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        <fairValLevel>1</fairValLevel>
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        <name>BROOKFIELD INFRASTRUCTURE PARTNERS LP</name>
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        <fairValLevel>1</fairValLevel>
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        <name>NOMURA HOLDINGS INC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>NORDEA BANK ABP</name>
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        <fairValLevel>2</fairValLevel>
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        <name>GOLDMAN SACHS GROUP INC (THE)</name>
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        <fairValLevel>2</fairValLevel>
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        <name>BANCO SANTANDER SA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>SWEDBANK AB</name>
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        <fairValLevel>2</fairValLevel>
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        <name>MEIJI YASUDA LIFE INSURANCE COMPANY</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CITIGROUP INC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CHARLES SCHWAB CORP (THE)</name>
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        <fairValLevel>2</fairValLevel>
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        <name>TORONTO DOMINION BANK (THE)</name>
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        <fairValLevel>2</fairValLevel>
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        <name>F&amp;G ANNUITIES &amp; LIFE INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>HSBC HOLDINGS PLC</name>
        <lei>MLU0ZO3ML4LN2LL2TL39</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>CMS ENERGY CORP</name>
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        <fairValLevel>1</fairValLevel>
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        <name>NISOURCE INC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>XCEL ENERGY INC</name>
        <lei>LGJNMI9GH8XIDG5RCM61</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>HSBC HOLDINGS PLC</name>
        <lei>MLU0ZO3ML4LN2LL2TL39</lei>
        <title>HSBC V6.875 PERP ***</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>LAND O'LAKES INC</name>
        <lei>4ONCJWH5BBCYSJIJYX61</lei>
        <title>LLAKES 7.25 PERP 144a</title>
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        <fairValLevel>2</fairValLevel>
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        <name>AGNC INVESTMENT CORP</name>
        <lei>5TRACI5HRMELWV32OF39</lei>
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        <valUSD>429674.40000000</valUSD>
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        <assetCat>EP</assetCat>
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        <name>SUMISHO AIR LEASE CORP</name>
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        <fairValLevel>2</fairValLevel>
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        <name>HSBC HOLDINGS PLC</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>HUNTINGTON BANCSHARES INC</name>
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        <name>BBVA MEXICO SA TEXAS BRANCH</name>
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        <name>FIRST CITIZENS BANCSHARES INC</name>
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        <name>LAND O'LAKES CAPITAL TRUST I</name>
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        <name>EUSHI FINANCE INC</name>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>JP MORGAN CHASE &amp; COMPANY</name>
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        <fairValLevel>1</fairValLevel>
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        <name>WINTRUST FINANCIAL CORP</name>
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        <fairValLevel>1</fairValLevel>
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        <name>STATE STREET CORP</name>
        <lei>549300ZFEEJ2IP5VME73</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>ALLIANZ SE</name>
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        <fairValLevel>2</fairValLevel>
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        <name>EQUITABLE HOLDINGS INC</name>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>AMERICAN NATIONAL GROUP INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>AGNC INVESTMENT CORP</name>
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        <name>FORD MOTOR CO</name>
        <lei>20S05OYHG0MQM4VUIC57</lei>
        <title>FORD MOTOR CO 6.000% NOTES DUE DECEMBER 1, 2059</title>
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        <fairValLevel>1</fairValLevel>
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        <name>TRANSCANADA PIPELINES LTD</name>
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        <title>TRANSCANADA PIPELINES LTD CALLABLE JUNIOR SUBORDINATED NOTES DUE 01 NOV 2085</title>
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        <fairValLevel>1</fairValLevel>
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        <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>
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        <fairValLevel>1</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>TPG OPERATING GROUP II LP</name>
        <lei>2549001H9RJQNZT7MU11</lei>
        <title>TPG OPERATING GROUP II LP FIXED-RATE JUNIOR SUBORDINATED NOTES DUE ON MARCH 15, 2064</title>
        <cusip>872652102</cusip>
        <identifiers>
          <isin value="US8726521029"/>
          <ticker value="TPG"/>
        </identifiers>
        <balance>19157.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>477967.15000000</valUSD>
        <pctVal>0.230786391418</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>ARCH CAPITAL GROUP LTD</name>
        <lei>549300AYR4P8AFKDCE43</lei>
        <title>ARCH CAPITAL GROUP LTD DEPOSITARY SHARES EACH REPRESENTING A 1/1,000TH INTEREST IN A SHARE OF THE ISSUERS 4.550% NON-CUMULATIVE PREFERRED SHARES, SERI</title>
        <cusip>03939A404</cusip>
        <identifiers>
          <isin value="US03939A4040"/>
          <ticker value="ACGL"/>
        </identifiers>
        <balance>19128.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>330340.56000000</valUSD>
        <pctVal>0.159504906940</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>ENBRIDGE INC</name>
        <lei>98TPTUM4IVMFCZBCUR27</lei>
        <title>ENBCN V7.625 01/15/83</title>
        <cusip>29250NBP9</cusip>
        <identifiers>
          <isin value="US29250NBP96"/>
        </identifiers>
        <balance>1040000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1129758.24000000</valUSD>
        <pctVal>0.545503655187</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2083-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.62500000</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>WELLS FARGO &amp; COMPANY</name>
        <lei>PBLD0EJDB5FWOLXP3B76</lei>
        <title>WFC V6.125 PERP GG</title>
        <cusip>95002YAE3</cusip>
        <identifiers>
          <isin value="US95002YAE32"/>
        </identifiers>
        <balance>1025000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1028880.65000000</valUSD>
        <pctVal>0.496794920766</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>6.12500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FARM CREDIT BANK OF TEXAS INC</name>
        <lei>V1EBJIOLRNYDHDF63Z33</lei>
        <title>FARMCB V7.75 PERP</title>
        <cusip>30767EAE9</cusip>
        <identifiers>
          <isin value="US30767EAE95"/>
        </identifiers>
        <balance>300000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>312972.34000000</valUSD>
        <pctVal>0.151118663620</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BANCO DE CREDITO E INVERSIONES SA</name>
        <lei>549300E9E5Y3PKW24142</lei>
        <title>BCICI V8.75 PERP REGS</title>
        <cusip>05890PAC0</cusip>
        <identifiers>
          <isin value="US05890PAC05"/>
        </identifiers>
        <balance>200000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>214916.00000000</valUSD>
        <pctVal>0.103772169484</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>N/A</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.75000000</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>SOCIETE GENERALE SA</name>
        <lei>O2RNE8IBXP4R0TD8PU41</lei>
        <title>SOCGEN V9.375 PERP 144A</title>
        <cusip>83370RAC2</cusip>
        <identifiers>
          <isin value="US83370RAC25"/>
        </identifiers>
        <balance>1500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1582812.00000000</valUSD>
        <pctVal>0.764260618691</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>N/A</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.37500000</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>ASPEN INSURANCE HOLDINGS LTD</name>
        <lei>549300YX6HECG9XQCQ75</lei>
        <title>ASPEN INSURANCE HOLDINGS LTD 5.625 DEP REP 1/1000TH PFD</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="BMG053842040"/>
          <ticker value="AHL"/>
          <other otherDesc="SEDOL" value="BKDJPD1"/>
        </identifiers>
        <balance>70552.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1511223.84000000</valUSD>
        <pctVal>0.729694282669</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>COMMERZBANK AG</name>
        <lei>851WYGNLUQLFZBSYGB56</lei>
        <title>CMZB V7.5 PERP EMTN</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="XS2914160804"/>
          <other otherDesc="SEDOL" value="BP7MR35"/>
        </identifiers>
        <balance>1400000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1462944.13000000</valUSD>
        <pctVal>0.706382429439</pctVal>
        <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>7.50000000</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>CAPITAL FARM CREDIT ACA</name>
        <lei>254900S6K5I3OISPS518</lei>
        <title>CFCFCS V8.393 PERP 1</title>
        <cusip>14019TAA4</cusip>
        <identifiers>
          <isin value="US14019TAA43"/>
        </identifiers>
        <balance>1500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1494090.00000000</valUSD>
        <pctVal>0.721421209708</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>8.40300000</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="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-06-22</ncom:dateSigned>
      <ncom:nameOfApplicant>First Trust Series 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>
