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

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%