers>
        <balance>359922.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9609917.40000000</valUSD>
        <pctVal>0.420271167489</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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>978531.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>20607862.86000000</valUSD>
        <pctVal>0.901245059986</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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>060505195</cusip>
        <identifiers>
          <isin value="US0605051954"/>
        </identifiers>
        <balance>608441.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>14286194.68000000</valUSD>
        <pctVal>0.624779117991</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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>06055H202</cusip>
        <identifiers>
          <isin value="US06055H2022"/>
        </identifiers>
        <balance>927973.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>18151151.88000000</valUSD>
        <pctVal>0.793805552572</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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>61762V853</cusip>
        <identifiers>
          <isin value="US61762V8533"/>
        </identifiers>
        <balance>564849.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>14448837.42000000</valUSD>
        <pctVal>0.631891983937</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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>14040H758</cusip>
        <identifiers>
          <isin value="US14040H7585"/>
        </identifiers>
        <balance>486221.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7949713.35000000</valUSD>
        <pctVal>0.347665351505</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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>1623098.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>47313306.70000000</valUSD>
        <pctVal>2.069156041297</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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>10922N202</cusip>
        <identifiers>
          <isin value="US10922N2027"/>
        </identifiers>
        <balance>269113.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5503360.85000000</valUSD>
        <pctVal>0.240678852197</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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 VIII</name>
        <lei>N/A</lei>
        <title>SCE Trust VIII PREFERRED STOCK</title>
        <cusip>80620A208</cusip>
        <identifiers>
          <isin value="US80620A2087"/>
        </identifiers>
        <balance>250518.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5441250.96000000</valUSD>
        <pctVal>0.237962596178</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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>452628.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>11551066.56000000</valUSD>
        <pctVal>0.505163574966</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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>06055H806</cusip>
        <identifiers>
          <isin value="US06055H8060"/>
        </identifiers>
        <balance>926643.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>15410073.09000000</valUSD>
        <pctVal>0.673929768493</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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>7591EP886</cusip>
        <identifiers>
          <isin value="US7591EP8869"/>
        </identifiers>
        <balance>418373.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7074687.43000000</valUSD>
        <pctVal>0.309397783775</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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>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>231446.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4721498.40000000</valUSD>
        <pctVal>0.206485608800</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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>ALBEMARLE CORPORATION</name>
        <lei>HDBLS2Q6GV1LSKQPBS54</lei>
        <title>Albemarle Corp PREFERRED STOCK</title>
        <cusip>012653200</cusip>
        <identifiers>
          <isin value="US0126532003"/>
        </identifiers>
        <balance>835086.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>24225844.86000000</valUSD>
        <pctVal>1.059470511445</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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>125896852</cusip>
        <identifiers>
          <isin value="US1258968528"/>
        </identifiers>
        <balance>203905.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4530769.10000000</valUSD>
        <pctVal>0.198144431426</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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 VII</name>
        <lei>N/A</lei>
        <title>SCE Trust VII PREFERRED STOCK</title>
        <cusip>783892201</cusip>
        <identifiers>
          <isin value="US7838922018"/>
        </identifiers>
        <balance>395728.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9066128.48000000</valUSD>
        <pctVal>0.396489609879</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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>10922N707</cusip>
        <identifiers>
          <isin value="US10922N7075"/>
        </identifiers>
        <balance>414032.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7055105.28000000</valUSD>
        <pctVal>0.308541396285</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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>F&amp;G ANNUITIES &amp; LIFE, INC.</name>
        <lei>N/A</lei>
        <title>F&amp;G Annuities &amp; Life Inc PREFERRED STOCK</title>
        <cusip>30190A203</cusip>
        <identifiers>
          <isin value="US30190A2033"/>
        </identifiers>
        <balance>247990.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6328704.80000000</valUSD>
        <pctVal>0.276773674973</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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>288252.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6217595.64000000</valUSD>
        <pctVal>0.271914530565</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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>125896837</cusip>
        <identifiers>
          <isin value="US1258968379"/>
        </identifiers>
        <balance>174942.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2893540.68000000</valUSD>
        <pctVal>0.126543410223</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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 MISSISSIPPI, LLC</name>
        <lei>54930043I78H35DVVW89</lei>
        <title>Entergy Mississippi LLC PREFERRED STOCK</title>
        <cusip>29364N108</cusip>
        <identifiers>
          <isin value="US29364N1081"/>
        </identifiers>
        <balance>199809.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4056122.70000000</valUSD>
        <pctVal>0.177386688319</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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 BOEING COMPANY</name>
        <lei>RVHJWBXLJ1RFUBSY1F30</lei>
        <title>Boeing Co/The PREFERRED STOCK</title>
        <cusip>097023204</cusip>
        <identifiers>
          <isin value="US0970232049"/>
        </identifiers>
        <balance>2088256.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>140581393.92000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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>254900GLQZAD4N7N5Q19</lei>
        <title>Public Storage PREFERRED STOCK</title>
        <cusip>74460W644</cusip>
        <identifiers>
          <isin value="US74460W6443"/>
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        <balance>220181.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4982696.03000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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>185657.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3735418.84000000</valUSD>
        <pctVal>0.163361324723</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>WELLS FARGO &amp; COMPANY</name>
        <lei>PBLD0EJDB5FWOLXP3B76</lei>
        <title>Wells Fargo &amp; Co PREFERRED STOCK</title>
        <cusip>949746804</cusip>
        <identifiers>
          <isin value="US9497468044"/>
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        <balance>71948.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>81732928.00000000</valUSD>
        <pctVal>3.574431667109</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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 and Data Systems Inc PREFERRED STOCK</title>
        <cusip>879433787</cusip>
        <identifiers>
          <isin value="US8794337878"/>
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        <balance>299640.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5830994.40000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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>316773860</cusip>
        <identifiers>
          <isin value="US3167738604"/>
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        <balance>320848.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6519631.36000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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>254900GLQZAD4N7N5Q19</lei>
        <title>Public Storage PREFERRED STOCK</title>
        <cusip>74460W552</cusip>
        <identifiers>
          <isin value="US74460W5528"/>
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        <balance>406968.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7602162.24000000</valUSD>
        <pctVal>0.332465875309</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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"/>
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        <balance>324768.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6625267.20000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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>DTE ENERGY COMPANY</name>
        <lei>549300IX8SD6XXD71I78</lei>
        <title>DTE Energy Co PREFERRED STOCK</title>
        <cusip>233331818</cusip>
        <identifiers>
          <isin value="US2333318184"/>
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        <balance>199891.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3432128.47000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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>060505229</cusip>
        <identifiers>
          <isin value="US0605052291"/>
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        <balance>948845.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>22914606.75000000</valUSD>
        <pctVal>1.002126046512</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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>BRIGHTSPRING HEALTH SERVICES, INC.</name>
        <lei>N/A</lei>
        <title>BrightSpring Health Services Inc PREFERRED STOCK</title>
        <cusip>10950A205</cusip>
        <identifiers>
          <isin value="US10950A2050"/>
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        <balance>142606.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>11960365.22000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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>PUBLIC STORAGE.</name>
        <lei>254900GLQZAD4N7N5Q19</lei>
        <title>Public Storage PREFERRED STOCK</title>
        <cusip>74460W420</cusip>
        <identifiers>
          <isin value="US74460W4208"/>
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        <balance>310843.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4954837.42000000</valUSD>
        <pctVal>0.216690239941</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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>KEYCORP</name>
        <lei>RKPI3RZGV1V1FJTH5T61</lei>
        <title>KeyCorp PREFERRED STOCK</title>
        <cusip>493267868</cusip>
        <identifiers>
          <isin value="US4932678687"/>
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        <balance>320853.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6709036.23000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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>060505682</cusip>
        <identifiers>
          <isin value="US0605056821"/>
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        <balance>53880.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>62554680.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>HANCOCK WHITNEY CORPORATION</name>
        <lei>549300GRNBWY8HIICT41</lei>
        <title>Hancock Whitney Corp PREFERRED STOCK</title>
        <cusip>410120406</cusip>
        <identifiers>
          <isin value="US4101204067"/>
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        <balance>121003.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2895601.79000000</valUSD>
        <pctVal>0.126633548886</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>
        <name>AT&amp;T INC.</name>
        <lei>549300Z40J86GGSTL398</lei>
        <title>AT&amp;T Inc PREFERRED STOCK</title>
        <cusip>00206R300</cusip>
        <identifiers>
          <isin value="US00206R3003"/>
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        <balance>958583.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>21127169.32000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <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"/>
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        <balance>505024.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>12999317.76000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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>
        <name>SL GREEN REALTY CORP.</name>
        <lei>549300VQZPJU97H3GT17</lei>
        <title>SL Green Realty Corp PREFERRED STOCK</title>
        <cusip>78440X507</cusip>
        <identifiers>
          <isin value="US78440X5077"/>
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        <balance>177249.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3736408.92000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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>
        <name>BANK OF AMERICA CORPORATION</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
        <title>Bank of America Corp PREFERRED STOCK</title>
        <cusip>060505583</cusip>
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          <isin value="US0605055831"/>
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        <balance>261218.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>WELLS FARGO &amp; COMPANY</name>
        <lei>PBLD0EJDB5FWOLXP3B76</lei>
        <title>Wells Fargo &amp; Co PREFERRED STOCK</title>
        <cusip>95002Y400</cusip>
        <identifiers>
          <isin value="US95002Y4008"/>
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        <balance>903071.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>14900671.50000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>GLOBE LIFE INC.</name>
        <lei>5493001JFHKQOPP6XA71</lei>
        <title>Globe Life Inc PREFERRED STOCK</title>
        <cusip>37959E300</cusip>
        <identifiers>
          <isin value="US37959E3009"/>
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        <balance>248518.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3827177.20000000</valUSD>
        <pctVal>0.167374199286</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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>PRUDENTIAL FINANCIAL, INC.</name>
        <lei>5PRBRS5FEH7NREC8OR45</lei>
        <title>Prudential Financial Inc PREFERRED STOCK</title>
        <cusip>744320888</cusip>
        <identifiers>
          <isin value="US7443208886"/>
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        <balance>359945.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6111866.10000000</valUSD>
        <pctVal>0.267290653443</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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>COREBRIDGE FINANCIAL, INC.</name>
        <lei>549300XY1661QCIA7J65</lei>
        <title>Corebridge Financial Inc PREFERRED STOCK</title>
        <cusip>21871X208</cusip>
        <identifiers>
          <isin value="US21871X2080"/>
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        <balance>527898.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>12020237.46000000</valUSD>
        <pctVal>0.525681857662</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>BANK OF AMERICA CORPORATION</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
        <title>Bank of America Corp PREFERRED STOCK</title>
        <cusip>06055H608</cusip>
        <identifiers>
          <isin value="US06055H6080"/>
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        <balance>647270.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10518137.50000000</valUSD>
        <pctVal>0.459990418537</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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 PREFERRED STOCK</title>
        <cusip>G9078F206</cusip>
        <identifiers>
          <isin value="BMG9078F2067"/>
        </identifiers>
        <balance>110624.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2300979.20000000</valUSD>
        <pctVal>0.100628878948</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>WESTERN ALLIANCE BANCORPORATION</name>
        <lei>5493003VJXZ5JXT9S762</lei>
        <title>Western Alliance Bancorp PREFERRED STOCK</title>
        <cusip>957638406</cusip>
        <identifiers>
          <isin value="US9576384062"/>
        </identifiers>
        <balance>214155.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4807779.75000000</valUSD>
        <pctVal>0.210258956914</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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>589242.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>12568531.86000000</valUSD>
        <pctVal>0.549660453733</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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>665859856</cusip>
        <identifiers>
          <isin value="US6658598569"/>
        </identifiers>
        <balance>285903.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5560813.35000000</valUSD>
        <pctVal>0.243191426264</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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>254900GLQZAD4N7N5Q19</lei>
        <title>Public Storage PREFERRED STOCK</title>
        <cusip>74460W511</cusip>
        <identifiers>
          <isin value="US74460W5114"/>
        </identifiers>
        <balance>200518.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3095997.92000000</valUSD>
        <pctVal>0.135397486390</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>06055H400</cusip>
        <identifiers>
          <isin value="US06055H4002"/>
        </identifiers>
        <balance>768277.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>13214364.40000000</valUSD>
        <pctVal>0.577904691877</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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 OZK</name>
        <lei>549300VYK2WBD7SST478</lei>
        <title>Bank OZK PREFERRED STOCK</title>
        <cusip>06417N202</cusip>
        <identifiers>
          <isin value="US06417N2027"/>
        </identifiers>
        <balance>375644.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5893854.36000000</valUSD>
        <pctVal>0.257756331275</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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>06055H871</cusip>
        <identifiers>
          <isin value="US06055H8714"/>
        </identifiers>
        <balance>492551.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9200852.68000000</valUSD>
        <pctVal>0.402381512427</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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>10922N889</cusip>
        <identifiers>
          <isin value="US10922N8891"/>
        </identifiers>
        <balance>248500.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3809505.00000000</valUSD>
        <pctVal>0.166601339768</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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>060505179</cusip>
        <identifiers>
          <isin value="US0605051798"/>
        </identifiers>
        <balance>617630.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>15656920.50000000</valUSD>
        <pctVal>0.684725162967</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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>473986.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8854058.48000000</valUSD>
        <pctVal>0.387215138228</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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>902973718</cusip>
        <identifiers>
          <isin value="US9029737189"/>
        </identifiers>
        <balance>546334.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8856074.14000000</valUSD>
        <pctVal>0.387303289223</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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>254900GLQZAD4N7N5Q19</lei>
        <title>Public Storage PREFERRED STOCK</title>
        <cusip>74460W669</cusip>
        <identifiers>
          <isin value="US74460W6690"/>
        </identifiers>
        <balance>213995.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4371917.85000000</valUSD>
        <pctVal>0.191197378968</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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>860630870</cusip>
        <identifiers>
          <isin value="US8606308703"/>
        </identifiers>
        <balance>311156.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6982340.64000000</valUSD>
        <pctVal>0.305359175363</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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>48128B648</cusip>
        <identifiers>
          <isin value="US48128B6487"/>
        </identifiers>
        <balance>987230.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>24799217.60000000</valUSD>
        <pctVal>1.084545860255</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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>253868830</cusip>
        <identifiers>
          <isin value="US2538688308"/>
        </identifiers>
        <balance>147651.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3447650.85000000</valUSD>
        <pctVal>0.150776347757</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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>26441C402</cusip>
        <identifiers>
          <isin value="US26441C4024"/>
        </identifiers>
        <balance>360618.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8896446.06000000</valUSD>
        <pctVal>0.389068877131</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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>254900ARY41P4V1JL861</lei>
        <title>Kimco Realty Corp PREFERRED STOCK</title>
        <cusip>49446R711</cusip>
        <identifiers>
          <isin value="US49446R7118"/>
        </identifiers>
        <balance>200193.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4061915.97000000</valUSD>
        <pctVal>0.177640045787</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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>61762V861</cusip>
        <identifiers>
          <isin value="US61762V8616"/>
        </identifiers>
        <balance>693702.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>11779059.96000000</valUSD>
        <pctVal>0.515134425745</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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>020002788</cusip>
        <identifiers>
          <isin value="US0200027888"/>
        </identifiers>
        <balance>439687.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>11673689.85000000</valUSD>
        <pctVal>0.510526267599</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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>214446.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5236771.32000000</valUSD>
        <pctVal>0.229020074254</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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 INFRASTRUCTURE FINANCE ULC</name>
        <lei>N/A</lei>
        <title>Brookfield Infrastructure Finance ULC PREFERRED STOCK</title>
        <cusip>11276B208</cusip>
        <identifiers>
          <isin value="US11276B2088"/>
        </identifiers>
        <balance>116367.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2696223.39000000</valUSD>
        <pctVal>0.117914119836</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>649090.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>14383834.40000000</valUSD>
        <pctVal>0.629049202468</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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>Truist Financial Corporation</name>
        <lei>549300DRQQI75D2JP341</lei>
        <title>Truist Financial Corp PREFERRED STOCK</title>
        <cusip>89832Q695</cusip>
        <identifiers>
          <isin value="US89832Q6952"/>
        </identifiers>
        <balance>850663.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>15745772.13000000</valUSD>
        <pctVal>0.688610917310</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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>EQUITABLE HOLDINGS, INC.</name>
        <lei>549300FIBAKMNHPZ4009</lei>
        <title>Equitable Holdings Inc PREFERRED STOCK</title>
        <cusip>29452E200</cusip>
        <identifiers>
          <isin value="US29452E2000"/>
        </identifiers>
        <balance>578101.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>11417494.75000000</valUSD>
        <pctVal>0.499322069967</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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 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>178628.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4285285.72000000</valUSD>
        <pctVal>0.187408690169</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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>14040H782</cusip>
        <identifiers>
          <isin value="US14040H7825"/>
        </identifiers>
        <balance>1033919.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>18372740.63000000</valUSD>
        <pctVal>0.803496308360</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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>77656.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1563991.84000000</valUSD>
        <pctVal>0.068398160897</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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>150545.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3735021.45000000</valUSD>
        <pctVal>0.163343945639</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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 FUNDING COMPANY LLC</name>
        <lei>KEIOKM01PSK5VZ5CCI74</lei>
        <title>AEGON Funding Co LLC PREFERRED STOCK</title>
        <cusip>00775V104</cusip>
        <identifiers>
          <isin value="US00775V1044"/>
        </identifiers>
        <balance>669258.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>13023760.68000000</valUSD>
        <pctVal>0.569569006501</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>03939A107</cusip>
        <identifiers>
          <isin value="US03939A1079"/>
        </identifiers>
        <balance>254991.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5212016.04000000</valUSD>
        <pctVal>0.227937449920</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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>00206R706</cusip>
        <identifiers>
          <isin value="US00206R7061"/>
        </identifiers>
        <balance>1265392.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>23979178.40000000</valUSD>
        <pctVal>1.048683030469</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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>TPG OPERATING GROUP II, L.P.</name>
        <lei>2549001H9RJQNZT7MU11</lei>
        <title>TPG Operating Group II LP PREFERRED STOCK</title>
        <cusip>872652102</cusip>
        <identifiers>
          <isin value="US8726521029"/>
        </identifiers>
        <balance>287539.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6955568.41000000</valUSD>
        <pctVal>0.304188343618</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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>204785.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4138704.85000000</valUSD>
        <pctVal>0.180998259069</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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>14040H733</cusip>
        <identifiers>
          <isin value="US14040H7338"/>
        </identifiers>
        <balance>305014.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4956477.50000000</valUSD>
        <pctVal>0.216761965670</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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>305479.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6311196.14000000</valUSD>
        <pctVal>0.276007967561</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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>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>495751.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10970969.63000000</valUSD>
        <pctVal>0.479794156699</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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>VORNADO REALTY TRUST</name>
        <lei>N/A</lei>
        <title>Vornado Realty Trust PREFERRED STOCK</title>
        <cusip>929042794</cusip>
        <identifiers>
          <isin value="US9290427940"/>
        </identifiers>
        <balance>229711.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3170011.80000000</valUSD>
        <pctVal>0.138634340409</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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>PRUDENTIAL FINANCIAL, INC.</name>
        <lei>5PRBRS5FEH7NREC8OR45</lei>
        <title>Prudential Financial Inc PREFERRED STOCK</title>
        <cusip>744320805</cusip>
        <identifiers>
          <isin value="US7443208050"/>
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        <balance>407561.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9410583.49000000</valUSD>
        <pctVal>0.411553684123</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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 PREFERRED STOCK</title>
        <cusip>446150781</cusip>
        <identifiers>
          <isin value="US4461507810"/>
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        <balance>138888.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2979147.60000000</valUSD>
        <pctVal>0.130287263444</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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>
        <name>KEYCORP</name>
        <lei>RKPI3RZGV1V1FJTH5T61</lei>
        <title>KeyCorp PREFERRED STOCK</title>
        <cusip>493267876</cusip>
        <identifiers>
          <isin value="US4932678760"/>
        </identifiers>
        <balance>414447.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8541752.67000000</valUSD>
        <pctVal>0.373557047121</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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>CITIZENS FINANCIAL GROUP, INC.</name>
        <lei>2138004JDDA4ZQUPFW65</lei>
        <title>Citizens Financial Group Inc PREFERRED STOCK</title>
        <cusip>174610600</cusip>
        <identifiers>
          <isin value="US1746106004"/>
        </identifiers>
        <balance>376001.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9730905.88000000</valUSD>
        <pctVal>0.425562364866</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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>FIRST CITIZENS BANCSHARES, INC.</name>
        <lei>549300N3Z00ZHE2XC526</lei>
        <title>First Citizens BancShares Inc/NC PREFERRED STOCK</title>
        <cusip>31959X202</cusip>
        <identifiers>
          <isin value="US31959X2027"/>
        </identifiers>
        <balance>203546.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4380309.92000000</valUSD>
        <pctVal>0.191564389933</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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>UNITED STATES CELLULAR CORPORATION</name>
        <lei>549300B164AZXESI6E03</lei>
        <title>United States Cellular Corp PREFERRED STOCK</title>
        <cusip>911684801</cusip>
        <identifiers>
          <isin value="US9116848014"/>
        </identifiers>
        <balance>359909.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7961187.08000000</valUSD>
        <pctVal>0.348167132915</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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>ATHENE HOLDING LTD.</name>
        <lei>549300H316CT32FQXI76</lei>
        <title>Athene Holding Ltd PREFERRED STOCK</title>
        <cusip>04686J200</cusip>
        <identifiers>
          <isin value="US04686J2006"/>
        </identifiers>
        <balance>245342.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4786622.42000000</valUSD>
        <pctVal>0.209333681971</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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>432171.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10717840.80000000</valUSD>
        <pctVal>0.468724056460</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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>254900GLQZAD4N7N5Q19</lei>
        <title>Public Storage PREFERRED STOCK</title>
        <cusip>74460W628</cusip>
        <identifiers>
          <isin value="US74460W6286"/>
        </identifiers>
        <balance>242201.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4696277.39000000</valUSD>
        <pctVal>0.205382616665</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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>432170.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10419618.70000000</valUSD>
        <pctVal>0.455681889195</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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>94988U128</cusip>
        <identifiers>
          <isin value="US94988U1280"/>
        </identifiers>
        <balance>845344.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>15317633.28000000</valUSD>
        <pctVal>0.669887092032</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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>BBHREPOS</name>
        <lei>N/A</lei>
        <title>BBHREPOS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="N/A"/>
          <ticker value="BBHREPOS"/>
        </identifiers>
        <balance>966320.66</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>966320.66</valUSD>
        <pctVal>0.042260166767</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>RA</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <repurchaseAgrmt>
          <transCat>Reverse repurchase</transCat>
          <notClearedCentCparty isCleared="N">
            <counterpartyInfos>
              <counterpartyInfo lei="5493006KMX1VFTPYPW14" name="BBHREPOS"/>
            </counterpartyInfos>
          </notClearedCentCparty>
          <isTriParty>Y</isTriParty>
          <repurchaseRt>4.25</repurchaseRt>
          <maturityDt>N/A</maturityDt>
          <repurchaseCollaterals>
            <repurchaseCollateral>
              <principalAmt>966320.66</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>966320.66</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>UST</invstCat>
            </repurchaseCollateral>
          </repurchaseCollaterals>
        </repurchaseAgrmt>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="966320.66" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>U.S. BANCORP</name>
        <lei>N1GZ7BBF3NP8GI976H15</lei>
        <title>US Bancorp PREFERRED STOCK</title>
        <cusip>902973734</cusip>
        <identifiers>
          <isin value="US9029737346"/>
        </identifiers>
        <balance>513583.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7729424.15000000</valUSD>
        <pctVal>0.338031429025</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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>506051.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>12818271.83000000</valUSD>
        <pctVal>0.560582348729</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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>339831.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5780525.31000000</valUSD>
        <pctVal>0.252800104268</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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>454634.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10101967.48000000</valUSD>
        <pctVal>0.441790026910</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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>55261F864</cusip>
        <identifiers>
          <isin value="US55261F8648"/>
        </identifiers>
        <balance>888719.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>23088919.62000000</valUSD>
        <pctVal>1.009749283043</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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>14040H824</cusip>
        <identifiers>
          <isin value="US14040H8245"/>
        </identifiers>
        <balance>1087143.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>20383931.25000000</valUSD>
        <pctVal>0.891451843743</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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>48128B580</cusip>
        <identifiers>
          <isin value="US48128B5802"/>
        </identifiers>
        <balance>645553.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>12175129.58000000</valUSD>
        <pctVal>0.532455765220</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="688160.00000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DIGITAL REALTY TRUST, INC.</name>
        <lei>549300HKCZ31D08NEI41</lei>
        <title>Digital Realty Trust Inc PREFERRED STOCK</title>
        <cusip>253868822</cusip>
        <identifiers>
          <isin value="US2538688225"/>
        </identifiers>
        <balance>246430.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5024707.70000000</valUSD>
        <pctVal>0.219745881621</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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>95002Y202</cusip>
        <identifiers>
          <isin value="US95002Y2028"/>
        </identifiers>
        <balance>757455.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>12869160.45000000</valUSD>
        <pctVal>0.562807864188</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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>468619.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10628278.92000000</valUSD>
        <pctVal>0.464807240706</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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>316773886</cusip>
        <identifiers>
          <isin value="US3167738869"/>
        </identifiers>
        <balance>150168.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3613042.08000000</valUSD>
        <pctVal>0.158009413603</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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>345370837</cusip>
        <identifiers>
          <isin value="US3453708378"/>
        </identifiers>
        <balance>577396.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>11963645.12000000</valUSD>
        <pctVal>0.523206901029</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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>N/A</lei>
        <title>SLM Corp PREFERRED STOCK</title>
        <cusip>78442P502</cusip>
        <identifiers>
          <isin value="US78442P5026"/>
        </identifiers>
        <balance>47127.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3711251.25000000</valUSD>
        <pctVal>0.162304401875</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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>060505625</cusip>
        <identifiers>
          <isin value="US0605056250"/>
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        <balance>210066.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4241232.54000000</valUSD>
        <pctVal>0.185482109469</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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>360684.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9161373.60000000</valUSD>
        <pctVal>0.400654971152</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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>HUNTINGTON BANCSHARES INCORPORATED</name>
        <lei>549300XTVCVV9I7B5T19</lei>
        <title>Huntington Bancshares Inc/OH PREFERRED STOCK</title>
        <cusip>446150823</cusip>
        <identifiers>
          <isin value="US4461508230"/>
        </identifiers>
        <balance>784112.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>13392632.96000000</valUSD>
        <pctVal>0.585700922866</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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>61762V804</cusip>
        <identifiers>
          <isin value="US61762V8046"/>
        </identifiers>
        <balance>200620.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3962245.00000000</valUSD>
        <pctVal>0.173281128517</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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>359463.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8972196.48000000</valUSD>
        <pctVal>0.392381675371</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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>254900GLQZAD4N7N5Q19</lei>
        <title>Public Storage PREFERRED STOCK</title>
        <cusip>74460W594</cusip>
        <identifiers>
          <isin value="US74460W5940"/>
        </identifiers>
        <balance>183613.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3466613.44000000</valUSD>
        <pctVal>0.151605639988</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>METLIFE, INC.</name>
        <lei>C4BXATY60WC6XEOZDX54</lei>
        <title>MetLife Inc PREFERRED STOCK</title>
        <cusip>59156R876</cusip>
        <identifiers>
          <isin value="US59156R8768"/>
        </identifiers>
        <balance>583755.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>13607329.05000000</valUSD>
        <pctVal>0.595090241488</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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>841288.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>17280055.52000000</valUSD>
        <pctVal>0.755709836555</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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>233180.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5780532.20000000</valUSD>
        <pctVal>0.252800405589</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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>CARLYLE FINANCE LLC</name>
        <lei>N/A</lei>
        <title>Carlyle Finance LLC PREFERRED STOCK</title>
        <cusip>14314C105</cusip>
        <identifiers>
          <isin value="US14314C1053"/>
        </identifiers>
        <balance>359327.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6061846.49000000</valUSD>
        <pctVal>0.265103142456</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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>360927.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8041453.56000000</valUSD>
        <pctVal>0.351677432312</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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>635400VD2NQBYAHMEM55</lei>
        <title>Axis Capital Holdings Ltd PREFERRED STOCK</title>
        <cusip>05461T305</cusip>
        <identifiers>
          <isin value="US05461T3059"/>
        </identifiers>
        <balance>401211.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8048292.66000000</valUSD>
        <pctVal>0.351976527135</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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>WaFd, Inc</name>
        <lei>N/A</lei>
        <title>WaFd Inc PREFERRED STOCK</title>
        <cusip>938824307</cusip>
        <identifiers>
          <isin value="US9388243076"/>
        </identifiers>
        <balance>353956.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5422605.92000000</valUSD>
        <pctVal>0.237147191382</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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>250845.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6419123.55000000</valUSD>
        <pctVal>0.280727964281</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>NEXTERA ENERGY, INC.</name>
        <lei>254900RHL9MEUS5NKX63</lei>
        <title>NextEra Energy Inc PREFERRED STOCK</title>
        <cusip>65339F663</cusip>
        <identifiers>
          <isin value="US65339F6631"/>
        </identifiers>
        <balance>720105.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>34255394.85000000</valUSD>
        <pctVal>1.498093499368</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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>929042810</cusip>
        <identifiers>
          <isin value="US9290428104"/>
        </identifiers>
        <balance>227654.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3849629.14000000</valUSD>
        <pctVal>0.168356091496</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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>26441C501</cusip>
        <identifiers>
          <isin value="US26441C5013"/>
        </identifiers>
        <balance>722510.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>17874897.40000000</valUSD>
        <pctVal>0.781724096717</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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>432415.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>11139010.40000000</valUSD>
        <pctVal>0.487143095057</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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>842587800</cusip>
        <identifiers>
          <isin value="US8425878001"/>
        </identifiers>
        <balance>721960.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>14330906.00000000</valUSD>
        <pctVal>0.626734481172</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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>254900GLQZAD4N7N5Q19</lei>
        <title>Public Storage PREFERRED STOCK</title>
        <cusip>74460W461</cusip>
        <identifiers>
          <isin value="US74460W4612"/>
        </identifiers>
        <balance>435208.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6941567.60000000</valUSD>
        <pctVal>0.303576045248</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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>250961.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6499889.90000000</valUSD>
        <pctVal>0.284260124527</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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>254900GLQZAD4N7N5Q19</lei>
        <title>Public Storage PREFERRED STOCK</title>
        <cusip>74460W685</cusip>
        <identifiers>
          <isin value="US74460W6856"/>
        </identifiers>
        <balance>200604.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4140466.56000000</valUSD>
        <pctVal>0.181075304052</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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>254900GLQZAD4N7N5Q19</lei>
        <title>Public Storage PREFERRED STOCK</title>
        <cusip>74460W487</cusip>
        <identifiers>
          <isin value="US74460W4877"/>
        </identifiers>
        <balance>135845.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2098805.25000000</valUSD>
        <pctVal>0.091787191922</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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>03769M304</cusip>
        <identifiers>
          <isin value="US03769M3043"/>
        </identifiers>
        <balance>520411.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>36418361.78000000</valUSD>
        <pctVal>1.592686678381</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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>880591409</cusip>
        <identifiers>
          <isin value="US8805914095"/>
        </identifiers>
        <balance>152006.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3531099.38000000</valUSD>
        <pctVal>0.154425807963</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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>DIVERSIFIED HEALTHCARE TRUST</name>
        <lei>N/A</lei>
        <title>Diversified Healthcare Trust PREFERRED STOCK</title>
        <cusip>25525P206</cusip>
        <identifiers>
          <isin value="US25525P2065"/>
        </identifiers>
        <balance>263839.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4342789.94000000</valUSD>
        <pctVal>0.189923526111</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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>704363.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>12875755.64000000</valUSD>
        <pctVal>0.563096292079</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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>020002812</cusip>
        <identifiers>
          <isin value="US0200028126"/>
        </identifiers>
        <balance>233510.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4429684.70000000</valUSD>
        <pctVal>0.193723700526</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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>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>371479.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9201534.83000000</valUSD>
        <pctVal>0.402411344939</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 ALLSTATE CORPORATION</name>
        <lei>OBT0W1ED8G0NWVOLOJ77</lei>
        <title>Allstate Corp/The PREFERRED STOCK</title>
        <cusip>020002838</cusip>
        <identifiers>
          <isin value="US0200028381"/>
        </identifiers>
        <balance>842281.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>17502599.18000000</valUSD>
        <pctVal>0.765442353487</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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>304812.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5870679.12000000</valUSD>
        <pctVal>0.256742806937</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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>345370811</cusip>
        <identifiers>
          <isin value="US3453708113"/>
        </identifiers>
        <balance>432565.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9395311.80000000</valUSD>
        <pctVal>0.410885806272</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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>87165B202</cusip>
        <identifiers>
          <isin value="US87165B2025"/>
        </identifiers>
        <balance>540199.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9615542.20000000</valUSD>
        <pctVal>0.420517157247</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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>177731.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3766119.89000000</valUSD>
        <pctVal>0.164703975819</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>HUNTINGTON BANCSHARES INCORPORATED</name>
        <lei>549300XTVCVV9I7B5T19</lei>
        <title>Huntington Bancshares Inc/OH PREFERRED STOCK</title>
        <cusip>446150773</cusip>
        <identifiers>
          <isin value="US4461507737"/>
        </identifiers>
        <balance>360506.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8926128.56000000</valUSD>
        <pctVal>0.390366983910</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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>286696.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6120959.60000000</valUSD>
        <pctVal>0.267688340093</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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>902973668</cusip>
        <identifiers>
          <isin value="US9029736686"/>
        </identifiers>
        <balance>326231.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6100519.70000000</valUSD>
        <pctVal>0.266794440565</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="617315.00000000"/>
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      </invstOrSec>
      <invstOrSec>
        <name>ATHENE HOLDING LTD.</name>
        <lei>549300H316CT32FQXI76</lei>
        <title>Athene Holding Ltd PREFERRED STOCK</title>
        <cusip>04686J408</cusip>
        <identifiers>
          <isin value="US04686J4085"/>
        </identifiers>
        <balance>410746.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6966252.16000000</valUSD>
        <pctVal>0.304655576780</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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>999456.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>23877003.84000000</valUSD>
        <pctVal>1.044214623528</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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>194880.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4302950.40000000</valUSD>
        <pctVal>0.188181220814</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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>AGREE REALTY CORPORATION</name>
        <lei>98450090H010B37OEB68</lei>
        <title>Agree Realty Corp PREFERRED STOCK</title>
        <cusip>008492209</cusip>
        <identifiers>
          <isin value="US0084922097"/>
        </identifiers>
        <balance>128188.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2211243.00000000</valUSD>
        <pctVal>0.096704439646</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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>ARCH CAPITAL GROUP LTD.</name>
        <lei>549300AYR4P8AFKDCE43</lei>
        <title>Arch Capital Group Ltd PREFERRED STOCK</title>
        <cusip>03939A404</cusip>
        <identifiers>
          <isin value="US03939A4040"/>
        </identifiers>
        <balance>359731.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6083051.21000000</valUSD>
        <pctVal>0.266030489910</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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>METLIFE, INC.</name>
        <lei>C4BXATY60WC6XEOZDX54</lei>
        <title>MetLife Inc PREFERRED STOCK</title>
        <cusip>59156R850</cusip>
        <identifiers>
          <isin value="US59156R8503"/>
        </identifiers>
        <balance>723958.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>14044785.20000000</valUSD>
        <pctVal>0.614221540877</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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>544033.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>11261483.10000000</valUSD>
        <pctVal>0.492499201928</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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>RENAISSANCERE HOLDINGS LTD.</name>
        <lei>EK6GB9U3U58PDI411C94</lei>
        <title>RenaissanceRe Holdings Ltd PREFERRED STOCK</title>
        <cusip>G7498P127</cusip>
        <identifiers>
          <isin value="BMG7498P1279"/>
        </identifiers>
        <balance>358966.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5596279.94000000</valUSD>
        <pctVal>0.244742489043</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>VOYA FINANCIAL, INC.</name>
        <lei>549300T065Z4KJ686G75</lei>
        <title>Voya Financial Inc PREFERRED STOCK</title>
        <cusip>929089209</cusip>
        <identifiers>
          <isin value="US9290892093"/>
        </identifiers>
        <balance>214741.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5179552.92000000</valUSD>
        <pctVal>0.226517738098</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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>JPMORGAN CHASE &amp; CO.</name>
        <lei>8I5DZWZKVSZI1NUHU748</lei>
        <title>JPMorgan Chase &amp; Co PREFERRED STOCK</title>
        <cusip>48128B523</cusip>
        <identifiers>
          <isin value="US48128B5232"/>
        </identifiers>
        <balance>943658.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>16731056.34000000</valUSD>
        <pctVal>0.731700418292</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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>ASPEN INSURANCE HOLDINGS LIMITED</name>
        <lei>549300YX6HECG9XQCQ75</lei>
        <title>Aspen Insurance Holdings Ltd PREFERRED STOCK</title>
        <cusip>G05384170</cusip>
        <identifiers>
          <isin value="BMG053841703"/>
        </identifiers>
        <balance>159843.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3954515.82000000</valUSD>
        <pctVal>0.172943107765</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>
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      </invstOrSec>
      <invstOrSec>
        <name>KKR GROUP FINANCE CO. IX LLC</name>
        <lei>N/A</lei>
        <title>KKR Group Finance Co IX LLC PREFERRED STOCK</title>
        <cusip>48253M104</cusip>
        <identifiers>
          <isin value="US48253M1045"/>
        </identifiers>
        <balance>361113.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6326699.76000000</valUSD>
        <pctVal>0.276685988423</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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 HARTFORD INSURANCE GROUP, INC.</name>
        <lei>IU7C3FTM7Y3BQM112U94</lei>
        <title>HARTFORD INSURANCE GROUP INC/THE PREFERRED STOCK</title>
        <cusip>416518603</cusip>
        <identifiers>
          <isin value="US4165186036"/>
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        <balance>246986.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6145011.68000000</valUSD>
        <pctVal>0.268740211335</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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>STIFEL FINANCIAL CORP.</name>
        <lei>549300E5F07FE5GHJX84</lei>
        <title>Stifel Financial Corp PREFERRED STOCK</title>
        <cusip>860630862</cusip>
        <identifiers>
          <isin value="US8606308620"/>
        </identifiers>
        <balance>416338.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6877903.76000000</valUSD>
        <pctVal>0.300791830228</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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>623046.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>14541893.64000000</valUSD>
        <pctVal>0.635961617899</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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>38144X609</cusip>
        <identifiers>
          <isin value="US38144X6094"/>
        </identifiers>
        <balance>141921.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3066912.81000000</valUSD>
        <pctVal>0.134125505308</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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>324082.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6870538.40000000</valUSD>
        <pctVal>0.300469720441</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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>7591EP860</cusip>
        <identifiers>
          <isin value="US7591EP8604"/>
        </identifiers>
        <balance>359737.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9169696.13000000</valUSD>
        <pctVal>0.401018940919</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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>744320870</cusip>
        <identifiers>
          <isin value="US7443208704"/>
        </identifiers>
        <balance>214765.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5324024.35000000</valUSD>
        <pctVal>0.232835916915</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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>48128B549</cusip>
        <identifiers>
          <isin value="US48128B5497"/>
        </identifiers>
        <balance>1164067.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>22198757.69000000</valUSD>
        <pctVal>0.970819771165</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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>639864.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>15651073.44000000</valUSD>
        <pctVal>0.684469453097</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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>Truist Financial Corporation</name>
        <lei>549300DRQQI75D2JP341</lei>
        <title>Truist Financial Corp PREFERRED STOCK</title>
        <cusip>89832Q745</cusip>
        <identifiers>
          <isin value="US89832Q7455"/>
        </identifiers>
        <balance>413869.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8625029.96000000</valUSD>
        <pctVal>0.377199018476</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="535350.00000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HEWLETT PACKARD ENTERPRISE COMPANY</name>
        <lei>549300BX44RGX6ANDV88</lei>
        <title>Hewlett Packard Enterprise Co PREFERRED STOCK</title>
        <cusip>42824C208</cusip>
        <identifiers>
          <isin value="US42824C2089"/>
        </identifiers>
        <balance>542711.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>27965897.83000000</valUSD>
        <pctVal>1.223034500889</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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>155085.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2715538.35000000</valUSD>
        <pctVal>0.118758822288</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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>150915.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3160160.10000000</valUSD>
        <pctVal>0.138203495347</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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 GROUP, INC.</name>
        <lei>549300PSXEKU4PHLCR04</lei>
        <title>QVC Group Inc PREFERRED STOCK</title>
        <cusip>74915M308</cusip>
        <identifiers>
          <isin value="US74915M3088"/>
        </identifiers>
        <balance>241976.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1369584.16000000</valUSD>
        <pctVal>0.059896116682</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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>10922N509</cusip>
        <identifiers>
          <isin value="US10922N5095"/>
        </identifiers>
        <balance>292707.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6211242.54000000</valUSD>
        <pctVal>0.271636690013</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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>936156.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>19612468.20000000</valUSD>
        <pctVal>0.857713398010</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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</name>
        <lei>PBBKGKLRK5S5C0Y4T545</lei>
        <title>Sempra PREFERRED STOCK</title>
        <cusip>816851604</cusip>
        <identifiers>
          <isin value="US8168516040"/>
        </identifiers>
        <balance>545799.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>11565480.81000000</valUSD>
        <pctVal>0.505793954336</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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>61762V838</cusip>
        <identifiers>
          <isin value="US61762V8384"/>
        </identifiers>
        <balance>511261.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>13144520.31000000</valUSD>
        <pctVal>0.574850195566</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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>MERCHANTS BANCORP</name>
        <lei>54930008Y0GPVLF81889</lei>
        <title>Merchants Bancorp/IN PREFERRED STOCK</title>
        <cusip>58844R850</cusip>
        <identifiers>
          <isin value="US58844R8503"/>
        </identifiers>
        <balance>163878.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3847855.44000000</valUSD>
        <pctVal>0.168278522154</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>AT&amp;T INC.</name>
        <lei>549300Z40J86GGSTL398</lei>
        <title>AT&amp;T Inc PREFERRED STOCK</title>
        <cusip>00206R508</cusip>
        <identifiers>
          <isin value="US00206R5081"/>
        </identifiers>
        <balance>868869.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>17325247.86000000</valUSD>
        <pctVal>0.757686236216</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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>CITIZENS FINANCIAL GROUP, INC.</name>
        <lei>2138004JDDA4ZQUPFW65</lei>
        <title>Citizens Financial Group Inc PREFERRED STOCK</title>
        <cusip>174610402</cusip>
        <identifiers>
          <isin value="US1746104025"/>
        </identifiers>
        <balance>322746.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6122491.62000000</valUSD>
        <pctVal>0.267755340028</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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>453004.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>11012527.24000000</valUSD>
        <pctVal>0.481611598468</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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"/>
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        <balance>413875.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10222712.50000000</valUSD>
        <pctVal>0.447070577035</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional 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>Fidelity Money Market Government Portfolio</name>
        <lei>N/A</lei>
        <title>Fidelity Money Market Government Portfolio</title>
        <cusip>31607A703</cusip>
        <identifiers>
          <isin value="US31607A7037"/>
        </identifiers>
        <balance>927504.34</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>927504.34</valUSD>
        <pctVal>0.040562610020</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="927504.34" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2025-05-31</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>
