<SEC-DOCUMENT>0001145549-22-037556.txt : 20220623
<SEC-HEADER>0001145549-22-037556.hdr.sgml : 20220623
<ACCEPTANCE-DATETIME>20220623105251
ACCESSION NUMBER:		0001145549-22-037556
CONFORMED SUBMISSION TYPE:	NPORT-P
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20220430
FILED AS OF DATE:		20220623
PERIOD START:           	20221031

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			First Trust Intermediate Duration Preferred & Income Fund
		CENTRAL INDEX KEY:			0001567569
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		NPORT-P
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-22795
		FILM NUMBER:		221033882

	BUSINESS ADDRESS:	
		STREET 1:		120 EAST LIBERTY DRIVE, SUITE 400
		CITY:			WHEATON
		STATE:			IL
		ZIP:			60187
		BUSINESS PHONE:		630-765-8000

	MAIL ADDRESS:	
		STREET 1:		120 EAST LIBERTY DRIVE, SUITE 400
		CITY:			WHEATON
		STATE:			IL
		ZIP:			60187

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	First Trust Intermediate Duration Preferred & Income Trust
		DATE OF NAME CHANGE:	20130130

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	First Trust Ltd Duration Preferred & Income Trust
		DATE OF NAME CHANGE:	20130122
</SEC-HEADER>
<DOCUMENT>
<TYPE>NPORT-P
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
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      <totLiabs>615830499.380000000000</totLiabs>
      <netAssets>1301831471.050000000000</netAssets>
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        <name>Algonquin Power &amp; Utilities Corporation</name>
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      <invstOrSec>
        <name>Land O'Lakes Inc.</name>
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        <name>Land O'Lakes Inc.</name>
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      <invstOrSec>
        <name>Liberty Mutual Group, Inc.</name>
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        <name>M&amp;T Bank Corporation</name>
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        <name>Air Lease Corporation</name>
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          <ticker value="AL"/>
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        <name>Allianz SE</name>
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        <name>The Allstate Corporation</name>
        <lei>OBT0W1ED8G0NWVOLOJ77</lei>
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        <name>American Equity Investment Life Holding Company</name>
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        <name>American Equity Investment Life Holding Company</name>
        <lei>549300RK5RZQ740FPL83</lei>
        <title>AMERICAN EQUITY INVESTME /PFD/</title>
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          <ticker value="AEL"/>
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        <name>AmTrust Financial Services Inc.</name>
        <lei>549300SNNS1GRWBTGA28</lei>
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        <name>Ally Financial Inc.</name>
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        <name>American Agcredit ACA</name>
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        <name>American Express Company</name>
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        <name>AmTrust Financial Services Inc.</name>
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        <name>Markel Corporation</name>
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        <name>Nationwide Financial Services Capital Trust</name>
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        <valUSD>11432769.16</valUSD>
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        <issuerCat>CORP</issuerCat>
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        <name>Nationwide Financial Services, Inc.</name>
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        <name>NiSource Inc.</name>
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        <name>Assurant Inc.</name>
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        <name>Axis Specialty Finance LLC</name>
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        <name>AmTrust Financial Services Inc.</name>
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        <name>Annaly Capital Management, Inc.</name>
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        <name>PNC Financial Services Group Inc</name>
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        <name>BBVA Mexico SA Institucion de Banca Multiple Grupo Financiero BBVA Mexico</name>
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        <name>BNSF Funding Trust I</name>
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        <name>Principal Financial Group</name>
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        <name>Regions Financial Corporation</name>
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        <name>Apollo Asset Management Inc</name>
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        <name>Atlantic Union Bankshares Corp</name>
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        <name>Reinsurance Group of America, Incorporated</name>
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        <name>SVB Financial Group</name>
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        <name>Banco Bilbao Vizcaya Argentaria, S.A.</name>
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        <name>Banco Mercantile del Norte SA Grand Cayman Branch</name>
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        <name>Australia and New Zealand Banking Group Ltd. London Branch</name>
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      <invstOrSec>
        <name>BNP Paribas</name>
        <lei>R0MUWSFPU8MPRO8K5P83</lei>
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      <invstOrSec>
        <name>The Charles Schwab Corporation</name>
        <lei>549300VSGCJ7E698NM85</lei>
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        <cusip>808513BD6</cusip>
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      <invstOrSec>
        <name>The Charles Schwab Corporation</name>
        <lei>549300VSGCJ7E698NM85</lei>
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        <cusip>808513BK0</cusip>
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        <name>Banco Mercantile del Norte SA Grand Cayman Branch</name>
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          <isin value="US05962GAJ85"/>
          <ticker value="BANORT"/>
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      <invstOrSec>
        <name>Banco Santander, S.A.</name>
        <lei>5493006QMFDDMYWIAM13</lei>
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        <cusip>05971KAH2</cusip>
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          <isin value="US05971KAH23"/>
          <ticker value="SANTAN"/>
          <other otherDesc="SEDOL" value="BMG0WY5"/>
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        <invCountry>ES</invCountry>
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      <invstOrSec>
        <name>The Charles Schwab Corporation</name>
        <lei>549300VSGCJ7E698NM85</lei>
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        <curCd>USD</curCd>
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        <name>Sempra</name>
        <lei>PBBKGKLRK5S5C0Y4T545</lei>
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        <cusip>816851BK4</cusip>
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          <other otherDesc="SEDOL" value="BMVT1B7"/>
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        <name>Banco Mercantile del Norte SA Grand Cayman Branch</name>
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          <ticker value="BANORT"/>
          <other otherDesc="SEDOL" value="BK5VM23"/>
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          <couponKind>Fixed</couponKind>
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        <name>Banco Mercantile del Norte SA Grand Cayman Branch</name>
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        <name>Agnc Investment Corp</name>
        <lei>5TRACI5HRMELWV32OF39</lei>
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        <name>Bank of America Corporation</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
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          <ticker value="BAC"/>
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      <invstOrSec>
        <name>Bank of America Corporation</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
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      <invstOrSec>
        <name>Agnc Investment Corp</name>
        <lei>5TRACI5HRMELWV32OF39</lei>
        <title>AGNC INVESTMENT CORP /PFD/</title>
        <cusip>00123Q872</cusip>
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        <curCd>USD</curCd>
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        <assetCat>EP</assetCat>
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        <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>Aegon Funding Company LLC</name>
        <lei>KEIOKM01PSK5VZ5CCI74</lei>
        <title>AEGON FUNDING 5.1% 12/15/49</title>
        <cusip>00775V104</cusip>
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          <ticker value="AEGON"/>
          <other otherDesc="SEDOL" value="BK59DD5"/>
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        <balance>471737.0000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9977237.55</valUSD>
        <pctVal>0.7664000888</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>
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      </invstOrSec>
      <invstOrSec>
        <name>Bank of America Corporation</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
        <title>BANK OF AMERICA COR V/R /PERP/</title>
        <cusip>06055HAB9</cusip>
        <identifiers>
          <isin value="US06055HAB96"/>
          <ticker value="BAC"/>
          <other otherDesc="SEDOL" value="BPNXQ46"/>
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        <balance>6000000.0000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6012000.00</valUSD>
        <pctVal>0.4618109282</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2500-12-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.125000000000</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>The Bank of New York Mellon Corporation</name>
        <lei>WFLLPEPC7FZXENRZV188</lei>
        <title>BANK OF NY MELLON C V/R /PERP/</title>
        <cusip>064058AL4</cusip>
        <identifiers>
          <isin value="US064058AL44"/>
          <ticker value="BK"/>
          <other otherDesc="SEDOL" value="BLH3DP4"/>
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        <balance>8340000.0000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7443450.00</valUSD>
        <pctVal>0.5717675571</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2500-12-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.750000000000</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>BARCLAYS PLC V/R /PERP/</title>
        <cusip>06738EBG9</cusip>
        <identifiers>
          <isin value="US06738EBG98"/>
          <ticker value="BACR"/>
          <other otherDesc="SEDOL" value="BJ5S777"/>
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        <balance>49560000.0000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>51201675.00</valUSD>
        <pctVal>3.9330494107</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2500-12-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
          <isMandatoryConvrtbl>N</isMandatoryConvrtbl>
          <isContngtConvrtbl>Y</isContngtConvrtbl>
          <dbtSecRefInstruments>
            <dbtSecRefInstrument>
              <name>Barclays PLC</name>
              <title>Barclays PLC ADR</title>
              <curCd>GBP</curCd>
              <identifiers>
                <cusip value="06738E204"/>
                <isin value="US06738E2046"/>
                <ticker value="BACR"/>
                <other otherDesc="SEDOL" value="2077756"/>
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            </dbtSecRefInstrument>
          </dbtSecRefInstruments>
          <currencyInfos>
            <currencyInfo convRatio="460.829400000000" curCd="GBP"/>
          </currencyInfos>
          <delta>XXXX</delta>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Barclays PLC</name>
        <lei>213800LBQA1Y9L22JB70</lei>
        <title>BARCLAYS PLC V/R /PERP/</title>
        <cusip>06738EBN4</cusip>
        <identifiers>
          <isin value="US06738EBN40"/>
          <ticker value="BACR"/>
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        <balance>11200000.0000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>10996944.00</valUSD>
        <pctVal>0.8447286953</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2500-12-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.125000000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isMandatoryConvrtbl>N</isMandatoryConvrtbl>
          <isContngtConvrtbl>Y</isContngtConvrtbl>
          <dbtSecRefInstruments>
            <dbtSecRefInstrument>
              <name>Barclays PLC</name>
              <title>Barclays PLC ORD GBP0.25</title>
              <curCd>GBP</curCd>
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                <cusip value="G08036124"/>
                <isin value="GB0031348658"/>
                <ticker value="BACR"/>
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          <currencyInfos>
            <currencyInfo convRatio="462.962963000000" curCd="GBP"/>
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          <delta>XXXX</delta>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Sempra</name>
        <lei>PBBKGKLRK5S5C0Y4T545</lei>
        <title>SEMPRA ENERGY V/R 04/01/52</title>
        <cusip>816851BM0</cusip>
        <identifiers>
          <isin value="US816851BM02"/>
          <ticker value="SRE"/>
          <other otherDesc="SEDOL" value="BMVVWC1"/>
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        <balance>13642000.0000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>12053847.61</valUSD>
        <pctVal>0.9259145963</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.125000000000</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>Southern California Edison Company</name>
        <lei>9R1Z5I36FERIBVKW4P77</lei>
        <title>SOUTHERN CAL EDISON V/R 12/31/49 /PERP/</title>
        <cusip>842400FU2</cusip>
        <identifiers>
          <isin value="US842400FU26"/>
          <ticker value="EIX"/>
          <other otherDesc="SEDOL" value="B6WFG39"/>
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        <balance>5110000.0000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5033350.00</valUSD>
        <pctVal>0.3866360671</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2500-12-31</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.515570000000</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>Affiliated Managers Group, Inc.</name>
        <lei>2JE75BUE3T1BLCYYGK54</lei>
        <title>AFFILIATED MANAGERS GROU /PFD/</title>
        <cusip>008252835</cusip>
        <identifiers>
          <isin value="US0082528359"/>
          <ticker value="AMG"/>
          <other otherDesc="SEDOL" value="BL972M4"/>
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        <balance>173946.0000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3110154.48</valUSD>
        <pctVal>0.2389060757</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>Affiliated Managers Group, Inc.</name>
        <lei>2JE75BUE3T1BLCYYGK54</lei>
        <title>AFFILIATED 4.75% 9/30/60 /PFD/</title>
        <cusip>008252843</cusip>
        <identifiers>
          <isin value="US0082528433"/>
          <ticker value="AMG"/>
          <other otherDesc="SEDOL" value="BN0VM18"/>
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        <balance>29434.0000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>579849.80</valUSD>
        <pctVal>0.0445410802</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>
      <invstOrSec>
        <name>BNP Paribas</name>
        <lei>R0MUWSFPU8MPRO8K5P83</lei>
        <title>BNP PARIBAS V/R /PERP/</title>
        <cusip>05565AB28</cusip>
        <identifiers>
          <isin value="US05565AB286"/>
          <ticker value="BNP"/>
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        <balance>15000000.0000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>13605600.00</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
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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>
      <invstOrSec>
        <name>Bank of America Corporation</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
        <title>BANK OF AMERICA CORP PREFERRED</title>
        <cusip>060505682</cusip>
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          <isin value="US0605056821"/>
          <ticker value="BAC"/>
          <other otherDesc="SEDOL" value="B2PB3Z7"/>
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        <balance>7719.0000</balance>
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        <curCd>USD</curCd>
        <valUSD>9392633.58</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Barclays PLC</name>
        <lei>213800LBQA1Y9L22JB70</lei>
        <title>BARCLAYS PLC V/R /PERP/</title>
        <cusip>06738EBT1</cusip>
        <identifiers>
          <isin value="US06738EBT10"/>
          <ticker value="BACR"/>
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        <balance>7300000.0000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6104625.00</valUSD>
        <pctVal>0.4689259044</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2500-12-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.375000000000</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>Buckeye Partners LP</name>
        <lei>549300C1PQJLVEIUBK50</lei>
        <title>BUCKEYE PARTNERS  V/R 01/22/78</title>
        <cusip>118230AS0</cusip>
        <identifiers>
          <isin value="US118230AS00"/>
          <ticker value="BPL"/>
          <other otherDesc="SEDOL" value="BD45T82"/>
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        <balance>4500000.0000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3722310.00</valUSD>
        <pctVal>0.2859287153</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2078-01-22</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.375000000000</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>Agree Realty Corp</name>
        <lei>N/A</lei>
        <title>AGREE REALTY CORP /PFD/</title>
        <cusip>008492209</cusip>
        <identifiers>
          <isin value="US0084922097"/>
          <ticker value="ADC"/>
          <other otherDesc="SEDOL" value="BMZ4J92"/>
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        <balance>69919.0000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1313778.01</valUSD>
        <pctVal>0.1009176717</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>Agribank Fcb</name>
        <lei>I0JS1G88CFNZT8P31C22</lei>
        <title>AGRIBANK FCB</title>
        <cusip>00850L203</cusip>
        <identifiers>
          <isin value="US00850L2034"/>
          <ticker value="AGRIBK"/>
          <other otherDesc="SEDOL" value="BG5HFV3"/>
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        <balance>80000.0000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8420000.00</valUSD>
        <pctVal>0.6467811070</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>
      <invstOrSec>
        <name>Southern Co.</name>
        <lei>549300FC3G3YU2FBZD92</lei>
        <title>SOUTHERN CO V/R 09/15/51</title>
        <cusip>842587DJ3</cusip>
        <identifiers>
          <isin value="US842587DJ36"/>
          <ticker value="SO"/>
          <other otherDesc="SEDOL" value="BMFS897"/>
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        <balance>8586000.0000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7748865.00</valUSD>
        <pctVal>0.5952279671</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.750000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Texas Capital Bancshares, Inc.</name>
        <lei>549300466Q2SXRX0YM48</lei>
        <title>TEXAS CAPITAL BAN V/R 05/06/31</title>
        <cusip>88224QAA5</cusip>
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          <isin value="US88224QAA58"/>
          <ticker value="TCBI"/>
          <other otherDesc="SEDOL" value="BMCDLJ6"/>
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        <balance>2779000.0000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2666679.04</valUSD>
        <pctVal>0.2048405726</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-05-06</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.000000000000</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>Arch Capital Group Ltd.</name>
        <lei>549300AYR4P8AFKDCE43</lei>
        <title>ARCH CAPITAL GROUP LTD /PFD/</title>
        <cusip>03939A404</cusip>
        <identifiers>
          <isin value="US03939A4040"/>
          <ticker value="ACGL"/>
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        <balance>192000.0000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3703680.00</valUSD>
        <pctVal>0.2844976544</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Brookfield BRP Holdings (Canada) Inc</name>
        <lei>549300NSPD7QJ50GZW26</lei>
        <title>BROOKFIELD BRP HOLDINGS /PFD/</title>
        <cusip>11259P109</cusip>
        <identifiers>
          <isin value="US11259P1093"/>
          <ticker value="BEPUCN"/>
          <other otherDesc="SEDOL" value="BLFF1H0"/>
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        <balance>245850.0000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4296228.75</valUSD>
        <pctVal>0.3300142027</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Truist Financial Corporation</name>
        <lei>549300DRQQI75D2JP341</lei>
        <title>TRUIST FIN CORP V/R /PERP/</title>
        <cusip>89832QAB5</cusip>
        <identifiers>
          <isin value="US89832QAB59"/>
          <ticker value="TFC"/>
          <other otherDesc="SEDOL" value="BKP9CV6"/>
        </identifiers>
        <balance>580000.0000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>553900.00</valUSD>
        <pctVal>0.0425477500</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2500-12-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.050000000000</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>Voya Financial Inc</name>
        <lei>549300T065Z4KJ686G75</lei>
        <title>VOYA FINANCIAL INC V/R /PERP/</title>
        <cusip>929089AG5</cusip>
        <identifiers>
          <isin value="US929089AG55"/>
          <ticker value="VOYA"/>
          <other otherDesc="SEDOL" value="BGLRQ92"/>
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        <balance>4781000.0000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4769047.50</valUSD>
        <pctVal>0.3663337080</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2500-12-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.125000000000</annualizedRt>
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          <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>Brookfield Property Partners LP</name>
        <lei>5493004J5Z0TZW83NU62</lei>
        <title>BROOKFIELD PROPERTY PART /PFD</title>
        <cusip>G16249164</cusip>
        <identifiers>
          <isin value="BMG162491648"/>
          <ticker value="BPY"/>
          <other otherDesc="SEDOL" value="BLK7825"/>
        </identifiers>
        <balance>273319.0000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5398050.25</valUSD>
        <pctVal>0.4146504651</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Aspen Insurance Holdings Ltd</name>
        <lei>549300YX6HECG9XQCQ75</lei>
        <title>ASPEN INSURANCE HOLDINGS LTD   PFD SHS 5.95</title>
        <cusip>G05384154</cusip>
        <identifiers>
          <isin value="BMG053841547"/>
          <ticker value="AHL"/>
          <other otherDesc="SEDOL" value="B94QMV1"/>
        </identifiers>
        <balance>8296.0000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>203169.04</valUSD>
        <pctVal>0.0156064010</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Bank of Nova Scotia</name>
        <lei>L3I9ZG2KFGXZ61BMYR72</lei>
        <title>BANK OF NOVA SCOTIA V/R /PERP/</title>
        <cusip>064159VJ2</cusip>
        <identifiers>
          <isin value="US064159VJ25"/>
          <ticker value="BNS"/>
        </identifiers>
        <balance>10300000.0000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>10131698.00</valUSD>
        <pctVal>0.7782649464</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2500-12-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.900000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
          <isMandatoryConvrtbl>N</isMandatoryConvrtbl>
          <isContngtConvrtbl>Y</isContngtConvrtbl>
          <dbtSecRefInstruments>
            <dbtSecRefInstrument>
              <name>Bank of Nova Scotia</name>
              <title>Bank of Nova Scotia COM</title>
              <curCd>USD</curCd>
              <identifiers>
                <cusip value="064149107"/>
                <isin value="CA0641491075"/>
                <ticker value="BNS"/>
                <other otherDesc="SEDOL" value="2076281"/>
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            </dbtSecRefInstrument>
          </dbtSecRefInstruments>
          <currencyInfos>
            <currencyInfo convRatio="N/A" curCd="USD"/>
          </currencyInfos>
          <delta>XXXX</delta>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Brookfield Infrastructure Finance ULC</name>
        <lei>N/A</lei>
        <title>BROOKFIELD INFRASTRUCTURE FIN  NT CAL 81</title>
        <cusip>11276B109</cusip>
        <identifiers>
          <isin value="US11276B1098"/>
          <ticker value="BIP"/>
        </identifiers>
        <balance>195763.0000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3807590.35</valUSD>
        <pctVal>0.2924795133</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Aspen Insurance Holdings Ltd</name>
        <lei>549300YX6HECG9XQCQ75</lei>
        <title>ASPEN INSURANCE HLDG /PFD/</title>
        <cusip>G05384204</cusip>
        <identifiers>
          <isin value="BMG053842040"/>
          <ticker value="AHL"/>
          <other otherDesc="SEDOL" value="BKDJPD1"/>
        </identifiers>
        <balance>349200.0000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8083980.00</valUSD>
        <pctVal>0.6209697783</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Brookfield Property Partners LP</name>
        <lei>5493004J5Z0TZW83NU62</lei>
        <title>BROOKFIELD PROPERTY PART /PFD/</title>
        <cusip>G16249156</cusip>
        <identifiers>
          <isin value="BMG162491564"/>
          <ticker value="BPY"/>
          <other otherDesc="SEDOL" value="BK1KVK5"/>
        </identifiers>
        <balance>374243.0000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7892784.87</valUSD>
        <pctVal>0.6062831515</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>Wells Fargo &amp; Company</name>
        <lei>PBLD0EJDB5FWOLXP3B76</lei>
        <title>WELLS FARGO &amp; COMPA V/R /PERP/</title>
        <cusip>949746TD3</cusip>
        <identifiers>
          <isin value="US949746TD35"/>
          <ticker value="WFC"/>
          <other otherDesc="SEDOL" value="BMDJ3N1"/>
        </identifiers>
        <balance>16181000.0000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>14774466.58</valUSD>
        <pctVal>1.1348985570</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2500-12-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.900000000000</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>CHS Inc</name>
        <lei>XEIEFTLYDQ1MZ6TZV015</lei>
        <title>CHS INC /PFD/</title>
        <cusip>12542R704</cusip>
        <identifiers>
          <isin value="US12542R7044"/>
          <ticker value="CHSINC"/>
          <other otherDesc="SEDOL" value="BQS2V39"/>
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        <balance>352723.0000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9340105.04</valUSD>
        <pctVal>0.7174588453</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>CNO Financial Group, Inc.</name>
        <lei>11XPYHB76MPM4Y4P2897</lei>
        <title>CNO FINANCIAL GROUP INC /PFD/</title>
        <cusip>12621E301</cusip>
        <identifiers>
          <isin value="US12621E3018"/>
          <ticker value="CNO"/>
          <other otherDesc="SEDOL" value="BMWB509"/>
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        <balance>133393.0000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2734556.50</valUSD>
        <pctVal>0.2100545701</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>Capital Farm Credit ACA</name>
        <lei>N/A</lei>
        <title>CAPITAL FARM CREDIT V/R /PERP/</title>
        <cusip>14019TAA4</cusip>
        <identifiers>
          <isin value="US14019TAA43"/>
          <ticker value="CFCFCS"/>
          <other otherDesc="SEDOL" value="BNDC2J6"/>
        </identifiers>
        <balance>9350000.0000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8555250.00</valUSD>
        <pctVal>0.6571703166</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2500-12-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</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>Capital One Financial Corporation</name>
        <lei>ZUE8T73ROZOF6FLBAR73</lei>
        <title>CAPITAL ONE FINANCI V/R /PERP/</title>
        <cusip>14040HCF0</cusip>
        <identifiers>
          <isin value="US14040HCF01"/>
          <ticker value="COF"/>
          <other otherDesc="SEDOL" value="BMCQHF3"/>
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        <balance>11339000.0000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>9864930.00</valUSD>
        <pctVal>0.7577732002</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2500-12-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.950000000000</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>Carlyle Finance LLC</name>
        <lei>N/A</lei>
        <title>CARLYLE FINANCE 4.625% 5/15/61</title>
        <cusip>14314C105</cusip>
        <identifiers>
          <isin value="US14314C1053"/>
          <ticker value="CG"/>
          <other otherDesc="SEDOL" value="BMHV4X0"/>
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        <balance>369562.0000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6932983.12</valUSD>
        <pctVal>0.5325561161</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>Citizens Financial Group Inc</name>
        <lei>2138004JDDA4ZQUPFW65</lei>
        <title>CITIZENS FINANCIAL GROUP /PFD/</title>
        <cusip>174610204</cusip>
        <identifiers>
          <isin value="US1746102045"/>
          <ticker value="CFG"/>
          <other otherDesc="SEDOL" value="BGPFT82"/>
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        <balance>45331.0000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1172712.97</valUSD>
        <pctVal>0.0900817806</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>Centerpoint Energy Inc</name>
        <lei>21TPXMRRHFKOBHDC8J74</lei>
        <title>CENTERPOINT ENERGY  V/R /PERP/</title>
        <cusip>15189TAS6</cusip>
        <identifiers>
          <isin value="US15189TAS69"/>
          <ticker value="CNP"/>
          <other otherDesc="SEDOL" value="BFM9HT7"/>
        </identifiers>
        <balance>4491000.0000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4324136.90</valUSD>
        <pctVal>0.3321579633</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2500-12-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.125000000000</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>Citigroup Inc.</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>CITIGROUP INC V/R /PERP/</title>
        <cusip>172967GD7</cusip>
        <identifiers>
          <isin value="US172967GD72"/>
          <ticker value="C"/>
          <other otherDesc="SEDOL" value="B8FPQ41"/>
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        <balance>3022000.0000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3022000.00</valUSD>
        <pctVal>0.2321345018</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2500-12-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.950000000000</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>CITIGROUP INC V/R /PERP/</title>
        <cusip>172967GF2</cusip>
        <identifiers>
          <isin value="US172967GF21"/>
          <ticker value="C"/>
          <other otherDesc="SEDOL" value="B958XB3"/>
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        <balance>5041000.0000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5137635.97</valUSD>
        <pctVal>0.3946467791</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2500-12-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.900000000000</annualizedRt>
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          <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>CITIGROUP INC V/R /PERP/</title>
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          <isin value="US172967GR68"/>
          <ticker value="C"/>
          <other otherDesc="SEDOL" value="B7YJC49"/>
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        <balance>9937000.0000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>9812787.50</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>2500-12-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.350000000000</annualizedRt>
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          <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>Brookfield Property Preferred Lp</name>
        <lei>5493004J5Z0TZW83NU62</lei>
        <title>BROOKFIELD PPTY /PFD/</title>
        <cusip>G1624R107</cusip>
        <identifiers>
          <isin value="BMG1624R1079"/>
          <ticker value="BPY"/>
          <other otherDesc="SEDOL" value="BMJ0KL5"/>
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        <balance>398983.0000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8326775.21</valUSD>
        <pctVal>0.6396200580</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Citigroup Inc.</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>CITIGROUP INC V/R /PERP/</title>
        <cusip>172967JM4</cusip>
        <identifiers>
          <isin value="US172967JM45"/>
          <ticker value="C"/>
          <other otherDesc="SEDOL" value="BWXV3H1"/>
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        <curCd>USD</curCd>
        <valUSD>8418970.00</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.950000000000</annualizedRt>
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          <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>CITIGROUP INC V/R /PERP/</title>
        <cusip>172967MU2</cusip>
        <identifiers>
          <isin value="US172967MU24"/>
          <ticker value="C"/>
          <other otherDesc="SEDOL" value="BM9GMM8"/>
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        <balance>14486000.0000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>13182260.00</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2500-12-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.000000000000</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>Cobank ACB</name>
        <lei>P0J8I7M2E0A77CKF1705</lei>
        <title>COBANK ACB /PFD/</title>
        <cusip>19075Q805</cusip>
        <identifiers>
          <isin value="US19075Q8050"/>
          <ticker value="COBKAC"/>
          <other otherDesc="SEDOL" value="B87Y538"/>
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        <balance>179000.0000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>18079000.00</valUSD>
        <pctVal>1.3887358235</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Cobank ACB</name>
        <lei>P0J8I7M2E0A77CKF1705</lei>
        <title>COBANK ACB /PFD/</title>
        <cusip>19075Q862</cusip>
        <identifiers>
          <isin value="US19075Q8621"/>
          <ticker value="COBKAC"/>
          <other otherDesc="SEDOL" value="BSR37W8"/>
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        <balance>54250.0000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5682687.50</valUSD>
        <pctVal>0.4365148352</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Citigroup Inc.</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>CITIGROUP INC V/R /PERP/</title>
        <cusip>172967MV0</cusip>
        <identifiers>
          <isin value="US172967MV07"/>
          <ticker value="C"/>
          <other otherDesc="SEDOL" value="BMC9RY1"/>
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        <balance>13370000.0000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>12110813.40</valUSD>
        <pctVal>0.9302904154</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2500-12-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.875000000000</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>CITIGROUP INC V/R /PERP/</title>
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          <isin value="US172967NB34"/>
          <ticker value="C"/>
          <other otherDesc="SEDOL" value="BN72LH3"/>
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        <balance>7381000.0000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6547685.10</valUSD>
        <pctVal>0.5029595033</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2500-12-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.150000000000</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>Compeer Financial, ACA</name>
        <lei>54930020HTACTODKHT04</lei>
        <title>COMPEER FINANCIAL ACA /PFD/</title>
        <cusip>20453Q201</cusip>
        <identifiers>
          <isin value="US20453Q2012"/>
          <ticker value="AGSTAR"/>
          <other otherDesc="SEDOL" value="BYW1PX6"/>
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        <balance>12000.0000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>12240000.00</valUSD>
        <pctVal>0.9402138658</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>
      <invstOrSec>
        <name>Credit Agricole S.A.</name>
        <lei>969500TJ5KRTCJQWXH05</lei>
        <title>CREDIT AGRICOLE SA V/R /PERP/</title>
        <cusip>225313AJ4</cusip>
        <identifiers>
          <isin value="US225313AJ46"/>
          <ticker value="ACAFP"/>
          <other otherDesc="SEDOL" value="BYVXC43"/>
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        <balance>28240000.0000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>30437693.28</valUSD>
        <pctVal>2.3380670968</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2500-12-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.125000000000</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>Credit Agricole S.A.</name>
        <lei>969500TJ5KRTCJQWXH05</lei>
        <title>CREDIT AGRICOLE SA V/R /PERP/</title>
        <cusip>225313AL9</cusip>
        <identifiers>
          <isin value="US225313AL91"/>
          <ticker value="ACAFP"/>
          <other otherDesc="SEDOL" value="BJKRP20"/>
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        <balance>20000000.0000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>20135000.00</valUSD>
        <pctVal>1.5466671722</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2500-12-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.875000000000</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>DTE Energy Company</name>
        <lei>549300IX8SD6XXD71I78</lei>
        <title>DTE ENERGY CO 5.25% 12/01/77</title>
        <cusip>233331859</cusip>
        <identifiers>
          <isin value="US2333318598"/>
          <ticker value="DTE"/>
          <other otherDesc="SEDOL" value="BF3L703"/>
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        <balance>15000.0000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>348450.00</valUSD>
        <pctVal>0.0267661374</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>Citizens Financial Group Inc</name>
        <lei>2138004JDDA4ZQUPFW65</lei>
        <title>CITIZENS FINANCIAL  V/R /PERP/</title>
        <cusip>174610AP0</cusip>
        <identifiers>
          <isin value="US174610AP06"/>
          <ticker value="CFG"/>
          <other otherDesc="SEDOL" value="BDC55T7"/>
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        <balance>1720000.0000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1644836.00</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>6.000000000000</annualizedRt>
          <isDefault>N</isDefault>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Citizens Financial Group Inc</name>
        <lei>2138004JDDA4ZQUPFW65</lei>
        <title>CITIZENS FINANCIAL  V/R /PERP/</title>
        <cusip>174610BD6</cusip>
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          <isin value="US174610BD66"/>
          <ticker value="CFG"/>
          <other otherDesc="SEDOL" value="BN6PZT3"/>
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        <balance>6800000.0000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6052000.00</valUSD>
        <pctVal>0.4648835225</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>4.000000000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Cobank ACB</name>
        <lei>P0J8I7M2E0A77CKF1705</lei>
        <title>COBANK ACB V/R /PERP/</title>
        <cusip>19075QAC6</cusip>
        <identifiers>
          <isin value="US19075QAC69"/>
          <ticker value="COBKAC"/>
          <other otherDesc="SEDOL" value="BYQ9LK5"/>
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        <balance>25000000.0000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25187500.00</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>2500-12-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.250000000000</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>Compeer Financial, ACA</name>
        <lei>54930020HTACTODKHT04</lei>
        <title>COMPEER FINANCIAL A V/R /PERP/</title>
        <cusip>20453QAA0</cusip>
        <identifiers>
          <isin value="US20453QAA04"/>
          <ticker value="AGSTAR"/>
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        <balance>3800000.0000</balance>
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        <curCd>USD</curCd>
        <valUSD>3377250.15</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>2500-12-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.875000000000</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>Delphi Financial Group, Inc.</name>
        <lei>5493001NGT0EEYMZG011</lei>
        <title>DELPHI FINANCIAL GROUP PFD</title>
        <cusip>247131303</cusip>
        <identifiers>
          <isin value="US2471313039"/>
          <ticker value="TOMARI"/>
          <other otherDesc="SEDOL" value="B1XXGL5"/>
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        <balance>584250.0000</balance>
        <units>NS</units>
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                <isin value="CA29250N4930"/>
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            </dbtSecRefInstrument>
          </dbtSecRefInstruments>
          <currencyInfos>
            <currencyInfo convRatio="1.000000000000" curCd="USD"/>
          </currencyInfos>
          <delta>XXXX</delta>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Energy Transfer LP</name>
        <lei>5493008K8W3OKZE54J59</lei>
        <title>ENERGY TRANSFER LP /PFD/</title>
        <cusip>29273V407</cusip>
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          <isin value="US29273V4077"/>
          <ticker value="ET"/>
          <other otherDesc="SEDOL" value="BNZGZ19"/>
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        <balance>35235.0000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>837535.95</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Deutsche Bank AG New York Branch</name>
        <lei>7LTWFZYICNSX8D621K86</lei>
        <title>DEUTSCHE BANK AG V/R /PERP/</title>
        <cusip>251525AX9</cusip>
        <identifiers>
          <isin value="US251525AX97"/>
          <ticker value="DB"/>
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        <balance>13900000.0000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>12996500.00</valUSD>
        <pctVal>0.9983243061</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2500-12-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.000000000000</annualizedRt>
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          <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>Edison International</name>
        <lei>549300I7ROF15MAEVP56</lei>
        <title>EDISON INTERNATIONA V/R /PERP/</title>
        <cusip>281020AT4</cusip>
        <identifiers>
          <isin value="US281020AT41"/>
          <ticker value="EIX"/>
          <other otherDesc="SEDOL" value="BP9RHS3"/>
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        <balance>5116000.0000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4643401.98</valUSD>
        <pctVal>0.3566822652</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2500-12-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</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>Energy Transfer LP</name>
        <lei>5493008K8W3OKZE54J59</lei>
        <title>ENERGY TRANSFER L V/R 11/01/66</title>
        <cusip>29273RBA6</cusip>
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          <isin value="US29273RBA68"/>
          <ticker value="ET"/>
          <other otherDesc="SEDOL" value="BHBFCH3"/>
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        <balance>20365000.0000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>16801125.00</valUSD>
        <pctVal>1.2905760364</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2066-11-01</maturityDt>
          <couponKind>Floating</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Energy Transfer LP</name>
        <lei>MTLVN9N7JE8MIBIJ1H73</lei>
        <title>ENERGY TRANSFER LP V/R /PERP/</title>
        <cusip>29273VAH3</cusip>
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          <isin value="US29273VAH33"/>
          <ticker value="ET"/>
          <other otherDesc="SEDOL" value="BMCRWD9"/>
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        <balance>805000.0000</balance>
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        <curCd>USD</curCd>
        <valUSD>685256.25</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2500-12-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.250000000000</annualizedRt>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Energy Transfer LP</name>
        <lei>MTLVN9N7JE8MIBIJ1H73</lei>
        <title>ENERGY TRANSFER L P</title>
        <cusip>29273V506</cusip>
        <identifiers>
          <isin value="US29273V5066"/>
          <ticker value="ET"/>
          <other otherDesc="SEDOL" value="BNZGZ31"/>
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        <balance>1879.0000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>45171.16</valUSD>
        <pctVal>0.0034698163</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>Energy Transfer LP</name>
        <lei>MTLVN9N7JE8MIBIJ1H73</lei>
        <title>ENERGY TRANSFER L P /PFD/</title>
        <cusip>29273V605</cusip>
        <identifiers>
          <isin value="US29273V6056"/>
          <ticker value="ET"/>
          <other otherDesc="SEDOL" value="BNZGZ86"/>
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        <balance>573841.0000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>13886952.20</valUSD>
        <pctVal>1.0667242657</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>Energy Transfer LP</name>
        <lei>MTLVN9N7JE8MIBIJ1H73</lei>
        <title>ENERGY TRANSFER LP V/R /PERP/</title>
        <cusip>29273VAL4</cusip>
        <identifiers>
          <isin value="US29273VAL45"/>
          <ticker value="ET"/>
        </identifiers>
        <balance>5428000.0000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5238020.00</valUSD>
        <pctVal>0.4023577642</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2500-12-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.750000000000</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>Energy Transfer LP</name>
        <lei>MTLVN9N7JE8MIBIJ1H73</lei>
        <title>ENERGY TRANSFER LP V/R /PERP/</title>
        <cusip>29273VAN0</cusip>
        <identifiers>
          <isin value="US29273VAN01"/>
          <ticker value="ET"/>
          <other otherDesc="SEDOL" value="BN2CHF8"/>
        </identifiers>
        <balance>2236000.0000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2130035.96</valUSD>
        <pctVal>0.1636184105</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2500-12-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.500000000000</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>Enstar Finance Llc</name>
        <lei>N/A</lei>
        <title>ENSTAR FINANCE LL V/R 09/01/40</title>
        <cusip>29360AAA8</cusip>
        <identifiers>
          <isin value="US29360AAA88"/>
          <ticker value="ESGR"/>
          <other otherDesc="SEDOL" value="BMW4BX3"/>
        </identifiers>
        <balance>8704000.0000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8577133.98</valUSD>
        <pctVal>0.6588513314</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.750000000000</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>Enstar Finance Llc</name>
        <lei>N/A</lei>
        <title>ENSTAR FINANCE LL V/R 01/15/42</title>
        <cusip>29360AAB6</cusip>
        <identifiers>
          <isin value="US29360AAB61"/>
          <ticker value="ESGR"/>
          <other otherDesc="SEDOL" value="BPLFC57"/>
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        <balance>17149000.0000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>15978667.01</valUSD>
        <pctVal>1.2273990425</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.500000000000</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>Equitable Holdings Inc</name>
        <lei>549300FIBAKMNHPZ4009</lei>
        <title>EQUITABLE HOLDINGS INC /PFD/</title>
        <cusip>29452E200</cusip>
        <identifiers>
          <isin value="US29452E2000"/>
          <ticker value="EQH"/>
          <other otherDesc="SEDOL" value="BKRMRC9"/>
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        <balance>518884.0000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>11290915.84</valUSD>
        <pctVal>0.8673101005</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>Ft Real Estate Secs Co</name>
        <lei>529900HEKOENJHPNN480</lei>
        <title>FT REAL ESTATE SECS /PFD//RES/</title>
        <cusip>302663208</cusip>
        <identifiers>
          <isin value="US3026632089"/>
          <ticker value="FHN"/>
          <other otherDesc="SEDOL" value="BZB1YT3"/>
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        <balance>12.0000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>15311808.00</valUSD>
        <pctVal>1.1761743621</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Enterprise Products Operating LLC</name>
        <lei>5493004LGN656HWLDA30</lei>
        <title>ENTERPRISE PRODUC V/R 06/01/67</title>
        <cusip>29379VAN3</cusip>
        <identifiers>
          <isin value="US29379VAN38"/>
          <ticker value="EPD"/>
          <other otherDesc="SEDOL" value="B574DC2"/>
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        <balance>13399000.0000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>11709453.10</valUSD>
        <pctVal>0.8994599808</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2067-06-01</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.300500000000</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>Enterprise Products Operating LLC</name>
        <lei>5493004LGN656HWLDA30</lei>
        <title>ENTERPRISE PRODUC V/R 08/16/77</title>
        <cusip>29379VBM4</cusip>
        <identifiers>
          <isin value="US29379VBM46"/>
          <ticker value="EPD"/>
          <other otherDesc="SEDOL" value="BDF0M65"/>
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        <balance>8287000.0000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7417754.03</valUSD>
        <pctVal>0.5697937248</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2077-08-16</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.875000000000</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>
      <invstOrSec>
        <name>Farm Credit Bank of Texas</name>
        <lei>V1EBJIOLRNYDHDF63Z33</lei>
        <title>FARM CREDIT BK OF TEXAS /PFD/</title>
        <cusip>30767E406</cusip>
        <identifiers>
          <isin value="US30767E4061"/>
          <ticker value="FARMCB"/>
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        <balance>102000.0000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10582500.00</valUSD>
        <pctVal>0.8128932381</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</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   PFD</title>
        <cusip>316773605</cusip>
        <identifiers>
          <isin value="US3167736053"/>
          <ticker value="FITB"/>
          <other otherDesc="SEDOL" value="BH58353"/>
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        <balance>12374.0000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>320362.86</valUSD>
        <pctVal>0.0246086277</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>Farm Credit Bank of Texas</name>
        <lei>V1EBJIOLRNYDHDF63Z33</lei>
        <title>FARM CREDIT BK OF T V/R /PERP/</title>
        <cusip>30767EAC3</cusip>
        <identifiers>
          <isin value="US30767EAC30"/>
          <ticker value="FARMCB"/>
          <other otherDesc="SEDOL" value="BG0MSQ9"/>
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        <balance>3450000.0000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3657000.00</valUSD>
        <pctVal>0.2809119369</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2500-12-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.200000000000</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>Farm Credit Bank of Texas</name>
        <lei>V1EBJIOLRNYDHDF63Z33</lei>
        <title>FARM CREDIT BK OF T V/R /PERP/</title>
        <cusip>30767EAD1</cusip>
        <identifiers>
          <isin value="US30767EAD13"/>
          <ticker value="FARMCB"/>
          <other otherDesc="SEDOL" value="BMY6RV7"/>
        </identifiers>
        <balance>7500000.0000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7875000.00</valUSD>
        <pctVal>0.6049170092</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2500-12-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.700000000000</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>Fifth Third Bancorp</name>
        <lei>THRNG6BD57P9QWTQLG42</lei>
        <title>FIFTH THIRD BANCORP V/R /PERP/</title>
        <cusip>316773CM0</cusip>
        <identifiers>
          <isin value="US316773CM07"/>
          <ticker value="FITB"/>
          <other otherDesc="SEDOL" value="B98D1W2"/>
        </identifiers>
        <balance>2464000.0000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2399320.00</valUSD>
        <pctVal>0.1843034259</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2500-12-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.100000000000</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>Assured Guaranty Municipal Holdings Inc</name>
        <lei>549300WKHOG7BKB8MS12</lei>
        <title>ASSURED GUARANTY  V/R 12/15/66</title>
        <cusip>31769PAB6</cusip>
        <identifiers>
          <isin value="US31769PAB67"/>
          <ticker value="AGO"/>
          <other otherDesc="SEDOL" value="B1HNWC4"/>
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        <balance>5150000.0000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5209225.00</valUSD>
        <pctVal>0.4001458803</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.400000000000</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>First Republic Bank San Francisco</name>
        <lei>YWC0TIKBQM2JV8L4IV08</lei>
        <title>FIRST REPUBLIC BANK /PFD/</title>
        <cusip>33616C720</cusip>
        <identifiers>
          <isin value="US33616C7204"/>
          <ticker value="FRC"/>
          <other otherDesc="SEDOL" value="BNT8V57"/>
        </identifiers>
        <balance>70463.0000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1233102.50</valUSD>
        <pctVal>0.0947205938</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>Global Net Lease Inc</name>
        <lei>549300NUYANCT5SU8Z65</lei>
        <title>GLOBAL NET LEASE INC /PFD/</title>
        <cusip>379378300</cusip>
        <identifiers>
          <isin value="US3793783008"/>
          <ticker value="GNL"/>
          <other otherDesc="SEDOL" value="BYT3YP0"/>
        </identifiers>
        <balance>173947.0000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4407816.98</valUSD>
        <pctVal>0.3385858368</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>Fortegra Financial Corp</name>
        <lei>5493004Z5XFZNDJRE757</lei>
        <title>FORTEGRA FINANCIA V/R 10/15/57</title>
        <cusip>34954WAA2</cusip>
        <identifiers>
          <isin value="US34954WAA27"/>
          <ticker value="FRF"/>
        </identifiers>
        <balance>15300000.0000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>18305520.53</valUSD>
        <pctVal>1.4061359659</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2057-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.500000000000</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>Global Atlantic Finance Co.</name>
        <lei>N/A</lei>
        <title>GLOBAL ATLANTIC V/R 10/15/51</title>
        <cusip>37959GAC1</cusip>
        <identifiers>
          <isin value="US37959GAC15"/>
          <ticker value="GBLATL"/>
          <other otherDesc="SEDOL" value="BLNB3L8"/>
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        <balance>22078000.0000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>20076850.08</valUSD>
        <pctVal>1.5422003943</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.700000000000</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>Goldman Sachs Group, Inc.</name>
        <lei>784F5XWPLTWKTBV3E584</lei>
        <title>GOLDMAN SACHS GROUP V/R /PERP/</title>
        <cusip>38144GAB7</cusip>
        <identifiers>
          <isin value="US38144GAB77"/>
          <ticker value="GS"/>
          <other otherDesc="SEDOL" value="BJRCCB6"/>
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        <balance>300000.0000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>289500.00</valUSD>
        <pctVal>0.0222379015</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2500-12-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.950000000000</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>Goldman Sachs Group, Inc.</name>
        <lei>784F5XWPLTWKTBV3E584</lei>
        <title>GOLDMAN SACHS GROUP V/R /PERP/</title>
        <cusip>38144GAE1</cusip>
        <identifiers>
          <isin value="US38144GAE17"/>
          <ticker value="GS"/>
          <other otherDesc="SEDOL" value="BNDC1K0"/>
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        <balance>4680000.0000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4130025.87</valUSD>
        <pctVal>0.3172473520</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2500-12-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.800000000000</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>Globe Life Inc</name>
        <lei>5493001JFHKQOPP6XA71</lei>
        <title>GLOBE LIFE INC /PFD/</title>
        <cusip>37959E300</cusip>
        <identifiers>
          <isin value="US37959E3009"/>
          <ticker value="GL"/>
          <other otherDesc="SEDOL" value="BKP8TS9"/>
        </identifiers>
        <balance>11540.0000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>228030.40</valUSD>
        <pctVal>0.0175161229</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>Wisconsin Public Service Corporation</name>
        <lei>549300J4VEJBU9YKTV37</lei>
        <title>INTEGRYS EN V/R 8/1/73 /PFD/</title>
        <cusip>45822P204</cusip>
        <identifiers>
          <isin value="US45822P2048"/>
          <ticker value="WEC"/>
          <other otherDesc="SEDOL" value="BD0DZT3"/>
        </identifiers>
        <balance>670375.0000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>16926968.75</valUSD>
        <pctVal>1.3002427063</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HSBC Holdings PLC</name>
        <lei>MLU0ZO3ML4LN2LL2TL39</lei>
        <title>HSBC HOLDINGS PLC V/R /PERP/</title>
        <cusip>404280AT6</cusip>
        <identifiers>
          <isin value="US404280AT69"/>
          <ticker value="HSBC"/>
        </identifiers>
        <balance>18000000.0000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>18101790.00</valUSD>
        <pctVal>1.3904864341</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2500-12-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.375000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
          <isMandatoryConvrtbl>N</isMandatoryConvrtbl>
          <isContngtConvrtbl>Y</isContngtConvrtbl>
          <dbtSecRefInstruments>
            <dbtSecRefInstrument>
              <name>HSBC Holdings PLC</name>
              <title>HSBC Holdings PLC ORD USD0.50</title>
              <curCd>GBP</curCd>
              <identifiers>
                <cusip value="G4634U169"/>
                <isin value="GB0005405286"/>
                <ticker value="HSBC"/>
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          </dbtSecRefInstruments>
          <currencyInfos>
            <currencyInfo convRatio="247.838845260000" curCd="GBP"/>
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          <delta>XXXX</delta>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Highlands Holdings Bond Issuer Limited / Highlands Holdings Bond Co-Issuer Incorporated</name>
        <lei>894500QEH89ZMUFQMM46</lei>
        <title>HIGHLAND HOLDI 7.625% 10/15/25</title>
        <cusip>43103QAA6</cusip>
        <identifiers>
          <isin value="US43103QAA67"/>
          <ticker value="AHL"/>
          <other otherDesc="SEDOL" value="BL0NSX4"/>
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        <balance>23795925.0000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24198790.01</valUSD>
        <pctVal>1.8588266260</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.625000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>Y</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ING Groep N.V.</name>
        <lei>549300NYKK9MWM7GGW15</lei>
        <title>ING GROEP NV V/R /PERP/</title>
        <cusip>456837AF0</cusip>
        <identifiers>
          <isin value="US456837AF06"/>
          <ticker value="INTNED"/>
          <other otherDesc="SEDOL" value="BF0Q1R6"/>
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        <balance>12920000.0000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>12917416.00</valUSD>
        <pctVal>0.9922494798</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2500-12-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.500000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
          <isMandatoryConvrtbl>N</isMandatoryConvrtbl>
          <isContngtConvrtbl>Y</isContngtConvrtbl>
          <dbtSecRefInstruments>
            <dbtSecRefInstrument>
              <name>ING Groep N.V.</name>
              <title>ING Groep N.V. EUR0.01</title>
              <curCd>USD</curCd>
              <identifiers>
                <cusip value="N4578E595"/>
                <isin value="NL0011821202"/>
                <ticker value="INTNED"/>
                <other otherDesc="SEDOL" value="BZ57390"/>
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          </dbtSecRefInstruments>
          <currencyInfos>
            <currencyInfo convRatio="N/A" curCd="USD"/>
          </currencyInfos>
          <delta>XXXX</delta>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ING Groep N.V.</name>
        <lei>549300NYKK9MWM7GGW15</lei>
        <title>ING GROEP NV V/R /PERP/</title>
        <cusip>456837AR4</cusip>
        <identifiers>
          <isin value="US456837AR44"/>
          <ticker value="INTNED"/>
        </identifiers>
        <balance>14092000.0000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>13540086.82</valUSD>
        <pctVal>1.0400798507</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2500-12-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.750000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
          <isMandatoryConvrtbl>N</isMandatoryConvrtbl>
          <isContngtConvrtbl>Y</isContngtConvrtbl>
          <dbtSecRefInstruments>
            <dbtSecRefInstrument>
              <name>ING Groep N.V.</name>
              <title>ING Groep N.V. SPONSORED ADR</title>
              <curCd>USD</curCd>
              <identifiers>
                <cusip value="456837103"/>
                <isin value="US4568371037"/>
                <ticker value="INTNED"/>
                <other otherDesc="SEDOL" value="2452643"/>
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            </dbtSecRefInstrument>
          </dbtSecRefInstruments>
          <currencyInfos>
            <currencyInfo convRatio="N/A" curCd="USD"/>
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          <delta>XXXX</delta>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Intesa Sanpaolo S.p.A.</name>
        <lei>2W8N8UU78PMDQKZENC08</lei>
        <title>INTESA SANPAOLO SPA V/R /PERP/</title>
        <cusip>46115HAU1</cusip>
        <identifiers>
          <isin value="US46115HAU14"/>
          <ticker value="ISPIM"/>
          <other otherDesc="SEDOL" value="BYRJ5Z7"/>
        </identifiers>
        <balance>16200000.0000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>16362000.00</valUSD>
        <pctVal>1.2568447118</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IT</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2500-12-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.700000000000</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>Koninklijke KPN N.V.</name>
        <lei>549300YO0JZHAL7FVP81</lei>
        <title>KONINKLIJKE KPN N V/R 03/28/73</title>
        <cusip>50048VAA8</cusip>
        <identifiers>
          <isin value="US50048VAA89"/>
          <ticker value="KPN"/>
        </identifiers>
        <balance>11222000.0000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>11362275.00</valUSD>
        <pctVal>0.8727915443</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2073-03-28</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.000000000000</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>Invesco Exchange Traded Fund Trust II</name>
        <lei>O540V2L4S174Y60FMD36</lei>
        <title>INVESCO PREFERRED ETF</title>
        <cusip>46138E511</cusip>
        <identifiers>
          <isin value="US46138E5116"/>
          <ticker value="PGX"/>
          <other otherDesc="SEDOL" value="BZ033M6"/>
        </identifiers>
        <balance>120493.0000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1502547.71</valUSD>
        <pctVal>0.1154179895</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>JPMorgan Chase &amp; Co.</name>
        <lei>8I5DZWZKVSZI1NUHU748</lei>
        <title>JPMORGAN CHASE &amp; CO /PFD/</title>
        <cusip>48128B549</cusip>
        <identifiers>
          <isin value="US48128B5497"/>
          <ticker value="JPM"/>
          <other otherDesc="SEDOL" value="BND7XB0"/>
        </identifiers>
        <balance>143945.0000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2789654.10</valUSD>
        <pctVal>0.2142868844</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>Lloyds Banking Group PLC</name>
        <lei>549300PPXHEU2JF0AM85</lei>
        <title>LLOYDS BANKING GROU V/R /PERP/</title>
        <cusip>539439AG4</cusip>
        <identifiers>
          <isin value="US539439AG42"/>
          <ticker value="LLOYDS"/>
        </identifiers>
        <balance>21213000.0000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>21676928.31</valUSD>
        <pctVal>1.6651101769</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2500-12-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.500000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
          <isMandatoryConvrtbl>N</isMandatoryConvrtbl>
          <isContngtConvrtbl>Y</isContngtConvrtbl>
          <dbtSecRefInstruments>
            <dbtSecRefInstrument>
              <name>Lloyds Banking Group PLC</name>
              <title>Lloyds Banking Group PLC ORD GBP0.1</title>
              <curCd>USD</curCd>
              <identifiers>
                <cusip value="G5533W248"/>
                <isin value="GB0008706128"/>
                <ticker value="LLOYDS"/>
                <other otherDesc="SEDOL" value="0870612"/>
              </identifiers>
            </dbtSecRefInstrument>
          </dbtSecRefInstruments>
          <currencyInfos>
            <currencyInfo convRatio="932.835820890000" curCd="USD"/>
          </currencyInfos>
          <delta>XXXX</delta>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Lloyds Banking Group PLC</name>
        <lei>549300PPXHEU2JF0AM85</lei>
        <title>LLOYDS BANKING GROU V/R /PERP/</title>
        <cusip>53944YAJ2</cusip>
        <identifiers>
          <isin value="US53944YAJ29"/>
          <ticker value="LLOYDS"/>
        </identifiers>
        <balance>13045000.0000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>13149816.58</valUSD>
        <pctVal>1.0101012975</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2500-12-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.750000000000</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>KKR Group Finance Company IX LLC</name>
        <lei>N/A</lei>
        <title>KKR GROUP FIN CO IX LLC /PFD/</title>
        <cusip>48253M104</cusip>
        <identifiers>
          <isin value="US48253M1045"/>
          <ticker value="KKR"/>
          <other otherDesc="SEDOL" value="BN2D5N5"/>
        </identifiers>
        <balance>269834.0000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5199701.18</valUSD>
        <pctVal>0.3994143094</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>Macquarie Bank Limited, London Branch</name>
        <lei>ACMHD8HWFMFUIQQ8Y590</lei>
        <title>MACQUARIE BANK LOND V/R /PERP/</title>
        <cusip>556079AB7</cusip>
        <identifiers>
          <isin value="US556079AB79"/>
          <ticker value="MQGAU"/>
        </identifiers>
        <balance>2000000.0000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1927670.00</valUSD>
        <pctVal>0.1480736979</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2500-12-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.125000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
          <isMandatoryConvrtbl>N</isMandatoryConvrtbl>
          <isContngtConvrtbl>Y</isContngtConvrtbl>
          <dbtSecRefInstruments>
            <dbtSecRefInstrument>
              <name>Macquarie Group Limited</name>
              <title>Macquarie Group Limited NPV</title>
              <curCd>AUD</curCd>
              <identifiers>
                <cusip value="Q57085286"/>
                <isin value="AU000000MQG1"/>
                <ticker value="MQGAU"/>
                <other otherDesc="SEDOL" value="B28YTC2"/>
              </identifiers>
            </dbtSecRefInstrument>
          </dbtSecRefInstruments>
          <currencyInfos>
            <currencyInfo convRatio="N/A" curCd="AUD"/>
          </currencyInfos>
          <delta>XXXX</delta>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NatWest Group PLC</name>
        <lei>2138005O9XJIJN4JPN90</lei>
        <title>NATWEST GROUP PLC V/R /PERP/</title>
        <cusip>780097BQ3</cusip>
        <identifiers>
          <isin value="US780097BQ34"/>
          <ticker value="NWG"/>
          <other otherDesc="SEDOL" value="BMBQK00"/>
        </identifiers>
        <balance>2900000.0000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2865345.00</valUSD>
        <pctVal>0.2201010702</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2500-12-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
          <isMandatoryConvrtbl>N</isMandatoryConvrtbl>
          <isContngtConvrtbl>Y</isContngtConvrtbl>
          <dbtSecRefInstruments>
            <dbtSecRefInstrument>
              <name>NatWest Group PLC</name>
              <title>NatWest Group PLC ORD GBP1</title>
              <curCd>USD</curCd>
              <identifiers>
                <cusip value="G6422B105"/>
                <isin value="GB00B7T77214"/>
                <ticker value="NWG"/>
                <other otherDesc="SEDOL" value="B7T7721"/>
              </identifiers>
            </dbtSecRefInstrument>
          </dbtSecRefInstruments>
          <currencyInfos>
            <currencyInfo convRatio="458.926112895824" curCd="USD"/>
          </currencyInfos>
          <delta>XXXX</delta>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NatWest Group PLC</name>
        <lei>2138005O9XJIJN4JPN90</lei>
        <title>NATWEST GROUP PLC V/R /PERP/</title>
        <cusip>780099CK1</cusip>
        <identifiers>
          <isin value="US780099CK11"/>
          <ticker value="NWG"/>
          <other otherDesc="SEDOL" value="BYRQWJ1"/>
        </identifiers>
        <balance>1200000.0000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1265208.00</valUSD>
        <pctVal>0.0971867733</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2500-12-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
          <isMandatoryConvrtbl>N</isMandatoryConvrtbl>
          <isContngtConvrtbl>Y</isContngtConvrtbl>
          <dbtSecRefInstruments>
            <dbtSecRefInstrument>
              <name>NatWest Group PLC</name>
              <title>NatWest Group PLC ORD GBP1</title>
              <curCd>GBP</curCd>
              <identifiers>
                <cusip value="G6422B105"/>
                <isin value="GB00B7T77214"/>
                <ticker value="NWG"/>
                <other otherDesc="SEDOL" value="B7T7721"/>
              </identifiers>
            </dbtSecRefInstrument>
          </dbtSecRefInstruments>
          <currencyInfos>
            <currencyInfo convRatio="277.315585100000" curCd="GBP"/>
          </currencyInfos>
          <delta>XXXX</delta>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Societe Generale S.A.</name>
        <lei>O2RNE8IBXP4R0TD8PU41</lei>
        <title>SOCIETE GENERALE V/R /PERP/</title>
        <cusip>83370RAA6</cusip>
        <identifiers>
          <isin value="US83370RAA68"/>
          <ticker value="SOCGEN"/>
          <other otherDesc="SEDOL" value="BM91ZQ8"/>
        </identifiers>
        <balance>26100000.0000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>22981050.00</valUSD>
        <pctVal>1.7652860997</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2500-12-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.375000000000</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>Standard Chartered PLC</name>
        <lei>U4LOSYZ7YG4W3S5F2G91</lei>
        <title>STANDARD CHARTERED  V/R /PERP/</title>
        <cusip>853254BT6</cusip>
        <identifiers>
          <isin value="US853254BT68"/>
          <ticker value="STANLN"/>
        </identifiers>
        <balance>9400000.0000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>9364750.00</valUSD>
        <pctVal>0.7193519444</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2500-12-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.000000000000</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>USD</curCd>
              <identifiers>
                <cusip value="G84228157"/>
                <isin value="GB0004082847"/>
                <ticker value="STANLN"/>
                <other otherDesc="SEDOL" value="0408284"/>
              </identifiers>
            </dbtSecRefInstrument>
          </dbtSecRefInstruments>
          <currencyInfos>
            <currencyInfo convRatio="187.582067150000" curCd="USD"/>
          </currencyInfos>
          <delta>XXXX</delta>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>National Storage Affiliates Trust</name>
        <lei>N/A</lei>
        <title>NATIONAL STORAGE AFF /PFD/</title>
        <cusip>637870205</cusip>
        <identifiers>
          <isin value="US6378702053"/>
          <ticker value="NSA"/>
          <other otherDesc="SEDOL" value="BF0M624"/>
        </identifiers>
        <balance>17466.0000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>439269.90</valUSD>
        <pctVal>0.0337424551</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>Nordea Bank ABP</name>
        <lei>529900ODI3047E2LIV03</lei>
        <title>NORDEA BANK ABP V/R /PERP/</title>
        <cusip>65559CAA9</cusip>
        <identifiers>
          <isin value="US65559CAA99"/>
          <ticker value="NDASS"/>
          <other otherDesc="SEDOL" value="BHPRDT4"/>
        </identifiers>
        <balance>24400000.0000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24827000.00</valUSD>
        <pctVal>1.9070824874</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FI</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2500-12-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.625000000000</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>NuStar Energy LP</name>
        <lei>5493003BMLTUIEG2LG44</lei>
        <title>NUSTAR ENERGY LP PREFERRED</title>
        <cusip>67058H201</cusip>
        <identifiers>
          <isin value="US67058H2013"/>
          <ticker value="NSUS"/>
          <other otherDesc="SEDOL" value="BYVQFR6"/>
        </identifiers>
        <balance>172376.0000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4137024.00</valUSD>
        <pctVal>0.3177849124</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>NuStar Energy LP</name>
        <lei>5493003BMLTUIEG2LG44</lei>
        <title>NUSTAR ENERGY LP PREFERRED</title>
        <cusip>67058H409</cusip>
        <identifiers>
          <isin value="US67058H4092"/>
          <ticker value="NSUS"/>
          <other otherDesc="SEDOL" value="BD1KJ79"/>
        </identifiers>
        <balance>8648.0000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>211876.00</valUSD>
        <pctVal>0.0162752249</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>
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      </invstOrSec>
      <invstOrSec>
        <name>Standard Chartered PLC</name>
        <lei>U4LOSYZ7YG4W3S5F2G91</lei>
        <title>STANDARD CHARTERED  V/R /PERP/</title>
        <cusip>853254CD0</cusip>
        <identifiers>
          <isin value="US853254CD08"/>
          <ticker value="STANLN"/>
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        <balance>19940000.0000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>16550200.00</valUSD>
        <pctVal>1.2713012681</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2500-12-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.300000000000</annualizedRt>
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          <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>UBS Group AG</name>
        <lei>549300SZJ9VS8SGXAN81</lei>
        <title>UBS GROUP AG V/R /PERP/</title>
        <cusip>902613AJ7</cusip>
        <identifiers>
          <isin value="US902613AJ70"/>
          <ticker value="UBS"/>
          <other otherDesc="SEDOL" value="BM94BZ8"/>
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        <balance>10000000.0000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>9212500.00</valUSD>
        <pctVal>0.7076568822</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2500-12-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.875000000000</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>UBS Group Funding (Switzerland) AG</name>
        <lei>549300SZJ9VS8SGXAN81</lei>
        <title>UBS GROUP AG V/R /PERP/</title>
        <cusip>90352JAF0</cusip>
        <identifiers>
          <isin value="US90352JAF03"/>
          <ticker value="UBS"/>
          <other otherDesc="SEDOL" value="BJJH9C9"/>
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        <balance>2165000.0000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2205593.75</valUSD>
        <pctVal>0.1694223714</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2500-12-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.000000000000</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>UniCredit S.p.A.</name>
        <lei>549300TRUWO2CD2G5692</lei>
        <title>UNICREDIT SPA V/R 06/30/35</title>
        <cusip>904678AS8</cusip>
        <identifiers>
          <isin value="US904678AS85"/>
          <ticker value="UCGIM"/>
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        <balance>5000000.0000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4521434.80</valUSD>
        <pctVal>0.3473133735</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IT</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-06-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.459000000000</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>Standard Chartered PLC</name>
        <lei>RILFO74KP1CM8P6PCT96</lei>
        <title>STANDARD CHARTERED  V/R /PERP/</title>
        <cusip>853254AC4</cusip>
        <identifiers>
          <isin value="US853254AC43"/>
          <ticker value="STANLN"/>
          <other otherDesc="SEDOL" value="B1Y3YF4"/>
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        <balance>65000.0000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>75697.45</valUSD>
        <pctVal>0.0058146889</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2500-12-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.014000000000</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>Asahi Mutual Life Insurance</name>
        <lei>549300ZTKF2W3KCEJ782</lei>
        <title>ASAHI MUTUAL LIFE I V/R /PERP/</title>
        <cusip>J0249NAB6</cusip>
        <identifiers>
          <isin value="XS1852563086"/>
          <ticker value="ASAMLI"/>
          <other otherDesc="SEDOL" value="BDG6YY4"/>
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        <balance>7368000.0000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7524570.00</valUSD>
        <pctVal>0.5779987784</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2500-12-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.500000000000</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>Nustar Logistics, L.P.</name>
        <lei>N62BF2PKP51FIIOIUN20</lei>
        <title>NUSTAR LOGISTICS LP /PFD/</title>
        <cusip>67059T204</cusip>
        <identifiers>
          <isin value="US67059T2042"/>
          <ticker value="NSUS"/>
          <other otherDesc="SEDOL" value="B8S0HY0"/>
        </identifiers>
        <balance>135233.0000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3420042.57</valUSD>
        <pctVal>0.2627100854</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>Oaktree Capital Group LLC</name>
        <lei>254900T1ODNFOK2L6090</lei>
        <title>OAKTREE CAPITAL GRP LLC /PFD/</title>
        <cusip>674001300</cusip>
        <identifiers>
          <isin value="US6740013007"/>
          <ticker value="OAK"/>
          <other otherDesc="SEDOL" value="BYVNFF5"/>
        </identifiers>
        <balance>12696.0000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>324636.72</valUSD>
        <pctVal>0.0249369237</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>Banco Santander, S.A.</name>
        <lei>5493006QMFDDMYWIAM13</lei>
        <title>BANCO SANTANDER SA V/R /PERP/</title>
        <cusip>E2R99CQ59</cusip>
        <identifiers>
          <isin value="XS1951093894"/>
          <ticker value="SANTAN"/>
          <other otherDesc="SEDOL" value="BJJ0597"/>
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        <balance>12600000.0000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>12737818.80</valUSD>
        <pctVal>0.9784537464</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2500-12-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.500000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
          <isMandatoryConvrtbl>N</isMandatoryConvrtbl>
          <isContngtConvrtbl>Y</isContngtConvrtbl>
          <dbtSecRefInstruments>
            <dbtSecRefInstrument>
              <name>Banco Santander, S.A.</name>
              <title>Banco Santander, S.A. EUR0.50(REGD)</title>
              <curCd>EUR</curCd>
              <identifiers>
                <cusip value="E19790109"/>
                <isin value="ES0113900J37"/>
                <ticker value="SANTAN"/>
                <other otherDesc="SEDOL" value="5705946"/>
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          </dbtSecRefInstruments>
          <currencyInfos>
            <currencyInfo convRatio="N/A" curCd="EUR"/>
          </currencyInfos>
          <delta>XXXX</delta>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Swedbank AB (publ)</name>
        <lei>M312WZV08Y7LYUC71685</lei>
        <title>SWEDBANK AB V/R /PERP/</title>
        <cusip>W9423YGR5</cusip>
        <identifiers>
          <isin value="XS2046625765"/>
          <ticker value="SWEDA"/>
          <other otherDesc="SEDOL" value="BJNQ0S5"/>
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        <balance>5800000.0000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5752875.00</valUSD>
        <pctVal>0.4419062780</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2500-12-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.625000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
          <isMandatoryConvrtbl>N</isMandatoryConvrtbl>
          <isContngtConvrtbl>Y</isContngtConvrtbl>
          <dbtSecRefInstruments>
            <dbtSecRefInstrument>
              <name>Swedbank AB (publ)</name>
              <title>Swedbank AB (publ) SER'A'NPV</title>
              <curCd>SEK</curCd>
              <identifiers>
                <cusip value="W94232100"/>
                <isin value="SE0000242455"/>
                <ticker value="SWEDA"/>
                <other otherDesc="SEDOL" value="4846523"/>
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          </dbtSecRefInstruments>
          <currencyInfos>
            <currencyInfo convRatio="N/A" curCd="SEK"/>
          </currencyInfos>
          <delta>XXXX</delta>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Old National Bancorp</name>
        <lei>549300MMK90CL5KMVX16</lei>
        <title>OLD NATL BANCORP /PFD/</title>
        <cusip>68003D204</cusip>
        <identifiers>
          <isin value="US68003D2045"/>
          <ticker value="ONB"/>
          <other otherDesc="SEDOL" value="BMHSY20"/>
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        <balance>56961.0000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1490669.37</valUSD>
        <pctVal>0.1145055565</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>Phoenix Companies Inc</name>
        <lei>549300Q3ENSFI87YLC32</lei>
        <title>PHOENIX CO 7.45% 1/15/32 PFD</title>
        <cusip>71902E208</cusip>
        <identifiers>
          <isin value="US71902E2081"/>
          <ticker value="PNX"/>
          <other otherDesc="SEDOL" value="2833958"/>
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        <balance>193528.0000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3538175.66</valUSD>
        <pctVal>0.2717844620</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>
      <invstOrSec>
        <name>Skandinaviska Enskilda Banken AB (publ)</name>
        <lei>F3JS33DEI6XQ4ZBPTN86</lei>
        <title>SKANDINAVISKA ENSKI V/R /PERP/</title>
        <cusip>W8T54FCX4</cusip>
        <identifiers>
          <isin value="XS2076169668"/>
          <ticker value="SEB"/>
          <other otherDesc="SEDOL" value="BKHXFY0"/>
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        <balance>9200000.0000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8837750.00</valUSD>
        <pctVal>0.6788705141</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2500-12-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.125000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
          <isMandatoryConvrtbl>N</isMandatoryConvrtbl>
          <isContngtConvrtbl>Y</isContngtConvrtbl>
          <dbtSecRefInstruments>
            <dbtSecRefInstrument>
              <name>Skandinaviska Enskilda Banken AB (publ)</name>
              <title>Skandinaviska Enskilda Banken AB (publ) SER'A'NPV</title>
              <curCd>SEK</curCd>
              <identifiers>
                <cusip value="W25381141"/>
                <isin value="SE0000148884"/>
                <ticker value="SEB"/>
                <other otherDesc="SEDOL" value="4813345"/>
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          <currencyInfos>
            <currencyInfo convRatio="N/A" curCd="SEK"/>
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          <delta>XXXX</delta>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Commerzbank AG</name>
        <lei>851WYGNLUQLFZBSYGB56</lei>
        <title>COMMERZBANK AG V/R /PERP/</title>
        <cusip>D170472W6</cusip>
        <identifiers>
          <isin value="XS2024502960"/>
          <ticker value="CMZB"/>
          <other otherDesc="SEDOL" value="BKLFDD7"/>
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        <balance>2800000.0000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2769200.00</valUSD>
        <pctVal>0.2127157056</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2500-12-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.000000000000</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>Pinnacle Financial Partners Inc</name>
        <lei>54930098EZ8JMSAZGS24</lei>
        <title>PINNACLE FINANCIAL PARTN /PFD/</title>
        <cusip>72346Q302</cusip>
        <identifiers>
          <isin value="US72346Q3020"/>
          <ticker value="PNFP"/>
          <other otherDesc="SEDOL" value="BMWP1Z8"/>
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        <balance>272168.0000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6964779.12</valUSD>
        <pctVal>0.5349985213</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>QBE Insurance Group Ltd.</name>
        <lei>549300D2FBW76FPUSG65</lei>
        <title>QBE INSURANCE GROUP V/R /PERP/</title>
        <cusip>74728GAE0</cusip>
        <identifiers>
          <isin value="US74728GAE08"/>
          <ticker value="QBEAU"/>
          <other otherDesc="SEDOL" value="BMHCRJ0"/>
        </identifiers>
        <balance>12900000.0000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>12996750.00</valUSD>
        <pctVal>0.9983435098</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2500-12-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.875000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <name>La Mondiale</name>
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        <name>UBS Group Funding (Switzerland) AG</name>
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        <name>SCE Trust V</name>
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        <name>Sempra</name>
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        <name>Signature Bank</name>
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        <name>Societe Generale S.A.</name>
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        <name>Societe Generale S.A.</name>
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        <name>South Jersey Industries Inc</name>
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        <name>Southern Co.</name>
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        <name>State Street Corporation</name>
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        <name>TransCanada Trust</name>
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        <name>TransCanada Trust</name>
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        <name>United States Cellular Corporation</name>
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        <name>United States Cellular Corporation</name>
        <lei>N/A</lei>
        <title>US CELLULAR CORP /PFD/</title>
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        <name>Wells Fargo &amp; Company</name>
        <lei>PBLD0EJDB5FWOLXP3B76</lei>
        <title>WELLS FARGO &amp; CO PREF /PFD/</title>
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        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2494316.52</valUSD>
        <pctVal>0.1916005701</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>Wells Fargo &amp; Company</name>
        <lei>PBLD0EJDB5FWOLXP3B76</lei>
        <title>WELLS FARGO &amp; COMPANY /PFD/CV</title>
        <cusip>949746804</cusip>
        <identifiers>
          <isin value="US9497468044"/>
          <ticker value="WFC"/>
          <other otherDesc="SEDOL" value="B3KRSW9"/>
        </identifiers>
        <balance>23451.0000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>28410651.99</valUSD>
        <pctVal>2.1823602073</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>Wells Fargo &amp; Company</name>
        <lei>PBLD0EJDB5FWOLXP3B76</lei>
        <title>WELLS FARGO &amp; COMPANY /PFD/</title>
        <cusip>94988U656</cusip>
        <identifiers>
          <isin value="US94988U6560"/>
          <ticker value="WFC"/>
          <other otherDesc="SEDOL" value="BYQHXS1"/>
        </identifiers>
        <balance>49802.0000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1175327.20</valUSD>
        <pctVal>0.0902825923</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>Wesbanco Inc</name>
        <lei>N/A</lei>
        <title>WESBANCO INC /PFD/</title>
        <cusip>950810705</cusip>
        <identifiers>
          <isin value="US9508107052"/>
          <ticker value="WSBC"/>
          <other otherDesc="SEDOL" value="BMF3M89"/>
        </identifiers>
        <balance>205000.0000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5537050.00</valUSD>
        <pctVal>0.4253277112</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>Wesco International, Inc.</name>
        <lei>529900TXOGREY3WNJ434</lei>
        <title>WESCO INTERNATIONAL INC.</title>
        <cusip>95082P303</cusip>
        <identifiers>
          <isin value="US95082P3038"/>
          <ticker value="WCC"/>
          <other otherDesc="SEDOL" value="BLFBXS3"/>
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        <balance>284980.0000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8136179.00</valUSD>
        <pctVal>0.6249794371</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>Western Alliance Bancorporation</name>
        <lei>5493003VJXZ5JXT9S762</lei>
        <title>WESTERN ALLIANCE BANCORP /PFD/</title>
        <cusip>957638406</cusip>
        <identifiers>
          <isin value="US9576384062"/>
          <ticker value="WAL"/>
          <other otherDesc="SEDOL" value="BNZJSP3"/>
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        <balance>66146.0000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1453227.62</valUSD>
        <pctVal>0.1116294737</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>Wintrust Financial Corporation</name>
        <lei>Q774KI4AW80FHFW33O61</lei>
        <title>WINTRUST FINANCIAL CORP /PFD/</title>
        <cusip>97650W504</cusip>
        <identifiers>
          <isin value="US97650W5040"/>
          <ticker value="WTFC"/>
          <other otherDesc="SEDOL" value="BMTCNN4"/>
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        <balance>255439.0000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6792123.01</valUSD>
        <pctVal>0.5217359667</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>QBE Insurance Group Ltd.</name>
        <lei>549300D2FBW76FPUSG65</lei>
        <title>QBE INSURANCE GRO V/R 06/17/46</title>
        <cusip>Q7787GAE0</cusip>
        <identifiers>
          <isin value="XS1423722823"/>
          <ticker value="QBEAU"/>
          <other otherDesc="SEDOL" value="BD046G0"/>
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        <balance>2000000.0000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2035228.92</valUSD>
        <pctVal>0.1563358211</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-06-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.875000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
          <isMandatoryConvrtbl>N</isMandatoryConvrtbl>
          <isContngtConvrtbl>Y</isContngtConvrtbl>
          <dbtSecRefInstruments>
            <dbtSecRefInstrument>
              <name>QBE Insurance Group Ltd.</name>
              <title>QBE Insurance Group Ltd. NPV</title>
              <curCd>AUD</curCd>
              <identifiers>
                <cusip value="Q78063114"/>
                <isin value="AU000000QBE9"/>
                <ticker value="QBEAU"/>
                <other otherDesc="SEDOL" value="6715740"/>
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          </dbtSecRefInstruments>
          <currencyInfos>
            <currencyInfo convRatio="N/A" curCd="AUD"/>
          </currencyInfos>
          <delta>XXXX</delta>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Danske Bank A/S</name>
        <lei>MAES062Z21O4RZ2U7M96</lei>
        <title>DANSKE BANK A/S V/R /PERP/</title>
        <cusip>K22274H96</cusip>
        <identifiers>
          <isin value="XS1825417535"/>
          <ticker value="DANBNK"/>
          <other otherDesc="SEDOL" value="BDZSR31"/>
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        <balance>6740000.0000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6716396.52</valUSD>
        <pctVal>0.5159190471</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DK</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2500-12-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
          <isMandatoryConvrtbl>N</isMandatoryConvrtbl>
          <isContngtConvrtbl>Y</isContngtConvrtbl>
          <dbtSecRefInstruments>
            <dbtSecRefInstrument>
              <name>Danske Bank A/S</name>
              <title>Danske Bank A/S DKK10</title>
              <curCd>USD</curCd>
              <identifiers>
                <cusip value="K22272114"/>
                <isin value="DK0010274414"/>
                <ticker value="DANBNK"/>
                <other otherDesc="SEDOL" value="4588825"/>
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          </dbtSecRefInstruments>
          <currencyInfos>
            <currencyInfo convRatio="N/A" curCd="USD"/>
          </currencyInfos>
          <delta>XXXX</delta>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Lancashire Holdings Limited</name>
        <lei>5493002UNUYXLHOWF752</lei>
        <title>LANCASHIRE HOLDIN V/R 09/18/41</title>
        <cusip>G5361WAB0</cusip>
        <identifiers>
          <isin value="XS2312752400"/>
          <ticker value="LRELN"/>
          <other otherDesc="SEDOL" value="BN92Z79"/>
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        <balance>9500000.0000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8497750.00</valUSD>
        <pctVal>0.6527534623</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-09-18</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.625000000000</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>DTE Energy Company</name>
        <lei>549300IX8SD6XXD71I78</lei>
        <title>DTE ENERGY CO 4.375% 12/01/81</title>
        <cusip>233331818</cusip>
        <identifiers>
          <isin value="US2333318184"/>
          <ticker value="DTE"/>
          <other otherDesc="SEDOL" value="BNQNFS6"/>
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        <balance>141212.0000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2800233.96</valUSD>
        <pctVal>0.2150995749</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>
      <invstOrSec>
        <name>QBE Insurance Group Ltd.</name>
        <lei>549300D2FBW76FPUSG65</lei>
        <title>QBE INSURANCE GRO V/R 12/02/44</title>
        <cusip>Q78063AG1</cusip>
        <identifiers>
          <isin value="XS1144495808"/>
          <ticker value="QBEAU"/>
          <other otherDesc="SEDOL" value="BSSWBW2"/>
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        <balance>9765000.0000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>10109362.73</valUSD>
        <pctVal>0.7765492658</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-12-02</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.750000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
          <isMandatoryConvrtbl>N</isMandatoryConvrtbl>
          <isContngtConvrtbl>Y</isContngtConvrtbl>
          <dbtSecRefInstruments>
            <dbtSecRefInstrument>
              <name>QBE Insurance Group Ltd.</name>
              <title>QBE Insurance Group Ltd. NPV</title>
              <curCd>AUD</curCd>
              <identifiers>
                <cusip value="Q78063114"/>
                <isin value="AU000000QBE9"/>
                <ticker value="QBEAU"/>
                <other otherDesc="SEDOL" value="6715740"/>
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            </dbtSecRefInstrument>
          </dbtSecRefInstruments>
          <currencyInfos>
            <currencyInfo convRatio="N/A" curCd="AUD"/>
          </currencyInfos>
          <delta>XXXX</delta>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Danske Bank A/S</name>
        <lei>MAES062Z21O4RZ2U7M96</lei>
        <title>DANSKE BANK A/S V/R /PERP/</title>
        <cusip>K222736J8</cusip>
        <identifiers>
          <isin value="XS1586367945"/>
          <ticker value="DANBNK"/>
          <other otherDesc="SEDOL" value="BYV8RL0"/>
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        <balance>9080000.0000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8995846.56</valUSD>
        <pctVal>0.6910146789</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DK</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2500-12-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.125000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
          <isMandatoryConvrtbl>N</isMandatoryConvrtbl>
          <isContngtConvrtbl>Y</isContngtConvrtbl>
          <dbtSecRefInstruments>
            <dbtSecRefInstrument>
              <name>Danske Bank A/S</name>
              <title>Danske Bank A/S DKK10</title>
              <curCd>USD</curCd>
              <identifiers>
                <cusip value="K22272114"/>
                <isin value="DK0010274414"/>
                <ticker value="DANBNK"/>
                <other otherDesc="SEDOL" value="4588825"/>
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          </dbtSecRefInstruments>
          <currencyInfos>
            <currencyInfo convRatio="N/A" curCd="USD"/>
          </currencyInfos>
          <delta>XXXX</delta>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SCE Trust IV</name>
        <lei>N/A</lei>
        <title>SCE TRUST IV /PFD/ SER J</title>
        <cusip>78409G206</cusip>
        <identifiers>
          <isin value="US78409G2066"/>
          <ticker value="EIX"/>
          <other otherDesc="SEDOL" value="BYX6KN5"/>
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        <balance>120245.0000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2621341.00</valUSD>
        <pctVal>0.2013579375</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>Aspen Insurance Holdings Ltd</name>
        <lei>549300YX6HECG9XQCQ75</lei>
        <title>ASPEN INSURANCE HLDG LTD /PFD/</title>
        <cusip>G05384162</cusip>
        <identifiers>
          <isin value="BMG053841620"/>
          <ticker value="AHL"/>
          <other otherDesc="SEDOL" value="BD915N2"/>
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        <balance>52243.0000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1216739.47</valUSD>
        <pctVal>0.0934636700</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Brookfield Infrastructure Partners LP</name>
        <lei>549300WEH5R2OODI7Y90</lei>
        <title>BROOKFIELD INFRASTRUCTUR /PFD/</title>
        <cusip>G16252267</cusip>
        <identifiers>
          <isin value="USG162522670"/>
          <ticker value="BIP"/>
          <other otherDesc="SEDOL" value="BL55WZ5"/>
        </identifiers>
        <balance>84780.0000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1648114.72</valUSD>
        <pctVal>0.1265996987</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Brookfield Infrastructure Partners LP</name>
        <lei>549300WEH5R2OODI7Y90</lei>
        <title>BROOKFIELD INFRASTRUCTUR /PFD/</title>
        <cusip>G16252275</cusip>
        <identifiers>
          <isin value="BMG162522756"/>
          <ticker value="BIP"/>
          <other otherDesc="SEDOL" value="BMT9V97"/>
        </identifiers>
        <balance>169.0000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3199.17</valUSD>
        <pctVal>0.0002457438</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Brookfield Renewable Partners L P</name>
        <lei>VA8DFMRI2GY8Y7V79H93</lei>
        <title>BROOKFIELD RENEWABLE PAR /PFD/</title>
        <cusip>G16258231</cusip>
        <identifiers>
          <isin value="BMG162582313"/>
          <ticker value="BEPUCN"/>
          <other otherDesc="SEDOL" value="BL0FH99"/>
        </identifiers>
        <balance>161321.0000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3365156.06</valUSD>
        <pctVal>0.2584939860</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Renaissancere Holdings Ltd.</name>
        <lei>EK6GB9U3U58PDI411C94</lei>
        <title>RENAISSANCERE HOLDINGS L /PFD/</title>
        <cusip>G7498P127</cusip>
        <identifiers>
          <isin value="BMG7498P1279"/>
          <ticker value="RNR"/>
          <other otherDesc="SEDOL" value="BKSDN56"/>
        </identifiers>
        <balance>160945.0000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3022547.10</valUSD>
        <pctVal>0.2321765272</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Danske Bank A/S</name>
        <lei>MAES062Z21O4RZ2U7M96</lei>
        <title>DANSKE BANK A/S V/R /PERP/</title>
        <cusip>K2227DL59</cusip>
        <identifiers>
          <isin value="XS2343014119"/>
          <ticker value="DANBNK"/>
        </identifiers>
        <balance>3000000.0000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2718750.00</valUSD>
        <pctVal>0.2088403960</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DK</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2500-12-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.375000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
          <isMandatoryConvrtbl>N</isMandatoryConvrtbl>
          <isContngtConvrtbl>Y</isContngtConvrtbl>
          <dbtSecRefInstruments>
            <dbtSecRefInstrument>
              <name>Danske Bank A/S</name>
              <title>Danske Bank A/S DKK10</title>
              <curCd>DKK</curCd>
              <identifiers>
                <cusip value="K22272114"/>
                <isin value="DK0010274414"/>
                <ticker value="DANBNK"/>
                <other otherDesc="SEDOL" value="4588825"/>
              </identifiers>
            </dbtSecRefInstrument>
          </dbtSecRefInstruments>
          <currencyInfos>
            <currencyInfo convRatio="N/A" curCd="DKK"/>
          </currencyInfos>
          <delta>XXXX</delta>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2022-05-27</ncom:dateSigned>
      <ncom:nameOfApplicant>First Trust Intermediate Duration Preferred &amp; Income Fund                                                                 </ncom:nameOfApplicant>
      <ncom:signature>Donald P. Swade</ncom:signature>
      <ncom:signerName>First Trust Intermediate Duration Preferred &amp; Income Fund</ncom:signerName>
      <ncom:title>Treasurer, Chief Financial Officer and Chief Accounting Officer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
