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        <name>CHARLES SCHWAB CORP (THE)</name>
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        <name>COMMERZBANK AG</name>
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        <name>CAPITAL FARM CREDIT ACA</name>
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        <name>ING GROEP NV</name>
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        <name>BROOKFIELD BRP HOLDINGS (CANADA) INC</name>
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        <name>BROOKFIELD INFRASTRUCTURE PARTNERS LP</name>
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        <name>BANK OF AMERICA CORP</name>
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        <name>NOMURA HOLDINGS INC</name>
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        <name>BANCO SANTANDER SA</name>
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        <name>SWEDBANK AB</name>
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        <name>WELLS FARGO &amp; COMPANY</name>
        <lei>PBLD0EJDB5FWOLXP3B76</lei>
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      <invstOrSec>
        <name>MEIJI YASUDA LIFE INSURANCE COMPANY</name>
        <lei>549300SLU4LP6YMRLK07</lei>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>FT REAL ESTATE SECURITIES CO INC</name>
        <lei>N/A</lei>
        <title>FT REAL ESTATE SECURITIES CO INC PFD CL B 144A</title>
        <cusip>302663208</cusip>
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          <isin value="US3026632089"/>
          <ticker value="FHN"/>
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        <curCd>USD</curCd>
        <valUSD>12288000.00000000</valUSD>
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      <invstOrSec>
        <name>CITIGROUP INC</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>C V6.875 PERP GG</title>
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        <identifiers>
          <isin value="US17327CBC64"/>
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        <curCd>USD</curCd>
        <valUSD>20445018.05000000</valUSD>
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          <maturityDt>N/A</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>TORONTO DOMINION BANK (THE)</name>
        <lei>PT3QB789TSUIDF371261</lei>
        <title>TD V6.35 10/31/85</title>
        <cusip>89116C4H7</cusip>
        <identifiers>
          <isin value="US89116C4H77"/>
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        <balance>6100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>6144853.30000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2085-10-31</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>F&amp;G ANNUITIES &amp; LIFE INC</name>
        <lei>N/A</lei>
        <title>F&amp;G ANNUITIES &amp; LIFE INC CALLABLE FIXED FOR LIFE JUNIOR SUBORDINATED NOTES DUE JANUARY 15, 2065</title>
        <cusip>30190A609</cusip>
        <identifiers>
          <isin value="US30190A6091"/>
          <ticker value="FG"/>
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        <curCd>USD</curCd>
        <valUSD>17335123.40000000</valUSD>
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        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>HSBC HOLDINGS PLC</name>
        <lei>MLU0ZO3ML4LN2LL2TL39</lei>
        <title>HSBC V6.95 PERP</title>
        <cusip>404280EJ4</cusip>
        <identifiers>
          <isin value="US404280EJ42"/>
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        <balance>15000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>15541695.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.95000000</annualizedRt>
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      <invstOrSec>
        <name>CMS ENERGY CORP</name>
        <lei>549300IA9XFBAGNIBW29</lei>
        <title>CMS ENERGY CORP 5.875% OF JUNIOR SUBORDINATED PREFERRED SECURITIES DUE ON 10/15/2078</title>
        <cusip>125896852</cusip>
        <identifiers>
          <isin value="US1258968528"/>
          <ticker value="CMS"/>
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        <balance>167428.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3820706.96000000</valUSD>
        <pctVal>0.322722682037</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>NISOURCE INC</name>
        <lei>549300D8GOWWH0SJB189</lei>
        <title>NI V6.375 03/31/55</title>
        <cusip>65473PAT2</cusip>
        <identifiers>
          <isin value="US65473PAT21"/>
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        <balance>7000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7211309.00000000</valUSD>
        <pctVal>0.609115801301</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-03-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.37500000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>XCEL ENERGY INC</name>
        <lei>LGJNMI9GH8XIDG5RCM61</lei>
        <title>XCEL ENERGY INC 6.25% NOTES ISSUED DUE ON OCTOBER 15, 2085</title>
        <cusip>98389B878</cusip>
        <identifiers>
          <isin value="US98389B8789"/>
          <ticker value="XEL"/>
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        <balance>950185.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>23203517.70000000</valUSD>
        <pctVal>1.959925621943</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>HSBC HOLDINGS PLC</name>
        <lei>MLU0ZO3ML4LN2LL2TL39</lei>
        <title>HSBC V6.875 PERP ***</title>
        <cusip>404280EH8</cusip>
        <identifiers>
          <isin value="US404280EH85"/>
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        <balance>2440000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2507914.96000000</valUSD>
        <pctVal>0.211835414410</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>N/A</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.87500000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>AES CORP (THE)</name>
        <lei>2NUNNB7D43COUIRE5295</lei>
        <title>AES V6.95 07/15/55</title>
        <cusip>00130HCL7</cusip>
        <identifiers>
          <isin value="US00130HCL78"/>
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        <balance>11233000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>10966476.86000000</valUSD>
        <pctVal>0.926302608865</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.95000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>BANK OF AMERICA CORP</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
        <title>BANK OF AMERICA CORP DEPOSITARY SHARES EACH REPRESENTING A 1/1,000TH INTEREST IN A SHARE OF BANK OF AMERICA CORPORATION 4.750% NON-CUMULATIVE PREFERRE</title>
        <cusip>06055H871</cusip>
        <identifiers>
          <isin value="US06055H8714"/>
          <ticker value="BAC"/>
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        <balance>4875.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>94965.00000000</valUSD>
        <pctVal>0.008021384476</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>WELLS FARGO &amp; COMPANY</name>
        <lei>PBLD0EJDB5FWOLXP3B76</lei>
        <title>WFC V6.85 PERP</title>
        <cusip>95002YAC7</cusip>
        <identifiers>
          <isin value="US95002YAC75"/>
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        <balance>4000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4163512.00000000</valUSD>
        <pctVal>0.351678308072</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.85000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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        <name>LAND O'LAKES INC</name>
        <lei>4ONCJWH5BBCYSJIJYX61</lei>
        <title>LLAKES 7.25 PERP 144a</title>
        <cusip>514666AM8</cusip>
        <identifiers>
          <isin value="US514666AM82"/>
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        <balance>10000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>9225000.00000000</valUSD>
        <pctVal>0.779205726312</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.25000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>AGNC INVESTMENT CORP</name>
        <lei>5TRACI5HRMELWV32OF39</lei>
        <title>AGNC INVESTMENT CORP DEPOSITARY SHARES EACH REPRESENTING 1/1,000TH OF A SHARE OF 6.125% SERIES F FIXED-TO-FLOATING RATE CUMULATIVE REDEEMABLE PREFERRE</title>
        <cusip>00123Q872</cusip>
        <identifiers>
          <isin value="US00123Q8722"/>
          <ticker value="AGNC"/>
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        <balance>150963.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3758978.70000000</valUSD>
        <pctVal>0.317508696815</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>TORONTO DOMINION BANK (THE)</name>
        <lei>PT3QB789TSUIDF371261</lei>
        <title>TD V8.125 10/31/82</title>
        <cusip>89117F8Z5</cusip>
        <identifiers>
          <isin value="US89117F8Z56"/>
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        <balance>18460000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>19213444.90000000</valUSD>
        <pctVal>1.622897158619</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2082-10-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.12500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ANNALY CAPITAL MANAGEMENT INC</name>
        <lei>2DTL0G3FPRYUT58TI025</lei>
        <title>ANNALY CAPITAL MANAGEMENT INC 6.95% SERIES F FIXED-TO-FLOATING RATE CUMULATIVE REDEEMABLE PREFERRED STOCK</title>
        <cusip>035710870</cusip>
        <identifiers>
          <isin value="US0357108705"/>
          <ticker value="NLY"/>
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        <balance>102485.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2660510.60000000</valUSD>
        <pctVal>0.224724671483</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>DIGITALBRIDGE GROUP INC</name>
        <lei>549300XG87L902AGBO89</lei>
        <title>DIGITALBRIDGE GROUP INC CUM RED PERP PFD SHS SER J</title>
        <cusip>25401T306</cusip>
        <identifiers>
          <isin value="US25401T3068"/>
          <ticker value="DBRG"/>
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        <balance>105723.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1842751.89000000</valUSD>
        <pctVal>0.155651254727</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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        <name>ING GROEP NV</name>
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        <lei>549300NUYANCT5SU8Z65</lei>
        <title>GLOBAL NET LEASE INC 7.25% SERIES A CUMULATIVE REDEEMABLE PREFERRED STOCK</title>
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        <name>HSBC HOLDINGS PLC</name>
        <lei>MLU0ZO3ML4LN2LL2TL39</lei>
        <title>HSBC V7 PERP .</title>
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        <name>AFFILIATED MANAGERS GROUP INC</name>
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        <name>SOUTHERN COMPANY (THE)</name>
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        <name>BBVA MEXICO SA TEXAS BRANCH</name>
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        <valUSD>4286919.31000000</valUSD>
        <pctVal>0.362102121906</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-06-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.12500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>RENAISSANCERE HOLDINGS LTD</name>
        <lei>EK6GB9U3U58PDI411C94</lei>
        <title>RENAISSANCERE HOLDINGS LTD DEPOSITARY SHARES, EACH REPRESENTING 1/1000TH INTEREST IN A SHARE OF THE COMPANYS 4.20% SERIES G PREFERENCE SHARES</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="BMG7498P1279"/>
          <ticker value="RNR"/>
          <other otherDesc="SEDOL" value="BKSDN56"/>
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        <balance>92716.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1443588.12000000</valUSD>
        <pctVal>0.121935190194</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>T-MOBILE USA INC</name>
        <lei>549300V2JRLO5DIFGE82</lei>
        <title>T-MOBILE USA INC 5.500% SENIOR NOTES ISSUED DUE ON MARCH 1, 2070</title>
        <cusip>87264A204</cusip>
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          <ticker value="TMUS"/>
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        <balance>906161.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>20116774.20000000</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>BANK OF NEW YORK MELLON CORP (THE)</name>
        <lei>WFLLPEPC7FZXENRZV188</lei>
        <title>BK V5.95 PERP</title>
        <cusip>064058AR1</cusip>
        <identifiers>
          <isin value="US064058AR14"/>
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        <balance>2700000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2739117.60000000</valUSD>
        <pctVal>0.231364348939</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>5.95000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>WINTRUST FINANCIAL CORP</name>
        <lei>Q774KI4AW80FHFW33O61</lei>
        <title>WINTRUST FINANCIAL CORP DEPOSITARY SHARES EACH REPRESENTING A 1/1,000TH INTEREST IN A SHARE OF 7.875% FIXED-RATE RESET NON-CUMULATIVE PERPETUAL PREFER</title>
        <cusip>97650W702</cusip>
        <identifiers>
          <isin value="US97650W7020"/>
          <ticker value="WTFC"/>
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        <balance>174332.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4618054.68000000</valUSD>
        <pctVal>0.390072048897</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>BARCLAYS PLC</name>
        <lei>213800LBQA1Y9L22JB70</lei>
        <title>BACR V9.625 PERP</title>
        <cusip>06738ECN3</cusip>
        <identifiers>
          <isin value="US06738ECN31"/>
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        <balance>8700000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>9714550.50000000</valUSD>
        <pctVal>0.820556463755</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>N/A</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.62500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
          <isMandatoryConvrtbl>N</isMandatoryConvrtbl>
          <isContngtConvrtbl>Y</isContngtConvrtbl>
          <dbtSecRefInstruments>
            <dbtSecRefInstrument>
              <name>BARCLAYS PLC</name>
              <title>BARCLAYS PLC ADR</title>
              <curCd>USD</curCd>
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                <cusip value="06738E204"/>
                <isin value="US06738E2046"/>
                <ticker value="BCS"/>
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          <currencyInfos>
            <currencyInfo convRatio="487.80487800" curCd="USD"/>
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          <delta>XXXX</delta>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>STATE STREET CORP</name>
        <lei>549300ZFEEJ2IP5VME73</lei>
        <title>STT V6.7 PERP I</title>
        <cusip>857477CH4</cusip>
        <identifiers>
          <isin value="US857477CH48"/>
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        <balance>8064000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8315112.96000000</valUSD>
        <pctVal>0.702350529361</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.70000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ALLIANZ SE</name>
        <lei>529900K9B0N5BT694847</lei>
        <title>ALVGR V6.55 PERP 144a</title>
        <cusip>018820AE0</cusip>
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        <balance>7400000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7491419.60000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>N/A</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.55000000</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>EQUITABLE HOLDINGS INC</name>
        <lei>549300FIBAKMNHPZ4009</lei>
        <title>EQUITABLE HOLDINGS INC 5.25% DEPOSITARY SHARES EACH REPRESENTING A 1/1,000TH INTEREST IN A SHARE OF FIXED RATE NONCUMULATIVE PERPETUAL PREFERRED STOCK</title>
        <cusip>29452E200</cusip>
        <identifiers>
          <isin value="US29452E2000"/>
          <ticker value="EQH"/>
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        <balance>414129.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8187330.33000000</valUSD>
        <pctVal>0.691557146487</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>BROOKFIELD PROPERTY PARTNERS LP</name>
        <lei>5493004J5Z0TZW83NU62</lei>
        <title>BROOKFIELD PROPERTY PARTNERS LP 5.750% CLASS A CUMULATIVE REDEEMABLE PERPETUAL PREFERRED UNITS SERIES 3</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="BMG162491648"/>
          <ticker value="BPY"/>
          <other otherDesc="SEDOL" value="BLK7825"/>
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        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3356816.56000000</valUSD>
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        <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>
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      </invstOrSec>
      <invstOrSec>
        <name>AGNC INVESTMENT CORP</name>
        <lei>5TRACI5HRMELWV32OF39</lei>
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        <cusip>00123Q807</cusip>
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          <isin value="US00123Q8078"/>
          <ticker value="AGNC"/>
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        <balance>86267.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2198083.16000000</valUSD>
        <pctVal>0.185664930643</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>AMERICAN NATIONAL GROUP INC</name>
        <lei>549300RK5RZQ740FPL83</lei>
        <title>AMERICAN NATIONAL GROUP INC DEPOSITARY SHARE REPRESENTING 1/1000TH, 7.375% FIXED-RATE NON-CUMULATIVE PREFERRED STOCK SERIES D</title>
        <cusip>025676859</cusip>
        <identifiers>
          <isin value="US0256768591"/>
          <ticker value="ANGINC"/>
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        <balance>316021.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7834160.59000000</valUSD>
        <pctVal>0.661726047975</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>BANCO BILBAO VIZCAYA ARGENTARIA SA</name>
        <lei>K8MS7FD7N5Z2WQ51AZ71</lei>
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        <cusip>05946KAS0</cusip>
        <identifiers>
          <isin value="US05946KAS06"/>
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        <balance>9400000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>9974857.00000000</valUSD>
        <pctVal>0.842543706617</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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          <maturityDt>N/A</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.75000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
          <isMandatoryConvrtbl>N</isMandatoryConvrtbl>
          <isContngtConvrtbl>Y</isContngtConvrtbl>
          <dbtSecRefInstruments>
            <dbtSecRefInstrument>
              <name>BANCO BILBAO VIZCAYA ARGENTARIA SA</name>
              <title>BANCO BILBAO VIZCAYA ARGENTARIA SA EUR0.49</title>
              <curCd>EUR</curCd>
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                <ticker value="BBVA"/>
                <other otherDesc="SEDOL" value="5501906"/>
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          <currencyInfos>
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          <delta>XXXX</delta>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2026-06-22</ncom:dateSigned>
      <ncom:nameOfApplicant>First Trust Intermediate Duration Preferred &amp; Income Fund</ncom:nameOfApplicant>
      <ncom:signature>Derek Maltbie</ncom:signature>
      <ncom:signerName>Derek Maltbie</ncom:signerName>
      <ncom:title>Treasurer, Chief Financial Officer and Chief Accounting Officer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
