PRFCX Holdings List

As of Apr 30, 2025

No.	Symbol	Name	% Weight	Shares
1	WFC.V3.9 PERP BB	Wells Fargo & Co. 3.9%	2.08%	116,800,000
2	PNC.V6.25 PERP W	PNC Financial Services Group Inc. 6.25%	1.99%	111,020,000
3	SCHW.V4 PERP I	The Charles Schwab Corporation 4%	1.93%	109,900,000
4	JPM.V3.65 PERP KK	JPMorgan Chase & Co. 3.65%	1.75%	99,624,000
5	ISPIM.V7.7 PERP	Intesa Sanpaolo S.p.A. 7.7%	1.60%	87,826,000
6	HBAN.V4.45 PERP G	Huntington Bancshares Incorporated 4.45%	1.56%	90,661,000
7	LIBMUT.7.8 03.15.37 144A	Liberty Mut Grp 144A FRN	1.55%	76,240,000
8	NDAFH.V6.625 PERP 144A	Nordea Bank ABP 6.625%	1.35%	74,562,000
9	NATMUT.6.75 05.15.37	Nationwide Finl Svcs FRN	1.31%	72,995,000
10	AXP.V3.55 PERP	American Express Company 3.55%	1.29%	74,690,000
11	C.V6.25 PERP T	Citigroup Inc. 6.25%	1.28%	69,997,000
12	BNP.V8.5 PERP 144A	BNP Paribas SA 8.5%	1.23%	64,300,000
13	C.V3.875 PERP X	Citigroup Inc. 3.875%	1.23%	69,500,000
14	MET.10.75 08.01.39	MetLife Inc. 10.75%	1.21%	50,413,000
15	PGWXX	Principal Government Money Market R-6	1.20%	66,689,773
16	SRENVX.V5.625 08.15.52	Argentum Netherlands B.V. 5.625%	1.19%	63,620,000
17	ACAFP.V8.125 PERP 144A	Credit Agricole S.A. 8.125%	1.17%	63,768,000
18	MET.9.25 04.08.38	MetLife Inc. 9.25%	1.12%	53,475,000
19	WFC.V6.85 PERP	Wells Fargo & Co. 6.85%	1.07%	58,400,000
20	ENBCN.V5.75 07.15.80 20-A	Enbridge Inc. 5.75%	1.04%	59,201,000
21	BNP.V7.75 PERP 144A	BNP Paribas SA 7.75%	1.04%	55,000,000
22	n/a	Cash Offset	1.01%	55,957,524
23	BACR.V9.625 PERP	Barclays PLC 9.625%	1.00%	50,400,000
24	BK.V3.75 PERP I	The Bank of New York Mellon Corp. 3.75%	0.99%	58,050,000
25	NWG.V6 PERP -*-	NatWest Group PLC 6%	0.99%	55,100,000
26	STT.V6.7 PERP I	State Street Corp. 6.7%	0.95%	52,160,000
27	STT.V6.7 PERP J	State Street Corp. 6.7%	0.93%	51,193,000
28	ZURNVX.V3 04.19.51 EMTN	Zurich Finance (Ireland) DAC 3%	0.93%	60,100,000
29	SCGAU.V5.125 09.24.80 144a	Scentre Group Trust 2 5.125%	0.91%	51,600,000
30	WFC.V7.625 PERP	Wells Fargo & Co. 7.625%	0.90%	47,100,000
31	BAC.V6.125 PERP TT	Bank of America Corp. 6.125%	0.88%	48,736,000
32	BK.V3.7 PERP H	The Bank of New York Mellon Corp. 3.7%	0.87%	49,485,000
33	COF.V3.95 PERP M	Capital One Financial Corp. 3.95%	0.86%	49,940,000
34	STANLN.V7.75 PERP 144a	Standard Chartered PLC 7.75%	0.84%	45,000,000
35	TD.V8.125 10.31.82	The Toronto-Dominion Bank 8.125%	0.83%	44,600,000
36	JPM.V6.875 PERP NN	JPMorgan Chase & Co. 6.875%	0.83%	44,000,000
37	RY.V6.35 11.24.84	Royal Bank of Canada 6.35%	0.81%	48,350,000
38	SANTAN.V4.75 PERP 0000	Banco Santander SA FXDFR PFS PERPETUAL USD 200000	0.81%	47,000,000
39	SANTAN.V9.625 PERP *	Banco Santander, S.A. 9.625%	0.80%	40,000,000
40	LLOYDS.V7.5 PERP	Lloyds Banking Group PLC 7.5%	0.79%	43,465,000
41	CFG.V5.65 PERP F	Citizens Financial Group Inc 5.65%	0.77%	42,996,000
42	NDAFH.V6.3 PERP 144A	Nordea Bank ABP 6.3%	0.75%	43,100,000
43	BMO.V7.7 05.26.84	Bank of Montreal 7.7%	0.70%	37,793,000
44	HBAN.V5.625 PERP F	Huntington Bancshares Incorporated 5.625%	0.69%	38,673,000
45	CRBG.V6.875 12.15.52	Corebridge Financial Inc. 6.875%	0.68%	36,290,000
46	PGX	Invesco Preferred ETF	0.68%	3,397,093
47	BAC.V6.625 PERP	Bank of America Corp. 6.625%	0.63%	34,800,000
48	TFC.V5.1 PERP Q	Truist Financial Corp. 5.1%	0.63%	35,906,000
49	ENBCN.V6.25 03.01.78	Enbridge Inc. 6.25%	0.62%	34,882,000
50	BBVASM.V7.75 PERP	Banco Bilbao Vizcaya Argentaria SA FXDFR PFS PERPETUAL USD 200000 - 05946KA	0.62%	35,000,000
51	MTB.V3.5 PERP	M&T Bank Corporation 3.5%	0.62%	37,118,000
52	USB.V3.7 PERP	U.S. Bancorp. 3.7%	0.61%	36,243,000
53	n/a	CASH & RECEIVABLES	0.61%	n/a
54	SOCGEN.V10 PERP 144A	Societe Generale S.A. 10%	0.61%	30,100,000
55	D.V7 06.01.54 B	Dominion Energy Inc 7%	0.60%	31,000,000
56	T.4.75 PERP C	AT&T Inc 4.75% PRF PERPETUAL USD 25 - 1/1000th Int Ser C	0.58%	1,678,530
57	CFG.V4 PERP G	Citizens Financial Group Inc 4%	0.57%	33,819,000
58	RY.V7.5 05.02.84	Royal Bank of Canada 7.5%	0.57%	30,000,000
59	INTNED.V7.25 PERP	ING Groep N.V. 7.25%	0.56%	30,400,000
60	C.V4 PERP W	Citigroup Inc. 4%	0.55%	30,990,000
61	BBVASM.V9.375 PERP	Banco Bilbao Vizcaya Argentaria SA 9.375%	0.53%	27,000,000
62	ENBCN.V6 01.15.77 16-A	Enbridge Inc. 6%	0.52%	28,981,000
63	MET.7.875 12.15.37	Metlife Cap Tr Iv 144A FRN	0.49%	24,540,000
64	EPD.V5.25 08.16.77 E	Enterprise Products Operating LLC 5.25%	0.48%	27,400,000
65	TRPCN.V5.5 09.15.79	TransCanada Trust 5.5%	0.48%	28,000,000
66	NWG.V8 PERP *--	NatWest Group PLC 8%	0.46%	25,225,000
67	C.V7.375 PERP Z	Citigroup Inc. 7.375%	0.46%	24,600,000
68	BNS.V7.35 04.27.85	Bank of Nova Scotia 7.35%	0.45%	25,300,000
69	BACR.V6.125 PERP	Barclays PLC 6.125%	0.45%	25,000,000
70	BNP.V7.375 PERP 144A	BNP Paribas SA 7.375%	0.45%	25,000,000
71	SOCGEN.V8.5 PERP 144A	Societe Generale S.A. 8.5%	0.44%	24,000,000
72	BPLN.V6.125 PERP	BP Capital Markets PLC 6.125%	0.42%	23,700,000
73	PRU.V6 09.01.52	Prudential Financial, Inc. 6%	0.42%	23,400,000
74	C.V7 PERP DD	Citigroup Inc. 7%	0.42%	22,900,000
75	SANTAN.V9.625 PERP _	Banco Santander, S.A. 9.625%	0.41%	20,000,000
76	BNS.V8.625 10.27.82	Bank of Nova Scotia 8.625%	0.41%	22,103,000
77	GS.V3.65 PERP U	Goldman Sachs Group, Inc. 3.65%	0.41%	23,598,000
78	DFAINC.7.875 PERP 144A	Dairy Farmers of America Inc Pfd Registered Shs Series -B- -144A-	0.41%	236,300
79	BK.V6.15 PERP K	Bank of New York Mellon Corp FXDFR PRF PERPETUAL USD 25 - Ser K 1/4000th In	0.39%	868,500
80	ALVGR.V3.5 PERP 144A	Allianz SE 3.5%	0.39%	22,400,000
81	RF.V6.95 PERP	Regions Financial Corp FXDFR PRF PERPETUAL USD 25 - Dep Rep 1/40th Ser F	0.38%	845,586
82	MQGAU.V6.125 PERP 144A	Macquarie Bank Ltd. 6.125%	0.38%	21,000,000
83	BPLN.V4.875 PERP	BP Capital Markets PLC 4.875%	0.38%	21,762,000
84	BNP.V8 PERP 144A	BNP Paribas SA 8%	0.38%	20,000,000
85	INTNED.V5.75 PERP	ING Groep N.V. 5.75%	0.38%	20,625,000
86	VOYA.V7.758 PERP A	Voya Financial Inc 7.758%	0.37%	20,306,000
87	LIBMUT.V4.125 12.15.51 144A	Liberty Mutual Group, Inc. 4.125%	0.37%	21,100,000
88	COBKAC.V7.25 PERP	Cobank ACB 7.25%	0.36%	20,000,000
89	AEP.V3.875 02.15.62	American Electric Power Co, Inc. 3.875%	0.36%	20,950,000
90	D.V6.875 02.01.55 A	Dominion Energy Inc 6.875%	0.35%	18,800,000
91	SHBASS.V4.375 PERP	Svenska Handelsbanken AB 4.375%	0.35%	20,400,000
92	ENBCN.V8.5 01.15.84	Enbridge Inc. 8.5%	0.35%	17,815,000
93	UBS.V3.875 PERP 144A	UBS Group AG 3.875%	0.35%	20,000,000
94	NIPLIF.V2.9 09.16.51 144A	Nippon Life Insurance Co. 2.9%	0.35%	22,900,000
95	AEP.V7.05 12.15.54 *	American Electric Power Co, Inc. 7.05%	0.35%	18,600,000
96	D.V6.625 05.15.55	Dominion Energy Inc 6.625%	0.35%	19,000,000
97	UBS.V9.25 PERP 144a	UBS Group AG 9.25%	0.34%	17,000,000
98	CRBG.V6.375 09.15.54	Corebridge Financial Inc. 6.375%	0.34%	19,600,000
99	BACR.V4.375 PERP	Barclays PLC 4.375%	0.34%	20,900,000
100	WFC.F 02.15.27 144A	Corestates Capital III 5.15459%	0.33%	18,621,000
101	MYLIFE.V5.8 09.11.54 144A	Meiji Yasuda Life Insurance Co. 5.8%	0.33%	19,000,000
102	CB.9.7 04.01.30	Ace Capital Trust II 9.7%	0.33%	15,505,000
103	KEY.V5 PERP D	KeyCorp 5%	0.33%	18,852,000
104	KEY.V6.125 PERP E	KeyCorp DR	0.33%	723,754
105	NIPLIF.V5.95 04.16.54 144A	Nippon Life Insurance Co. 5.95%	0.33%	18,300,000
106	CFG.7.375 PERP H	Citizens Financial Group Inc	0.32%	679,493
107	TFC.V4.95 PERP P	Truist Financial Corp. 4.95%	0.31%	17,205,000
108	NEE.V6.7 09.01.54	NextEra Energy Capital Holdings Inc 6.7%	0.31%	16,700,000
109	BMO.V7.3 11.26.84	Bank of Montreal 7.3%	0.31%	17,000,000
110	DAIL.V6.2 PERP 144A	Dai-ichi Life Insurance Co. Ltd. (The) 6.2%	0.30%	16,700,000
111	UBS.V6.85 PERP 144A	UBS Group AG 6.85%	0.30%	17,000,000
112	GS.V6.125 PERP Y	Goldman Sachs Group, Inc. 6.125%	0.30%	17,100,000
113	STANLN.V7.625 PERP 144A	Standard Chartered PLC 7.625%	0.30%	16,600,000
114	COBKAC.V6.25 PERP I	Cobank ACB 6.25%	0.29%	16,400,000
115	HSBC.V6 PERP *	HSBC Holdings PLC 6%	0.29%	15,900,000
116	BAC.V4.375 PERP RR	Bank of America Corp. 4.375%	0.29%	16,620,000
117	MTB.V7.304 PERP G	M&T Bank Corporation 7.304%	0.29%	15,848,000
118	STANLN.V4.3 PERP 144A	Standard Chartered PLC 4.3%	0.28%	17,532,000
119	FITB.V4.5 PERP L	Fifth Third Bancorp 4.5%	0.28%	15,740,000
120	UBS.V7 PERP 144a	UBS Group AG 7%	0.28%	15,600,000
121	ACAFP.V8.125 PERP REGS	Credit Agricole S.A. 8.125%	0.28%	15,000,000
122	SWEDA.V7.75 PERP	Swedbank AB (publ) 7.75%	0.28%	14,800,000
123	DUK.V6.45 09.01.54	Duke Energy Corp 6.45%	0.27%	14,900,000
124	MS.V5.85 PERP K	Morgan Stanley DR	0.27%	649,481
125	SWEDA.V7.625 PERP	Swedbank AB (publ) 7.625%	0.26%	14,000,000
126	LLOYDS.V6.75 PERP *	Lloyds Banking Group PLC 6.75%	0.26%	15,000,000
127	NWG.V4.6 PERP .*.	NatWest Group PLC 4.6%	0.25%	16,885,000
128	BBVASM.V6.125 PERP	Banco Bilbao Vizcaya Argentaria SA 6.125%	0.25%	14,200,000
129	GS.V6.85 PERP	Goldman Sachs Group, Inc. 6.85%	0.25%	13,700,000
130	PSA.4 PERP P	Public Storage 4% PRF PERPETUAL USD - Ser P 1/1000th Int	0.25%	853,470
131	NDAFH.V6.625 PERP REGS	Nordea Bank ABP 6.625%	0.24%	13,400,000
132	JPM.V6.5 PERP OO	JPMorgan Chase & Co. 6.5%	0.24%	13,200,000
133	CM.V6.95 01.28.85	Canadian Imperial Bank of Commerce 6.95%	0.24%	13,600,000
134	VOYA.V4.7 01.23.48	Voya Financial Inc 4.7%	0.23%	13,955,000
135	MYLIFE.V6.1 06.11.55 144A	Meiji Yasuda Life Insurance Co. 6.1%	0.23%	12,900,000
136	BNS.V3.625 10.27.81 2	Bank of Nova Scotia 3.625%	0.23%	14,445,000
137	ANZ.V6.75 PERP 144A	Australia and New Zealand Banking Group Ltd. London Branch 6.75%	0.23%	12,200,000
138	GS.V3.8 PERP T	Goldman Sachs Group, Inc. 3.8%	0.23%	12,800,000
139	BNS.V8 01.27.84	Bank of Nova Scotia 8%	0.23%	12,200,000
140	NTRS.V4.6 PERP D	Northern Trust Corporation 4.6%	0.22%	12,400,000
141	TRPCN.V7 06.01.65	TransCanada Pipelines Limited 7%	0.22%	12,100,000
142	KEY.7.75 07.15.29	Keycorp Cap Iii	0.22%	11,200,000
143	SO.5.25 12.01.77	Southern Co.	0.21%	552,715
144	INTNED.V4.25 PERP NC10	ING Groep N.V. 4.25%	0.21%	14,385,000
145	MS.6.625 PERP Q	Morgan Stanley 6.625% PRF PERPETUAL USD 25 - Dep Rep 1/1000 Ser Q	0.21%	467,149
146	INTNED.V4.875 PERP *	ING Groep N.V. 4.875%	0.21%	12,600,000
147	GS.V4.125 PERP V	Goldman Sachs Group, Inc. 4.125%	0.21%	11,800,000
148	COBKAC.V6.45 PERP K	Cobank ACB 6.45%	0.21%	11,400,000
149	NEE.V0 10.01.66	NextEra Energy Capital Holdings Inc 6.62672%	0.20%	12,149,000
150	DB.V8.13011 PERP	Deutsche Bank AG 8.13011%	0.20%	11,200,000
151	MS.6.5 PERP P	Morgan Stanley 6.50% PRF PERPETUAL USD 25 - Ser P	0.20%	440,877
152	STT.V6.45 PERP	State Street Corp. 6.45%	0.20%	11,100,000
153	SRENVX.V5.698 04.05.35 144A	Swiss Re Subordinated Finance PLC 5.698%	0.20%	10,800,000
154	USB.V5.3 PERP J	U.S. Bancorp. 5.3%	0.19%	10,895,000
155	BNP.V7.75 PERP REGS	BNP Paribas SA 7.75%	0.19%	10,048,000
156	DFAINC.7.125 PERP	Dairy Farmers of America Inc 7.125%	0.19%	10,700,000
157	AEP.V6.95 12.15.54	American Electric Power Co, Inc. 6.95%	0.19%	10,000,000
158	SF.4.5 PERP D	Stifel Financial Corp 4.50% PRF PERPETUAL USD 25 - Ser D	0.18%	558,669
159	KEY.V6.2 PERP	KeyCorp FXDFR PRF PERPETUAL USD 25 - Ser H	0.17%	393,416
160	SRE.V6.55 04.01.55	Sempra 6.55%	0.17%	10,400,000
161	n/a	Standard Chartered Plc	0.17%	9,200,000
162	BNP.V9.25 PERP REGS	BNP Paribas SA 9.25%	0.17%	8,600,000
163	BK.V4.7 PERP G	The Bank of New York Mellon Corp. 4.7%	0.17%	9,391,000
164	PNC.V6.2 PERP V	PNC Financial Services Group Inc. 6.2%	0.17%	9,200,000
165	EQH.5.25 PERP A	Equitable Holdings Inc 5.25% PRF PERPETUAL USD 25 1/1000th Int Ser A	0.17%	461,567
166	EQH.4.3 PERP C	Equitable Holdings Inc 4.30% PRF PERPETUAL USD 25 - 1/1000th Int Ser C	0.16%	538,152
167	TFC.4.75 PERP R	Truist Financial Corp PRF PERPETUAL USD - Ser R	0.16%	462,909
168	STANLN.V4.75 PERP REGS	Standard Chartered PLC 4.75%	0.16%	10,000,000
169	STANLN.V4.75 PERP 144A	Standard Chartered PLC 4.75%	0.16%	10,000,000
170	TFC.F 03.15.28	SunTrust Capital III 5.21089%	0.16%	9,022,000
171	GS.V7.5 PERP X	Goldman Sachs Group, Inc. 7.5%	0.15%	8,000,000
172	PRU.V6.5 03.15.54	Prudential Financial, Inc. 6.5%	0.15%	8,285,000
173	PSA.4.125 PERP M	Public Storage 4.125% PRF PERPETUAL USD - Ser M 1/1000th Dep S	0.15%	483,398
174	KEY.F 07.01.28	KeyCorp Capital I 5.29922%	0.15%	8,405,000
175	DTE.5.25 12.01.77 E	DTE Energy Co.	0.15%	381,382
176	EQH.V6.7 03.28.55	Equitable Holdings Inc 6.7%	0.15%	8,100,000
177	CFG.V6.375 PERP C	Citizens Financial Group Inc 7.7033%	0.14%	7,923,000
178	RF.V5.7 PERP C	Regions Financial Corp Pfd	0.14%	337,421
179	PSA.4 PERP R	Public Storage 4% PRF PERPETUAL USD - Ser R 1/1000th Dep	0.14%	471,069
180	BK.V4.625 PERP F	The Bank of New York Mellon Corp. 4.625%	0.14%	7,650,000
181	SRE.V6.625 04.01.55	Sempra 6.625%	0.13%	7,700,000
182	RGA.V6.65 09.15.55	Reinsurance Group of America, Incorporated 6.65%	0.13%	7,100,000
183	TFC.F 04.01.27	National Commerce Capital Trust I 5.53922%	0.12%	7,000,000
184	UBS.V7.125 PERP 144a	UBS Group AG 7.125%	0.12%	7,000,000
185	PLD.8.54 PERP Q	Prologis Inc 8.54 % Cum Red Pfd Registered Shs Series -Q-	0.12%	124,593
186	BAC.8.05 06.15.27 B	Bank of America Corp. 8.05%	0.12%	6,112,000
187	LLOYDS.V8 PERP	Lloyds Banking Group PLC 8%	0.12%	6,400,000
188	NWG.V7.3 PERP	NatWest Group PLC 7.3%	0.12%	6,800,000
189	BNP.V9.25 PERP 144A	BNP Paribas SA 9.25%	0.12%	6,000,000
190	ACAFP.V4.75 PERP 144A	Credit Agricole S.A. 4.75%	0.12%	7,100,000
191	BACR.V7.625 PERP	Barclays PLC 7.625%	0.12%	6,600,000
192	FARMCB.V7.75 PERP	Farm Credit Bank of Texas 7.75%	0.11%	6,000,000
193	MTB.V5.125 PERP F	M&T Bank Corporation 5.125%	0.11%	6,305,000
194	NWG.V8.125 PERP	NatWest Group PLC 8.125%	0.11%	6,000,000
195	PSA.5.6 PERP H	Public Storage 5.60% PRF PERPETUAL USD - Ser H 1/1000 Dep	0.11%	273,001
196	ALL.7.375 PERP J	Allstate Corp PRF PERPETUAL USD 25 - Ser J	0.11%	230,877
197	UBS.V4.375 PERP 144A	UBS Group AG 4.375%	0.11%	7,000,000
198	PNC.V6 PERP U	PNC Financial Services Group Inc. 6%	0.11%	6,000,000
199	ALVGR.V3.5 PERP REGS	Allianz SE 3.5%	0.11%	6,200,000
200	HSBC.V6.95 PERP	HSBC Holdings PLC 6.95%	0.11%	6,000,000
201	PSA.4.7 PERP J	Public Storage 4.70% PRF PERPETUAL USD - Ser J 1/1000th Dep S	0.10%	304,291
202	ALL.V0 01.15.53	Allstate Corp Pfd	0.10%	223,696
203	LIBMUT.7.697 10.15.97 144A	Liberty Mutual Insurance Co. 7.697%	0.10%	5,025,000
204	HSBC.V6.5 PERP	HSBC Holdings PLC 6.5%	0.10%	5,600,000
205	WFC.F 01.15.27 *	Wells Fargo & Co. 5.01771%	0.09%	5,345,000
206	BAC.4.375 PERP NN	Bank of America Corp PRF PERPETUAL USD 25 - Ser NN	0.09%	293,847
207	ENBCN.V7.375 03.15.55	Enbridge Inc. 7.375%	0.09%	5,000,000
208	RF.4.45 PERP E	Regions Financial Corp 4.45% PRF PERPETUAL USD 25 - Ser E 1/40th Int	0.09%	286,305
209	NIPLIF.V4.7 01.20.46 144A	Nippon Life Insurance Co. 4.7%	0.09%	5,000,000
210	MQGAU.V6.125 PERP REGS	Macquarie Bank Ltd. 6.125%	0.09%	5,000,000
211	BAERVX.V6.875 PERP	Julius Baer Group AG 6.875%	0.09%	5,000,000
212	CFR.4.45 PERP B	Cullen/Frost Bankers Inc 4.45% PRF PERPETUAL USD 25 - Ser B	0.09%	298,372
213	HSBC.V6.875 PERP ***	HSBC Holdings PLC 6.875%	0.09%	5,000,000
214	SO.4.95 01.30.80 2020	Southern Co.	0.09%	248,873
215	MUNRE.V5.875 05.23.42 144A	Munich Reinsurance AG 5.875%	0.09%	4,800,000
216	ALVGR.V3.2 PERP 144A	Allianz SE 3.2%	0.09%	5,800,000
217	DEPTCC.V3.375 PERP D	The Depository Trust & Clearing Corporation 3.375%	0.09%	5,000,000
218	TFC.F 05.15.27 A	Truist Financial Corp. 5.25459%	0.09%	4,900,000
219	EVRG.V6.65 06.01.55	Evergy Inc 6.65%	0.09%	4,800,000
220	SANTAN.V8 PERP	Banco Santander, S.A. 8%	0.09%	4,600,000
221	COF.5 PERP I	Capital One Financial Corp.	0.09%	252,621
222	AON.8.205 01.01.27 *	Aon Corp. 8.205%	0.08%	4,350,000
223	PSA.4.75 PERP K	Public Storage 4.75% PRF PERPETUAL USD - Dp Rp 1/1000 Ser K	0.08%	238,451
224	SUMILF.V4 09.14.77 144A	Sumitomo Life Insurance Co. 4%	0.08%	4,700,000
225	C.V6.75 PERP EE	Citigroup Inc. 6.75%	0.08%	4,500,000
226	BNP.V4.5 PERP 144A	BNP Paribas SA 4.5%	0.08%	5,000,000
227	BAC.F PERP 02	Bank of America Corp Deposit Shs Repr 1/1200th Fltg Rate Non Cum Pfd Shs Se	0.08%	200,640
228	WFC.7.95 11.15.29 B	Wells Fargo & Co. 7.95%	0.08%	3,700,000
229	DTE.4.375 12.01.81	DTE Energy Co.	0.08%	242,879
230	KIM.5.25 PERP M	Kimco Realty Corp 5.25% PRF PERPETUAL USD 25	0.08%	201,769
231	NI.V6.95 11.30.54	NiSource Inc. 6.95%	0.08%	4,000,000
232	DNBNO.V7.375 PERP EMTN	DnB Bank ASA 7.375%	0.07%	4,000,000
233	SOCGEN.V9.375 PERP 144A	Societe Generale S.A. 9.375%	0.07%	3,800,000
234	NTRS.4.7 PERP E	Northern Trust Corp Series E	0.07%	206,006
235	PRU.5.95 09.01.62	Prudential Financial, Inc.	0.07%	166,189
236	COF.4.8 PERP J	Capital One Financial Corp.	0.07%	222,141
237	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
238	PRU.5.625 08.15.58	Prudential Financial, Inc.	0.07%	169,114
239	n/a	Georgia Power Company	0.07%	172,885
240	JPM.F 02.02.37 u	JPMorgan Chase & Co. 5.50232%	0.07%	4,000,000
241	BACR.V8 PERP	Barclays PLC 8%	0.07%	3,600,000
242	C.7.625 12.01.36	Citigroup Capital III 7.625%	0.07%	3,300,000
243	WBS.5.25 PERP F	Webster Financial Corp 5.25% PRF PERPETUAL USD 25	0.07%	194,856
244	RNR.4.2 PERP G	RenaissanceRe Holdings Ltd 4.20% PRF PERPETUAL USD 25 - Ser G 1/1000th int	0.06%	227,949
245	BNP.V4.625 PERP 144A	BNP Paribas SA 4.625%	0.06%	4,100,000
246	JPM.4.75 PERP GG	JPMorgan Chase & Co 4.75% PRF PERPETUAL USD 25 1/400th int Ser GG	0.06%	164,722
247	PSA.4.625 PERP L	Public Storage 4.625% PRF PERPETUAL USD - Ser L 1/1000 Dep	0.06%	170,706
248	NEE.V5.65 05.01.79	NextEra Energy Capital Holdings Inc 5.65%	0.06%	3,200,000
249	AMG.5.875 03.30.59	Affiliated Managers Group, Inc.	0.05%	146,158
250	DB.V6 PERP 2020	Deutsche Bank AG 6%	0.05%	3,000,000
251	WRB.5.1 12.30.59	W.R. Berkley Corporation	0.05%	150,258
252	NEE.V3.8 03.15.82	NextEra Energy Capital Holdings Inc 3.8%	0.05%	3,000,000
253	ANZ.V6.75 PERP REGS	Australia and New Zealand Banking Group Ltd. London Branch 6.75%	0.05%	2,700,000
254	NIPLIF.V2.75 01.21.51 144A	Nippon Life Insurance Co. 2.75%	0.05%	3,200,000
255	WFC.7.5 PERP L	Wells Fargo & Co 7 1/2 % Non Cum Perp Conv Pfd Shs -A- Series -L-	0.05%	2,374
256	USB.5.5 PERP K	U.S. Bancorp Pfd	0.05%	117,583
257	ALL.4.75 PERP I	Allstate Corp 4.75% PRF PERPETUAL USD 25	0.05%	135,447
258	AFG.5.625 06.01.60	American Financial Group, Inc.	0.05%	126,716
259	ZURNVX.V5.125 06.01.48	Argentum Netherlands B.V. 5.125%	0.05%	2,490,000
260	ELC	Entergy Louisiana LLC	0.05%	125,440
261	CMS.5.875 03.01.79	CMS Energy Corporation	0.05%	112,298
262	USB.F PERP B*	U.S. Bancorp DR	0.04%	116,001
263	AMG.4.2 09.30.61	Affiliated Managers Group, Inc.	0.04%	160,526
264	BK.V6.3 PERP	The Bank of New York Mellon Corp. 6.3%	0.04%	2,400,000
265	NEE.5.65 03.01.79 N	NextEra Energy Capital Holdings Inc	0.04%	98,197
266	ENBCN.V8.25 01.15.84 NC5	Enbridge Inc. 8.25%	0.04%	2,000,000
267	KIM.5.125 PERP L	Kimco Realty Corp DR	0.04%	104,113
268	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
269	AFG.5.875 03.30.59	American Financial Group, Inc.	0.04%	93,043
270	SRENVX.V6.191 04.01.46 144A	Swiss Re Subordinated Finance PLC 6.191%	0.04%	2,000,000
271	PSA.4.1 PERP S	Public Storage 4.10% PRF PERPETUAL USD - Ser S 1/1000th Dep	0.04%	119,590
272	MTB.F 01.15.27	First Maryland Capital I 5.51771%	0.04%	2,000,000
273	ALVGR.V5.6 09.03.54 144A	Allianz SE 5.6%	0.04%	2,000,000
274	MUNRE.V5.875 05.23.42 REGS	Munich Reinsurance AG 5.875%	0.03%	1,800,000
275	MSINS.V4.95 PERP 144A	Mitsui Sumitomo Insurance Co Ltd. 4.95%	0.03%	1,800,000
276	PSA.3.9 PERP O	Public Storage 3.90% PRF PERPETUAL USD - Dp Shs 1/1000 Ser O	0.03%	109,753
277	COF.4.25 PERP N	Capital One Financial Corp.	0.03%	103,648
278	AFG.4.5 09.15.60	American Financial Group, Inc.	0.03%	92,709
279	PSA.3.875 PERP N	Public Storage 3.875% PRF PERPETUAL USD - Dp Shs 1/1000 Ser N	0.03%	92,821
280	VOYA.V5.35 PERP B	Voya Financial Inc Pfd	0.03%	58,984
281	WFC.4.75 PERP Z	Wells Fargo & Co 4.75% PRF PERPETUAL USD 25 Series Z Class A	0.02%	73,015
282	FRT.5 PERP C	Federal Realty Investment Trust Deposit Shs Repr 1/1000th 5 % Cum Perp Red	0.02%	65,290
283	KEY.5.65 PERP F	KeyCorp 5.65% PRF PERPETUAL USD 25 - Ser F 1/40th	0.02%	57,334
284	WRB.4.125 03.30.61	W.R. Berkley Corporation	0.02%	78,852
285	PSA.3.95 PERP Q	Public Storage 3.95% PRF PERPETUAL USD - Ser Q 1/1000th Dep	0.02%	77,361
286	HBAN.V6.875 PERP J	Huntington Bancshares Inc FXDFR PRF PERPETUAL USD 25 - Ser J	0.02%	48,664
287	USB.V0 PERP	USB Realty Corp 5.66471%	0.02%	1,500,000
288	TRV.7.625 12.15.27 B	MMI Capital Trust I 7.625%	0.02%	1,073,000
289	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
290	WFC.4.7 PERP AA	Wells Fargo & Co 4.70% PRF PERPETUAL USD 25 - SER AA (CL A)	0.02%	59,138
291	ETR.4.875 09.01.66	Entergy Arkansas LLC	0.02%	50,980
292	TD.V7.25 07.31.84	The Toronto-Dominion Bank 7.25%	0.02%	1,000,000
293	n/a	Entergy Texas Inc 5.375% PRF PERPETUAL USD 25 - Ser A	0.02%	42,934
294	ALL.5.1 PERP H	Allstate Corp 5.10% PRF PERPETUAL USD 25 - Ser H 1/1000th Int	0.02%	47,311
295	SCHW.V4 PERP H	The Charles Schwab Corporation 4%	0.02%	1,100,000
296	COBKAC.V4.25 PERP J	Cobank ACB 4.25%	0.02%	1,000,000
297	PRU.V5.125 03.01.52	Prudential Financial, Inc. 5.125%	0.02%	1,000,000
298	USB.4 PERP M	US Bancorp 4% PRF PERPETUAL USD 25 - Ser M	0.02%	54,816
299	WBS.6.5 PERP G	Webster Financial Corp 6.50% PRF PERPETUAL USD - Ser G	0.02%	37,427
300	CRBG.6.375 12.15.64	Corebridge Financial Inc.	0.01%	34,735
301	MTB.V5.625 PERP H	M&T Bank Corp FXDFR PRF PERPETUAL USD 25 - Ser H	0.01%	29,503
302	DLR.5.85 PERP K	Digital Realty Trust Inc Series K	0.01%	30,820
303	GS.F PERP D	The Goldman Sachs Group Inc DR	0.01%	31,810
304	SRENVX.V5.75 08.15.50	Argentum Netherlands B.V. 5.75%	0.01%	500,000
305	MSINS.V4.95 PERP REGS	Mitsui Sumitomo Insurance Co Ltd. 4.95%	0.01%	520,000
306	AXASA.V5.125 01.17.47 EMTN	Axa SA 5.125%	0.01%	500,000
307	RNR.5.75 PERP F	RenaissanceRe Holdings Ltd Pfd	0.01%	22,952
308	T.5 PERP A	AT&T Inc 5% PRF PERPETUAL USD 25 1/1000th Int Ser A	0.01%	22,144
309	WFC.4.375 PERP CC	Wells Fargo & Co 4.375% PRF PERPETUAL USD - Class A Ser CC	0.01%	25,297
310	HBAN.5.7 PERP C	Huntington Bancshares Inc PRF PERPETUAL USD - Ser I 1/1000th Int	0.01%	19,328
311	DLR.5.25 PERP J	Digital Realty Trust Inc 5.25 % Cum Conv Red Pfd Registered Shs Series -J-	0.01%	16,600
312	FHN.V6.625 PERP B	First Horizon Corp FXDFR PRF PERPETUAL USD 25 - Ser B 1/400 Dep Sh	0.01%	13,646
313	AIZ.5.25 01.15.61	Assurant Inc.	0.01%	16,269
314	PFF	iShares Preferred & Income Securities ETF	0.01%	10,308
315	CFG.5 PERP E	Citizens Financial Group Inc PRF PERPETUAL USD 25 Dp Rp1/10th Int Ser E	0.01%	15,373
316	JPM.5.75 PERP DD	JPMorgan Chase & Co Pfd	0.00%	10,841
317	DLR.5.2 PERP L	Digital Realty Trust Inc 5.20% PRF PERPETUAL USD 25 Ser L	0.00%	11,018
318	LLOYDS.V6.75 PERP	Lloyds Banking Group PLC 6.75%	0.00%	200,000
319	AMG.4.75 09.30.60	Affiliated Managers Group, Inc.	0.00%	9,956
320	BAC.4.25 PERP QQ	Bank of America Corp PRF PERPETUAL USD - 1/1000 th int Ser QQ	0.00%	7,500
321	SF.6.125 PERP C	Stifel Financial Corp 6.125% PRF PERPETUAL USD 25 Ser C 1/1000th int	0.00%	5,715
322	SR.5.9 PERP A	Spire Inc Ser A	0.00%	5,031
323	CMS.5.875 10.15.78	CMS Energy Corporation	0.00%	4,626
324	FHN.6.5 PERP E	First Horizon Corp 6.50% PRF PERPETUAL USD 25	0.00%	4,079
325	SF.5.2 10.15.47	Stifel Financial Corporation	0.00%	4,481
326	n/a	Us Long Bond Future; June 2025	0.00%	200
327	FHN.4.7 PERP F	First Horizon Corp PRF PERPETUAL USD 25 - Ser F 1/4000th Int	0.00%	1,388
328	n/a	CURRENCY CONTRACT - USD Purchased	0.00%	369
329	n/a	CURRENCY CONTRACT - USD Purchased	0.00%	25
330	n/a	CURRENCY CONTRACT - USD Sold	-0.00%	25
331	n/a	CURRENCY CONTRACT - USD Sold	-0.00%	369
332	n/a	10 Year Treasury Note Future June 25	-1.01%	500

As of Apr 30, 2025

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Asset Allocation

Asset Class	% Weight
Not Classified	51.21%
Bond	45.98%
Cash	2.80%
Other	0.01%

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%