PPSAX Holdings List

As of Mar 31, 2025

No.	Symbol	Name	% Weight	Shares
1	n/a	Principal Government Money Market R-6	3.05%	178,834,891
2	WFC.V3.9 PERP BB	Wells Fargo & Co. 3.9%	1.95%	116,800,000
3	PNC.V6.25 PERP W	PNC Financial Services Group Inc. 6.25%	1.91%	111,020,000
4	SCHW.V4 PERP I	The Charles Schwab Corporation 4%	1.83%	109,900,000
5	JPM.V3.65 PERP KK	JPMorgan Chase & Co. 3.65%	1.66%	99,624,000
6	HBAN.V4.45 PERP G	Huntington Bancshares Incorporated 4.45%	1.50%	90,661,000
7	ISPIM.V7.7 PERP	Intesa Sanpaolo S.p.A. 7.7%	1.50%	87,826,000
8	LIBMUT.7.8 03.15.37 144A	Liberty Mut Grp 144A FRN	1.47%	76,240,000
9	NDAFH.V6.625 PERP 144A	Nordea Bank ABP 6.625%	1.27%	74,562,000
10	AXP.V3.55 PERP	American Express Company 3.55%	1.27%	77,190,000
11	n/a	Nationwide Finl Svcs FRN	1.26%	72,995,000
12	C.V6.25 PERP T	Citigroup Inc. 6.25%	1.24%	71,997,000
13	C.V3.875 PERP X	Citigroup Inc. 3.875%	1.16%	69,500,000
14	n/a	BNP Paribas SA 8.5%	1.16%	64,300,000
15	MET.10.75 08.01.39	MetLife Inc. 10.75%	1.15%	50,413,000
16	SRENVX.V5.625 08.15.52	Argentum Netherlands B.V. 5.625%	1.12%	63,620,000
17	MET.9.25 04.08.38	MetLife Inc. 9.25%	1.12%	53,475,000
18	ACAFP.V8.125 PERP 144A	Credit Agricole S.A. 8.125%	1.11%	63,768,000
19	WFC.V6.85 PERP	Wells Fargo & Co. 6.85%	1.04%	58,400,000
20	LLOYDS.V7.5 PERP	Lloyds Banking Group PLC 7.5%	1.00%	58,465,000
21	ENBCN.V5.75 07.15.80 20-A	Enbridge Inc. 5.75%	0.99%	59,201,000
22	BNP.V7.75 PERP 144A	BNP Paribas SA 7.75%	0.97%	55,000,000
23	BK.V3.75 PERP I	The Bank of New York Mellon Corp. 3.75%	0.95%	58,050,000
24	BACR.V9.625 PERP	Barclays PLC 9.625%	0.95%	50,400,000
25	NWG.V6 PERP -*-	NatWest Group PLC 6%	0.94%	55,100,000
26	STT.V6.7 PERP I	State Street Corp. 6.7%	0.91%	52,160,000
27	n/a	Zurich Finance (Ireland) DAC 3%	0.91%	60,100,000
28	CFG.V5.65 PERP F	Citizens Financial Group Inc 5.65%	0.91%	52,996,000
29	STT.V6.7 PERP J	State Street Corp. 6.7%	0.90%	51,193,000
30	n/a	Scentre Group Trust 2 5.125%	0.86%	51,600,000
31	WFC.V7.625 PERP	Wells Fargo & Co. 7.625%	0.86%	47,100,000
32	BAC.V6.125 PERP TT	Bank of America Corp. 6.125%	0.85%	48,736,000
33	BK.V3.7 PERP H	The Bank of New York Mellon Corp. 3.7%	0.83%	49,485,000
34	COF.V3.95 PERP M	Capital One Financial Corp. 3.95%	0.82%	49,940,000
35	BNSF.V6.613 12.15.55	Bnsf Fdg Tr 1 FRN	0.80%	46,256,000
36	n/a	Standard Chartered PLC 7.75%	0.80%	45,000,000
37	TD.V8.125 10.31.82	The Toronto-Dominion Bank 8.125%	0.80%	44,600,000
38	JPM.V6.875 PERP NN	JPMorgan Chase & Co. 6.875%	0.79%	44,000,000
39	RY.V6.35 11.24.84	Royal Bank of Canada 6.35%	0.79%	48,350,000
40	SANTAN.V4.75 PERP 0000	Banco Santander SA FXDFR PFS PERPETUAL USD 200000	0.77%	47,000,000
41	SANTAN.V9.625 PERP *	Banco Santander, S.A. 9.625%	0.76%	40,000,000
42	NDAFH.V6.3 PERP 144A	Nordea Bank ABP 6.3%	0.71%	43,100,000
43	HBAN.V5.625 PERP F	Huntington Bancshares Incorporated 5.625%	0.66%	38,673,000
44	BMO.V7.7 05.26.84	Bank of Montreal 7.7%	0.66%	37,793,000
45	CRBG.V6.875 12.15.52	Corebridge Financial Inc. 6.875%	0.64%	36,290,000
46	SRENVX.V5.75 08.15.50	Argentum Netherlands B.V. 5.75%	0.64%	36,400,000
47	PGX	Invesco Preferred ETF	0.63%	3,289,293
48	C.V4 PERP W	Citigroup Inc. 4%	0.60%	35,990,000
49	MTB.V3.5 PERP	M&T Bank Corporation 3.5%	0.60%	37,118,000
50	TFC.V5.1 PERP Q	Truist Financial Corp. 5.1%	0.60%	35,906,000
51	n/a	Banco Bilbao Vizcaya Argentaria SA FXDFR PFS PERPETUAL USD 200000 - 05946KA	0.59%	35,000,000
52	USB.V3.7 PERP	U.S. Bancorp. 3.7%	0.59%	36,243,000
53	ENBCN.V6.25 03.01.78	Enbridge Inc. 6.25%	0.59%	34,882,000
54	SOCGEN.V10 PERP 144A	Societe Generale S.A. 10%	0.57%	30,100,000
55	D.V7 06.01.54 B	Dominion Energy Inc 7%	0.57%	31,000,000
56	ENBCN.V6 01.15.77 16-A	Enbridge Inc. 6%	0.56%	32,981,000
57	n/a	Citizens Financial Group Inc 4%	0.56%	33,819,000
58	T.4.75 PERP C	AT&T Inc 4.75% PRF PERPETUAL USD 25 - 1/1000th Int Ser C	0.55%	1,684,120
59	n/a	ING Groep N.V. 7.25%	0.54%	30,400,000
60	RY.V7.5 05.02.84	Royal Bank of Canada 7.5%	0.53%	30,000,000
61	BBVASM.V9.375 PERP	Banco Bilbao Vizcaya Argentaria SA 9.375%	0.50%	27,000,000
62	MET.7.875 12.15.37	Metlife Cap Tr Iv 144A FRN	0.47%	24,540,000
63	EPD.V5.25 08.16.77 E	Enterprise Products Operating LLC 5.25%	0.46%	27,400,000
64	TRPCN.V5.5 09.15.79	TransCanada Trust 5.5%	0.46%	28,000,000
65	C.V7.375 PERP Z	Citigroup Inc. 7.375%	0.43%	24,600,000
66	BNS.V7.35 04.27.85	Bank of Nova Scotia 7.35%	0.43%	25,300,000
67	NWG.V8 PERP *--	NatWest Group PLC 8%	0.43%	25,225,000
68	BNP.V7.375 PERP 144A	BNP Paribas SA 7.375%	0.43%	25,000,000
69	BACR.V6.125 PERP	Barclays PLC 6.125%	0.43%	25,000,000
70	SOCGEN.V8.5 PERP 144A	Societe Generale S.A. 8.5%	0.42%	24,000,000
71	C.V7 PERP DD	Citigroup Inc. 7%	0.41%	22,900,000
72	BPLN.V6.125 PERP	BP Capital Markets PLC 6.125%	0.41%	23,700,000
73	PRU.V6 09.01.52	Prudential Financial, Inc. 6%	0.40%	23,400,000
74	BNS.V8.625 10.27.82	Bank of Nova Scotia 8.625%	0.40%	22,103,000
75	SANTAN.V9.625 PERP _	Banco Santander, S.A. 9.625%	0.39%	20,000,000
76	GS.V3.65 PERP U	Goldman Sachs Group, Inc. 3.65%	0.39%	23,598,000
77	n/a	Dairy Farmers of America Inc Pfd Registered Shs Series -B- -144A-	0.39%	236,300
78	ALVGR.V3.5 PERP 144A	Allianz SE 3.5%	0.38%	22,400,000
79	n/a	The Bank of New York Mellon Corp.	0.38%	867,000
80	TFC.V4.95 PERP P	Truist Financial Corp. 4.95%	0.36%	21,205,000
81	RF.V6.95 PERP	Regions Financial Corp FXDFR PRF PERPETUAL USD 25 - Dep Rep 1/40th Ser F	0.36%	845,586
82	BAC.V4.375 PERP RR	Bank of America Corp. 4.375%	0.36%	21,620,000
83	MQGAU.V6.125 PERP 144A	Macquarie Bank Ltd. 6.125%	0.36%	21,000,000
84	n/a	Voya Financial Inc 7.758%	0.36%	20,306,000
85	BPLN.V4.875 PERP	BP Capital Markets PLC 4.875%	0.36%	21,762,000
86	BNP.V8 PERP 144A	BNP Paribas SA 8%	0.36%	20,000,000
87	INTNED.V5.75 PERP	ING Groep N.V. 5.75%	0.36%	20,625,000
88	n/a	Cobank ACB 7.25%	0.35%	20,000,000
89	LIBMUT.V4.125 12.15.51 144A	Liberty Mutual Group, Inc. 4.125%	0.35%	21,100,000
90	ENBCN.V8.5 01.15.84	Enbridge Inc. 8.5%	0.34%	17,815,000
91	AEP.V3.875 02.15.62	American Electric Power Co, Inc. 3.875%	0.34%	20,950,000
92	n/a	Nippon Life Insurance Co. 2.9%	0.34%	22,900,000
93	D.V6.875 02.01.55 A	Dominion Energy Inc 6.875%	0.34%	18,800,000
94	SO.V6.375 03.15.55 2025	Southern Co. 6.375%	0.33%	19,100,000
95	n/a	Svenska Handelsbanken AB 4.375%	0.33%	20,400,000
96	n/a	UBS Group AG 3.875%	0.33%	20,000,000
97	CRBG.V6.375 09.15.54	Corebridge Financial Inc. 6.375%	0.33%	19,600,000
98	D.V6.625 05.15.55	Dominion Energy Inc 6.625%	0.33%	19,000,000
99	AEP.V7.05 12.15.54 *	American Electric Power Co, Inc. 7.05%	0.33%	18,600,000
100	CB.9.7 04.01.30	Ace Capital Trust II 9.7%	0.33%	15,505,000
101	UBS.V9.25 PERP 144a	UBS Group AG 9.25%	0.32%	17,000,000
102	n/a	Nippon Life Insurance Co. 5.95%	0.32%	18,300,000
103	n/a	Barclays PLC 4.375%	0.32%	20,900,000
104	n/a	Meiji Yasuda Life Insurance Co. 5.8%	0.32%	19,000,000
105	n/a	Corestates Capital III 5.15459%	0.31%	18,621,000
106	KEY.V5 PERP D	KeyCorp 5%	0.31%	18,852,000
107	CFG.7.375 PERP H	Citizens Financial Group Inc	0.30%	677,000
108	KEY.V6.125 PERP E	KeyCorp DR	0.30%	723,754
109	GS.V6.125 PERP Y	Goldman Sachs Group, Inc. 6.125%	0.29%	17,100,000
110	n/a	Bank of Montreal 7.3%	0.29%	17,000,000
111	NEE.V6.7 09.01.54	NextEra Energy Capital Holdings Inc 6.7%	0.29%	16,700,000
112	n/a	UBS Group AG 6.85%	0.29%	17,000,000
113	n/a	Dai-ichi Life Insurance Co. Ltd. (The) 6.2%	0.29%	16,700,000
114	n/a	Standard Chartered PLC 7.625%	0.29%	16,600,000
115	COBKAC.V6.25 PERP I	Cobank ACB 6.25%	0.29%	16,400,000
116	n/a	DnB Bank ASA 7.375%	0.28%	16,000,000
117	HSBC.V6 PERP *	HSBC Holdings PLC 6%	0.27%	15,900,000
118	MTB.V7.304 PERP G	M&T Bank Corporation 7.304%	0.27%	15,848,000
119	STANLN.V4.3 PERP 144A	Standard Chartered PLC 4.3%	0.27%	17,532,000
120	FITB.V4.5 PERP L	Fifth Third Bancorp 4.5%	0.27%	15,740,000
121	UBS.V7 PERP 144a	UBS Group AG 7%	0.26%	15,600,000
122	MS.V5.85 PERP K	Morgan Stanley DR	0.26%	649,481
123	MET.V3.85 PERP G	MetLife Inc. 3.85%	0.26%	15,556,000
124	SWEDA.V7.75 PERP	Swedbank AB (publ) 7.75%	0.26%	14,800,000
125	n/a	Credit Agricole S.A. 8.125%	0.26%	15,000,000
126	DUK.V6.45 09.01.54	Duke Energy Corp 6.45%	0.25%	14,900,000
127	SWEDA.V7.625 PERP	Swedbank AB (publ) 7.625%	0.25%	14,000,000
128	n/a	NatWest Group PLC 4.6%	0.24%	16,885,000
129	n/a	Lloyds Banking Group PLC 6.75%	0.24%	15,000,000
130	GS.V6.85 PERP	Goldman Sachs Group, Inc. 6.85%	0.24%	13,700,000
131	BBVASM.V6.125 PERP	Banco Bilbao Vizcaya Argentaria SA 6.125%	0.23%	14,200,000
132	JPM.V6.5 PERP OO	JPMorgan Chase & Co. 6.5%	0.23%	13,200,000
133	n/a	Public Storage 4% PRF PERPETUAL USD - Ser P 1/1000th Int	0.23%	838,470
134	n/a	Canadian Imperial Bank of Commerce 6.95%	0.23%	13,600,000
135	n/a	Nordea Bank ABP 6.625%	0.23%	13,400,000
136	BNS.V3.625 10.27.81 2	Bank of Nova Scotia 3.625%	0.23%	14,445,000
137	VOYA.V4.7 01.23.48	Voya Financial Inc 4.7%	0.23%	13,955,000
138	n/a	Meiji Yasuda Life Insurance Co. 6.1%	0.22%	12,900,000
139	BNS.V8 01.27.84	Bank of Nova Scotia 8%	0.22%	12,200,000
140	GS.V3.8 PERP T	Goldman Sachs Group, Inc. 3.8%	0.22%	12,800,000
141	ANZ.V6.75 PERP 144A	Australia and New Zealand Banking Group Ltd. London Branch 6.75%	0.21%	12,200,000
142	n/a	Northern Trust Corporation 4.6%	0.21%	12,400,000
143	INTNED.V4.25 PERP NC10	ING Groep N.V. 4.25%	0.21%	14,385,000
144	n/a	Keycorp Cap Iii	0.21%	11,200,000
145	TRPCN.V7 06.01.65	TransCanada Pipelines Limited 7%	0.20%	12,100,000
146	n/a	Southern Co.	0.20%	552,715
147	MS.6.625 PERP Q	Morgan Stanley	0.20%	464,372
148	n/a	ING Groep N.V. 4.875%	0.20%	12,600,000
149	FARMCB.V5.7 PERP 4	Farm Credit Bank of Texas 5.7%	0.20%	11,800,000
150	n/a	NextEra Energy Capital Holdings Inc 6.63955%	0.20%	12,149,000
151	GS.V4.125 PERP V	Goldman Sachs Group, Inc. 4.125%	0.20%	11,800,000
152	n/a	Cobank ACB 6.45%	0.20%	11,400,000
153	STT.V6.45 PERP	State Street Corp. 6.45%	0.19%	11,100,000
154	SRENVX.V5.698 04.05.35 144A	Swiss Re Subordinated Finance PLC 5.698%	0.19%	10,800,000
155	DFS.V6.125 PERP D	Discover Financial Services Inc. 6.125%	0.19%	11,180,000
156	MS.6.5 PERP P	Morgan Stanley 6.50% PRF PERPETUAL USD 25 - Ser P	0.19%	440,877
157	USB.V5.3 PERP J	U.S. Bancorp. 5.3%	0.19%	10,895,000
158	n/a	Dairy Farmers of America Inc 7.125%	0.18%	10,700,000
159	n/a	BNP Paribas SA 7.75%	0.18%	10,048,000
160	AEP.V6.95 12.15.54	American Electric Power Co, Inc. 6.95%	0.18%	10,000,000
161	SRE.V6.55 04.01.55	Sempra 6.55%	0.17%	10,400,000
162	SCHW.V5.375 PERP G	The Charles Schwab Corporation 5.375%	0.17%	10,006,000
163	STANLN.V7.014 PERP 144A	Standard Chartered PLC GDR	0.17%	9,200,000
164	SF.4.5 PERP D	Stifel Financial Corp 4.50% PRF PERPETUAL USD 25 - Ser D	0.16%	558,669
165	n/a	Equitable Holdings Inc 5.25% PRF PERPETUAL USD 25 1/1000th Int Ser A	0.16%	461,567
166	n/a	BNP Paribas SA 9.25%	0.16%	8,600,000
167	KEY.V6.2 PERP	KeyCorp FXDFR PRF PERPETUAL USD 25 - Ser H	0.16%	393,416
168	PNC.V6.2 PERP V	PNC Financial Services Group Inc. 6.2%	0.16%	9,200,000
169	BK.V4.7 PERP G	The Bank of New York Mellon Corp. 4.7%	0.16%	9,391,000
170	EQH.4.3 PERP C	Equitable Holdings Inc 4.30% PRF PERPETUAL USD 25 - 1/1000th Int Ser C	0.15%	538,152
171	TFC.4.75 PERP R	Truist Financial Corp PRF PERPETUAL USD - Ser R	0.15%	462,909
172	n/a	Standard Chartered PLC 4.75%	0.15%	10,000,000
173	n/a	Standard Chartered PLC 4.75%	0.15%	10,000,000
174	n/a	SunTrust Capital III 5.21089%	0.15%	9,022,000
175	GS.V7.5 PERP X	Goldman Sachs Group, Inc. 7.5%	0.15%	8,000,000
176	n/a	Deutsche Bank AG 4.789%	0.15%	8,200,000
177	PRU.V6.5 03.15.54	Prudential Financial, Inc. 6.5%	0.14%	8,285,000
178	KEY.F 07.01.28	KeyCorp Capital I 5.31205%	0.14%	8,405,000
179	n/a	Public Storage 4.125% PRF PERPETUAL USD - Ser M 1/1000th Dep S	0.14%	483,398
180	DTE.5.25 12.01.77 E	DTE Energy Co.	0.14%	381,382
181	EQH.V6.7 03.28.55	Equitable Holdings Inc 6.7%	0.14%	8,100,000
182	CFG.V6.375 PERP C	Citizens Financial Group Inc 7.71466%	0.14%	7,923,000
183	n/a	Regions Financial Corp Pfd	0.14%	337,421
184	MET.6.4 12.15.36	MetLife Inc. 6.4%	0.13%	7,500,000
185	SRE.V6.625 04.01.55	Sempra 6.625%	0.13%	7,700,000
186	n/a	Public Storage 4% PRF PERPETUAL USD - Ser R 1/1000th Dep	0.13%	464,669
187	BK.V4.625 PERP F	The Bank of New York Mellon Corp. 4.625%	0.13%	7,650,000
188	PFF	iShares Preferred & Income Securities ETF	0.12%	235,359
189	RGA.V6.65 09.15.55	Reinsurance Group of America, Incorporated 6.65%	0.12%	7,100,000
190	n/a	National Commerce Capital Trust I 5.55205%	0.12%	7,000,000
191	UBS.V7.125 PERP 144a	UBS Group AG 7.125%	0.12%	7,000,000
192	n/a	Prologis Inc 8.54 % Cum Red Pfd Registered Shs Series -Q-	0.12%	125,655
193	NWG.V7.3 PERP	NatWest Group PLC 7.3%	0.11%	6,800,000
194	n/a	Bank of America Corp. 8.05%	0.11%	6,112,000
195	LLOYDS.V8 PERP	Lloyds Banking Group PLC 8%	0.11%	6,400,000
196	n/a	BNP Paribas SA 9.25%	0.11%	6,000,000
197	BACR.V7.625 PERP	Barclays PLC 7.625%	0.11%	6,600,000
198	ACAFP.V4.75 PERP 144A	Credit Agricole S.A. 4.75%	0.11%	7,100,000
199	MTB.V5.125 PERP F	M&T Bank Corporation 5.125%	0.11%	6,305,000
200	NWG.V8.125 PERP	NatWest Group PLC 8.125%	0.11%	6,000,000
201	FARMCB.V7.75 PERP	Farm Credit Bank of Texas 7.75%	0.11%	6,000,000
202	PSA.5.6 PERP H	Public Storage 5.60% PRF PERPETUAL USD - Ser H 1/1000 Dep	0.11%	273,001
203	n/a	Allianz SE 3.5%	0.11%	6,200,000
204	n/a	PNC Financial Services Group Inc. 6%	0.10%	6,000,000
205	ALL.7.375 PERP J	Allstate Corp PRF PERPETUAL USD 25 - Ser J	0.10%	230,877
206	UBS.V4.375 PERP 144A	UBS Group AG 4.375%	0.10%	7,000,000
207	HSBC.V6.95 PERP	HSBC Holdings PLC 6.95%	0.10%	6,000,000
208	ALL.V0 01.15.53	Allstate Corp Pfd	0.10%	223,696
209	n/a	Public Storage 4.70% PRF PERPETUAL USD - Ser J 1/1000th Dep S	0.10%	304,291
210	n/a	Liberty Mutual Insurance Co. 7.697%	0.10%	5,025,000
211	n/a	HSBC Holdings PLC 6.5%	0.10%	5,600,000
212	BAC.4.375 PERP NN	Bank of America Corp PRF PERPETUAL USD 25 - Ser NN	0.09%	293,847
213	n/a	Wells Fargo & Co. 5.06359%	0.09%	5,345,000
214	CFR.4.45 PERP B	Cullen/Frost Bankers Inc 4.45% PRF PERPETUAL USD 25 - Ser B	0.09%	298,372
215	ALVGR.V3.2 PERP 144A	Allianz SE 3.2%	0.09%	5,800,000
216	ENBCN.V7.375 03.15.55	Enbridge Inc. 7.375%	0.09%	5,000,000
217	n/a	Southern Co.	0.09%	248,873
218	n/a	Julius Baer Group AG 6.875%	0.09%	5,000,000
219	n/a	Macquarie Bank Ltd. 6.125%	0.09%	5,000,000
220	n/a	Nippon Life Insurance Co. 4.7%	0.09%	5,000,000
221	HSBC.V6.875 PERP ***	HSBC Holdings PLC 6.875%	0.09%	5,000,000
222	n/a	Munich Reinsurance AG 5.875%	0.09%	4,800,000
223	n/a	Regions Financial Corp 4.45% PRF PERPETUAL USD 25 - Ser E 1/40th Int	0.08%	286,305
224	n/a	The Depository Trust & Clearing Corporation 3.375%	0.08%	5,000,000
225	n/a	Truist Financial Corp. 5.25459%	0.08%	4,900,000
226	SANTAN.V8 PERP	Banco Santander, S.A. 8%	0.08%	4,600,000
227	EVRG.V6.65 06.01.55	Evergy Inc 6.65%	0.08%	4,800,000
228	COF.5 PERP I	Capital One Financial Corp Series I	0.08%	250,914
229	n/a	Public Storage 4.75% PRF PERPETUAL USD - Dp Rp 1/1000 Ser K	0.08%	238,451
230	n/a	Aon Corp. 8.205%	0.08%	4,350,000
231	n/a	Sumitomo Life Insurance Co. 4%	0.08%	4,700,000
232	C.V6.75 PERP EE	Citigroup Inc. 6.75%	0.08%	4,500,000
233	BAC.F PERP 02	Bank of America Corp Deposit Shs Repr 1/1200th Fltg Rate Non Cum Pfd Shs Se	0.08%	200,640
234	DTE.4.375 12.01.81	DTE Energy Co.	0.07%	242,879
235	n/a	BNP Paribas SA 4.5%	0.07%	5,000,000
236	n/a	CASH & RECEIVABLES	0.07%	n/a
237	n/a	Wells Fargo & Co. 7.95%	0.07%	3,700,000
238	KIM.5.25 PERP M	Kimco Realty Corp 5.25% PRF PERPETUAL USD 25	0.07%	201,769
239	NI.V6.95 11.30.54	NiSource Inc. 6.95%	0.07%	4,000,000
240	SOCGEN.V9.375 PERP 144A	Societe Generale S.A. 9.375%	0.07%	3,800,000
241	n/a	Prudential Financial, Inc.	0.07%	166,189
242	NTRS.4.7 PERP E	Northern Trust Corporation	0.07%	206,006
243	COF.4.8 PERP J	Capital One Financial Corp 4.80% PRF PERPETUAL USD 25 - 1/40TH INT Series J	0.07%	222,141
244	MTB.7.5 PERP J	M&T Bank Corp 7.50% PRF PERPETUAL USD 25 - 1/400th In Pfd Ser J	0.07%	150,526
245	n/a	Prudential Financial, Inc.	0.07%	169,114
246	n/a	Webster Financial Corp 5.25% PRF PERPETUAL USD 25	0.07%	194,856
247	n/a	JPMorgan Chase & Co. 5.50232%	0.07%	4,000,000
248	n/a	Georgia Power Company	0.07%	173,415
249	n/a	Citigroup Capital III 7.625%	0.06%	3,300,000
250	BACR.V8 PERP	Barclays PLC 8%	0.06%	3,600,000
251	n/a	RenaissanceRe Holdings Ltd 4.20% PRF PERPETUAL USD 25 - Ser G 1/1000th int	0.06%	227,949
252	BNP.V4.625 PERP 144A	BNP Paribas SA 4.625%	0.06%	4,100,000
253	JPM.4.75 PERP GG	JPMorgan Chase & Co.	0.06%	164,722
254	n/a	Public Storage 4.625% PRF PERPETUAL USD - Ser L 1/1000 Dep	0.05%	170,706
255	NEE.V5.65 05.01.79	NextEra Energy Capital Holdings Inc 5.65%	0.05%	3,200,000
256	DB.V6 PERP 2020	Deutsche Bank AG 6%	0.05%	3,000,000
257	AMG.5.875 03.30.59	Affiliated Managers Group, Inc.	0.05%	146,158
258	n/a	W.R. Berkley Corporation	0.05%	150,258
259	WFC.7.5 PERP L	Wells Fargo & Co 7 1/2 % Non Cum Perp Conv Pfd Shs -A- Series -L-	0.05%	2,374
260	NEE.V3.8 03.15.82	NextEra Energy Capital Holdings Inc 3.8%	0.05%	3,000,000
261	n/a	Australia and New Zealand Banking Group Ltd. London Branch 6.75%	0.05%	2,700,000
262	n/a	Nippon Life Insurance Co. 2.75%	0.05%	3,200,000
263	AFG.5.625 06.01.60	American Financial Group, Inc.	0.05%	126,116
264	n/a	U.S. Bancorp Pfd	0.05%	117,583
265	ALL.4.75 PERP I	The Allstate Corporation	0.04%	135,447
266	n/a	Argentum Netherlands B.V. 5.125%	0.04%	2,490,000
267	ELC	Entergy Louisiana LLC	0.04%	125,440
268	CMS.5.875 03.01.79	CMS Energy Corporation	0.04%	112,298
269	n/a	Affiliated Managers Group, Inc.	0.04%	160,526
270	USB.F PERP B*	U.S. Bancorp DR	0.04%	116,001
271	BK.V6.3 PERP	The Bank of New York Mellon Corp. 6.3%	0.04%	2,400,000
272	n/a	NextEra Energy Capital Holdings Inc	0.04%	98,197
273	KIM.5.125 PERP L	Kimco Realty Corp DR	0.04%	104,113
274	ENBCN.V8.25 01.15.84 NC5	Enbridge Inc. 8.25%	0.04%	2,000,000
275	ACGL.4.55 PERP G	Arch Capital Group Ltd 4.55% PRF PERPETUAL USD 25 - Ser G 1/1,000th Int	0.04%	119,912
276	AFG.5.875 03.30.59	American Financial Group, Inc.	0.03%	93,043
277	n/a	Swiss Re Subordinated Finance PLC 6.191%	0.03%	2,000,000
278	n/a	First Maryland Capital I 5.56359%	0.03%	2,000,000
279	ALVGR.V5.6 09.03.54 144A	Allianz SE 5.6%	0.03%	2,000,000
280	n/a	Public Storage 4.10% PRF PERPETUAL USD - Ser S 1/1000th Dep	0.03%	117,583
281	n/a	Munich Reinsurance AG 5.875%	0.03%	1,800,000
282	n/a	Mitsui Sumitomo Insurance Co Ltd. 4.95%	0.03%	1,800,000
283	n/a	Public Storage 3.90% PRF PERPETUAL USD - Dp Shs 1/1000 Ser O	0.03%	109,753
284	COF.4.25 PERP N	Capital One Financial Corp 4.25% PRF PERPETUAL USD 25 - Ser N 1/40th Int	0.03%	103,648
285	BNP.V7.375 PERP 144a	BNP Paribas SA 7.375%	0.03%	1,600,000
286	n/a	American Financial Group, Inc.	0.03%	92,709
287	n/a	Public Storage 3.875% PRF PERPETUAL USD - Dp Shs 1/1000 Ser N	0.03%	92,821
288	n/a	Wells Fargo & Co 4.75% PRF PERPETUAL USD 25 Series Z Class A	0.02%	73,015
289	n/a	Voya Financial Inc Pfd	0.02%	58,984
290	n/a	Federal Realty Investment Trust Deposit Shs Repr 1/1000th 5 % Cum Perp Red	0.02%	65,290
291	n/a	W.R. Berkley Corporation	0.02%	78,852
292	SCGAU.V4.75 09.24.80 144A	Scentre Group Trust 2 4.75%	0.02%	1,270,000
293	n/a	Public Storage 3.95% PRF PERPETUAL USD - Ser Q 1/1000th Dep	0.02%	77,361
294	HBAN.V6.875 PERP J	Huntington Bancshares Inc FXDFR PRF PERPETUAL USD 25 - Ser J	0.02%	48,664
295	n/a	USB Realty Corp 5.71059%	0.02%	1,500,000
296	KEY.5.65 PERP F	KeyCorp	0.02%	57,334
297	n/a	MMI Capital Trust I 7.625%	0.02%	1,073,000
298	n/a	Wells Fargo & Co 4.70% PRF PERPETUAL USD 25 - SER AA (CL A)	0.02%	59,138
299	ACGL.5.45 PERP F	Arch Capital Group Ltd Deposit Shs Repr 1/1000th 5.45% Non-Cum Pfd Shs Seri	0.02%	54,066
300	n/a	Entergy Arkansas LLC	0.02%	50,980
301	n/a	Entergy Texas Inc 5.375% PRF PERPETUAL USD 25 - Ser A	0.02%	42,934
302	TD.V7.25 07.31.84	The Toronto-Dominion Bank 7.25%	0.02%	1,000,000
303	ALL.5.1 PERP H	Allstate Corp 5.10% PRF PERPETUAL USD 25 - Ser H 1/1000th Int	0.02%	47,311
304	SCHW.V4 PERP H	The Charles Schwab Corporation 4%	0.02%	1,100,000
305	n/a	Cobank ACB 4.25%	0.02%	1,000,000
306	PRU.V5.125 03.01.52	Prudential Financial, Inc. 5.125%	0.02%	1,000,000
307	n/a	US Bancorp 4% PRF PERPETUAL USD 25 - Ser M	0.02%	54,816
308	CRBG.6.375 12.15.64	Corebridge Financial Inc.	0.01%	34,735
309	n/a	Webster Financial Corp.	0.01%	37,427
310	MS.4.25 PERP O	Morgan Stanley 4.25% PRF PERPETUAL USD 25 - Ser O	0.01%	45,205
311	n/a	Scentre Group Trust 2 4.75%	0.01%	781,000
312	DLR.5.85 PERP K	Digital Realty Trust Inc Series K	0.01%	30,820
313	n/a	The Goldman Sachs Group Inc DR	0.01%	31,810
314	MTB.V5.625 PERP H	M&T Bank Corp FXDFR PRF PERPETUAL USD 25 - Ser H	0.01%	27,698
315	n/a	Mitsui Sumitomo Insurance Co Ltd. 4.95%	0.01%	520,000
316	n/a	Axa SA 5.125%	0.01%	500,000
317	n/a	RenaissanceRe Holdings Ltd Pfd	0.01%	22,952
318	n/a	Wells Fargo & Co 4.375% PRF PERPETUAL USD - Class A Ser CC	0.01%	25,297
319	HBAN.5.7 PERP C	Huntington Bancshares Incorporated	0.01%	19,328
320	DLR.5.25 PERP J	Digital Realty Trust Inc 5.25 % Cum Conv Red Pfd Registered Shs Series -J-	0.01%	16,600
321	n/a	First Horizon Corp FXDFR PRF PERPETUAL USD 25 - Ser B 1/400 Dep Sh	0.01%	13,646
322	AIZ.5.25 01.15.61	Assurant Inc.	0.01%	16,003
323	CFG.5 PERP E	Citizens Financial Group Inc	0.01%	15,373
324	JPM.5.75 PERP DD	JPMorgan Chase & Co Pfd	0.00%	10,841
325	T.5 PERP A	AT&T Inc 5% PRF PERPETUAL USD 25 1/1000th Int Ser A	0.00%	12,144
326	n/a	Lloyds Banking Group PLC 6.75%	0.00%	200,000
327	AMG.4.75 09.30.60	Affiliated Managers Group, Inc.	0.00%	9,003
328	BAC.4.25 PERP QQ	Bank of America Corp PRF PERPETUAL USD - 1/1000 th int Ser QQ	0.00%	7,500
329	n/a	Stifel Financial Corp 6.125% PRF PERPETUAL USD 25 Ser C 1/1000th int	0.00%	5,715
330	n/a	Spire Inc Ser A	0.00%	5,031
331	CMS.5.875 10.15.78	CMS Energy Corporation	0.00%	4,626
332	FHN.6.5 PERP E	First Horizon Corp 6.50% PRF PERPETUAL USD 25	0.00%	4,079
333	n/a	Stifel Financial Corporation	0.00%	4,481
334	FHN.4.7 PERP F	First Horizon Corp PRF PERPETUAL USD 25 - Ser F 1/4000th Int	0.00%	1,388
335	n/a	CURRENCY CONTRACT - USD Purchased	0.00%	354
336	n/a	Cash Offset	-0.00%	4
337	n/a	CURRENCY CONTRACT - USD Sold	-0.00%	354

As of Mar 31, 2025

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Asset Allocation

Asset Class	% Weight
Not Classified	50.35%
Bond	46.46%
Cash	3.01%
Stocks	0.17%
Other	0.00%

Sector Breakdown

Sector	% Weight
Utilities	-

Country Breakdown

Sector	% Weight
United States	91.63%
XS	7.20%
Switzerland	0.66%
Other	0.47%
Bermuda	0.04%