<SEC-DOCUMENT>0001752724-20-012801.txt : 20200127
<SEC-HEADER>0001752724-20-012801.hdr.sgml : 20200127
<ACCEPTANCE-DATETIME>20200127134708
ACCESSION NUMBER:		0001752724-20-012801
CONFORMED SUBMISSION TYPE:	NPORT-P
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20191129
FILED AS OF DATE:		20200127
PERIOD START:           	20191130

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Flaherty & Crumrine PREFERRED & INCOME OPPORTUNITY FUND INC
		CENTRAL INDEX KEY:			0000882071
		IRS NUMBER:				954355600
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1130

	FILING VALUES:
		FORM TYPE:		NPORT-P
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-06495
		FILM NUMBER:		20548657

	BUSINESS ADDRESS:	
		STREET 1:		301 E COLORADO BLVD STE 720
		STREET 2:		C/O FLAHERTY & CRUMRINE INC
		CITY:			PASADENA
		STATE:			CA
		ZIP:			91101
		BUSINESS PHONE:		(626) 795-7300

	MAIL ADDRESS:	
		STREET 1:		301 COLORADO BLVD STE 720
		STREET 2:		C/O FLAHERTY & CRUMRINE INC
		CITY:			PASADENA
		STATE:			CA
		ZIP:			91101

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Flaherty & Crumrine PREFERRED INCOME OPPORTUNITY FUND INC
		DATE OF NAME CHANGE:	20050708

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PREFERRED INCOME OPPORTUNITY FUND INC
		DATE OF NAME CHANGE:	19920929
</SEC-HEADER>
<DOCUMENT>
<TYPE>NPORT-P
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
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      <invstOrSec>
        <name>BALTA GROUP NV</name>
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        <name>BARCLAYS PLC</name>
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      <invstOrSec>
        <name>METLIFE CAPITAL TRUST IV</name>
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        <name>FIRST HORIZON BANK</name>
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          <ticker value="FHN"/>
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        <name>GOLDMAN SACHS GROUP INC</name>
        <lei>784F5XWPLTWKTBV3E584</lei>
        <title>Goldman Sachs Group Inc/The</title>
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          <maturityDt>N/A</maturityDt>
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        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>Morgan Stanley</title>
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          <ticker value="MS"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

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        <name>PARTNERRE LTD</name>
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        <name>ING LIFE INSURANCE KOREA</name>
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        <title>LEHMAN BROS HLDG-ESCROW</title>
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        <name>PNC FINANCIAL SERVICES</name>
        <lei>CFGNEKW0P8842LEUIA51</lei>
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        <name>E*TRADE FINANCIAL CORP</name>
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        <name>PS BUSINESS PARKS INC</name>
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        <name>AXIS CAPITAL HLDGS LTD</name>
        <lei>N/A</lei>
        <title>Axis Capital Holdings Ltd</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

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        <name>BNP PARIBAS</name>
        <lei>R0MUWSFPU8MPRO8K5P83</lei>
        <title>BNP Paribas SA</title>
        <cusip>05565AAN3</cusip>
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        <name>OCEAN SPRAY CRANBERRIES</name>
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        <title>Ocean Spray Cranberries Inc</title>
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      <invstOrSec>
        <name>NISOURCE INC</name>
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      <invstOrSec>
        <name>STERLING BANCORP/DE</name>
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        <name>BANK OF AMERICA CORP</name>
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        <name>WASHINGTON MUTUAL - ESCROW</name>
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        <name>COBANK ACB</name>
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        <name>CREDIT SUISSE GROUP AG</name>
        <lei>549300506SI9CRFV9Z86</lei>
        <title>Credit Suisse Group AG</title>
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        <invCountry>CH</invCountry>
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      <invstOrSec>
        <name>HSBC HOLDINGS PLC</name>
        <lei>MLU0ZO3ML4LN2LL2TL39</lei>
        <title>HSBC Holdings PLC</title>
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        <name>FIFTH THIRD BANCORP</name>
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        <name>ATHENE HOLDING LTD</name>
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        <name>GENERAL ELECTRIC CO</name>
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        <name>BHP BILLITON FIN USA LTD</name>
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        <title>BHP Billiton Finance USA Ltd</title>
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        <name>MERCHANTS BANCORP</name>
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        <name>NISOURCE INC</name>
        <lei>549300D8GOWWH0SJB189</lei>
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        <name>INDIANAPOLIS P&amp;L</name>
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        <title>Indianapolis Power &amp; Light Co</title>
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        <name>BANK OF AMERICA CORP</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
        <title>Bank of America Corp</title>
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        <name>DCP MIDSTREAM LP</name>
        <lei>52990024YYS3MLGW0E91</lei>
        <title>DCP Midstream LP</title>
        <cusip>23311PAA8</cusip>
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        <name>ZIONS BANCORP NA</name>
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        <name>LLOYDS BANK PLC</name>
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      <invstOrSec>
        <name>WELLS FARGO &amp; COMPANY</name>
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      <invstOrSec>
        <name>AMERICAN INTL GROUP</name>
        <lei>ODVCVCQG2BP6VHV36M30</lei>
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      <invstOrSec>
        <name>HUNTINGTON BANCSHARES</name>
        <lei>549300XTVCVV9I7B5T19</lei>
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      <invstOrSec>
        <name>AON CORP</name>
        <lei>LTS3U8DGK38SETRUWX71</lei>
        <title>Aon Corp</title>
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        <name>WELLS FARGO &amp; COMPANY</name>
        <lei>PBLD0EJDB5FWOLXP3B76</lei>
        <title>Wells Fargo &amp; Co</title>
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        <assetCat>EP</assetCat>
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        <name>LAND O'LAKES INC</name>
        <lei>4ONCJWH5BBCYSJIJYX61</lei>
        <title>Land O' Lakes Inc</title>
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        <valUSD>3684450.00000000</valUSD>
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        <name>NUSTAR LOGISTICS LP</name>
        <lei>N62BF2PKP51FIIOIUN20</lei>
        <title>NuStar Logistics LP</title>
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          <ticker value="NSUS"/>
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        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>821551.50000000</valUSD>
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        <assetCat>EP</assetCat>
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        <name>ENERGY TRANSFER OPERATNG</name>
        <lei>5493008K8W3OKZE54J59</lei>
        <title>Energy Transfer Operating LP</title>
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          <ticker value="ETP"/>
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        <name>LLOYDS BANKING GROUP PLC</name>
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        <title>Lloyds Banking Group PLC</title>
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        <name>VOYA FINANCIAL INC</name>
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        <name>WELLS FARGO &amp; COMPANY</name>
        <lei>PBLD0EJDB5FWOLXP3B76</lei>
        <title>Wells Fargo &amp; Co</title>
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        <name>TEXAS CAPITAL BANCSHARES</name>
        <lei>549300466Q2SXRX0YM48</lei>
        <title>Texas Capital Bancshares Inc</title>
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        <name>LEHMAN BROS HLDG-ESCROW</name>
        <lei>N/A</lei>
        <title>LEHMAN BROS HLDG-ESCROW</title>
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        <balance>45800.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <name>ALGONQUIN PWR &amp; UTILITY</name>
        <lei>549300K5VIUTJXQL7X75</lei>
        <title>Algonquin Power &amp; Utilities Corp</title>
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          <ticker value="AQNCN"/>
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        <invCountry>CA</invCountry>
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        <name>ENERGY TRANSFER OPERATNG</name>
        <lei>5493008K8W3OKZE54J59</lei>
        <title>Energy Transfer Operating LP</title>
        <cusip>29278N301</cusip>
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          <ticker value="ETP"/>
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        <name>MACQUARIE BANK LONDON</name>
        <lei>4ZHCHI4KYZG2WVRT8631</lei>
        <title>Macquarie Bank Ltd/London</title>
        <cusip>556079AB7</cusip>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>516700.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

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        <name>MORGAN STANLEY</name>
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        <name>BNP PARIBAS</name>
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        <name>BARCLAYS PLC</name>
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        <name>STIFEL FINANCIAL CORP</name>
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        <name>CITIGROUP INC</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
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        <name>BARCLAYS PLC</name>
        <lei>213800LBQA1Y9L22JB70</lei>
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        <name>ALLSTATE CORP</name>
        <lei>OBT0W1ED8G0NWVOLOJ77</lei>
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        <name>WELLS FARGO &amp; COMPANY</name>
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        <name>TRANSCANADA TRUST</name>
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        <name>STATE STREET CORP</name>
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        <name>PARTNERRE LTD</name>
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        <title>PartnerRe Ltd</title>
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        <name>AXA SA</name>
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        <name>GOLDMAN SACHS GROUP INC</name>
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        <name>DOMINION ENERGY INC</name>
        <lei>ILUL7B6Z54MRYCF6H308</lei>
        <title>Dominion Energy Inc</title>
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        <name>FIFTH THIRD BANCORP</name>
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        <name>CREDIT SUISSE GROUP AG</name>
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        <name>MORGAN STANLEY</name>
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        <name>GOLDMAN SACHS GROUP INC</name>
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        <name>BlackRock Liquidity Funds T-Fund</name>
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        <name>B RILEY FINANCIAL INC</name>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SCE TRUST V</name>
        <lei>N/A</lei>
        <title>SCE Trust V</title>
        <cusip>78409W201</cusip>
        <identifiers>
          <isin value="US78409W2017"/>
          <ticker value="EIX"/>
        </identifiers>
        <balance>20000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>488500.00000000</valUSD>
        <pctVal>0.325677345301</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>BANCO MERCANTIL DE NORTE</name>
        <lei>549300QTVYRPFHS0J362</lei>
        <title>Banco Mercantil del Norte SA/Grand Cayman</title>
        <cusip>05962GAJ8</cusip>
        <identifiers>
          <isin value="US05962GAJ85"/>
          <other otherDesc="Sedol" value="BYVX878"/>
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        <balance>490000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>516999.00000000</valUSD>
        <pctVal>0.344677301624</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>N/A</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.62500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SOVEREIGN REIT</name>
        <lei>0003463325</lei>
        <title>Sovereign Real Estate Investment Trust</title>
        <cusip>84610XAA1</cusip>
        <identifiers>
          <isin value="US84610XAA19"/>
          <ticker value="SOV"/>
        </identifiers>
        <balance>2600.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2717559.00000000</valUSD>
        <pctVal>1.811765405975</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>PECO ENERGY CAP TRST III</name>
        <lei>N/A</lei>
        <title>PECO Energy Capital Trust III</title>
        <cusip>69331VAA4</cusip>
        <identifiers>
          <isin value="US69331VAA44"/>
        </identifiers>
        <balance>1500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1787167.77000000</valUSD>
        <pctVal>1.191484247576</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-04-06</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.38000000</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>MORGAN STANLEY</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>Morgan Stanley</title>
        <cusip>61762V804</cusip>
        <identifiers>
          <isin value="US61762V8046"/>
          <ticker value="MS"/>
        </identifiers>
        <balance>26000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>647660.00000000</valUSD>
        <pctVal>0.431787491213</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>AMERICAN EQUITY INVESTME</name>
        <lei>549300RK5RZQ740FPL83</lei>
        <title>American Equity Investment Life Holding Co</title>
        <cusip>025676503</cusip>
        <identifiers>
          <isin value="US0256765035"/>
          <ticker value="AEL"/>
        </identifiers>
        <balance>47000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1189570.00000000</valUSD>
        <pctVal>0.793072670726</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CITIZENS FINANCIAL GROUP</name>
        <lei>2138004JDDA4ZQUPFW65</lei>
        <title>Citizens Financial Group Inc</title>
        <cusip>174610AQ8</cusip>
        <identifiers>
          <isin value="US174610AQ88"/>
          <other otherDesc="Sedol" value="BGHW226"/>
        </identifiers>
        <balance>900000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>959868.00000000</valUSD>
        <pctVal>0.639932982762</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>N/A</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.37500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>INTEGRYS HOLDING INC</name>
        <lei>549300J4ZRR1SZF4ES33</lei>
        <title>Integrys Holding Inc</title>
        <cusip>45822P204</cusip>
        <identifiers>
          <isin value="US45822P2048"/>
          <ticker value="WEC"/>
        </identifiers>
        <balance>72900.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2008395.00000000</valUSD>
        <pctVal>1.338973903615</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>QWEST CORP</name>
        <lei>549300R2L4N683OO1509</lei>
        <title>Qwest Corp</title>
        <cusip>74913G873</cusip>
        <identifiers>
          <isin value="US74913G8731"/>
          <ticker value="CTL"/>
        </identifiers>
        <balance>24920.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>645771.90000000</valUSD>
        <pctVal>0.430528716606</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>NEXTERA ENERGY CAPITAL</name>
        <lei>UMI46YPGBLUE4VGNNT48</lei>
        <title>NextEra Energy Capital Holdings Inc</title>
        <cusip>302570AX4</cusip>
        <identifiers>
          <isin value="US302570AX43"/>
          <other otherDesc="Sedol" value="B1YN7L1"/>
        </identifiers>
        <balance>293000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>260420.01000000</valUSD>
        <pctVal>0.173619032794</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <debtSec>
          <maturityDt>2067-06-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.24350000</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>COBANK ACB</name>
        <lei>P0J8I7M2E0A77CKF1705</lei>
        <title>CoBank ACB</title>
        <cusip>19075Q870</cusip>
        <identifiers>
          <isin value="US19075Q8704"/>
          <ticker value="COBKAC"/>
        </identifiers>
        <balance>12900.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1306125.00000000</valUSD>
        <pctVal>0.870778551957</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HSBC HOLDINGS PLC</name>
        <lei>MLU0ZO3ML4LN2LL2TL39</lei>
        <title>HSBC Holdings PLC</title>
        <cusip>404280BP3</cusip>
        <identifiers>
          <isin value="US404280BP39"/>
          <other otherDesc="Sedol" value="BFMXK12"/>
        </identifiers>
        <balance>3430000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3721207.00000000</valUSD>
        <pctVal>2.480886012438</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <debtSec>
          <maturityDt>N/A</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SYNCHRONY FINANCIAL</name>
        <lei>549300RS7EWPM9MA6C78</lei>
        <title>Synchrony Financial</title>
        <cusip>87165B202</cusip>
        <identifiers>
          <isin value="US87165B2025"/>
          <ticker value="SYF"/>
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        <balance>39000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1000935.00000000</valUSD>
        <pctVal>0.667311880489</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ENERGY TRANSFER OPERATNG</name>
        <lei>5493008K8W3OKZE54J59</lei>
        <title>Energy Transfer Operating LP</title>
        <cusip>29273RBC2</cusip>
        <identifiers>
          <isin value="US29273RBC25"/>
          <other otherDesc="Sedol" value="BHBFCK6"/>
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        <balance>904000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1147291.47000000</valUSD>
        <pctVal>0.764886059849</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>WELLS FARGO &amp; COMPANY</name>
        <lei>PBLD0EJDB5FWOLXP3B76</lei>
        <title>Wells Fargo &amp; Co</title>
        <cusip>949746804</cusip>
        <identifiers>
          <isin value="US9497468044"/>
          <ticker value="WFC"/>
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        <balance>225.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>328725.00000000</valUSD>
        <pctVal>0.219157185944</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>SYNOVUS FINANCIAL CORP</name>
        <lei>549300EIUS8UN5JTLE54</lei>
        <title>Synovus Financial Corp</title>
        <cusip>87161C709</cusip>
        <identifiers>
          <isin value="US87161C7092"/>
          <ticker value="SNV"/>
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        <balance>63135.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1648612.69000000</valUSD>
        <pctVal>1.099111165422</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>KEYCORP</name>
        <lei>RKPI3RZGV1V1FJTH5T61</lei>
        <title>KeyCorp</title>
        <cusip>493267702</cusip>
        <identifiers>
          <isin value="US4932677028"/>
          <ticker value="KEY"/>
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        <balance>80084.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2299515.96000000</valUSD>
        <pctVal>1.533060907534</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 CORP</name>
        <lei>CW05CS5KW59QTC0DG824</lei>
        <title>Regions Financial Corp</title>
        <cusip>7591EP704</cusip>
        <identifiers>
          <isin value="US7591EP7044"/>
          <ticker value="RF"/>
        </identifiers>
        <balance>113400.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3042805.50000000</valUSD>
        <pctVal>2.028603515880</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>VALLEY NATIONAL BANCORP</name>
        <lei>549300ET52S1UBIB9762</lei>
        <title>Valley National Bancorp</title>
        <cusip>919794305</cusip>
        <identifiers>
          <isin value="US9197943056"/>
          <ticker value="VLY"/>
        </identifiers>
        <balance>28000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>747460.00000000</valUSD>
        <pctVal>0.498323006179</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 FINL CO</name>
        <lei>5493008B6JBRUJ90QL97</lei>
        <title>General Motors Financial Co Inc</title>
        <cusip>37045XCM6</cusip>
        <identifiers>
          <isin value="US37045XCM65"/>
          <other otherDesc="Sedol" value="BFY34H4"/>
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        <balance>725000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>738427.00000000</valUSD>
        <pctVal>0.492300808717</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <debtSec>
          <maturityDt>N/A</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>STANDARD CHARTERED PLC</name>
        <lei>U4LOSYZ7YG4W3S5F2G91</lei>
        <title>Standard Chartered PLC</title>
        <cusip>853254BH2</cusip>
        <identifiers>
          <isin value="US853254BH21"/>
          <other otherDesc="Sedol" value="BDHTRP4"/>
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        <balance>2500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2745537.50000000</valUSD>
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        <name>GOLDMAN SACHS GROUP INC</name>
        <lei>784F5XWPLTWKTBV3E584</lei>
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      <invstOrSec>
        <name>ARCH CAPITAL GROUP LTD</name>
        <lei>549300AYR4P8AFKDCE43</lei>
        <title>Arch Capital Group Ltd</title>
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          <isin value="US03939A1079"/>
          <ticker value="ACGL"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

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      <invstOrSec>
        <name>BNP PARIBAS</name>
        <lei>R0MUWSFPU8MPRO8K5P83</lei>
        <title>BNP Paribas SA</title>
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      <invstOrSec>
        <name>DELPHI FINANCIAL GROUP</name>
        <lei>5493001NGT0EEYMZG011</lei>
        <title>Delphi Financial Group Inc</title>
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          <isin value="US2471313039"/>
          <ticker value="TOMARI"/>
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      <invstOrSec>
        <name>CREDIT SUISSE GROUP AG</name>
        <lei>549300506SI9CRFV9Z86</lei>
        <title>Credit Suisse Group AG</title>
        <cusip>225401AK4</cusip>
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          <isin value="US225401AK46"/>
          <other otherDesc="Sedol" value="BGLRLX1"/>
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        <balance>700000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>775848.50000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>CH</invCountry>
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          <maturityDt>N/A</maturityDt>
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      <invstOrSec>
        <name>ACE CAPITAL TRUST II</name>
        <lei>N/A</lei>
        <title>ACE Capital Trust II</title>
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          <isin value="US00440FAA21"/>
          <other otherDesc="Sedol" value="2582294"/>
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        <curCd>USD</curCd>
        <valUSD>1807080.00000000</valUSD>
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          <maturityDt>2030-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.70000000</annualizedRt>
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        <name>DCP MIDSTREAM LP</name>
        <lei>52990024YYS3MLGW0E91</lei>
        <title>DCP Midstream LP</title>
        <cusip>23311P209</cusip>
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          <isin value="US23311P2092"/>
          <ticker value="DCP"/>
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        <balance>3800.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>87039.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>AERCAP GLOBAL AVIATION T</name>
        <lei>635400FBSV8LXXNRV758</lei>
        <title>AerCap Global Aviation Trust</title>
        <cusip>00773HAA5</cusip>
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          <isin value="US00773HAA59"/>
          <other otherDesc="Sedol" value="BYP0JP0"/>
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        <invCountry>IE</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2045-06-15</maturityDt>
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        <name>CITIGROUP INC</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>Citigroup Inc</title>
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          <isin value="US1729673582"/>
          <ticker value="C"/>
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        <balance>74694.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>JPMORGAN CHASE &amp; CO</name>
        <lei>8I5DZWZKVSZI1NUHU748</lei>
        <title>JPMorgan Chase &amp; Co</title>
        <cusip>46625HJQ4</cusip>
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          <isin value="US46625HJQ48"/>
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        <balance>4167000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4696063.16000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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      <invstOrSec>
        <name>RENAISSANCERE HOLDINGS L</name>
        <lei>EK6GB9U3U58PDI411C94</lei>
        <title>RenaissanceRe Holdings Ltd</title>
        <cusip>75968N309</cusip>
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          <ticker value="RNR"/>
          <other otherDesc="SEDOL" value="BFMZ665"/>
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        <balance>16267.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>431901.86000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
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        <invCountry>BM</invCountry>
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      <invstOrSec>
        <name>MPLX LP</name>
        <lei>5493000CZJ19CK4P3G36</lei>
        <title>MPLX LP</title>
        <cusip>55336VAU4</cusip>
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          <isin value="US55336VAU44"/>
          <other otherDesc="SEDOL" value="BKFGXH0"/>
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        <balance>1480000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1487400.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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          <annualizedRt>6.87500000</annualizedRt>
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        <name>ENTERPRISE PRODUCTS OPER</name>
        <lei>5493004LGN656HWLDA30</lei>
        <title>Enterprise Products Operating LLC</title>
        <cusip>29379VBN2</cusip>
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          <isin value="US29379VBN29"/>
          <other otherDesc="Sedol" value="BF47Q58"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>503260.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <maturityDt>2077-08-16</maturityDt>
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        <name>SOCIETE GENERALE</name>
        <lei>O2RNE8IBXP4R0TD8PU41</lei>
        <title>Societe Generale SA</title>
        <cusip>83367TBU2</cusip>
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        <name>NATIONAL RURAL UTIL COOP</name>
        <lei>4NYF266XZC35SCTGX023</lei>
        <title>National Rural Utilities Cooperative Finance Corp</title>
        <cusip>637432105</cusip>
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          <ticker value="NRUC"/>
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        <name>TRISTATE CAPITAL HLDGS</name>
        <lei>5493003JKSPN0881WX29</lei>
        <title>TriState Capital Holdings Inc</title>
        <cusip>89678F506</cusip>
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          <isin value="US89678F5061"/>
          <ticker value="TSC"/>
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        <balance>14000.00000000</balance>
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        <name>CITIZENS FINANCIAL GROUP</name>
        <lei>2138004JDDA4ZQUPFW65</lei>
        <title>Citizens Financial Group Inc</title>
        <cusip>174610204</cusip>
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          <isin value="US1746102045"/>
          <ticker value="CFG"/>
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        <balance>35000.00000000</balance>
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        <name>PPL CAPITAL FUNDING INC</name>
        <lei>549300MROK5WY0D2NU17</lei>
        <title>PPL Capital Funding Inc</title>
        <cusip>69352P202</cusip>
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          <isin value="US69352P2020"/>
          <ticker value="PPL"/>
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        <valUSD>231518.67000000</valUSD>
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        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
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        <name>ENSTAR GROUP LTD</name>
        <lei>213800AMAL5QFXVUCN04</lei>
        <title>Enstar Group Ltd</title>
        <cusip>29359U109</cusip>
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          <isin value="US29359U1097"/>
          <ticker value="ESGR"/>
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        <balance>42000.00000000</balance>
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        <assetCat>EP</assetCat>
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        <invCountry>BM</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>JPMORGAN CHASE &amp; CO</name>
        <lei>8I5DZWZKVSZI1NUHU748</lei>
        <title>JPMorgan Chase &amp; Co</title>
        <cusip>46625HHA1</cusip>
        <identifiers>
          <isin value="US46625HHA14"/>
          <other otherDesc="Sedol" value="B2R0JX2"/>
        </identifiers>
        <balance>1833000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1841400.80000000</valUSD>
        <pctVal>1.227640786447</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <debtSec>
          <maturityDt>N/A</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.40550000</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>LAND O'LAKES INC</name>
        <lei>4ONCJWH5BBCYSJIJYX61</lei>
        <title>Land O' Lakes Inc</title>
        <cusip>514666AM8</cusip>
        <identifiers>
          <isin value="US514666AM82"/>
          <other otherDesc="Sedol" value="BD4H0Q3"/>
        </identifiers>
        <balance>240000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>229124.40000000</valUSD>
        <pctVal>0.152754608670</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>N/A</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Security reported as DEBT on Form N-PORT per market convention; reported as CONTINGENT CAPITAL SECURITY on SOI of Form N-CSR/N-CSRS per specific terms of security. 05254HAA2:05946KAG6:05946KAF8:05962GAJ8:05971PAB4:06738EBG9:148104158:06738EBA2:05533UAG3:05565AAQ6:05565AAN3:05565AGF4:225313AD7:225401AJ7:225401AK4:225401AL2:404280BC2:404280BP3:404280BL2:539439AU3:556079AB7:74737EAA2:83368JFA3:83368JKG4:83367TBU2:853254BH2:853254BA7:90352JAF0. Security reported as DEBT on Form N-PORT per market convention; reported as PREFERRED STOCK &amp; HYBRID PREFERRED SECURITIES on SOI of Form N-CSR/N-CSRS per specific terms of security. 00440FAA2:00773HAA5:00774YAA7:00138GAC3:00138GAB5:026874BS5:037389AK9:054536AC1:060505EL4:060505EU4:060505FL3:054937AL1:055451AX6:15189TAS6:172967JM4:174610AQ8:174610AH8:19075QAC6:20035AAA2:23311RAH9:23311PAA8:269246BR4:290876AD3:29250NAN5:29379VBN2:299808AE5:369604BQ5:37045XCM6:37045XCA2:38148BAE8:38148BAD0:38144GAB7:38148BAA6:40427LAB0:446150AL8:46625HJQ4:48126HAA8:48128BAF8:46625HHA1:514666AK2:514666AM8:514666AN6:53079EAN4:539439AF6:539473AE8:55261FAG9:591560AA5:59156RBS6:59156RAV0:55336VAU4:65339KBK5:302570AX4:65473PAG0:69331VAA4:693475AK1:743863AA0:74927PAA7:842400FU2:842587CY1:857477BA0:89356BAE8:89356BAC2:92857WBQ2:949746RN3:949746PM7:989701BF3:89356BAB4. Security reported as PREFERRED EQUITY on Form N-PORT per market convention; reported as CORPORATE DEBT SECURITY on SOI of Form N-CSR/N-CSRS per specific terms of security. 05580M306:74913G873:74913G881:882228307:989701818." noteItem="C.4.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2020-01-17</ncom:dateSigned>
      <ncom:nameOfApplicant>Flaherty &amp; Crumrine Preferred and Income Opportunity Fund Incorporated</ncom:nameOfApplicant>
      <ncom:signature>Bradford Stone </ncom:signature>
      <ncom:signerName>Bradford Stone </ncom:signerName>
      <ncom:title>Chief Financial Officer, Treasurer and Vice President</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
