<SEC-DOCUMENT>0001145549-20-018170.txt : 20200327
<SEC-HEADER>0001145549-20-018170.hdr.sgml : 20200327
<ACCEPTANCE-DATETIME>20200327144939
ACCESSION NUMBER:		0001145549-20-018170
CONFORMED SUBMISSION TYPE:	NPORT-P
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20200131
FILED AS OF DATE:		20200327
PERIOD START:           	20200731

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			JOHN HANCOCK PREFERRED INCOME FUND
		CENTRAL INDEX KEY:			0001176199
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		NPORT-P
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-21131
		FILM NUMBER:		20750875

	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
</SEC-HEADER>
<DOCUMENT>
<TYPE>NPORT-P
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
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      <repPdDate>2020-01-31</repPdDate>
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      <netAssets>572783901.880000000000</netAssets>
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        <name>The Hartford Financial Services Group Inc.</name>
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        <name>Integrys Holding Inc.</name>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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        <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>170000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4328200</valUSD>
        <pctVal>0.7556427452</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>JPMorgan Chase and Co.</name>
        <lei>8I5DZWZKVSZI1NUHU748</lei>
        <title>JPMORGAN CHASE and CO PREFERRED STOCK 6.125</title>
        <cusip>48127R461</cusip>
        <identifiers>
          <isin value="US48127R4618"/>
          <ticker value="JPM"/>
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        <balance>670000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>16830400</valUSD>
        <pctVal>2.9383507366</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>JPMorgan Chase and Co.</name>
        <lei>8I5DZWZKVSZI1NUHU748</lei>
        <title>JPMORGAN CHASE and CO PREFERRED STOCK 6.1</title>
        <cusip>48127X542</cusip>
        <identifiers>
          <isin value="US48127X5427"/>
          <ticker value="JPM"/>
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        <balance>122000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3114660</valUSD>
        <pctVal>0.5437757573</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>JPMorgan Chase and Co.</name>
        <lei>8I5DZWZKVSZI1NUHU748</lei>
        <title>JPMORGAN CHASE + CO PREFERRED STOCK 4.75</title>
        <cusip>48128B622</cusip>
        <identifiers>
          <isin value="US48128B6222"/>
          <ticker value="JPM"/>
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        <balance>221800</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5711350</valUSD>
        <pctVal>0.9971212496</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>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>235000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6768000</valUSD>
        <pctVal>1.1815974537</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>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>595424</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>17535236.8</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>Morgan Stanley</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>MORGAN STANLEY PREFERRED STOCK VAR</title>
        <cusip>61763E207</cusip>
        <identifiers>
          <isin value="US61763E2072"/>
          <ticker value="MS"/>
        </identifiers>
        <balance>100000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2876000</valUSD>
        <pctVal>0.5021090835</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>Navient Corporation</name>
        <lei>54930067J0ZNOEBRW338</lei>
        <title>NAVIENT CORP PREFERRED STOCK 12/43 6</title>
        <cusip>63938C405</cusip>
        <identifiers>
          <isin value="US63938C4050"/>
          <ticker value="NAVI"/>
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        <balance>294071</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7331190.03</valUSD>
        <pctVal>1.2799224989</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>NiSource Inc.</name>
        <lei>N/A</lei>
        <title>NISOURCE INC PREFERRED STOCK VAR</title>
        <cusip>65473P881</cusip>
        <identifiers>
          <isin value="US65473P8813"/>
          <ticker value="NI"/>
        </identifiers>
        <balance>344000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9625120</valUSD>
        <pctVal>1.6804103552</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>Northern Trust Corporation</name>
        <lei>549300GLF98S992BC502</lei>
        <title>NORTHERN TRUST CORP PREFERRED STOCK 4.7</title>
        <cusip>665859856</cusip>
        <identifiers>
          <isin value="US6658598569"/>
          <ticker value="NTRS"/>
        </identifiers>
        <balance>45575</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1195888</valUSD>
        <pctVal>0.2087851974</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>NSTAR Electric Company</name>
        <lei>54930080R72Y2Z31UR68</lei>
        <title>NSTAR ELECTRIC CO PREFERRED STOCK 4.78</title>
        <cusip>67021C305</cusip>
        <identifiers>
          <isin value="US67021C3051"/>
          <ticker value="ES"/>
        </identifiers>
        <balance>15143</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1544586</valUSD>
        <pctVal>0.2696629558</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>NuStar Logistics L.P.</name>
        <lei>N62BF2PKP51FIIOIUN20</lei>
        <title>NUSTAR LOGISTICS LP PREFERRED STOCK 01/43 VAR</title>
        <cusip>67059T204</cusip>
        <identifiers>
          <isin value="US67059T2042"/>
          <ticker value="NSUS"/>
        </identifiers>
        <balance>150000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3970500</valUSD>
        <pctVal>0.6931933644</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>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>11922000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>12718508.82</valUSD>
        <pctVal>2.2204724641</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>
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        <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>8000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8910000</valUSD>
        <pctVal>1.5555604777</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>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </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>6000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6764160</valUSD>
        <pctVal>1.1809270438</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>
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        <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 + CO JR SUBORDINA 12/49 VAR</title>
        <cusip>48127FAA1</cusip>
        <identifiers>
          <isin value="US48127FAA12"/>
          <ticker value="JPM"/>
        </identifiers>
        <balance>5230000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5268702</valUSD>
        <pctVal>0.9198411448</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2020-04-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.229380000000</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>Land O'Lakes Inc.</name>
        <lei>N/A</lei>
        <title>LAND O' LAKES INC JR SUBORDINA 144A 12/49 8</title>
        <cusip>514666AK2</cusip>
        <identifiers>
          <isin value="US514666AK27"/>
          <ticker value="LLAKES"/>
        </identifiers>
        <balance>835000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>839175</valUSD>
        <pctVal>0.1465081329</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-07-16</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.000000000000</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>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>7500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8404875</valUSD>
        <pctVal>1.4673727688</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>Kinder Morgan Inc.</name>
        <lei>549300WR7IX8XE0TBO16</lei>
        <title>KINDER MORGAN INC/DE COMMON STOCK USD.01</title>
        <cusip>49456B101</cusip>
        <identifiers>
          <isin value="US49456B1017"/>
          <ticker value="KMI "/>
        </identifiers>
        <balance>573134</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>11961306.58</valUSD>
        <pctVal>2.0882756203</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>MPLX LP</name>
        <lei>5493000CZJ19CK4P3G36</lei>
        <title>MPLX LP JR SUBORDINA VAR</title>
        <cusip>55336VAU4</cusip>
        <identifiers>
          <isin value="US55336VAU44"/>
          <ticker value="MPLX"/>
        </identifiers>
        <balance>3700000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3727750</valUSD>
        <pctVal>0.6508126342</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-02-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.875000000000</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>MetLife Inc.</name>
        <lei>C4BXATY60WC6XEOZDX54</lei>
        <title>METLIFE INC 12/99 1</title>
        <cusip>59156RBT4</cusip>
        <identifiers>
          <isin value="US59156RBT41"/>
          <ticker value="MET"/>
        </identifiers>
        <balance>5000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5653500</valUSD>
        <pctVal>0.9870214546</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>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>2000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2090000</valUSD>
        <pctVal>0.3648845565</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>
        </debtSec>
        <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>185000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5091200</valUSD>
        <pctVal>0.8888517962</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>720000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>18640800</valUSD>
        <pctVal>3.2544210720</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 12/64 7.25</title>
        <cusip>911684603</cusip>
        <identifiers>
          <isin value="US9116846034"/>
          <ticker value="USM"/>
        </identifiers>
        <balance>205514</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5398852.78</valUSD>
        <pctVal>0.9425636374</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>Unum Group</name>
        <lei>549300E32YFDO6TZ8R31</lei>
        <title>UNUM GROUP PREFERRED STOCK 06/58 6.25</title>
        <cusip>91529Y601</cusip>
        <identifiers>
          <isin value="US91529Y6014"/>
          <ticker value="UNM"/>
        </identifiers>
        <balance>147500</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4088700</valUSD>
        <pctVal>0.7138294192</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 and Company</name>
        <lei>PBLD0EJDB5FWOLXP3B76</lei>
        <title>WELLS FARGO and CO PREFERRED STOCK 12/49 6</title>
        <cusip>949746366</cusip>
        <identifiers>
          <isin value="US9497463664"/>
          <ticker value="WFC"/>
        </identifiers>
        <balance>127000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3219450</valUSD>
        <pctVal>0.5620706150</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>Prudential Financial Inc.</name>
        <lei>5PRBRS5FEH7NREC8OR45</lei>
        <title>PRUDENTIAL FINANCIAL INC JR SUBORDINA 09/48 VAR</title>
        <cusip>744320BF8</cusip>
        <identifiers>
          <isin value="US744320BF81"/>
          <ticker value="PRU"/>
        </identifiers>
        <balance>1200000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1386660.38</valUSD>
        <pctVal>0.2420913673</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-09-15</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>Public Storage</name>
        <lei>N/A</lei>
        <title>PUBLIC STORAGE PUBLIC</title>
        <cusip>74460W800</cusip>
        <identifiers>
          <isin value="US74460W8001"/>
          <ticker value="PSA"/>
        </identifiers>
        <balance>21263</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>540930.72</valUSD>
        <pctVal>0.0944388832</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 and Company</name>
        <lei>PBLD0EJDB5FWOLXP3B76</lei>
        <title>WELLS FARGO and CO PREFERRED STOCK VAR</title>
        <cusip>949746465</cusip>
        <identifiers>
          <isin value="US9497464654"/>
          <ticker value="WFC"/>
        </identifiers>
        <balance>322025</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9251778.25</valUSD>
        <pctVal>1.6152301452</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>Western Alliance Bancorporation</name>
        <lei>5493003VJXZ5JXT9S762</lei>
        <title>WESTERN ALLIANCE BANCORP PREFERRED STOCK 07/56 6.25</title>
        <cusip>957638208</cusip>
        <identifiers>
          <isin value="US9576382082"/>
          <ticker value="WAL"/>
        </identifiers>
        <balance>21000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>554610</valUSD>
        <pctVal>0.0968270928</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 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>3174000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3703677.12</valUSD>
        <pctVal>0.6466098485</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>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Southern California Edison Company</name>
        <lei>9R1Z5I36FERIBVKW4P77</lei>
        <title>SOUTHERN CALIFORNIA EDISON CO JR SUBORDINA 08/49 VAR</title>
        <cusip>842400FU2</cusip>
        <identifiers>
          <isin value="US842400FU26"/>
          <ticker value="EIX"/>
        </identifiers>
        <balance>9000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>9322920</valUSD>
        <pctVal>1.6276504925</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-02-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.250000000000</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>Vodafone Group Public Limited Company</name>
        <lei>N/A</lei>
        <title>VODAFONE GROUP PLC JR SUBORDINA 04/79 VAR</title>
        <cusip>92857WBQ2</cusip>
        <identifiers>
          <isin value="US92857WBQ24"/>
          <ticker value="VOD"/>
        </identifiers>
        <balance>7390000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8714470.75</valUSD>
        <pctVal>1.5214238252</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2079-04-04</maturityDt>
          <couponKind>Variable</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>Wachovia Capital Trust III</name>
        <lei>N/A</lei>
        <title>WACHOVIA CAPITAL TRUST III LIMITD GUARA 03/49 VAR</title>
        <cusip>92978AAA0</cusip>
        <identifiers>
          <isin value="US92978AAA07"/>
          <ticker value="WFC"/>
        </identifiers>
        <balance>583000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>592473.75</valUSD>
        <pctVal>0.1034375701</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2020-03-02</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.569750000000</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>RenaissanceRe Holdings Ltd.</name>
        <lei>EK6GB9U3U58PDI411C94</lei>
        <title>RENAISSANCERE HOLDINGS LTD PREFERRED STOCK 6.08</title>
        <cusip>EP0112524</cusip>
        <identifiers>
          <isin value="BMG7498P3093"/>
          <ticker value="RNR"/>
        </identifiers>
        <balance>25000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>667000</valUSD>
        <pctVal>0.1164488034</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>Prudential Public Limited Company</name>
        <lei>5493001Z3ZE83NGK8Y12</lei>
        <title>PRUDENTIAL PLC PREFERRED STOCK 6.75</title>
        <cusip>EP0125823</cusip>
        <identifiers>
          <isin value="GB00B02FFZ25"/>
          <ticker value="PRUFIN"/>
        </identifiers>
        <balance>51000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1403010</valUSD>
        <pctVal>0.2449457807</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</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>2173820</valUSD>
        <pctVal>0.3795183476</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>SoftBank Group Corp.</name>
        <lei>5493003BZYYYCDIO0R13</lei>
        <title>SOFTBANK GROUP CORP SUBORDINATED REGS 12/99 VAR</title>
        <cusip>AO2625157</cusip>
        <identifiers>
          <isin value="XS1642686676"/>
          <ticker value="SOFTBK"/>
        </identifiers>
        <balance>5431000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5431000</valUSD>
        <pctVal>0.9481760891</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-07-19</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.875000000000</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>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"/>
        </identifiers>
        <balance>9200000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>10689480</valUSD>
        <pctVal>1.8662326167</pctVal>
        <payoffProfile>Long</payoffProfile>
        <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>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Prudential Public Limited Company</name>
        <lei>5493001Z3ZE83NGK8Y12</lei>
        <title>PRUDENTIAL PLC PREFERRED STOCK 6.5</title>
        <cusip>EP0162909</cusip>
        <identifiers>
          <isin value="GB00B0G40271"/>
          <ticker value="PRUFIN"/>
        </identifiers>
        <balance>154500</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4324455</valUSD>
        <pctVal>0.7549889209</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</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>305000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8723000</valUSD>
        <pctVal>1.5229129121</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>Federal Home Loan Bank Discount Notes</name>
        <lei>N/A</lei>
        <title>FEDERAL HOME LOAN BANK DISCOUN DISCOUNT NOT 02/20 0.00000</title>
        <cusip>313384SQ3</cusip>
        <identifiers>
          <isin value="US313384SQ37"/>
          <ticker value="FHLBDN"/>
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        <balance>5167000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5167000</valUSD>
        <pctVal>0.9020854083</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2020-02-03</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.000000000000</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>Digital Realty Trust Inc.</name>
        <lei>N/A</lei>
        <title>DIGITAL REALTY TRUST INC PUBLIC</title>
        <cusip>253868863</cusip>
        <identifiers>
          <isin value="US2538688639"/>
          <ticker value="DLR"/>
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        <balance>922</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>23806.04</valUSD>
        <pctVal>0.0041561992</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>Dominion Energy Inc.</name>
        <lei>ILUL7B6Z54MRYCF6H308</lei>
        <title>DOMINION ENERGY INC COMMON STOCK UNIT</title>
        <cusip>25746U133</cusip>
        <identifiers>
          <isin value="US25746U1337"/>
          <ticker value="D"/>
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        <balance>327500</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>35936575</valUSD>
        <pctVal>6.2740197275</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>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>442012</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4274256.04</valUSD>
        <pctVal>0.7462248897</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>Ocean Spray Cranberries Inc.</name>
        <lei>F58I6BK23LKYT8F1SB71</lei>
        <title>OCEAN SPRAY CRANBERRIES INC PREFERRED STOCK 6.25</title>
        <cusip>675022404</cusip>
        <identifiers>
          <isin value="US6750224049"/>
          <ticker value="OCESPR"/>
        </identifiers>
        <balance>143000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>12298000</valUSD>
        <pctVal>2.1470575482</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>The PNC Financial Services Group Inc.</name>
        <lei>CFGNEKW0P8842LEUIA51</lei>
        <title>PNC FINANCIAL SERVICES GROUP I PREFERRED STOCK 5.375</title>
        <cusip>693475832</cusip>
        <identifiers>
          <isin value="US6934758326"/>
          <ticker value="PNC"/>
        </identifiers>
        <balance>30000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>770700</valUSD>
        <pctVal>0.1345533625</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>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"/>
        </identifiers>
        <balance>187000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5138760</valUSD>
        <pctVal>0.8971551021</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>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"/>
        </identifiers>
        <balance>932439</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>23907735.96</valUSD>
        <pctVal>4.1739538911</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>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"/>
        </identifiers>
        <balance>140000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3662400</valUSD>
        <pctVal>0.6394034448</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>Public Storage</name>
        <lei>N/A</lei>
        <title>PUBLIC STORAGE PREFERRED STOCK 5.2</title>
        <cusip>74460W875</cusip>
        <identifiers>
          <isin value="US74460W8753"/>
          <ticker value="PSA"/>
        </identifiers>
        <balance>125000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3181250</valUSD>
        <pctVal>0.5554014332</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>QVC Inc.</name>
        <lei>549300WBLU5NKPX5X472</lei>
        <title>QVC INC PREFERRED STOCK 11/68 6.25</title>
        <cusip>747262400</cusip>
        <identifiers>
          <isin value="US7472624003"/>
          <ticker value="QVCN"/>
        </identifiers>
        <balance>81000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2065500</valUSD>
        <pctVal>0.3606072016</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>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"/>
        </identifiers>
        <balance>30000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>750900</valUSD>
        <pctVal>0.1310965615</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>Qwest Corporation</name>
        <lei>N/A</lei>
        <title>QWEST CORP PREFERRED STOCK 06/57 6.75</title>
        <cusip>74913G873</cusip>
        <identifiers>
          <isin value="US74913G8731"/>
          <ticker value="CTL"/>
        </identifiers>
        <balance>360000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9439200</valUSD>
        <pctVal>1.6479513424</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>Qwest Corporation</name>
        <lei>N/A</lei>
        <title>QWEST CORP PREFERRED STOCK 09/56 6.5</title>
        <cusip>74913G881</cusip>
        <identifiers>
          <isin value="US74913G8814"/>
          <ticker value="CTL"/>
        </identifiers>
        <balance>136705</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3520153.75</valUSD>
        <pctVal>0.6145692535</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>Regions Financial Corporation</name>
        <lei>CW05CS5KW59QTC0DG824</lei>
        <title>REGIONS FINANCIAL CORP PREFERRED STOCK 12/49 6.375</title>
        <cusip>7591EP308</cusip>
        <identifiers>
          <isin value="US7591EP3084"/>
          <ticker value="RF"/>
        </identifiers>
        <balance>138164</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3575684.32</valUSD>
        <pctVal>0.6242641087</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>SCE Trust II</name>
        <lei>N/A</lei>
        <title>SCE TRUST II PREFERRED STOCK 5.1</title>
        <cusip>78407R204</cusip>
        <identifiers>
          <isin value="US78407R2040"/>
          <ticker value="EIX"/>
        </identifiers>
        <balance>511190</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>12779750</valUSD>
        <pctVal>2.2311643114</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>SCE Trust III</name>
        <lei>N/A</lei>
        <title>SCE TRUST III PREFERRED STOCK VAR</title>
        <cusip>78409B207</cusip>
        <identifiers>
          <isin value="US78409B2079"/>
          <ticker value="EIX"/>
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        <balance>20000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>498000</valUSD>
        <pctVal>0.0869437843</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 PREFERRED STOCK 7</title>
        <cusip>03990B200</cusip>
        <identifiers>
          <isin value="US03990B2007"/>
          <ticker value="ARES"/>
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        <balance>2525</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>67973</valUSD>
        <pctVal>0.0118671282</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 07/21 6.75</title>
        <cusip>816851505</cusip>
        <identifiers>
          <isin value="US8168515059"/>
          <ticker value="SRE"/>
        </identifiers>
        <balance>53400</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6677136</valUSD>
        <pctVal>1.1657338794</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>338000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9034740</valUSD>
        <pctVal>1.5773383243</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>357100</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>17822861</valUSD>
        <pctVal>3.1116204456</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>South Jersey Industries Inc.</name>
        <lei>549300DJYWYT5VXLFA46</lei>
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        <cusip>838518207</cusip>
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          <isin value="US8385182071"/>
          <ticker value="SJI"/>
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        <curCd>USD</curCd>
        <valUSD>6331216.5</valUSD>
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        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>The Southern Company</name>
        <lei>549300FC3G3YU2FBZD92</lei>
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        <cusip>842587206</cusip>
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          <isin value="US8425872061"/>
          <ticker value="SO"/>
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        <balance>174999</balance>
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        <curCd>USD</curCd>
        <valUSD>4523724.15</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>The Southern Company</name>
        <lei>549300FC3G3YU2FBZD92</lei>
        <title>SOUTHERN CO/THE PREFERRED STOCK 08/22 6.75</title>
        <cusip>842587602</cusip>
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          <isin value="US8425876021"/>
          <ticker value="SO"/>
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        <balance>300000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>17037000</valUSD>
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        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>Bank of America Corporation</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
        <title>BANK OF AMERICA CORP PREFERRED STOCK 12/86 VAR</title>
        <cusip>060505179</cusip>
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          <isin value="US0605051798"/>
          <ticker value="BAC"/>
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        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3588300</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>Bank of America Corporation</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
        <title>BANK OF AMERICA CORP PREFERRED STOCK 6</title>
        <cusip>060505229</cusip>
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          <isin value="US0605052291"/>
          <ticker value="BAC"/>
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        <valUSD>3726297.75</valUSD>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Stanley Black and Decker Inc.</name>
        <lei>549300DJ09SMTO561131</lei>
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        <cusip>854502846</cusip>
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          <isin value="US8545028461"/>
          <ticker value="SWK"/>
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        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>State Street Corporation</name>
        <lei>549300ZFEEJ2IP5VME73</lei>
        <title>STATE STREET CORP PREFERRED STOCK 5.25</title>
        <cusip>857477509</cusip>
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          <isin value="US8574775099"/>
          <ticker value="STT"/>
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        <curCd>USD</curCd>
        <valUSD>3975750</valUSD>
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        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>W. R. Berkley Corporation</name>
        <lei>SQOAGCLKBDWNVYV1OV80</lei>
        <title>WR BERKLEY CORP PREFERRED STOCK 04/53 5.625</title>
        <cusip>084423409</cusip>
        <identifiers>
          <isin value="US0844234098"/>
          <ticker value="WRB"/>
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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>Brighthouse Financial Inc.</name>
        <lei>N/A</lei>
        <title>BRIGHTHOUSE FINANCIAL INC PREFERRED STOCK 6.6</title>
        <cusip>10922N301</cusip>
        <identifiers>
          <isin value="US10922N3017"/>
          <ticker value="BHF"/>
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        <balance>281775</balance>
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        <curCd>USD</curCd>
        <valUSD>7909424.25</valUSD>
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        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
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      <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"/>
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        <balance>188000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5162480</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>Telephone and Data Systems Inc.</name>
        <lei>N/A</lei>
        <title>TELEPHONE and DATA SYSTEM PREFERRED STOCK</title>
        <cusip>879433837</cusip>
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          <isin value="US8794338371"/>
          <ticker value="TDS"/>
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        <curCd>USD</curCd>
        <valUSD>8755000</valUSD>
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        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
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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>
        <identifiers>
          <isin value="US11135F2002"/>
          <ticker value="AVGO"/>
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        <balance>12000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>13783200</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>CMS Energy Corporation</name>
        <lei>549300IA9XFBAGNIBW29</lei>
        <title>CMS ENERGY CORP PREFERRED STOCK 03/78 5.625</title>
        <cusip>125896860</cusip>
        <identifiers>
          <isin value="US1258968601"/>
          <ticker value="CMS"/>
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        <balance>225000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6176250</valUSD>
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        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
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      <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>
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          <isin value="US8794338454"/>
          <ticker value="TDS"/>
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      <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>
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          <ticker value="TDS"/>
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      <invstOrSec>
        <name>CenterPoint Energy Inc.</name>
        <lei>21TPXMRRHFKOBHDC8J74</lei>
        <title>CENTERPOINT ENERGY INC PREFERRED STOCK 09/21 7</title>
        <cusip>15189T503</cusip>
        <identifiers>
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          <ticker value="CNP"/>
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        <balance>755000</balance>
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        <curCd>USD</curCd>
        <valUSD>36285300</valUSD>
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        <assetCat>EP</assetCat>
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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"/>
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        <curCd>USD</curCd>
        <valUSD>9250873.22</valUSD>
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        <assetCat>EP</assetCat>
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      <invstOrSec>
        <name>Citigroup Capital XIII</name>
        <lei>N/A</lei>
        <title>CITIGROUP CAPITAL XIII PREFERRED STOCK 10/40 VAR</title>
        <cusip>173080201</cusip>
        <identifiers>
          <isin value="US1730802014"/>
          <ticker value="C"/>
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        <curCd>USD</curCd>
        <valUSD>10841550.5</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 PREFERRED STOCK 12/62 5.25</title>
        <cusip>233331701</cusip>
        <identifiers>
          <isin value="US2333317012"/>
          <ticker value="DTE"/>
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        <curCd>USD</curCd>
        <valUSD>7921765.2</valUSD>
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        <invCountry>US</invCountry>
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      <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"/>
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        <curCd>USD</curCd>
        <valUSD>10614375</valUSD>
        <pctVal>1.8531203417</pctVal>
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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 PREFERRED STOCK</title>
        <cusip>233331842</cusip>
        <identifiers>
          <isin value="US2333318424"/>
          <ticker value="DTE"/>
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        <balance>503000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>25788810</valUSD>
        <pctVal>4.5023629183</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>DTE Energy Company</name>
        <lei>549300IX8SD6XXD71I78</lei>
        <title>DTE ENERGY CO PREFERRED STOCK 12/77 5.25</title>
        <cusip>233331859</cusip>
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          <isin value="US2333318598"/>
          <ticker value="DTE"/>
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        <balance>240000</balance>
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        <curCd>USD</curCd>
        <valUSD>6381600</valUSD>
        <pctVal>1.1141374573</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>DTE Energy Company</name>
        <lei>549300IX8SD6XXD71I78</lei>
        <title>DTE ENERGY CO PREFERRED STOCK 12/76 6</title>
        <cusip>233331867</cusip>
        <identifiers>
          <isin value="US2333318671"/>
          <ticker value="DTE"/>
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        <balance>79150</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2171876</valUSD>
        <pctVal>0.3791789526</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>Digital Realty Trust Inc.</name>
        <lei>N/A</lei>
        <title>DIGITAL REALTY TRUST INC PREFERRED STOCK 6.625</title>
        <cusip>253868848</cusip>
        <identifiers>
          <isin value="US2538688480"/>
          <ticker value="DLR"/>
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        <balance>10900</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>292774</valUSD>
        <pctVal>0.0511142159</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>DIVERSIFIED HEALTHCARE TRUST PUBLIC</name>
        <lei>N/A</lei>
        <title>DIVERSIFIED HEALTHCARE TRUST PUBLIC</title>
        <cusip>25525P206</cusip>
        <identifiers>
          <isin value="US25525P2065"/>
          <ticker value="DHC"/>
        </identifiers>
        <balance>821432</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>20494728.4</valUSD>
        <pctVal>3.5780908529</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>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>816525</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>21229650</valUSD>
        <pctVal>3.7063978108</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>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>240000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6780000</valUSD>
        <pctVal>1.1836924847</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>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"/>
        </identifiers>
        <balance>210000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5714100</valUSD>
        <pctVal>0.9976013609</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>Entergy Louisiana LLC</name>
        <lei>N/A</lei>
        <title>ENTERGY LOUISIANA LLC PREFERRED STOCK 07/52 5.25</title>
        <cusip>29364W504</cusip>
        <identifiers>
          <isin value="US29364W5040"/>
          <ticker value="ETR"/>
        </identifiers>
        <balance>141476</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3645836.52</valUSD>
        <pctVal>0.6365116946</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>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FEDERAL NATIONAL MORTGAGE ASSO PREFERRED STOCK VAR</title>
        <cusip>313586752</cusip>
        <identifiers>
          <isin value="US3135867527"/>
          <ticker value="FNMA"/>
        </identifiers>
        <balance>80000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>901600</valUSD>
        <pctVal>0.1574066584</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Bank of America Corporation</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
        <title>BANK OF AMERICA CORP 12/99 1</title>
        <cusip>060505FL3</cusip>
        <identifiers>
          <isin value="US060505FL38"/>
          <ticker value="BAC"/>
        </identifiers>
        <balance>6000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6712500</valUSD>
        <pctVal>1.1719079356</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>Barclays PLC</name>
        <lei>N/A</lei>
        <title>BARCLAYS PLC JR SUBORDINA 12/99 VAR</title>
        <cusip>06738EBA2</cusip>
        <identifiers>
          <isin value="US06738EBA29"/>
          <ticker value="BACR"/>
        </identifiers>
        <balance>5000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5475000</valUSD>
        <pctVal>0.9558578693</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-09-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.750000000000</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>Citizens Financial Group Inc.</name>
        <lei>N/A</lei>
        <title>CITIZENS FINANCIAL GROUP 12/99 1</title>
        <cusip>174610AQ8</cusip>
        <identifiers>
          <isin value="US174610AQ88"/>
          <ticker value="CFG"/>
        </identifiers>
        <balance>7500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8025000</valUSD>
        <pctVal>1.4010519454</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-04-06</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.375000000000</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>DCP Midstream LP</name>
        <lei>N/A</lei>
        <title>DCP MIDSTREAM LP JR SUBORDINA 12/99 VAR</title>
        <cusip>23311PAA8</cusip>
        <identifiers>
          <isin value="US23311PAA84"/>
          <ticker value="DCP"/>
        </identifiers>
        <balance>11787000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>11138715</valUSD>
        <pctVal>1.9446627189</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-12-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.375000000000</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>Dominion Energy Inc.</name>
        <lei>ILUL7B6Z54MRYCF6H308</lei>
        <title>DOMINION ENERGY INC JR SUBORDINA 10/54 VAR</title>
        <cusip>25746UBY4</cusip>
        <identifiers>
          <isin value="US25746UBY47"/>
          <ticker value="D"/>
        </identifiers>
        <balance>5000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5443601.9</valUSD>
        <pctVal>0.9503762033</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-10-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.750000000000</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>Emera Incorporated</name>
        <lei>NQZVQT2P5IUF2PGA1Q48</lei>
        <title>EMERA INC JR SUBORDINA 06/76 VAR</title>
        <cusip>290876AD3</cusip>
        <identifiers>
          <isin value="US290876AD37"/>
          <ticker value="EMACN"/>
        </identifiers>
        <balance>5500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6326100</valUSD>
        <pctVal>1.1044479391</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2076-06-15</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>Energy Transfer Operating L.P.</name>
        <lei>5493008K8W3OKZE54J59</lei>
        <title>ENERGY TRANSFER OPERATING LP JR SUBORDINA 11/66 VAR</title>
        <cusip>29273RBA6</cusip>
        <identifiers>
          <isin value="US29273RBA68"/>
          <ticker value="ETP"/>
        </identifiers>
        <balance>8800000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7260000</valUSD>
        <pctVal>1.2674937225</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2066-11-01</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.780750000000</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>Energy Transfer Operating L.P.</name>
        <lei>5493008K8W3OKZE54J59</lei>
        <title>ENERGY TRANSFER OPERATING LP JR SUBORDINA 12/99 VAR</title>
        <cusip>29278NAB9</cusip>
        <identifiers>
          <isin value="US29278NAB91"/>
          <ticker value="ETP"/>
        </identifiers>
        <balance>8000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7560000</valUSD>
        <pctVal>1.3198694962</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-02-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.625000000000</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>American Homes 4 Rent</name>
        <lei>549300ZJUO7A58PNUW40</lei>
        <title>AMERICAN HOMES 4 RENT PUBLIC</title>
        <cusip>02665T801</cusip>
        <identifiers>
          <isin value="US02665T8018"/>
          <ticker value="AMH"/>
        </identifiers>
        <balance>40000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1067200</valUSD>
        <pctVal>0.1863180855</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>BP p.l.c.</name>
        <lei>N/A</lei>
        <title>BP PLC ADR</title>
        <cusip>055622104</cusip>
        <identifiers>
          <isin value="US0556221044"/>
          <ticker value="BP "/>
        </identifiers>
        <balance>181000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6539530</valUSD>
        <pctVal>1.1417098104</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Farmer Mac Discount Notes</name>
        <lei>N/A</lei>
        <title>FEDERAL AGRICULTURAL MORTGAGE DISCOUNT NOT 02/20 0.00000</title>
        <cusip>31315KSQ4</cusip>
        <identifiers>
          <isin value="US31315KSQ49"/>
          <ticker value="FAMCDN"/>
        </identifiers>
        <balance>1432000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1432000</valUSD>
        <pctVal>0.2500070263</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2020-02-03</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.000000000000</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>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>73000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>-1551118.6</valUSD>
        <pctVal>-0.2708034557</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>
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            <swapFlag>Y</swapFlag>
            <floatingRecDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="USD-LIBOR-BBA 3M" floatingRtSpread="0.000000000000" pmntAmt="370498.230000000000">
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                <rtResetTenor rateTenor="Month" rateTenorUnit="3" resetDt="Month" resetDtUnit="3"/>
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            <fixedPmntDesc amount="402889.43" 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>73000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-1551118.6</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2020-02-28</ncom:dateSigned>
      <ncom:nameOfApplicant>John Hancock Preferred 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>
