NPSRX Holdings List

As of Mar 31, 2025

No.	Symbol	Name	% Weight	Shares
1	n/a	State Str Navigator Secs Lending Tr	3.06%	154,279,880
2	BACR V9.625 PERP	Barclays PLC 9.63%	1.88%	86,433,000
3	SANTAN V9.625 PERP _	Banco Santander, S.A. 9.63%	1.45%	63,600,000
4	JPM V6.875 PERP NN	JPMorgan Chase & Co. 6.88%	1.42%	68,116,000
5	UBS V9.25 PERP 144A	UBS Group AG 9.25%	1.41%	62,094,000
6	SECBEN V7 PERP 144A	SBL Holdings Inc. 7%	1.35%	69,259,000
7	BNP V7.75 PERP 144A	BNP Paribas SA 7.75%	1.31%	64,308,000
8	ENBCN V8.5 01.15.84	Enbridge Inc. 8.5%	1.21%	55,192,000
9	AGO V6.4 12.15.66 144A	Assured Guaranty Municipal Holdings Inc 6.4%	1.17%	64,240,000
10	ACAFP V6.7 PERP 144A	Credit Agricole S.A. 6.7%	1.17%	61,179,000
11	DB V6 PERP 2020	Deutsche Bank AG 6%	1.17%	59,519,000
12	SOCGEN V10 PERP 144A	Societe Generale S.A. 10%	1.16%	54,126,000
13	LLAKES 7.25 PERP 144a	Land O'Lakes Inc. 7.25%	1.09%	64,838,000
14	AIZ V7 03.27.48	Assurant Inc. 7%	1.05%	51,650,000
15	NWG V8.125 PERP	NatWest Group PLC 8.13%	1.03%	49,300,000
16	SECBEN V6.5 PERP 144A	SBL Holdings Inc. 6.5%	1.02%	55,600,000
17	BBVASM V9.375 PERP	Banco Bilbao Vizcaya Argentaria SA 9.38%	0.97%	44,883,000
18	TFC V6.669 PERP N	Truist Financial Corp. 6.67%	0.96%	48,536,000
19	SOCGEN V9.375 PERP 144A	Societe Generale S.A. 9.38%	0.95%	45,240,000
20	BNP V8 PERP 144A	BNP Paribas SA 8%	0.92%	44,789,000
21	INTNED V5.75 PERP	ING Groep N.V. 5.75%	0.92%	46,559,000
22	PNC V6.25 PERP W	PNC Financial Services Group Inc. 6.25%	0.91%	45,844,000
23	WFC V6.85 PERP	Wells Fargo & Co. 6.85%	0.91%	44,179,000
24	BMO V7.3 11.26.84	Bank of Montreal 7.3%	0.84%	42,675,000
25	n/a	Phoenix Group Holdings PLC 8.5%	0.83%	40,308,000
26	SOCGEN V8.5 PERP 144A	Societe Generale S.A. 8.5%	0.82%	39,975,000
27	GM V5.75 PERP A	General Motors Financial Company Inc 5.75%	0.81%	43,118,000
28	HSBC V8 PERP	HSBC Holdings PLC 8%	0.80%	38,510,000
29	HSBC V6 PERP *	HSBC Holdings PLC 6%	0.79%	40,169,000
30	BNP V8.5 PERP 144A	BNP Paribas SA 8.5%	0.79%	38,013,000
31	HSBC V6.95 PERP	HSBC Holdings PLC 6.95%	0.77%	38,874,000
32	LLOYDS V8 PERP	Lloyds Banking Group PLC 8%	0.76%	37,007,000
33	WFC V3.9 PERP BB	Wells Fargo & Co. 3.9%	0.76%	39,036,000
34	GS V7.5 PERP X	Goldman Sachs Group, Inc. 7.5%	0.76%	36,382,000
35	n/a	Land O'Lakes Inc. 7%	0.75%	46,071,000
36	n/a	Delphi Financial Group, Inc. 7.77%	0.75%	1,550,528
37	AER V6.25 12.21.65 144A	ILFC E-Capital Trust II 6.37%	0.73%	43,963,000
38	LLAKES 8 PERP 144A	Land O'Lakes Inc. 8%	0.73%	39,310,000
39	WFC V5.875 PERP U	Wells Fargo & Co. 5.88%	0.72%	36,382,000
40	CHSINC V7.1 PERP 2	CHS Inc Cum Red Pfd Registered Shs -B- Series -2-	0.72%	1,451,502
41	SANTAN V8 PERP	Banco Santander, S.A. 8%	0.72%	34,800,000
42	EMACN V6.75 06.15.76 16-A	Emera Inc 6.75%	0.70%	35,009,000
43	C V7.125 PERP CC	Citigroup Inc. 7.13%	0.69%	34,157,000
44	INTNED V7.5 PERP	ING Groep N.V. 7.5%	0.69%	33,907,000
45	JPM V6.5 PERP OO	JPMorgan Chase & Co. 6.5%	0.69%	33,799,000
46	C V7.625 PERP AA	Citigroup Inc. 7.63%	0.66%	31,871,000
47	COBKAC V6.45 PERP K	Cobank ACB 6.45%	0.65%	33,000,000
48	GS V6.125 PERP Y	Goldman Sachs Group, Inc. 6.13%	0.65%	33,489,000
49	UBS V9.25 PERP 144a	UBS Group AG 9.25%	0.64%	29,805,000
50	KEY V6.2 PERP	KeyCorp FXDFR PRF PERPETUAL USD 25 - Ser H	0.64%	1,355,330

As of Mar 31, 2025

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Asset Allocation

Asset Class	% Weight
Bond	48.56%
Not Classified	47.11%
Cash	4.04%
Other	0.28%

Country Breakdown

Sector	% Weight
United States	93.42%
XS	2.66%
Switzerland	2.20%
Bermuda	1.43%
Other	0.29%