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        <name>First Citizens BancShares Inc.</name>
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        <name>First Citizens BancShares Inc.</name>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>First Horizon Corporation</name>
        <lei>TF3RXI1ZB1TQ30H9JV10</lei>
        <title>FIRST HORIZON CORP PREFERRED STOCK 6.75</title>
        <cusip>320517840</cusip>
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          <isin value="US3205178409"/>
          <ticker value="FHN"/>
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        <balance>361425</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8909126.25</valUSD>
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        <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>FirstEnergy Corp.</name>
        <lei>549300SVYJS666PQJH88</lei>
        <title>FIRSTENERGY CORP COMMON STOCK USD.1</title>
        <cusip>337932107</cusip>
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          <isin value="US3379321074"/>
          <ticker value="FE US"/>
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        <balance>460000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>22222600</valUSD>
        <pctVal>2.3765224658</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>The Goldman Sachs Group Inc.</name>
        <lei>784F5XWPLTWKTBV3E584</lei>
        <title>GOLDMAN SACHS GROUP INC/THE JR SUBORDINA 12/99 VAR</title>
        <cusip>38141GA38</cusip>
        <identifiers>
          <isin value="US38141GA385"/>
          <ticker value="GS"/>
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        <balance>7493000</balance>
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        <curCd>USD</curCd>
        <valUSD>7766696.81</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-02-10</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.500000000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>The Goldman Sachs Group Inc.</name>
        <lei>784F5XWPLTWKTBV3E584</lei>
        <title>GOLDMAN SACHS GROUP INC/THE JR SUBORDINA 12/99 VAR</title>
        <cusip>38141GA79</cusip>
        <identifiers>
          <isin value="US38141GA799"/>
          <ticker value="GS"/>
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        <balance>6361000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6579583.04</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-05-10</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.500000000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Huntington Bancshares Incorporated</name>
        <lei>549300XTVCVV9I7B5T19</lei>
        <title>HUNTINGTON BANCSHARES INC/OH COMMON STOCK USD.01</title>
        <cusip>446150104</cusip>
        <identifiers>
          <isin value="US4461501045"/>
          <ticker value="HBAN US"/>
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        <balance>800000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>13632000</valUSD>
        <pctVal>1.4578291583</pctVal>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Huntington Bancshares Incorporated</name>
        <lei>549300XTVCVV9I7B5T19</lei>
        <title>HUNTINGTON BANCSHARES INC/OH PREFFERD STOCK</title>
        <cusip>446150773</cusip>
        <identifiers>
          <isin value="US4461507737"/>
          <ticker value="HBAN"/>
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        <balance>320150</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8016556</valUSD>
        <pctVal>0.8573040703</pctVal>
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        <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>Huntington Bancshares Incorporated</name>
        <lei>549300XTVCVV9I7B5T19</lei>
        <title>HUNTINGTON BANCSHARES INC/OH JR SUBORDINA 12/99 VAR</title>
        <cusip>446150BG8</cusip>
        <identifiers>
          <isin value="US446150BG87"/>
          <ticker value="HBAN"/>
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        <balance>4950000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4932913.59</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-10-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.250000000000</annualizedRt>
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          <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>International Paper Company</name>
        <lei>824LMFJDH41EY779Q875</lei>
        <title>INTERNATIONAL PAPER CO COMMON STOCK USD1.0</title>
        <cusip>460146103</cusip>
        <identifiers>
          <isin value="US4601461035"/>
          <ticker value="IP US"/>
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        <balance>290000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>11840700</valUSD>
        <pctVal>1.2662645038</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Jackson Financial Inc.</name>
        <lei>N/A</lei>
        <title>JACKSON FINANCIAL INC PREFERRED STOCK VAR</title>
        <cusip>46817M206</cusip>
        <identifiers>
          <isin value="US46817M2061"/>
          <ticker value="JXN"/>
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        <balance>91850</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2332071.5</valUSD>
        <pctVal>0.2493956743</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>JPMorgan Chase and Co.</name>
        <lei>8I5DZWZKVSZI1NUHU748</lei>
        <title>JPMORGAN CHASE and CO JR SUBORDINA 12/99 VAR</title>
        <cusip>48128BAQ4</cusip>
        <identifiers>
          <isin value="US48128BAQ41"/>
          <ticker value="JPM"/>
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        <balance>7820000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8074267.3</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-06-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.875000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>JPMorgan Chase and Co.</name>
        <lei>8I5DZWZKVSZI1NUHU748</lei>
        <title>JPMORGAN CHASE and CO JR SUBORDINA 12/99 VAR</title>
        <cusip>48128BAR2</cusip>
        <identifiers>
          <isin value="US48128BAR24"/>
          <ticker value="JPM"/>
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        <balance>6785000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6756915.8</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-07-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.100000000000</annualizedRt>
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          <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>KKR and Co. Inc.</name>
        <lei>N/A</lei>
        <title>KKR and CO INC PREFERRED STOCK 03/28 6.25</title>
        <cusip>48251W500</cusip>
        <identifiers>
          <isin value="US48251W5004"/>
          <ticker value="KKR"/>
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        <balance>254370</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>11037114.3</valUSD>
        <pctVal>1.1803276886</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>KeyCorp</name>
        <lei>RKPI3RZGV1V1FJTH5T61</lei>
        <title>KEYCORP PREFERRED STOCK VAR</title>
        <cusip>493267843</cusip>
        <identifiers>
          <isin value="US4932678430"/>
          <ticker value="KEY"/>
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        <balance>164050</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4161948.5</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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      <invstOrSec>
        <name>KeyCorp</name>
        <lei>RKPI3RZGV1V1FJTH5T61</lei>
        <title>KEYCORP PREFERRED STOCK 5.65</title>
        <cusip>493267876</cusip>
        <identifiers>
          <isin value="US4932678760"/>
          <ticker value="KEY"/>
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        <balance>116975</balance>
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        <curCd>USD</curCd>
        <valUSD>2525490.25</valUSD>
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        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Kinder Morgan Inc.</name>
        <lei>549300WR7IX8XE0TBO16</lei>
        <title>KINDER MORGAN INC COMMON STOCK USD.01</title>
        <cusip>49456B101</cusip>
        <identifiers>
          <isin value="US49456B1017"/>
          <ticker value="KMI US"/>
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        <balance>760000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>24456800</valUSD>
        <pctVal>2.6154515962</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Athene Holding Ltd.</name>
        <lei>549300H316CT32FQXI76</lei>
        <title>ATHENE HOLDING LTD PREFERRED STOCK VAR</title>
        <cusip>04686J861</cusip>
        <identifiers>
          <isin value="US04686J8615"/>
          <ticker value="ATH"/>
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        <balance>355787</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8503309.3</valUSD>
        <pctVal>0.9093582922</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>BP P.L.C.</name>
        <lei>N/A</lei>
        <title>BP PLC ADR</title>
        <cusip>055622104</cusip>
        <identifiers>
          <isin value="US0556221044"/>
          <ticker value="BP US"/>
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        <balance>570450</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>25795749</valUSD>
        <pctVal>2.7586410691</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>BNP Paribas</name>
        <lei>R0MUWSFPU8MPRO8K5P83</lei>
        <title>BNP PARIBAS SA JR SUBORDINA 144A 12/99 VAR</title>
        <cusip>05602XQR2</cusip>
        <identifiers>
          <isin value="US05602XQR25"/>
          <ticker value="BNP"/>
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        <balance>4244000</balance>
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        <curCd>USD</curCd>
        <valUSD>4203631.07</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-12-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.875000000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>BNP Paribas</name>
        <lei>R0MUWSFPU8MPRO8K5P83</lei>
        <title>BNP PARIBAS SA JR SUBORDINA 144A 12/99 VAR</title>
        <cusip>05602XQS0</cusip>
        <identifiers>
          <isin value="US05602XQS08"/>
          <ticker value="BNP"/>
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        <balance>4450000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4417921.29</valUSD>
        <pctVal>0.4724599821</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-04-17</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.200000000000</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>BW Real Estate Inc.</name>
        <lei>N/A</lei>
        <title>BW REAL ESTATE INC SR UNSECURED 144A 12/99 VAR</title>
        <cusip>05614HAA7</cusip>
        <identifiers>
          <isin value="US05614HAA77"/>
          <ticker value="WAL"/>
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        <balance>493000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>495615.86</valUSD>
        <pctVal>0.0530019991</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-03-30</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>9.500000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Banco Santander SA</name>
        <lei>5493006QMFDDMYWIAM13</lei>
        <title>BANCO SANTANDER SA JR SUBORDINA 12/99 VAR</title>
        <cusip>05971KAQ2</cusip>
        <identifiers>
          <isin value="US05971KAQ22"/>
          <ticker value="SANTAN"/>
        </identifiers>
        <balance>5600000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6517918.4</valUSD>
        <pctVal>0.6970372282</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-05-21</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>9.625000000000</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>Rogers Communications Inc.</name>
        <lei>N/A</lei>
        <title>ROGERS COMMUNICATIONS INC SUBORDINATED 04/55 VAR</title>
        <cusip>775109DH1</cusip>
        <identifiers>
          <isin value="US775109DH13"/>
          <ticker value="RCICN"/>
        </identifiers>
        <balance>7750000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7821702.46</valUSD>
        <pctVal>0.8364661028</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-04-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.125000000000</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>The Charles Schwab Corporation</name>
        <lei>N/A</lei>
        <title>CHARLES SCHWAB CORP/THE JR SUBORDINA 12/99 VAR</title>
        <cusip>808513CM5</cusip>
        <identifiers>
          <isin value="US808513CM57"/>
          <ticker value="SCHW"/>
        </identifiers>
        <balance>5575000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5499234.08</valUSD>
        <pctVal>0.5880974025</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-06-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.100000000000</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>Sempra</name>
        <lei>PBBKGKLRK5S5C0Y4T545</lei>
        <title>SEMPRA COMMON STOCK</title>
        <cusip>816851109</cusip>
        <identifiers>
          <isin value="US8168511090"/>
          <ticker value="SRE US"/>
        </identifiers>
        <balance>188924</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>16729220.2</valUSD>
        <pctVal>1.7890511300</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>The Southern Company</name>
        <lei>549300FC3G3YU2FBZD92</lei>
        <title>SOUTHERN CO/THE COMMON STOCK USD5.0</title>
        <cusip>842587107</cusip>
        <identifiers>
          <isin value="US8425871071"/>
          <ticker value="SO US"/>
        </identifiers>
        <balance>194925</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>18428209.5</valUSD>
        <pctVal>1.9707439220</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>The Southern Company</name>
        <lei>549300FC3G3YU2FBZD92</lei>
        <title>SOUTHERN CO/THE PREFERRED STOCK 12/28 7.125</title>
        <cusip>842587842</cusip>
        <identifiers>
          <isin value="US8425878423"/>
          <ticker value="SO"/>
        </identifiers>
        <balance>183750</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9123187.5</valUSD>
        <pctVal>0.9756491164</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Spire Inc.</name>
        <lei>549300NXSY15DRY2R511</lei>
        <title>SPIRE INC COMMON STOCK USD1.0</title>
        <cusip>84857L101</cusip>
        <identifiers>
          <isin value="US84857L1017"/>
          <ticker value="SR US"/>
        </identifiers>
        <balance>235000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>18767100</valUSD>
        <pctVal>2.0069854458</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>State Street Corporation</name>
        <lei>549300ZFEEJ2IP5VME73</lei>
        <title>STATE STREET CORP JR SUBORDINA 12/99 VAR</title>
        <cusip>857477CH4</cusip>
        <identifiers>
          <isin value="US857477CH48"/>
          <ticker value="STT"/>
        </identifiers>
        <balance>5244000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5360836.32</valUSD>
        <pctVal>0.5732969117</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-03-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.700000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Sunoco LP</name>
        <lei>N/A</lei>
        <title>SUNOCO LP JR SUBORDINA 144A 12/99 VAR</title>
        <cusip>86765KAE9</cusip>
        <identifiers>
          <isin value="US86765KAE91"/>
          <ticker value="SUN"/>
        </identifiers>
        <balance>7925000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8123109.15</valUSD>
        <pctVal>0.8686990445</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-09-18</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.875000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Synchrony Financial</name>
        <lei>549300RS7EWPM9MA6C78</lei>
        <title>SYNCHRONY FINANCIAL PREFERRED STOCK VAR</title>
        <cusip>87165B400</cusip>
        <identifiers>
          <isin value="US87165B4005"/>
          <ticker value="SYF"/>
        </identifiers>
        <balance>300825</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7797384</valUSD>
        <pctVal>0.8338654456</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>TPG Operating Group II L.P.</name>
        <lei>N/A</lei>
        <title>TPG OPERATING GROUP II LP PREFERRED STOCK 03/64 6.95</title>
        <cusip>872652102</cusip>
        <identifiers>
          <isin value="US8726521029"/>
          <ticker value="TPG"/>
        </identifiers>
        <balance>292175</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6690807.5</valUSD>
        <pctVal>0.7155262813</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Telephone and Data Systems Inc.</name>
        <lei>N/A</lei>
        <title>TELEPHONE AND DATA SYSTEMS INC PREFERRED STOCK 6</title>
        <cusip>879433761</cusip>
        <identifiers>
          <isin value="US8794337613"/>
          <ticker value="TDS"/>
        </identifiers>
        <balance>290107</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5541043.7</valUSD>
        <pctVal>0.5925685940</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Telephone and Data Systems Inc.</name>
        <lei>N/A</lei>
        <title>TELEPHONE AND DATA SYSTEMS INC PREFERRED STOCK 6.625</title>
        <cusip>879433787</cusip>
        <identifiers>
          <isin value="US8794337878"/>
          <ticker value="TDS"/>
        </identifiers>
        <balance>96922</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1987870.22</valUSD>
        <pctVal>0.2125862067</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>UBS Group AG</name>
        <lei>549300SZJ9VS8SGXAN81</lei>
        <title>UBS GROUP AG JR SUBORDINA 144A 12/99 VAR</title>
        <cusip>902613BW7</cusip>
        <identifiers>
          <isin value="US902613BW72"/>
          <ticker value="UBS"/>
        </identifiers>
        <balance>7565000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7523996.19</valUSD>
        <pctVal>0.8046288903</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-01-08</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UGI Corporation</name>
        <lei>DX6GCWD4Q1JO9CRE5I40</lei>
        <title>UGI CORP COMMON STOCK</title>
        <cusip>902681105</cusip>
        <identifiers>
          <isin value="US9026811052"/>
          <ticker value="UGI US"/>
        </identifiers>
        <balance>455000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>16434600</valUSD>
        <pctVal>1.7575439470</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UMB Financial Corporation</name>
        <lei>549300MGEH3N3CUCV828</lei>
        <title>UMB FINANCIAL CORP PREFERRED STOCK VAR</title>
        <cusip>902788405</cusip>
        <identifiers>
          <isin value="US9027884058"/>
          <ticker value="UMBF"/>
        </identifiers>
        <balance>170375</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4497900</valUSD>
        <pctVal>0.4810130407</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>Array Digital Infrastructure Inc.</name>
        <lei>N/A</lei>
        <title>ARRAY DIGITAL INFRASTRUCTURE I PREFERRED STOCK 09/69 6.25</title>
        <cusip>911684702</cusip>
        <identifiers>
          <isin value="US9116847024"/>
          <ticker value="AD"/>
        </identifiers>
        <balance>55925</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1070404.5</valUSD>
        <pctVal>0.1144708694</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>Array Digital Infrastructure Inc.</name>
        <lei>N/A</lei>
        <title>ARRAY DIGITAL INFRASTRUCTURE I PREFERRED STOCK 06/70 5.5</title>
        <cusip>911684884</cusip>
        <identifiers>
          <isin value="US9116848840"/>
          <ticker value="AD"/>
        </identifiers>
        <balance>38625</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>648513.75</valUSD>
        <pctVal>0.0693531583</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>Venture Global LNG Inc</name>
        <lei>N/A</lei>
        <title>VENTURE GLOBAL LNG INC JR SUBORDINA 144A 12/99 VAR</title>
        <cusip>92332YAF8</cusip>
        <identifiers>
          <isin value="US92332YAF88"/>
          <ticker value="VENLNG"/>
        </identifiers>
        <balance>15094000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>15033322.12</valUSD>
        <pctVal>1.6076889182</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-09-30</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>9.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Verizon Communications Inc.</name>
        <lei>2S72QS2UO2OESLG6Y829</lei>
        <title>VERIZON COMMUNICATIONS INC COMMON STOCK USD.1</title>
        <cusip>92343V104</cusip>
        <identifiers>
          <isin value="US92343V1044"/>
          <ticker value="VZ US"/>
        </identifiers>
        <balance>464432</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>21740061.92</valUSD>
        <pctVal>2.3249190266</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Verizon Communications Inc.</name>
        <lei>2S72QS2UO2OESLG6Y829</lei>
        <title>VERIZON COMMUNICATIONS INC JR SUBORDINA 05/56 VAR</title>
        <cusip>92343VHN7</cusip>
        <identifiers>
          <isin value="US92343VHN73"/>
          <ticker value="VZ"/>
        </identifiers>
        <balance>7725000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7560105.78</valUSD>
        <pctVal>0.8084905110</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-05-14</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.200000000000</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>Vistra Corp.</name>
        <lei>N/A</lei>
        <title>VISTRA CORP JR SUBORDINA 144A 12/99 VAR</title>
        <cusip>92840MAD4</cusip>
        <identifiers>
          <isin value="US92840MAD48"/>
          <ticker value="VST"/>
        </identifiers>
        <balance>11722000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>12420045.1</valUSD>
        <pctVal>1.3282206495</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-01-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>8.875000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Wells Fargo and Company</name>
        <lei>PBLD0EJDB5FWOLXP3B76</lei>
        <title>WELLS FARGO and CO PREFERRED STOCK 7.5</title>
        <cusip>949746804</cusip>
        <identifiers>
          <isin value="US9497468044"/>
          <ticker value="WFC"/>
        </identifiers>
        <balance>9000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10670760</valUSD>
        <pctVal>1.1411491395</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Wells Fargo and Company</name>
        <lei>PBLD0EJDB5FWOLXP3B76</lei>
        <title>WELLS FARGO and CO JR SUBORDINA 12/99 VAR</title>
        <cusip>95002YAA1</cusip>
        <identifiers>
          <isin value="US95002YAA10"/>
          <ticker value="WFC"/>
        </identifiers>
        <balance>6424000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6720936.55</valUSD>
        <pctVal>0.7187483329</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-09-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.625000000000</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>Wesbanco Inc.</name>
        <lei>N/A</lei>
        <title>WESBANCO INC PREFERRED STOCK VAR</title>
        <cusip>950810887</cusip>
        <identifiers>
          <isin value="US9508108878"/>
          <ticker value="WSBC"/>
        </identifiers>
        <balance>310750</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7927232.5</valUSD>
        <pctVal>0.8477516640</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>Wintrust Financial Corporation</name>
        <lei>Q774KI4AW80FHFW33O61</lei>
        <title>WINTRUST FINANCIAL CORP PREFERRED STOCK VAR</title>
        <cusip>97650W702</cusip>
        <identifiers>
          <isin value="US97650W7020"/>
          <ticker value="WTFC"/>
        </identifiers>
        <balance>302600</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7928120</valUSD>
        <pctVal>0.8478465747</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>Xcel Energy Inc.</name>
        <lei>LGJNMI9GH8XIDG5RCM61</lei>
        <title>XCEL ENERGY INC COMMON STOCK USD2.5</title>
        <cusip>98389B100</cusip>
        <identifiers>
          <isin value="US98389B1008"/>
          <ticker value="XEL US"/>
        </identifiers>
        <balance>207000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>16187400</valUSD>
        <pctVal>1.7311079605</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Citigroup Inc.</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>CITIGROUP INC JR SUBORDINA 12/99 VAR</title>
        <cusip>17327CAV5</cusip>
        <identifiers>
          <isin value="US17327CAV54"/>
          <ticker value="C"/>
        </identifiers>
        <balance>5200000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5245879.6</valUSD>
        <pctVal>0.5610032455</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-02-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.950000000000</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>Citigroup Inc.</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>CITIGROUP INC JR SUBORDINA 12/99 VAR</title>
        <cusip>17327CBC6</cusip>
        <identifiers>
          <isin value="US17327CBC64"/>
          <ticker value="C"/>
        </identifiers>
        <balance>7000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7067613</valUSD>
        <pctVal>0.7558224994</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-08-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.875000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Citizens Financial Group Inc.</name>
        <lei>N/A</lei>
        <title>CITIZENS FINANCIAL GROUP INC PREFERRED STOCK 7.375</title>
        <cusip>174610600</cusip>
        <identifiers>
          <isin value="US1746106004"/>
          <ticker value="CFG"/>
        </identifiers>
        <balance>406650</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10499703</valUSD>
        <pctVal>1.1228560143</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 Inc.</name>
        <lei>N/A</lei>
        <title>CITIZENS FINANCIAL GROUP INC PREFERRED STOCK VAR</title>
        <cusip>174610808</cusip>
        <identifiers>
          <isin value="US1746108083"/>
          <ticker value="CFG"/>
        </identifiers>
        <balance>180950</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4485750.5</valUSD>
        <pctVal>0.4797137526</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 Inc.</name>
        <lei>N/A</lei>
        <title>CITIZENS FINANCIAL GROUP INC JR SUBORDINA 12/99 VAR</title>
        <cusip>174610AP0</cusip>
        <identifiers>
          <isin value="US174610AP06"/>
          <ticker value="CFG"/>
        </identifiers>
        <balance>11000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>10998421.5</valUSD>
        <pctVal>1.1761898150</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-10-06</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.014800000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Citizens Financial Group Inc.</name>
        <lei>N/A</lei>
        <title>CITIZENS FINANCIAL GROUP INC JR SUBORDINA 12/99 VAR</title>
        <cusip>174610AQ8</cusip>
        <identifiers>
          <isin value="US174610AQ88"/>
          <ticker value="CFG"/>
        </identifiers>
        <balance>15500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>15436054.75</valUSD>
        <pctVal>1.6507578275</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-10-06</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.168800000000</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>N/A</lei>
        <title>COBANK ACB JR SUBORDINA 12/99 VAR</title>
        <cusip>19075QAE2</cusip>
        <identifiers>
          <isin value="US19075QAE26"/>
          <ticker value="COBKAC"/>
        </identifiers>
        <balance>5000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4978510.5</valUSD>
        <pctVal>0.5324103413</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-10-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.450000000000</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>N/A</lei>
        <title>COBANK ACB JR SUBORDINA 12/99 VAR</title>
        <cusip>19075QAF9</cusip>
        <identifiers>
          <isin value="US19075QAF90"/>
          <ticker value="COBKAC"/>
        </identifiers>
        <balance>5250000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5271595.35</valUSD>
        <pctVal>0.5637533313</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-07-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.250000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CoBank ACB</name>
        <lei>N/A</lei>
        <title>COBANK ACB JR SUBORDINA 12/99 VAR</title>
        <cusip>19075QAH5</cusip>
        <identifiers>
          <isin value="US19075QAH56"/>
          <ticker value="COBKAC"/>
        </identifiers>
        <balance>5400000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5430047.49</valUSD>
        <pctVal>0.5806984714</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-07-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.750000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Columbia Banking System Inc.</name>
        <lei>N/A</lei>
        <title>COLUMBIA BANKING SYSTEM INC COMMON STOCK</title>
        <cusip>197236102</cusip>
        <identifiers>
          <isin value="US1972361026"/>
          <ticker value="COLB US"/>
        </identifiers>
        <balance>198333</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6201872.91</valUSD>
        <pctVal>0.6632387885</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Corebridge Financial Inc.</name>
        <lei>N/A</lei>
        <title>COREBRIDGE FINANCIAL INC JR SUBORDINA 12/99 VAR</title>
        <cusip>21871XAU3</cusip>
        <identifiers>
          <isin value="US21871XAU37"/>
          <ticker value="CRBG"/>
        </identifiers>
        <balance>5325000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5444807.18</valUSD>
        <pctVal>0.5822768976</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-12-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.875000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DTE Energy Company</name>
        <lei>549300IX8SD6XXD71I78</lei>
        <title>DTE ENERGY CO COMMON STOCK</title>
        <cusip>233331107</cusip>
        <identifiers>
          <isin value="US2333311072"/>
          <ticker value="DTE US"/>
        </identifiers>
        <balance>160000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>22699200</valUSD>
        <pctVal>2.4274908767</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Dominion Energy Inc.</name>
        <lei>ILUL7B6Z54MRYCF6H308</lei>
        <title>DOMINION ENERGY INC COMMON STOCK</title>
        <cusip>25746U109</cusip>
        <identifiers>
          <isin value="US25746U1097"/>
          <ticker value="D US"/>
        </identifiers>
        <balance>225000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>15563250</valUSD>
        <pctVal>1.6643603029</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>Duke Energy Corporation</name>
        <lei>I1BZKREC126H0VB1BL91</lei>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>Duke Energy Corporation</name>
        <lei>I1BZKREC126H0VB1BL91</lei>
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          <isin value="US26441C5013"/>
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        <curCd>USD</curCd>
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      <invstOrSec>
        <name>Enbridge Inc.</name>
        <lei>98TPTUM4IVMFCZBCUR27</lei>
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        <invCountry>CA</invCountry>
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      <invstOrSec>
        <name>Entergy Corporation</name>
        <lei>4XM3TW50JULSLG8BNC79</lei>
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      <invstOrSec>
        <name>Evergy Inc.</name>
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        <title>EVERGY INC COMMON STOCK</title>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Eversource Energy</name>
        <lei>SJ7XXD41SQU3ZNWUJ746</lei>
        <title>EVERSOURCE ENERGY COMMON STOCK USD5.0</title>
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          <isin value="US30040W1080"/>
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        <assetCat>EC</assetCat>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Exelon Corporation</name>
        <lei>3SOUA6IRML7435B56G12</lei>
        <title>EXELON CORP COMMON STOCK</title>
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        <assetCat>EC</assetCat>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>FandG Annuities and Life Inc.</name>
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          <isin value="US30190A6091"/>
          <ticker value="FG"/>
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      <invstOrSec>
        <name>Farm Credit Bank of Texas</name>
        <lei>N/A</lei>
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        <cusip>30767EAF6</cusip>
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          <ticker value="FARMCB"/>
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      <invstOrSec>
        <name>Fifth Third Bancorp</name>
        <lei>THRNG6BD57P9QWTQLG42</lei>
        <title>FIFTH THIRD BANCORP PREFERRED STOCK VAR</title>
        <cusip>316773837</cusip>
        <identifiers>
          <isin value="US3167738372"/>
          <ticker value="FITB"/>
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        <balance>344900</balance>
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        <curCd>USD</curCd>
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        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Strategy Inc</name>
        <lei>549300WQTWEJUEHXQX21</lei>
        <title>STRATEGY INC PREFERRED STOCK 10</title>
        <cusip>594972861</cusip>
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          <isin value="US5949728613"/>
          <ticker value="MSTR"/>
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        <balance>149365</balance>
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        <curCd>USD</curCd>
        <valUSD>8646739.85</valUSD>
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        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Millrose Properties Inc.</name>
        <lei>N/A</lei>
        <title>MILLROSE PROPERTIES INC REIT USD.01</title>
        <cusip>601137102</cusip>
        <identifiers>
          <isin value="US6011371027"/>
          <ticker value="MRP US"/>
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        <balance>325000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <name>Morgan Stanley</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>MORGAN STANLEY PREFERRED STOCK 6.375</title>
        <cusip>61761J406</cusip>
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          <isin value="US61761J4067"/>
          <ticker value="MS"/>
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        <curCd>USD</curCd>
        <valUSD>7473000</valUSD>
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        <assetCat>EP</assetCat>
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        <name>NGL Energy Partners LP</name>
        <lei>N/A</lei>
        <title>NGL ENERGY PARTNERS LP PREFERRED STOCK VAR</title>
        <cusip>62913M206</cusip>
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          <isin value="US62913M2061"/>
          <ticker value="NGL"/>
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        <invCountry>US</invCountry>
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        <name>NRG Energy Inc.</name>
        <lei>5E2UPK5SW04M13XY7I38</lei>
        <title>NRG ENERGY INC JR SUBORDINA 144A 12/99 VAR</title>
        <cusip>629377CU4</cusip>
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          <isin value="US629377CU45"/>
          <ticker value="NRG"/>
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        <curCd>USD</curCd>
        <valUSD>12629525.7</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>National Grid plc</name>
        <lei>8R95QZMKZLJX5Q2XR704</lei>
        <title>NATIONAL GRID PLC ADR</title>
        <cusip>636274409</cusip>
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          <isin value="US6362744095"/>
          <ticker value="NGG US"/>
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        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>19319392.51</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>GB</invCountry>
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      <invstOrSec>
        <name>NextEra Energy Inc.</name>
        <lei>N/A</lei>
        <title>NEXTERA ENERGY INC PREFERRED STOCK 11/27 7.234</title>
        <cusip>65339F119</cusip>
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          <ticker value="NEE"/>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>NextEra Energy Inc.</name>
        <lei>N/A</lei>
        <title>NEXTERA ENERGY INC PREFERRED STOCK 02/29 7.375</title>
        <cusip>65339F655</cusip>
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          <ticker value="NEE"/>
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      <invstOrSec>
        <name>NiSource Inc.</name>
        <lei>N/A</lei>
        <title>NISOURCE INC COMMON STOCK USD.01</title>
        <cusip>65473P105</cusip>
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          <ticker value="NI US"/>
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        <curCd>USD</curCd>
        <valUSD>14439750</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>Northwest Natural Holding Company</name>
        <lei>N/A</lei>
        <title>NORTHWEST NATURAL HOLDING CO JR SUBORDINA 09/55 VAR</title>
        <cusip>66765NAA3</cusip>
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          <isin value="US66765NAA37"/>
          <ticker value="NWN"/>
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        <curCd>USD</curCd>
        <valUSD>4056124</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>OGE Energy Corp.</name>
        <lei>CE5OG6JPOZMDSA0LAQ19</lei>
        <title>OGE ENERGY CORP COMMON STOCK USD.01</title>
        <cusip>670837103</cusip>
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          <isin value="US6708371033"/>
          <ticker value="OGE US"/>
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        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>27463000</valUSD>
        <pctVal>2.9369397136</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ONEOK Inc.</name>
        <lei>2T3D6M0JSY48PSZI1Q41</lei>
        <title>ONEOK INC COMMON STOCK USD.01</title>
        <cusip>682680103</cusip>
        <identifiers>
          <isin value="US6826801036"/>
          <ticker value="OKE US"/>
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        <balance>135000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>12259350</valUSD>
        <pctVal>1.3110356435</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Oracle Corporation</name>
        <lei>1Z4GXXU7ZHVWFCD8TV52</lei>
        <title>ORACLE CORP PREFERRED STOCK 01/29 6.5</title>
        <cusip>68389X204</cusip>
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          <isin value="US68389X2045"/>
          <ticker value="ORCL"/>
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        <balance>145350</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6087258</valUSD>
        <pctVal>0.6509816760</pctVal>
        <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>
      <invstOrSec>
        <name>PGandE Corporation</name>
        <lei>8YQ2GSDWYZXO2EDN3511</lei>
        <title>PGandE CORP PREFERRED STOCK 12/27 6</title>
        <cusip>69331C306</cusip>
        <identifiers>
          <isin value="US69331C3060"/>
          <ticker value="PCG"/>
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        <balance>125700</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5330937</valUSD>
        <pctVal>0.5700994278</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>TXNM Energy Inc.</name>
        <lei>5493003JOBJGLZSDDQ28</lei>
        <title>TXNM ENERGY INC JR SUBORDINA 144A 07/56 VAR</title>
        <cusip>69349HAJ6</cusip>
        <identifiers>
          <isin value="US69349HAJ68"/>
          <ticker value="TXNM"/>
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        <balance>8900000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8946627.1</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-07-31</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.000000000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>PPL Corporation</name>
        <lei>9N3UAJSNOUXFKQLF3V18</lei>
        <title>PPL CORP COMMON STOCK USD.01</title>
        <cusip>69351T106</cusip>
        <identifiers>
          <isin value="US69351T1060"/>
          <ticker value="PPL US"/>
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        <balance>665000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>23414650</valUSD>
        <pctVal>2.5040023109</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>PPL Corporation</name>
        <lei>9N3UAJSNOUXFKQLF3V18</lei>
        <title>PPL CORP PREFERRED STOCK 02/29 7</title>
        <cusip>69351T866</cusip>
        <identifiers>
          <isin value="US69351T8669"/>
          <ticker value="PPL"/>
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        <balance>253000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>11885940</valUSD>
        <pctVal>1.2711025459</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>Philip Morris International Inc.</name>
        <lei>HL3H1H2BGXWVG3BSWR90</lei>
        <title>PHILIP MORRIS INTERNATIONAL IN COMMON STOCK</title>
        <cusip>718172109</cusip>
        <identifiers>
          <isin value="US7181721090"/>
          <ticker value="PM US"/>
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        <balance>70500</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>13452810</valUSD>
        <pctVal>1.4386662764</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Pinnacle West Capital Corporation</name>
        <lei>TWSEY0NEDUDCKS27AH81</lei>
        <title>PINNACLE WEST CAPITAL CORP COMMON STOCK</title>
        <cusip>723484101</cusip>
        <identifiers>
          <isin value="US7234841010"/>
          <ticker value="PNW US"/>
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        <balance>80000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8079200</valUSD>
        <pctVal>0.8640033257</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Pinnacle Financial Partners Inc.</name>
        <lei>N/A</lei>
        <title>PINNACLE FINANCIAL PARTNERS IN PREFERRED STOCK VAR</title>
        <cusip>72348N208</cusip>
        <identifiers>
          <isin value="US72348N2080"/>
          <ticker value="PNFP"/>
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        <balance>46150</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1168518</valUSD>
        <pctVal>0.1249632932</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Pinnacle Financial Partners Inc.</name>
        <lei>N/A</lei>
        <title>PINNACLE FINANCIAL PARTNERS IN PREFERRED STOCK VAR</title>
        <cusip>72348N307</cusip>
        <identifiers>
          <isin value="US72348N3070"/>
          <ticker value="PNFP"/>
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        <balance>337150</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8920989</valUSD>
        <pctVal>0.9540256665</pctVal>
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        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Public Service Enterprise Group Incorporated</name>
        <lei>PUSS41EMO3E6XXNV3U28</lei>
        <title>PUBLIC SERVICE ENTERPRISE GROU COMMON STOCK</title>
        <cusip>744573106</cusip>
        <identifiers>
          <isin value="US7445731067"/>
          <ticker value="PEG US"/>
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        <balance>265000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>20320200</valUSD>
        <pctVal>2.1730765891</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Regions Financial Corporation</name>
        <lei>CW05CS5KW59QTC0DG824</lei>
        <title>REGIONS FINANCIAL CORP PREFERRED STOCK 4.45</title>
        <cusip>7591EP886</cusip>
        <identifiers>
          <isin value="US7591EP8869"/>
          <ticker value="RF"/>
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        <balance>196634</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3175639.1</valUSD>
        <pctVal>0.3396082216</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>SCE Trust VII</name>
        <lei>N/A</lei>
        <title>SCE TRUST VII PREFERRED STOCK 7.5</title>
        <cusip>783892201</cusip>
        <identifiers>
          <isin value="US7838922018"/>
          <ticker value="EIX"/>
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        <balance>361525</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8651293.25</valUSD>
        <pctVal>0.9251839464</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>SBL Holdings LLC</name>
        <lei>N/A</lei>
        <title>SBL HOLDINGS INC JR SUBORDINA 144A VAR</title>
        <cusip>78397DAA6</cusip>
        <identifiers>
          <isin value="US78397DAA63"/>
          <ticker value="SECBEN"/>
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        <balance>11975000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>11389374.6</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Variable</couponKind>
          <annualizedRt>9.508000000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>SCE Trust VIII</name>
        <lei>N/A</lei>
        <title>SCE TRUST VIII PREFFERD STOCK</title>
        <cusip>80620A208</cusip>
        <identifiers>
          <isin value="US80620A2087"/>
          <ticker value="EIX"/>
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        <balance>265825</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6145874</valUSD>
        <pctVal>0.6572501702</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>Carlyle Finance L.L.C.</name>
        <lei>N/A</lei>
        <title>CARLYLE FINANCE LLC PREFERRED STOCK 05/61 4.625</title>
        <cusip>14314C105</cusip>
        <identifiers>
          <isin value="US14314C1053"/>
          <ticker value="CG"/>
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        <balance>40274</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>653244.28</valUSD>
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        <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>
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      <invstOrSec>
        <name>Citigroup Inc.</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>CITIGROUP INC JR SUBORDINA 12/99 VAR</title>
        <cusip>172967PC9</cusip>
        <identifiers>
          <isin value="US172967PC98"/>
          <ticker value="C"/>
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        <balance>9800000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>10027899</valUSD>
        <pctVal>1.0724004958</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Variable</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Citigroup Inc.</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>CITIGROUP INC JR SUBORDINA 12/99 VAR</title>
        <cusip>172967PE5</cusip>
        <identifiers>
          <isin value="US172967PE54"/>
          <ticker value="C"/>
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        <balance>11955000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>12406803.36</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Variable</couponKind>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Citigroup Inc.</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>CITIGROUP INC JR SUBORDINA 12/99 VAR</title>
        <cusip>172967QJ3</cusip>
        <identifiers>
          <isin value="US172967QJ33"/>
          <ticker value="C"/>
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        <balance>4925000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4947354.58</valUSD>
        <pctVal>0.5290784744</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-02-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.625000000000</annualizedRt>
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          <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>Lincoln National Corporation</name>
        <lei>EFQMQROEDSNBRIP7LE47</lei>
        <title>LINCOLN NATIONAL CORP PREFERRED STOCK 9</title>
        <cusip>534187885</cusip>
        <identifiers>
          <isin value="US5341878859"/>
          <ticker value="LNC"/>
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        <balance>272925</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7207949.25</valUSD>
        <pctVal>0.7708302955</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>MandT Bank Corporation</name>
        <lei>N/A</lei>
        <title>MandT BANK CORP PREFERRED STOCK 6.625</title>
        <cusip>55261F823</cusip>
        <identifiers>
          <isin value="US55261F8234"/>
          <ticker value="MTB"/>
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        <balance>255000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6318900</valUSD>
        <pctVal>0.6757538636</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>MandT Bank Corporation</name>
        <lei>N/A</lei>
        <title>MandT BANK CORP PREFERRED STOCK 6.35</title>
        <cusip>55261F849</cusip>
        <identifiers>
          <isin value="US55261F8499"/>
          <ticker value="MTB"/>
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        <balance>298850</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7139526.5</valUSD>
        <pctVal>0.7635130508</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>MandT Bank Corporation</name>
        <lei>N/A</lei>
        <title>MandT BANK CORP PREFERRED STOCK 7.5</title>
        <cusip>55261F864</cusip>
        <identifiers>
          <isin value="US55261F8648"/>
          <ticker value="MTB"/>
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        <balance>385000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10067750</valUSD>
        <pctVal>1.0766622292</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>
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      </invstOrSec>
      <invstOrSec>
        <name>The AES Corporation</name>
        <lei>2NUNNB7D43COUIRE5295</lei>
        <title>AES CORP/THE COMMON STOCK USD.01</title>
        <cusip>00130H105</cusip>
        <identifiers>
          <isin value="US00130H1059"/>
          <ticker value="AES US"/>
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        <balance>399999</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5871985.32</valUSD>
        <pctVal>0.6279600511</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>The AES Corporation</name>
        <lei>2NUNNB7D43COUIRE5295</lei>
        <title>AES CORP/THE JR SUBORDINA 01/55 VAR</title>
        <cusip>00130HCK9</cusip>
        <identifiers>
          <isin value="US00130HCK95"/>
          <ticker value="AES"/>
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        <balance>8796000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8942523.77</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-01-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.600000000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ATandT Inc.</name>
        <lei>549300Z40J86GGSTL398</lei>
        <title>ATandT INC COMMON STOCK USD1.0</title>
        <cusip>00206R102</cusip>
        <identifiers>
          <isin value="US00206R1023"/>
          <ticker value="T US"/>
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        <balance>746849</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>17364239.25</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ATandT Inc.</name>
        <lei>549300Z40J86GGSTL398</lei>
        <title>ATandT INC PREFERRED STOCK 5</title>
        <cusip>00206R508</cusip>
        <identifiers>
          <isin value="US00206R5081"/>
          <ticker value="T"/>
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        <balance>4075</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>73920.5</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>
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      <invstOrSec>
        <name>ATandT Inc.</name>
        <lei>549300Z40J86GGSTL398</lei>
        <title>ATandT INC PREFERRED STOCK 4.75</title>
        <cusip>00206R706</cusip>
        <identifiers>
          <isin value="US00206R7061"/>
          <ticker value="T"/>
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        <balance>125000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2143750</valUSD>
        <pctVal>0.2292562543</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>Algonquin Power and Utilities Corp.</name>
        <lei>549300K5VIUTJXQL7X75</lei>
        <title>ALGONQUIN POWER and UTILITIES CO COMMON STOCK</title>
        <cusip>015857105</cusip>
        <identifiers>
          <isin value="CA0158571053"/>
          <ticker value="AQN US"/>
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        <balance>2145700</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>12530888</valUSD>
        <pctVal>1.3400743769</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>Alliant Energy Corporation</name>
        <lei>N/A</lei>
        <title>ALLIANT ENERGY CORP COMMON STOCK USD.01</title>
        <cusip>018802108</cusip>
        <identifiers>
          <isin value="US0188021085"/>
          <ticker value="LNT US"/>
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        <balance>280000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>19818400</valUSD>
        <pctVal>2.1194132476</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>The Allstate Corporation</name>
        <lei>OBT0W1ED8G0NWVOLOJ77</lei>
        <title>ALLSTATE CORP/THE PREFFERD STOCK</title>
        <cusip>020002788</cusip>
        <identifiers>
          <isin value="US0200027888"/>
          <ticker value="ALL"/>
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        <balance>207525</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5379048</valUSD>
        <pctVal>0.5752444996</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>Ally Financial Inc.</name>
        <lei>549300JBN1OSM8YNAI90</lei>
        <title>ALLY FINANCIAL INC JR SUBORDINA 12/99 VAR</title>
        <cusip>02005NCB4</cusip>
        <identifiers>
          <isin value="US02005NCB47"/>
          <ticker value="ALLY"/>
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        <balance>4700000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4726714.8</valUSD>
        <pctVal>0.5054828828</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-08-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.100000000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Alphabet Inc.</name>
        <lei>5493006MHB84DD0ZWV18</lei>
        <title>ALPHABET INC PREFERRED STOCK 05/29 6.25</title>
        <cusip>02079K404</cusip>
        <identifiers>
          <isin value="US02079K4040"/>
          <ticker value="GOOGL"/>
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        <balance>40200</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2016432</valUSD>
        <pctVal>0.2156406518</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>Alphabet Inc.</name>
        <lei>5493006MHB84DD0ZWV18</lei>
        <title>ALPHABET INC PREFERRED STOCK 05/29 6.25</title>
        <cusip>02079K602</cusip>
        <identifiers>
          <isin value="US02079K6029"/>
          <ticker value="GOOGL"/>
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        <balance>26200</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1315240</valUSD>
        <pctVal>0.1406539922</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>Kinetik Holdings Inc.</name>
        <lei>N/A</lei>
        <title>KINETIK HOLDINGS INC COMMON STOCK USD.0001</title>
        <cusip>02215L209</cusip>
        <identifiers>
          <isin value="US02215L2097"/>
          <ticker value="KNTK US"/>
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        <balance>210000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10619700</valUSD>
        <pctVal>1.1356886967</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Ameren Corporation</name>
        <lei>XRZQ5S7HYJFPHJ78L959</lei>
        <title>AMEREN CORP COMMON STOCK USD.01</title>
        <cusip>023608102</cusip>
        <identifiers>
          <isin value="US0236081024"/>
          <ticker value="AEE US"/>
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        <balance>245000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>26854450</valUSD>
        <pctVal>2.8718603463</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>American Electric Power Company Inc.</name>
        <lei>1B4S6S7G0TW5EE83BO58</lei>
        <title>AMERICAN ELECTRIC POWER CO INC COMMON STOCK USD6.5</title>
        <cusip>025537101</cusip>
        <identifiers>
          <isin value="US0255371017"/>
          <ticker value="AEP US"/>
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        <balance>215000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>27487750</valUSD>
        <pctVal>2.9395865205</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>American National Group Inc.</name>
        <lei>549300RK5RZQ740FPL83</lei>
        <title>AMERICAN NATIONAL GROUP INC PREFERRED STOCK 7.375</title>
        <cusip>025676859</cusip>
        <identifiers>
          <isin value="US0256768591"/>
          <ticker value="ANGINC"/>
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        <balance>409100</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9736580</valUSD>
        <pctVal>1.0412463488</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 Tower Corporation</name>
        <lei>5493006ORUSIL88JOE18</lei>
        <title>AMERICAN TOWER CORP REIT USD.01</title>
        <cusip>03027X100</cusip>
        <identifiers>
          <isin value="US03027X1000"/>
          <ticker value="AMT US"/>
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        <balance>102746</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>17812046.56</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Sempra</name>
        <lei>PBBKGKLRK5S5C0Y4T545</lei>
        <title>SEMPRA PREFERRED STOCK 07/79 5.75</title>
        <cusip>816851604</cusip>
        <identifiers>
          <isin value="US8168516040"/>
          <ticker value="SRE"/>
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        <balance>45000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>938250</valUSD>
        <pctVal>0.1003380434</pctVal>
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        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Societe Generale</name>
        <lei>O2RNE8IBXP4R0TD8PU41</lei>
        <title>SOCIETE GENERALE SA JR SUBORDINA 144A 12/99 VAR</title>
        <cusip>83370RAF5</cusip>
        <identifiers>
          <isin value="US83370RAF55"/>
          <ticker value="SOCGEN"/>
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        <balance>5675000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5599626.35</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-07-15</maturityDt>
          <couponKind>Variable</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Societe Generale</name>
        <lei>O2RNE8IBXP4R0TD8PU41</lei>
        <title>SOCIETE GENERALE SA JR SUBORDINA 144A 12/99 VAR</title>
        <cusip>83371GAA9</cusip>
        <identifiers>
          <isin value="US83371GAA94"/>
          <ticker value="SOCGEN"/>
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        <balance>3900000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4231242.6</valUSD>
        <pctVal>0.4524962469</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-11-14</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>10.000000000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>South Bow Corporation</name>
        <lei>N/A</lei>
        <title>SOUTH BOW CORP COMMON STOCK NPV</title>
        <cusip>83671M105</cusip>
        <identifiers>
          <isin value="CA83671M1059"/>
          <ticker value="SOBO CN"/>
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        <balance>440000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>16324000</valUSD>
        <pctVal>1.7457161958</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>JH COLLATERAL</name>
        <lei>N/A</lei>
        <title>JH COLLATERAL</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Custodian Identifier" value="926EMC902"/>
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        <balance>447982.12</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4479686.81</valUSD>
        <pctVal>0.4790652914</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Aspen Insurance Holdings Limited</name>
        <lei>549300YX6HECG9XQCQ75</lei>
        <title>ASPEN INSURANCE HOLDINGS LTD PREFERRED STOCK 7</title>
        <cusip>EP0607309</cusip>
        <identifiers>
          <isin value="BMG053841703"/>
          <ticker value="AHL"/>
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        <balance>267325</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6356988.5</valUSD>
        <pctVal>0.6798271123</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>LyondellBasell Industries N.V.</name>
        <lei>BN6WCCZ8OVP3ITUUVN49</lei>
        <title>LYONDELLBASELL INDUSTRIES NV COMMON STOCK EUR.04</title>
        <cusip>N53745100</cusip>
        <identifiers>
          <isin value="NL0009434992"/>
          <ticker value="LYB US"/>
        </identifiers>
        <balance>95000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5897600</valUSD>
        <pctVal>0.6306993284</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>IRS USD P 3.82 20231226-20261226</name>
        <lei>N/A</lei>
        <title>IRS USD P 3.82 20231226-20261226</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Custodian Identifier" value="36073693"/>
        </identifiers>
        <balance>52200000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>18776.34</valUSD>
        <pctVal>0.0020079736</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>CHICAGO MERCANTILE EXCHANGE</counterpartyName>
              <counterpartyLei>SNZ2OJLFK8MNNCLQOF39</counterpartyLei>
            </counterparties>
            <swapFlag>Y</swapFlag>
            <floatingRecDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="USD-SOFR-COMPOUND" floatingRtSpread="0.000000000000" pmntAmt="189065.500000000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Month" rateTenorUnit="3" resetDt="Month" resetDtUnit="3"/>
              </rtResetTenors>
            </floatingRecDesc>
            <fixedPmntDesc amount="193687.38" curCd="USD" fixedOrFloating="Fixed" fixedRt="3.816500000000"/>
            <terminationDt>2026-12-26</terminationDt>
            <upfrontPmnt>0.000000000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.000000000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>52200000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>18776.34</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Returns are reported without deduction of sales loads and redemption fees, if applicable." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-08-28</ncom:dateSigned>
      <ncom:nameOfApplicant>John Hancock Tax-Advantaged Dividend Income Fund</ncom:nameOfApplicant>
      <ncom:signature>/s/Salvatore Schiavone</ncom:signature>
      <ncom:signerName>Salvatore Schiavone</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
