FPEI ETF largest holding is BAC V6.625 PERP at 3.18% as of Sep 1, 2026

$18.80

AUM$1.9B

TER0.85%

Holdings176

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FPEI ETF largest holding is BAC V6.625 PERP at 3.18% as of Sep 1, 2026

$18.80

First Trust Institutional Preferred Securities and Income ETF

AUM$1.9B

TER0.85%

Holdings176

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Overview Performance Chart Dividends Top Holdings All Holdings Sectors Geography Similar Compare Overlap

BAC V6.625 PERP is FPEI's largest holding at 3.18% of the fund as of Sep 1, 2026. FPEI is First Trust Institutional Preferred Securities and Income ETF.

Showing top 50 of 174 holdings · as of Sep 1, 2026

FPEI holdings, by weight
#	Ticker	Name	Weight	Cumulative	Shares	Mkt value	Sector	Industry
1	Debt	Bank Of America Corp. 5Y Us Ti +Financials · Banks	3.18%	3.2%	59,542,000	$61.11M	Financials	Banks
2	—	Citigroup Inc 05/15/2174	2.13%	5.3%	40,238,000	$40.83M	-	-
Sector and industry · Pro
3	—	Credit Agricole Sa 7.13% Sep 23/35	2.02%	7.3%	38,354,000	$38.76M
4	—	Ing Groep Nv 7.000% Flt Perp Sr:.	1.74%	9.1%	32,775,000	$33.46M
5	Debt	Banco Bilbao Vizcaya Argentaria Sa	1.65%	10.7%	30,200,000	$31.61M
6	Debt	Enbridge Inc	1.52%	12.2%	25,881,000	$29.21M
7	—	Banco Santander, S.A. 9.625 02-21-2172	1.47%	13.7%	24,200,000	$28.18M
8	—	Charles Schwab Corp Jr Subordina 12/99 Var 5	1.46%	15.2%	30,150,000	$28.08M
9	—	Bank Of Montreal 7.7%	1.41%	16.6%	25,956,000	$27.13M
10	—	Bnp Paribas Sa 8.5 2028/08/14	1.28%	17.9%	23,450,000	$24.65M
11	—	Commerzbank Ag Variable Rate	1.27%	19.1%	23,400,000	$24.30M
12	—	Bnp Paribas 7.200% Flt Perp Sr:144A 7.2	1.23%	20.4%	24,000,000	$23.71M
13	—	Canadian Imperial Bank 7.000% Flt 10/28/85	1.23%	21.6%	23,300,000	$23.68M
14	—	Hsbc Hold Vrn 12/31/2199	1.23%	22.8%	23,150,000	$23.71M
15	—	Wells Fargo + Company Jr Subordina 12/99 Var	1.22%	24.0%	22,645,000	$23.38M
16	HIG	Hartford Financial Services Group Inc/The 7.70899 2067-02-12	1.20%	25.2%	23,021,000	$23.05M
17	—	JPMorgan Chase + Co Jr Subordina 12/99 Var12/31/2099	1.20%	26.4%	22,200,000	$23.03M
18	Debt	Verizon Communications Inc	1.15%	27.6%	22,082,000	$22.03M
19	Debt	Bell Telephone Company (Nc10.5)	1.12%	28.7%	21,286,000	$21.52M
20	—	Barclays Plc 8 12/71	1.09%	29.8%	20,050,000	$21.01M
21	—	Natwest Group Plcperpetual Bonds	1.09%	30.9%	19,200,000	$20.97M
22	—	Lloyds Banking Group Plc 8.0000% Mat 06/27/2172	1.04%	31.9%	18,780,000	$19.94M
23	—	Wells Fargo & Co., Class A, Series L, Conv. Pfd.	1.04%	33.0%	17,471	$19.99M
24	Debt	American Electric Power Co Inc	1.03%	34.0%	20,272,000	$19.73M
25	—	Bank Of N Vrn 10/27/85	1.02%	35.0%	19,687,000	$19.54M
26	—	Aes Corporation (The) 6.95% Jul 15, 2055	1.00%	36.0%	19,491,000	$19.23M
27	—	Wells Fargo Co 6.125 6/74	0.99%	37.0%	19,200,000	$19.04M
28	—	Athene Holding Ltd Jr Subordina 06/55 Var	0.97%	38.0%	19,794,000	$18.54M
29	—	Sempra 6.4 2054-10-01	0.95%	38.9%	18,364,000	$18.17M
30	—	Societe Generale Regd V/R /Perp/ 144A P/P 10.00000000	0.94%	39.9%	17,200,000	$17.96M
31	—	Amer Agcredit Aca Jr Subordina 144A Var 5.25% 2099-12-31	0.94%	40.8%	18,000,000	$17.98M
32	—	Eushi Finance Inc Company Guar 04/56 Var	0.94%	41.8%	18,375,000	$18.06M
33	HBAN	Huntington Bancshares Inc/OH 0.0625 12/f31/2099	0.94%	42.7%	17,998,000	$18.14M
34	—	Societe Generale Sa	0.94%	43.6%	17,200,000	$17.96M
35	—	American Electric Power Company, Inc. 6.95% Dec 15/54	0.93%	44.6%	17,060,000	$17.93M
36	—	Royal Bank of Canada Jr Subordina 08/85 Var	0.93%	45.5%	17,550,000	$17.77M
37	—	Eversource Energy 6.35% Aug 15, 2056 6.35 2056-08-15	0.92%	46.4%	17,610,000	$17.57M
38	—	Goldman Sachs Group Inc (The) 7.5%/Var Perp	0.91%	47.3%	16,890,000	$17.51M
39	—	Banco Santander Sa 0.08% Dec 31/99	0.90%	48.2%	16,200,000	$17.32M
40	Debt	Pimco Preferred and Capital Securities Active Exchange-Traded Fund Usetf	0.88%	49.1%	16,996,000	$16.85M
41	Debt	Dominion Energy Inc	0.86%	50.0%	15,859,000	$16.50M
42	—	Bank Of Nova Scotia/The 8 01-27-2084	0.80%	50.8%	14,600,000	$15.39M
43	—	Barclays Plc 7.63 2099-12-31	0.79%	51.5%	14,600,000	$15.16M
44	—	Banco Bilbao Vizcaya Argentaria Sa 9.375	0.78%	52.3%	13,800,000	$14.96M
45	—	Bank Of Nova Scotia Jr Subordina 10/82 Var	0.78%	53.1%	14,400,000	$14.95M
46	—	Global Atlantic Fin Co Company Guar 144A 03/56 Var	0.78%	53.9%	15,450,000	$14.92M
47	—	Nordea Ba Vrn 12/31/2199	0.78%	54.7%	14,980,000	$15.02M
48	—	Bank Nova Scoti 7.35 4/85	0.76%	55.4%	14,130,000	$14.56M
49	—	Verizon Communications Jr Subordina 02/59 Var	0.75%	56.2%	14,300,000	$14.31M
50	CNP	Centerpoint Energy, Inc., Series B 02/15/2055	0.73%	56.9%	13,575,000	$14.10M
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Not reported for this fund: share changes.

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FPEI ETF All Holdings

FPEI holdings total 176 positions. The top 10 holdings account for 17.9% of the fund, led by Bank Of America Corp. 5Y Us Ti + 2.684 12/31/9999 at 3.2%, Citigroup Inc 05/15/2174 at 2.1%, Credit Agricole Sa 7.13% Sep 23/35 at 2.0%.

FPEI portfolio concentration is well-diversified, with the top 10 representing 17.9% of total assets. The largest sector exposure is Financials at 51.6%.

FPEI sectors provide a detailed breakdown. FPEI overlap shows how holdings compare to other funds in your portfolio.

Compare FPEI

FPEI vs SPY FPEI vs QQQ FPEI vs VOO FPEI vs VTI FPEI vs IVV FPEI vs SCHD FPEI vs VYM FPEI vs VXUS

FPEI ETF Holdings

174 of 176 holdings

Sector

Industry

Sort By

1
Bank Of America Corp. 5Y Us Ti + 2.684 12/31/9999
BAC V6.625 PERPFinancials
3.18%
2
Citigroup Inc 05/15/2174
Other
2.13%
3
Credit Agricole Sa 7.13% Sep 23/35
Other
2.02%
4
Ing Groep Nv 7.000% Flt Perp Sr:.
Other
1.74%
5
Banco Bilbao Vizcaya Argentaria Sa 7.75 12/31/2079
BBVAP2:MAFinancials
1.65%
6
Enbridge Inc 8.5% 01/15/2084
ENBCN V8.5 01/15/84Energy
1.52%
7
Banco Santander, S.A. 9.625 02-21-2172
SANTAN V9.625 PERP _Financials
1.47%
8
Charles Schwab Corp Jr Subordina 12/99 Var 5
SCHW V4 PERP HFinancials
1.46%
9
Bank Of Montreal 7.7%
BMO V7.7 05/26/84Financials
1.41%
10
Bnp Paribas Sa 8.5 2028/08/14
BNP V8.5 PERP 144AFinancials
1.28%
11
Commerzbank Ag Variable Rate
Other
1.27%
12
Bnp Paribas 7.200% Flt Perp Sr:144A 7.2
Other
1.23%
13
Canadian Imperial Bank 7.000% Flt 10/28/85
CM V7 10/28/85Financials
1.23%
14
Hsbc Hold Vrn 12/31/2199
HSBC V6.95 PERPFinancials
1.23%
15
Wells Fargo + Company Jr Subordina 12/99 Var
WFC V6.85 PERPFinancials
1.22%
16
Hartford Financial Services Group Inc/The 7.70899 2067-02-12
HIG F 02/12/47 ICONFinancials
1.20%
17
Jpmorgan Chase + Co Jr Subordina 12/99 Var12/31/2099
JPM V6.875 PERP NNFinancials
1.20%
18
VERIZON COMMUNICATIONS INC 6.75 02/15/2057
Other
1.15%
19
Bell Telephone Company (Nc10.5) 7 09/15/2055
BCECN V7 09/15/55Communication Services
1.12%
20
Barclays Plc 8 12/71
A3K745Financials
1.09%
21
Natwest Group Plcperpetual Bonds
NWG V8.125 PERPFinancials
1.09%
22
Lloyds Banking Group Plc 8.0000% Mat 06/27/2172
LLOYDS V8 PERPFinancials
1.04%
23
Wells Fargo & Co., Class A, Series L, Conv. Pfd.
WFC.PRLFinancials
1.04%
24
American Electric Power Co Inc 6.05 03/15/2056
Other
1.03%
25
Bank Of N Vrn 10/27/85
Other
1.02%
26
Aes Corporation (The) 6.95% Jul 15, 2055
AES V6.95 07/15/55Utilities
1.00%
27
Wells Fargo Co 6.125 6/74
Other
0.99%
28
Athene Holding Ltd Jr Subordina 06/55 Var
ATH V6.875 06/28/55Financials
0.97%
29
Sempra 6.4 2054-10-01
SRE V6.4 10/01/54Utilities
0.95%
30
Societe Generale Regd V/R /Perp/ 144A P/P 10.00000000
SOCGENFinancials
0.94%
31
Amer Agcredit Aca Jr Subordina 144A Var 5.25% 2099-12-31
AAGACA V5.25 PERP QIFinancials
0.94%
32
Eushi Finance Inc Company Guar 04/56 Var
Other
0.94%
33
Huntington Bancshares Inc/OH 0.0625 12/f31/2099
Other
0.94%
34
Societe Generale Sa
SOCGENFinancials
0.94%
35
American Electric Power Company, Inc. 6.95% Dec 15/54
AEP V6.95 12/15/54Utilities
0.93%
36
ROYAL BANK OF CANADA JR SUBORDINA 08/85 VAR
RY V6.75 08/24/85Financials
0.93%
37
Eversource Energy 6.35% Aug 15, 2056 6.35 2056-08-15
Other
0.92%
38
Goldman Sachs Group Inc (The) 7.5%/Var Perp
GS V7.5 PERP XFinancials
0.91%
39
Banco Santander Sa 0.08% Dec 31/99
SANTAN V8 PERPFinancials
0.90%
40
Pimco Preferred And Capital Securities Active Exchange-Traded Fund Usetf 6.7% 01/00/1900
ACAFP V6.7 PERP 144AFinancials
0.88%
41
Dominion Energy Inc 7 06/01/2054
D V7 06/01/54 BUtilities
0.86%
42
Bank Of Nova Scotia/The 8 01-27-2084
BNS V8 01/27/84Financials
0.80%
43
Barclays Plc 7.63 2099-12-31
BACR V7.625 PERPFinancials
0.79%
44
Banco Bilbao Vizcaya Argentaria Sa 9.375
BBVASMFinancials
0.78%
45
Bank Of Nova Scotia Jr Subordina 10/82 Var
BNS V8.625 10/27/82Financials
0.78%
46
Global Atlantic Fin Co Company Guar 144A 03/56 Var
Other
0.78%
47
Nordea Ba Vrn 12/31/2199
Other
0.78%
48
Bank Nova Scoti 7.35 4/85
BNS V7.35 04/27/85Financials
0.76%
49
Verizon Communications Jr Subordina 02/59 Var
Other
0.75%
50
Centerpoint Energy, Inc., Series B 02/15/2055
CNP V6.85 02/15/55 BUtilities
0.73%
51
Global Atlantic (Fin) Company 7.95% Oct 15/54
GBLATL V7.95 10/15/5Financials
0.72%
52
Rogers Communications In Regd V/R 7.12500000 7.125 04/15/2055
RCICN V7.125 04/15/5Communication Services
0.72%
53
Deutsche Bank Ag Variable Rate
Other
0.71%
54
Bank Of Montreal Jr Subordina 11/84 Var %
BMO V7.3 11/26/84Financials
0.67%
55
Enbridge Inc 7.63 01/15/2083
ENBCN V7.625 01/15/8Energy
0.67%
56
State Street Corp Jr Subordina 12/99 Var
STT V6.7 PERP JFinancials
0.67%
57
Telus Corp V/R 06/09/56 2056-06-09
Other
0.67%
58
Bnp Paribas 8.000000% Maturity: Perpetual 8 2172-08-22
BNP V8 PERP 144AFinancials
0.66%
59
Toronto-D Vrn 10/31/85
Other
0.66%
60
Hsbc Holdings Plc Jr Subordina 12/99 Var 7.25 12/31/2099
HSBC V7.05 PERPFinancials
0.65%
61
Corebridge Financial Inc Variable Rate, Due 09/15/2054
CRBG V6.375 09/15/54Financials
0.64%
62
Natwest Group Plc 5.125 05/12/2027
Other
0.64%
63
Spire Inc. 0% 05/31/2056
Other
0.64%
64
Cnp Assurances V/R /Perp/ 4.875 12/31/2500
Other
0.64%
65
Hsbc Holdings Plc 8 Perp
HSBC V8 PERPFinancials
0.63%
66
Telus Corp 7% 15Oct2055
TCN V7 10/15/55Communication Services
0.63%
67
Wells Fargo + Company Jr Subordina 12/99 Var
WFC V7.625 PERPFinancials
0.63%
68
Dominion Energy Inc Jr Subordina 05/55 Var
D V6.625 05/15/55Utilities
0.61%
69
Entergy Corp Variable Rate, Due 12/15/2056
Other
0.61%
70
Bbvasm V8.45 06/29/38 144A
BBVASM V8.45 06/29/3Financials
0.60%
71
Duke Energy Corp Jr Subordina 09/54 Var
DUK V6.45 09/01/54Utilities
0.58%
72
Nextera Energy Capital Holdings,6.75 06/15/2054
NEE V6.75 06/15/54Utilities
0.58%
73
The Pnc Financial Services Group, Inc. 6.00% Dec 31/99 6% 12/31/2099
PNC V6 PERP UFinancials
0.58%
74
Dominion Energy, Inc. 6.2 02/14/2056
D V6.2 02/15/56Utilities
0.57%
75
Mitsubishi Ufj Fin Grp Variable Rate
Other
0.57%
76
Air Lease Vrn 12/31/99
AL V6 PERP DIndustrials
0.53%
77
Land O' Lakes Inc 144a 7.250000% Maturity: Perpetual
LLAKES 7.25 PERP 144Consumer Staples
0.53%
78
State Street Corp Jr Subordina 12/99 Var 6.7
STT V6.7 PERP IFinancials
0.53%
79
Bnp Paribas Sa
BNP V7.75 PERP 144AFinancials
0.52%
80
Dte Energy Co V/R 07/01/58
Other
0.52%
81
Meiji Yasuda Life Insura 6.100% Flt 06/11/55 Sr:144A
MYLIFE V6.1 06/11/55Financials
0.52%
82
Nextera Energy Capital 30Nc10 6.2 10/01/2056
Other
0.51%
83
Royal Bank Of Canada Jr Subordina 11/85 Var 6.5 11/24/2085
Other
0.51%
84
American National Group 7.000% Flt 12/01/55
ANGINC V7 12/01/55Financials
0.50%
85
Ing Groep Nv Variable Rate
Other
0.49%
86
Land O'Lakes Inc 8% /perp
LLAKES 8 PERP 144AConsumer Staples
0.48%
87
Citigroup Inc 6.875 11/73 6.88 2173-11-15
CFinancials
0.46%
88
Banco Mercantil De Norte Jr Subordina 144A Var 12/99 8.37
BANORT:KYFinancials
0.45%
89
Land O'lakes Inc 7%
LLAKES 7 PERP 144AConsumer Staples
0.45%
90
Pnc Financial Services Group, Inc. 6.2506/15/2023
PNC V6.25 PERP WFinancials
0.45%
91
Southern Co 6.375 3/15/2055 6.38 2055-03-15
SO V6.375 03/15/55 2Utilities
0.45%
92
Ares Fice Co. Iii Llc 4.125% 6/30/2051
ARES V4.125 06/30/51Financials
0.44%
93
Nomura Holdings Inc 7 Dec 31, 2079
NOMURA V7 PERPFinancials
0.44%
94
Eushi Finance Inc Company Guar 12/54 Var
EMACN V7.625 12/15/5Financials
0.43%
95
Swedbank Ab Variable Rate
Other
0.43%
96
Nisource Inc. 6.375 03/30/2055
NI V6.375 03/31/55Utilities
0.42%
97
US Dollar
Other
0.42%
98
Goldman Sachs Group Inc Jr Subordina 12/99 Var
GS V6.125 PERP YFinancials
0.41%
99
Banco Mercantil Del Norte, S.a.
BANORT V7.5 PERP 144Financials
0.40%
100
Banco Santander Sa
SANP3Financials
0.39%
101
Compeer Financial Aca Compeer Financial Aca 0 1900-01-00
Other
0.39%
102
Charles Schwab Corp. 5Y Us Ti + 2.25 12/31/9999 2.25 9999-12-31
Other
0.39%
103
Barclays Plc 9.625%
BACR V9.625 PERPFinancials
0.38%
104
Emera Us Finance Llc 6.65 10/01/2056
Other
0.38%
105
Banco Mercantil Del Norte Sa (Nc10 144A 8.45 12/31/2079
Other
0.37%
106
First Citizens Bancshares Inc (Delaware)
Other
0.37%
107
Liberty Mutual Gr V/R 12/15/51
LIBMUT V4.125 12/15/Financials
0.37%
108
Metlife Capital Trust Iv
MET 7.875 12/15/37Financials
0.37%
109
Allianz Se 6.550% Flt Perp Sr:144A
Other
0.36%
110
Emera Us Finance V/R 10/01/56
Other
0.36%
111
Entergy Corp Variable Rate, Due 06/15/2056
Other
0.36%
112
Citigroup Inc 6.95%
C V6.95 PERP FFFinancials
0.35%
113
Lancashire Holdings Limited 2041-09-18
Other
0.35%
114
Bnp Paribas 7.125 2175-02-17
Other
0.34%
115
Credit Suisse Group Ag 9,75%
CS 9.75 PERP 144AFinancials
0.34%
116
Jpmorgan Vrn 12/31/99 2099-12-31
Other
0.34%
117
Sumitomo Mitsui Finl Grp Regd V/R /Perp/ 6.60000000
SUMIBK V6.6 PERPFinancials
0.32%
118
Altagas Ltd V/R 10/15/54
ALACN V7.2 10/15/54 Utilities
0.31%
119
Goldman Sachs Group Inc 6.5 Perpetl 2/10/2175
Other
0.31%
120
American Express Co American Express Co
Other
0.30%
121
Canadian Imperial Bank Jr Subordina 01/85 Var
CM V6.95 01/28/85Financials
0.30%
122
Banco Santander Sa 7.25%
Other
0.29%
123
Corebridge Financial, Inc.
Other
0.29%
124
Intned V7.25 Perp 7.25% 12-31-2099
Other
0.29%
125
Citigroup Inc. 7%
C V7 PERP DDFinancials
0.27%
126
Verizon Communications Jr Subordina 05/56 Var 6.2% 05/14/2056
Other
0.25%
127
Banco Bilbao Vizcaya Arg 7.125% Flt Perp 7.125
Other
0.24%
128
Hsbc Holdings Plc 6.750% Flt Perp
Other
0.24%
129
Hsbc Holdings Plc 7.000% Flt Perp Sr:.
Other
0.24%
130
Assurant Inc 7% 03/27/2048
AIZ V7 03/27/48Financials
0.23%
131
Banort 8 3/4 Perp 11/20/2174
BANORT V8.75 PERP 14Financials
0.23%
132
Nextera Energy Capital 6.500% Flt 08/15/55 Sr:.
NEE V6.5 08/15/55 .Utilities
0.23%
133
Capital Farm Credit Aca Regd V/R /Perp/ 144A P/P Ser 1 5.00000000
CFCFCS V5 PERP 1Financials
0.22%
134
Goldman Sachs Group, Inc. (The), Series W
GS V7.5 PERP WFinancials
0.22%
135
Goldman Sachs Group Inc/The 6.85% Dec 31, 2079
GS V6.85 PERPFinancials
0.22%
136
Liberty Mutual Group Inc. 4.30 02/01/2061
LIBMUT 4.3 02/01/61 Financials
0.22%
137
Nippon Life Insurance Subordinated 144A 04/55 Var 6.5 20550430
NIPLIF V6.5 04/30/55Financials
0.22%
138
Prudential Financial Inc Variable Rate, Due 09/01/2052
PRU V6 09/01/52Financials
0.22%
139
Banco Mercantil Del Norte Sa Grand Cayman Brh 7.625%/Var Perp 144A
BANORTFinancials
0.19%
140
Cobank Acb Variable Rate
Other
0.19%
141
Bbva Mexico Sa Institucion De Banc 7.625 02/11/2035
BBVASM V7.625 02/11/Financials
0.18%
142
Metlife Inc Jr Subordina 144a 04/38 9.25
MET 9.25 04/08/38Financials
0.18%
143
Banco De Credito E Inversiones 8.75%/Var 12/31/2199 144A
BCICI V8.75 PERP 144Financials
0.17%
144
Entergy Corp 7.13% 01Dec2054
ETR V7.125 12/01/54Utilities
0.17%
145
Reinsurance Group Of America Inc 6.38% Sep 15, 2056 6.38 2056-09-15
Other
0.17%
146
Bank Of Montreal Jr Subordina 11/85 Var
BMO V6.875 11/26/85 Financials
0.16%
147
Cobank Acb Regd V/R /Perp/ 7.25000000 07/01/2172
CKNQPFinancials
0.16%
148
Metlife Inc Subordinated 03/55 Var
MET V6.35 03/15/55 GFinancials
0.16%
149
Credit Suisse Group Ag 6.375 08/21/2026
CS 6.375 PERP 144AFinancials
0.15%
150
Allianz Se 144A 6.5% Dec 31, 2079 6.5 2079-12-31
Other
0.14%
151
Eversource Energy 6.10% 08/15/2031 6.1
Other
0.14%
152
Nextera Energy Capital Holdings In 6.63 10/01/2066
Other
0.14%
153
Kuvare Us Holdings Inc
KUVARE V7 02/17/51 1Financials
0.13%
154
Lloyds Banking Group Plc 6.63 12/31/2079
Other
0.13%
155
Bnp Paribas Sa 7.375 2034-09-10
BNP V7.375 PERP 144AFinancials
0.12%
156
Citigroup Inc 7.2 2072-08-15
C V7.2 PERP BBFinancials
0.12%
157
Credit Suisse Group Ag 5.25% 12/31/2099
CS 5.25 PERP 144AFinancials
0.12%
158
Farm Credit Bk Of Texas Jr Subordina 12/99 Var
FARMCB V7 PERP 6Financials
0.11%
159
Assured Guaranty Municipal Holdings Inc
AGO V6.4 12/15/66 14Financials
0.11%
160
Land O Lakes Ca 7.45% 03/15/28
LLAKES 7.45 03/15/28Consumer Staples
0.11%
161
Banco Mercantil De Norte Jr Subordina 144A 12/99 Var
BANORT V6.625 PERP 1Financials
0.10%
162
Credit Suisse Group Ag Regd V/r /perp/ 144a P/p 7.50000000
CS 7.5 PERP 144aFinancials
0.08%
163
Farm Credit Bk Of Texas Regd V/R /Perp/ 7.75000000
FARMCB V7.75 PERPFinancials
0.08%
164
Assured Guaranty Municipal Holdings Inc 6.4 12/15/2036
Other
0.08%
165
Banc Credito Invers V/R /Perp 8.75%
BCICI V8.75 PERP REGFinancials
0.05%
166
Bbva Bancomer Sa V/R 09/13/34
BBVASM V5.875 09/13/Financials
0.04%
167
Credit Suisse Group Ag, Floating Rate, Perpetual
CS 6.25 PERP 144AFinancials
0.04%
168
Farm Credit Bank of Texas
FCTX.ZFinancials
0.04%
169
Morgan Stanley 5.88% 12/31/2049
MS V5.875 PERP MFinancials
0.04%
170
Jpmorgan Chase Bank, 6.125% Perp., USD
VOYA V7.758 PERP AFinancials
0.04%
171
Compeer Financial Aca
AGSTAR V4.875 PERP QFinancials
0.03%
172
Land O'Lakes Inc /Pfd
Other
0.02%
173
Dominion Energy Inc 6.88% 01Feb2055
D V6.875 02/01/55 AUtilities
0.01%
174
Euro
Other
0.00%

#	Company	Ticker	Weight
1	Bank Of America Corp. 5Y Us Ti + 2.684 12/31/9999	BAC V6.625 PERP	3.180%
2	Citigroup Inc 05/15/2174	-	2.130%
3	Credit Agricole Sa 7.13% Sep 23/35	-	2.020%
4	Ing Groep Nv 7.000% Flt Perp Sr:.	-	1.740%
5	Banco Bilbao Vizcaya Argentaria Sa 7.75 12/31/2079	BBVAP2:MA	1.650%
6	Enbridge Inc 8.5% 01/15/2084	ENBCN V8.5 01/15/84	1.520%
7	Banco Santander, S.A. 9.625 02-21-2172	SANTAN V9.625 PERP _	1.470%
8	Charles Schwab Corp Jr Subordina 12/99 Var 5	SCHW V4 PERP H	1.460%
9	Bank Of Montreal 7.7%	BMO V7.7 05/26/84	1.410%
10	Bnp Paribas Sa 8.5 2028/08/14	BNP V8.5 PERP 144A	1.280%
11	Commerzbank Ag Variable Rate	-	1.270%
12	Bnp Paribas 7.200% Flt Perp Sr:144A 7.2	-	1.230%
13	Canadian Imperial Bank 7.000% Flt 10/28/85	CM V7 10/28/85	1.230%
14	Hsbc Hold Vrn 12/31/2199	HSBC V6.95 PERP	1.230%
15	Wells Fargo + Company Jr Subordina 12/99 Var	WFC V6.85 PERP	1.220%
16	Hartford Financial Services Group Inc/The 7.70899 2067-02-12	HIG F 02/12/47 ICON	1.200%
17	Jpmorgan Chase + Co Jr Subordina 12/99 Var12/31/2099	JPM V6.875 PERP NN	1.200%
18	VERIZON COMMUNICATIONS INC 6.75 02/15/2057	-	1.150%
19	Bell Telephone Company (Nc10.5) 7 09/15/2055	BCECN V7 09/15/55	1.120%
20	Barclays Plc 8 12/71	A3K745	1.090%
21	Natwest Group Plcperpetual Bonds	NWG V8.125 PERP	1.090%
22	Lloyds Banking Group Plc 8.0000% Mat 06/27/2172	LLOYDS V8 PERP	1.040%
23	Wells Fargo & Co., Class A, Series L, Conv. Pfd.	WFC.PRL	1.040%
24	American Electric Power Co Inc 6.05 03/15/2056	-	1.030%
25	Bank Of N Vrn 10/27/85	-	1.020%
26	Aes Corporation (The) 6.95% Jul 15, 2055	AES V6.95 07/15/55	1.000%
27	Wells Fargo Co 6.125 6/74	-	0.990%
28	Athene Holding Ltd Jr Subordina 06/55 Var	ATH V6.875 06/28/55	0.970%
29	Sempra 6.4 2054-10-01	SRE V6.4 10/01/54	0.950%
30	Societe Generale Regd V/R /Perp/ 144A P/P 10.00000000	SOCGEN	0.940%
31	Amer Agcredit Aca Jr Subordina 144A Var 5.25% 2099-12-31	AAGACA V5.25 PERP QI	0.940%
32	Eushi Finance Inc Company Guar 04/56 Var	-	0.940%
33	Huntington Bancshares Inc/OH 0.0625 12/f31/2099	-	0.940%
34	Societe Generale Sa	SOCGEN	0.940%
35	American Electric Power Company, Inc. 6.95% Dec 15/54	AEP V6.95 12/15/54	0.930%
36	ROYAL BANK OF CANADA JR SUBORDINA 08/85 VAR	RY V6.75 08/24/85	0.930%
37	Eversource Energy 6.35% Aug 15, 2056 6.35 2056-08-15	-	0.920%
38	Goldman Sachs Group Inc (The) 7.5%/Var Perp	GS V7.5 PERP X	0.910%
39	Banco Santander Sa 0.08% Dec 31/99	SANTAN V8 PERP	0.900%
40	Pimco Preferred And Capital Securities Active Exchange-Traded Fund Usetf 6.7% 01/00/1900	ACAFP V6.7 PERP 144A	0.880%
41	Dominion Energy Inc 7 06/01/2054	D V7 06/01/54 B	0.860%
42	Bank Of Nova Scotia/The 8 01-27-2084	BNS V8 01/27/84	0.800%
43	Barclays Plc 7.63 2099-12-31	BACR V7.625 PERP	0.790%
44	Banco Bilbao Vizcaya Argentaria Sa 9.375	BBVASM	0.780%
45	Bank Of Nova Scotia Jr Subordina 10/82 Var	BNS V8.625 10/27/82	0.780%
46	Global Atlantic Fin Co Company Guar 144A 03/56 Var	-	0.780%
47	Nordea Ba Vrn 12/31/2199	-	0.780%
48	Bank Nova Scoti 7.35 4/85	BNS V7.35 04/27/85	0.760%
49	Verizon Communications Jr Subordina 02/59 Var	-	0.750%
50	Centerpoint Energy, Inc., Series B 02/15/2055	CNP V6.85 02/15/55 B	0.730%
51	Global Atlantic (Fin) Company 7.95% Oct 15/54	GBLATL V7.95 10/15/5	0.720%
52	Rogers Communications In Regd V/R 7.12500000 7.125 04/15/2055	RCICN V7.125 04/15/5	0.720%
53	Deutsche Bank Ag Variable Rate	-	0.710%
54	Bank Of Montreal Jr Subordina 11/84 Var %	BMO V7.3 11/26/84	0.670%
55	Enbridge Inc 7.63 01/15/2083	ENBCN V7.625 01/15/8	0.670%
56	State Street Corp Jr Subordina 12/99 Var	STT V6.7 PERP J	0.670%
57	Telus Corp V/R 06/09/56 2056-06-09	-	0.670%
58	Bnp Paribas 8.000000% Maturity: Perpetual 8 2172-08-22	BNP V8 PERP 144A	0.660%
59	Toronto-D Vrn 10/31/85	-	0.660%
60	Hsbc Holdings Plc Jr Subordina 12/99 Var 7.25 12/31/2099	HSBC V7.05 PERP	0.650%
61	Corebridge Financial Inc Variable Rate, Due 09/15/2054	CRBG V6.375 09/15/54	0.640%
62	Natwest Group Plc 5.125 05/12/2027	-	0.640%
63	Spire Inc. 0% 05/31/2056	-	0.640%
64	Cnp Assurances V/R /Perp/ 4.875 12/31/2500	-	0.640%
65	Hsbc Holdings Plc 8 Perp	HSBC V8 PERP	0.630%
66	Telus Corp 7% 15Oct2055	TCN V7 10/15/55	0.630%
67	Wells Fargo + Company Jr Subordina 12/99 Var	WFC V7.625 PERP	0.630%
68	Dominion Energy Inc Jr Subordina 05/55 Var	D V6.625 05/15/55	0.610%
69	Entergy Corp Variable Rate, Due 12/15/2056	-	0.610%
70	Bbvasm V8.45 06/29/38 144A	BBVASM V8.45 06/29/3	0.600%
71	Duke Energy Corp Jr Subordina 09/54 Var	DUK V6.45 09/01/54	0.580%
72	Nextera Energy Capital Holdings,6.75 06/15/2054	NEE V6.75 06/15/54	0.580%
73	The Pnc Financial Services Group, Inc. 6.00% Dec 31/99 6% 12/31/2099	PNC V6 PERP U	0.580%
74	Dominion Energy, Inc. 6.2 02/14/2056	D V6.2 02/15/56	0.570%
75	Mitsubishi Ufj Fin Grp Variable Rate	-	0.570%
76	Air Lease Vrn 12/31/99	AL V6 PERP D	0.530%
77	Land O' Lakes Inc 144a 7.250000% Maturity: Perpetual	LLAKES 7.25 PERP 144	0.530%
78	State Street Corp Jr Subordina 12/99 Var 6.7	STT V6.7 PERP I	0.530%
79	Bnp Paribas Sa	BNP V7.75 PERP 144A	0.520%
80	Dte Energy Co V/R 07/01/58	-	0.520%
81	Meiji Yasuda Life Insura 6.100% Flt 06/11/55 Sr:144A	MYLIFE V6.1 06/11/55	0.520%
82	Nextera Energy Capital 30Nc10 6.2 10/01/2056	-	0.510%
83	Royal Bank Of Canada Jr Subordina 11/85 Var 6.5 11/24/2085	-	0.510%
84	American National Group 7.000% Flt 12/01/55	ANGINC V7 12/01/55	0.500%
85	Ing Groep Nv Variable Rate	-	0.490%
86	Land O'Lakes Inc 8% /perp	LLAKES 8 PERP 144A	0.480%
87	Citigroup Inc 6.875 11/73 6.88 2173-11-15	C	0.460%
88	Banco Mercantil De Norte Jr Subordina 144A Var 12/99 8.37	BANORT:KY	0.450%
89	Land O'lakes Inc 7%	LLAKES 7 PERP 144A	0.450%
90	Pnc Financial Services Group, Inc. 6.2506/15/2023	PNC V6.25 PERP W	0.450%
91	Southern Co 6.375 3/15/2055 6.38 2055-03-15	SO V6.375 03/15/55 2	0.450%
92	Ares Fice Co. Iii Llc 4.125% 6/30/2051	ARES V4.125 06/30/51	0.440%
93	Nomura Holdings Inc 7 Dec 31, 2079	NOMURA V7 PERP	0.440%
94	Eushi Finance Inc Company Guar 12/54 Var	EMACN V7.625 12/15/5	0.430%
95	Swedbank Ab Variable Rate	-	0.430%
96	Nisource Inc. 6.375 03/30/2055	NI V6.375 03/31/55	0.420%
97	US Dollar	-	0.420%
98	Goldman Sachs Group Inc Jr Subordina 12/99 Var	GS V6.125 PERP Y	0.410%
99	Banco Mercantil Del Norte, S.a.	BANORT V7.5 PERP 144	0.400%
100	Banco Santander Sa	SANP3	0.390%
101	Compeer Financial Aca Compeer Financial Aca 0 1900-01-00	-	0.390%
102	Charles Schwab Corp. 5Y Us Ti + 2.25 12/31/9999 2.25 9999-12-31	-	0.390%
103	Barclays Plc 9.625%	BACR V9.625 PERP	0.380%
104	Emera Us Finance Llc 6.65 10/01/2056	-	0.380%
105	Banco Mercantil Del Norte Sa (Nc10 144A 8.45 12/31/2079	-	0.370%
106	First Citizens Bancshares Inc (Delaware)	-	0.370%
107	Liberty Mutual Gr V/R 12/15/51	LIBMUT V4.125 12/15/	0.370%
108	Metlife Capital Trust Iv	MET 7.875 12/15/37	0.370%
109	Allianz Se 6.550% Flt Perp Sr:144A	-	0.360%
110	Emera Us Finance V/R 10/01/56	-	0.360%
111	Entergy Corp Variable Rate, Due 06/15/2056	-	0.360%
112	Citigroup Inc 6.95%	C V6.95 PERP FF	0.350%
113	Lancashire Holdings Limited 2041-09-18	-	0.350%
114	Bnp Paribas 7.125 2175-02-17	-	0.340%
115	Credit Suisse Group Ag 9,75%	CS 9.75 PERP 144A	0.340%
116	Jpmorgan Vrn 12/31/99 2099-12-31	-	0.340%
117	Sumitomo Mitsui Finl Grp Regd V/R /Perp/ 6.60000000	SUMIBK V6.6 PERP	0.320%
118	Altagas Ltd V/R 10/15/54	ALACN V7.2 10/15/54	0.310%
119	Goldman Sachs Group Inc 6.5 Perpetl 2/10/2175	-	0.310%
120	American Express Co American Express Co	-	0.300%
121	Canadian Imperial Bank Jr Subordina 01/85 Var	CM V6.95 01/28/85	0.300%
122	Banco Santander Sa 7.25%	-	0.290%
123	Corebridge Financial, Inc.	-	0.290%
124	Intned V7.25 Perp 7.25% 12-31-2099	-	0.290%
125	Citigroup Inc. 7%	C V7 PERP DD	0.270%
126	Verizon Communications Jr Subordina 05/56 Var 6.2% 05/14/2056	-	0.250%
127	Banco Bilbao Vizcaya Arg 7.125% Flt Perp 7.125	-	0.240%
128	Hsbc Holdings Plc 6.750% Flt Perp	-	0.240%
129	Hsbc Holdings Plc 7.000% Flt Perp Sr:.	-	0.240%
130	Assurant Inc 7% 03/27/2048	AIZ V7 03/27/48	0.230%
131	Banort 8 3/4 Perp 11/20/2174	BANORT V8.75 PERP 14	0.230%
132	Nextera Energy Capital 6.500% Flt 08/15/55 Sr:.	NEE V6.5 08/15/55 .	0.230%
133	Capital Farm Credit Aca Regd V/R /Perp/ 144A P/P Ser 1 5.00000000	CFCFCS V5 PERP 1	0.220%
134	Goldman Sachs Group, Inc. (The), Series W	GS V7.5 PERP W	0.220%
135	Goldman Sachs Group Inc/The 6.85% Dec 31, 2079	GS V6.85 PERP	0.220%
136	Liberty Mutual Group Inc. 4.30 02/01/2061	LIBMUT 4.3 02/01/61	0.220%
137	Nippon Life Insurance Subordinated 144A 04/55 Var 6.5 20550430	NIPLIF V6.5 04/30/55	0.220%
138	Prudential Financial Inc Variable Rate, Due 09/01/2052	PRU V6 09/01/52	0.220%
139	Banco Mercantil Del Norte Sa Grand Cayman Brh 7.625%/Var Perp 144A	BANORT	0.190%
140	Cobank Acb Variable Rate	-	0.190%
141	Bbva Mexico Sa Institucion De Banc 7.625 02/11/2035	BBVASM V7.625 02/11/	0.180%
142	Metlife Inc Jr Subordina 144a 04/38 9.25	MET 9.25 04/08/38	0.180%
143	Banco De Credito E Inversiones 8.75%/Var 12/31/2199 144A	BCICI V8.75 PERP 144	0.170%
144	Entergy Corp 7.13% 01Dec2054	ETR V7.125 12/01/54	0.170%
145	Reinsurance Group Of America Inc 6.38% Sep 15, 2056 6.38 2056-09-15	-	0.170%
146	Bank Of Montreal Jr Subordina 11/85 Var	BMO V6.875 11/26/85	0.160%
147	Cobank Acb Regd V/R /Perp/ 7.25000000 07/01/2172	CKNQP	0.160%
148	Metlife Inc Subordinated 03/55 Var	MET V6.35 03/15/55 G	0.160%
149	Credit Suisse Group Ag 6.375 08/21/2026	CS 6.375 PERP 144A	0.150%
150	Allianz Se 144A 6.5% Dec 31, 2079 6.5 2079-12-31	-	0.140%
151	Eversource Energy 6.10% 08/15/2031 6.1	-	0.140%
152	Nextera Energy Capital Holdings In 6.63 10/01/2066	-	0.140%
153	Kuvare Us Holdings Inc	KUVARE V7 02/17/51 1	0.130%
154	Lloyds Banking Group Plc 6.63 12/31/2079	-	0.130%
155	Bnp Paribas Sa 7.375 2034-09-10	BNP V7.375 PERP 144A	0.120%
156	Citigroup Inc 7.2 2072-08-15	C V7.2 PERP BB	0.120%
157	Credit Suisse Group Ag 5.25% 12/31/2099	CS 5.25 PERP 144A	0.120%
158	Farm Credit Bk Of Texas Jr Subordina 12/99 Var	FARMCB V7 PERP 6	0.110%
159	Assured Guaranty Municipal Holdings Inc	AGO V6.4 12/15/66 14	0.110%
160	Land O Lakes Ca 7.45% 03/15/28	LLAKES 7.45 03/15/28	0.110%
161	Banco Mercantil De Norte Jr Subordina 144A 12/99 Var	BANORT V6.625 PERP 1	0.100%
162	Credit Suisse Group Ag Regd V/r /perp/ 144a P/p 7.50000000	CS 7.5 PERP 144a	0.080%
163	Farm Credit Bk Of Texas Regd V/R /Perp/ 7.75000000	FARMCB V7.75 PERP	0.080%
164	Assured Guaranty Municipal Holdings Inc 6.4 12/15/2036	-	0.080%
165	Banc Credito Invers V/R /Perp 8.75%	BCICI V8.75 PERP REG	0.050%
166	Bbva Bancomer Sa V/R 09/13/34	BBVASM V5.875 09/13/	0.040%
167	Credit Suisse Group Ag, Floating Rate, Perpetual	CS 6.25 PERP 144A	0.040%
168	Farm Credit Bank of Texas	FCTX.Z	0.040%
169	Morgan Stanley 5.88% 12/31/2049	MS V5.875 PERP M	0.040%
170	Jpmorgan Chase Bank, 6.125% Perp., USD	VOYA V7.758 PERP A	0.040%
171	Compeer Financial Aca	AGSTAR V4.875 PERP Q	0.030%
172	Land O'Lakes Inc /Pfd	-	0.020%
173	Dominion Energy Inc 6.88% 01Feb2055	D V6.875 02/01/55 A	0.010%
174	Euro	-	0.000%