NPFD ETF

$18.79

TER0.83%

Holdings189

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NPFD ETF

$18.79

Nuveen Variable Rate Preferred & Income Fund

TER0.83%

Holdings189

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

Leveraged fund≈2xWeights reflect notional exposure via swaps/derivatives and do not sum to 100%.

Net exposure

144.6%

Gross exposure

155.8%

Long

150.2%

Short

-5.6%

Cash & collateral

0.7%

As of Jan 31, 2026

Showing top 50 of 186 holdings · as of Jan 31, 2026

NPFD holdings, by weight
#	Ticker	Name	Weight	Cumulative	Shares	Mkt value	Share chg	Sector	Industry
1	—	JPMorgan Chase + Co Jr Subordina 12/99 Var12/31/2099Financials · Banks	3.83%	3.8%	-	$18.74M	-	Financials	Banks
2	Debt	Bank Of America Corp. 5Y Us Ti +Financials · Banks	3.82%	7.7%	-	$18.68M	-	Financials	Banks
Share changes, sector and industry · Pro
3	Debt	Sbl Holdings Inc Sr Unsecured 144a Var	2.79%	10.4%	-	$13.64M
4	—	Wells Fargo + Company Jr Subordina 12/99 Var	2.75%	13.2%	-	$13.46M
5	Debt	Truist Financial Corp	2.70%	15.9%	-	$13.23M
6	—	Wells Fargo + Company Jr Subordina 12/99 Var	2.69%	18.6%	-	$13.15M
7	—	Goldman Sachs Group Inc (The) 7.5%/Var Perp	2.39%	21.0%	-	$11.69M
8	Debt	Ultra U.S. Treasury Bond Futures, Jun-2026,Eth	2.15%	23.1%	-	$10.54M
9	—	General Motors Financial Co Inc	2.13%	25.3%	-	$10.42M
10	—	Emera Inc V/R 06/15/76	2.09%	27.3%	-	$10.21M
11	Debt	Enbridge Inc	2.03%	29.4%	-	$9.95M
12	Debt	JPMorgan Chase & Co	1.84%	31.2%	-	$9.01M
13	Debt	Assurant Inc	1.69%	32.9%	-	$8.28M
14	—	Banco Santander, S.A. 9.625 02-21-2172	1.68%	34.6%	-	$8.21M
15	—	Natwest Group Plcperpetual Bonds	1.68%	36.3%	-	$8.21M
16	—	Lloyds Banking Group Plc 8.0000% Mat 06/27/2172	1.55%	37.8%	-	$7.59M
17	—	Keycorp KEY.PR.L	1.54%	39.3%	297,600	$7.54M
18	—	Huntington Bancshares Regd V/r /perp/ Ser F 5.62500000	1.54%	40.9%	-	$7.52M
19	—	First Citizens Banc V/R /perp	1.48%	42.4%	-	$7.23M
20	—	Energy Transfer Lp Regd V/R /Perp/ Ser G 7.12500000	1.47%	43.8%	-	$7.20M
21	—	PNC Financial Servi V/R /Perp/	1.45%	45.3%	-	$7.10M
22	—	Ing Groep Nv Variable Rate	1.45%	46.7%	-	$7.09M
23	PRU	Prudential Financial Inc 03/11/2024 Var 03/15/2054	1.44%	48.2%	-	$7.04M
24	Debt	Enbridge Inc	1.42%	49.6%	-	$6.94M
25	—	Sempra Jr Subordina 04/55 Var %	1.35%	50.9%	-	$6.59M
26	—	Nextera Energy Ca V/R 06/15/54	1.34%	52.3%	-	$6.56M
27	Debt	Bank Of America Corp Jr Subordina 12/99 Var	1.34%	53.6%	-	$6.54M
28	CFG	Citizens Financial Group 12/99 1	1.32%	55.0%	-	$6.47M
29	Debt	Cobank Acb	1.25%	56.2%	-	$6.10M
30	—	Enstar Finance Ll V/R 01/15/42	1.24%	57.4%	-	$6.07M
31	—	Chs Inc (Pfd) 7.10% Series 2	1.23%	58.7%	237,055	$6.03M
32	—	Goldman Sachs Group Inc/The 6.85% Dec 31, 2079	1.23%	59.9%	-	$6.03M
33	—	Deutsche Bank Ag Jr Subordina Regs 05/49 Var	1.23%	61.1%	-	$6.03M
34	—	PNC Financial Services Group, Inc. 6.2506/15/2023	1.21%	62.3%	-	$5.92M
35	ESGR	Enstar Group, Ltd.	1.19%	63.5%	243,575	$5.82M
36	—	Bnp Paribas 8.000000% Maturity: Perpetual 8 2172-08-22	1.16%	64.7%	-	$5.69M
37	—	Citigroup Inc., Series Cc	1.13%	65.8%	-	$5.54M
38	—	Goldman Sachs Group, Inc. (The), Series W	1.11%	66.9%	-	$5.44M
39	—	Air Lease Vrn 12/31/99	1.10%	68.0%	-	$5.39M
40	—	Goldman Sachs Group Inc Jr Subordina 12/99 Var	1.09%	69.1%	-	$5.35M
41	VOYA	Voya Financial Inc	1.05%	70.2%	211,000	$5.14M
42	—	Bank Of Montreal Jr Subordina 11/84 Var %	1.04%	71.2%	-	$5.10M
43	Debt	Et V6	1.02%	72.2%	-	$4.98M
44	—	Transcanada Pipelines 3m Libor+221 05/15/2067	1.02%	73.2%	-	$5.01M
45	—	Societe Generale Sa 0 2026-05-26	1.01%	74.3%	-	$4.94M
46	—	Energy Transfer Lp Regd V/R 8.00000000	1.00%	75.3%	-	$4.88M
47	—	Athene Holding Ltd Pr Pfd	0.99%	76.2%	194,775	$4.83M
48	—	Vistra Vision Llc 8.875% 1900-01-00	0.99%	77.2%	-	$4.83M
49	—	Hsbc Holdings Plc 8 Perp	0.98%	78.2%	-	$4.80M
50	—	Hsbc Holdings Plc 5Y Us Ti + 3.191	0.98%	79.2%	-	$4.78M
More holdings · Pro

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NPFD ETF All Holdings

NPFD holdings total 189 positions. The top 10 holdings account for 27.3% of the fund, led by Jpmorgan Chase + Co Jr Subordina 12/99 Var12/31/2099 at 3.8%, Bank Of America Corp. 5Y Us Ti + 2.684 12/31/9999 at 3.8%, Sbl Holdings Inc Sr Unsecured 144a Var at 2.8%.

NPFD portfolio concentration is well-diversified, with the top 10 representing 27.3% of total assets. The largest sector exposure is Financials at 97.4%.

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

Compare NPFD

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

NPFD ETF Holdings

186 of 189 holdings

Sector

Industry

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1
Jpmorgan Chase + Co Jr Subordina 12/99 Var12/31/2099
JPM V6.875 PERP NNFinancials
3.83%
2
Bank Of America Corp. 5Y Us Ti + 2.684 12/31/9999
BAC V6.625 PERPFinancials
3.82%
3
Sbl Holdings Inc Sr Unsecured 144a Var
Other
2.79%
4
Wells Fargo + Company Jr Subordina 12/99 Var
WFC V6.85 PERPFinancials
2.75%
5
Truist Financial Corp 4.8 12/31/2099
TFC V6.669 PERP NFinancials
2.70%
6
Wells Fargo + Company Jr Subordina 12/99 Var
WFC V7.625 PERPFinancials
2.69%
7
Goldman Sachs Group Inc (The) 7.5%/Var Perp
GS V7.5 PERP XFinancials
2.39%
8
Ultra U.S. Treasury Bond Futures, Jun-2026,Eth
Other
2.15%
9
General Motors Financial Co Inc
GMFinancials
2.13%
10
Emera Inc V/R 06/15/76
EMACN V6.75 06/15/76Utilities
2.09%
11
Enbridge Inc 8.5% 01/15/2084
ENBCN V8.5 01/15/84Energy
2.03%
12
Jpmorgan Chase & Co 6.5 04/01/2174
JPM V6.5 PERP OOFinancials
1.84%
13
Assurant Inc 7% 03/27/2048
AIZ V7 03/27/48Financials
1.69%
14
Banco Santander, S.A. 9.625 02-21-2172
SANTAN V9.625 PERP _Financials
1.68%
15
Natwest Group Plcperpetual Bonds
NWG V8.125 PERPFinancials
1.68%
16
Lloyds Banking Group Plc 8.0000% Mat 06/27/2172
LLOYDS V8 PERPFinancials
1.55%
17
Keycorp KEY.PR.L
KEY.PR.LFinancials
1.54%
18
Huntington Bancshares Regd V/r /perp/ Ser F 5.62500000
HBAN V5.625 PERP FFinancials
1.54%
19
First Citizens Banc V/R /perp
FCNCA V0 PERP BFinancials
1.48%
20
Energy Transfer Lp Regd V/R /Perp/ Ser G 7.12500000
ET V7.125 PERP GEnergy
1.47%
21
Pnc Financial Servi V/R /Perp/
PNC V6.2 PERP VFinancials
1.45%
22
Ing Groep Nv Variable Rate
INTNED:ASFinancials
1.45%
23
Prudential Financial Inc 03/11/2024 Var 03/15/2054
PRU V6.5 03/15/54Financials
1.44%
24
Enbridge Inc 7.63 01/15/2083
ENBCN V7.625 01/15/8Energy
1.42%
25
Sempra Jr Subordina 04/55 Var %
SRE V6.55 04/01/55Utilities
1.35%
26
Nextera Energy Ca V/R 06/15/54
NEE V6.75 06/15/54Utilities
1.34%
27
Bank Of America Corp Jr Subordina 12/99 Var 6.625 07/24/2025
BAC V6.25 PERPFinancials
1.34%
28
Citizens Financial Group 12/99 1
CFG V6.375 PERP CFinancials
1.32%
29
Cobank Acb 6.45% 12/31/2049
COBKAC V6.45 PERP KFinancials
1.25%
30
Enstar Finance Ll V/R 01/15/42
ESGR V5.5 01/15/42Financials
1.24%
31
Chs Inc (Pfd) 7.10% Series 2
CHSINC V7.1 PERP 2Industrials
1.23%
32
Goldman Sachs Group Inc/The 6.85% Dec 31, 2079
GS V6.85 PERPFinancials
1.23%
33
Deutsche Bank Ag Jr Subordina Regs 05/49 Var
Other
1.23%
34
Pnc Financial Services Group, Inc. 6.2506/15/2023
PNC V6.25 PERP WFinancials
1.21%
35
Enstar Group, Ltd.
ESGRFinancials
1.19%
36
Bnp Paribas 8.000000% Maturity: Perpetual 8 2172-08-22
BNP V8 PERP 144AFinancials
1.16%
37
Citigroup Inc., Series Cc
C V7.125 PERP CCFinancials
1.13%
38
Goldman Sachs Group, Inc. (The), Series W
GS V7.5 PERP WFinancials
1.11%
39
Air Lease Vrn 12/31/99
AL V6 PERP DIndustrials
1.10%
40
Goldman Sachs Group Inc Jr Subordina 12/99 Var
GS V6.125 PERP YFinancials
1.09%
41
Voya Financial Inc
VOYA.PR.BFinancials
1.05%
42
Bank Of Montreal Jr Subordina 11/84 Var %
BMO V7.3 11/26/84Financials
1.04%
43
Et V6.75 02/15/56 Corp
ET V6.75 02/15/56Energy
1.02%
44
Transcanada Pipelines 3m Libor+221 05/15/2067
TRPCN V0 05/15/67Energy
1.02%
45
Societe Generale Sa 0 2026-05-26
Other
1.01%
46
Energy Transfer Lp Regd V/R 8.00000000
ET V8 05/15/54Energy
1.00%
47
Athene Holding Ltd Pr Pfd
ATH V6.35 PERP AFinancials
0.99%
48
Vistra Vision Llc 8.875% 1900-01-00
VST V8.875 PERP CUtilities
0.99%
49
Hsbc Holdings Plc 8 Perp
HSBC V8 PERPFinancials
0.98%
50
Hsbc Holdings Plc 5Y Us Ti + 3.191
HSBC V6.95 PERPFinancials
0.98%
51
Ubs Group Ag 2028-11-13
UBS V9.25 PERP 144aFinancials
0.96%
52
American National Group Inc
AEL.PRAUnknown
0.95%
53
Enbridge Inc. 0.055% 2077/07/15
ENBCN V5.5 07/15/77Energy
0.93%
54
Credit Agricole Sa 7.13% Sep 23/35
Other
0.92%
55
Entergy Corp 7.13% 01Dec2054
ETR V7.125 12/01/54Utilities
0.92%
56
Ubs Group Agperpetual Bonds
UBS V9.25 PERP 144AFinancials
0.92%
57
State Street Corp Jr Subordina 12/99 Var 6.7
STT V6.7 PERP IFinancials
0.90%
58
Citigroup Inc V/R /Perp
CFinancials
0.87%
59
Citigroup Inc 6.875 11/73 6.88 2173-11-15
CFinancials
0.87%
60
Pimco Preferred And Capital Securities Active Exchange-Traded Fund Usetf 6.7% 01/00/1900
ACAFP V6.7 PERP 144AFinancials
0.87%
61
Ubs Group Ag Regd V/R /Perp/ 144A P/P 7.75000000
Other
0.85%
62
Rogers Communications In Regd V/R 7.12500000 7.125 04/15/2055
RCICN V7.125 04/15/5Communication Services
0.84%
63
Regions Financial Corp
RF.PR.CFinancials
0.83%
64
Corebridge Financial Inc Variable Rate, Due 09/15/2054
CRBG V6.375 09/15/54Financials
0.83%
65
Reinsurance Group of America, Incorporated
RGAFinancials
0.82%
66
Bell Telephone Company (Nc10.5) 7 09/15/2055
BCECN V7 09/15/55Communication Services
0.81%
67
Ing Groep Nv 7.000% Flt Perp Sr:.
Other
0.81%
68
Cobank Acb 5Y Us Ti + 2.818
COBKAC V7.125 PERP MFinancials
0.80%
69
Dominion Energy Inc 7 06/01/2054
D V7 06/01/54 BUtilities
0.79%
70
Hsbc Holdings Plc 5Y Us Ti + 3.298 12/31/9999
HSBC V6.875 PERP ***Financials
0.79%
71
Bnp Paribas Sa
BNP V7.75 PERP 144AFinancials
0.77%
72
Barclays Plc 8 12/71
A3K745Financials
0.77%
73
Morgan Stanley Prefer Pfd
MS 6.625 PERP QFinancials
0.77%
74
South Bow Canadian Infrastructure Holdings Ltd 0.075 03/01/2055
SOBOCNUtilities
0.77%
75
ROYAL BANK OF CANADA JR SUBORDINA 08/85 VAR
RY V6.75 08/24/85Financials
0.76%
76
Aes Corp/The 0.0695 07/F15/2055
AES V6.95 07/15/55Utilities
0.76%
77
Canadian Imperial Bank Jr Subordina 01/85 Var
CM V6.95 01/28/85Financials
0.76%
78
Capital One Finl. Cor F2F
COF V5.5 PERP OFinancials
0.76%
79
Toronto-Dominion Bank Variable Rate, Due 10/31/2082
TD V8.125 10/31/82Financials
0.75%
80
Bank Of Montreal Jr Subordina 11/85 Var
BMO V6.875 11/26/85 Financials
0.74%
81
The Bank Of New York Mellon Corporation, Series K, Variable Rate
BK V6.15 PERP KFinancials
0.73%
82
Omnis Fun 6.722% 05/15/55
RGA 6.722 05/15/55Financials
0.73%
83
Aercap Ireland Capital Dac / Aercap Global Aviation Trust Var.Rt. Corp. Bonds
AER V6.95 03/10/55Financials
0.72%
84
Banco Santander Sa 0.08% Dec 31/99
SANTAN V8 PERPFinancials
0.72%
85
Barclays Plc 9.625%
BACR V9.625 PERPFinancials
0.72%
86
Cms Energy Corp 6.5 2055-06-01
CMS V6.5 06/01/55Utilities
0.72%
87
Prudential Fin 6.75 03/01/2053
PRU V6.75 03/01/53Financials
0.71%
88
Fixed Inc Clearing Corp.Repo 1.44 7/1/2022
DSVXXUnknown
0.70%
89
Canadian Imperial Bank 7.000% Flt 10/28/85
CM V7 10/28/85Financials
0.70%
90
Huntington Bancshares Inc/OH 0.0625 12/f31/2099
Other
0.70%
91
Duke Energy Corp Jr Subordina 09/54 Var
DUK V6.45 09/01/54Utilities
0.69%
92
American National Group 7.000% Flt 12/01/55
ANGINC V7 12/01/55Financials
0.68%
93
Bank Of Nova Scotia/The 8 01-27-2084
BNS V8 01/27/84Financials
0.68%
94
Aercap Ireland Cap/Globa Company Guar 01/56 Var
AER V6.5 01/31/56Financials
0.67%
95
Royal Bank Of Canada 6.5 05/24/2086 6.5
Other
0.67%
96
Sbl Holdings, Llc 6.5% 12/31/2099
Other
0.67%
97
Toronto-D Vrn 10/31/85
Other
0.67%
98
Venture Global Lng Inc 144A 12/31/2079 9
VENLNG V9 PERP 144aEnergy
0.66%
99
Capital Farm Credit Aca Regd V/R /Perp/ 144A P/P Ser 1 5.00000000
CFCFCS V5 PERP 1Financials
0.66%
100
General Motors Financial Co Inc (Pfd) 5.70% 03/30/2172 Perpetual
GM V5.7 PERP CFinancials
0.66%
101
Ilfc E-capital Trust I
AER V0 12/21/65 144AFinancials
0.65%
102
Citigroup Inc. 7%
C V7 PERP DDFinancials
0.64%
103
Fifth Third Bancorp, Series I, Pfd.
FITBIFinancials
0.64%
104
Dominion Energy, Inc. 6.625 05/14/2055
D V6.625 05/15/55Utilities
0.63%
105
Credit Suisse Group Ag 0.000% 01/17/2172
Other
0.63%
106
M&T Bank Corp 5.125 05/01/2170
MTB V5.125 PERP FFinancials
0.61%
107
Phoenix Group Holdings Plc 8.5% 12/12/2029
Other
0.61%
108
Sunoco LP 7.88 03/18/2174
Other
0.60%
109
Chs Inc
CHSCMIndustrials
0.59%
110
Citigroup Inc Jr Subordina 12/49 Var
C V6.25 PERP TFinancials
0.59%
111
Eushi Finance Inc Company Guar 12/54 Var
EMACN V7.625 12/15/5Financials
0.58%
112
Ally Finl Inc 4.7%/Var Perp
ALLY V4.7 PERP CFinancials
0.57%
113
Assured Guaranty Municipal Holdings Inc
AGO V6.4 12/15/66 14Financials
0.57%
114
Farm Credit Bk Of Texas Regd V/R /Perp/ 7.75000000
FARMCB V7.75 PERPFinancials
0.55%
115
Rlgh Finance Bermuda Ltd. 6.88% May 19/32
Other
0.55%
116
Metlife Inc
MET 10.75 08/01/39Financials
0.54%
117
Metlife, Inc. 6.35 03/14/2055
MET V6.35 03/15/55 GFinancials
0.54%
118
Bank Of N Vrn 10/27/85
Other
0.54%
119
Compeer Financial Aca Compeer Financial Aca 0 1900-01-00
Other
0.54%
120
Bnp Paribas Sa 8.5 2028/08/14
BNP V8.5 PERP 144AFinancials
0.53%
121
Banco Bilbao Vizcaya Argentaria Sa 9.375
BBVASMFinancials
0.52%
122
Banco Bilbao Vizcaya Argentaria Sa 6.125 11/16/2027
BBVASMFinancials
0.52%
123
Cemex Sab De Cv 144A 7.2 Dec 31, 2079
CEMEX V7.2 PERP 144AMaterials
0.52%
124
Aes Corp/The 7.6% 15Jan2055
AES V7.6 01/15/55Utilities
0.51%
125
Edison Internatio V/R 06/15/53
EIX V8.125 06/15/53Utilities
0.51%
126
The Pnc Financial Services Group, Inc. 6.00% Dec 31/99 6% 12/31/2099
PNC V6 PERP UFinancials
0.50%
127
Nordea Ba Vrn 12/31/2199
Other
0.48%
128
Reinsurance Group Of America Inc
RGA V7.125 10/15/52Financials
0.48%
129
Bnp Paribas Sa
BNP V9.25 PERP 144AFinancials
0.47%
130
Fifth Third Bancorp 8.62477 01-29-2024
FITB V0 PERP HFinancials
0.46%
131
Vistra Corp Regd V/R /Perp/ 144A P/P 7.00000000
VST V7 PERP 144AUtilities
0.46%
132
Transcanada Trust Company Guar 03/82 Var
TRPCN V5.6 03/07/82Financials
0.44%
133
Farm Credit Bk Of Texas Jr Subordina 12/99 Var
FARMCB V7 PERP 6Financials
0.44%
134
Bnp Paribas Sa 7.375 2034-09-10
BNP V7.375 PERP 144AFinancials
0.43%
135
Banort 8 3/4 Perp 11/20/2174
BANORT V8.75 PERP 14Financials
0.43%
136
Cobank Acb Regd V/R /Perp/ 7.25000000 07/01/2172
CKNQPFinancials
0.43%
137
Corebridge Financial, Inc. 6.88% Dec 01/30
Other
0.43%
138
First Citizens Bancshares 8.27142 03/15/2174 8.27142 2174-03-15
Other
0.42%
139
Telus Corp V/R 10/15/55
TCN V7 10/15/55Communication Services
0.42%
140
Pg&E Corp 7.38% 2055-03-15
PCG V7.375 03/15/55Utilities
0.41%
141
Credit Suisse Group Ag 6.380% 02/21/2172
Other
0.41%
142
Sempra 6.375% Flt 04/01/56
SRE V6.375 04/01/56Utilities
0.40%
143
Energy Transfer, Lp
ET V6.5 PERP HEnergy
0.39%
144
Societe Generale Regd V/R /Perp/ 144A P/P 10.00000000
SOCGENFinancials
0.37%
145
Societe Generale Sa
SOCGENFinancials
0.37%
146
Standard Chartered Plc
STANLN V7.75 PERP 14Financials
0.36%
147
Bank Of America Corp Jr Subordina 12/49 Var 6.3
BAC V6.3 PERP DDFinancials
0.36%
148
Citigroup Inc 05/15/2174
Other
0.36%
149
Citigroup Inc 7.375 Perp
C V7.375 PERP ZFinancials
0.35%
150
Banco Mercantil Del Norte Variable Rate
BANORTFinancials
0.34%
151
Canadian Vrn 07/28/86
Other
0.34%
152
Julius Baer Group Ltd
Other
0.34%
153
Edison International 7.875 06/15/2054
EIX V7.875 06/15/54Utilities
0.33%
154
Bank Of Montreal (Callable) 7.70% May 26, 2084
BMO V7.7 05/26/84Financials
0.32%
155
Keycorp, Series E, Pfd.
KEY.PIFinancials
0.32%
156
Nordea Bk Abp Med Term Nts Tranche # Tr 1 03/26/2019 6.625 2099-12-31
NDASE:STFinancials
0.32%
157
Vistra Corp.
VST V8 PERP 144AUtilities
0.32%
158
Macquarie Bank Ltd.
MQG:AUFinancials
0.31%
159
Transcanada Trust 5.88 08-15-2076
TRPCN V5.875 08/15/7Financials
0.31%
160
Banco Bilbao Vizcaya Argentaria Sa 7.75 12/31/2079
BBVAP2:MAFinancials
0.31%
161
Natwest Group Plc 5.125 05/12/2027
Other
0.30%
162
Aspen Insurance Hldg Pfd
Other
0.30%
163
Cvs Health Corp Jr Subordina 12/54 Var
CVS V6.75 12/10/54Health Care
0.29%
164
Aes Andes Sa Regd V/R 144A P/P 8.15000000 06/10/2055
AES V8.15 06/10/55 1Utilities
0.28%
165
Altagas Ltd V/R 10/15/54
ALACN V7.2 10/15/54 Utilities
0.28%
166
Lloyds Banking Group Plc 6.75 2031-09-27
Other
0.28%
167
Ubs Group Ag (Nc10) 144A 7% Dec 31, 2079
Other
0.27%
168
Cvs Health Corp 7% 10Mar2055
CVS V7 03/10/55Health Care
0.25%
169
Fmc Corp V/R 11/01/55
FMC V8.45 11/01/55Materials
0.25%
170
Hsbc Holdings Plc Jr Subordina 12/99 Var
Other
0.25%
171
Credit Suisse Group Ag 7.500% 01/17/2172
Other
0.23%
172
Nomura Holdings Inc 7 Dec 31, 2079
NOMURA V7 PERPFinancials
0.22%
173
Barclays Plc 7.625% Flt Perp
BACR V7.625 PERPFinancials
0.22%
174
BNP PARIBAS
BNP V7.45 PERP 144AFinancials
0.21%
175
Hsbc Holdings Plc
HSBA:LNUnknown
0.20%
176
Societe Generale Sa 8.5%
Other
0.17%
177
Credit Suisse Group Ag 7.500% 06/11/2172
Other
0.17%
178
Nordea Bank Abp Nordea Bank Abp 6.3 2031-09-25
NDAFH V6.3 PERP 144AFinancials
0.16%
179
Energy Transfer Lp 3M Us L + 4.155 12/31/2049
ET V6.625 PERP BEnergy
0.16%
180
Banco Mercantil Del Norte, S.a.
BANORT V7.5 PERP 144Financials
0.15%
181
Keycorp 5.62%
KEY 5.625 PERP GFinancials
0.14%
182
Keycorp Sr F 5.65 Pfd
KEY.PR.JFinancials
0.14%
183
Compeer Financial Aca
AGSTAR V4.875 PERP QFinancials
0.07%
184
Steel Newco Inc Prefe Pfd
Other
0.03%
185
Farm Credit Bank of Texas
FCTX.ZFinancials
0.01%
186
Maricopa County Unified School District 69 Paradise General Obligation Bonds 5 07/01/2037
Other
-5.64%

#	Company	Ticker	Weight
1	Jpmorgan Chase + Co Jr Subordina 12/99 Var12/31/2099	JPM V6.875 PERP NN	3.830%
2	Bank Of America Corp. 5Y Us Ti + 2.684 12/31/9999	BAC V6.625 PERP	3.820%
3	Sbl Holdings Inc Sr Unsecured 144a Var	-	2.790%
4	Wells Fargo + Company Jr Subordina 12/99 Var	WFC V6.85 PERP	2.750%
5	Truist Financial Corp 4.8 12/31/2099	TFC V6.669 PERP N	2.700%
6	Wells Fargo + Company Jr Subordina 12/99 Var	WFC V7.625 PERP	2.690%
7	Goldman Sachs Group Inc (The) 7.5%/Var Perp	GS V7.5 PERP X	2.390%
8	Ultra U.S. Treasury Bond Futures, Jun-2026,Eth	-	2.150%
9	General Motors Financial Co Inc	GM	2.130%
10	Emera Inc V/R 06/15/76	EMACN V6.75 06/15/76	2.090%
11	Enbridge Inc 8.5% 01/15/2084	ENBCN V8.5 01/15/84	2.030%
12	Jpmorgan Chase & Co 6.5 04/01/2174	JPM V6.5 PERP OO	1.840%
13	Assurant Inc 7% 03/27/2048	AIZ V7 03/27/48	1.690%
14	Banco Santander, S.A. 9.625 02-21-2172	SANTAN V9.625 PERP _	1.680%
15	Natwest Group Plcperpetual Bonds	NWG V8.125 PERP	1.680%
16	Lloyds Banking Group Plc 8.0000% Mat 06/27/2172	LLOYDS V8 PERP	1.550%
17	Keycorp KEY.PR.L	KEY.PR.L	1.540%
18	Huntington Bancshares Regd V/r /perp/ Ser F 5.62500000	HBAN V5.625 PERP F	1.540%
19	First Citizens Banc V/R /perp	FCNCA V0 PERP B	1.480%
20	Energy Transfer Lp Regd V/R /Perp/ Ser G 7.12500000	ET V7.125 PERP G	1.470%
21	Pnc Financial Servi V/R /Perp/	PNC V6.2 PERP V	1.450%
22	Ing Groep Nv Variable Rate	INTNED:AS	1.450%
23	Prudential Financial Inc 03/11/2024 Var 03/15/2054	PRU V6.5 03/15/54	1.440%
24	Enbridge Inc 7.63 01/15/2083	ENBCN V7.625 01/15/8	1.420%
25	Sempra Jr Subordina 04/55 Var %	SRE V6.55 04/01/55	1.350%
26	Nextera Energy Ca V/R 06/15/54	NEE V6.75 06/15/54	1.340%
27	Bank Of America Corp Jr Subordina 12/99 Var 6.625 07/24/2025	BAC V6.25 PERP	1.340%
28	Citizens Financial Group 12/99 1	CFG V6.375 PERP C	1.320%
29	Cobank Acb 6.45% 12/31/2049	COBKAC V6.45 PERP K	1.250%
30	Enstar Finance Ll V/R 01/15/42	ESGR V5.5 01/15/42	1.240%
31	Chs Inc (Pfd) 7.10% Series 2	CHSINC V7.1 PERP 2	1.230%
32	Goldman Sachs Group Inc/The 6.85% Dec 31, 2079	GS V6.85 PERP	1.230%
33	Deutsche Bank Ag Jr Subordina Regs 05/49 Var	-	1.230%
34	Pnc Financial Services Group, Inc. 6.2506/15/2023	PNC V6.25 PERP W	1.210%
35	Enstar Group, Ltd.	ESGR	1.190%
36	Bnp Paribas 8.000000% Maturity: Perpetual 8 2172-08-22	BNP V8 PERP 144A	1.160%
37	Citigroup Inc., Series Cc	C V7.125 PERP CC	1.130%
38	Goldman Sachs Group, Inc. (The), Series W	GS V7.5 PERP W	1.110%
39	Air Lease Vrn 12/31/99	AL V6 PERP D	1.100%
40	Goldman Sachs Group Inc Jr Subordina 12/99 Var	GS V6.125 PERP Y	1.090%
41	Voya Financial Inc	VOYA.PR.B	1.050%
42	Bank Of Montreal Jr Subordina 11/84 Var %	BMO V7.3 11/26/84	1.040%
43	Et V6.75 02/15/56 Corp	ET V6.75 02/15/56	1.020%
44	Transcanada Pipelines 3m Libor+221 05/15/2067	TRPCN V0 05/15/67	1.020%
45	Societe Generale Sa 0 2026-05-26	-	1.010%
46	Energy Transfer Lp Regd V/R 8.00000000	ET V8 05/15/54	1.000%
47	Athene Holding Ltd Pr Pfd	ATH V6.35 PERP A	0.990%
48	Vistra Vision Llc 8.875% 1900-01-00	VST V8.875 PERP C	0.990%
49	Hsbc Holdings Plc 8 Perp	HSBC V8 PERP	0.980%
50	Hsbc Holdings Plc 5Y Us Ti + 3.191	HSBC V6.95 PERP	0.980%
51	Ubs Group Ag 2028-11-13	UBS V9.25 PERP 144a	0.960%
52	American National Group Inc	AEL.PRA	0.950%
53	Enbridge Inc. 0.055% 2077/07/15	ENBCN V5.5 07/15/77	0.930%
54	Credit Agricole Sa 7.13% Sep 23/35	-	0.920%
55	Entergy Corp 7.13% 01Dec2054	ETR V7.125 12/01/54	0.920%
56	Ubs Group Agperpetual Bonds	UBS V9.25 PERP 144A	0.920%
57	State Street Corp Jr Subordina 12/99 Var 6.7	STT V6.7 PERP I	0.900%
58	Citigroup Inc V/R /Perp	C	0.870%
59	Citigroup Inc 6.875 11/73 6.88 2173-11-15	C	0.870%
60	Pimco Preferred And Capital Securities Active Exchange-Traded Fund Usetf 6.7% 01/00/1900	ACAFP V6.7 PERP 144A	0.870%
61	Ubs Group Ag Regd V/R /Perp/ 144A P/P 7.75000000	-	0.850%
62	Rogers Communications In Regd V/R 7.12500000 7.125 04/15/2055	RCICN V7.125 04/15/5	0.840%
63	Regions Financial Corp	RF.PR.C	0.830%
64	Corebridge Financial Inc Variable Rate, Due 09/15/2054	CRBG V6.375 09/15/54	0.830%
65	Reinsurance Group of America, Incorporated	RGA	0.820%
66	Bell Telephone Company (Nc10.5) 7 09/15/2055	BCECN V7 09/15/55	0.810%
67	Ing Groep Nv 7.000% Flt Perp Sr:.	-	0.810%
68	Cobank Acb 5Y Us Ti + 2.818	COBKAC V7.125 PERP M	0.800%
69	Dominion Energy Inc 7 06/01/2054	D V7 06/01/54 B	0.790%
70	Hsbc Holdings Plc 5Y Us Ti + 3.298 12/31/9999	HSBC V6.875 PERP ***	0.790%
71	Bnp Paribas Sa	BNP V7.75 PERP 144A	0.770%
72	Barclays Plc 8 12/71	A3K745	0.770%
73	Morgan Stanley Prefer Pfd	MS 6.625 PERP Q	0.770%
74	South Bow Canadian Infrastructure Holdings Ltd 0.075 03/01/2055	SOBOCN	0.770%
75	ROYAL BANK OF CANADA JR SUBORDINA 08/85 VAR	RY V6.75 08/24/85	0.760%
76	Aes Corp/The 0.0695 07/F15/2055	AES V6.95 07/15/55	0.760%
77	Canadian Imperial Bank Jr Subordina 01/85 Var	CM V6.95 01/28/85	0.760%
78	Capital One Finl. Cor F2F	COF V5.5 PERP O	0.760%
79	Toronto-Dominion Bank Variable Rate, Due 10/31/2082	TD V8.125 10/31/82	0.750%
80	Bank Of Montreal Jr Subordina 11/85 Var	BMO V6.875 11/26/85	0.740%
81	The Bank Of New York Mellon Corporation, Series K, Variable Rate	BK V6.15 PERP K	0.730%
82	Omnis Fun 6.722% 05/15/55	RGA 6.722 05/15/55	0.730%
83	Aercap Ireland Capital Dac / Aercap Global Aviation Trust Var.Rt. Corp. Bonds	AER V6.95 03/10/55	0.720%
84	Banco Santander Sa 0.08% Dec 31/99	SANTAN V8 PERP	0.720%
85	Barclays Plc 9.625%	BACR V9.625 PERP	0.720%
86	Cms Energy Corp 6.5 2055-06-01	CMS V6.5 06/01/55	0.720%
87	Prudential Fin 6.75 03/01/2053	PRU V6.75 03/01/53	0.710%
88	Fixed Inc Clearing Corp.Repo 1.44 7/1/2022	DSVXX	0.700%
89	Canadian Imperial Bank 7.000% Flt 10/28/85	CM V7 10/28/85	0.700%
90	Huntington Bancshares Inc/OH 0.0625 12/f31/2099	-	0.700%
91	Duke Energy Corp Jr Subordina 09/54 Var	DUK V6.45 09/01/54	0.690%
92	American National Group 7.000% Flt 12/01/55	ANGINC V7 12/01/55	0.680%
93	Bank Of Nova Scotia/The 8 01-27-2084	BNS V8 01/27/84	0.680%
94	Aercap Ireland Cap/Globa Company Guar 01/56 Var	AER V6.5 01/31/56	0.670%
95	Royal Bank Of Canada 6.5 05/24/2086 6.5	-	0.670%
96	Sbl Holdings, Llc 6.5% 12/31/2099	-	0.670%
97	Toronto-D Vrn 10/31/85	-	0.670%
98	Venture Global Lng Inc 144A 12/31/2079 9	VENLNG V9 PERP 144a	0.660%
99	Capital Farm Credit Aca Regd V/R /Perp/ 144A P/P Ser 1 5.00000000	CFCFCS V5 PERP 1	0.660%
100	General Motors Financial Co Inc (Pfd) 5.70% 03/30/2172 Perpetual	GM V5.7 PERP C	0.660%
101	Ilfc E-capital Trust I	AER V0 12/21/65 144A	0.650%
102	Citigroup Inc. 7%	C V7 PERP DD	0.640%
103	Fifth Third Bancorp, Series I, Pfd.	FITBI	0.640%
104	Dominion Energy, Inc. 6.625 05/14/2055	D V6.625 05/15/55	0.630%
105	Credit Suisse Group Ag 0.000% 01/17/2172	-	0.630%
106	M&T Bank Corp 5.125 05/01/2170	MTB V5.125 PERP F	0.610%
107	Phoenix Group Holdings Plc 8.5% 12/12/2029	-	0.610%
108	Sunoco LP 7.88 03/18/2174	-	0.600%
109	Chs Inc	CHSCM	0.590%
110	Citigroup Inc Jr Subordina 12/49 Var	C V6.25 PERP T	0.590%
111	Eushi Finance Inc Company Guar 12/54 Var	EMACN V7.625 12/15/5	0.580%
112	Ally Finl Inc 4.7%/Var Perp	ALLY V4.7 PERP C	0.570%
113	Assured Guaranty Municipal Holdings Inc	AGO V6.4 12/15/66 14	0.570%
114	Farm Credit Bk Of Texas Regd V/R /Perp/ 7.75000000	FARMCB V7.75 PERP	0.550%
115	Rlgh Finance Bermuda Ltd. 6.88% May 19/32	-	0.550%
116	Metlife Inc	MET 10.75 08/01/39	0.540%
117	Metlife, Inc. 6.35 03/14/2055	MET V6.35 03/15/55 G	0.540%
118	Bank Of N Vrn 10/27/85	-	0.540%
119	Compeer Financial Aca Compeer Financial Aca 0 1900-01-00	-	0.540%
120	Bnp Paribas Sa 8.5 2028/08/14	BNP V8.5 PERP 144A	0.530%
121	Banco Bilbao Vizcaya Argentaria Sa 9.375	BBVASM	0.520%
122	Banco Bilbao Vizcaya Argentaria Sa 6.125 11/16/2027	BBVASM	0.520%
123	Cemex Sab De Cv 144A 7.2 Dec 31, 2079	CEMEX V7.2 PERP 144A	0.520%
124	Aes Corp/The 7.6% 15Jan2055	AES V7.6 01/15/55	0.510%
125	Edison Internatio V/R 06/15/53	EIX V8.125 06/15/53	0.510%
126	The Pnc Financial Services Group, Inc. 6.00% Dec 31/99 6% 12/31/2099	PNC V6 PERP U	0.500%
127	Nordea Ba Vrn 12/31/2199	-	0.480%
128	Reinsurance Group Of America Inc	RGA V7.125 10/15/52	0.480%
129	Bnp Paribas Sa	BNP V9.25 PERP 144A	0.470%
130	Fifth Third Bancorp 8.62477 01-29-2024	FITB V0 PERP H	0.460%
131	Vistra Corp Regd V/R /Perp/ 144A P/P 7.00000000	VST V7 PERP 144A	0.460%
132	Transcanada Trust Company Guar 03/82 Var	TRPCN V5.6 03/07/82	0.440%
133	Farm Credit Bk Of Texas Jr Subordina 12/99 Var	FARMCB V7 PERP 6	0.440%
134	Bnp Paribas Sa 7.375 2034-09-10	BNP V7.375 PERP 144A	0.430%
135	Banort 8 3/4 Perp 11/20/2174	BANORT V8.75 PERP 14	0.430%
136	Cobank Acb Regd V/R /Perp/ 7.25000000 07/01/2172	CKNQP	0.430%
137	Corebridge Financial, Inc. 6.88% Dec 01/30	-	0.430%
138	First Citizens Bancshares 8.27142 03/15/2174 8.27142 2174-03-15	-	0.420%
139	Telus Corp V/R 10/15/55	TCN V7 10/15/55	0.420%
140	Pg&E Corp 7.38% 2055-03-15	PCG V7.375 03/15/55	0.410%
141	Credit Suisse Group Ag 6.380% 02/21/2172	-	0.410%
142	Sempra 6.375% Flt 04/01/56	SRE V6.375 04/01/56	0.400%
143	Energy Transfer, Lp	ET V6.5 PERP H	0.390%
144	Societe Generale Regd V/R /Perp/ 144A P/P 10.00000000	SOCGEN	0.370%
145	Societe Generale Sa	SOCGEN	0.370%
146	Standard Chartered Plc	STANLN V7.75 PERP 14	0.360%
147	Bank Of America Corp Jr Subordina 12/49 Var 6.3	BAC V6.3 PERP DD	0.360%
148	Citigroup Inc 05/15/2174	-	0.360%
149	Citigroup Inc 7.375 Perp	C V7.375 PERP Z	0.350%
150	Banco Mercantil Del Norte Variable Rate	BANORT	0.340%
151	Canadian Vrn 07/28/86	-	0.340%
152	Julius Baer Group Ltd	-	0.340%
153	Edison International 7.875 06/15/2054	EIX V7.875 06/15/54	0.330%
154	Bank Of Montreal (Callable) 7.70% May 26, 2084	BMO V7.7 05/26/84	0.320%
155	Keycorp, Series E, Pfd.	KEY.PI	0.320%
156	Nordea Bk Abp Med Term Nts Tranche # Tr 1 03/26/2019 6.625 2099-12-31	NDASE:ST	0.320%
157	Vistra Corp.	VST V8 PERP 144A	0.320%
158	Macquarie Bank Ltd.	MQG:AU	0.310%
159	Transcanada Trust 5.88 08-15-2076	TRPCN V5.875 08/15/7	0.310%
160	Banco Bilbao Vizcaya Argentaria Sa 7.75 12/31/2079	BBVAP2:MA	0.310%
161	Natwest Group Plc 5.125 05/12/2027	-	0.300%
162	Aspen Insurance Hldg Pfd	-	0.300%
163	Cvs Health Corp Jr Subordina 12/54 Var	CVS V6.75 12/10/54	0.290%
164	Aes Andes Sa Regd V/R 144A P/P 8.15000000 06/10/2055	AES V8.15 06/10/55 1	0.280%
165	Altagas Ltd V/R 10/15/54	ALACN V7.2 10/15/54	0.280%
166	Lloyds Banking Group Plc 6.75 2031-09-27	-	0.280%
167	Ubs Group Ag (Nc10) 144A 7% Dec 31, 2079	-	0.270%
168	Cvs Health Corp 7% 10Mar2055	CVS V7 03/10/55	0.250%
169	Fmc Corp V/R 11/01/55	FMC V8.45 11/01/55	0.250%
170	Hsbc Holdings Plc Jr Subordina 12/99 Var	-	0.250%
171	Credit Suisse Group Ag 7.500% 01/17/2172	-	0.230%
172	Nomura Holdings Inc 7 Dec 31, 2079	NOMURA V7 PERP	0.220%
173	Barclays Plc 7.625% Flt Perp	BACR V7.625 PERP	0.220%
174	BNP PARIBAS	BNP V7.45 PERP 144A	0.210%
175	Hsbc Holdings Plc	HSBA:LN	0.200%
176	Societe Generale Sa 8.5%	-	0.170%
177	Credit Suisse Group Ag 7.500% 06/11/2172	-	0.170%
178	Nordea Bank Abp Nordea Bank Abp 6.3 2031-09-25	NDAFH V6.3 PERP 144A	0.160%
179	Energy Transfer Lp 3M Us L + 4.155 12/31/2049	ET V6.625 PERP B	0.160%
180	Banco Mercantil Del Norte, S.a.	BANORT V7.5 PERP 144	0.150%
181	Keycorp 5.62%	KEY 5.625 PERP G	0.140%
182	Keycorp Sr F 5.65 Pfd	KEY.PR.J	0.140%
183	Compeer Financial Aca	AGSTAR V4.875 PERP Q	0.070%
184	Steel Newco Inc Prefe Pfd	-	0.030%
185	Farm Credit Bank of Texas	FCTX.Z	0.010%
186	Maricopa County Unified School District 69 Paradise General Obligation Bonds 5 07/01/2037	-	-5.640%