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        <name>Centerpoint Energy Inc</name>
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        <name>Paramount Global</name>
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        <name>Societe Generale S.A.</name>
        <lei>O2RNE8IBXP4R0TD8PU41</lei>
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        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Qwest Corporation</name>
        <lei>549300R2L4N683OO1509</lei>
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          <ticker value="CTL"/>
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        <name>Citigroup Inc.</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Morgan Stanley</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>Morgan Stanley DEPOSITARY SHARES, EACH REPRESENTING 1/1,000TH OWNERSHIP INTEREST IN A SHARE OF 6.625% NONCUMULATIVE PREFERRED STOCK, SERIES Q</title>
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        <curCd>USD</curCd>
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        <assetCat>EP</assetCat>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>TXNM Energy Inc.</name>
        <lei>5493003JOBJGLZSDDQ28</lei>
        <title>TXNM V7 07/31/56 144A</title>
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          <isin value="US69349HAJ68"/>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
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          <couponKind>Fixed</couponKind>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>BNP Paribas SA</name>
        <lei>R0MUWSFPU8MPRO8K5P83</lei>
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        <name>Barclays PLC</name>
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              <title>Barclays PLC ADR</title>
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      <invstOrSec>
        <name>Wintrust Financial Corporation</name>
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        <name>Royal Bank of Canada</name>
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      <invstOrSec>
        <name>State Street Corp.</name>
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      <invstOrSec>
        <name>LEHMAN BROS HLDG-ESCROW</name>
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      <invstOrSec>
        <name>Northwest Natural Holding Company</name>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Qwest Corporation</name>
        <lei>549300R2L4N683OO1509</lei>
        <title>Qwest Corporation 6.5% NOTES DUE 2056</title>
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          <isin value="US74913G8814"/>
          <ticker value="CTL"/>
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        <name>CoMed Financing III</name>
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        <name>Cobank ACB</name>
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        <name>F&amp;G Annuities &amp; Life Inc.</name>
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        <name>HSBC Holdings PLC</name>
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        <name>NiSource Inc.</name>
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        <name>Ally Financial Inc.</name>
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        <name>Xcel Energy Inc</name>
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        <name>Wells Fargo &amp; Co.</name>
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        <name>Citigroup Inc.</name>
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        <name>Land O'Lakes Inc.</name>
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        <name>The Toronto-Dominion Bank</name>
        <lei>PT3QB789TSUIDF371261</lei>
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        <invCountry>CA</invCountry>
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        <name>Annaly Capital Management, Inc.</name>
        <lei>2DTL0G3FPRYUT58TI025</lei>
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        <cusip>035710870</cusip>
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        <invCountry>US</invCountry>
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        <name>Bank of Nova Scotia</name>
        <lei>L3I9ZG2KFGXZ61BMYR72</lei>
        <title>BNS V8 01/27/84</title>
        <cusip>0641598V1</cusip>
        <identifiers>
          <isin value="US0641598V18"/>
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        <balance>840000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>899285.52000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>8.00000000</annualizedRt>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>UBS Group AG</name>
        <lei>549300SZJ9VS8SGXAN81</lei>
        <title>UBS V7 PERP 144</title>
        <cusip>902613BW7</cusip>
        <identifiers>
          <isin value="US902613BW72"/>
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        <balance>630000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>634390.47000000</valUSD>
        <pctVal>0.389266321951</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>N/A</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Morgan Stanley</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>Morgan Stanley DEPOSITARY SHARES EACH REPRESENTING 1/1,000 TH OF A SHARE OF FIXED-TO-FLOATING RATE NON-CUMULATIVE PREFERRED STOCK, SERIES E</title>
        <cusip>61762V200</cusip>
        <identifiers>
          <isin value="US61762V2007"/>
          <ticker value="MS"/>
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        <balance>58216.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1484508.00000000</valUSD>
        <pctVal>0.910904240202</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>
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      <invstOrSec>
        <name>Dime Community Bancshares Inc.</name>
        <lei>0002487650</lei>
        <title>Dime Community Bancshares Inc. 9.000% FIXED TO FLOATING RATE SUBORDINATED NOTES DUE JULY 15, 2034</title>
        <cusip>25432X300</cusip>
        <identifiers>
          <isin value="US25432X3008"/>
          <ticker value="DCOM"/>
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        <balance>15800.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>413328.00000000</valUSD>
        <pctVal>0.253620881662</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>
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      <invstOrSec>
        <name>Banco Bilbao Vizcaya Argentaria SA</name>
        <lei>K8MS7FD7N5Z2WQ51AZ71</lei>
        <title>BBVASM V9.375 PERP</title>
        <cusip>05946KAM3</cusip>
        <identifiers>
          <isin value="US05946KAM36"/>
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        <balance>1600000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1786006.40000000</valUSD>
        <pctVal>1.095905716095</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>9.37500000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isMandatoryConvrtbl>N</isMandatoryConvrtbl>
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            <currencyInfo convRatio="0.00000000" curCd="USD"/>
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          <delta>XXXX</delta>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>NextEra Energy Capital Holdings Inc</name>
        <lei>UMI46YPGBLUE4VGNNT48</lei>
        <title>NEE V6.75 06/15/54</title>
        <cusip>65339KDB3</cusip>
        <identifiers>
          <isin value="US65339KDB35"/>
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        <balance>700000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>744990.30000000</valUSD>
        <pctVal>0.457131132455</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.75000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>WaFd Inc</name>
        <lei>0003065617</lei>
        <title>WaFd Inc DEPOSITARY SHARES, EACH REPRESENTING A 1/40TH INTEREST IN A SHARE OF 4.875% FIXED RATE NON-CUMULATIVE PERPETUAL PREFERRED STOCK, SERIES A</title>
        <cusip>938824307</cusip>
        <identifiers>
          <isin value="US9388243076"/>
          <ticker value="WAFD"/>
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        <balance>18000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>295200.00000000</valUSD>
        <pctVal>0.181136734667</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>BNP Paribas SA</name>
        <lei>R0MUWSFPU8MPRO8K5P83</lei>
        <title>BNP V7.45 PERP 144A</title>
        <cusip>05602XQQ4</cusip>
        <identifiers>
          <isin value="US05602XQQ42"/>
        </identifiers>
        <balance>300000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>317190.30000000</valUSD>
        <pctVal>0.194630132825</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>7.45000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Assurant Inc.</name>
        <lei>H3F39CAXWQRVWURFXL38</lei>
        <title>Assurant Inc. 5.25% SUBORDINATED NOTES DUE JANUARY 15, 2061</title>
        <cusip>04621X306</cusip>
        <identifiers>
          <isin value="US04621X3061"/>
          <ticker value="AIZ"/>
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        <balance>13100.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>268812.00000000</valUSD>
        <pctVal>0.164944877775</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>Fifth Third Bancorp</name>
        <lei>THRNG6BD57P9QWTQLG42</lei>
        <title>Fifth Third Bancorp DEPOSITARY SHARES REPRESENTING A 1/40TH OWNERSHIP INTEREST IN A SHARE OF 6.875% FIXED-RATE RESET NON-CUMULATIVE PERPETUAL PREFERRE</title>
        <cusip>316773837</cusip>
        <identifiers>
          <isin value="US3167738372"/>
          <ticker value="FITB"/>
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        <balance>122850.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3163387.50000000</valUSD>
        <pctVal>1.941076159342</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>
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      <invstOrSec>
        <name>Kuvare United States Holdings Inc</name>
        <lei>254900MGBERNLZXF7O58</lei>
        <title>KUVARE V7 02/17/51 144A</title>
        <cusip>50149XAA2</cusip>
        <identifiers>
          <isin value="US50149XAA28"/>
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        <balance>1125000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1130571.83000000</valUSD>
        <pctVal>0.693726590763</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

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          <couponKind>Fixed</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>British Telecommunications PLC</name>
        <lei>549300OWFMSO9NYV4H90</lei>
        <title>BRITEL V4.875 11/23/81 144A</title>
        <cusip>11102AAG6</cusip>
        <identifiers>
          <isin value="US11102AAG67"/>
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        <curCd>USD</curCd>
        <valUSD>530473.16000000</valUSD>
        <pctVal>0.325501951325</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2081-11-23</maturityDt>
          <couponKind>Fixed</couponKind>
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          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Wesbanco Inc</name>
        <lei>0001070448</lei>
        <title>Wesbanco Inc DEPOSITARY SHARES, EACH REPRESENTING A 1/40TH INTEREST IN A SHARE OF 7.375% FIXED-RATE RESET NON-CUMULATIVE PERPETUAL PREFERRED STOCK, SE</title>
        <cusip>950810887</cusip>
        <identifiers>
          <isin value="US9508108878"/>
          <ticker value="WSBC"/>
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        <balance>57875.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1496068.75000000</valUSD>
        <pctVal>0.917997995301</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>
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      <invstOrSec>
        <name>Compeer Financial, ACA</name>
        <lei>54930020HTACTODKHT04</lei>
        <title>CMPFIN V4.875 PERP QIB</title>
        <cusip>20453QAA0</cusip>
        <identifiers>
          <isin value="US20453QAA04"/>
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        <balance>250000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>246883.75000000</valUSD>
        <pctVal>0.151489553920</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>4.87500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>TPG RE Finance Trust Inc.</name>
        <lei>N/A</lei>
        <title>TPG RE Finance Trust Inc. 6.25% SERIES C CUMULATIVE REDEEMABLE PREFERRED STOCK</title>
        <cusip>87266M206</cusip>
        <identifiers>
          <isin value="US87266M2061"/>
          <ticker value="TRTX"/>
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        <balance>21700.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>414470.00000000</valUSD>
        <pctVal>0.254321620655</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>
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      <invstOrSec>
        <name>Citizens Financial Group Inc</name>
        <lei>2138004JDDA4ZQUPFW65</lei>
        <title>CFG V6.375 PERP C</title>
        <cusip>174610AQ8</cusip>
        <identifiers>
          <isin value="US174610AQ88"/>
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        <balance>1820000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1828304.66000000</valUSD>
        <pctVal>1.121860217106</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>Floating</couponKind>
          <annualizedRt>7.06838000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Barclays PLC</name>
        <lei>213800LBQA1Y9L22JB70</lei>
        <title>BACR V7.625 PERP</title>
        <cusip>06738EDC6</cusip>
        <identifiers>
          <isin value="US06738EDC66"/>
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        <balance>620000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>658570.20000000</valUSD>
        <pctVal>0.404103169299</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>N/A</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.62500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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        <name>Stifel Financial Corporation</name>
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        <name>Regions Financial Corporation</name>
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        <name>Reinsurance Group of America, Incorporated</name>
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        <name>Royal Bank of Canada</name>
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        <name>SCE Trust V</name>
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        <cusip>78409W201</cusip>
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          <isin value="US78409W2017"/>
          <ticker value="EIX"/>
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        <name>Algonquin Power &amp; Utilities Corporation</name>
        <lei>549300K5VIUTJXQL7X75</lei>
        <title>Algonquin Power &amp; Utilities Corporation FIXED-TO-FLOATING RATE SUBORDINATED NOTES SERIES 2019-A DUE JULY 1, 2079</title>
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          <isin value="US0158578080"/>
          <ticker value="AQNCN"/>
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        <valUSD>1240024.50000000</valUSD>
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        <assetCat>EP</assetCat>
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        <invCountry>CA</invCountry>
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        <name>M&amp;T Bank Corporation</name>
        <lei>549300WYXDDBYRASEG81</lei>
        <title>MTB V3.5 PERP</title>
        <cusip>55261FAN4</cusip>
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        <valUSD>568627.97000000</valUSD>
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        <issuerCat>CORP</issuerCat>
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        <name>AXIS Capital Holdings Limited</name>
        <lei>635400VD2NQBYAHMEM55</lei>
        <title>AXIS Capital Holdings Limited DEPOSITARY SHARES EACH REPRESENTING 1/100 TH INTEREST IN A 5.50% SERIES E PREFERRED SHARE</title>
        <cusip>05461T305</cusip>
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          <ticker value="AXS"/>
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        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

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        <name>Ally Financial Inc.</name>
        <lei>549300JBN1OSM8YNAI90</lei>
        <title>ALLY V4.7 PERP B</title>
        <cusip>02005NBM1</cusip>
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          <couponKind>Fixed</couponKind>
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        <name>SBL Holdings Inc.</name>
        <lei>635400MJW3QDSBJRKQ59</lei>
        <title>SECBEN V9.508 PERP 144A</title>
        <cusip>78397DAA6</cusip>
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          <isin value="US78397DAA63"/>
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        <balance>975000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>974466.32000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>N/A</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>9.50800000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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        <name>NextEra Energy Capital Holdings Inc</name>
        <lei>UMI46YPGBLUE4VGNNT48</lei>
        <title>NEE V6.375 08/15/55</title>
        <cusip>65339KDE7</cusip>
        <identifiers>
          <isin value="US65339KDE73"/>
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        <balance>640000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>665162.24000000</valUSD>
        <pctVal>0.408148090032</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.37500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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        <name>TELUS CORP</name>
        <lei>894500TX134IMF6NW757</lei>
        <title>TCN V7 10/15/55</title>
        <cusip>87971MCM3</cusip>
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          <isin value="US87971MCM38"/>
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        <valUSD>485596.70000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>7.00000000</annualizedRt>
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        <name>Goldman Sachs Group, Inc.</name>
        <lei>784F5XWPLTWKTBV3E584</lei>
        <title>GS V7.5 PERP X</title>
        <cusip>38141GA79</cusip>
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          <isin value="US38141GA799"/>
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          <couponKind>Fixed</couponKind>
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        <name>Lloyds Banking Group PLC</name>
        <lei>549300PPXHEU2JF0AM85</lei>
        <title>LLOYDS V6.625 PERP</title>
        <cusip>539439BF5</cusip>
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          <isin value="US539439BF59"/>
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        <curCd>USD</curCd>
        <valUSD>553117.00000000</valUSD>
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        <issuerCat>CORP</issuerCat>
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          <couponKind>Fixed</couponKind>
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        <name>Sempra</name>
        <lei>PBBKGKLRK5S5C0Y4T545</lei>
        <title>SRE V6.4 10/01/54</title>
        <cusip>816851BT5</cusip>
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          <isin value="US816851BT54"/>
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        <valUSD>654881.92000000</valUSD>
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        <issuerCat>CORP</issuerCat>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>6.40000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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        <name>First Citizens BancShares Inc (Delaware)</name>
        <lei>549300N3Z00ZHE2XC526</lei>
        <title>First Citizens BancShares Inc (Delaware) DEPOSITARY SHARES, EACH REPRESENTING A 1/40TH INTEREST IN A SHARE OF 6.625% NON-CUMULATIVE PERPETUAL PREFERRE</title>
        <cusip>31959X400</cusip>
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          <isin value="US31959X4007"/>
          <ticker value="FCNCA"/>
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        <curCd>USD</curCd>
        <valUSD>835140.60000000</valUSD>
        <pctVal>0.512447971789</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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        <name>Fulton Financial Corporation</name>
        <lei>5493005QLZ6O1BNC0C11</lei>
        <title>Fulton Financial Corporation DEPOSITARY SHARES, EACH REPRESENTING A 1/40TH INTEREST IN A SHARE OF FIXED RATE NON-CUMULATIVE PERPETUAL PREFERRED STOCK,</title>
        <cusip>360271308</cusip>
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          <isin value="US3602713089"/>
          <ticker value="FULT"/>
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        <curCd>USD</curCd>
        <valUSD>159692.00000000</valUSD>
        <pctVal>0.097988101058</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Citigroup Inc.</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>C V7 PERP DD</title>
        <cusip>172967PM7</cusip>
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          <isin value="US172967PM70"/>
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        <balance>950000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1002148.35000000</valUSD>
        <pctVal>0.614925066976</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>American National Group Inc.</name>
        <lei>549300RK5RZQ740FPL83</lei>
        <title>ANGINC V7 12/01/55</title>
        <cusip>025676AR8</cusip>
        <identifiers>
          <isin value="US025676AR82"/>
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        <balance>575000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>570498.21000000</valUSD>
        <pctVal>0.350061595166</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
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      <invstOrSec>
        <name>PNC Financial Services Group Inc.</name>
        <lei>CFGNEKW0P8842LEUIA51</lei>
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      <invstOrSec>
        <name>Fifth Third Bancorp</name>
        <lei>THRNG6BD57P9QWTQLG42</lei>
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      <invstOrSec>
        <name>American Electric Power Co, Inc.</name>
        <lei>1B4S6S7G0TW5EE83BO58</lei>
        <title>AEP V3.875 02/15/62</title>
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        <curCd>USD</curCd>
        <valUSD>1045353.95000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2062-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.87500000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      <invstOrSec>
        <name>Land O'Lakes Inc.</name>
        <lei>4ONCJWH5BBCYSJIJYX61</lei>
        <title>LLAKES 8 PERP 144A</title>
        <cusip>514666AK2</cusip>
        <identifiers>
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        <curCd>USD</curCd>
        <valUSD>3912189.84000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <debtSec>
          <maturityDt>N/A</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.00000000</annualizedRt>
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      <invstOrSec>
        <name>Banco Santander SA</name>
        <lei>5493006QMFDDMYWIAM13</lei>
        <title>SANTAN V8 PERP</title>
        <cusip>05964HBH7</cusip>
        <identifiers>
          <isin value="US05964HBH75"/>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.00000000</annualizedRt>
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      <invstOrSec>
        <name>UBS Group AG</name>
        <lei>549300SZJ9VS8SGXAN81</lei>
        <title>UBS V9.25 PERP 144A</title>
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        <identifiers>
          <isin value="US902613BE74"/>
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        <curCd>USD</curCd>
        <valUSD>234441.60000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>N/A</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.25000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>UMB Financial Corp.</name>
        <lei>549300MGEH3N3CUCV828</lei>
        <title>UMB Financial Corp. DEP SHS ECH REP A 1/400TH INT 7.750% FIXED NON-CUMULATIVE PREF STOCK SER B</title>
        <cusip>902788405</cusip>
        <identifiers>
          <isin value="US9027884058"/>
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        <curCd>USD</curCd>
        <valUSD>1029120.00000000</valUSD>
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        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Bank of Nova Scotia</name>
        <lei>L3I9ZG2KFGXZ61BMYR72</lei>
        <title>BNS V7.35 04/27/85</title>
        <cusip>0641598X7</cusip>
        <identifiers>
          <isin value="US0641598X73"/>
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        <balance>602000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>633281.73000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2085-04-27</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.35000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Huntington Bancshares Incorporated</name>
        <lei>549300XTVCVV9I7B5T19</lei>
        <title>HBAN V6.25 PERP K</title>
        <cusip>446150BG8</cusip>
        <identifiers>
          <isin value="US446150BG87"/>
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        <balance>320000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>322581.44000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>N/A</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.25000000</annualizedRt>
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          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>The Bank of New York Mellon Corp.</name>
        <lei>WFLLPEPC7FZXENRZV188</lei>
        <title>The Bank of New York Mellon Corp. DEPOSITARY SHARES EACH REPRESENTING A 1/4,000TH INTEREST IN A SHARE OF SERIES K NONCUMULATIVE PERPETUAL PREFERRED ST</title>
        <cusip>064058845</cusip>
        <identifiers>
          <isin value="US0640588457"/>
          <ticker value="BK"/>
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        <curCd>USD</curCd>
        <valUSD>53220.22000000</valUSD>
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        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>Corebridge Financial Inc.</name>
        <lei>549300XY1661QCIA7J65</lei>
        <title>CRBG V6.375 09/15/54</title>
        <cusip>21871XAT6</cusip>
        <identifiers>
          <isin value="US21871XAT63"/>
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        <balance>640000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>640481.92000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>6.37500000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Wells Fargo &amp; Co.</name>
        <lei>PBLD0EJDB5FWOLXP3B76</lei>
        <title>WFC V7.625 PERP</title>
        <cusip>95002YAA1</cusip>
        <identifiers>
          <isin value="US95002YAA10"/>
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        <balance>1920000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2049980.16000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>N/A</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.62500000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>American Agcredit ACA</name>
        <lei>0002558989</lei>
        <title>AAGACA V5.25 PERP QIB</title>
        <cusip>02369GAA3</cusip>
        <identifiers>
          <isin value="US02369GAA31"/>
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        <curCd>USD</curCd>
        <valUSD>1603153.98000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Vistra Corp</name>
        <lei>549300KP43CPCUJOOG15</lei>
        <title>VST V7 PERP 144A</title>
        <cusip>92840MAC6</cusip>
        <identifiers>
          <isin value="US92840MAC64"/>
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        <balance>150000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>151889.70000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>7.00000000</annualizedRt>
          <isDefault>N</isDefault>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Dime Community Bancshares Inc.</name>
        <lei>0002487650</lei>
        <title>Dime Community Bancshares Inc. 5.50% FIXED-RATE NON-CUMULATIVE PERPETUAL PREFERRED STOCK, SERIES A</title>
        <cusip>25432X201</cusip>
        <identifiers>
          <isin value="US25432X2018"/>
          <ticker value="DCOM"/>
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        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>549550.00000000</valUSD>
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        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <securityLending>
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        <name>Arbor Realty Trust, Inc.</name>
        <lei>549300ASFUWYQO0RW077</lei>
        <title>Arbor Realty Trust, Inc. 6.25% SERIES F FIXED-TO-FLOATING RATE CUMULATIVE REDEEMABLE PREFERRED STOCK</title>
        <cusip>038923850</cusip>
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          <ticker value="ABR"/>
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        <curCd>USD</curCd>
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        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <securityLending>
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        <name>Societe Generale S.A.</name>
        <lei>O2RNE8IBXP4R0TD8PU41</lei>
        <title>SOCGEN V5.375 PERP 144a</title>
        <cusip>83370RAA6</cusip>
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          <isin value="US83370RAA68"/>
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        <curCd>USD</curCd>
        <valUSD>728949.68000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.37500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Bank of Nova Scotia</name>
        <lei>L3I9ZG2KFGXZ61BMYR72</lei>
        <title>BNS V6.875 10/27/85</title>
        <cusip>06419GEE2</cusip>
        <identifiers>
          <isin value="US06419GEE26"/>
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        <balance>650000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>671424.00000000</valUSD>
        <pctVal>0.411990348703</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2085-10-27</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.87500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Sempra</name>
        <lei>PBBKGKLRK5S5C0Y4T545</lei>
        <title>SRE V6.875 10/01/54</title>
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        <identifiers>
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        <curCd>USD</curCd>
        <valUSD>664822.15000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.87500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Webster Financial Corp.</name>
        <lei>KMRURHT0VWKYS6Z5KU67</lei>
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        <cusip>947890703</cusip>
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          <ticker value="WBS"/>
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        <curCd>USD</curCd>
        <valUSD>211330.72000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Dominion Energy Inc</name>
        <lei>ILUL7B6Z54MRYCF6H308</lei>
        <title>D V4.35 PERP C</title>
        <cusip>25746UDM8</cusip>
        <identifiers>
          <isin value="US25746UDM80"/>
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        <balance>565000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>562660.67000000</valUSD>
        <pctVal>0.345252427132</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>4.35000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Global Atlantic Finance Co.</name>
        <lei>98450051B2E65CAA7E94</lei>
        <title>GBLATL V7.25 03/01/56 144A</title>
        <cusip>37959GAH0</cusip>
        <identifiers>
          <isin value="US37959GAH02"/>
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        <balance>770000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>734017.56000000</valUSD>
        <pctVal>0.450398184305</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Connectone Bancorp Inc.</name>
        <lei>549300E2M5ZYAZKUK134</lei>
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        <cusip>20786W503</cusip>
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          <isin value="US20786W5031"/>
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        <curCd>USD</curCd>
        <valUSD>877816.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CNO Financial Group, Inc.</name>
        <lei>11XPYHB76MPM4Y4P2897</lei>
        <title>CNO Financial Group, Inc. 5.125% SUBORDINATED DEBENTURES DUE NOVEMBER 25, 2060</title>
        <cusip>12621E301</cusip>
        <identifiers>
          <isin value="US12621E3018"/>
          <ticker value="CNO"/>
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        <curCd>USD</curCd>
        <valUSD>242875.00000000</valUSD>
        <pctVal>0.149029757562</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>
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      <invstOrSec>
        <name>Bank of Montreal</name>
        <lei>NQQ6HPCNCCU6TUTQYE16</lei>
        <title>BMO V7.3 11/26/84</title>
        <cusip>06368L5Q5</cusip>
        <identifiers>
          <isin value="US06368L5Q57"/>
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        <balance>390000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>415425.66000000</valUSD>
        <pctVal>0.254908020154</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2084-11-26</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.30000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Capital One Financial Corp.</name>
        <lei>ZUE8T73ROZOF6FLBAR73</lei>
        <title>COF V3.95 PERP M</title>
        <cusip>14040HCF0</cusip>
        <identifiers>
          <isin value="US14040HCF01"/>
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        <balance>880000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>874646.17000000</valUSD>
        <pctVal>0.536688859157</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>3.95000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Canadian Imperial Bank of Commerce</name>
        <lei>2IGI19DL77OX0HC3ZE78</lei>
        <title>CM V6.95 01/28/85</title>
        <cusip>13607PNF7</cusip>
        <identifiers>
          <isin value="US13607PNF70"/>
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        <balance>550000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>569130.65000000</valUSD>
        <pctVal>0.349222451016</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2085-01-28</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.95000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Citizens Financial Group Inc</name>
        <lei>2138004JDDA4ZQUPFW65</lei>
        <title>Citizens Financial Group Inc DEPOSITARY SHARES, EACH REPRESENTING A 1/40TH INTEREST IN A SHARE OF 7.375% FIXED-RATE NON-CUMULATIVE PERPETUAL PREFERRED</title>
        <cusip>174610600</cusip>
        <identifiers>
          <isin value="US1746106004"/>
          <ticker value="CFG"/>
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        <balance>29000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>761250.00000000</valUSD>
        <pctVal>0.467108195344</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>BBVA MEXICO SA TEXAS BRANCH</name>
        <lei>549300WIWQK5Q9MCUN92</lei>
        <title>BBVASM V5.875 09/13/34 144A</title>
        <cusip>05533UAG3</cusip>
        <identifiers>
          <isin value="US05533UAG31"/>
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        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>505881.54000000</valUSD>
        <pctVal>0.310412365461</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.87500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Rogers Communications Inc.</name>
        <lei>5493000M6Z4XFIP6PF03</lei>
        <title>RCICN V7.125 04/15/55</title>
        <cusip>775109DH1</cusip>
        <identifiers>
          <isin value="US775109DH13"/>
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        <balance>570000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>603976.92000000</valUSD>
        <pctVal>0.370604360106</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.12500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Cobank ACB</name>
        <lei>P0J8I7M2E0A77CKF1705</lei>
        <title>COBKAC V7.125 PERP M</title>
        <cusip>19075QAG7</cusip>
        <identifiers>
          <isin value="US19075QAG73"/>
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        <balance>430000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>447443.81000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>N/A</maturityDt>
          <couponKind>Fixed</couponKind>
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          <isDefault>N</isDefault>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>MetLife Inc.</name>
        <lei>C4BXATY60WC6XEOZDX54</lei>
        <title>MET 10.75 08/01/39</title>
        <cusip>59156RAV0</cusip>
        <identifiers>
          <isin value="US59156RAV06"/>
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        <balance>2703000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3581896.67000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      <invstOrSec>
        <name>Banco Mercantil Del Norte SA Cayman Islands Branch</name>
        <lei>N/A</lei>
        <title>BANORT V8.75 PERP 144A</title>
        <cusip>05971PAE8</cusip>
        <identifiers>
          <isin value="US05971PAE88"/>
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        <balance>820000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>903570.30000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

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        <debtSec>
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          <couponKind>Fixed</couponKind>
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          <isDefault>N</isDefault>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>Provident Financing Trust I</name>
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          <isin value="US743863AA09"/>
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        <balance>5160000.00000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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      <invstOrSec>
        <name>Citigroup Inc.</name>
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        <title>C V7.125 PERP CC</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>7.12500000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>Entergy Corporation</name>
        <lei>4XM3TW50JULSLG8BNC79</lei>
        <title>ETR V6.1 06/15/56</title>
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          <isin value="US29364GAS21"/>
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        <balance>525000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>529535.48000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.10000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <name>Standard Chartered PLC</name>
        <lei>U4LOSYZ7YG4W3S5F2G91</lei>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>SBL Holdings Inc.</name>
        <lei>635400MJW3QDSBJRKQ59</lei>
        <title>SECBEN V6.5 PERP 144A</title>
        <cusip>78397DAC2</cusip>
        <identifiers>
          <isin value="US78397DAC20"/>
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        <curCd>USD</curCd>
        <valUSD>993656.54000000</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>N/A</maturityDt>
          <couponKind>Fixed</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Delphi Financial Group, Inc.</name>
        <lei>5493001NGT0EEYMZG011</lei>
        <title>Delphi Financial Group, Inc. 7.376% FIXED TO FLOAT RATE JUNIOR SUBORDINATED DEBENTURES DUE 2067</title>
        <cusip>247131303</cusip>
        <identifiers>
          <isin value="US2471313039"/>
          <ticker value="TOMARI"/>
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        <balance>139279.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3360105.88000000</valUSD>
        <pctVal>2.061783899865</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Equitable Holdings Inc</name>
        <lei>549300FIBAKMNHPZ4009</lei>
        <title>EQH V6.7 03/28/55</title>
        <cusip>29452EAD3</cusip>
        <identifiers>
          <isin value="US29452EAD31"/>
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        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>521467.50000000</valUSD>
        <pctVal>0.319976016887</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>6.70000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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          <isNonCashCollateral>N</isNonCashCollateral>
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        <name>LEHMAN BROS HLDG-ESCROW</name>
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        <title>LEHMAN BROS HLDG-ESCROW</title>
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        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>0.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
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        <name>Global Atlantic Finance Co.</name>
        <lei>98450051B2E65CAA7E94</lei>
        <title>GBLATL V7.95 10/15/54 144A</title>
        <cusip>37959GAG2</cusip>
        <identifiers>
          <isin value="US37959GAG29"/>
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        <curCd>USD</curCd>
        <valUSD>574678.56000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>
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        <debtSec>
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          <couponKind>Fixed</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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        <name>PNC Financial Services Group Inc.</name>
        <lei>CFGNEKW0P8842LEUIA51</lei>
        <title>PNC V6.2 PERP V</title>
        <cusip>693475BF1</cusip>
        <identifiers>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Valley National Bancorp.</name>
        <lei>549300ET52S1UBIB9762</lei>
        <title>Valley National Bancorp. 5.50% FIXED-TO-FLOATING RATE NON-CUMULATIVE PERPETUAL PREFERRED STOCK, SERIES B</title>
        <cusip>919794305</cusip>
        <identifiers>
          <isin value="US9197943056"/>
          <ticker value="VLY"/>
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        <balance>29400.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>740733.00000000</valUSD>
        <pctVal>0.454518824120</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>
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      <invstOrSec>
        <name>American Electric Power Co, Inc.</name>
        <lei>1B4S6S7G0TW5EE83BO58</lei>
        <title>AEP V6.05 03/15/56 D</title>
        <cusip>02557TAF6</cusip>
        <identifiers>
          <isin value="US02557TAF66"/>
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        <balance>525000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>527055.38000000</valUSD>
        <pctVal>0.323404778191</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.05000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>PartnerRe Ltd.</name>
        <lei>7LLHQS68KCIGNZBR7918</lei>
        <title>PartnerRe Ltd. 4.875% FXD RTE NON CUM RED PFD SHS SR J</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="BMG686031698"/>
          <ticker value="PRE"/>
          <other otherDesc="SEDOL" value="BN6JKG7"/>
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        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>659712.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Wells Fargo &amp; Co.</name>
        <lei>PBLD0EJDB5FWOLXP3B76</lei>
        <title>Wells Fargo &amp; Co. 7.5% NON-CUMULATIVE PERPETUAL CONVERTIBLE CLASS A PREFERRED STOCK, SERIES L</title>
        <cusip>949746804</cusip>
        <identifiers>
          <isin value="US9497468044"/>
          <ticker value="WFC"/>
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        <units>NS</units>
        <curCd>USD</curCd>
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        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Arch Capital Group Ltd.</name>
        <lei>549300AYR4P8AFKDCE43</lei>
        <title>Arch Capital Group Ltd. DEPOSITARY SHARES EACH REPRESENTING 1/1,000 TH INTEREST IN A SHARE OF5.45 % NON-CUMULATIVE PREFERRED SHARES, SERIES F</title>
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        <identifiers>
          <isin value="US03939A1079"/>
          <ticker value="ACGL"/>
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        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>218295.00000000</valUSD>
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        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

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        <fairValLevel>1</fairValLevel>
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        <name>CVS Health Corp</name>
        <lei>549300EJG376EN5NQE29</lei>
        <title>CVS V7 03/10/55</title>
        <cusip>126650EH9</cusip>
        <identifiers>
          <isin value="US126650EH94"/>
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        <units>PA</units>
        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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          <couponKind>Fixed</couponKind>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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        <name>SCE Trust VII</name>
        <lei>N/A</lei>
        <title>SCE Trust VII 7.50% TRUST PREFERENCE SECURITIES</title>
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        <identifiers>
          <isin value="US7838922018"/>
          <ticker value="EIX"/>
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        <balance>34900.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>872500.00000000</valUSD>
        <pctVal>0.535371954598</pctVal>
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        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>AERCAP IRELAND CAPITAL DAC</name>
        <lei>549300TI38531ODB1G63</lei>
        <title>AER V6.95 03/10/55</title>
        <cusip>00774MBK0</cusip>
        <identifiers>
          <isin value="US00774MBK09"/>
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        <balance>950000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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          <couponKind>Fixed</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Everest Reinsurance Holdings, Inc.</name>
        <lei>254900P29PM5UJR3VU91</lei>
        <title>RE V0 05/15/37</title>
        <cusip>299808AE5</cusip>
        <identifiers>
          <isin value="US299808AE55"/>
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        <balance>885000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>852984.15000000</valUSD>
        <pctVal>0.523396895847</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
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          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Energy Transfer LP</name>
        <lei>MTLVN9N7JE8MIBIJ1H73</lei>
        <title>ET V6.75 02/15/56</title>
        <cusip>29273VBH2</cusip>
        <identifiers>
          <isin value="US29273VBH24"/>
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        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>511305.50000000</valUSD>
        <pctVal>0.313740544334</pctVal>
        <payoffProfile>Long</payoffProfile>
        <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>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Citizens Financial Group Inc</name>
        <lei>2138004JDDA4ZQUPFW65</lei>
        <title>Citizens Financial Group Inc DEPOSITARY SHARES, EACH REPRESENTING A 1/40TH INTEREST IN A SHARE OF 6.500% FIXED-RATE RESET NON-CUMULATIVE PERPETUAL PRE</title>
        <cusip>174610808</cusip>
        <identifiers>
          <isin value="US1746108083"/>
          <ticker value="CFG"/>
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        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>688770.00000000</valUSD>
        <pctVal>0.422633972686</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>
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      <invstOrSec>
        <name>DTE Energy Co.</name>
        <lei>549300IX8SD6XXD71I78</lei>
        <title>DTE Energy Co. 6.250% JUNIOR SUBORDINATED DEBENTURES DUE ON OCTOBER 1, 2085</title>
        <cusip>233331792</cusip>
        <identifiers>
          <isin value="US2333317921"/>
          <ticker value="DTE"/>
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        <balance>25600.00000000</balance>
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        <curCd>USD</curCd>
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        <name>Affiliated Managers Group, Inc.</name>
        <lei>2JE75BUE3T1BLCYYGK54</lei>
        <title>Affiliated Managers Group, Inc. FIXED JUNIOR SUBORDINATED NOTES DUE MARCH 30, 2064</title>
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        <name>KeyCorp</name>
        <lei>RKPI3RZGV1V1FJTH5T61</lei>
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        <cusip>493267702</cusip>
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        <valUSD>2122083.90000000</valUSD>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>M&amp;T Bank Corporation</name>
        <lei>549300WYXDDBYRASEG81</lei>
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        <cusip>55261F849</cusip>
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          <ticker value="MTB"/>
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        <curCd>USD</curCd>
        <valUSD>574560.00000000</valUSD>
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        <issuerCat>CORP</issuerCat>
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      <invstOrSec>
        <name>FMC Corp.</name>
        <lei>CKDHZ2X64EEBQCSP7013</lei>
        <title>FMC V8.45 11/01/55</title>
        <cusip>302491AZ8</cusip>
        <identifiers>
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        <balance>785000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>516977.76000000</valUSD>
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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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          <couponKind>Fixed</couponKind>
          <annualizedRt>8.45000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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      <invstOrSec>
        <name>American Electric Power Co, Inc.</name>
        <lei>1B4S6S7G0TW5EE83BO58</lei>
        <title>AEP V6.95 12/15/54</title>
        <cusip>025537BA8</cusip>
        <identifiers>
          <isin value="US025537BA89"/>
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        <balance>995000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1075693.51000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.95000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Athene Holding Ltd</name>
        <lei>549300H316CT32FQXI76</lei>
        <title>Athene Holding Ltd DEPOSITARY SHARES EACH REPRESENTING A 1/1,000TH INTEREST IN A SHARE OF THE ISSUERS 4.875% FIXED-RATE PERPETUAL NON-CUMULATIVE PREFE</title>
        <cusip>04686J408</cusip>
        <identifiers>
          <isin value="US04686J4085"/>
          <ticker value="ATH"/>
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        <balance>21200.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>356160.00000000</valUSD>
        <pctVal>0.218542206704</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>
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      </invstOrSec>
      <invstOrSec>
        <name>First Citizens BancShares Inc (Delaware)</name>
        <lei>549300N3Z00ZHE2XC526</lei>
        <title>FCNCA V7 PERP D</title>
        <cusip>31959XAG8</cusip>
        <identifiers>
          <isin value="US31959XAG88"/>
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        <balance>945000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>973590.98000000</valUSD>
        <pctVal>0.597402069847</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>7.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Citigroup Inc.</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>C V6.625 PERP</title>
        <cusip>172967QJ3</cusip>
        <identifiers>
          <isin value="US172967QJ33"/>
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        <balance>635000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>656860.60000000</valUSD>
        <pctVal>0.403054147072</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>6.62500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Wells Fargo &amp; Co.</name>
        <lei>PBLD0EJDB5FWOLXP3B76</lei>
        <title>Wells Fargo &amp; Co. DEPOSITARY SHARES, EACH REPRESENTING A 1/1,000TH INTEREST IN A SHARE OF NON-CUMULATIVE PERPETUAL CLASS A PREFERRED STOCK, SERIES AA</title>
        <cusip>94988U128</cusip>
        <identifiers>
          <isin value="US94988U1280"/>
          <ticker value="WFC"/>
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        <balance>27000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>526500.00000000</valUSD>
        <pctVal>0.323063993233</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>
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      </invstOrSec>
      <invstOrSec>
        <name>Standard Chartered PLC</name>
        <lei>U4LOSYZ7YG4W3S5F2G91</lei>
        <title>STANLN V4.75 PERP 144A</title>
        <cusip>853254BX7</cusip>
        <identifiers>
          <isin value="US853254BX70"/>
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        <balance>350000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>334179.34000000</valUSD>
        <pctVal>0.205054723715</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</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>
          <isMandatoryConvrtbl>N</isMandatoryConvrtbl>
          <isContngtConvrtbl>Y</isContngtConvrtbl>
          <dbtSecRefInstruments>
            <dbtSecRefInstrument>
              <name>Standard Chartered PLC</name>
              <title>Standard Chartered PLC ORD USD0.50</title>
              <curCd>GBP</curCd>
              <identifiers>
                <cusip value="000000000"/>
                <isin value="GB0004082847"/>
                <ticker value="STAN"/>
                <other otherDesc="SEDOL" value="0408284"/>
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          </dbtSecRefInstruments>
          <currencyInfos>
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          <delta>XXXX</delta>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>BlackRock Liquidity Funds</name>
        <lei>5493007YVNX55LTRQ706</lei>
        <title>BlackRock Liquidity Funds T FUND INSTL SHS</title>
        <cusip>09248U718</cusip>
        <identifiers>
          <isin value="US09248U7182"/>
          <ticker value="TSTXX"/>
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        <balance>2697312.26000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2697312.26000000</valUSD>
        <pctVal>1.655089211229</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Barclays PLC</name>
        <lei>213800LBQA1Y9L22JB70</lei>
        <title>BACR V4.375 PERP</title>
        <cusip>06738EBT1</cusip>
        <identifiers>
          <isin value="US06738EBT10"/>
        </identifiers>
        <balance>350000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>341168.66000000</valUSD>
        <pctVal>0.209343418168</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>N/A</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.37500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Capital One Financial Corp.</name>
        <lei>ZUE8T73ROZOF6FLBAR73</lei>
        <title>Capital One Financial Corp. DEPOSITARY SHARES EACH REPRESENTING A 1/40TH INTEREST IN A SHARE OF FIXED RATE NON-CUMULATIVE PERPETUAL PREFERRED STOCK, S</title>
        <cusip>14040H824</cusip>
        <identifiers>
          <isin value="US14040H8245"/>
          <ticker value="COF"/>
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        <balance>13875.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>272505.00000000</valUSD>
        <pctVal>0.167210927779</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>PNC Financial Services Group Inc.</name>
        <lei>CFGNEKW0P8842LEUIA51</lei>
        <title>PNC V3.4 PERP T</title>
        <cusip>693475BC8</cusip>
        <identifiers>
          <isin value="US693475BC86"/>
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        <balance>310000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>306580.17000000</valUSD>
        <pctVal>0.188119684646</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>3.40000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>The Toronto-Dominion Bank</name>
        <lei>PT3QB789TSUIDF371261</lei>
        <title>TD V7.25 07/31/84</title>
        <cusip>89116CKP1</cusip>
        <identifiers>
          <isin value="US89116CKP13"/>
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        <balance>395000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>413255.72000000</valUSD>
        <pctVal>0.253576530160</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2084-07-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Banco Santander SA</name>
        <lei>5493006QMFDDMYWIAM13</lei>
        <title>SANTAN V9.625 PERP _</title>
        <cusip>05971KAQ2</cusip>
        <identifiers>
          <isin value="US05971KAQ22"/>
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        <balance>1400000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1688764.00000000</valUSD>
        <pctVal>1.036237115799</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>9.62500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Morgan Stanley</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>MS V0 PERP N</title>
        <cusip>61745VAB9</cusip>
        <identifiers>
          <isin value="US61745VAB99"/>
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        <balance>476000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>479653.30000000</valUSD>
        <pctVal>0.294318538395</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>Floating</couponKind>
          <annualizedRt>7.14481000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>M&amp;T Bank Corporation</name>
        <lei>549300WYXDDBYRASEG81</lei>
        <title>M&amp;T Bank Corporation PERPETUAL FIXED-TO-FLOATING RATE NON-CUMULATIVE PREFERRED STOCK, SERIES H</title>
        <cusip>55261F872</cusip>
        <identifiers>
          <isin value="US55261F8721"/>
          <ticker value="MTB"/>
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        <balance>17600.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>444224.00000000</valUSD>
        <pctVal>0.272578878119</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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        <name>NiSource Inc.</name>
        <lei>549300D8GOWWH0SJB189</lei>
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        <name>NextEra Energy Capital Holdings Inc</name>
        <lei>UMI46YPGBLUE4VGNNT48</lei>
        <title>NEE V6.7 09/01/54</title>
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        <curCd>USD</curCd>
        <valUSD>415584.40000000</valUSD>
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          <couponKind>Fixed</couponKind>
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        <name>Bell Canada</name>
        <lei>5493000G3EFX9S7TDE29</lei>
        <title>BCECN V7 09/15/55</title>
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          <isin value="US0778FPAQ20"/>
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        <valUSD>794204.25000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>Enstar Group Ltd</name>
        <lei>213800AMAL5QFXVUCN04</lei>
        <title>Enstar Group Ltd 7.00% FIXED-TO-FLOATING RATE SERIES D PERPETUAL PREFERRED SHARES</title>
        <cusip>29359U109</cusip>
        <identifiers>
          <isin value="US29359U1097"/>
          <ticker value="ESGR"/>
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        <balance>45000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1019250.00000000</valUSD>
        <pctVal>0.625418756130</pctVal>
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        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

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        <fairValLevel>1</fairValLevel>
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        <name>Royal Bank of Canada</name>
        <lei>ES7IP3U3RHIGC71XBU11</lei>
        <title>RY V6.5 11/24/85</title>
        <cusip>780082AY9</cusip>
        <identifiers>
          <isin value="US780082AY99"/>
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        <balance>750000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>749716.28000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
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          <maturityDt>2085-11-24</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
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        <name>American Express Company</name>
        <lei>R4PP93JZOLY261QX3811</lei>
        <title>AXP V3.55 PERP</title>
        <cusip>025816CH0</cusip>
        <identifiers>
          <isin value="US025816CH00"/>
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        <balance>575000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>571827.84000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>N/A</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.55000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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        <name>JPMorgan Chase &amp; Co.</name>
        <lei>8I5DZWZKVSZI1NUHU748</lei>
        <title>JPM V6.875 PERP NN</title>
        <cusip>48128BAQ4</cusip>
        <identifiers>
          <isin value="US48128BAQ41"/>
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        <balance>1200000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1277659.20000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>N/A</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.87500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CMS Energy Corporation</name>
        <lei>549300IA9XFBAGNIBW29</lei>
        <title>CMS V6.5 06/01/55</title>
        <cusip>125896BY5</cusip>
        <identifiers>
          <isin value="US125896BY50"/>
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        <balance>380000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>397312.04000000</valUSD>
        <pctVal>0.243793379301</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Banco Mercantil Del Norte SA Cayman Islands Branch</name>
        <lei>N/A</lei>
        <title>BANORT V7.5 PERP 144A</title>
        <cusip>05971PAB4</cusip>
        <identifiers>
          <isin value="US05971PAB40"/>
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        <balance>255000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>263517.51000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>N/A</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.50000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>EUSHI Finance Inc.</name>
        <lei>N/A</lei>
        <title>EMACN V7.625 12/15/54</title>
        <cusip>29882DAB9</cusip>
        <identifiers>
          <isin value="US29882DAB91"/>
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        <balance>1175000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1241258.25000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.62500000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Western Alliance Bancorp</name>
        <lei>5493003VJXZ5JXT9S762</lei>
        <title>Western Alliance Bancorp DEPOSITARY SHARES EACH REPRESENTING A 1/400TH INTEREST IN A SHARE OF 4.250% FIXED-RATE RESET NON-CUMULATIVE PERPETUAL PREFERR</title>
        <cusip>957638406</cusip>
        <identifiers>
          <isin value="US9576384062"/>
          <ticker value="WAL"/>
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        <balance>18900.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>439614.00000000</valUSD>
        <pctVal>0.269750150657</pctVal>
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        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Flagstar Bank National Association</name>
        <lei>SS1TRMSN6BRNMOREEV51</lei>
        <title>Flagstar Bank National Association DEPOSITARY SHARES, EACH REPRESENTING A 1/40TH INTEREST IN A SHARE OF WFIXED-TO-FLOATING RATE SERIES A NONCUMULATIVE</title>
        <cusip>649445202</cusip>
        <identifiers>
          <isin value="US6494452021"/>
          <ticker value="FLG"/>
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        <balance>183628.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4172028.16000000</valUSD>
        <pctVal>2.559984952043</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>
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      <invstOrSec>
        <name>Texas Capital Bancshares, Inc.</name>
        <lei>549300466Q2SXRX0YM48</lei>
        <title>Texas Capital Bancshares, Inc. DEPOSITARY SHARES, EACH REPRESENTING A 1/40TH INTEREST IN A SHARE OF 5.75% FIXED RATE NON-CUMULATIVE PERPETUAL PREFERRE</title>
        <cusip>88224Q305</cusip>
        <identifiers>
          <isin value="US88224Q3056"/>
          <ticker value="TCBI"/>
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        <balance>60200.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1346072.00000000</valUSD>
        <pctVal>0.825958965810</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>PNC Financial Services Group Inc.</name>
        <lei>CFGNEKW0P8842LEUIA51</lei>
        <title>PNC V6 PERP U</title>
        <cusip>693475BD6</cusip>
        <identifiers>
          <isin value="US693475BD69"/>
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        <balance>3155000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3182956.46000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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          <isLoanByFund>N</isLoanByFund>
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        <name>Morgan Stanley</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
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        <cusip>61762V606</cusip>
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          <isin value="US61762V6065"/>
          <ticker value="MS"/>
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        <balance>53380.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1325425.40000000</valUSD>
        <pctVal>0.813290071142</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>BANCO MERCANTIL DEL NORTE SA CAYMAN ISLANDS BRANCH</name>
        <lei>549300QTVYRPFHS0J362</lei>
        <title>BANORT V6.625 PERP 144A</title>
        <cusip>05973KAB3</cusip>
        <identifiers>
          <isin value="US05973KAB35"/>
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        <balance>600000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>596171.34000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>N/A</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.62500000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>AES Corp.</name>
        <lei>2NUNNB7D43COUIRE5295</lei>
        <title>AES V7.6 01/15/55</title>
        <cusip>00130HCK9</cusip>
        <identifiers>
          <isin value="US00130HCK95"/>
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        <balance>785000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>789684.88000000</valUSD>
        <pctVal>0.484556031773</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.60000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Enbridge Inc.</name>
        <lei>98TPTUM4IVMFCZBCUR27</lei>
        <title>ENBCN V8.5 01/15/84</title>
        <cusip>29250NBT1</cusip>
        <identifiers>
          <isin value="US29250NBT19"/>
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        <balance>800000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>923659.20000000</valUSD>
        <pctVal>0.566763588867</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2084-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
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        <name>Reinsurance Group of America, Incorporated</name>
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        <name>Bank of Montreal</name>
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        <name>Barclays PLC</name>
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        <name>UBS Group AG</name>
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        <name>Algonquin Power &amp; Utilities Corporation</name>
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        <name>American International Group Inc.</name>
        <lei>ODVCVCQG2BP6VHV36M30</lei>
        <title>AIG V8.175 05/15/58</title>
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        <name>Lloyds Banking Group PLC</name>
        <lei>549300PPXHEU2JF0AM85</lei>
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        <name>Banco Bilbao Vizcaya Argentaria SA</name>
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        <name>Athene Holding Ltd</name>
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        <name>Fortegra Group Inc</name>
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      <invstOrSec>
        <name>Lincoln National Corp.</name>
        <lei>EFQMQROEDSNBRIP7LE47</lei>
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        <valUSD>449058.12000000</valUSD>
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          <maturityDt>N/A</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>Arbor Realty Trust, Inc.</name>
        <lei>549300ASFUWYQO0RW077</lei>
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          <ticker value="ABR"/>
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        <name>Emera Inc</name>
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        <issuerCat>CORP</issuerCat>
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          <couponKind>Fixed</couponKind>
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        <name>Enbridge Inc.</name>
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        <issuerCat>CORP</issuerCat>
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          <couponKind>Fixed</couponKind>
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        <name>First Citizens BancShares Inc (Delaware)</name>
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        <name>Dominion Energy Inc</name>
        <lei>ILUL7B6Z54MRYCF6H308</lei>
        <title>D V6.625 05/15/55</title>
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          <isin value="US25746UDV89"/>
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        <curCd>USD</curCd>
        <valUSD>887936.31000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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          <couponKind>Fixed</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <name>Canadian Imperial Bank of Commerce</name>
        <lei>2IGI19DL77OX0HC3ZE78</lei>
        <title>CM V7 10/28/85</title>
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          <isin value="US13607P7Y41"/>
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        <curCd>USD</curCd>
        <valUSD>676369.20000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2085-10-28</maturityDt>
          <couponKind>Fixed</couponKind>
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          <isNonCashCollateral>N</isNonCashCollateral>
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        <name>Valley National Bancorp.</name>
        <lei>549300ET52S1UBIB9762</lei>
        <title>Valley National Bancorp. 8.250% FIXED-RATE RESET NON-CUMULATIVE PERPETUAL PREFERRED STOCK SERIES C</title>
        <cusip>919794404</cusip>
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          <isin value="US9197944047"/>
          <ticker value="VLY"/>
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        <curCd>USD</curCd>
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        <securityLending>
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        <name>Entergy Corporation</name>
        <lei>4XM3TW50JULSLG8BNC79</lei>
        <title>ETR V7.125 12/01/54</title>
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        <issuerCat>CORP</issuerCat>
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        <name>Liberty Mutual Insurance Co.</name>
        <lei>CNC20I6IOMGF7KY49D67</lei>
        <title>LIBMUT 7.697 10/15/97 144A</title>
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        <name>Jackson Financial Inc</name>
        <lei>213800WXW2KG1N4CO374</lei>
        <title>Jackson Financial Inc DEPOSITARY SHARES, EACH REPRESENTING A 1/1,000TH INTEREST IN A SHARE OF FIXED-RATE RESET NONCUMULATIVE PERPETUAL PREFERRED STOCK</title>
        <cusip>46817M206</cusip>
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          <isin value="US46817M2061"/>
          <ticker value="JXN"/>
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        <curCd>USD</curCd>
        <valUSD>328295.00000000</valUSD>
        <pctVal>0.201444052532</pctVal>
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        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isNonCashCollateral>N</isNonCashCollateral>
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        <name>PacifiCorp.</name>
        <lei>SGY07Y7FNYBNLM6Z1M11</lei>
        <title>BRKHEC V7.125 08/15/56</title>
        <cusip>695114DG0</cusip>
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          <isin value="US695114DG09"/>
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        <balance>665000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>653741.88000000</valUSD>
        <pctVal>0.401140479195</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>BALTA GROUP NV</name>
        <lei>N/A</lei>
        <title>LEHMAN BROS HLDG-ESCROW</title>
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          <other otherDesc="Internal" value="524ESC720"/>
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        <units>NS</units>
        <curCd>USD</curCd>
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        <pctVal>0.000000</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <name>Dominion Energy Inc</name>
        <lei>ILUL7B6Z54MRYCF6H308</lei>
        <title>D V7 06/01/54 B</title>
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          <isin value="US25746UDU07"/>
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        <curCd>USD</curCd>
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        <name>Enstar Group Ltd</name>
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          <isin value="US29359UAD19"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

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        <name>NatWest Group PLC</name>
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          <isin value="US639057AQ15"/>
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        <issuerCat>CORP</issuerCat>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <name>Banco Santander SA</name>
        <lei>5493006QMFDDMYWIAM13</lei>
        <title>SANTAN V4.75 PERP 0000</title>
        <cusip>05971KAH2</cusip>
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          <isin value="US05971KAH23"/>
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        <balance>2400000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2399159.28000000</valUSD>
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        <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>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ING Groep N.V.</name>
        <lei>549300NYKK9MWM7GGW15</lei>
        <title>INTNED V3.875 PERP</title>
        <cusip>456837AY9</cusip>
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          <isin value="US456837AY94"/>
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        <balance>575000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>563215.78000000</valUSD>
        <pctVal>0.345593046417</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>N/A</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.87500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Morgan Stanley</name>
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        <name>Lincoln National Corp.</name>
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        <name>Exelon Corp.</name>
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        <name>Athene Holding Ltd</name>
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        <name>Citigroup Inc.</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
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        <name>Huntington Bancshares Incorporated</name>
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        <name>Regions Financial Corporation</name>
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        <name>Reinsurance Group of America, Incorporated</name>
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        <name>Credit Agricole S.A.</name>
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        <title>ACAFP V7.125 PERP 144A</title>
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          <isin value="US225313AT28"/>
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        <name>Axis Specialty Finance LLC</name>
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        <name>Synchrony Financial</name>
        <lei>549300RS7EWPM9MA6C78</lei>
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        <name>Enstar Finance Llc</name>
        <lei>N/A</lei>
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        <cusip>29360AAB6</cusip>
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          <couponKind>Fixed</couponKind>
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        <name>Energy Transfer LP</name>
        <lei>MTLVN9N7JE8MIBIJ1H73</lei>
        <title>ET V7.125 PERP G</title>
        <cusip>29273VAM2</cusip>
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          <maturityDt>N/A</maturityDt>
          <couponKind>Fixed</couponKind>
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          <isLoanByFund>N</isLoanByFund>
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        <name>Citigroup Inc.</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>C V6.95 PERP FF</title>
        <cusip>17327CAV5</cusip>
        <identifiers>
          <isin value="US17327CAV54"/>
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        <balance>640000.00000000</balance>
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        <valUSD>659495.04000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>N/A</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.95000000</annualizedRt>
          <isDefault>N</isDefault>
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          <isNonCashCollateral>N</isNonCashCollateral>
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        <name>Eversource Energy</name>
        <lei>SJ7XXD41SQU3ZNWUJ746</lei>
        <title>ES V6.35 08/15/56 B</title>
        <cusip>30040WBD9</cusip>
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          <isin value="US30040WBD92"/>
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        <balance>295000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>296992.67000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.35000000</annualizedRt>
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        <name>Goldman Sachs Group, Inc.</name>
        <lei>784F5XWPLTWKTBV3E584</lei>
        <title>GS V6.125 PERP Y</title>
        <cusip>38141GB52</cusip>
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          <isin value="US38141GB524"/>
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        <balance>640000.00000000</balance>
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        <name>Banco Mercantil Del Norte SA Cayman Islands Branch</name>
        <lei>N/A</lei>
        <title>BANORT V7.625 PERP 144A</title>
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        <name>Liberty Mutual Group, Inc.</name>
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        <name>First Horizon Bank</name>
        <lei>COOWI3L2W9TPYR3WJX37</lei>
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          <ticker value="FHN"/>
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        <name>BNP Paribas SA</name>
        <lei>R0MUWSFPU8MPRO8K5P83</lei>
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        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
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        <name>Adamas Trust Inc.</name>
        <lei>549300JFGR0M7ULHWG48</lei>
        <title>Adamas Trust Inc. 6.875% SERIES F FIXED-TO-FLOATING RATE CUMULATIVE REDEEMABLE PREFERRED STOCK</title>
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        <name>Carlyle Finance LLC</name>
        <lei>N/A</lei>
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        <name>Goldman Sachs Group, Inc.</name>
        <lei>784F5XWPLTWKTBV3E584</lei>
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        <cusip>38141GA38</cusip>
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        <name>Huntington Bancshares Incorporated</name>
        <lei>549300XTVCVV9I7B5T19</lei>
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          <isLoanByFund>N</isLoanByFund>
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        <name>Citigroup Inc.</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>C V7.375 PERP Z</title>
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        <curCd>USD</curCd>
        <valUSD>1461309.19000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>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>DUK V6.45 09/01/54</title>
        <cusip>26441CCG8</cusip>
        <identifiers>
          <isin value="US26441CCG87"/>
        </identifiers>
        <balance>965000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1017177.55000000</valUSD>
        <pctVal>0.624147086666</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>Spire Inc</name>
        <lei>549300NXSY15DRY2R511</lei>
        <title>SR V6.45 06/01/56</title>
        <cusip>84857LAE1</cusip>
        <identifiers>
          <isin value="US84857LAE11"/>
        </identifiers>
        <balance>535000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>546686.54000000</valUSD>
        <pctVal>0.335450591945</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 SA</name>
        <lei>R0MUWSFPU8MPRO8K5P83</lei>
        <title>BNP V9.25 PERP 144A</title>
        <cusip>05565AS20</cusip>
        <identifiers>
          <isin value="US05565AS207"/>
        </identifiers>
        <balance>420000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>448974.12000000</valUSD>
        <pctVal>0.275493584170</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 Inc</name>
        <lei>254900LMFT1CY9IYB476</lei>
        <title>Apollo Global Management Inc FIXED-RATE RESETTABLE JUNIOR SUBORDINATED NOTES DUE 9/15/2053</title>
        <cusip>03769M205</cusip>
        <identifiers>
          <isin value="US03769M2052"/>
          <ticker value="APO"/>
        </identifiers>
        <balance>29200.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>749856.00000000</valUSD>
        <pctVal>0.460116759183</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 S.A.</name>
        <lei>969500TJ5KRTCJQWXH05</lei>
        <title>ACAFP V4.75 PERP 144A</title>
        <cusip>225313AP0</cusip>
        <identifiers>
          <isin value="US225313AP06"/>
        </identifiers>
        <balance>370000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>362806.16000000</valUSD>
        <pctVal>0.222620335838</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>
    </invstOrSecs>
    <explntrNotes>
      <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. 05946KAF8:05946KAM3:05962GAJ8:05971PAB4:05971PAE8:05973KAB3:05964HBH7:05971KAH2:05971KAQ2:06368L5Q5:06368L8V1:06368LQ58:0641598S8:0641598V1:0641598X7:06419GEE2:06738EBT1:06738EBX2:06738ECN3:06738EDC6:05533UAG3:05565A5R0:05565AM34:05565AS20:05565ASK0:05602XJC3:05602XQQ4:13607P7Y4:13607PNF7:225313AP0:225313AT2:404280BL2:404280BP3:404280EJ4:404280FA2:258524098:456837AY9:539439BF5:53944YAV5:639057AD0:639057AQ1:780082AR4:780082AT0:780082AV5:780082AY9:83367TBU2:83370RAA6:83370RAB4:83370RAC2:853254BX7:853254CM0:89116CKP1:89117F8Z5:902613AD0:902613AJ7:902613BE7:902613BW7." noteItem="C.4.a"/>
      <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 PREFERRED STOCK &amp; HYBRID PREFERRED SECURITIES on SOI of Form N-CSR/N-CSRS per specific terms of security. 00774MBK0:00774MBQ7:00130HCK9:015857AH8:02005NBM1:02005NBN9:021361AD2:02369GAA3:025537AU5:025537BA8:02557TAF6:025816CH0:026874BS5:025676AR8:05463HAC5:060505EU4:060505GB4:06055HAB9:06055HAK9:0778FPAQ2:11102AAG6:14040HCF0:15189TBJ5:172967NB3:172967PC9:172967PE5:172967PK1:172967PM7:172967PR6:172967QJ3:17327CAV5:17327CBC6:174610AQ8:125896BY5:19075QAC6:19075QAG7:20035AAA2:20453QAA0:20453QAC6:21871XAT6:21871XAU3:126650EH9:25746UDM8:25746UDU0:25746UDV8:26441CCG8:281020AS6:281020AT4:290876AD3:29250NAN5:29250NBT1:29250NCG8:29273VAM2:29273VAX8:29273VBH2:29360AAB6:29359UAD1:29364GAQ6:29364GAS2:29452EAD3:29882DAB9:299808AE5:30034WAE6:30040WBD9:30161NBQ3:30767EAF6:31959XAG8:302491AZ8:34962TAA9:37045XCM6:37045XDB9:37959GAG2:37959GAH0:38141GA38:38141GA79:38141GB52:38141GC28:446150AT1:446150AV6:446150BG8:48128BAN1:48128BAQ4:493267AK4:50149XAA2:514666AK2:514666AM8:514666AN6:53079EAN4:534187BR9:55261FAN4:591560AA5:59156RAV0:59156RBS6:61745VAB9:302570AX4:65339KCW8:65339KDB3:65339KDE7:65473PAR6:65473PAT2:66765NAA3:695114DG0:92556HAE7:69331VAA4:718547BA9:693475BC8:693475BD6:693475BF1:693475BP9:743863AA0:744320BL5:759351AT6:759351AV1:775109DH1:78397DAA6:78397DAC2:816851BM0:816851BS7:816851BT5:836720AJ1:842587EB9:84857LAE1:857477CH4:86765KAE9:87971MCM3:89356BAE8:69349HAJ6:92840MAC6:92857WBQ2:949746TD3:95002YAA1:95002YAC7." noteItem="C.4.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-04-23</ncom:dateSigned>
      <ncom:nameOfApplicant>Flaherty &amp; Crumrine 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>
