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        <name>MORGAN STANLEY</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
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        <name>TXNM ENERGY INC</name>
        <lei>5493003JOBJGLZSDDQ28</lei>
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        <name>BNP PARIBAS SA</name>
        <lei>R0MUWSFPU8MPRO8K5P83</lei>
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        <name>BARCLAYS PLC</name>
        <lei>213800LBQA1Y9L22JB70</lei>
        <title>BACR V9.625 PERP</title>
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              <title>BARCLAYS PLC ADR</title>
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        <name>WINTRUST FINANCIAL CORP</name>
        <lei>Q774KI4AW80FHFW33O61</lei>
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        <name>STATE STREET CORP</name>
        <lei>549300ZFEEJ2IP5VME73</lei>
        <title>STT V6.7 PERP I</title>
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        <curCd>USD</curCd>
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        <name>LEHMAN BROS HLDG-ESCROW</name>
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        <name>NORTHWEST NATURAL HOLDING COMPANY</name>
        <lei>254900PSJL6ZEC8FR782</lei>
        <title>NWN V7 09/15/55</title>
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        <name>BANCO SANTANDER SA</name>
        <lei>5493006QMFDDMYWIAM13</lei>
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        <curCd>USD</curCd>
        <valUSD>1611947.10000000</valUSD>
        <pctVal>1.209010610834</pctVal>
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        <name>SOCIETE GENERALE SA</name>
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        <name>GENERAL MOTORS FINANCIAL COMPANY INC</name>
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        <name>SCE TRUST VIII</name>
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        <name>UBS GROUP AG</name>
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        <name>GOLDMAN SACHS GROUP INC (THE)</name>
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        <name>PHILLIPS 66 COMPANY</name>
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        <name>COMED FINANCING III</name>
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        <name>FT REAL ESTATE SECURITIES CO INC</name>
        <lei>0002671824</lei>
        <title>FT REAL ESTATE SECURITIES CO INC PFD CL B 144A</title>
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        <name>ANNALY CAPITAL MANAGEMENT INC</name>
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        <name>BANK OF NOVA SCOTIA (THE)</name>
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        <name>ASSURANT INC</name>
        <lei>H3F39CAXWQRVWURFXL38</lei>
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        <lei>THRNG6BD57P9QWTQLG42</lei>
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        <name>REGIONS FINANCIAL CORP</name>
        <lei>CW05CS5KW59QTC0DG824</lei>
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        <title>TPG RE FINANCE TRUST INC 6.25% SERIES C CUMULATIVE REDEEMABLE PREFERRED STOCK</title>
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        <name>COMPEER FINANCIAL ACA</name>
        <lei>54930020HTACTODKHT04</lei>
        <title>CMPFIN V4.875 PERP QIB</title>
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        <name>CITIZENS FINANCIAL GROUP INC</name>
        <lei>2138004JDDA4ZQUPFW65</lei>
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        <name>STIFEL FINANCIAL CORP</name>
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        <name>ROYAL BANK OF CANADA</name>
        <lei>ES7IP3U3RHIGC71XBU11</lei>
        <title>RY V6.75 08/24/85</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ALGONQUIN POWER &amp; UTILITIES CORP</name>
        <lei>549300K5VIUTJXQL7X75</lei>
        <title>ALGONQUIN POWER &amp; UTILITIES CORP FIXED-TO-FLOATING RATE SUBORDINATED NOTES SERIES 2019-A DUE JULY 1, 2079</title>
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        <name>GOLDMAN SACHS GROUP INC (THE)</name>
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        <name>M&amp;T BANK CORP</name>
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        <name>HUNTINGTON BANCSHARES INC</name>
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        <name>HSBC HOLDINGS PLC</name>
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        <name>SBL HOLDINGS INC</name>
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        <name>NEXTERA ENERGY CAPITAL HOLDINGS INC</name>
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        <name>LLOYDS BANKING GROUP PLC</name>
        <lei>549300PPXHEU2JF0AM85</lei>
        <title>LLOYDS V6.625 PERP</title>
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        <name>TELUS CORP</name>
        <lei>894500TX134IMF6NW757</lei>
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        <name>SEMPRA</name>
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        <name>FIRST CITIZENS BANCSHARES INC</name>
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        <name>BANCO SANTANDER SA</name>
        <lei>5493006QMFDDMYWIAM13</lei>
        <title>SANTAN V8 PERP</title>
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        <name>FULTON FINANCIAL CORP</name>
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        <name>CITIGROUP INC</name>
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        <title>C V7 PERP DD</title>
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        <name>FIFTH THIRD BANCORP</name>
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        <name>AMERICAN NATIONAL GROUP INC</name>
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        <title>ANGINC V7 12/01/55</title>
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        <name>PNC FINANCIAL SERVICES GROUP INC (THE)</name>
        <lei>CFGNEKW0P8842LEUIA51</lei>
        <title>PNC V6.25 PERP W</title>
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        <issuerCat>CORP</issuerCat>
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        <name>PUGET ENERGY INC</name>
        <lei>SYBSJ96YIDMIUY7WDR33</lei>
        <title>PSD V7.25 09/15/56 144a</title>
        <cusip>745310AT9</cusip>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
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        <name>LAND O'LAKES INC</name>
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        <name>UBS GROUP AG</name>
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        <name>SOCIETE GENERALE SA</name>
        <lei>O2RNE8IBXP4R0TD8PU41</lei>
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        <name>BANK OF NOVA SCOTIA (THE)</name>
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        <name>HUNTINGTON BANCSHARES INC</name>
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        <name>COREBRIDGE FINANCIAL INC</name>
        <lei>549300XY1661QCIA7J65</lei>
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        <name>WELLS FARGO &amp; COMPANY</name>
        <lei>PBLD0EJDB5FWOLXP3B76</lei>
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        <name>AMERICAN AGCREDIT ACA</name>
        <lei>0002558989</lei>
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        <name>VISTRA CORP</name>
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        <name>DIME COMMERCIAL BANCSHARES INC</name>
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        <name>BANK OF NOVA SCOTIA (THE)</name>
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        <name>SEMPRA</name>
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        <lei>KMRURHT0VWKYS6Z5KU67</lei>
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        <name>ARBOR REALTY TRUST INC</name>
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        <name>CITIZENS FINANCIAL GROUP INC</name>
        <lei>2138004JDDA4ZQUPFW65</lei>
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        <name>DOMINION ENERGY INC</name>
        <lei>ILUL7B6Z54MRYCF6H308</lei>
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        <name>DELPHI FINANCIAL GROUP INC</name>
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        <name>COBANK ACB</name>
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        <lei>C4BXATY60WC6XEOZDX54</lei>
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        <name>PROVIDENT FINANCING TRUST I</name>
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        <name>CITIGROUP INC</name>
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        <name>ENTERGY CORP</name>
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        <name>STANDARD CHARTERED PLC</name>
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        <name>CVS HEALTH CORP</name>
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        <name>DTE ENERGY COMPANY</name>
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        <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>
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        <name>AFFILIATED MANAGERS GROUP INC</name>
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        <name>M&amp;T BANK CORP</name>
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        <name>FIRST CITIZENS BANCSHARES INC</name>
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        <name>CITIGROUP INC</name>
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        <name>WELLS FARGO &amp; COMPANY</name>
        <lei>PBLD0EJDB5FWOLXP3B76</lei>
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        <name>STANDARD CHARTERED PLC</name>
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        <title>STANLN V4.75 PERP 144A</title>
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        <name>BLACKROCK LIQUIDITY FUNDS</name>
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        <title>BLACKROCK LIQUIDITY FUNDS T FUND INSTL SHS</title>
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        <name>BARCLAYS PLC</name>
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        <title>BACR V4.375 PERP</title>
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        <name>CAPITAL ONE FINANCIAL CORP</name>
        <lei>ZUE8T73ROZOF6FLBAR73</lei>
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        <name>PNC FINANCIAL SERVICES GROUP INC (THE)</name>
        <lei>CFGNEKW0P8842LEUIA51</lei>
        <title>PNC V3.4 PERP T</title>
        <cusip>693475BC8</cusip>
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        <name>TORONTO DOMINION BANK (THE)</name>
        <lei>PT3QB789TSUIDF371261</lei>
        <title>TD V7.25 07/31/84</title>
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        <issuerCat>CORP</issuerCat>
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        <name>EMERA US FINANCE LLC</name>
        <lei>NQZVQT2P5IUF2PGA1Q48</lei>
        <title>EMACN V6.85 10/01/56 B</title>
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        <name>BNP PARIBAS SA</name>
        <lei>R0MUWSFPU8MPRO8K5P83</lei>
        <title>BNP V7.2 PERP 144A</title>
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        <name>EUSHI FINANCE INC</name>
        <lei>N/A</lei>
        <title>EMACN V7.625 12/15/54</title>
        <cusip>29882DAB9</cusip>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>FORTEGRA GROUP INC (THE)</name>
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        <name>BANCO BILBAO VIZCAYA ARGENTARIA SA</name>
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        <name>VALLEY NATIONAL BANCORP</name>
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        <title>BRKHEC V7.125 08/15/56</title>
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        <name>BALTA GROUP NV</name>
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        <title>LEHMAN BROS HLDG-ESCROW</title>
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        <name>DOMINION ENERGY INC</name>
        <lei>ILUL7B6Z54MRYCF6H308</lei>
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        <name>ING GROEP NV</name>
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        <name>NATWEST GROUP PLC</name>
        <lei>2138005O9XJIJN4JPN90</lei>
        <title>NWG V8.125 PERP</title>
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        <name>MORGAN STANLEY</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
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        <name>HSBC HOLDINGS PLC</name>
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        <name>NATWEST GROUP PLC</name>
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        <name>HUMANA INC</name>
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        <title>HUM V6.625 09/15/56</title>
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        <name>AXIS SPECIALTY FINANCE LLC</name>
        <lei>N/A</lei>
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        <lei>549300RS7EWPM9MA6C78</lei>
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        <name>CITIGROUP INC</name>
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        <cusip>30040WBD9</cusip>
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        <name>GOLDMAN SACHS GROUP INC (THE)</name>
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        <cusip>38141GB52</cusip>
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        <name>BANCO MERCANTIL DEL NORTE SA CAYMAN ISLANDS BRANCH</name>
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        <title>BANORT V7.625 PERP 144A</title>
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        <name>LIBERTY MUTUAL GROUP INC</name>
        <lei>QUR0DG15Z6FFGYCHH861</lei>
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        <name>BNP PARIBAS SA</name>
        <lei>R0MUWSFPU8MPRO8K5P83</lei>
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        <invCountry>FR</invCountry>
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        <name>FIRST HORIZON BANK</name>
        <lei>COOWI3L2W9TPYR3WJX37</lei>
        <title>FIRST HORIZON BANK CLASS A NON-CUMULATIVE PERPETUAL PREFERRED STOCK</title>
        <cusip>337158208</cusip>
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          <isin value="US3371582087"/>
          <ticker value="FHN"/>
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        <balance>750.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>568125.00000000</valUSD>
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        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <isLoanByFund>N</isLoanByFund>
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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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        <curCd>USD</curCd>
        <valUSD>508410.00000000</valUSD>
        <pctVal>0.381323360210</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>CARLYLE FINANCE LLC</name>
        <lei>N/A</lei>
        <title>CARLYLE FINANCE LLC CARLYLE FINANCE L.L.C. 4.625% SUBORDINATED NOTES DUE MAY 15, 2061</title>
        <cusip>14314C105</cusip>
        <identifiers>
          <isin value="US14314C1053"/>
          <ticker value="CG"/>
        </identifiers>
        <balance>10600.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>175430.00000000</valUSD>
        <pctVal>0.131577972663</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>GOLDMAN SACHS GROUP INC (THE)</name>
        <lei>784F5XWPLTWKTBV3E584</lei>
        <title>GS V7.5 PERP W</title>
        <cusip>38141GA38</cusip>
        <identifiers>
          <isin value="US38141GA385"/>
        </identifiers>
        <balance>270000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>284287.59000000</valUSD>
        <pctVal>0.213224561053</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>N/A</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HUNTINGTON BANCSHARES INC</name>
        <lei>549300XTVCVV9I7B5T19</lei>
        <title>HUNTINGTON BANCSHARES INC DEPOSITARY SHARES, EACH REPRESENTING A 1/40TH INTEREST IN A SHARE OF 6.875% SERIES J NON-CUMULATIVE PERPETUAL PREFERRED STOC</title>
        <cusip>446150773</cusip>
        <identifiers>
          <isin value="US4461507737"/>
          <ticker value="HBAN"/>
        </identifiers>
        <balance>29880.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>750884.40000000</valUSD>
        <pctVal>0.563186724371</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>FIRST HORIZON CORP</name>
        <lei>TF3RXI1ZB1TQ30H9JV10</lei>
        <title>FIRST HORIZON CORP DEPOSITARY SHARESEACH REPRESENTING 1/4,000TH INTEREST IN A SHARE OF NON-CUMULATIVE PERPETUAL PREFERRED STOCK, SERIES H</title>
        <cusip>320517840</cusip>
        <identifiers>
          <isin value="US3205178409"/>
          <ticker value="FHN H"/>
        </identifiers>
        <balance>20400.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>508980.00000000</valUSD>
        <pctVal>0.381750877992</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CITIGROUP INC</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>C V7.375 PERP Z</title>
        <cusip>172967PC9</cusip>
        <identifiers>
          <isin value="US172967PC98"/>
        </identifiers>
        <balance>1200000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1240531.20000000</valUSD>
        <pctVal>0.930437099251</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>N/A</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.37500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DUKE ENERGY CORP</name>
        <lei>I1BZKREC126H0VB1BL91</lei>
        <title>DUK V6.45 09/01/54</title>
        <cusip>26441CCG8</cusip>
        <identifiers>
          <isin value="US26441CCG87"/>
        </identifiers>
        <balance>820000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>854593.34000000</valUSD>
        <pctVal>0.640971664646</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 (US)</name>
        <lei>549300NXSY15DRY2R511</lei>
        <title>SR V6.45 06/01/56</title>
        <cusip>84857LAE1</cusip>
        <identifiers>
          <isin value="US84857LAE11"/>
        </identifiers>
        <balance>455000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>454491.77000000</valUSD>
        <pctVal>0.340883005693</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>380000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>400248.68000000</valUSD>
        <pctVal>0.300198996041</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>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Security reported as PREFERRED EQUITY on Form N-PORT per market convention; reported as CORPORATE DEBT SECURITY on SOI of Form N-CSR/N-CSRS per specific terms of security. 25432X300:74913G873:74913G881." noteItem="C.4.a"/>
      <explntrNote note="Security reported as DEBT on Form N-PORT per market convention; reported as CONTINGENT CAPITAL SECURITY on SOI of Form N-CSR/N-CSRS per specific terms of security. 05946KAF8:05946KAM3:05946KAW1:05962GAJ8:05971PAB4:05971PAE8:05973KAB3:05964HBH7:05971KAH2:05971KAQ2:05971KAY5:06368L5Q5:06368L8V1:06368LQ58:0641598S8:0641598V1:0641598X7:06419GEE2:06738EBT1:06738EBX2:06738ECN3:06738EDC6:05533UAG3:05565A5R0:05565AM34:05565AS20:05565ASK0:05602XJC3:05602XQQ4:05602XQS0:13607P7Y4:13607PNF7:225313AT2:404280BL2:404280BP3:404280EJ4:404280FA2:404280FJ3:404280FR5:258524098:456837AY9:539439BF5:53944YAV5:639057AD0:639057AQ1:780082AR4:780082AT0:780082AV5:780082AY9:83367TBU2:83370RAA6:83370RAC2:853254BX7:853254CM0:89116CKP1:89117F8Z5:902613AD0:902613AJ7:902613BE7:902613BW7." 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. 00774MBK0:00774MBQ7:00130HCK9:015857AH8:02005NBN9:02005NCB4:021361AD2:02369GAA3:025537AU5:025537BA8:02557TAF6:025816CH0:026874BS5:025676AR8:05463HAC5:060505GB4:06055HAB9:06055HAK9:0778FPAQ2:11102AAG6:14040HCF0:15189TBJ5:808513CM5:172967NB3:172967PC9:172967PE5:172967PK1:172967PM7:172967PR6:172967QJ3:17327CAV5:17327CBC6:174610AQ8:125896BY5:19075QAC6:19075QAG7:19075QAH5:20035AAA2:20453QAA0:20453QAC6:21871XAT6:21871XAU3:126650EH9:25746UDM8:25746UDU0:25746UDV8:26441CCG8:281020AT4:29103HAB3:29250NBT1:29250NCG8:29273VAM2:29273VAX8:29273VBH2:29360AAB6:29359UAD1:29364GAQ6:29364GAS2:29452EAD3:29882DAB9:299808AE5:30034WAE6:30040WBD9:30161NBQ3:31959XAG8:302491AZ8:34962TAA9:37045XCM6:37045XDB9:37959GAG2:37959GAH0:38141GA38:38141GA79:38141GB52:38141GC28:444859CE0:446150AT1:446150AV6:446150BG8:48128BAN1:48128BAQ4:48128BAR2:493267AK4:50149XAA2:514666AK2:514666AM8:514666AN6:53079EAN4:534187BR9:55261FAN4:591560AA5:59156RAV0:59156RBS6:61745VAB9:302570AX4:65339KCW8:65339KDB3:65339KDE7:65473PAR6:65473PAT2:66765NAA3:695114DG0:92556HAE7:69331VAA4:718547BA9:693475BC8:693475BD6:693475BF1:693475BP9:743863AA0:744320BL5:745310AT9:759351AT6:759351AV1:775109DH1:78397DAA6:78397DAC2:816851BM0:816851BS7:816851BT5:836720AJ1:842587EB9:84857LAE1:857477CH4:86765KAE9:87971MCM3:89352HBL2:89356BAE8:69349HAJ6:92840MAC6:92857WBQ2:95002YAA1:95002YAC7:95002YAE3." noteItem="C.4.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-07-27</ncom:dateSigned>
      <ncom:nameOfApplicant>Flaherty &amp; Crumrine Preferred &amp; Income Opportunity Fund Inc</ncom:nameOfApplicant>
      <ncom:signature>Bradford Stone</ncom:signature>
      <ncom:signerName>Bradford Stone</ncom:signerName>
      <ncom:title>Chief Financial Officer, Treasurer and Vice President</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
