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      <invstOrSec>
        <name>AERCAP IRELAND CAP/GLOBA</name>
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      <invstOrSec>
        <name>EDISON INTERNATIONAL</name>
        <lei>549300I7ROF15MAEVP56</lei>
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          <maturityDt>N/A</maturityDt>
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        <name>ENBRIDGE INC</name>
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        <title>Enbridge Inc</title>
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          <maturityDt>2077-01-15</maturityDt>
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      <invstOrSec>
        <name>SOCIETE GENERALE</name>
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        <title>Societe Generale SA</title>
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          <maturityDt>N/A</maturityDt>
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        <name>GENERAL MOTORS FINL CO</name>
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          <maturityDt>N/A</maturityDt>
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        <name>EVERGY INC</name>
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        <title>Evergy Inc</title>
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          <maturityDt>2055-06-01</maturityDt>
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        <name>SCE TRUST VIII</name>
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        <cusip>80620A208</cusip>
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          <isin value="US80620A2087"/>
          <ticker value="EIX"/>
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        <name>UBS GROUP AG</name>
        <lei>549300SZJ9VS8SGXAN81</lei>
        <title>UBS Group AG</title>
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        <invCountry>CH</invCountry>
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          <maturityDt>N/A</maturityDt>
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        <name>GOLDMAN SACHS GROUP INC</name>
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        <name>MORGAN STANLEY</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>Morgan Stanley</title>
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        <name>PHILLIPS 66 CO</name>
        <lei>RVJMT2IZVVSKIRJJBH76</lei>
        <title>Phillips 66 Co</title>
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        <name>ROYAL BANK OF CANADA</name>
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        <title>Royal Bank of Canada</title>
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        <name>CITIGROUP INC</name>
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          <maturityDt>N/A</maturityDt>
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        <name>SYNCHRONY FINANCIAL</name>
        <lei>549300RS7EWPM9MA6C78</lei>
        <title>Synchrony Financial</title>
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        <name>COBANK ACB</name>
        <lei>P0J8I7M2E0A77CKF1705</lei>
        <title>CoBank ACB</title>
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        <name>F&amp;G ANNUITIES &amp; LIFE INC</name>
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        <title>F&amp;G Annuities &amp; Life Inc</title>
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        <name>HSBC HOLDINGS PLC</name>
        <lei>MLU0ZO3ML4LN2LL2TL39</lei>
        <title>HSBC Holdings PLC</title>
        <cusip>404280EJ4</cusip>
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        <balance>1600000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
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          <maturityDt>N/A</maturityDt>
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        <name>ALLY FINANCIAL INC</name>
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        <name>LAND O'LAKES INC</name>
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        <name>DIME COMMUNITY BANCSHARE</name>
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        <name>HSBC HOLDINGS PLC</name>
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        <title>Assurant Inc</title>
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        <name>BRITISH TELECOMMUNICATIO</name>
        <lei>549300OWFMSO9NYV4H90</lei>
        <title>British Telecommunications PLC</title>
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        <name>SYNOVUS FINANCIAL CORP</name>
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        <name>COMPEER FINANCIAL ACA</name>
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        <name>TPG RE FINANCE TRUST INC</name>
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        <name>CITIGROUP INC</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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          <maturityDt>N/A</maturityDt>
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        <name>REINSURANCE GRP OF AMER</name>
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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>HUNTINGTON BANCSHARES</name>
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        <name>BNP PARIBAS</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>SBL HOLDINGS INC</name>
        <lei>635400MJW3QDSBJRKQ59</lei>
        <title>SBL Holdings Inc</title>
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      <invstOrSec>
        <name>CITIGROUP INC</name>
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      <invstOrSec>
        <name>METLIFE INC</name>
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      <invstOrSec>
        <name>VODAFONE GROUP PLC</name>
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      <invstOrSec>
        <name>BANCO MERCANTIL DE NORTE</name>
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          <maturityDt>N/A</maturityDt>
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      <invstOrSec>
        <name>PROVIDENT FINANCING TR I</name>
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          <isin value="US743863AA09"/>
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        <name>BANCO SANTANDER SA</name>
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      <invstOrSec>
        <name>CITIGROUP INC</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>Citigroup Inc</title>
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      <invstOrSec>
        <name>ENTERGY CORP</name>
        <lei>4XM3TW50JULSLG8BNC79</lei>
        <title>Entergy Corp</title>
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      <invstOrSec>
        <name>STANDARD CHARTERED PLC</name>
        <lei>U4LOSYZ7YG4W3S5F2G91</lei>
        <title>Standard Chartered PLC</title>
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        <assetCat>DBT</assetCat>
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        <invCountry>GB</invCountry>
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          <maturityDt>N/A</maturityDt>
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      <invstOrSec>
        <name>SBL HOLDINGS INC</name>
        <lei>635400MJW3QDSBJRKQ59</lei>
        <title>SBL Holdings Inc</title>
        <cusip>78397DAC2</cusip>
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          <isin value="US78397DAC20"/>
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        <balance>3500000.00000000</balance>
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        <name>EQUITABLE HOLDINGS INC</name>
        <lei>549300FIBAKMNHPZ4009</lei>
        <title>Equitable Holdings Inc</title>
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        <name>GLOBAL ATLANTIC FIN CO</name>
        <lei>98450051B2E65CAA7E94</lei>
        <title>Global Atlantic Fin Co</title>
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        <name>PNC FINANCIAL SERVICES</name>
        <lei>CFGNEKW0P8842LEUIA51</lei>
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        <name>AMERICAN ELECTRIC POWER</name>
        <lei>1B4S6S7G0TW5EE83BO58</lei>
        <title>American Electric Power Co Inc</title>
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        <name>PARTNERRE LTD</name>
        <lei>7LLHQS68KCIGNZBR7918</lei>
        <title>PartnerRe Ltd</title>
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          <ticker value="PRE"/>
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        <invCountry>BM</invCountry>
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        <name>WELLS FARGO &amp; COMPANY</name>
        <lei>PBLD0EJDB5FWOLXP3B76</lei>
        <title>Wells Fargo &amp; Co</title>
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        <name>SOCIETE GENERALE</name>
        <lei>O2RNE8IBXP4R0TD8PU41</lei>
        <title>Societe Generale SA</title>
        <cusip>83370RAA6</cusip>
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        <balance>2300000.00000000</balance>
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        <valUSD>2193243.89000000</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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        <name>ARCH CAPITAL GROUP LTD</name>
        <lei>549300AYR4P8AFKDCE43</lei>
        <title>Arch Capital Group Ltd</title>
        <cusip>03939A107</cusip>
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          <isin value="US03939A1079"/>
          <ticker value="ACGL"/>
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        <balance>26109.00000000</balance>
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        <valUSD>550377.72000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>EVEREST REINSURANCE HLDG</name>
        <lei>254900P29PM5UJR3VU91</lei>
        <title>Everest Reinsurance Holdings Inc</title>
        <cusip>299808AE5</cusip>
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          <isin value="US299808AE55"/>
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        <balance>754000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>717942.89000000</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>2037-05-15</maturityDt>
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          <isCashCollateral>N</isCashCollateral>
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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"/>
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        <balance>1560000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1641837.60000000</valUSD>
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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>2055-03-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>AERCAP IRELAND CAP/GLOBA</name>
        <lei>N/A</lei>
        <title>AerCap Ireland Capital DAC / AerCap Global Aviation Trust</title>
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          <isin value="US00774MBK09"/>
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        <balance>2780000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2917183.21000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-03-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.95000000</annualizedRt>
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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>
        <valUSD>1395548.00000000</valUSD>
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          <maturityDt>N/A</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.87500000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SOUTHERN CO</name>
        <lei>549300FC3G3YU2FBZD92</lei>
        <title>Southern Co/The</title>
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          <isin value="US842587EB90"/>
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        <balance>950000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1006497.45000000</valUSD>
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          <maturityDt>2055-03-15</maturityDt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ENERGY TRANSFER LP</name>
        <lei>MTLVN9N7JE8MIBIJ1H73</lei>
        <title>Energy Transfer LP</title>
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          <isin value="US29273VBH24"/>
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        <curCd>USD</curCd>
        <valUSD>1443841.85000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.75000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>DTE ENERGY CO</name>
        <lei>549300IX8SD6XXD71I78</lei>
        <title>DTE Energy Co</title>
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          <isin value="US2333317921"/>
          <ticker value="DTE"/>
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        <balance>75000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1876500.00000000</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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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <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>2009760.00000000</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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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>AFFILIATED MANAGERS GROU</name>
        <lei>2JE75BUE3T1BLCYYGK54</lei>
        <title>Affiliated Managers Group Inc</title>
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          <isin value="US0082528276"/>
          <ticker value="AMG"/>
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        <balance>70000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1706600.00000000</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>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>
        <valUSD>2251746.00000000</valUSD>
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        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
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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>6647357.88000000</valUSD>
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        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>M&amp;T BANK CORPORATION</name>
        <lei>549300WYXDDBYRASEG81</lei>
        <title>M&amp;T Bank Corp</title>
        <cusip>55261F849</cusip>
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          <isin value="US55261F8499"/>
          <ticker value="MTB"/>
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        <balance>67200.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1688064.00000000</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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          <isCashCollateral>N</isCashCollateral>
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        <name>AMERICAN ELECTRIC POWER</name>
        <lei>1B4S6S7G0TW5EE83BO58</lei>
        <title>American Electric Power Co Inc</title>
        <cusip>025537BA8</cusip>
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          <isin value="US025537BA89"/>
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        <balance>2915000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3161874.27000000</valUSD>
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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>2054-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.95000000</annualizedRt>
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      <invstOrSec>
        <name>FMC CORP</name>
        <lei>CKDHZ2X64EEBQCSP7013</lei>
        <title>FMC Corp</title>
        <cusip>302491AZ8</cusip>
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          <isin value="US302491AZ88"/>
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        <balance>2300000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1792614.94000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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          <maturityDt>2055-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>FIRST CITIZENS BANCSHARE</name>
        <lei>549300N3Z00ZHE2XC526</lei>
        <title>First Citizens BancShares Inc/NC</title>
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          <isin value="US31959XAG88"/>
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          <maturityDt>N/A</maturityDt>
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        <name>STANDARD CHARTERED PLC</name>
        <lei>U4LOSYZ7YG4W3S5F2G91</lei>
        <title>Standard Chartered PLC</title>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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          <annualizedRt>4.75000000</annualizedRt>
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        <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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        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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        <name>BARCLAYS PLC</name>
        <lei>213800LBQA1Y9L22JB70</lei>
        <title>Barclays PLC</title>
        <cusip>06738EBT1</cusip>
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          <isin value="US06738EBT10"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
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          <maturityDt>N/A</maturityDt>
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          <annualizedRt>4.37500000</annualizedRt>
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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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          <isin value="US14040H8245"/>
          <ticker value="COF"/>
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        <balance>28163.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>538758.19000000</valUSD>
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        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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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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        <balance>950000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>924113.17000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <name>DELPHI FINANCIAL GROUP</name>
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      <invstOrSec>
        <name>TORONTO-DOMINION BANK</name>
        <lei>PT3QB789TSUIDF371261</lei>
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      <invstOrSec>
        <name>FIFTH THIRD BANCORP</name>
        <lei>THRNG6BD57P9QWTQLG42</lei>
        <title>Fifth Third Bancorp</title>
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        <name>M&amp;T BANK CORPORATION</name>
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      <invstOrSec>
        <name>BANCO SANTANDER SA</name>
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          <isin value="US05971KAQ22"/>
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          <maturityDt>N/A</maturityDt>
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        <name>NORTHPOINTE BANCSHARES I</name>
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        <name>NISOURCE INC</name>
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        <title>NiSource Inc</title>
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        <name>GOLDMAN SACHS GROUP INC</name>
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          <maturityDt>N/A</maturityDt>
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      <invstOrSec>
        <name>VALLEY NATIONAL BANCORP</name>
        <lei>549300ET52S1UBIB9762</lei>
        <title>Valley National Bancorp</title>
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          <ticker value="VLY"/>
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        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <name>NEXTERA ENERGY CAPITAL</name>
        <lei>UMI46YPGBLUE4VGNNT48</lei>
        <title>NextEra Energy Capital Holdings Inc</title>
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        <balance>1178000.00000000</balance>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-09-01</maturityDt>
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        <name>BELL CANADA</name>
        <lei>5493000G3EFX9S7TDE29</lei>
        <title>Bell Telephone Co of Canada or Bell Canada</title>
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        <invCountry>CA</invCountry>
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        <name>SCE TRUST VII</name>
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          <ticker value="EIX"/>
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        <name>ENSTAR GROUP LTD</name>
        <lei>213800AMAL5QFXVUCN04</lei>
        <title>Enstar Group Ltd</title>
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        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
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        <name>ROYAL BANK OF CANADA</name>
        <lei>ES7IP3U3RHIGC71XBU11</lei>
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        <name>AMERICAN EXPRESS CO</name>
        <lei>R4PP93JZOLY261QX3811</lei>
        <title>American Express Co</title>
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        <name>JPMORGAN CHASE &amp; CO</name>
        <lei>8I5DZWZKVSZI1NUHU748</lei>
        <title>JPMorgan Chase &amp; Co</title>
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          <maturityDt>N/A</maturityDt>
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        <name>CMS ENERGY CORP</name>
        <lei>549300IA9XFBAGNIBW29</lei>
        <title>CMS Energy Corp</title>
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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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        <issuerCat>CORP</issuerCat>
        <invCountry>MX</invCountry>
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          <maturityDt>N/A</maturityDt>
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          <annualizedRt>7.50000000</annualizedRt>
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        <name>WESTERN ALLIANCE BANCORP</name>
        <lei>5493003VJXZ5JXT9S762</lei>
        <title>Western Alliance Bancorp</title>
        <cusip>957638406</cusip>
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          <ticker value="WAL"/>
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        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <name>TEXAS CAPITAL BANCSHARES</name>
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        <name>PNC FINANCIAL SERVICES</name>
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        <name>ATHENE HOLDING LTD</name>
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        <name>MORGAN STANLEY</name>
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        <title>Morgan Stanley</title>
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        <name>EUSHI FINANCE INC</name>
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        <name>MORGAN STANLEY</name>
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        <title>Morgan Stanley</title>
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        <name>BANK OF AMERICA CORP</name>
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        <name>BANCO MERCANTIL DE NORTE</name>
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        <invCountry>MX</invCountry>
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        <name>AES CORP/THE</name>
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        <name>REINSURANCE GRP OF AMER</name>
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        <name>SOCIETE GENERALE</name>
        <lei>O2RNE8IBXP4R0TD8PU41</lei>
        <title>Societe Generale SA</title>
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        <name>HSBC HOLDINGS PLC</name>
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        <name>BANK OF MONTREAL</name>
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        <name>ALTAGAS LTD</name>
        <lei>2549008X5V70MOS4HM10</lei>
        <title>AltaGas Ltd</title>
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        <name>UNIVERSAL INSURANCE HLDS</name>
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        <name>BARCLAYS PLC</name>
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        <title>Barclays PLC</title>
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        <name>BNP PARIBAS</name>
        <lei>R0MUWSFPU8MPRO8K5P83</lei>
        <title>BNP Paribas SA</title>
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        <name>ENBRIDGE INC</name>
        <lei>98TPTUM4IVMFCZBCUR27</lei>
        <title>Enbridge Inc</title>
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        <invCountry>CA</invCountry>
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      <invstOrSec>
        <name>GENERAL MOTORS FINL CO</name>
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      <invstOrSec>
        <name>ING GROEP NV</name>
        <lei>549300NYKK9MWM7GGW15</lei>
        <title>ING Groep NV</title>
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        <invCountry>NL</invCountry>
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          <maturityDt>N/A</maturityDt>
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          <annualizedRt>3.87500000</annualizedRt>
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      <invstOrSec>
        <name>BANCO SANTANDER SA</name>
        <lei>5493006QMFDDMYWIAM13</lei>
        <title>Banco Santander SA</title>
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          <isin value="US05971KAH23"/>
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        <balance>11400000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>ES</invCountry>
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          <maturityDt>N/A</maturityDt>
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          <annualizedRt>4.75000000</annualizedRt>
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      <invstOrSec>
        <name>NATWEST GROUP PLC</name>
        <lei>2138005O9XJIJN4JPN90</lei>
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        <cusip>639057AQ1</cusip>
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          <isin value="US639057AQ15"/>
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        <balance>670000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>750440.87000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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          <maturityDt>N/A</maturityDt>
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          <annualizedRt>8.12500000</annualizedRt>
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      <invstOrSec>
        <name>MORGAN STANLEY</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>Morgan Stanley</title>
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          <isin value="US61763E2072"/>
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        <balance>674994.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>CITIGROUP INC</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>Citigroup Inc</title>
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        <balance>9725000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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          <annualizedRt>7.62500000</annualizedRt>
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      <invstOrSec>
        <name>ENERGY TRANSFER LP</name>
        <lei>MTLVN9N7JE8MIBIJ1H73</lei>
        <title>Energy Transfer LP</title>
        <cusip>29273VAX8</cusip>
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          <isin value="US29273VAX82"/>
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        <balance>2550000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2721156.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>KEYCORP</name>
        <lei>RKPI3RZGV1V1FJTH5T61</lei>
        <title>KeyCorp</title>
        <cusip>493267843</cusip>
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          <isin value="US4932678430"/>
          <ticker value="KEY"/>
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        <balance>198300.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5013024.00000000</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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      <invstOrSec>
        <name>PRUDENTIAL FINANCIAL INC</name>
        <lei>5PRBRS5FEH7NREC8OR45</lei>
        <title>Prudential Financial Inc</title>
        <cusip>744320BL5</cusip>
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          <isin value="US744320BL59"/>
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        <balance>940000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1004604.32000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.75000000</annualizedRt>
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      <invstOrSec>
        <name>TRANSCANADA TRUST</name>
        <lei>549300Y0MFCAXLBWUV51</lei>
        <title>Transcanada Trust</title>
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        <balance>3254000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3231156.92000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2079-09-15</maturityDt>
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          <annualizedRt>5.50000000</annualizedRt>
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        <name>COMPEER FINANCIAL ACA</name>
        <lei>54930020HTACTODKHT04</lei>
        <title>Compeer Financial ACA</title>
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        <balance>975000.00000000</balance>
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        <invCountry>US</invCountry>
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          <maturityDt>N/A</maturityDt>
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      <invstOrSec>
        <name>KEYCORP</name>
        <lei>RKPI3RZGV1V1FJTH5T61</lei>
        <title>KeyCorp</title>
        <cusip>493267AK4</cusip>
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          <isin value="US493267AK43"/>
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        <balance>650000.00000000</balance>
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        <invCountry>US</invCountry>
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          <maturityDt>N/A</maturityDt>
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      <invstOrSec>
        <name>LINCOLN NATIONAL CORP</name>
        <lei>EFQMQROEDSNBRIP7LE47</lei>
        <title>Lincoln National Corp</title>
        <cusip>534187885</cusip>
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        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
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        <name>DOMINION ENERGY INC</name>
        <lei>ILUL7B6Z54MRYCF6H308</lei>
        <title>Dominion Energy Inc</title>
        <cusip>25746UDV8</cusip>
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        <balance>2515000.00000000</balance>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>GENERAL MOTORS FINL CO</name>
        <lei>5493008B6JBRUJ90QL97</lei>
        <title>General Motors Financial Co Inc</title>
        <cusip>37045XDB9</cusip>
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          <isin value="US37045XDB91"/>
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          <maturityDt>N/A</maturityDt>
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        <name>EXELON CORP</name>
        <lei>3SOUA6IRML7435B56G12</lei>
        <title>Exelon Corp</title>
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        <name>ATHENE HOLDING LTD</name>
        <lei>549300H316CT32FQXI76</lei>
        <title>Athene Holding Ltd</title>
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        <name>CITIGROUP INC</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>Citigroup Inc</title>
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        <invCountry>US</invCountry>
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          <maturityDt>N/A</maturityDt>
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      <invstOrSec>
        <name>HSBC HOLDINGS PLC</name>
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      <invstOrSec>
        <name>REGIONS FINANCIAL CORP</name>
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        <name>SYNCHRONY FINANCIAL</name>
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      <invstOrSec>
        <name>AXIS SPECIALTY FINANCE</name>
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        <name>ENSTAR FINANCE LLC</name>
        <lei>N/A</lei>
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        <name>WELLS FARGO &amp; COMPANY</name>
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        <title>Wells Fargo &amp; Co</title>
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      <invstOrSec>
        <name>ENERGY TRANSFER LP</name>
        <lei>MTLVN9N7JE8MIBIJ1H73</lei>
        <title>Energy Transfer LP</title>
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        <name>CITIGROUP INC</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>Citigroup Inc</title>
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        <name>GOLDMAN SACHS GROUP INC</name>
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        <name>BANCO MERCANTIL DE NORTE</name>
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        <name>LIBERTY MUTUAL GROUP INC</name>
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        <name>ADAMAS TRUST INC</name>
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        <title>Adamas Trust Inc</title>
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        <name>CARLYLE FINANCE LLC</name>
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        <name>GOLDMAN SACHS GROUP INC</name>
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        <title>Goldman Sachs Group Inc/The</title>
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        <name>HUNTINGTON BANCSHARES</name>
        <lei>549300XTVCVV9I7B5T19</lei>
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        <name>CITIGROUP INC</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>Citigroup Inc</title>
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        <name>CREDIT AGRICOLE SA</name>
        <lei>969500TJ5KRTCJQWXH05</lei>
        <title>Credit Agricole SA</title>
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        <invCountry>FR</invCountry>
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        <name>DUKE ENERGY CORP</name>
        <lei>I1BZKREC126H0VB1BL91</lei>
        <title>Duke Energy Corp</title>
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        <name>SPIRE INC</name>
        <lei>549300NXSY15DRY2R511</lei>
        <title>Spire Inc</title>
        <cusip>84857LAE1</cusip>
        <identifiers>
          <isin value="US84857LAE11"/>
        </identifiers>
        <balance>1575000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1577163.89000000</valUSD>
        <pctVal>0.336852900122</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-06-01</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"/>
        </identifiers>
        <balance>1300000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1383175.30000000</valUSD>
        <pctVal>0.295420541984</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>CREDIT AGRICOLE SA</name>
        <lei>969500TJ5KRTCJQWXH05</lei>
        <title>Credit Agricole SA</title>
        <cusip>225313AP0</cusip>
        <identifiers>
          <isin value="US225313AP06"/>
        </identifiers>
        <balance>1130000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1089621.37000000</valUSD>
        <pctVal>0.232722877341</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>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>2987863.20000000</valUSD>
        <pctVal>0.638152059192</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>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>1713262.18000000</valUSD>
        <pctVal>0.365920965894</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>1873410.00000000</valUSD>
        <pctVal>0.400125564387</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>4154293.00000000</valUSD>
        <pctVal>0.887279789931</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>SEMPRA</name>
        <lei>PBBKGKLRK5S5C0Y4T545</lei>
        <title>Sempra</title>
        <cusip>816851BM0</cusip>
        <identifiers>
          <isin value="US816851BM02"/>
        </identifiers>
        <balance>3250000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3169074.03000000</valUSD>
        <pctVal>0.676855325230</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.12500000</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>SUNOCO LP</name>
        <lei>54930001NJU8E40NQ561</lei>
        <title>Sunoco LP</title>
        <cusip>86765KAE9</cusip>
        <identifiers>
          <isin value="US86765KAE91"/>
        </identifiers>
        <balance>1445000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1471356.80000000</valUSD>
        <pctVal>0.314254471800</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>7.87500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <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. 05946KAF8:05946KAM3:05962GAJ8:05971PAB4:05971PAE8:05973KAB3:05964HBH7:05971KAH2:05971KAQ2:06368L5Q5:06368L8V1:06368LQ58:0641598S8:0641598V1:0641598X7:06419GEE2:06738EBT1:06738EBX2:06738ECN3:06738EDC6:05533UAG3:05565A5R0:05565AM34:05565AS20:05565ASK0:05602XJC3:05602XQQ4:13607P7Y4:13607PNF7:225313AP0:225313AT2:404280BL2:404280BP3:404280EJ4:404280FA2:258524098:456837AY9:539439BF5:53944YAV5:639057AD0:639057AQ1:780082AR4:780082AT0:780082AV5:780082AY9:83367TBU2:83370RAA6:83370RAB4:83370RAC2:853254BX7:853254CM0:89116CKP1:89117F8Z5:902613AD0:902613AJ7:902613BE7." 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. 00774MBK0:00774MBQ7:00130HCK9:015857AH8:02005NBM1:02005NBN9:021361AD2:02369GAA3:025537AU5:025537BA8:02557TAF6:025816CH0:026874BS5:025676AR8:05463HAC5:060505EU4:060505GB4:06055HAB9:06055HAK9:064058AR1:0778FPAQ2:11102AAG6:14040HCF0:15189TBJ5:172967MU2:172967MV0:172967NB3:172967PC9:172967PE5:172967PK1:172967PM7:172967PR6:17327CAV5:17327CBC6:174610AQ8:125896BY5:19075QAC6:19075QAG7:20035AAA2:20453QAA0:20453QAC6:21871XAT6:21871XAU3:126650EH9:25746UDM8:25746UDU0:25746UDV8:26441CCG8:281020AS6:281020AT4:290876AD3:29250NAN5:29250NBT1:29250NCG8:29273VAM2:29273VAX8:29273VBH2:29360AAB6:29359UAD1:29364GAQ6:29364GAS2:29452EAD3:29882DAB9:299808AE5:30034WAE6:30161NBQ3:30767EAF6:31959XAG8:302491AZ8:34962TAA9:37045XCA2:37045XCM6:37045XDB9:37959GAG2:37959GAH0:38141GA38:38141GA79:38141GB52:38141GC28:38144GAB7:38148BAE8:446150AT1:446150AV6:446150BG8:48128BAN1:48128BAQ4:493267AK4:50149XAA2:514666AK2:514666AM8:514666AN6:53079EAN4:53079EBM5:534187BR9:55261FAH7:55261FAN4:591560AA5:59156RAV0:59156RBS6:61745VAB9:302570AX4:65339KCW8:65339KDB3:65339KDE7:65473PAR6:65473PAT2:66765NAA3:92556HAE7:69331VAA4:718547BA9:693475BC8:693475BD6:693475BF1:693475BP9:743863AA0:744320BL5:759351AT6:775109DH1:78397DAA6:78397DAC2:816851BM0:816851BS7:816851BT5:836720AJ1:842587EB9:84857LAE1:857477CH4:86765KAE9:87971MCM3:89356BAE8:92840MAC6:92857WBQ2:949746TD3:95002YAA1:95002YAC7." noteItem="C.4.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-01-23</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>
</edgarSubmission>
