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        <name>Banco Santander, S.A.</name>
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        <name>Bank of Montreal</name>
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        <fairValLevel>2</fairValLevel>
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        <name>The Bank of New York Mellon Corp.</name>
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        <assetCat>EP</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Bank of Nova Scotia</name>
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        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Bank of Nova Scotia</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Bank of Nova Scotia</name>
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        <name>Barclays PLC</name>
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        <name>Barclays PLC</name>
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        <name>Barclays PLC</name>
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        <name>Barclays PLC</name>
        <lei>213800LBQA1Y9L22JB70</lei>
        <title>BACR 7 5/8 PERP</title>
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        <invCountry>GB</invCountry>

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        <name>Bell Canada</name>
        <lei>5493000G3EFX9S7TDE29</lei>
        <title>BCECN 7 09/15/55</title>
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        <invCountry>CA</invCountry>

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        <name>CMS Energy Corporation</name>
        <lei>549300IA9XFBAGNIBW29</lei>
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        <invCountry>US</invCountry>

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        <name>CNO Financial Group, Inc.</name>
        <lei>11XPYHB76MPM4Y4P2897</lei>
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        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>CVS Health Corp</name>
        <lei>549300EJG376EN5NQE29</lei>
        <title>CVS 7 03/10/55</title>
        <cusip>126650EH9</cusip>
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        <name>Canadian Imperial Bank of Commerce</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Capital One Financial Corp.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Centerpoint Energy Inc</name>
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        <isRestrictedSec>N</isRestrictedSec>

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          <maturityDt>2055-02-15</maturityDt>
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      <invstOrSec>
        <name>Citigroup Inc.</name>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>Citigroup Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Citigroup Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Citigroup Inc.</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>C 7 5/8 PERP</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Citigroup Inc.</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>C 7 1/8 PERP</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Citigroup Inc.</name>
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        <name>Citigroup Inc.</name>
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        <name>Citigroup Inc.</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
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        <name>Citizens Financial Group Inc</name>
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        <assetCat>EP</assetCat>
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        <name>Cobank ACB</name>
        <lei>P0J8I7M2E0A77CKF1705</lei>
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        <name>Cobank ACB</name>
        <lei>P0J8I7M2E0A77CKF1705</lei>
        <title>COBKAC 7 1/8 PERP</title>
        <cusip>19075QAG7</cusip>
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        <name>Comerica Incorporated</name>
        <lei>I9Q57JVPWHHZ3ZGBW498</lei>
        <title>CMA 5 5/8 PERP</title>
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        <name>Compeer Financial, ACA</name>
        <lei>54930020HTACTODKHT04</lei>
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      <invstOrSec>
        <name>Connectone Bancorp Inc.</name>
        <lei>549300E2M5ZYAZKUK134</lei>
        <title>CNOB 5 1/4 PERP</title>
        <cusip>20786W503</cusip>
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        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Corebridge Financial Inc.</name>
        <lei>549300XY1661QCIA7J65</lei>
        <title>CRBG 6 3/8 09/15/54</title>
        <cusip>21871XAT6</cusip>
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        <name>Dime Community Bancshares Inc.</name>
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        <name>Discover Financial Services Inc.</name>
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        <name>Dominion Energy Inc</name>
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        <name>Dominion Energy Inc</name>
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        <name>Dominion Energy Inc</name>
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        <name>Enbridge Inc.</name>
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        <name>Enbridge Inc.</name>
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        <name>Enbridge Inc.</name>
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      <invstOrSec>
        <name>Energy Transfer LP</name>
        <lei>MTLVN9N7JE8MIBIJ1H73</lei>
        <title>ET 7 1/8 PERP</title>
        <cusip>29273VAM2</cusip>
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          <isin value="US29273VAM28"/>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2169-05-15</maturityDt>
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      <invstOrSec>
        <name>Enstar Group Ltd</name>
        <lei>213800AMAL5QFXVUCN04</lei>
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        <cusip>29359U109</cusip>
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          <isin value="US29359U1097"/>
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        <balance>45400.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Enstar Group Ltd</name>
        <lei>213800AMAL5QFXVUCN04</lei>
        <title>ESGR 7 1/2 04/01/45</title>
        <cusip>29359UAD1</cusip>
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          <isin value="US29359UAD19"/>
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        <balance>825000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>836238.15000000</valUSD>
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        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2045-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.50000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Enstar Finance Llc</name>
        <lei>N/A</lei>
        <title>ESGR 5 1/2 01/15/42</title>
        <cusip>29360AAB6</cusip>
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          <isin value="US29360AAB61"/>
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        <balance>670000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>654682.17000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2042-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Entergy Corporation</name>
        <lei>4XM3TW50JULSLG8BNC79</lei>
        <title>ETR 7 1/8 12/01/54</title>
        <cusip>29364GAQ6</cusip>
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          <isin value="US29364GAQ64"/>
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        <balance>960000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>974116.80000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.12500000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Equitable Holdings Inc</name>
        <lei>549300FIBAKMNHPZ4009</lei>
        <title>EQH 4.95 PERP</title>
        <cusip>29452EAA9</cusip>
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          <isin value="US29452EAA91"/>
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        <balance>125000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>124829.03000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2172-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.95000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Equitable Holdings Inc</name>
        <lei>549300FIBAKMNHPZ4009</lei>
        <title>EQH 6.7 03/28/55</title>
        <cusip>29452EAD3</cusip>
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          <isin value="US29452EAD31"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>498075.36000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-03-28</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.70000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>EUSHI Finance Inc.</name>
        <lei>N/A</lei>
        <title>EMACN 7 5/8 12/15/54</title>
        <cusip>29882DAB9</cusip>
        <identifiers>
          <isin value="US29882DAB91"/>
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        <balance>1025000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1069091.40000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.62500000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Everest Reinsurance Holdings, Inc.</name>
        <lei>254900P29PM5UJR3VU91</lei>
        <title>RE 0 05/15/37</title>
        <cusip>299808AE5</cusip>
        <identifiers>
          <isin value="US299808AE55"/>
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        <balance>196000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>190978.50000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-05-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.96958900</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Evergy Inc</name>
        <lei>549300PGTHDQY6PSUI61</lei>
        <title>EVRG 6.65 06/01/55</title>
        <cusip>30034WAE6</cusip>
        <identifiers>
          <isin value="US30034WAE66"/>
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        <balance>670000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>660600.24000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.65000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Exelon Corporation</name>
        <lei>3SOUA6IRML7435B56G12</lei>
        <title>EXC 6 1/2 03/15/55</title>
        <cusip>30161NBQ3</cusip>
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        <balance>370000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>368922.53000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>F&amp;G Annuities &amp; Life Inc.</name>
        <lei>N/A</lei>
        <title>FG 7.3</title>
        <cusip>30190A609</cusip>
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          <isin value="US30190A6091"/>
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        <balance>18800.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>465112.00000000</valUSD>
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        <assetCat>EP</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Fidelity Institutional Cash Portfolios</name>
        <lei>549300SHPEJB1OPRCV46</lei>
        <title>FID-TRSY PT-I</title>
        <cusip>316175504</cusip>
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          <isin value="US3161755042"/>
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        <balance>1743802.55000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1743802.55000000</valUSD>
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        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>First Horizon Corporation</name>
        <lei>TF3RXI1ZB1TQ30H9JV10</lei>
        <title>FHN 6 1/2 PERP</title>
        <cusip>320517402</cusip>
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          <isin value="US3205174028"/>
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        <balance>17822.00000000</balance>
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        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Fortegra Group Inc</name>
        <lei>N/A</lei>
        <title>FRF 9 1/4 11/15/64</title>
        <cusip>34962TAA9</cusip>
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          <isin value="US34962TAA97"/>
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        <balance>465000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2064-11-15</maturityDt>
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      <invstOrSec>
        <name>General Motors Financial Company  Inc</name>
        <lei>5493008B6JBRUJ90QL97</lei>
        <title>GM 5 3/4 PERP</title>
        <cusip>37045XCA2</cusip>
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          <isin value="US37045XCA28"/>
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        <balance>330000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2166-03-30</maturityDt>
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      <invstOrSec>
        <name>General Motors Financial Company  Inc</name>
        <lei>5493008B6JBRUJ90QL97</lei>
        <title>GM 6 1/2 PERP</title>
        <cusip>37045XCM6</cusip>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2173-03-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
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      <invstOrSec>
        <name>General Motors Financial Company  Inc</name>
        <lei>5493008B6JBRUJ90QL97</lei>
        <title>GM 5.7 PERP</title>
        <cusip>37045XDB9</cusip>
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        <balance>725000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2069-03-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.70000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Global Atlantic Finance Co.</name>
        <lei>N/A</lei>
        <title>GBLATL 4.7 10/15/51</title>
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        <name>Goldman Sachs Group, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Goldman Sachs Group, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Goldman Sachs Group, Inc.</name>
        <lei>784F5XWPLTWKTBV3E584</lei>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Goldman Sachs Group, Inc.</name>
        <lei>784F5XWPLTWKTBV3E584</lei>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Goldman Sachs Group, Inc.</name>
        <lei>784F5XWPLTWKTBV3E584</lei>
        <title>GS 4 1/8 PERP</title>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2173-05-10</maturityDt>
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      <invstOrSec>
        <name>Goldman Sachs Group, Inc.</name>
        <lei>784F5XWPLTWKTBV3E584</lei>
        <title>GS 4.95 PERP</title>
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          <isin value="US38144GAB77"/>
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        <balance>2500000.00000000</balance>
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        <valUSD>2509300.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2168-08-10</maturityDt>
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        <name>Goldman Sachs Group, Inc.</name>
        <lei>784F5XWPLTWKTBV3E584</lei>
        <title>GS 4.4 PERP</title>
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          <isin value="US38144GAC50"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2173-08-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.40000000</annualizedRt>
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      <invstOrSec>
        <name>HSBC Holdings PLC</name>
        <lei>MLU0ZO3ML4LN2LL2TL39</lei>
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          <isin value="US404280BL25"/>
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        <balance>325000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2172-11-22</maturityDt>
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          <annualizedRt>6.00000000</annualizedRt>
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      <invstOrSec>
        <name>HSBC Holdings PLC</name>
        <lei>MLU0ZO3ML4LN2LL2TL39</lei>
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          <isin value="US404280BP39"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>HSBC Holdings PLC</name>
        <lei>MLU0ZO3ML4LN2LL2TL39</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>HSBC Holdings PLC</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>HSBC Holdings PLC</name>
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      <invstOrSec>
        <name>Huntington Bancshares Incorporated</name>
        <lei>549300XTVCVV9I7B5T19</lei>
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        <name>Huntington Bancshares Incorporated</name>
        <lei>549300XTVCVV9I7B5T19</lei>
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          <isin value="US446150AT18"/>
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        <name>Huntington Bancshares Incorporated</name>
        <lei>549300XTVCVV9I7B5T19</lei>
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        <isRestrictedSec>N</isRestrictedSec>

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          <maturityDt>2069-01-15</maturityDt>
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        <name>ING Groep N.V.</name>
        <lei>549300NYKK9MWM7GGW15</lei>
        <title>INTNED 3 7/8 PERP</title>
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        <balance>2550000.00000000</balance>
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        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Jackson Financial Inc</name>
        <lei>213800WXW2KG1N4CO374</lei>
        <title>JXN 8 PERP</title>
        <cusip>46817M206</cusip>
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          <isin value="US46817M2061"/>
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        <balance>12500.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>329000.00000000</valUSD>
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        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>JPMorgan Chase &amp; Co.</name>
        <lei>8I5DZWZKVSZI1NUHU748</lei>
        <title>JPM 3.65 PERP</title>
        <cusip>48128BAN1</cusip>
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          <isin value="US48128BAN10"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>490107.15000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2169-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.65000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>KKR Real Estate Finance Trust Inc.</name>
        <lei>549300K23AYZDZ2REL62</lei>
        <title>KREF 6 1/2 PERP</title>
        <cusip>48251K209</cusip>
        <identifiers>
          <isin value="US48251K2096"/>
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        <balance>87394.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1670099.34000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>KeyCorp</name>
        <lei>RKPI3RZGV1V1FJTH5T61</lei>
        <title>KEY 6 1/8 PERP</title>
        <cusip>493267702</cusip>
        <identifiers>
          <isin value="US4932677028"/>
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        <balance>24728.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>595450.24000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <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>KeyCorp</name>
        <lei>RKPI3RZGV1V1FJTH5T61</lei>
        <title>KEY 6.2 PERP</title>
        <cusip>493267843</cusip>
        <identifiers>
          <isin value="US4932678430"/>
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        <balance>45785.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1089225.15000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>KeyCorp</name>
        <lei>RKPI3RZGV1V1FJTH5T61</lei>
        <title>KEY 5 PERP</title>
        <cusip>493267AK4</cusip>
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          <isin value="US493267AK43"/>
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        <balance>3740000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3647257.28000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2049-12-29</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Kuvare United States Holdings Inc</name>
        <lei>N/A</lei>
        <title>KUVARE 7 02/17/51</title>
        <cusip>50149XAA2</cusip>
        <identifiers>
          <isin value="US50149XAA28"/>
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        <balance>875000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>875549.69000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-02-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Land O'Lakes Inc.</name>
        <lei>4ONCJWH5BBCYSJIJYX61</lei>
        <title>LLAKES 8 PERP</title>
        <cusip>514666AK2</cusip>
        <identifiers>
          <isin value="US514666AK27"/>
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        <balance>3115000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2944940.31000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2165-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Land O'Lakes Inc.</name>
        <lei>4ONCJWH5BBCYSJIJYX61</lei>
        <title>LLAKES 7 1/4 PERP</title>
        <cusip>514666AM8</cusip>
        <identifiers>
          <isin value="US514666AM82"/>
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        <balance>700000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>595667.73000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2065-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Liberty Mutual Group, Inc.</name>
        <lei>QUR0DG15Z6FFGYCHH861</lei>
        <title>LIBMUT 7.8 03/15/37</title>
        <cusip>53079EAN4</cusip>
        <identifiers>
          <isin value="US53079EAN40"/>
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        <balance>7103000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8015523.19000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.80000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Liberty Mutual Group, Inc.</name>
        <lei>QUR0DG15Z6FFGYCHH861</lei>
        <title>LIBMUT 4 1/8 12/15/51</title>
        <cusip>53079EBM5</cusip>
        <identifiers>
          <isin value="US53079EBM57"/>
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        <balance>830000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>794687.65000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.12500000</annualizedRt>
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      <invstOrSec>
        <name>Lincoln National Corp.</name>
        <lei>EFQMQROEDSNBRIP7LE47</lei>
        <title>LNC 9 PERP</title>
        <cusip>534187885</cusip>
        <identifiers>
          <isin value="US5341878859"/>
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        <balance>15900.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>422940.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Lincoln National Corp.</name>
        <lei>EFQMQROEDSNBRIP7LE47</lei>
        <title>LNC 9 1/4 PERP</title>
        <cusip>534187BR9</cusip>
        <identifiers>
          <isin value="US534187BR92"/>
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        <balance>400000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>430836.40000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2173-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.25000000</annualizedRt>
          <isDefault>N</isDefault>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Lloyds Banking Group PLC</name>
        <lei>549300PPXHEU2JF0AM85</lei>
        <title>LLOYDS 7 1/2 PERP</title>
        <cusip>539439AU3</cusip>
        <identifiers>
          <isin value="US539439AU36"/>
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        <balance>1900000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1911268.90000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2172-12-27</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.50000000</annualizedRt>
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      <invstOrSec>
        <name>Lloyds Banking Group PLC</name>
        <lei>549300PPXHEU2JF0AM85</lei>
        <title>LLOYDS 8 PERP</title>
        <cusip>53944YAV5</cusip>
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          <isin value="US53944YAV56"/>
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        <balance>2320000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2413591.12000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2170-03-27</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.00000000</annualizedRt>
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      <invstOrSec>
        <name>M&amp;T Bank Corporation</name>
        <lei>549300WYXDDBYRASEG81</lei>
        <title>MTB 5 5/8 PERP</title>
        <cusip>55261F872</cusip>
        <identifiers>
          <isin value="US55261F8721"/>
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        <balance>96311.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>M&amp;T Bank Corporation</name>
        <lei>549300WYXDDBYRASEG81</lei>
        <title>MTB 3 1/2 PERP</title>
        <cusip>55261FAN4</cusip>
        <identifiers>
          <isin value="US55261FAN42"/>
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        <balance>650000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2173-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
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      <invstOrSec>
        <name>MetLife Inc.</name>
        <lei>C4BXATY60WC6XEOZDX54</lei>
        <title>MET 10 3/4 08/01/39</title>
        <cusip>59156RAV0</cusip>
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        <balance>1591000.00000000</balance>
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        <valUSD>2107142.67000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2039-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>10.75000000</annualizedRt>
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      <invstOrSec>
        <name>MetLife Inc.</name>
        <lei>C4BXATY60WC6XEOZDX54</lei>
        <title>MET 9 1/4 04/08/38</title>
        <cusip>59156RBS6</cusip>
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          <isin value="US59156RBS67"/>
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        <balance>1605000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1897848.30000000</valUSD>
        <pctVal>0.774951330417</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-04-08</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.25000000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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        <name>Morgan Stanley</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
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        <cusip>61762V838</cusip>
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        <curCd>USD</curCd>
        <valUSD>357000.00000000</valUSD>
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        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>NatWest Group PLC</name>
        <lei>2138005O9XJIJN4JPN90</lei>
        <title>NWG 4.6 PERP</title>
        <cusip>639057AD0</cusip>
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          <isin value="US639057AD02"/>
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        <balance>350000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>297047.24000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2172-09-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.60000000</annualizedRt>
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      <invstOrSec>
        <name>NatWest Group PLC</name>
        <lei>2138005O9XJIJN4JPN90</lei>
        <title>NWG 8 1/8 PERP</title>
        <cusip>639057AQ1</cusip>
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          <isin value="US639057AQ15"/>
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        <balance>200000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>210485.80000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2172-06-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.12500000</annualizedRt>
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      <invstOrSec>
        <name>Nevada Power Company</name>
        <lei>MJZFGXRJ52U8U4MKJ519</lei>
        <title>BRKHEC 6 1/4 05/15/55</title>
        <cusip>641423CH9</cusip>
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          <isin value="US641423CH90"/>
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        <balance>187000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>185963.20000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.25000000</annualizedRt>
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      <invstOrSec>
        <name>Flagstar Financial, Inc.</name>
        <lei>529900HVXOTLY61GL030</lei>
        <title>NYCB 6 3/8 PERP</title>
        <cusip>649445202</cusip>
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          <isin value="US6494452021"/>
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        <balance>165623.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3921952.64000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>New York Mortgage Trust Inc</name>
        <lei>549300JFGR0M7ULHWG48</lei>
        <title>NYMT 6 7/8 PERP</title>
        <cusip>649604865</cusip>
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          <isin value="US6496048652"/>
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        <balance>26000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>564460.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>NextEra Energy Capital Holdings Inc</name>
        <lei>UMI46YPGBLUE4VGNNT48</lei>
        <title>NEE 6.7 09/01/54</title>
        <cusip>65339KCW8</cusip>
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          <isin value="US65339KCW80"/>
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        <balance>355000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>359723.63000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.70000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>NextEra Energy Capital Holdings Inc</name>
        <lei>UMI46YPGBLUE4VGNNT48</lei>
        <title>NEE 6 3/4 06/15/54</title>
        <cusip>65339KDB3</cusip>
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          <isin value="US65339KDB35"/>
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        <balance>790000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>808782.25000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.75000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>NextEra Energy Capital Holdings Inc</name>
        <lei>UMI46YPGBLUE4VGNNT48</lei>
        <title>NEE 6 3/8 08/15/55</title>
        <cusip>65339KDE7</cusip>
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          <isin value="US65339KDE73"/>
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        <balance>630000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>632173.51000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.37500000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>NiSource Inc.</name>
        <lei>549300D8GOWWH0SJB189</lei>
        <title>NI 6.95 11/30/54</title>
        <cusip>65473PAR6</cusip>
        <identifiers>
          <isin value="US65473PAR64"/>
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        <balance>525000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>533516.03000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-11-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.95000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>NiSource Inc.</name>
        <lei>549300D8GOWWH0SJB189</lei>
        <title>NI 6 3/8 03/31/55</title>
        <cusip>65473PAT2</cusip>
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          <isin value="US65473PAT21"/>
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        <balance>300000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>296980.65000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-03-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.37500000</annualizedRt>
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        <name>Northwest Natural Holding Company</name>
        <lei>254900PSJL6ZEC8FR782</lei>
        <title>NWN 7 09/15/55</title>
        <cusip>66765NAA3</cusip>
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        <balance>605000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>591463.85000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.00000000</annualizedRt>
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        <name>PNC Financial Services Group Inc.</name>
        <lei>CFGNEKW0P8842LEUIA51</lei>
        <title>PNC 3.4 PERP</title>
        <cusip>693475BC8</cusip>
        <identifiers>
          <isin value="US693475BC86"/>
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        <balance>476000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>455488.02000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2172-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.40000000</annualizedRt>
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        <name>PNC Financial Services Group Inc.</name>
        <lei>CFGNEKW0P8842LEUIA51</lei>
        <title>PNC 6 PERP</title>
        <cusip>693475BD6</cusip>
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          <isin value="US693475BD69"/>
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        <balance>2135000.00000000</balance>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2173-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
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        <name>PNC Financial Services Group Inc.</name>
        <lei>CFGNEKW0P8842LEUIA51</lei>
        <title>PNC 6.2 PERP</title>
        <cusip>693475BF1</cusip>
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        <balance>610000.00000000</balance>
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        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2172-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.20000000</annualizedRt>
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        <name>PNC Financial Services Group Inc.</name>
        <lei>CFGNEKW0P8842LEUIA51</lei>
        <title>PNC 6 1/4 PERP</title>
        <cusip>693475BP9</cusip>
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          <maturityDt>2173-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.25000000</annualizedRt>
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        <name>Provident Financing Trust I</name>
        <lei>N/A</lei>
        <title>UNM 7.405 03/15/38</title>
        <cusip>743863AA0</cusip>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2038-03-15</maturityDt>
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          <annualizedRt>7.40500000</annualizedRt>
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        <name>Prudential Financial, Inc.</name>
        <lei>5PRBRS5FEH7NREC8OR45</lei>
        <title>PRU 6 3/4 03/01/53</title>
        <cusip>744320BL5</cusip>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2053-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.75000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Qwest Corporation</name>
        <lei>549300R2L4N683OO1509</lei>
        <title>CTL 6 3/4</title>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>Qwest Corporation</name>
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        <name>Regions Financial Corporation</name>
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        <name>Regions Financial Corporation</name>
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        <name>Reinsurance Group of America, Incorporated</name>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>Rogers Communications Inc.</name>
        <lei>5493000M6Z4XFIP6PF03</lei>
        <title>RCICN 7 1/8 04/15/55</title>
        <cusip>775109DH1</cusip>
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        <balance>560000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Royal Bank of Canada</name>
        <lei>ES7IP3U3RHIGC71XBU11</lei>
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        <cusip>780082AR4</cusip>
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          <isin value="US780082AR49"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2084-05-02</maturityDt>
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        <name>Royal Bank of Canada</name>
        <lei>ES7IP3U3RHIGC71XBU11</lei>
        <title>RY 6.35 11/24/2084</title>
        <cusip>780082AT0</cusip>
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          <isin value="US780082AT05"/>
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        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2084-11-24</maturityDt>
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        <name>SCE Trust VII</name>
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        <title>EIX 7 1/2 PERP</title>
        <cusip>783892201</cusip>
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          <isin value="US7838922018"/>
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        <balance>19500.00000000</balance>
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        <assetCat>EP</assetCat>
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      <invstOrSec>
        <name>SBL Holdings Inc.</name>
        <lei>635400MJW3QDSBJRKQ59</lei>
        <title>SECBEN 7 PERP CORP</title>
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          <isin value="US78397DAA63"/>
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        <balance>1175000.00000000</balance>
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        <name>SBL Holdings Inc.</name>
        <lei>635400MJW3QDSBJRKQ59</lei>
        <title>SECBEN 6 1/2 PERP</title>
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          <isin value="US78397DAC20"/>
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        <name>SCE Trust IV</name>
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        <cusip>78409G206</cusip>
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        <name>SCE Trust V</name>
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        <name>SCE Trust VI</name>
        <lei>N/A</lei>
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        <name>SCE Trust VIII</name>
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        <name>The Charles Schwab Corporation</name>
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        <name>Sempra</name>
        <lei>PBBKGKLRK5S5C0Y4T545</lei>
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        <cusip>816851BK4</cusip>
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        <name>Sempra</name>
        <lei>PBBKGKLRK5S5C0Y4T545</lei>
        <title>SRE 4 1/8 04/01/52</title>
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        <name>Sempra</name>
        <lei>PBBKGKLRK5S5C0Y4T545</lei>
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        <name>Sempra</name>
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      <invstOrSec>
        <name>Societe Generale S.A.</name>
        <lei>O2RNE8IBXP4R0TD8PU41</lei>
        <title>SOCGEN 6 3/4 PERP</title>
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        <name>Societe Generale S.A.</name>
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        <name>Societe Generale S.A.</name>
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        <name>Societe Generale S.A.</name>
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        <name>Societe Generale S.A.</name>
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          <annualizedRt>8.50000000</annualizedRt>
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        <name>South Bow Canadian Infrastructure Holdings Ltd.</name>
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        <invCountry>CA</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-03-01</maturityDt>
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          <annualizedRt>7.50000000</annualizedRt>
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        <name>Southern Co.</name>
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          <isin value="US842587EB90"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-03-15</maturityDt>
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        <name>Standard Chartered PLC</name>
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        <title>STANLN 4 3/4 PERP</title>
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        <invCountry>GB</invCountry>

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          <maturityDt>2173-07-14</maturityDt>
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          <annualizedRt>4.75000000</annualizedRt>
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        <name>Standard Chartered PLC</name>
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        <title>STANLN 7 3/4 PERP</title>
        <cusip>853254CM0</cusip>
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        <invCountry>GB</invCountry>

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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2173-02-15</maturityDt>
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        <name>State Street Corp.</name>
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        <name>Stifel Financial Corporation</name>
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        <name>Synovus Financial Corp.</name>
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        <name>Synchrony Financial</name>
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        <name>Synchrony Financial</name>
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        <name>TPG Operating Group II LP</name>
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        <name>TPG RE Finance Trust Inc.</name>
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        <name>Texas Capital Bancshares, Inc.</name>
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        <name>Texas Capital Bancshares, Inc.</name>
        <lei>549300466Q2SXRX0YM48</lei>
        <title>TCBI 4 05/06/31</title>
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        <name>The Toronto-Dominion Bank</name>
        <lei>PT3QB789TSUIDF371261</lei>
        <title>TD 7 1/4 07/31/2084</title>
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        <assetCat>DBT</assetCat>
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        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2084-07-31</maturityDt>
          <couponKind>Fixed</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>TransCanada Trust</name>
        <lei>549300Y0MFCAXLBWUV51</lei>
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        <cusip>89356BAB4</cusip>
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          <isin value="US89356BAB45"/>
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        <balance>1350000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2076-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.87500000</annualizedRt>
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      <invstOrSec>
        <name>TransCanada Trust</name>
        <lei>549300Y0MFCAXLBWUV51</lei>
        <title>TRPCN 5 1/2 09/15/2079</title>
        <cusip>89356BAE8</cusip>
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          <isin value="US89356BAE83"/>
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        <balance>2065000.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2079-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Truist Financial Corp.</name>
        <lei>549300DRQQI75D2JP341</lei>
        <title>TFC 6.669 PERP</title>
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          <isin value="US89832QAD16"/>
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        <balance>1098000.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2173-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.66900000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>UBS Group AG</name>
        <lei>549300SZJ9VS8SGXAN81</lei>
        <title>UBS 4 3/8 PERP</title>
        <cusip>902613AD0</cusip>
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          <isin value="US902613AD01"/>
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        <balance>600000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>515283.06000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2169-08-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.37500000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>UBS Group AG</name>
        <lei>549300SZJ9VS8SGXAN81</lei>
        <title>UBS 4 7/8 PERP</title>
        <cusip>902613AJ7</cusip>
        <identifiers>
          <isin value="US902613AJ70"/>
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        <balance>800000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>778184.64000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2173-08-12</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.87500000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Universal Insurance Holdings Inc</name>
        <lei>529900GGAZ6WVUCWQM46</lei>
        <title>UVE 5 5/8 11/30/26</title>
        <cusip>91359VAC1</cusip>
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          <isin value="US91359VAC19"/>
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        <balance>460000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>451513.97000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-11-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.62500000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Valley National Bancorp.</name>
        <lei>549300ET52S1UBIB9762</lei>
        <title>VLY 6 1/4 PERP</title>
        <cusip>919794206</cusip>
        <identifiers>
          <isin value="US9197942066"/>
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        <balance>30345.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>747093.90000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <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>Valley National Bancorp.</name>
        <lei>549300ET52S1UBIB9762</lei>
        <title>VLY 8.53086 PERP</title>
        <cusip>919794305</cusip>
        <identifiers>
          <isin value="US9197943056"/>
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        <balance>2022.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>48831.30000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Valley National Bancorp.</name>
        <lei>549300ET52S1UBIB9762</lei>
        <title>VLY 8 1/4 PERP</title>
        <cusip>919794404</cusip>
        <identifiers>
          <isin value="US9197944047"/>
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        <balance>6100.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>152927.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Paramount Global</name>
        <lei>5KYC8KF17ROCY24M3H09</lei>
        <title>PARA 6 3/8 03/30/62</title>
        <cusip>92556HAE7</cusip>
        <identifiers>
          <isin value="US92556HAE71"/>
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        <balance>1720000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1679698.16000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2062-03-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.37500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Vistra Corp</name>
        <lei>549300KP43CPCUJOOG15</lei>
        <title>VST 7 PERP</title>
        <cusip>92840MAC6</cusip>
        <identifiers>
          <isin value="US92840MAC64"/>
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        <balance>175000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>177388.23000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2170-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Vodafone Group PLC</name>
        <lei>213800TB53ELEUKM7Q61</lei>
        <title>VOD 7 04/04/2079</title>
        <cusip>92857WBQ2</cusip>
        <identifiers>
          <isin value="US92857WBQ24"/>
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        <balance>225000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>232109.33000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2079-04-04</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.00000000</annualizedRt>
          <isDefault>N</isDefault>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>WaFd Inc</name>
        <lei>N/A</lei>
        <title>WAFD 4 7/8 PERP</title>
        <cusip>938824307</cusip>
        <identifiers>
          <isin value="US9388243076"/>
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        <balance>20300.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>329672.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Wells Fargo &amp; Co.</name>
        <lei>PBLD0EJDB5FWOLXP3B76</lei>
        <title>WFC 7 1/2 PERP</title>
        <cusip>949746804</cusip>
        <identifiers>
          <isin value="US9497468044"/>
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        <balance>267.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>320613.60000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Wells Fargo &amp; Co.</name>
        <lei>PBLD0EJDB5FWOLXP3B76</lei>
        <title>WFC 5 7/8 PERP</title>
        <cusip>949746RN3</cusip>
        <identifiers>
          <isin value="US949746RN35"/>
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        <balance>750000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>749969.93000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2167-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.87500000</annualizedRt>
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      <invstOrSec>
        <name>Wells Fargo &amp; Co.</name>
        <lei>PBLD0EJDB5FWOLXP3B76</lei>
        <title>WFC 3.9 PERP</title>
        <cusip>949746TD3</cusip>
        <identifiers>
          <isin value="US949746TD35"/>
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        <balance>825000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>809089.55000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2169-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.90000000</annualizedRt>
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      <invstOrSec>
        <name>Wells Fargo &amp; Co.</name>
        <lei>PBLD0EJDB5FWOLXP3B76</lei>
        <title>WFC 7 5/8 PERP</title>
        <cusip>95002YAA1</cusip>
        <identifiers>
          <isin value="US95002YAA10"/>
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        <balance>1790000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1918486.20000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2173-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.62500000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Wells Fargo &amp; Co.</name>
        <lei>PBLD0EJDB5FWOLXP3B76</lei>
        <title>WFC 6.85 PERP</title>
        <cusip>95002YAC7</cusip>
        <identifiers>
          <isin value="US95002YAC75"/>
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        <balance>3340000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3474877.58000000</valUSD>
        <pctVal>1.418902134412</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2174-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.85000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Wesbanco Inc</name>
        <lei>N/A</lei>
        <title>WSBC 6 3/4 PERP</title>
        <cusip>950810705</cusip>
        <identifiers>
          <isin value="US9508107052"/>
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        <balance>43200.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1088208.00000000</valUSD>
        <pctVal>0.444349655012</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Western Alliance Bancorp</name>
        <lei>5493003VJXZ5JXT9S762</lei>
        <title>WAL 4 1/4 PERP</title>
        <cusip>957638406</cusip>
        <identifiers>
          <isin value="US9576384062"/>
        </identifiers>
        <balance>12900.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>283026.00000000</valUSD>
        <pctVal>0.115568444139</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Wintrust Financial Corporation</name>
        <lei>Q774KI4AW80FHFW33O61</lei>
        <title>WTFC 6 7/8 PERP</title>
        <cusip>97650W504</cusip>
        <identifiers>
          <isin value="US97650W5040"/>
        </identifiers>
        <balance>48500.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1230445.00000000</valUSD>
        <pctVal>0.502429509121</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Zions Bancorporation Natl Assn Global Bank</name>
        <lei>8WH0EE09O9V05QJZ3V89</lei>
        <title>ZION 6.816 11/19/35</title>
        <cusip>98971DAC4</cusip>
        <identifiers>
          <isin value="US98971DAC48"/>
        </identifiers>
        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>509079.81000000</valUSD>
        <pctVal>0.207873345856</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-11-19</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.81600000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Aspen Insurance Holdings Ltd.</name>
        <lei>549300YX6HECG9XQCQ75</lei>
        <title>AHL 5 5/8 PERP</title>
        <cusip>G05384162</cusip>
        <identifiers>
          <isin value="BMG053841620"/>
        </identifiers>
        <balance>25000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>484500.00000000</valUSD>
        <pctVal>0.197836634038</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PartnerRe Ltd.</name>
        <lei>7LLHQS68KCIGNZBR7918</lei>
        <title>PRE 4 7/8 PERP</title>
        <cusip>G68603169</cusip>
        <identifiers>
          <isin value="BMG686031698"/>
        </identifiers>
        <balance>23498.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>403460.66000000</valUSD>
        <pctVal>0.164745715049</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Returns are reported without deducting sales loads and redemption fees, if any." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2025-04-28</ncom:dateSigned>
      <ncom:nameOfApplicant>Destra Investment Trust</ncom:nameOfApplicant>
      <ncom:signature>Derek Mullins</ncom:signature>
      <ncom:signerName>Derek Mullins</ncom:signerName>
      <ncom:title>Chief Financial Officer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
