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        <name>SOCIETE GENERALE</name>
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        <name>EVERGY INC</name>
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        <name>SCE TRUST VIII</name>
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        <name>UBS GROUP AG</name>
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      <invstOrSec>
        <name>BARCLAYS PLC</name>
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      <invstOrSec>
        <name>ALLY FINANCIAL INC</name>
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        <name>MORGAN STANLEY</name>
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        <name>WELLS FARGO &amp; COMPANY</name>
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        <name>FIRST HORIZON CORP</name>
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        <name>WELLS FARGO &amp; COMPANY</name>
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        <name>SCE TRUST IV</name>
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          <ticker value="EIX"/>
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        <name>LAND O'LAKES INC</name>
        <lei>4ONCJWH5BBCYSJIJYX61</lei>
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        <name>LLOYDS BANKING GROUP PLC</name>
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        <name>TORONTO-DOMINION BANK</name>
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        <name>ANNALY CAPITAL MGMT</name>
        <lei>2DTL0G3FPRYUT58TI025</lei>
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        <name>BANK OF NOVA SCOTIA</name>
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        <name>MORGAN STANLEY</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>Morgan Stanley</title>
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        <name>JPMORGAN CHASE &amp; CO</name>
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        <name>DIME COMMUNITY BANCSHARE</name>
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        <name>NEXTERA ENERGY CAPITAL</name>
        <lei>UMI46YPGBLUE4VGNNT48</lei>
        <title>NextEra Energy Capital Holdings Inc</title>
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      <invstOrSec>
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        <lei>0003065617</lei>
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        <name>ASSURANT INC</name>
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      <invstOrSec>
        <name>BRITISH TELECOMMUNICATIO</name>
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        <name>SYNOVUS FINANCIAL CORP</name>
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        <name>TPG RE FINANCE TRUST INC</name>
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        <name>COMPEER FINANCIAL ACA</name>
        <lei>54930020HTACTODKHT04</lei>
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          <maturityDt>N/A</maturityDt>
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        <name>HSBC HOLDINGS PLC</name>
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        <name>CITIZENS FINANCIAL GROUP</name>
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        <name>BARCLAYS PLC</name>
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        <title>Barclays PLC</title>
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        <name>STIFEL FINANCIAL CORP</name>
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        <name>ROYAL BANK OF CANADA</name>
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        <name>SCE TRUST V</name>
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        <name>ALGONQUIN PWR &amp; UTILITY</name>
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        <title>Algonquin Power &amp; Utilities Corp</title>
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        <name>M&amp;T BANK CORPORATION</name>
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        <name>ALLY FINANCIAL INC</name>
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        <title>Ally Financial Inc</title>
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        <name>HUNTINGTON BANCSHARES</name>
        <lei>549300XTVCVV9I7B5T19</lei>
        <title>Huntington Bancshares Inc/OH</title>
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        <name>CITIGROUP INC</name>
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        <title>Citigroup Inc</title>
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        <name>CITIGROUP INC</name>
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        <name>METLIFE INC</name>
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        <name>VODAFONE GROUP PLC</name>
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        <name>BANCO MERCANTIL DE NORTE</name>
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        <name>CITIGROUP INC</name>
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        <name>STANDARD CHARTERED PLC</name>
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        <name>ENBRIDGE INC</name>
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        <title>Enbridge Inc</title>
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        <name>EQUITABLE HOLDINGS INC</name>
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        <name>LLOYDS BANKING GROUP PLC</name>
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        <name>GLOBAL ATLANTIC FIN CO</name>
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        <name>RAYMOND JAMES FINANCIAL</name>
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        <name>PARTNERRE LTD</name>
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        <title>PartnerRe Ltd</title>
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        <name>WELLS FARGO &amp; COMPANY</name>
        <lei>PBLD0EJDB5FWOLXP3B76</lei>
        <title>Wells Fargo &amp; Co</title>
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      <invstOrSec>
        <name>ARCH CAPITAL GROUP LTD</name>
        <lei>549300AYR4P8AFKDCE43</lei>
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        <curCd>USD</curCd>
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        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

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        <name>EVEREST REINSURANCE HLDG</name>
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        <title>Everest Reinsurance Holdings Inc</title>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>REGIONS FINANCIAL CORP</name>
        <lei>CW05CS5KW59QTC0DG824</lei>
        <title>Regions Financial Corp</title>
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          <isin value="US7591EP7044"/>
          <ticker value="RF"/>
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        <curCd>USD</curCd>
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        <assetCat>EP</assetCat>
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      <invstOrSec>
        <name>CVS HEALTH CORP</name>
        <lei>549300EJG376EN5NQE29</lei>
        <title>CVS Health Corp</title>
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          <isin value="US126650EH94"/>
          <other otherDesc="SEDOL" value="BQ2KRF3"/>
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        <balance>1560000.00000000</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>2055-03-10</maturityDt>
          <couponKind>Fixed</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CITIGROUP INC</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>Citigroup Inc</title>
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          <isin value="US172967MV07"/>
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        <balance>1400000.00000000</balance>
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        <curCd>USD</curCd>
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          <maturityDt>N/A</maturityDt>
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      <invstOrSec>
        <name>AERCAP IRELAND CAP/GLOBA</name>
        <lei>N/A</lei>
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          <isin value="US00774MBK09"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>SOUTHERN CO</name>
        <lei>549300FC3G3YU2FBZD92</lei>
        <title>Southern Co/The</title>
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          <isin value="US842587EB90"/>
          <other otherDesc="SEDOL" value="BPDHP30"/>
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        <balance>950000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
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        <securityLending>
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      <invstOrSec>
        <name>ENERGY TRANSFER LP</name>
        <lei>MTLVN9N7JE8MIBIJ1H73</lei>
        <title>Energy Transfer LP</title>
        <cusip>29273VBH2</cusip>
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          <isin value="US29273VBH24"/>
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        <balance>1450000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1446519.07000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.75000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>CITIZENS FINANCIAL GROUP</name>
        <lei>2138004JDDA4ZQUPFW65</lei>
        <title>Citizens Financial Group Inc</title>
        <cusip>174610808</cusip>
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          <isin value="US1746108083"/>
          <ticker value="CFG"/>
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        <balance>79000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1992380.00000000</valUSD>
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        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>AFFILIATED MANAGERS GROU</name>
        <lei>2JE75BUE3T1BLCYYGK54</lei>
        <title>Affiliated Managers Group Inc</title>
        <cusip>008252827</cusip>
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          <isin value="US0082528276"/>
          <ticker value="AMG"/>
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        <curCd>USD</curCd>
        <valUSD>1730400.00000000</valUSD>
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        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>KEYCORP</name>
        <lei>RKPI3RZGV1V1FJTH5T61</lei>
        <title>KeyCorp</title>
        <cusip>493267702</cusip>
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          <isin value="US4932677028"/>
          <ticker value="KEY"/>
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        <balance>265788.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>6634068.48000000</valUSD>
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        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <name>AMERICAN ELECTRIC POWER</name>
        <lei>1B4S6S7G0TW5EE83BO58</lei>
        <title>American Electric Power Co Inc</title>
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          <isin value="US025537BA89"/>
          <other otherDesc="SEDOL" value="BSY2LX7"/>
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        <balance>2915000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3106387.24000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FMC CORP</name>
        <lei>CKDHZ2X64EEBQCSP7013</lei>
        <title>FMC Corp</title>
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          <other otherDesc="SEDOL" value="BRJF1M3"/>
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        <balance>2300000.00000000</balance>
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        <issuerCat>CORP</issuerCat>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>GOLDMAN SACHS GROUP INC</name>
        <lei>784F5XWPLTWKTBV3E584</lei>
        <title>Goldman Sachs Group Inc/The</title>
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          <isin value="US38141GA799"/>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>STANDARD CHARTERED PLC</name>
        <lei>U4LOSYZ7YG4W3S5F2G91</lei>
        <title>Standard Chartered PLC</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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      <invstOrSec>
        <name>BlackRock Liquidity Funds T-Fund</name>
        <lei>5493002L9DNZ83RX7V61</lei>
        <title>BlackRock Liquidity Funds T-Fund</title>
        <cusip>09248U718</cusip>
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          <isin value="US09248U7182"/>
          <ticker value="TSTXX"/>
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        <curCd>USD</curCd>
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        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
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        <name>BARCLAYS PLC</name>
        <lei>213800LBQA1Y9L22JB70</lei>
        <title>Barclays PLC</title>
        <cusip>06738EBT1</cusip>
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        <valUSD>1016282.64000000</valUSD>
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          <maturityDt>N/A</maturityDt>
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        <name>CAPITAL ONE FINANCIAL CO</name>
        <lei>ZUE8T73ROZOF6FLBAR73</lei>
        <title>Capital One Financial Corp</title>
        <cusip>14040H824</cusip>
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          <ticker value="COF"/>
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        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
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        <name>PNC FINANCIAL SERVICES</name>
        <lei>CFGNEKW0P8842LEUIA51</lei>
        <title>PNC Financial Services Group Inc/The</title>
        <cusip>693475BC8</cusip>
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          <isin value="US693475BC86"/>
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        <name>GOLDMAN SACHS GROUP INC</name>
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          <maturityDt>N/A</maturityDt>
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        <name>VALLEY NATIONAL BANCORP</name>
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        <name>NEXTERA ENERGY CAPITAL</name>
        <lei>UMI46YPGBLUE4VGNNT48</lei>
        <title>NextEra Energy Capital Holdings Inc</title>
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        <name>ENSTAR GROUP LTD</name>
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        <title>Enstar Group Ltd</title>
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        <name>JPMORGAN CHASE &amp; CO</name>
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        <name>CMS ENERGY CORP</name>
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        <name>BANCO MERCANTIL DE NORTE</name>
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        <name>SOCIETE GENERALE</name>
        <lei>O2RNE8IBXP4R0TD8PU41</lei>
        <title>Societe Generale SA</title>
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        <name>WESTERN ALLIANCE BANCORP</name>
        <lei>5493003VJXZ5JXT9S762</lei>
        <title>Western Alliance Bancorp</title>
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      <invstOrSec>
        <name>FLAGSTAR FINANCIAL INC</name>
        <lei>529900HVXOTLY61GL030</lei>
        <title>Flagstar Financial Inc</title>
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          <isin value="US6494452021"/>
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        <assetCat>EP</assetCat>
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      <invstOrSec>
        <name>TEXAS CAPITAL BANCSHARES</name>
        <lei>549300466Q2SXRX0YM48</lei>
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        <curCd>USD</curCd>
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        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>PNC FINANCIAL SERVICES</name>
        <lei>CFGNEKW0P8842LEUIA51</lei>
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      <invstOrSec>
        <name>TRUIST FINANCIAL CORP</name>
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          <isin value="US89832QAE98"/>
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        <curCd>USD</curCd>
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      <invstOrSec>
        <name>CITIZENS FINANCIAL GROUP</name>
        <lei>2138004JDDA4ZQUPFW65</lei>
        <title>Citizens Financial Group Inc</title>
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          <isin value="US1746106004"/>
          <ticker value="CFG"/>
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        <curCd>USD</curCd>
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        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>DELPHI FINANCIAL GROUP</name>
        <lei>5493001NGT0EEYMZG011</lei>
        <title>Delphi Financial Group Inc</title>
        <cusip>247131303</cusip>
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          <isin value="US2471313039"/>
          <ticker value="TOMARI"/>
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        <balance>358465.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>8719661.13000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SCE TRUST VII</name>
        <lei>N/A</lei>
        <title>SCE Trust VII</title>
        <cusip>783892201</cusip>
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          <isin value="US7838922018"/>
          <ticker value="EIX"/>
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        <balance>98507.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2290287.75000000</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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      <invstOrSec>
        <name>AUST &amp; NZ BANKING GRP/UK</name>
        <lei>JHE42UYNWWTJB8YTTU19</lei>
        <title>Australia &amp; New Zealand Banking Group Ltd/United Kingdom</title>
        <cusip>05254HAA2</cusip>
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          <isin value="US05254HAA23"/>
          <other otherDesc="SEDOL" value="BYYZMH9"/>
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        <balance>1738000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1762424.01000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ARBOR REALTY TRUST INC</name>
        <lei>549300ASFUWYQO0RW077</lei>
        <title>Arbor Realty Trust Inc</title>
        <cusip>038923850</cusip>
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          <isin value="US0389238504"/>
          <ticker value="ABR"/>
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        <balance>162132.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3599330.40000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ATHENE HOLDING LTD</name>
        <lei>549300H316CT32FQXI76</lei>
        <title>Athene Holding Ltd</title>
        <cusip>04686J408</cusip>
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          <isin value="US04686J4085"/>
          <ticker value="ATH"/>
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        <balance>66800.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1187036.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

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        <name>DEUTSCHE BANK AG</name>
        <lei>7LTWFZYICNSX8D621K86</lei>
        <title>Deutsche Bank AG</title>
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        <valUSD>800094.48000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>DE</invCountry>
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          <maturityDt>N/A</maturityDt>
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      <invstOrSec>
        <name>MORGAN STANLEY</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>Morgan Stanley</title>
        <cusip>61745VAB9</cusip>
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          <isin value="US61745VAB99"/>
          <other otherDesc="SEDOL" value="BLB1718"/>
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        <balance>800000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>807434.40000000</valUSD>
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        <invCountry>US</invCountry>
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          <maturityDt>N/A</maturityDt>
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      <invstOrSec>
        <name>EUSHI FINANCE INC</name>
        <lei>N/A</lei>
        <title>EUSHI Finance Inc</title>
        <cusip>29882DAB9</cusip>
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          <isin value="US29882DAB91"/>
          <other otherDesc="SEDOL" value="BP942M3"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-12-15</maturityDt>
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        <name>MORGAN STANLEY</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>Morgan Stanley</title>
        <cusip>61762V606</cusip>
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          <isin value="US61762V6065"/>
          <ticker value="MS"/>
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        <name>BANCO MERCANTIL DE NORTE</name>
        <lei>549300QTVYRPFHS0J362</lei>
        <title>Banco Mercantil del Norte SA/Grand Cayman</title>
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          <isin value="US05973KAB35"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>MX</invCountry>
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          <maturityDt>N/A</maturityDt>
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        <name>AES CORP/THE</name>
        <lei>2NUNNB7D43COUIRE5295</lei>
        <title>AES Corp/The</title>
        <cusip>00130HCK9</cusip>
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        <balance>2305000.00000000</balance>
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        <invCountry>US</invCountry>
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        <name>REINSURANCE GRP OF AMER</name>
        <lei>LORM1GNEU1DKEW527V90</lei>
        <title>Reinsurance Group of America Inc</title>
        <cusip>759351885</cusip>
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          <isin value="US7593518852"/>
          <ticker value="RGA"/>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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        <name>SOCIETE GENERALE</name>
        <lei>O2RNE8IBXP4R0TD8PU41</lei>
        <title>Societe Generale SA</title>
        <cusip>83367TBU2</cusip>
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          <isin value="US83367TBU25"/>
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        <balance>300000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>298517.55000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
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          <maturityDt>N/A</maturityDt>
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      <invstOrSec>
        <name>HSBC HOLDINGS PLC</name>
        <lei>MLU0ZO3ML4LN2LL2TL39</lei>
        <title>HSBC Holdings PLC</title>
        <cusip>404280FA2</cusip>
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          <isin value="US404280FA24"/>
          <other otherDesc="SEDOL" value="BTNMYJ2"/>
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        <balance>1520000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1571860.88000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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          <annualizedRt>7.05000000</annualizedRt>
          <isDefault>N</isDefault>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ENBRIDGE INC</name>
        <lei>98TPTUM4IVMFCZBCUR27</lei>
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        <name>BNP PARIBAS</name>
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        <name>UBS GROUP AG</name>
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        <name>LLOYDS BANKING GROUP PLC</name>
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        <name>BANK OF MONTREAL</name>
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        <name>ENTERGY CORP</name>
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        <name>JACKSON FINANCIAL INC</name>
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        <name>DOMINION ENERGY INC</name>
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        <name>ENSTAR GROUP LTD</name>
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        <name>ING GROEP NV</name>
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        <name>NATWEST GROUP PLC</name>
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        <name>ENERGY TRANSFER LP</name>
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        <name>WESBANCO INC</name>
        <lei>0001070448</lei>
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        <name>KEYCORP</name>
        <lei>RKPI3RZGV1V1FJTH5T61</lei>
        <title>KeyCorp</title>
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        <name>PRUDENTIAL FINANCIAL INC</name>
        <lei>5PRBRS5FEH7NREC8OR45</lei>
        <title>Prudential Financial Inc</title>
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        <name>DOMINION ENERGY INC</name>
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        <name>LIBERTY MUTUAL GROUP INC</name>
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        <name>CARLYLE FINANCE LLC</name>
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        <curCd>USD</curCd>
        <valUSD>654066.00000000</valUSD>
        <pctVal>0.141075557927</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>BANCO SANTANDER SA</name>
        <lei>5493006QMFDDMYWIAM13</lei>
        <title>Banco Santander SA</title>
        <cusip>05971KAH2</cusip>
        <identifiers>
          <isin value="US05971KAH23"/>
          <other otherDesc="SEDOL" value="BKPGK79"/>
        </identifiers>
        <balance>14400000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>14106150.72000000</valUSD>
        <pctVal>3.042556994305</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>N/A</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.75000000</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>GOLDMAN SACHS GROUP INC</name>
        <lei>784F5XWPLTWKTBV3E584</lei>
        <title>Goldman Sachs Group Inc/The</title>
        <cusip>38141GA38</cusip>
        <identifiers>
          <isin value="US38141GA385"/>
          <other otherDesc="SEDOL" value="BPK6RS9"/>
        </identifiers>
        <balance>955000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1015041.81000000</valUSD>
        <pctVal>0.218934464818</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>N/A</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HUNTINGTON BANCSHARES</name>
        <lei>549300XTVCVV9I7B5T19</lei>
        <title>Huntington Bancshares Inc/OH</title>
        <cusip>446150773</cusip>
        <identifiers>
          <isin value="US4461507737"/>
          <ticker value="HBAN"/>
        </identifiers>
        <balance>102200.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2587704.00000000</valUSD>
        <pctVal>0.558142122587</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>CITIGROUP INC</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>Citigroup Inc</title>
        <cusip>172967PC9</cusip>
        <identifiers>
          <isin value="US172967PC98"/>
          <ticker value="C"/>
          <other otherDesc="SEDOL" value="BQT56G5"/>
        </identifiers>
        <balance>3000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3124506.00000000</valUSD>
        <pctVal>0.673924997169</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>N/A</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.37500000</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>DUKE ENERGY CORP</name>
        <lei>I1BZKREC126H0VB1BL91</lei>
        <title>Duke Energy Corp</title>
        <cusip>26441CCG8</cusip>
        <identifiers>
          <isin value="US26441CCG87"/>
          <other otherDesc="SEDOL" value="BQB3RT7"/>
        </identifiers>
        <balance>2830000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2937177.76000000</valUSD>
        <pctVal>0.633520151215</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.45000000</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>BNP PARIBAS</name>
        <lei>R0MUWSFPU8MPRO8K5P83</lei>
        <title>BNP Paribas SA</title>
        <cusip>05565AS20</cusip>
        <identifiers>
          <isin value="US05565AS207"/>
          <other otherDesc="SEDOL" value="BL56GG7"/>
        </identifiers>
        <balance>1300000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1397132.10000000</valUSD>
        <pctVal>0.301347555913</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>N/A</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.25000000</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>APOLLO GLOBAL MANAGEMENT</name>
        <lei>254900LMFT1CY9IYB476</lei>
        <title>Apollo Global Management Inc</title>
        <cusip>03769M205</cusip>
        <identifiers>
          <isin value="US03769M2052"/>
          <ticker value="APO"/>
        </identifiers>
        <balance>112920.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2986734.00000000</valUSD>
        <pctVal>0.644208941348</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>CREDIT AGRICOLE SA</name>
        <lei>969500TJ5KRTCJQWXH05</lei>
        <title>Credit Agricole SA</title>
        <cusip>225313AP0</cusip>
        <identifiers>
          <isin value="US225313AP06"/>
          <other otherDesc="SEDOL" value="BNYLJX5"/>
        </identifiers>
        <balance>1130000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1075543.04000000</valUSD>
        <pctVal>0.231983980887</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>N/A</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.75000000</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>SOUTH BOW CAN INFRA HOLD</name>
        <lei>2549004FYUSYLPBT1G26</lei>
        <title>South Bow Canadian Infrastructure Holdings Ltd</title>
        <cusip>836720AJ1</cusip>
        <identifiers>
          <isin value="US836720AJ13"/>
        </identifiers>
        <balance>1610000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1683765.37000000</valUSD>
        <pctVal>0.363171513260</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.50000000</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>VOYA FINANCIAL INC</name>
        <lei>549300T065Z4KJ686G75</lei>
        <title>Voya Financial Inc</title>
        <cusip>929089209</cusip>
        <identifiers>
          <isin value="US9290892093"/>
          <ticker value="VOYA"/>
        </identifiers>
        <balance>77000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1818740.00000000</valUSD>
        <pctVal>0.392284204079</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>KKR REAL ESTATE FIN</name>
        <lei>549300K23AYZDZ2REL62</lei>
        <title>KKR Real Estate Finance Trust Inc</title>
        <cusip>48251K209</cusip>
        <identifiers>
          <isin value="US48251K2096"/>
          <ticker value="KREF"/>
        </identifiers>
        <balance>229900.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4503741.00000000</valUSD>
        <pctVal>0.971412325877</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>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Security reported as PREFERRED EQUITY on Form N-PORT per market convention; reported as CORPORATE DEBT SECURITY on SOI of Form N-CSR/N-CSRS per specific terms of security. 25432X300:74913G873:74913G881." noteItem="C.4.a"/>
      <explntrNote note="Security reported as DEBT on Form N-PORT per market convention; reported as CONTINGENT CAPITAL SECURITY on SOI of Form N-CSR/N-CSRS per specific terms of security. 05254HAA2:05946KAF8:05946KAM3:05962GAJ8:05971PAB4:05971PAE8:05973KAB3:05964HBH7:05971KAH2:05971KAQ2:06368L5Q5:06368L8V1:06368LQ58:0641598S8:0641598V1:0641598X7:06738EBN4:06738EBT1:06738EBX2:06738ECN3:06738EDC6:05533UAG3:05565A5R0:05565AM34:05565AS20:05565ASK0:05602XJC3:05602XQQ4:13607P7Y4:13607PNF7:225313AP0:251525AX9:404280BL2:404280BP3:404280EJ4:404280FA2:258524098:456837AY9:539439AU3:53944YAQ6:53944YAV5:639057AD0:639057AQ1:780082AR4:780082AT0:780082AV5:83367TBU2:83370RAA6:83370RAB4:83370RAC2:853254BX7:853254CM0:89116CKP1:89117F8Z5:902613AD0:902613AJ7:902613BE7." noteItem="C.4.a"/>
      <explntrNote note="Security reported as DEBT on Form N-PORT per market convention; reported as PREFERRED STOCK &amp; HYBRID PREFERRED SECURITIES on SOI of Form N-CSR/N-CSRS per specific terms of security. 00774MBK0:00774MBQ7:00130HCK9:015857AH8:02005NBM1:02005NBN9:021361AD2:02369GAA3:025537AU5:025537BA8:025816CH0:026874BS5:025676AR8:05463HAC5:060505EU4:060505GB4:06055HAB9:06055HAK9:0778FPAQ2:11102AAG6:14040HCF0:15189TBJ5:172967MU2:172967MV0:172967NB3:172967PC9:172967PE5:172967PK1:172967PM7:172967PR6:17327CAV5:17327CBC6:174610AQ8:125896BY5:19075QAC6:19075QAG7:20035AAA2:20453QAA0:21871XAT6:126650EH9:25746UDM8:25746UDU0:25746UDV8:26441CCG8:281020AS6:281020AT4:290876AD3:29250NAN5:29250NBC8:29250NBT1:29250NCG8:29273VAM2:29273VAX8:29273VBH2:29360AAB6:29359UAD1:29364GAQ6:29379VBN2:29452EAD3:29882DAB9:299808AE5:30034WAE6:30161NBQ3:30767EAF6:302491AZ8:34962TAA9:37045XCA2:37045XCM6:37045XDB9:37959GAC1:37959GAG2:38141GA38:38141GA79:38141GB52:38141GC28:38144GAB7:38148BAE8:446150AT1:446150AV6:48128BAN1:48128BAQ4:50149XAA2:514666AK2:514666AM8:514666AN6:53079EAN4:53079EBM5:534187BR9:55261FAH7:55261FAN4:591560AA5:59156RAV0:59156RBS6:61745VAB9:641423CH9:302570AX4:65339KCW8:65339KDB3:65339KDE7:65473PAR6:65473PAT2:66765NAA3:92556HAE7:69331VAA4:693475BC8:693475BD6:693475BF1:693475BP9:743863AA0:744320BL5:759351AT6:775109DH1:78397DAA6:78397DAC2:816851BK4:816851BM0:816851BS7:816851BT5:836720AJ1:842587DJ3:842587EB9:857477CH4:87971MCM3:89356BAB4:89356BAE8:89832QAE9:89832QAF6:92840MAC6:92857WBQ2:949746TD3:95002YAA1:95002YAC7." noteItem="C.4.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2025-10-29</ncom:dateSigned>
      <ncom:nameOfApplicant>Flaherty &amp; Crumrine Dynamic Preferred &amp; Income Fund Inc</ncom:nameOfApplicant>
      <ncom:signature>Bradford Stone </ncom:signature>
      <ncom:signerName>Bradford Stone </ncom:signerName>
      <ncom:title>Chief Financial Officer, Treasurer and Vice President</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
