<SEC-DOCUMENT>0001145549-20-037665.txt : 20200626
<SEC-HEADER>0001145549-20-037665.hdr.sgml : 20200626
<ACCEPTANCE-DATETIME>20200626160356
ACCESSION NUMBER:		0001145549-20-037665
CONFORMED SUBMISSION TYPE:	NPORT-P
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20200430
FILED AS OF DATE:		20200626
PERIOD START:           	20201031

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			JOHN HANCOCK TAX-ADVANTAGED DIVIDEND INCOME FUND
		CENTRAL INDEX KEY:			0001260041
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		NPORT-P
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-21416
		FILM NUMBER:		20994105

	BUSINESS ADDRESS:	
		STREET 1:		C/O JOHN HANCOCK FUNDS
		STREET 2:		200 BERKELEY STREET
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02116
		BUSINESS PHONE:		617-663-3000

	MAIL ADDRESS:	
		STREET 1:		C/O JOHN HANCOCK FUNDS
		STREET 2:		200 BERKELEY STREET
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02116

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	JOHN HANCOCK PREFERRED & EQUITY INCOME FUND
		DATE OF NAME CHANGE:	20030814
</SEC-HEADER>
<DOCUMENT>
<TYPE>NPORT-P
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
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        <name>S+P 500 INDEX MAY20 2520 CALL</name>
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      <invstOrSec>
        <name>S+P 500 INDEX MAY20 2850 CALL</name>
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      <invstOrSec>
        <name>S+P 500 INDEX MAY20 3090 CALL</name>
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          <ticker value="SPXW 5 C3090"/>
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      <invstOrSec>
        <name>S+P 500 INDEX JUL20 2850 CALL</name>
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        <cusip>ADI1LWBR6</cusip>
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          <ticker value="SPX 7 C2850"/>
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      <invstOrSec>
        <name>S+P 500 INDEX JUL20 2875 CALL</name>
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        <cusip>ADI1LX591</cusip>
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          <ticker value="SPXW 7 C2875"/>
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              <counterpartyName>CBOE</counterpartyName>
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      <invstOrSec>
        <name>FirstEnergy Corp.</name>
        <lei>549300SVYJS666PQJH88</lei>
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      <invstOrSec>
        <name>Kinder Morgan Inc.</name>
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          <isCashCollateral>N</isCashCollateral>
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        <name>National Grid plc</name>
        <lei>8R95QZMKZLJX5Q2XR704</lei>
        <title>NATIONAL GRID PLC ADR</title>
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      <invstOrSec>
        <name>S+P 500 INDEX MAY20 2880 CALL</name>
        <lei>N/A</lei>
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        <cusip>ADI1M16V0</cusip>
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          <ticker value="SPXW 5 C2880"/>
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        <balance>30</balance>
        <units>NC</units>
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              <counterpartyName>CBOE</counterpartyName>
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            <putOrCall>Call</putOrCall>
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      <invstOrSec>
        <name>BP p.l.c.</name>
        <lei>N/A</lei>
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        <cusip>055622104</cusip>
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      <invstOrSec>
        <name>Algonquin Power and Utilities Corp.</name>
        <lei>549300K5VIUTJXQL7X75</lei>
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        <cusip>015857709</cusip>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Algonquin Power and Utilities Corp.</name>
        <lei>549300K5VIUTJXQL7X75</lei>
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        <cusip>015857808</cusip>
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          <isin value="US0158578080"/>
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        <balance>200000</balance>
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        <name>The Bank of New York Mellon Corporation</name>
        <lei>WFLLPEPC7FZXENRZV188</lei>
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          <ticker value="BK"/>
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        <name>NextEra Energy Inc.</name>
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      <invstOrSec>
        <name>Brighthouse Financial Inc.</name>
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        <cusip>10922N301</cusip>
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      <invstOrSec>
        <name>Broadcom Inc.</name>
        <lei>N/A</lei>
        <title>BROADCOM INC PREFERRED STOCK 09/22 8</title>
        <cusip>11135F200</cusip>
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          <isin value="US11135F2002"/>
          <ticker value="AVGO"/>
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        <curCd>USD</curCd>
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      <invstOrSec>
        <name>Enbridge Inc.</name>
        <lei>98TPTUM4IVMFCZBCUR27</lei>
        <title>ENBRIDGE INC COMMON STOCK</title>
        <cusip>29250N105</cusip>
        <identifiers>
          <isin value="CA29250N1050"/>
          <ticker value="ENB "/>
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        <balance>347106</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Entergy Corporation</name>
        <lei>4XM3TW50JULSLG8BNC79</lei>
        <title>ENTERGY CORP COMMON STOCK USD.01</title>
        <cusip>29364G103</cusip>
        <identifiers>
          <isin value="US29364G1031"/>
          <ticker value="ETR "/>
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        <balance>318000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>30372180</valUSD>
        <pctVal>4.1861639049</pctVal>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>NiSource Inc.</name>
        <lei>N/A</lei>
        <title>NISOURCE INC COMMON STOCK USD.01</title>
        <cusip>65473P105</cusip>
        <identifiers>
          <isin value="US65473P1057"/>
          <ticker value="NI "/>
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        <balance>770000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>19334700</valUSD>
        <pctVal>2.6648802704</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <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>Capital One Financial Corporation</name>
        <lei>ZUE8T73ROZOF6FLBAR73</lei>
        <title>CAPITAL ONE FINANCIAL CORP PREFERRED STOCK 6.2</title>
        <cusip>14040H881</cusip>
        <identifiers>
          <isin value="US14040H8815"/>
          <ticker value="COF"/>
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        <balance>100183</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2569693.95</valUSD>
        <pctVal>0.3541780689</pctVal>
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        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CenterPoint Energy Inc.</name>
        <lei>21TPXMRRHFKOBHDC8J74</lei>
        <title>CENTERPOINT ENERGY INC PREFERRED STOCK 09/21 7</title>
        <cusip>15189T503</cusip>
        <identifiers>
          <isin value="US15189T5039"/>
          <ticker value="CNP"/>
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        <balance>528000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>17867520</valUSD>
        <pctVal>2.4626604772</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BNP Paribas SA</name>
        <lei>R0MUWSFPU8MPRO8K5P83</lei>
        <title>BNP PARIBAS SA JR SUBORDINA REGS 12/49 VAR</title>
        <cusip>UV5159024</cusip>
        <identifiers>
          <isin value="USF1R15XK367"/>
          <ticker value="BNP"/>
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        <balance>13000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>13503750</valUSD>
        <pctVal>1.8612068949</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-08-19</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.375000000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Citigroup Inc.</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>CITIGROUP INC PREFERRED STOCK VAR</title>
        <cusip>172967358</cusip>
        <identifiers>
          <isin value="US1729673582"/>
          <ticker value="C"/>
        </identifiers>
        <balance>210854</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5764748.36</valUSD>
        <pctVal>0.7945488768</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <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 PREFERRED STOCK 12/62 5.25</title>
        <cusip>233331701</cusip>
        <identifiers>
          <isin value="US2333317012"/>
          <ticker value="DTE"/>
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        <balance>166933</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4196695.62</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Farmer Mac Discount Notes</name>
        <lei>N/A</lei>
        <title>FEDERAL AGRICULTURAL MORTGAGE DISCOUNT NOT 05/20 0.00000</title>
        <cusip>31315KWG1</cusip>
        <identifiers>
          <isin value="US31315KWG11"/>
          <ticker value="FAMCDN"/>
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        <balance>1406000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1406000</valUSD>
        <pctVal>0.1937874216</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2020-05-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.000000000000</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>Equitrans Midstream Corporation</name>
        <lei>N/A</lei>
        <title>EQUITRANS MIDSTREAM CORP COMMON STOCK</title>
        <cusip>294600101</cusip>
        <identifiers>
          <isin value="US2946001011"/>
          <ticker value="ETRN "/>
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        <balance>720000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6033600</valUSD>
        <pctVal>0.8316044004</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</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>Eversource Energy</name>
        <lei>SJ7XXD41SQU3ZNWUJ746</lei>
        <title>EVERSOURCE ENERGY COMMON STOCK USD5.0</title>
        <cusip>30040W108</cusip>
        <identifiers>
          <isin value="US30040W1080"/>
          <ticker value="ES "/>
        </identifiers>
        <balance>320000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>25824000</valUSD>
        <pctVal>3.5592932967</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</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>DTE Energy Company</name>
        <lei>549300IX8SD6XXD71I78</lei>
        <title>DTE ENERGY CO PREFERRED STOCK</title>
        <cusip>233331842</cusip>
        <identifiers>
          <isin value="US2333318424"/>
          <ticker value="DTE"/>
        </identifiers>
        <balance>284000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>11871200</valUSD>
        <pctVal>1.6361943380</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>Duke Energy Corporation</name>
        <lei>I1BZKREC126H0VB1BL91</lei>
        <title>DUKE ENERGY CORP PREFERRED STOCK 01/73 5.125</title>
        <cusip>26441C303</cusip>
        <identifiers>
          <isin value="US26441C3034"/>
          <ticker value="DUK"/>
        </identifiers>
        <balance>221008</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5576031.84</valUSD>
        <pctVal>0.7685382880</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>The AES Corporation</name>
        <lei>2NUNNB7D43COUIRE5295</lei>
        <title>AES CORP/VA COMMON STOCK USD.01</title>
        <cusip>00130H105</cusip>
        <identifiers>
          <isin value="US00130H1059"/>
          <ticker value="AES "/>
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        <balance>800000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10600000</valUSD>
        <pctVal>1.4609862510</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</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>ATandT Inc.</name>
        <lei>549300Z40J86GGSTL398</lei>
        <title>ATandT INC COMMON STOCK USD1.0</title>
        <cusip>00206R102</cusip>
        <identifiers>
          <isin value="US00206R1023"/>
          <ticker value="T "/>
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        <balance>550000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>16758500</valUSD>
        <pctVal>2.3098054799</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</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>Alliant Energy Corporation</name>
        <lei>N/A</lei>
        <title>ALLIANT ENERGY CORP COMMON STOCK USD.01</title>
        <cusip>018802108</cusip>
        <identifiers>
          <isin value="US0188021085"/>
          <ticker value="LNT "/>
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        <balance>390000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>18934500</valUSD>
        <pctVal>2.6097211480</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</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>Duke Energy Corporation</name>
        <lei>I1BZKREC126H0VB1BL91</lei>
        <title>DUKE ENERGY CORP PREFERRED STOCK 5.75</title>
        <cusip>26441C501</cusip>
        <identifiers>
          <isin value="US26441C5013"/>
          <ticker value="DUK"/>
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        <balance>200000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5518000</valUSD>
        <pctVal>0.7605398238</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>Enbridge Inc.</name>
        <lei>98TPTUM4IVMFCZBCUR27</lei>
        <title>ENBRIDGE INC PREFERRED STOCK 04/78 VAR</title>
        <cusip>29250N477</cusip>
        <identifiers>
          <isin value="US29250N4777"/>
          <ticker value="ENBCN"/>
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        <balance>210000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4937100</valUSD>
        <pctVal>0.6804750207</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>
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      <invstOrSec>
        <name>Ameren Corporation</name>
        <lei>XRZQ5S7HYJFPHJ78L959</lei>
        <title>AMEREN CORP COMMON STOCK USD.01</title>
        <cusip>023608102</cusip>
        <identifiers>
          <isin value="US0236081024"/>
          <ticker value="AEE "/>
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        <balance>500000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>36375000</valUSD>
        <pctVal>5.0135259319</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>American Electric Power Company Inc.</name>
        <lei>1B4S6S7G0TW5EE83BO58</lei>
        <title>AMERICAN ELECTRIC POWER CO INC COMMON STOCK USD6.5</title>
        <cusip>025537101</cusip>
        <identifiers>
          <isin value="US0255371017"/>
          <ticker value="AEPN "/>
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        <balance>440000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>36568400</valUSD>
        <pctVal>5.0401820396</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Fifth Third Bancorp</name>
        <lei>THRNG6BD57P9QWTQLG42</lei>
        <title>FIFTH THIRD BANCORP PREFERRED STOCK 6</title>
        <cusip>316773886</cusip>
        <identifiers>
          <isin value="US3167738869"/>
          <ticker value="FITB"/>
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        <balance>400000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10916000</valUSD>
        <pctVal>1.5045401807</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Integrys Holding Inc.</name>
        <lei>549300J4ZRR1SZF4ES33</lei>
        <title>INTEGRYS HOLDING INC PREFERRED STOCK 08/73 VAR</title>
        <cusip>45822P204</cusip>
        <identifiers>
          <isin value="US45822P2048"/>
          <ticker value="WEC"/>
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        <balance>210000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5250000</valUSD>
        <pctVal>0.7236016809</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Black Hills Corporation</name>
        <lei>3MGELCRSTNSAMJ962671</lei>
        <title>BLACK HILLS CORP COMMON STOCK USD1.0</title>
        <cusip>092113109</cusip>
        <identifiers>
          <isin value="US0921131092"/>
          <ticker value="BKH "/>
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        <balance>394775</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>24452363.5</valUSD>
        <pctVal>3.3702421582</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>American Homes 4 Rent</name>
        <lei>549300ZJUO7A58PNUW40</lei>
        <title>AMERICAN HOMES 4 RENT REIT</title>
        <cusip>02665T702</cusip>
        <identifiers>
          <isin value="US02665T7028"/>
          <ticker value="AMH"/>
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        <balance>30000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>754500</valUSD>
        <pctVal>0.1039918987</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>Ares Management Corporation</name>
        <lei>N/A</lei>
        <title>ARES MANAGEMENT CORP COMMON STOCK</title>
        <cusip>03990B101</cusip>
        <identifiers>
          <isin value="US03990B1017"/>
          <ticker value="ARES "/>
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        <balance>570000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>19123500</valUSD>
        <pctVal>2.6357708085</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</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>Interstate Power and Light Company</name>
        <lei>EF9UQIIO4KY2BWOK3P26</lei>
        <title>INTERSTATE POWER and LIGHT CO PREFERRED STOCK 5.1</title>
        <cusip>461070856</cusip>
        <identifiers>
          <isin value="US4610708566"/>
          <ticker value="LNT"/>
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        <balance>1302023</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>33461991.1</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>JPMorgan Chase and Co.</name>
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          <isin value="US48127X5427"/>
          <ticker value="JPM"/>
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        <curCd>USD</curCd>
        <valUSD>13163100</valUSD>
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        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>US 10YR NOTE CBT 0620</name>
        <lei>N/A</lei>
        <title>US 10YR NOTE CBT 0620</title>
        <cusip>ADI1FRQ80</cusip>
        <identifiers>
          <isin value="US912828V988"/>
          <ticker value="TYM0"/>
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        <balance>980</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-6984602.1</valUSD>
        <pctVal>-0.9626799657</pctVal>
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        <assetCat>DIR</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
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              <counterpartyName>CBT</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
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            <payOffProf>Short</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>US 10yr 6%</issuerName>
                <issueTitle>US 10yr 6%</issueTitle>
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                  <other otherDesc="NOTIONAL BOND" value="US 10yr 6%"/>
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            </descRefInstrmnt>
            <expDate>2020-06-19</expDate>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Morgan Stanley</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>MORGAN STANLEY PREFERRED STOCK VAR</title>
        <cusip>61761J406</cusip>
        <identifiers>
          <isin value="US61761J4067"/>
          <ticker value="MS"/>
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        <balance>220000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5907000</valUSD>
        <pctVal>0.8141552627</pctVal>
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        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Morgan Stanley</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>MORGAN STANLEY PREFERRED STOCK VAR</title>
        <cusip>61762V200</cusip>
        <identifiers>
          <isin value="US61762V2007"/>
          <ticker value="MS"/>
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        <balance>395862</balance>
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        <curCd>USD</curCd>
        <valUSD>10767446.4</valUSD>
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        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>FIXED INC CLEARING CORP.REPO</name>
        <lei>N/A</lei>
        <title>FIXED INC CLEARING CORP.REPO</title>
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          <ticker value="85748R009013"/>
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          <transCat>Repurchase</transCat>
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            <repurchaseCollateral>
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              <invstCat>UST</invstCat>
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      <invstOrSec>
        <name>NextEra Energy Inc.</name>
        <lei>N/A</lei>
        <title>NEXTERA ENERGY INC PREFERRED STOCK</title>
        <cusip>65339F770</cusip>
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          <isin value="US65339F7704"/>
          <ticker value="NEE"/>
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        <curCd>USD</curCd>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>NextEra Energy Capital Holdings Inc.</name>
        <lei>UMI46YPGBLUE4VGNNT48</lei>
        <title>NEXTERA ENERGY CAPITAL HOLDING PREFERRED STOCK 01/73 5.</title>
        <cusip>65339K886</cusip>
        <identifiers>
          <isin value="US65339K8861"/>
          <ticker value="NEE"/>
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        <balance>110000</balance>
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        <curCd>USD</curCd>
        <valUSD>2752200</valUSD>
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        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Verizon Communications Inc.</name>
        <lei>2S72QS2UO2OESLG6Y829</lei>
        <title>VERIZON COMMUNICATIONS INC COMMON STOCK USD.1</title>
        <cusip>92343V104</cusip>
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          <isin value="US92343V1044"/>
          <ticker value="VZ "/>
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        <balance>249160</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>14314242</valUSD>
        <pctVal>1.9729161089</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</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>
        <name>CenterPoint Energy Inc.</name>
        <lei>21TPXMRRHFKOBHDC8J74</lei>
        <title>CENTERPOINT ENERGY INC COMMON STOCK USD.01</title>
        <cusip>15189T107</cusip>
        <identifiers>
          <isin value="US15189T1079"/>
          <ticker value="CNP "/>
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        <balance>880000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>14986400</valUSD>
        <pctVal>2.0655589011</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>NiSource Inc.</name>
        <lei>N/A</lei>
        <title>NISOURCE INC PREFERRED STOCK VAR</title>
        <cusip>65473P881</cusip>
        <identifiers>
          <isin value="US65473P8813"/>
          <ticker value="NI"/>
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        <balance>250000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6892500</valUSD>
        <pctVal>0.9499856353</pctVal>
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        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>The PNC Financial Services Group Inc.</name>
        <lei>CFGNEKW0P8842LEUIA51</lei>
        <title>PNC FINANCIAL SERVICES GROUP I PREFERRED STOCK 5.375</title>
        <cusip>693475832</cusip>
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          <isin value="US6934758326"/>
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        <curCd>USD</curCd>
        <valUSD>7154000</valUSD>
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        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>The PNC Financial Services Group Inc.</name>
        <lei>CFGNEKW0P8842LEUIA51</lei>
        <title>PNC FINANCIAL SERVICES GROUP I PREFERRED STOCK VAR</title>
        <cusip>693475857</cusip>
        <identifiers>
          <isin value="US6934758573"/>
          <ticker value="PNC"/>
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        <balance>40000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1054400</valUSD>
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        <assetCat>EP</assetCat>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>PPL Capital Funding Inc.</name>
        <lei>N/A</lei>
        <title>PPL CAPITAL FUNDING INC PREFERRED STOCK 04/73 5.9</title>
        <cusip>69352P202</cusip>
        <identifiers>
          <isin value="US69352P2020"/>
          <ticker value="PPL"/>
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        <balance>1013052</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>25457996.76</valUSD>
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        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>DTE Energy Company</name>
        <lei>549300IX8SD6XXD71I78</lei>
        <title>DTE ENERGY CO COMMON STOCK</title>
        <cusip>233331107</cusip>
        <identifiers>
          <isin value="US2333311072"/>
          <ticker value="DTE "/>
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        <balance>240000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>24897600</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>Dominion Energy Inc.</name>
        <lei>ILUL7B6Z54MRYCF6H308</lei>
        <title>DOMINION ENERGY INC COMMON STOCK</title>
        <cusip>25746U109</cusip>
        <identifiers>
          <isin value="US25746U1097"/>
          <ticker value="D "/>
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        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>23139000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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      <invstOrSec>
        <name>Dominion Energy Inc.</name>
        <lei>ILUL7B6Z54MRYCF6H308</lei>
        <title>DOMINION ENERGY INC COMMON STOCK UNIT</title>
        <cusip>25746U133</cusip>
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          <isin value="US25746U1337"/>
          <ticker value="D"/>
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        <curCd>USD</curCd>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Duke Energy Corporation</name>
        <lei>I1BZKREC126H0VB1BL91</lei>
        <title>DUKE ENERGY CORP COMMON STOCK USD.001</title>
        <cusip>26441C204</cusip>
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          <isin value="US26441C2044"/>
          <ticker value="DUK "/>
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        <curCd>USD</curCd>
        <valUSD>27091200</valUSD>
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        <assetCat>EC</assetCat>
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      <invstOrSec>
        <name>Prudential Financial Inc.</name>
        <lei>5PRBRS5FEH7NREC8OR45</lei>
        <title>PRUDENTIAL FINANCIAL INC PREFERRED STOCK 12/52 5.75</title>
        <cusip>744320607</cusip>
        <identifiers>
          <isin value="US7443206070"/>
          <ticker value="PRU"/>
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        <balance>47460</balance>
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        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>Qwest Corporation</name>
        <lei>N/A</lei>
        <title>QWEST CORP PREFERRED STOCK 06/53 6.125</title>
        <cusip>74913G600</cusip>
        <identifiers>
          <isin value="US74913G6008"/>
          <ticker value="CTL"/>
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        <balance>730000</balance>
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        <curCd>USD</curCd>
        <valUSD>16410400</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SCE Trust II</name>
        <lei>N/A</lei>
        <title>SCE TRUST II PREFERRED STOCK 5.1</title>
        <cusip>78407R204</cusip>
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          <isin value="US78407R2040"/>
          <ticker value="EIX"/>
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        <balance>1157500</balance>
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        <curCd>USD</curCd>
        <valUSD>27108650</valUSD>
        <pctVal>3.7363551823</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Sempra Energy</name>
        <lei>PBBKGKLRK5S5C0Y4T545</lei>
        <title>SEMPRA ENERGY PREFERRED STOCK 01/21 6</title>
        <cusip>816851406</cusip>
        <identifiers>
          <isin value="US8168514060"/>
          <ticker value="SRE"/>
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        <balance>64600</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6609226</valUSD>
        <pctVal>0.9109422939</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>Sempra Energy</name>
        <lei>PBBKGKLRK5S5C0Y4T545</lei>
        <title>SEMPRA ENERGY PREFERRED STOCK 07/21 6.75</title>
        <cusip>816851505</cusip>
        <identifiers>
          <isin value="US8168515059"/>
          <ticker value="SRE"/>
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        <balance>133400</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>13514754</valUSD>
        <pctVal>1.8627235641</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Sempra Energy</name>
        <lei>PBBKGKLRK5S5C0Y4T545</lei>
        <title>SEMPRA ENERGY PREFERRED STOCK 07/79 5.75</title>
        <cusip>816851604</cusip>
        <identifiers>
          <isin value="US8168516040"/>
          <ticker value="SRE"/>
        </identifiers>
        <balance>45000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1145250</valUSD>
        <pctVal>0.1578485381</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>South Jersey Industries Inc.</name>
        <lei>549300DJYWYT5VXLFA46</lei>
        <title>SOUTH JERSEY INDUSTRIES INC 04/21 7.25</title>
        <cusip>838518116</cusip>
        <identifiers>
          <isin value="US8385181164"/>
          <ticker value="SJI"/>
        </identifiers>
        <balance>220200</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9867162</valUSD>
        <pctVal>1.3599800017</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>The Southern Company</name>
        <lei>549300FC3G3YU2FBZD92</lei>
        <title>SOUTHERN CO/THE PREFERRED STOCK 08/22 6.75</title>
        <cusip>842587602</cusip>
        <identifiers>
          <isin value="US8425876021"/>
          <ticker value="SO"/>
        </identifiers>
        <balance>435000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>20592900</valUSD>
        <pctVal>2.8382965818</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>Spire Inc.</name>
        <lei>549300NXSY15DRY2R511</lei>
        <title>SPIRE INC PREFERRED STOCK 5.9</title>
        <cusip>84857L309</cusip>
        <identifiers>
          <isin value="US84857L3096"/>
          <ticker value="SR"/>
        </identifiers>
        <balance>219650</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5871244.5</valUSD>
        <pctVal>0.8092271217</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>State Street Corporation</name>
        <lei>549300ZFEEJ2IP5VME73</lei>
        <title>STATE STREET CORP PREFERRED STOCK VAR</title>
        <cusip>857477608</cusip>
        <identifiers>
          <isin value="US8574776089"/>
          <ticker value="STT"/>
        </identifiers>
        <balance>25000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>653500</valUSD>
        <pctVal>0.0900711807</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>Synovus Financial Corp.</name>
        <lei>549300EIUS8UN5JTLE54</lei>
        <title>SYNOVUS FINANCIAL CORP PREFERRED STOCK VAR</title>
        <cusip>87161C600</cusip>
        <identifiers>
          <isin value="US87161C6003"/>
          <ticker value="SNV"/>
        </identifiers>
        <balance>188000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4277000</valUSD>
        <pctVal>0.5894941694</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>Telephone and Data Systems Inc.</name>
        <lei>N/A</lei>
        <title>TELEPHONE and DATA SYSTEMS INC PREFERRED STOCK 12/61 5.875</title>
        <cusip>879433795</cusip>
        <identifiers>
          <isin value="US8794337951"/>
          <ticker value="TDS"/>
        </identifiers>
        <balance>340000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8112400</valUSD>
        <pctVal>1.1181231002</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>Telephone and Data Systems Inc.</name>
        <lei>N/A</lei>
        <title>TELEPHONE and DATA SYSTEMS INC PREFERRED STOCK 11/59 6.875</title>
        <cusip>879433845</cusip>
        <identifiers>
          <isin value="US8794338454"/>
          <ticker value="TDS"/>
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        <balance>261064</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6171552.96</valUSD>
        <pctVal>0.8506183039</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>Telephone and Data Systems Inc.</name>
        <lei>N/A</lei>
        <title>TELEPHONE and DATA SYSTEMS INC PREFERRED STOCK 03/45 6.625</title>
        <cusip>879433852</cusip>
        <identifiers>
          <isin value="US8794338520"/>
          <ticker value="TDS"/>
        </identifiers>
        <balance>39768</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>931764.24</valUSD>
        <pctVal>0.1284240324</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>Truist Financial Corporation</name>
        <lei>549300DRQQI75D2JP341</lei>
        <title>TRUIST FINANCIAL CORP PREFERRED STOCK</title>
        <cusip>89832Q844</cusip>
        <identifiers>
          <isin value="US89832Q8446"/>
          <ticker value="TFCpG"/>
        </identifiers>
        <balance>480000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>12201600</valUSD>
        <pctVal>1.6817330037</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>TRUIST FINANCIAL CORP PREFERRED STOCK</name>
        <lei>N/A</lei>
        <title>TRUIST FINANCIAL CORP PREFERRED STOCK</title>
        <cusip>89832Q851</cusip>
        <identifiers>
          <isin value="US89832Q8511"/>
          <ticker value="TFCpF"/>
        </identifiers>
        <balance>150000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3780000</valUSD>
        <pctVal>0.5209932102</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>U.S. Bancorp</name>
        <lei>N1GZ7BBF3NP8GI976H15</lei>
        <title>US BANCORP PREFERRED STOCK 12/49 5.15</title>
        <cusip>902973791</cusip>
        <identifiers>
          <isin value="US9029737916"/>
          <ticker value="USB"/>
        </identifiers>
        <balance>720000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>18511200</valUSD>
        <pctVal>2.5513781782</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>U.S. Bancorp</name>
        <lei>N1GZ7BBF3NP8GI976H15</lei>
        <title>US BANCORP PREFERRED STOCK VAR</title>
        <cusip>902973833</cusip>
        <identifiers>
          <isin value="US9029738336"/>
          <ticker value="USB"/>
        </identifiers>
        <balance>296000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7994960</valUSD>
        <pctVal>1.1019364752</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>United States Cellular Corporation</name>
        <lei>N/A</lei>
        <title>UNITED STATES CELLULAR CORP PREFERRED STOCK 05/60 6.95</title>
        <cusip>911684405</cusip>
        <identifiers>
          <isin value="US9116844054"/>
          <ticker value="USM"/>
        </identifiers>
        <balance>30000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>752700</valUSD>
        <pctVal>0.1037438067</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>Athene Holding Ltd.</name>
        <lei>549300H316CT32FQXI76</lei>
        <title>ATHENE HOLDING LTD PREFERRED STOCK</title>
        <cusip>EP0572651</cusip>
        <identifiers>
          <isin value="BMG0684D3054"/>
          <ticker value="ATH"/>
        </identifiers>
        <balance>355787</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8634950.49</valUSD>
        <pctVal>1.1901456551</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>Wells Fargo and Company</name>
        <lei>PBLD0EJDB5FWOLXP3B76</lei>
        <title>WELLS FARGO and CO JR SUBORDINA 12/49 VAR</title>
        <cusip>949746RG8</cusip>
        <identifiers>
          <isin value="US949746RG83"/>
          <ticker value="WFC"/>
        </identifiers>
        <balance>2000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2030000</valUSD>
        <pctVal>0.2797926499</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-06-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.900000000000</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>General Motors Financial Company Inc.</name>
        <lei>5493008B6JBRUJ90QL97</lei>
        <title>GENERAL MOTORS FINANCIAL CO IN JR SUBORDINA 12/99 VAR</title>
        <cusip>37045XCM6</cusip>
        <identifiers>
          <isin value="US37045XCM65"/>
          <ticker value="GM"/>
        </identifiers>
        <balance>10600000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8586000</valUSD>
        <pctVal>1.1833988633</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-09-30</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.500000000000</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>HSBC Holdings plc</name>
        <lei>MLU0ZO3ML4LN2LL2TL39</lei>
        <title>HSBC HOLDINGS PLC JR SUBORDINA 12/99 VAR</title>
        <cusip>404280BP3</cusip>
        <identifiers>
          <isin value="US404280BP39"/>
          <ticker value="HSBC"/>
        </identifiers>
        <balance>2500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2480300</valUSD>
        <pctVal>0.3418569998</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-03-23</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.500000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Huntington Bancshares Incorporated</name>
        <lei>549300XTVCVV9I7B5T19</lei>
        <title>HUNTINGTON BANCSHARES 12/99 1</title>
        <cusip>446150AL8</cusip>
        <identifiers>
          <isin value="US446150AL81"/>
          <ticker value="HBAN"/>
        </identifiers>
        <balance>3000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2640000</valUSD>
        <pctVal>0.3638682738</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-04-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.700000000000</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>JPMorgan Chase and Co.</name>
        <lei>8I5DZWZKVSZI1NUHU748</lei>
        <title>JPMORGAN CHASE and CO JR SUBORDINA 01/49 VAR</title>
        <cusip>46625HJQ4</cusip>
        <identifiers>
          <isin value="US46625HJQ48"/>
          <ticker value="JPM"/>
        </identifiers>
        <balance>3999000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4293246.42</valUSD>
        <pctVal>0.5917333954</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-02-01</maturityDt>
          <couponKind>Variable</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>Lloyds Banking Group plc</name>
        <lei>549300PPXHEU2JF0AM85</lei>
        <title>LLOYDS BANKING GROUP PLC JR SUBORDINA 04/49 VAR</title>
        <cusip>539439AG4</cusip>
        <identifiers>
          <isin value="US539439AG42"/>
          <ticker value="LLOYDS"/>
        </identifiers>
        <balance>11500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>11270000</valUSD>
        <pctVal>1.5533316083</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-06-27</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.500000000000</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>MetLife Inc.</name>
        <lei>C4BXATY60WC6XEOZDX54</lei>
        <title>METLIFE INC 12/99 1</title>
        <cusip>59156RBT4</cusip>
        <identifiers>
          <isin value="US59156RBT41"/>
          <ticker value="MET"/>
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        <balance>1000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1030000</valUSD>
        <pctVal>0.1419637583</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-03-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.875000000000</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>OGE Energy Corp.</name>
        <lei>CE5OG6JPOZMDSA0LAQ19</lei>
        <title>OGE ENERGY CORP COMMON STOCK USD.01</title>
        <cusip>670837103</cusip>
        <identifiers>
          <isin value="US6708371033"/>
          <ticker value="OGE "/>
        </identifiers>
        <balance>540000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>17020800</valUSD>
        <pctVal>2.3459579981</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</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>ONEOK Inc.</name>
        <lei>2T3D6M0JSY48PSZI1Q41</lei>
        <title>ONEOK INC COMMON STOCK USD.01</title>
        <cusip>682680103</cusip>
        <identifiers>
          <isin value="US6826801036"/>
          <ticker value="OKE "/>
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        <balance>425000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>12720250</valUSD>
        <pctVal>1.7532179584</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</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>PPL Corporation</name>
        <lei>9N3UAJSNOUXFKQLF3V18</lei>
        <title>PPL CORP COMMON STOCK USD.01</title>
        <cusip>69351T106</cusip>
        <identifiers>
          <isin value="US69351T1060"/>
          <ticker value="PPL "/>
        </identifiers>
        <balance>775000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>19700500</valUSD>
        <pctVal>2.7152980790</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</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>PacWest Bancorp</name>
        <lei>549300YI8VMFO7G36V04</lei>
        <title>PACWEST BANCORP COMMON STOCK</title>
        <cusip>695263103</cusip>
        <identifiers>
          <isin value="US6952631033"/>
          <ticker value="PACW "/>
        </identifiers>
        <balance>349459</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7073050.16</valUSD>
        <pctVal>0.9748706638</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</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>Philip Morris International Inc.</name>
        <lei>HL3H1H2BGXWVG3BSWR90</lei>
        <title>PHILIP MORRIS INTERNATIONAL IN COMMON STOCK</title>
        <cusip>718172109</cusip>
        <identifiers>
          <isin value="US7181721090"/>
          <ticker value="PM "/>
        </identifiers>
        <balance>108000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8056800</valUSD>
        <pctVal>1.1104598138</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</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>Pinnacle West Capital Corporation</name>
        <lei>TWSEY0NEDUDCKS27AH81</lei>
        <title>PINNACLE WEST CAPITAL CORP COMMON STOCK</title>
        <cusip>723484101</cusip>
        <identifiers>
          <isin value="US7234841010"/>
          <ticker value="PNW "/>
        </identifiers>
        <balance>50000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3849500</valUSD>
        <pctVal>0.5305723182</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</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>Public Service Enterprise Group Incorporated</name>
        <lei>PUSS41EMO3E6XXNV3U28</lei>
        <title>PUBLIC SERVICE ENTERPRISE GROU COMMON STOCK</title>
        <cusip>744573106</cusip>
        <identifiers>
          <isin value="US7445731067"/>
          <ticker value="PEG "/>
        </identifiers>
        <balance>70000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3549700</valUSD>
        <pctVal>0.4892512165</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</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>The Williams Companies Inc.</name>
        <lei>D71FAKCBLFS2O0RBPG08</lei>
        <title>WILLIAMS COS INC/THE COMMON STOCK USD1.0</title>
        <cusip>969457100</cusip>
        <identifiers>
          <isin value="US9694571004"/>
          <ticker value="WMB "/>
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        <balance>1080000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>20919600</valUSD>
        <pctVal>2.8833252807</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</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>NiSource Inc.</name>
        <lei>N/A</lei>
        <title>NISOURCE INC JR SUBORDINA VAR</title>
        <cusip>65473PAG0</cusip>
        <identifiers>
          <isin value="US65473PAG00"/>
          <ticker value="NI"/>
        </identifiers>
        <balance>4000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3680000</valUSD>
        <pctVal>0.5072103211</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-06-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.650000000000</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 Royal Bank Of Scotland Group Public Limited Company</name>
        <lei>N/A</lei>
        <title>ROYAL BANK OF SCOTLAND GROUP P JR SUBORDINA 12/49 VAR</title>
        <cusip>780099CK1</cusip>
        <identifiers>
          <isin value="US780099CK11"/>
          <ticker value="RBS"/>
        </identifiers>
        <balance>8624000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8971116</valUSD>
        <pctVal>1.2364789747</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-08-10</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>8.000000000000</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>SBL Holdings LLC</name>
        <lei>N/A</lei>
        <title>SBL HOLDINGS INC SR UNSECURED 144A VAR</title>
        <cusip>78397DAA6</cusip>
        <identifiers>
          <isin value="US78397DAA63"/>
          <ticker value="SECBEN"/>
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        <balance>13975000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>9048812.5</valUSD>
        <pctVal>1.2471877972</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-05-13</maturityDt>
          <couponKind>Variable</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>The Charles Schwab Corporation</name>
        <lei>N/A</lei>
        <title>CHARLES SCHWAB CORP 12/99 1</title>
        <cusip>808513BD6</cusip>
        <identifiers>
          <isin value="US808513BD67"/>
          <ticker value="SCHW"/>
        </identifiers>
        <balance>6400000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6640000</valUSD>
        <pctVal>0.9151838402</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-06-01</maturityDt>
          <couponKind>Variable</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>IRS USD P 2.14 20171027-20221027</name>
        <lei>N/A</lei>
        <title>IRS USD P 2.14 20171027-20221027</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Custodian Identifier" value="SL68F9VT"/>
        </identifiers>
        <balance>107000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>-4732856.1</valUSD>
        <pctVal>-0.6523243104</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>CME</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <swapFlag>Y</swapFlag>
            <floatingRecDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="USD-LIBOR-BBA 3M" floatingRtSpread="0.000000000000" pmntAmt="4997.790000000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Month" rateTenorUnit="3" resetDt="Month" resetDtUnit="3"/>
              </rtResetTenors>
            </floatingRecDesc>
            <fixedPmntDesc amount="19049.57" curCd="USD" fixedOrFloating="Fixed" fixedRt="2.136400000000"/>
            <terminationDt>2022-10-27</terminationDt>
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            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.000000000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>107000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-4732856.1</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2020-05-29</ncom:dateSigned>
      <ncom:nameOfApplicant>John Hancock Tax-Advantaged Dividend Income Fund</ncom:nameOfApplicant>
      <ncom:signature>/s/Salvatore Schiavone</ncom:signature>
      <ncom:signerName>Salvatore Schiavone</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
