UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-22245
First Trust Exchange-Traded Fund III
(Exact name of registrant as specified in charter)
120 East Liberty Drive, Suite 400
Wheaton, IL 60187
(Address of principal executive offices) (Zip code)
W. Scott Jardine, Esq.
First Trust Portfolios L.P.
120 East Liberty Drive, Suite 400
Wheaton, IL 60187
(Name and address of agent for service)
Registrant’s telephone number, including area code: (630) 765-8000
Date of fiscal year end: October 31
Date of reporting period: April 30, 2023
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
Item 1. Report to Stockholders.
(a) | The registrant's semi-annual report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 is as follows: |
First Trust Institutional Preferred Securities and Income
ETF (FPEI)
For the Six Months Ended
April 30, 2023
1 | |
Fund Performance Overview | |
2 | |
5 | |
8 | |
9 | |
10 | |
Portfolio of Investments | |
11 | |
21 | |
27 | |
28 | |
29 | |
30 | |
32 | |
40 |
benchmarks.
Performance | |||||||||
Average Annual Total Returns | Cumulative Total Returns | ||||||||
6 Months Ended 4/30/23 | 1 Year Ended 4/30/23 | 5 Years Ended 4/30/23 | 10 Years Ended 4/30/23 | Inception (2/11/13) to 4/30/23 | 5 Years Ended 4/30/23 | 10 Years Ended 4/30/23 | Inception (2/11/13) to 4/30/23 | ||
Fund Performance | |||||||||
NAV | -0.58% | -7.40% | 1.45% | 3.05% | 3.31% | 7.46% | 34.99% | 39.45% | |
Market Price | -0.16% | -7.11% | 1.40% | 3.03% | 3.29% | 7.22% | 34.73% | 39.25% | |
Index Performance | |||||||||
ICE BofA US Investment Grade Institutional Capital Securities Index | 6.57% | -0.17% | 3.34% | 4.06% | 4.30% | 17.83% | 48.91% | 53.76% | |
Blended Benchmark(1)(2) | 2.85% | -4.66% | 1.93% | N/A | N/A | 10.04% | N/A | N/A |
(1) | The Blended Benchmark consists of a 30/30/30/10 blend of the ICE BofA Core Plus Fixed Rate Preferred Securities Index, the ICE BofA US Investment Grade Institutional Capital Securities Index, the ICE USD Contingent Capital Index and the ICE BofA US High Yield Institutional Capital Securities Index. The Blended Benchmark is intended to reflect the proportional market cap of each segment of the preferred and hybrid securities market. The indices do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the performance shown. Indices are unmanaged and an investor cannot invest directly in an index. The Blended Benchmark returns are calculated by using the monthly returns of the four indices during each period shown above. At the beginning of each month the four indices are rebalanced to a 30/30/30/10 ratio to account for divergence from that ratio that occurred during the course of each month. The monthly returns are then compounded for each period shown above, giving the performance for the Blended Benchmark for each period shown above. |
(2) | Since the ICE USD Contingent Capital Index had an inception date of December 31, 2013, the performance of the Blended Benchmark is not available for all of the periods disclosed. |
Sector Allocation | % of Total Investments |
Financials | 72.8% |
Energy | 9.4 |
Utilities | 7.7 |
Industrials | 3.6 |
Consumer Staples | 2.8 |
Real Estate | 1.9 |
Communication Services | 1.1 |
Materials | 0.5 |
Consumer Discretionary | 0.2 |
Total | 100.0% |
Credit Rating(3) | % of Total Fixed-Income Investments |
A | 0.1% |
BBB+ | 11.2 |
BBB | 21.0 |
BBB- | 33.4 |
BB+ | 15.6 |
BB | 10.8 |
BB- | 3.5 |
B+ | 0.4 |
B | 0.4 |
Not Rated | 3.6 |
Total | 100.0% |
Top Ten Holdings | % of Total Investments |
AerCap Holdings N.V. | 2.5% |
Barclays PLC | 2.1 |
Wells Fargo & Co., Series L | 2.1 |
Highlands Holdings Bond Issuer Ltd./Highlands Holdings Bond Co-Issuer, Inc. | 1.8 |
Barclays PLC | 1.7 |
Bank of America Corp., Series L | 1.4 |
UniCredit S.p.A. | 1.3 |
Global Atlantic Fin Co. | 1.3 |
Intesa Sanpaolo S.p.A. | 1.2 |
Enbridge, Inc., Series 16-A | 1.1 |
Total | 16.5% |
Country Allocation | % of Total Investments |
United States | 54.1% |
United Kingdom | 10.3 |
Canada | 8.7 |
Bermuda | 6.1 |
France | 4.8 |
Netherlands | 2.9 |
Italy | 2.9 |
Australia | 2.7 |
Spain | 1.8 |
Multinational | 1.8 |
Mexico | 1.5 |
Germany | 1.2 |
Denmark | 0.8 |
Switzerland | 0.4 |
Total | 100.0% |
(3) | The credit quality and ratings information presented above reflect the ratings assigned by one or more nationally recognized statistical rating organizations (NRSROs), including S&P Global Ratings, Moody’s Investors Service, Inc., Fitch Ratings or a comparably rated NRSRO. For situations in which a security is rated by more than one NRSRO and the ratings are not equivalent, the highest rating is used. Sub-investment grade ratings are those rated BB+/Ba1 or lower. Investment grade ratings are those rated BBB-/Baa3 or higher. The credit ratings shown relate to the creditworthiness of the issuers of the underlying securities in the Fund, and not to the Fund or its shares. Credit ratings are subject to change. |
Performance figures assume reinvestment of all distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. An index is a statistical composite that tracks a specified financial market or sector. Unlike the Fund, the index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by the Fund. These expenses negatively impact the performance of the Fund. The Fund’s past performance does not predict future performance.
Performance | |||||||
Average Annual Total Returns | Cumulative Total Returns | ||||||
6 Months Ended 4/30/23 | 1 Year Ended 4/30/23 | 5 Years Ended 4/30/23 | Inception (8/22/17) to 4/30/23 | 5 Years Ended 4/30/23 | Inception (8/22/17) to 4/30/23 | ||
Fund Performance | |||||||
NAV | 0.05% | -5.86% | 2.17% | 2.02% | 11.34% | 12.02% | |
Market Price | 0.16% | -5.68% | 2.24% | 2.07% | 11.74% | 12.35% | |
Index Performance | |||||||
Blended Benchmark(1) | 1.26% | -6.00% | 2.10% | 1.91% | 10.98% | 11.34% | |
ICE BofA US Investment Grade Institutional Capital Securities Index | 6.57% | -0.17% | 3.34% | 2.78% | 17.83% | 16.89% |
(1) | The Blended Benchmark consists of a 45/40/15 blend of the ICE BofA US Investment Grade Institutional Capital Securities Index, the ICE USD Contingent Capital Index and the ICE BofA US High Yield Institutional Capital Securities Index. The Blended Benchmark is intended to reflect the proportional market cap of each segment within the institutional market. The Blended Benchmark returns are calculated by using the monthly returns of the three indices during each period shown above. At the beginning of each month the three indices are rebalanced to a 45/40/15 ratio to account for divergence from that ratio that occurred during the course of each month. The monthly returns are then compounded for each period shown above, giving the performance for the Blended Benchmark for each period shown above. |
Sector Allocation | % of Total Investments |
Financials | 77.1% |
Energy | 9.6 |
Utilities | 9.5 |
Industrials | 2.2 |
Consumer Staples | 1.1 |
Materials | 0.5 |
Total | 100.0% |
Credit Quality(2) | % of Total Investments |
A+ | 0.1% |
A | 0.3 |
BBB+ | 15.4 |
BBB | 23.2 |
BBB- | 39.4 |
BB+ | 9.2 |
BB | 7.3 |
BB- | 3.8 |
B+ | 0.8 |
Not Rated | 0.5 |
Total | 100.0% |
Top Ten Holdings | % of Total Investments |
Toronto-Dominion Bank (The) | 3.5% |
Bank of America Corp., Series TT | 2.4 |
Intesa Sanpaolo S.p.A. | 2.3 |
Bank of Nova Scotia (The) | 2.1 |
Lincoln National Corp., Series C | 2.1 |
Corebridge Financial, Inc. | 2.1 |
NatWest Group PLC | 1.9 |
Barclays PLC | 1.9 |
PNC Financial Services Group (The), Inc., Series V | 1.9 |
HSBC Holdings PLC | 1.8 |
Total | 22.0% |
Country Allocation | % of Total Investments |
United States | 54.6% |
Canada | 11.7 |
United Kingdom | 11.1 |
France | 5.4 |
Australia | 3.5 |
Italy | 3.4 |
Netherlands | 2.1 |
Spain | 1.7 |
Multinational | 1.7 |
Mexico | 1.3 |
Bermuda | 1.3 |
Germany | 1.2 |
Denmark | 0.6 |
Switzerland | 0.3 |
Sweden | 0.1 |
Total | 100.0% |
(2) | The credit quality and ratings information presented above reflect the ratings assigned by one or more nationally recognized statistical rating organizations (NRSROs), including S&P Global Ratings, Moody’s Investors Service, Inc., Fitch Ratings or a comparably rated NRSRO. For situations in which a security is rated by more than one NRSRO and the ratings are not equivalent, the highest rating is used. Sub-investment grade ratings are those rated BB+/Ba1 or lower. Investment grade ratings are those rated BBB-/Baa3 or higher. The credit ratings shown relate to the creditworthiness of the issuers of the underlying securities in the Fund, and not to the Fund or its shares. Credit ratings are subject to change. |
Performance figures assume reinvestment of all distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. An index is a statistical composite that tracks a specified financial market or sector. Unlike the Fund, the indices do not actually hold a portfolio of securities and therefore do not incur the expenses incurred by the Fund. These expenses negatively impact the performance of the Fund. The Fund’s past performance does not predict future performance.
Beginning Account Value November 1, 2022 | Ending Account Value April 30, 2023 | Annualized Expense Ratio Based on the Six-Month Period | Expenses Paid During the Six-Month Period (a) | |
First Trust Preferred Securities and Income ETF (FPE) | ||||
Actual | $1,000.00 | $994.20 | 0.83% | $4.10 |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.68 | 0.83% | $4.16 |
First Trust Institutional Preferred Securities and Income ETF (FPEI) | ||||
Actual | $1,000.00 | $1,000.50 | 0.85% | $4.22 |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.58 | 0.85% | $4.26 |
(a) | Expenses are equal to the annualized expense ratios as indicated in the table multiplied by the average account value over the period (November 1, 2022 through April 30, 2023), multiplied by 181/365 (to reflect the six-month period). |
Shares | Description | Stated Rate | Stated Maturity | Value | ||||
$25 PAR PREFERRED SECURITIES – 23.1% | ||||||||
Automobiles – 0.2% | ||||||||
517,645 | Ford Motor Co. | 6.50% | 08/15/62 | $12,470,068 | ||||
Banks – 3.0% | ||||||||
5,461 | Atlantic Union Bankshares Corp., Series A | 6.88% | (a) | 114,845 | ||||
399,962 | Bank of America Corp., Series KK | 5.38% | (a) | 9,471,100 | ||||
30 | Bank of America Corp., Series LL | 5.00% | (a) | 668 | ||||
922,751 | Bank of America Corp., Series NN | 4.38% | (a) | 17,947,507 | ||||
87,814 | Bank of America Corp., Series SS | 4.75% | (a) | 1,835,313 | ||||
185,575 | Citizens Financial Group, Inc., Series D (b) | 6.35% | (a) | 4,257,090 | ||||
486 | Citizens Financial Group, Inc., Series E | 5.00% | (a) | 9,526 | ||||
98,808 | Fifth Third Bancorp, Series A | 6.00% | (a) | 2,371,392 | ||||
337,184 | Fulton Financial Corp., Series A | 5.13% | (a) | 5,597,254 | ||||
6,945 | Huntington Bancshares, Inc., Series H | 4.50% | (a) | 133,066 | ||||
792 | JPMorgan Chase & Co., Series DD | 5.75% | (a) | 19,966 | ||||
51 | JPMorgan Chase & Co., Series JJ | 4.55% | (a) | 1,086 | ||||
305,005 | JPMorgan Chase & Co., Series LL | 4.63% | (a) | 6,545,407 | ||||
766,584 | KeyCorp (b) | 6.20% | (a) | 17,018,165 | ||||
218,650 | KeyCorp, Series F | 5.65% | (a) | 4,698,788 | ||||
551,392 | New York Community Bancorp, Inc., Series A (b) | 6.38% | (a) | 12,908,087 | ||||
104,109 | Old National Bancorp, Series A | 7.00% | (a) | 2,572,533 | ||||
819,765 | Pinnacle Financial Partners, Inc., Series B | 6.75% | (a) | 19,461,221 | ||||
116,076 | Texas Capital Bancshares, Inc., Series B | 5.75% | (a) | 2,360,986 | ||||
146 | Truist Financial Corp., Series R | 4.75% | (a) | 3,138 | ||||
52,030 | Valley National Bancorp, Series B, 3 Mo. LIBOR + 3.58% (c) | 8.91% | (a) | 1,005,220 | ||||
172,668 | Washington Federal, Inc., Series A | 4.88% | (a) | 2,710,888 | ||||
169,290 | Wells Fargo & Co., Series AA | 4.70% | (a) | 3,345,170 | ||||
629 | Wells Fargo & Co., Series Q (b) | 5.85% | (a) | 15,272 | ||||
746,818 | Wells Fargo & Co., Series Y | 5.63% | (a) | 17,662,246 | ||||
553,987 | WesBanco, Inc., Series A (b) | 6.75% | (a) | 12,952,216 | ||||
682,362 | Wintrust Financial Corp., Series E (b) | 6.88% | (a) | 16,151,509 | ||||
161,169,659 | ||||||||
Capital Markets – 2.0% | ||||||||
106,463 | Affiliated Managers Group, Inc. | 5.88% | 03/30/59 | 2,697,772 | ||||
197,282 | Affiliated Managers Group, Inc. | 4.75% | 09/30/60 | 3,933,803 | ||||
980,305 | Affiliated Managers Group, Inc. | 4.20% | 09/30/61 | 17,214,156 | ||||
1,521,354 | Carlyle Finance LLC | 4.63% | 05/15/61 | 28,723,164 | ||||
400,858 | Goldman Sachs Group (The), Inc., Series J (b) | 5.50% | (a) | 10,061,536 | ||||
813,286 | KKR Group Finance Co., IX LLC | 4.63% | 04/01/61 | 15,509,364 | ||||
276 | Morgan Stanley, Series P | 6.50% | (a) | 7,215 | ||||
511,642 | Oaktree Capital Group LLC, Series A | 6.63% | (a) | 11,481,246 | ||||
836,767 | Oaktree Capital Group LLC, Series B | 6.55% | (a) | 18,718,478 | ||||
108,346,734 | ||||||||
Consumer Finance – 0.1% | ||||||||
229,359 | Capital One Financial Corp., Series I | 5.00% | (a) | 4,706,447 | ||||
161,439 | Capital One Financial Corp., Series J | 4.80% | (a) | 3,141,603 | ||||
7,848,050 | ||||||||
Diversified REITs – 0.4% | ||||||||
850,146 | Global Net Lease, Inc., Series A | 7.25% | (a) | 18,830,734 | ||||
Diversified Telecommunication Services – 0.7% | ||||||||
78,274 | AT&T, Inc. | 5.35% | 11/01/66 | 1,856,659 | ||||
368,758 | AT&T, Inc., Series C | 4.75% | (a) | 7,699,667 | ||||
959,138 | Qwest Corp. | 6.50% | 09/01/56 | 12,775,718 |
Shares | Description | Stated Rate | Stated Maturity | Value | ||||
$25 PAR PREFERRED SECURITIES (Continued) | ||||||||
Diversified Telecommunication Services (Continued) | ||||||||
1,048,347 | Qwest Corp. | 6.75% | 06/15/57 | $14,551,057 | ||||
36,883,101 | ||||||||
Electric Utilities – 1.1% | ||||||||
14,755 | BIP Bermuda Holdings I Ltd. | 5.13% | (a) | 253,786 | ||||
891,011 | Brookfield BRP Holdings Canada, Inc. | 4.63% | (a) | 14,363,097 | ||||
641,027 | Brookfield Infrastructure Finance ULC | 5.00% | 05/24/81 | 11,064,126 | ||||
133,530 | SCE Trust III, Series H (b) | 5.75% | (a) | 2,857,542 | ||||
449,933 | SCE Trust IV, Series J (b) | 5.38% | (a) | 9,156,137 | ||||
972,098 | SCE Trust V, Series K (b) | 5.45% | (a) | 21,658,344 | ||||
29,644 | Southern (The) Co., Series 2020 | 4.95% | 01/30/80 | 684,480 | ||||
35,379 | Southern (The) Co., Series C | 4.20% | 10/15/60 | 717,132 | ||||
60,754,644 | ||||||||
Financial Services – 1.5% | ||||||||
529,821 | Apollo Asset Management, Inc., Series B | 6.38% | (a) | 13,415,068 | ||||
1,271,099 | Equitable Holdings, Inc., Series A | 5.25% | (a) | 27,290,495 | ||||
1,595,143 | Jackson Financial, Inc. (b) | 8.00% | (a) | 39,766,915 | ||||
80,472,478 | ||||||||
Food Products – 0.7% | ||||||||
236,637 | CHS, Inc., Series 2 (b) | 7.10% | (a) | 5,868,598 | ||||
1,328,988 | CHS, Inc., Series 3 (b) | 6.75% | (a) | 33,331,019 | ||||
39,199,617 | ||||||||
Gas Utilities – 0.3% | ||||||||
1,061,567 | South Jersey Industries, Inc. | 5.63% | 09/16/79 | 15,482,954 | ||||
331 | Spire, Inc., Series A | 5.90% | (a) | 8,444 | ||||
15,491,398 | ||||||||
Independent Power & Renewable Electricity Producers – 0.2% | ||||||||
671,606 | Brookfield Renewable Partners L.P., Series 17 | 5.25% | (a) | 12,760,514 | ||||
Insurance – 7.6% | ||||||||
2,086,912 | Aegon Funding Co., LLC | 5.10% | 12/15/49 | 46,392,054 | ||||
3,173 | Allstate (The) Corp., 3 Mo. LIBOR + 3.17% (c) | 8.47% | 01/15/53 | 80,753 | ||||
18,058 | Allstate (The) Corp., Series H | 5.10% | (a) | 430,683 | ||||
1,838,148 | American Equity Investment Life Holding Co., Series A (b) | 5.95% | (a) | 42,387,693 | ||||
930,693 | American Equity Investment Life Holding Co., Series B (b) | 6.63% | (a) | 22,224,949 | ||||
312,756 | AmTrust Financial Services, Inc. | 7.25% | 06/15/55 | 5,298,087 | ||||
363,925 | AmTrust Financial Services, Inc. | 7.50% | 09/15/55 | 5,862,832 | ||||
24,750 | Arch Capital Group Ltd., Series F | 5.45% | (a) | 574,447 | ||||
536,629 | Arch Capital Group Ltd., Series G | 4.55% | (a) | 10,292,544 | ||||
120,086 | Argo Group International Holdings Ltd. (b) | 7.00% | (a) | 2,878,461 | ||||
308,062 | Aspen Insurance Holdings Ltd. | 5.63% | (a) | 6,315,271 | ||||
1,711,649 | Aspen Insurance Holdings Ltd. (d) | 5.63% | (a) | 35,105,921 | ||||
548,288 | Aspen Insurance Holdings Ltd. (b) | 5.95% | (a) | 13,224,706 | ||||
579,255 | Assurant, Inc. | 5.25% | 01/15/61 | 12,320,754 | ||||
913,257 | Athene Holding Ltd., Series A (b) | 6.35% | (a) | 19,808,544 | ||||
63,751 | Athene Holding Ltd., Series B | 5.63% | (a) | 1,279,483 | ||||
17,356 | Athene Holding Ltd., Series C (b) | 6.38% | (a) | 391,378 | ||||
116,860 | Athene Holding Ltd., Series D | 4.88% | (a) | 1,952,731 | ||||
1,574,033 | Athene Holding Ltd., Series E (b) | 7.75% | (a) | 38,910,096 | ||||
433,529 | Axis Capital Holdings Ltd., Series E | 5.50% | (a) | 9,845,444 | ||||
754,186 | CNO Financial Group, Inc. | 5.13% | 11/25/60 | 11,908,597 |
Shares | Description | Stated Rate | Stated Maturity | Value | ||||
$25 PAR PREFERRED SECURITIES (Continued) | ||||||||
Insurance (Continued) | ||||||||
1,262,506 | Delphi Financial Group, Inc., 3 Mo. LIBOR + 3.19% (c) | 8.05% | 05/15/37 | $28,090,758 | ||||
367,029 | Enstar Group Ltd., Series D (b) | 7.00% | (a) | 8,404,964 | ||||
372,530 | Globe Life, Inc. | 4.25% | 06/15/61 | 7,197,280 | ||||
1,200,894 | Lincoln National Corp., Series D | 9.00% | (a) | 31,667,575 | ||||
221,423 | Phoenix Cos. (The), Inc. | 7.45% | 01/15/32 | 3,908,116 | ||||
763,887 | Prudential Financial, Inc. | 5.95% | 09/01/62 | 19,555,507 | ||||
2 | Reinsurance Group of America, Inc. (b) | 7.13% | 10/15/52 | 52 | ||||
105,253 | RenaissanceRe Holdings Ltd., Series F | 5.75% | (a) | 2,542,912 | ||||
1,061,951 | RenaissanceRe Holdings Ltd., Series G | 4.20% | (a) | 19,465,562 | ||||
21,531 | Selective Insurance Group, Inc., Series B | 4.60% | (a) | 373,563 | ||||
280,958 | W.R. Berkley Corp. | 5.10% | 12/30/59 | 6,321,555 | ||||
415,013,272 | ||||||||
Mortgage Real Estate Investment Trusts – 0.6% | ||||||||
3,349 | AGNC Investment Corp., Series C, 3 Mo. LIBOR + 5.11% (c) | 10.41% | (a) | 83,022 | ||||
300,285 | AGNC Investment Corp., Series D (b) | 6.88% | (a) | 6,287,968 | ||||
136,881 | AGNC Investment Corp., Series E (b) | 6.50% | (a) | 2,949,785 | ||||
661,920 | AGNC Investment Corp., Series F (b) | 6.13% | (a) | 13,523,026 | ||||
52,416 | Annaly Capital Management, Inc., Series F, 3 Mo. LIBOR + 4.99% (c) | 10.16% | (a) | 1,307,255 | ||||
276,583 | Annaly Capital Management, Inc., Series I (b) | 6.75% | (a) | 6,615,865 | ||||
30,766,921 | ||||||||
Multi-Utilities – 1.2% | ||||||||
350,119 | Algonquin Power & Utilities Corp. (b) | 6.88% | 10/17/78 | 8,108,756 | ||||
729,192 | Algonquin Power & Utilities Corp., Series 19-A (b) | 6.20% | 07/01/79 | 16,683,913 | ||||
639,721 | Brookfield Infrastructure Partners L.P., Series 13 | 5.13% | (a) | 11,387,034 | ||||
61,546 | Brookfield Infrastructure Partners L.P., Series 14 | 5.00% | (a) | 1,104,135 | ||||
173,128 | CMS Energy Corp. | 5.88% | 10/15/78 | 4,305,693 | ||||
5,502 | CMS Energy Corp. | 5.88% | 03/01/79 | 136,615 | ||||
209,707 | CMS Energy Corp., Series C | 4.20% | (a) | 4,114,451 | ||||
329,174 | DTE Energy Co., Series E | 5.25% | 12/01/77 | 7,857,384 | ||||
574,952 | Sempra Energy | 5.75% | 07/01/79 | 14,166,817 | ||||
67,864,798 | ||||||||
Office REITs – 0.2% | ||||||||
1,080,167 | Hudson Pacific Properties, Inc., Series C | 4.75% | (a) | 10,045,553 | ||||
Oil, Gas & Consumable Fuels – 1.3% | ||||||||
72,481 | Energy Transfer L.P., Series C (b) | 7.38% | (a) | 1,733,746 | ||||
2,111,571 | Energy Transfer L.P., Series E (b) | 7.60% | (a) | �� | 48,819,522 | |||
809,860 | NuStar Energy L.P., Series A, 3 Mo. LIBOR + 6.77% (c) | 12.10% | (a) | 20,060,232 | ||||
1,397 | NuStar Logistics L.P., 3 Mo. LIBOR + 6.73% (c) | 11.53% | 01/15/43 | 35,679 | ||||
70,649,179 | ||||||||
Real Estate Management & Development – 1.4% | ||||||||
1,595,793 | Brookfield Property Partners L.P., Series A | 5.75% | (a) | 19,947,412 | ||||
165,257 | Brookfield Property Partners L.P., Series A-1 | 6.50% | (a) | 2,506,949 | ||||
1,311,368 | Brookfield Property Partners L.P., Series A2 | 6.38% | (a) | 18,201,788 | ||||
1,542,214 | Brookfield Property Preferred L.P. | 6.25% | 07/26/81 | 23,164,054 | ||||
677 | DigitalBridge Group, Inc., Series H | 7.13% | (a) | 14,041 | ||||
464,411 | DigitalBridge Group, Inc., Series I | 7.15% | (a) | 9,520,425 | ||||
41,320 | DigitalBridge Group, Inc., Series J | 7.13% | (a) | 852,432 | ||||
74,207,101 |
Shares | Description | Stated Rate | Stated Maturity | Value | ||||
$25 PAR PREFERRED SECURITIES (Continued) | ||||||||
Specialized REITs – 0.0% | ||||||||
333 | Digital Realty Trust, Inc., Series L | 5.20% | (a) | $7,419 | ||||
957 | National Storage Affiliates Trust, Series A | 6.00% | (a) | 23,303 | ||||
30,722 | ||||||||
Trading Companies & Distributors – 0.2% | ||||||||
545,021 | Air Lease Corp., Series A (b) | 6.15% | (a) | 11,930,509 | ||||
9,799 | WESCO International, Inc., Series A (b) | 10.63% | (a) | 266,533 | ||||
12,197,042 | ||||||||
Wireless Telecommunication Services – 0.4% | ||||||||
259,030 | United States Cellular Corp. | 6.25% | 09/01/69 | 4,349,114 | ||||
267,143 | United States Cellular Corp. | 5.50% | 03/01/70 | 4,041,873 | ||||
944,499 | United States Cellular Corp. | 5.50% | 06/01/70 | 14,403,610 | ||||
22,794,597 | ||||||||
Total $25 Par Preferred Securities | 1,257,796,182 | |||||||
(Cost $1,493,260,399) | ||||||||
$100 PAR PREFERRED SECURITIES – 0.2% | ||||||||
Banks – 0.2% | ||||||||
49,330 | CoBank ACB, Series H (b) | 6.20% | (a) | 4,729,514 | ||||
85,015 | Farm Credit Bank of Texas (b) (e) | 6.75% | (a) | 8,320,843 | ||||
13,050,357 | ||||||||
Food Products – 0.0% | ||||||||
700 | Dairy Farmers of America, Inc. (e) | 7.88% | (a) | 64,750 | ||||
Total $100 Par Preferred Securities | 13,115,107 | |||||||
(Cost $14,076,640) | ||||||||
$1,000 PAR PREFERRED SECURITIES – 3.5% | ||||||||
Banks – 3.4% | ||||||||
63,260 | Bank of America Corp., Series L | 7.25% | (a) | 74,895,412 | ||||
94,460 | Wells Fargo & Co., Series L | 7.50% | (a) | 110,332,114 | ||||
185,227,526 | ||||||||
Financial Services – 0.1% | ||||||||
7,900 | Compeer Financial ACA (b) (e) | 6.75% | (a) | 7,860,628 | ||||
Total $1,000 Par Preferred Securities | 193,088,154 | |||||||
(Cost $221,434,825) | ||||||||
Par Amount | Description | Stated Rate | Stated Maturity | Value | ||||
CAPITAL PREFERRED SECURITIES – 69.3% | ||||||||
Banks – 32.2% | ||||||||
$32,549,000 | Australia & New Zealand Banking Group Ltd. (b) (e) (f) | 6.75% | (a) | 31,432,997 | ||||
35,200,000 | Banco Bilbao Vizcaya Argentaria S.A., Series 9 (b) (f) | 6.50% | (a) | 32,187,935 | ||||
11,250,000 | Banco Mercantil del Norte S.A. (b) (e) (f) | 7.50% | (a) | 9,937,688 | ||||
15,700,000 | Banco Mercantil del Norte S.A. (b) (e) (f) | 7.63% | (a) | 14,302,707 | ||||
21,630,000 | Banco Mercantil del Norte S.A. (b) (e) (f) | 8.38% | (a) | 20,478,202 | ||||
35,600,000 | Banco Santander S.A. (b) (f) | 4.75% | (a) | 27,796,480 | ||||
40,200,000 | Banco Santander S.A. (b) (f) (g) | 7.50% | (a) | 38,810,487 | ||||
14,075,000 | Bank of America Corp., Series RR (b) | 4.38% | (a) | 12,034,125 | ||||
40,283,000 | Bank of America Corp., Series TT (b) | 6.13% | (a) | 39,157,586 | ||||
6,350,000 | Bank of America Corp., Series X (b) | 6.25% | (a) | 6,223,635 | ||||
13,800,000 | Bank of Nova Scotia (The) (b) | 4.90% | (a) | 12,660,706 |
Par Amount | Description | Stated Rate | Stated Maturity | Value | ||||
CAPITAL PREFERRED SECURITIES (Continued) | ||||||||
Banks (Continued) | ||||||||
$33,764,000 | Bank of Nova Scotia (The) (b) | 8.63% | 10/27/82 | $34,643,618 | ||||
3,000,000 | Bank of Nova Scotia (The), Series 2 (b) | 3.63% | 10/27/81 | 2,150,960 | ||||
10,575,000 | Barclays PLC (b) (f) | 4.38% | (a) | 7,031,549 | ||||
5,760,000 | Barclays PLC (b) (f) | 7.75% | (a) | 5,434,675 | ||||
100,800,000 | Barclays PLC (b) (f) | 8.00% | (a) | 93,229,920 | ||||
126,420,000 | Barclays PLC (b) (f) | 8.00% | (a) | 111,047,328 | ||||
11,600,000 | BBVA Bancomer S.A. (b) (e) (f) | 5.88% | 09/13/34 | 10,507,396 | ||||
11,850,000 | BNP Paribas S.A. (b) (e) (f) | 4.63% | (a) | 9,330,690 | ||||
44,450,000 | BNP Paribas S.A. (b) (e) (f) | 4.63% | (a) | 31,643,955 | ||||
27,895,000 | BNP Paribas S.A. (b) (e) (f) | 7.75% | (a) | 26,709,462 | ||||
8,300,000 | BNP Paribas S.A. (b) (e) (f) | 9.25% | (a) | 8,556,470 | ||||
37,946,000 | Citigroup, Inc. (b) | 3.88% | (a) | 32,491,262 | ||||
8,000,000 | Citigroup, Inc. (b) | 7.38% | (a) | 7,920,000 | ||||
16,365,000 | Citigroup, Inc., Series M (b) | 6.30% | (a) | 15,498,473 | ||||
16,200,000 | Citigroup, Inc., Series P (b) | 5.95% | (a) | 15,208,037 | ||||
17,355,000 | Citigroup, Inc., Series T (b) | 6.25% | (a) | 17,064,651 | ||||
19,803,000 | Citigroup, Inc., Series W (b) | 4.00% | (a) | 17,299,901 | ||||
7,860,000 | Citigroup, Inc., Series Y (b) | 4.15% | (a) | 6,484,500 | ||||
5,436,000 | Citizens Financial Group, Inc., Series F (b) | 5.65% | (a) | 4,934,264 | ||||
8,653,000 | Citizens Financial Group, Inc., Series G (b) | 4.00% | (a) | 6,749,340 | ||||
18,474,000 | CoBank ACB, Series I (b) | 6.25% | (a) | 17,435,761 | ||||
35,655,000 | CoBank ACB, Series K (b) | 6.45% | (a) | 33,691,202 | ||||
11,200,000 | Commerzbank AG (b) (f) (g) | 7.00% | (a) | 9,885,400 | ||||
11,810,000 | Credit Agricole S.A. (b) (e) (f) | 6.88% | (a) | 11,361,811 | ||||
59,405,000 | Credit Agricole S.A. (b) (e) (f) | 8.13% | (a) | 59,131,796 | ||||
26,200,000 | Danske Bank A.S. (b) (f) (g) | 4.38% | (a) | 22,420,571 | ||||
23,210,000 | Danske Bank A.S. (b) (f) (g) | 7.00% | (a) | 21,747,886 | ||||
7,650,000 | Farm Credit Bank of Texas, Series 3 (b) (e) | 6.20% | (a) | 6,789,375 | ||||
20,300,000 | Farm Credit Bank of Texas, Series 4 (b) (e) | 5.70% | (a) | 17,864,000 | ||||
18,985,000 | Fifth Third Bancorp, Series L (b) | 4.50% | (a) | 16,861,574 | ||||
12,800,000 | HSBC Holdings PLC (b) (f) | 4.60% | (a) | 9,704,000 | ||||
56,700,000 | HSBC Holdings PLC (b) (f) | 8.00% | (a) | 56,416,500 | ||||
3,250,000 | Huntington Bancshares, Inc., Series G (b) | 4.45% | (a) | 2,697,175 | ||||
17,836,000 | ING Groep N.V. (b) (f) | 5.75% | (a) | 15,547,462 | ||||
4,579,000 | ING Groep N.V. (b) (f) | 6.50% | (a) | 4,237,656 | ||||
6,800,000 | ING Groep N.V. (b) (f) (g) | 7.50% | (a) | 6,217,750 | ||||
73,545,000 | Intesa Sanpaolo S.p.A. (b) (e) (f) | 7.70% | (a) | 67,100,603 | ||||
4,800,000 | JPMorgan Chase & Co., Series S (b) | 6.75% | (a) | 4,797,240 | ||||
21,145,000 | Lloyds Banking Group PLC (b) (f) | 6.75% | (a) | 19,491,655 | ||||
39,931,668 | Lloyds Banking Group PLC (b) (f) | 7.50% | (a) | 38,457,790 | ||||
42,017,000 | Lloyds Banking Group PLC (b) (f) | 7.50% | (a) | 39,940,940 | ||||
50,095,000 | Lloyds Banking Group PLC (b) (f) | 8.00% | (a) | 45,937,115 | ||||
3,083,602 | M&T Bank Corp. (b) | 3.50% | (a) | 2,035,177 | ||||
2,195,000 | M&T Bank Corp., Series F (b) | 5.13% | (a) | 1,708,201 | ||||
7,932,000 | M&T Bank Corp., Series G (b) | 5.00% | (a) | 6,433,172 | ||||
7,700,000 | NatWest Group PLC (b) (f) | 6.00% | (a) | 7,237,230 | ||||
24,825,000 | NatWest Group PLC (b) (f) | 8.00% | (a) | 24,605,671 | ||||
8,975,000 | PNC Financial Services Group (The), Inc., Series U (b) | 6.00% | (a) | 8,346,750 | ||||
40,615,000 | PNC Financial Services Group (The), Inc., Series V (b) | 6.20% | (a) | 38,348,990 | ||||
49,832,000 | PNC Financial Services Group (The), Inc., Series W (b) | 6.25% | (a) | 45,795,608 | ||||
79,050,000 | Societe Generale S.A. (b) (e) (f) | 5.38% | (a) | 55,532,625 | ||||
33,820,000 | Societe Generale S.A. (b) (e) (f) | 9.38% | (a) | 32,193,258 | ||||
61,460,000 | Standard Chartered PLC (b) (e) (f) | 4.30% | (a) | 43,489,096 | ||||
52,790,000 | Standard Chartered PLC (b) (e) (f) | 7.75% | (a) | 51,263,841 | ||||
5,695,000 | Texas Capital Bancshares, Inc. (b) | 4.00% | 05/06/31 | 4,606,162 |
Par Amount | Description | Stated Rate | Stated Maturity | Value | ||||
CAPITAL PREFERRED SECURITIES (Continued) | ||||||||
Banks (Continued) | ||||||||
$56,130,000 | Toronto-Dominion Bank (The) (b) | 8.13% | 10/31/82 | $57,310,414 | ||||
5,000,000 | Truist Financial Corp., Series N (b) | 4.80% | (a) | 4,356,250 | ||||
3,500,000 | Truist Financial Corp., Series P (b) | 4.95% | (a) | 3,297,350 | ||||
74,380,000 | UniCredit S.p.A. (b) (f) (g) | 8.00% | (a) | 72,217,997 | ||||
4,400,000 | UniCredit S.p.A. (b) (e) | 7.30% | 04/02/34 | 4,214,753 | ||||
13,500,000 | UniCredit S.p.A. (b) (e) | 5.46% | 06/30/35 | 11,516,289 | ||||
55,777,000 | Wells Fargo & Co., Series BB (b) | 3.90% | (a) | 48,571,588 | ||||
1,759,774,683 | ||||||||
Capital Markets – 3.9% | ||||||||
40,096,000 | Apollo Management Holdings L.P. (b) (e) | 4.95% | 01/14/50 | 33,915,960 | ||||
25,033,000 | Charles Schwab (The) Corp., Series G (b) | 5.38% | (a) | 23,953,452 | ||||
7,668,000 | Charles Schwab (The) Corp., Series H (b) | 4.00% | (a) | 5,904,360 | ||||
57,820,000 | Charles Schwab (The) Corp., Series I (b) | 4.00% | (a) | 48,569,956 | ||||
15,800,000 | Charles Schwab (The) Corp., Series K (b) | 5.00% | (a) | 13,667,000 | ||||
81,425,000 | Credit Suisse Group AG (b) (f) (h) (i) | 5.25% | (a) | 0 | ||||
1,200,000 | Credit Suisse Group AG (b) (f) (h) (i) | 6.25% | (a) | 0 | ||||
51,775,000 | Credit Suisse Group AG (b) (f) (h) (i) | 6.38% | (a) | 0 | ||||
76,900,000 | Credit Suisse Group AG (b) (f) (h) (i) | 7.50% | (a) | 0 | ||||
27,200,000 | Credit Suisse Group AG (b) (f) (h) (i) | 9.75% | (a) | 0 | ||||
63,400,000 | Deutsche Bank AG, Series 2020 (b) (f) | 6.00% | (a) | 47,543,660 | ||||
25,475,000 | EFG International AG (b) (f) (g) | 5.50% | (a) | 18,357,922 | ||||
24,875,000 | Goldman Sachs Group (The), Inc., Series R (b) | 4.95% | (a) | 23,319,372 | ||||
215,231,682 | ||||||||
Construction Materials – 0.5% | ||||||||
27,550,000 | Cemex SAB de CV (b) (e) | 9.13% | (a) | 27,391,620 | ||||
Consumer Finance – 1.2% | ||||||||
31,492,000 | Ally Financial, Inc., Series B (b) | 4.70% | (a) | 23,323,763 | ||||
28,779,000 | American Express Co. (b) | 3.55% | (a) | 24,251,464 | ||||
23,077,000 | Capital One Financial Corp., Series M (b) | 3.95% | (a) | 17,080,169 | ||||
64,655,396 | ||||||||
Electric Utilities – 1.3% | ||||||||
3,000,000 | American Electric Power Co., Inc. (b) | 3.88% | 02/15/62 | 2,415,970 | ||||
17,965,000 | Edison International, Series B (b) | 5.00% | (a) | 15,401,670 | ||||
5,058,000 | Emera, Inc., Series 16-A (b) | 6.75% | 06/15/76 | 4,836,271 | ||||
5,000,000 | NextEra Energy Capital Holdings, Inc. (b) | 5.65% | 05/01/79 | 4,540,039 | ||||
16,409,000 | Southern (The) Co., Series 21-A (b) | 3.75% | 09/15/51 | 14,004,697 | ||||
30,516,000 | Southern California Edison Co., Series E, 3 Mo. LIBOR + 4.20% (c) | 9.01% | (a) | 30,210,840 | ||||
71,409,487 | ||||||||
Energy Equipment & Services – 1.0% | ||||||||
27,600,000 | Transcanada Trust (b) | 5.50% | 09/15/79 | 23,488,919 | ||||
34,700,000 | Transcanada Trust (b) | 5.60% | 03/07/82 | 29,383,600 | ||||
52,872,519 | ||||||||
Financial Services – 3.4% | ||||||||
64,250,000 | American AgCredit Corp. (b) (e) | 5.25% | (a) | 56,138,439 | ||||
40,400,000 | Ares Finance Co. III LLC (b) (e) | 4.13% | 06/30/51 | 30,735,063 | ||||
28,250,000 | Capital Farm Credit ACA, Series 1 (b) (e) | 5.00% | (a) | 25,495,625 | ||||
13,950,000 | Compeer Financial ACA (b) (e) | 4.88% | (a) | 12,328,312 | ||||
53,491,000 | Corebridge Financial, Inc. (b) (e) | 6.88% | 12/15/52 | 48,528,884 |
Par Amount | Description | Stated Rate | Stated Maturity | Value | ||||
CAPITAL PREFERRED SECURITIES (Continued) | ||||||||
Financial Services (Continued) | ||||||||
$10,548,000 | Voya Financial, Inc., Series A (b) | 6.13% | (a) | $10,185,992 | ||||
183,412,315 | ||||||||
Food Products – 2.0% | ||||||||
10,700,000 | Dairy Farmers of America, Inc. (h) | 7.13% | (a) | 9,175,250 | ||||
20,360,000 | Land O’Lakes Capital Trust I (h) | 7.45% | 03/15/28 | 19,291,100 | ||||
44,888,000 | Land O’Lakes, Inc. (e) | 7.00% | (a) | 38,357,245 | ||||
14,010,000 | Land O’Lakes, Inc. (e) | 7.25% | (a) | 12,118,650 | ||||
31,520,000 | Land O’Lakes, Inc. (e) | 8.00% | (a) | 29,150,326 | ||||
108,092,571 | ||||||||
Insurance – 9.6% | ||||||||
6,700,000 | Allianz SE (b) (e) | 3.50% | (a) | 5,485,109 | ||||
34,710,000 | Assurant, Inc. (b) | 7.00% | 03/27/48 | 33,273,423 | ||||
12,999,000 | Assured Guaranty Municipal Holdings, Inc. (b) (e) | 6.40% | 12/15/66 | 11,722,303 | ||||
38,875,000 | AXIS Specialty Finance LLC (b) | 4.90% | 01/15/40 | 31,385,787 | ||||
22,400,000 | CNP Assurances (b) (g) | 4.88% | (a) | 16,818,704 | ||||
23,688,000 | Enstar Finance LLC (b) | 5.75% | 09/01/40 | 19,888,570 | ||||
52,217,000 | Enstar Finance LLC (b) | 5.50% | 01/15/42 | 37,662,907 | ||||
13,700,000 | Fortegra Financial Corp. (b) (h) | 8.50% | 10/15/57 | 12,946,500 | ||||
87,495,000 | Global Atlantic Fin Co. (b) (e) | 4.70% | 10/15/51 | 70,032,625 | ||||
42,809,000 | Hartford Financial Services Group (The), Inc., 3 Mo. LIBOR + 2.13% (c) (e) | 6.99% | 02/12/47 | 34,996,357 | ||||
26,429,000 | Kuvare US Holdings, Inc. (b) (e) | 7.00% | 02/17/51 | 26,825,435 | ||||
9,310,000 | La Mondiale SAM (b) (g) | 5.88% | 01/26/47 | 8,906,681 | ||||
40,630,000 | Lancashire Holdings Ltd. (b) (g) | 5.63% | 09/18/41 | 33,719,162 | ||||
35,910,000 | Liberty Mutual Group, Inc. (b) (e) | 4.13% | 12/15/51 | 29,005,046 | ||||
17,005,000 | Lincoln National Corp., Series C (b) | 9.25% | (a) | 17,153,794 | ||||
50,448,000 | Prudential Financial, Inc. (b) | 6.00% | 09/01/52 | 48,556,897 | ||||
47,900,000 | QBE Insurance Group Ltd. (b) (e) | 5.88% | (a) | 45,346,186 | ||||
24,999,000 | QBE Insurance Group Ltd. (b) (g) | 6.75% | 12/02/44 | 24,805,230 | ||||
16,000,000 | QBE Insurance Group Ltd. (b) (g) | 5.88% | 06/17/46 | 15,385,574 | ||||
523,916,290 | ||||||||
Mortgage Real Estate Investment Trusts – 0.5% | ||||||||
3,700,000 | Scentre Group Trust 2 (b) (e) | 4.75% | 09/24/80 | 3,334,995 | ||||
27,435,000 | Scentre Group Trust 2 (b) (e) | 5.13% | 09/24/80 | 23,188,999 | ||||
26,523,994 | ||||||||
Multi-Utilities – 3.4% | ||||||||
67,818,000 | Algonquin Power & Utilities Corp. (b) | 4.75% | 01/18/82 | 54,924,974 | ||||
20,899,000 | CenterPoint Energy, Inc., Series A (b) | 6.13% | (a) | 19,919,359 | ||||
17,052,000 | CMS Energy Corp. (b) | 3.75% | 12/01/50 | 12,870,361 | ||||
5,730,000 | Dominion Energy, Inc., Series B (b) | 4.65% | (a) | 5,009,048 | ||||
16,195,000 | Dominion Energy, Inc., Series C (b) | 4.35% | (a) | 13,684,775 | ||||
31,850,000 | NiSource, Inc. (b) | 5.65% | (a) | 30,381,715 | ||||
59,610,000 | Sempra Energy (b) | 4.13% | 04/01/52 | 48,380,483 | ||||
185,170,715 | ||||||||
Oil, Gas & Consumable Fuels – 7.0% | ||||||||
27,792,000 | Buckeye Partners L.P., 3 Mo. LIBOR + 4.02% (c) | 9.29% | 01/22/78 | 23,981,026 | ||||
57,082,000 | Enbridge, Inc. (b) | 6.25% | 03/01/78 | 51,591,602 | ||||
47,400,000 | Enbridge, Inc. (b) | 7.63% | 01/15/83 | 48,399,263 | ||||
65,166,000 | Enbridge, Inc., Series 16-A (b) | 6.00% | 01/15/77 | 60,951,925 | ||||
40,850,000 | Enbridge, Inc., Series 20-A (b) | 5.75% | 07/15/80 | 37,464,027 |
Par Amount | Description | Stated Rate | Stated Maturity | Value | ||||
CAPITAL PREFERRED SECURITIES (Continued) | ||||||||
Oil, Gas & Consumable Fuels (Continued) | ||||||||
$8,631,000 | Energy Transfer L.P., Series B (b) | 6.63% | (a) | $6,626,869 | ||||
37,976,000 | Energy Transfer L.P., Series F (b) | 6.75% | (a) | 33,526,859 | ||||
51,646,000 | Energy Transfer L.P., Series G (b) | 7.13% | (a) | 43,640,870 | ||||
9,000,000 | Energy Transfer L.P., Series H (b) | 6.50% | (a) | 7,987,500 | ||||
1,662,000 | Enterprise Products Operating LLC (b) | 5.38% | 02/15/78 | 1,358,748 | ||||
54,204,000 | Enterprise Products Operating LLC, 3 Mo. LIBOR + 2.78% (c) | 7.74% | 06/01/67 | 48,571,594 | ||||
15,018,000 | Enterprise Products Operating LLC, Series D, 3 Mo. LIBOR + 2.99% (c) | 7.86% | 08/16/77 | 14,304,523 | ||||
3,330,000 | Enterprise Products Operating LLC, Series E (b) | 5.25% | 08/16/77 | 2,892,105 | ||||
381,296,911 | ||||||||
Trading Companies & Distributors – 3.3% | ||||||||
142,083,000 | AerCap Holdings N.V. (b) | 5.88% | 10/10/79 | 131,996,059 | ||||
15,700,000 | Air Lease Corp., Series B (b) | 4.65% | (a) | 12,932,065 | ||||
46,300,000 | Aircastle Ltd. (b) (e) | 5.25% | (a) | 33,827,576 | ||||
178,755,700 | ||||||||
Transportation Infrastructure – 0.0% | ||||||||
1,155,000 | AerCap Global Aviation Trust (b) (e) | 6.50% | 06/15/45 | 1,086,476 | ||||
Total Capital Preferred Securities | 3,779,590,359 | |||||||
(Cost $4,424,809,692) | ||||||||
Principal Value | Description | Stated Coupon | Stated Maturity | Value | ||||
FOREIGN CORPORATE BONDS AND NOTES – 1.8% | ||||||||
Insurance – 1.8% | ||||||||
104,408,028 | Highlands Holdings Bond Issuer Ltd./Highlands Holdings Bond Co-Issuer, Inc. (e) (j) | 7.63% | 10/15/25 | 95,212,445 | ||||
(Cost $107,585,643) | ||||||||
CORPORATE BONDS AND NOTES – 0.2% | ||||||||
Insurance – 0.2% | ||||||||
12,296,000 | AmTrust Financial Services, Inc. | 6.13% | 08/15/23 | 12,122,841 | ||||
(Cost $12,296,716) |
Shares | Description | Value | ||
EXCHANGE-TRADED FUNDS – 0.4% | ||||
Capital Markets – 0.4% | ||||
1,984,956 | Invesco Preferred ETF | 23,124,737 | ||
(Cost $22,172,367) | ||||
Total Investments – 98.5% | 5,374,049,825 | |||
(Cost $6,295,636,282) | ||||
Net Other Assets and Liabilities – 1.5% | 81,654,010 | |||
Net Assets – 100.0% | $5,455,703,835 |
(a) | Perpetual maturity. |
(b) | Fixed-to-floating or fixed-to-variable rate security. The interest rate shown reflects the fixed rate in effect at April 30, 2023. At a predetermined date, the fixed rate will change to a floating rate or a variable rate. |
(c) | Floating or variable rate security. |
(d) | Pursuant to procedures adopted by the Trust’s Board of Trustees, this security has been determined to be illiquid by First Trust Advisors L.P. (the “Advisor”). |
(e) | This security, sold within the terms of a private placement memorandum, is exempt from registration upon resale under Rule 144A of the Securities Act of 1933, as amended (the “1933 Act”), and may be resold in transactions exempt from registration, normally to qualified institutional buyers. Pursuant to procedures adopted by the Trust’s Board of Trustees, this security has been determined to be liquid by the Advisor. Although market instability can result in periods of increased overall market illiquidity, liquidity for each security is determined based on security specific factors and assumptions, which require subjective judgment. At April 30, 2023, securities noted as such amounted to $1,233,826,911 or 22.6% of net assets. |
(f) | This security is a contingent convertible capital security which may be subject to conversion into common stock of the issuer under certain circumstances. At April 30, 2023, securities noted as such amounted to $1,258,478,176 or 23.1% of net assets. Of these securities, 4.4% originated in emerging markets, and 95.6% originated in foreign markets. |
(g) | This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the 1933 Act. |
(h) | This security, sold within the terms of a private placement memorandum, is exempt from registration upon resale under Rule 144A of the 1933 Act, and may be resold in transactions exempt from registration, normally to qualified institutional buyers (see Note 2C - Restricted Securities in the Notes to Financial Statements). |
(i) | This security’s value was determined using significant unobservable inputs (see Note 2A - Portfolio Valuation in the Notes to Financial Statements. |
(j) | These notes are Senior Payment-in-kind (“PIK”) Toggle Notes whereby the issuer may, at its option, elect to pay interest on the notes (1) entirely in cash or (2) entirely in PIK interest. Interest paid in cash will accrue on the notes at a rate of 7.63% per annum (“Cash Interest Rate”) and PIK interest will accrue on the notes at a rate per annum equal to the Cash Interest Rate plus 75 basis points. For the six months ended April 30, 2023, this security paid all of its interest in cash. |
LIBOR | London Interbank Offered Rate |
Total Value at 4/30/2023 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |
$25 Par Preferred Securities: | ||||
Financial Services | $ 80,472,478 | $ 40,705,563 | $ 39,766,915 | $ — |
Gas Utilities | 15,491,398 | 8,444 | 15,482,954 | — |
Insurance | 415,013,272 | 371,853,479 | 43,159,793 | — |
Other Industry Categories* | 746,819,034 | 746,819,034 | — | — |
$100 Par Preferred Securities* | 13,115,107 | — | 13,115,107 | — |
$1,000 Par Preferred Securities: | ||||
Banks | 185,227,526 | 185,227,526 | — | — |
Financial Services | 7,860,628 | — | 7,860,628 | — |
Capital Preferred Securities: | ||||
Capital Markets | 215,231,682 | — | 215,231,682 | —** |
Other Industry Categories* | 3,564,358,677 | — | 3,564,358,677 | — |
Foreign Corporate Bonds and Notes* | 95,212,445 | — | 95,212,445 | — |
Corporate Bonds and Notes* | 12,122,841 | — | 12,122,841 | — |
Exchange-Traded Funds* | 23,124,737 | 23,124,737 | — | — |
Total Investments | $ 5,374,049,825 | $ 1,367,738,783 | $ 4,006,311,042 | $—** |
* | See Portfolio of Investments for industry breakout. |
** | Investments are valued at $0. |
Beginning Balance at October 31, 2022 | |
Capital Preferred Securities | $— |
Net Realized Gain (Loss) | — |
Net Change in Unrealized Appreciation/Depreciation | — |
Purchases | — |
Sales | — |
Transfers In | — |
Capital Preferred Securities | —* |
Transfers Out | — |
Ending Balance at April 30, 2023 | |
Capital Preferred Securities | —* |
Total Level 3 holdings | $—* |
* Investments are valued at $0. |
Shares | Description | Stated Rate | Stated Maturity | Value | ||||
$1,000 PAR PREFERRED SECURITIES – 1.9% | ||||||||
Banks – 1.9% | ||||||||
6,831 | Bank of America Corp., Series L | 7.25% | (a) | $8,087,426 | ||||
8,568 | Wells Fargo & Co., Series L | 7.50% | (a) | 10,007,681 | ||||
Total $1,000 Par Preferred Securities | 18,095,107 | |||||||
(Cost $20,753,594) | ||||||||
Par Amount | Description | Stated Rate | Stated Maturity | Value | ||||
CAPITAL PREFERRED SECURITIES – 93.3% | ||||||||
Banks – 45.2% | ||||||||
$4,950,000 | Australia & New Zealand Banking Group Ltd. (b) (c) (d) | 6.75% | (a) | 4,780,280 | ||||
1,145,000 | Australia & New Zealand Banking Group Ltd. (c) (d) (e) | 6.75% | (a) | 1,105,742 | ||||
5,400,000 | Banco Bilbao Vizcaya Argentaria S.A., Series 9 (c) (d) | 6.50% | (a) | 4,937,922 | ||||
2,000,000 | Banco Mercantil del Norte S.A. (b) (c) (d) | 6.63% | (a) | 1,622,000 | ||||
3,501,000 | Banco Mercantil del Norte S.A. (b) (c) (d) | 7.50% | (a) | 3,092,608 | ||||
842,000 | Banco Mercantil del Norte S.A. (b) (c) (d) | 7.63% | (a) | 767,062 | ||||
1,400,000 | Banco Mercantil del Norte S.A. (b) (c) (d) | 8.38% | (a) | 1,325,450 | ||||
9,000,000 | Banco Santander S.A. (c) (d) | 4.75% | (a) | 7,027,200 | ||||
4,400,000 | Banco Santander S.A. (c) (d) (e) | 7.50% | (a) | 4,247,914 | ||||
3,656,000 | Bank of America Corp., Series RR (d) | 4.38% | (a) | 3,125,880 | ||||
22,796,000 | Bank of America Corp., Series TT (d) | 6.13% | (a) | 22,159,132 | ||||
3,684,000 | Bank of America Corp., Series X (d) | 6.25% | (a) | 3,610,688 | ||||
3,200,000 | Bank of Nova Scotia (The) (d) | 4.90% | (a) | 2,935,816 | ||||
19,400,000 | Bank of Nova Scotia (The) (d) | 8.63% | 10/27/82 | 19,905,408 | ||||
1,000,000 | Bank of Nova Scotia (The), Series 2 (d) | 3.63% | 10/27/81 | 716,987 | ||||
2,300,000 | Barclays PLC (c) (d) | 4.38% | (a) | 1,529,320 | ||||
2,000,000 | Barclays PLC (c) (d) | 7.75% | (a) | 1,887,040 | ||||
11,470,000 | Barclays PLC (c) (d) | 8.00% | (a) | 10,608,603 | ||||
20,050,000 | Barclays PLC (c) (d) | 8.00% | (a) | 17,611,920 | ||||
700,000 | BBVA Bancomer S.A. (b) (c) (d) | 5.88% | 09/13/34 | 634,067 | ||||
3,200,000 | BNP Paribas S.A. (b) (c) (d) | 4.63% | (a) | 2,519,680 | ||||
6,800,000 | BNP Paribas S.A. (b) (c) (d) | 4.63% | (a) | 4,840,920 | ||||
7,140,000 | BNP Paribas S.A. (b) (c) (d) | 7.75% | (a) | 6,836,550 | ||||
1,000,000 | BNP Paribas S.A. (b) (c) (d) | 9.25% | (a) | 1,030,900 | ||||
8,195,000 | Citigroup, Inc. (d) | 3.88% | (a) | 7,016,969 | ||||
1,281,000 | Citigroup, Inc., 3 Mo. LIBOR + 4.07% (f) | 9.34% | (a) | 1,280,359 | ||||
3,467,000 | Citigroup, Inc., Series M (d) | 6.30% | (a) | 3,283,422 | ||||
11,414,000 | Citigroup, Inc., Series P (d) | 5.95% | (a) | 10,715,094 | ||||
4,149,000 | Citigroup, Inc., Series W (d) | 4.00% | (a) | 3,624,566 | ||||
2,979,000 | Citigroup, Inc., Series Y (d) | 4.15% | (a) | 2,457,675 | ||||
7,028,000 | Citizens Financial Group, Inc., Series F (d) | 5.65% | (a) | 6,379,325 | ||||
12,941,000 | Citizens Financial Group, Inc., Series G (d) | 4.00% | (a) | 10,093,980 | ||||
1,358,000 | CoBank ACB, Series I (d) | 6.25% | (a) | 1,281,680 | ||||
3,185,000 | CoBank ACB, Series K (d) | 6.45% | (a) | 3,009,577 | ||||
400,000 | Commerzbank AG (c) (d) (e) | 7.00% | (a) | 353,050 | ||||
1,000,000 | CoreStates Capital III, 3 Mo. LIBOR + 0.57% (b) (f) | 5.43% | 02/15/27 | 930,555 | ||||
2,306,000 | Credit Agricole S.A. (b) (c) (d) | 6.88% | (a) | 2,218,487 | ||||
3,000,000 | Credit Agricole S.A. (c) (d) (e) | 7.88% | (a) | 2,956,875 | ||||
5,520,000 | Credit Agricole S.A. (b) (c) (d) | 8.13% | (a) | 5,494,614 | ||||
4,800,000 | Danske Bank A.S. (c) (d) (e) | 4.38% | (a) | 4,107,586 | ||||
1,400,000 | Danske Bank A.S. (c) (d) (e) | 7.00% | (a) | 1,311,807 | ||||
800,000 | Farm Credit Bank of Texas, Series 3 (b) (d) | 6.20% | (a) | 710,000 | ||||
1,100,000 | Farm Credit Bank of Texas, Series 4 (b) (d) | 5.70% | (a) | 968,000 | ||||
3,290,000 | Fifth Third Bancorp, Series L (d) | 4.50% | (a) | 2,922,022 | ||||
400,000 | HSBC Holdings PLC (c) (d) | 4.60% | (a) | 303,250 |
Par Amount | Description | Stated Rate | Stated Maturity | Value | ||||
CAPITAL PREFERRED SECURITIES (Continued) | ||||||||
Banks (Continued) | ||||||||
$16,600,000 | HSBC Holdings PLC (c) (d) | 8.00% | (a) | $16,517,000 | ||||
735,000 | Huntington Bancshares, Inc., Series F (d) | 5.63% | (a) | 659,313 | ||||
3,700,000 | Huntington Bancshares, Inc., Series G (d) | 4.45% | (a) | 3,070,630 | ||||
3,750,000 | ING Groep N.V. (c) (d) | 5.75% | (a) | 3,268,837 | ||||
400,000 | ING Groep N.V. (c) (d) | 6.50% | (a) | 370,182 | ||||
1,100,000 | ING Groep N.V. (c) (d) (e) | 7.50% | (a) | 1,005,813 | ||||
23,270,000 | Intesa Sanpaolo S.p.A. (b) (c) (d) | 7.70% | (a) | 21,230,961 | ||||
8,295,000 | JPMorgan Chase & Co., Series KK (d) | 3.65% | (a) | 7,292,964 | ||||
7,241,000 | JPMorgan Chase & Co., Series Q, 3 Mo. LIBOR + 3.25% (f) | 5.15% | (a) | 7,222,897 | ||||
2,533,000 | JPMorgan Chase & Co., Series S (d) | 6.75% | (a) | 2,531,544 | ||||
1,550,000 | Lloyds Banking Group PLC (c) (d) | 6.75% | (a) | 1,428,804 | ||||
7,148,424 | Lloyds Banking Group PLC (c) (d) | 7.50% | (a) | 6,884,576 | ||||
4,340,000 | Lloyds Banking Group PLC (c) (d) | 7.50% | (a) | 4,125,561 | ||||
10,980,000 | Lloyds Banking Group PLC (c) (d) | 8.00% | (a) | 10,068,660 | ||||
392,742 | M&T Bank Corp. (d) | 3.50% | (a) | 259,210 | ||||
370,000 | M&T Bank Corp., Series F (d) | 5.13% | (a) | 287,943 | ||||
2,341,000 | M&T Bank Corp., Series G (d) | 5.00% | (a) | 1,898,645 | ||||
693,000 | Macquarie Bank Ltd. (b) (c) (d) | 6.13% | (a) | 597,975 | ||||
18,781,000 | NatWest Group PLC (c) (d) | 6.00% | (a) | 17,652,262 | ||||
1,550,000 | NatWest Group PLC (c) (d) | 8.00% | (a) | 1,536,306 | ||||
6,540,000 | PNC Financial Services Group (The), Inc., Series U (d) | 6.00% | (a) | 6,082,200 | ||||
18,415,000 | PNC Financial Services Group (The), Inc., Series V (d) | 6.20% | (a) | 17,387,582 | ||||
8,153,000 | PNC Financial Services Group (The), Inc., Series W (d) | 6.25% | (a) | 7,492,607 | ||||
5,000,000 | Regions Financial Corp., Series D (d) | 5.75% | (a) | 4,738,728 | ||||
5,600,000 | Societe Generale S.A. (b) (c) (d) | 5.38% | (a) | 3,934,000 | ||||
2,639,000 | Societe Generale S.A. (b) (c) (d) | 8.00% | (a) | 2,464,483 | ||||
7,200,000 | Societe Generale S.A. (b) (c) (d) | 9.38% | (a) | 6,853,680 | ||||
3,800,000 | Standard Chartered PLC (b) (c) (d) | 4.30% | (a) | 2,688,880 | ||||
10,170,000 | Standard Chartered PLC (b) (c) (d) | 7.75% | (a) | 9,875,985 | ||||
1,200,000 | Swedbank AB, Series NC5 (c) (d) (e) | 5.63% | (a) | 1,135,680 | ||||
463,000 | Texas Capital Bancshares, Inc. (d) | 4.00% | 05/06/31 | 374,478 | ||||
31,370,000 | Toronto-Dominion Bank (The) (d) | 8.13% | 10/31/82 | 32,029,711 | ||||
7,800,000 | Truist Financial Corp., Series N (d) | 4.80% | (a) | 6,795,750 | ||||
9,300,000 | UniCredit S.p.A. (c) (d) (e) | 8.00% | (a) | 9,029,677 | ||||
600,000 | UniCredit S.p.A. (b) (d) | 7.30% | 04/02/34 | 574,739 | ||||
750,000 | UniCredit S.p.A. (b) (d) | 5.46% | 06/30/35 | 639,794 | ||||
13,695,000 | Wells Fargo & Co., Series BB (d) | 3.90% | (a) | 11,925,846 | ||||
432,211,885 | ||||||||
Capital Markets – 5.4% | ||||||||
5,371,000 | Apollo Management Holdings L.P. (b) (d) | 4.95% | 01/14/50 | 4,543,162 | ||||
1,370,000 | Bank of New York Mellon (The) Corp., Series I (d) | 3.75% | (a) | 1,148,252 | ||||
13,000,000 | Charles Schwab (The) Corp., Series G (d) | 5.38% | (a) | 12,439,375 | ||||
3,000,000 | Charles Schwab (The) Corp., Series H (d) | 4.00% | (a) | 2,310,000 | ||||
15,529,000 | Charles Schwab (The) Corp., Series I (d) | 4.00% | (a) | 13,044,671 | ||||
250,000 | Charles Schwab (The) Corp., Series K (d) | 5.00% | (a) | 216,250 | ||||
6,243,000 | Credit Suisse Group AG (c) (d) (g) (h) | 5.25% | (a) | 0 | ||||
2,057,000 | Credit Suisse Group AG (c) (d) (g) (h) | 6.25% | (a) | 0 | ||||
7,770,000 | Credit Suisse Group AG (c) (d) (g) (h) | 6.38% | (a) | 0 | ||||
4,150,000 | Credit Suisse Group AG (c) (d) (g) (h) | 7.50% | (a) | 0 | ||||
18,000,000 | Credit Suisse Group AG (c) (d) (g) (h) | 9.75% | (a) | 0 | ||||
9,950,000 | Deutsche Bank AG, Series 2020 (c) (d) | 6.00% | (a) | 7,461,505 | ||||
4,180,000 | EFG International AG (c) (d) (e) | 5.50% | (a) | 3,012,212 | ||||
1,200,000 | Goldman Sachs Group (The), Inc., Series R (d) | 4.95% | (a) | 1,124,955 | ||||
2,899,000 | Goldman Sachs Group (The), Inc., Series T (d) | 3.80% | (a) | 2,406,170 |
Par Amount | Description | Stated Rate | Stated Maturity | Value | ||||
CAPITAL PREFERRED SECURITIES (Continued) | ||||||||
Capital Markets (Continued) | ||||||||
$3,185,000 | Goldman Sachs Group (The), Inc., Series U (d) | 3.65% | (a) | $2,609,709 | ||||
811,000 | Morgan Stanley, Series M (d) | 5.88% | (a) | 805,210 | ||||
51,121,471 | ||||||||
Construction Materials – 0.5% | ||||||||
4,800,000 | Cemex SAB de CV (b) (d) | 9.13% | (a) | 4,772,406 | ||||
Consumer Finance – 1.5% | ||||||||
3,105,000 | Ally Financial, Inc., Series B (d) | 4.70% | (a) | 2,299,641 | ||||
3,846,000 | Ally Financial, Inc., Series C (d) | 4.70% | (a) | 2,711,430 | ||||
9,347,000 | American Express Co. (d) | 3.55% | (a) | 7,876,522 | ||||
1,932,000 | Capital One Financial Corp., Series M (d) | 3.95% | (a) | 1,429,947 | ||||
14,317,540 | ||||||||
Electric Utilities – 3.5% | ||||||||
1,349,000 | American Electric Power Co., Inc. (d) | 3.88% | 02/15/62 | 1,086,381 | ||||
8,641,000 | Duke Energy Corp. (d) | 4.88% | (a) | 8,326,367 | ||||
6,158,000 | Edison International, Series B (d) | 5.00% | (a) | 5,279,348 | ||||
5,462,000 | Emera, Inc., Series 16-A (d) | 6.75% | 06/15/76 | 5,222,561 | ||||
5,711,000 | NextEra Energy Capital Holdings, Inc. (d) | 5.65% | 05/01/79 | 5,185,632 | ||||
1,428,000 | Southern (The) Co., Series 21-A (d) | 3.75% | 09/15/51 | 1,218,765 | ||||
7,500,000 | Southern California Edison Co., Series E, 3 Mo. LIBOR + 4.20% (f) | 9.01% | (a) | 7,425,000 | ||||
33,744,054 | ||||||||
Energy Equipment & Services – 1.0% | ||||||||
8,285,000 | Transcanada Trust (d) | 5.50% | 09/15/79 | 7,050,931 | ||||
2,650,000 | Transcanada Trust (d) | 5.60% | 03/07/82 | 2,243,992 | ||||
9,294,923 | ||||||||
Financial Services – 3.7% | ||||||||
3,000,000 | American AgCredit Corp. (b) (d) | 5.25% | (a) | 2,621,250 | ||||
7,435,000 | Ares Finance Co. III LLC (b) (d) | 4.13% | 06/30/51 | 5,656,317 | ||||
4,200,000 | Capital Farm Credit ACA, Series 1 (b) (d) | 5.00% | (a) | 3,790,500 | ||||
650,000 | Compeer Financial ACA (b) (d) | 4.88% | (a) | 574,438 | ||||
21,096,000 | Corebridge Financial, Inc. (b) (d) | 6.88% | 12/15/52 | 19,139,020 | ||||
2,512,000 | Equitable Holdings, Inc., Series B (d) | 4.95% | (a) | 2,295,482 | ||||
500,000 | Voya Financial, Inc. (d) | 5.65% | 05/15/53 | 500,077 | ||||
755,000 | Voya Financial, Inc., Series A (d) | 6.13% | (a) | 729,088 | ||||
35,306,172 | ||||||||
Food Products – 1.1% | ||||||||
1,200,000 | Dairy Farmers of America, Inc. (g) | 7.13% | (a) | 1,029,000 | ||||
1,056,000 | Land O’Lakes Capital Trust I (g) | 7.45% | 03/15/28 | 1,000,560 | ||||
6,146,000 | Land O’Lakes, Inc. (b) | 7.00% | (a) | 5,251,818 | ||||
2,220,000 | Land O’Lakes, Inc. (b) | 7.25% | (a) | 1,920,300 | ||||
400,000 | Land O’Lakes, Inc. (e) | 7.25% | (a) | 346,000 | ||||
535,000 | Land O’Lakes, Inc. (b) | 8.00% | (a) | 494,779 | ||||
10,042,457 | ||||||||
Insurance – 13.7% | ||||||||
8,000,000 | Aegon N.V. (d) | 5.50% | 04/11/48 | 2,915,730 | ||||
3,500,000 | Allianz SE (b) (d) | 3.50% | (a) | 2,865,355 | ||||
4,288,000 | Assurant, Inc. (d) | 7.00% | 03/27/48 | 4,110,528 | ||||
2,300,000 | Assured Guaranty Municipal Holdings, Inc. (b) (d) | 6.40% | 12/15/66 | 2,074,106 | ||||
1,700,000 | Assured Guaranty Municipal Holdings, Inc. (d) (e) | 6.40% | 12/15/66 | 1,533,035 |
Par Amount | Description | Stated Rate | Stated Maturity | Value | ||||
CAPITAL PREFERRED SECURITIES (Continued) | ||||||||
Insurance (Continued) | ||||||||
$5,170,000 | AXIS Specialty Finance LLC (d) | 4.90% | 01/15/40 | $4,174,007 | ||||
10,200,000 | CNP Assurances (d) (e) | 4.88% | (a) | 7,658,517 | ||||
1,332,000 | Enstar Finance LLC (d) | 5.75% | 09/01/40 | 1,118,354 | ||||
10,538,000 | Enstar Finance LLC (d) | 5.50% | 01/15/42 | 7,600,814 | ||||
14,102,000 | Global Atlantic Fin Co. (b) (d) | 4.70% | 10/15/51 | 11,287,503 | ||||
13,880,000 | Hartford Financial Services Group (The), Inc., 3 Mo. LIBOR + 2.13% (b) (f) | 6.99% | 02/12/47 | 11,346,900 | ||||
2,464,000 | Kuvare US Holdings, Inc. (b) (d) | 7.00% | 02/17/51 | 2,500,960 | ||||
3,631,000 | La Mondiale SAM (d) (e) | 5.88% | 01/26/47 | 3,473,701 | ||||
6,850,000 | Lancashire Holdings Ltd. (d) (e) | 5.63% | 09/18/41 | 5,684,870 | ||||
7,300,000 | Liberty Mutual Group, Inc. (b) (d) | 4.13% | 12/15/51 | 5,896,320 | ||||
6,585,000 | Liberty Mutual Group, Inc. (b) | 4.30% | 02/01/61 | 3,928,176 | ||||
19,361,000 | Lincoln National Corp., Series C (d) | 9.25% | (a) | 19,530,409 | ||||
2,501,000 | Markel Corp. (d) | 6.00% | (a) | 2,433,167 | ||||
6,514,000 | MetLife, Inc. | 6.40% | 12/15/36 | 6,541,782 | ||||
2,900,000 | MetLife, Inc. (b) | 9.25% | 04/08/38 | 3,418,708 | ||||
10,415,000 | Prudential Financial, Inc. (d) | 6.00% | 09/01/52 | 10,024,581 | ||||
8,200,000 | QBE Insurance Group Ltd. (b) (d) | 5.88% | (a) | 7,762,813 | ||||
2,850,000 | QBE Insurance Group Ltd. (d) (e) | 6.75% | 12/02/44 | 2,827,909 | ||||
300,000 | QBE Insurance Group Ltd. (d) (e) | 5.88% | 06/17/46 | 288,480 | ||||
130,996,725 | ||||||||
Mortgage Real Estate Investment Trusts – 1.6% | ||||||||
6,204,000 | Scentre Group Trust 2 (b) (d) | 4.75% | 09/24/80 | 5,591,975 | ||||
11,220,000 | Scentre Group Trust 2 (b) (d) | 5.13% | 09/24/80 | 9,483,527 | ||||
15,075,502 | ||||||||
Multi-Utilities – 5.7% | ||||||||
14,427,000 | Algonquin Power & Utilities Corp. (d) | 4.75% | 01/18/82 | 11,684,252 | ||||
10,013,000 | CenterPoint Energy, Inc., Series A (d) | 6.13% | (a) | 9,543,641 | ||||
2,148,000 | CMS Energy Corp. (d) | 3.75% | 12/01/50 | 1,621,249 | ||||
9,925,000 | Dominion Energy, Inc., Series B (d) | 4.65% | (a) | 8,676,230 | ||||
5,297,000 | Dominion Energy, Inc., Series C (d) | 4.35% | (a) | 4,475,965 | ||||
10,119,000 | NiSource, Inc. (d) | 5.65% | (a) | 9,652,514 | ||||
11,003,000 | Sempra Energy (d) | 4.13% | 04/01/52 | 8,930,221 | ||||
54,584,072 | ||||||||
Oil, Gas & Consumable Fuels – 8.3% | ||||||||
8,710,000 | Buckeye Partners L.P., 3 Mo. LIBOR + 4.02% (f) | 9.29% | 01/22/78 | 7,515,642 | ||||
1,026,000 | Enbridge, Inc. (d) | 6.25% | 03/01/78 | 927,315 | ||||
11,765,000 | Enbridge, Inc. (d) | 7.63% | 01/15/83 | 12,013,024 | ||||
7,398,000 | Enbridge, Inc., Series 16-A (d) | 6.00% | 01/15/77 | 6,919,595 | ||||
7,504,000 | Enbridge, Inc., Series 20-A (d) | 5.75% | 07/15/80 | 6,882,009 | ||||
1,069,000 | Energy Transfer L.P., Series B (d) | 6.63% | (a) | 820,777 | ||||
16,973,000 | Energy Transfer L.P., Series F (d) | 6.75% | (a) | 14,984,500 | ||||
15,403,000 | Energy Transfer L.P., Series G (d) | 7.13% | (a) | 13,015,535 | ||||
728,000 | Energy Transfer L.P., Series H (d) | 6.50% | (a) | 646,100 | ||||
278,000 | Enterprise Products Operating LLC (d) | 5.38% | 02/15/78 | 227,276 | ||||
4,715,000 | Enterprise Products Operating LLC, 3 Mo. LIBOR + 2.78% (f) | 7.74% | 06/01/67 | 4,225,058 | ||||
9,377,000 | Enterprise Products Operating LLC, Series D, 3 Mo. LIBOR + 2.99% (f) | 7.86% | 08/16/77 | 8,931,516 | ||||
2,950,000 | Enterprise Products Operating LLC, Series E (d) | 5.25% | 08/16/77 | 2,562,075 | ||||
79,670,422 |
Par Amount | Description | Stated Rate | Stated Maturity | Value | ||||
CAPITAL PREFERRED SECURITIES (Continued) | ||||||||
Trading Companies & Distributors – 2.0% | ||||||||
$13,172,000 | AerCap Holdings N.V. (d) | 5.88% | 10/10/79 | $12,236,876 | ||||
1,127,000 | Air Lease Corp., Series B (d) | 4.65% | (a) | 928,308 | ||||
8,440,000 | Aircastle Ltd. (b) (d) | 5.25% | (a) | 6,166,409 | ||||
19,331,593 | ||||||||
Transportation Infrastructure – 0.1% | ||||||||
800,000 | AerCap Global Aviation Trust (b) (d) | 6.50% | 06/15/45 | 752,538 | ||||
Total Capital Preferred Securities | 891,221,760 | |||||||
(Cost $976,805,273) | ||||||||
Principal Value | Description | Stated Coupon | Stated Maturity | Value | ||||
FOREIGN CORPORATE BONDS AND NOTES – 1.6% | ||||||||
Insurance – 1.6% | ||||||||
16,900,342 | Highlands Holdings Bond Issuer Ltd./Highlands Holdings Bond Co-Issuer, Inc. (b) (i) | 7.63% | 10/15/25 | 15,411,869 | ||||
(Cost $17,078,512) | ||||||||
CORPORATE BONDS AND NOTES – 0.2% | ||||||||
Insurance – 0.2% | ||||||||
2,168,000 | AmTrust Financial Services, Inc. | 6.13% | 08/15/23 | 2,137,469 | ||||
(Cost $2,173,206) |
Total Investments – 97.0% | 926,866,205 | ||
(Cost $1,016,810,585) | |||
Net Other Assets and Liabilities – 3.0% | 28,343,626 | ||
Net Assets – 100.0% | $955,209,831 |
(a) | Perpetual maturity. |
(b) | This security, sold within the terms of a private placement memorandum, is exempt from registration upon resale under Rule 144A of the Securities Act of 1933, as amended (the “1933 Act”), and may be resold in transactions exempt from registration, normally to qualified institutional buyers. Pursuant to procedures adopted by the Trust’s Board of Trustees, this security has been determined to be liquid by First Trust Advisors L.P., (the “Advisor”). Although market instability can result in periods of increased overall market illiquidity, liquidity for each security is determined based on security specific factors and assumptions, which require subjective judgment. At April 30, 2023, securities noted as such amounted to $223,882,819 or 23.4% of net assets. |
(c) | This security is a contingent convertible capital security which may be subject to conversion into common stock of the issuer under certain circumstances. At April 30, 2023, securities noted as such amounted to $224,293,886 or 23.5% of net assets. Of these securities, 3.3% originated in emerging markets, and 96.7% originated in foreign markets. |
(d) | Fixed-to-floating or fixed-to-variable rate security. The interest rate shown reflects the fixed rate in effect at April 30, 2023. At a predetermined date, the fixed rate will change to a floating rate or a variable rate. |
(e) | This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the 1933 Act. |
(f) | Floating or variable rate security. |
(g) | This security, sold within the terms of a private placement memorandum, is exempt from registration upon resale under Rule 144A of the 1933 Act, and may be resold in transactions exempt from registration, normally to qualified institutional buyers (see Note 2C - Restricted Securities in the Notes to Financial Statements). |
(h) | This security’s value was determined using significant unobservable inputs (see Note 2A – Portfolio Valuation in the Notes to Financial Statements). |
(i) | These notes are Senior Payment-in-kind (“PIK”) Toggle Notes whereby the issuer may, at its option, elect to pay interest on the notes (1) entirely in cash or (2) entirely in PIK interest. Interest paid in cash will accrue on the notes at a rate of 7.63% per annum (“Cash Interest Rate”) and PIK interest will accrue on the notes at a rate per annum equal to the Cash Interest Rate plus 75 basis points. For the six months ended April 30, 2023, this security paid all of its interest in cash. |
LIBOR | London Interbank Offered Rate |
Total Value at 4/30/2023 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |
$1,000 Par Preferred Securities* | $ 18,095,107 | $ 18,095,107 | $ — | $ — |
Capital Preferred Securities: | ||||
Capital Markets | 51,121,471 | — | 51,121,471 | —** |
Other Industry Categories* | 840,100,289 | — | 840,100,289 | — |
Foreign Corporate Bonds and Notes* | 15,411,869 | — | 15,411,869 | — |
Corporate Bonds and Notes* | 2,137,469 | — | 2,137,469 | — |
Total Investments | $ 926,866,205 | $ 18,095,107 | $ 908,771,098 | $—** |
* | See Portfolio of Investments for industry breakout. |
** | Investments are valued at $0. |
Beginning Balance at October 31, 2022 | |
Capital Preferred Securities | $— |
Net Realized Gain (Loss) | — |
Net Change in Unrealized Appreciation/Depreciation | — |
Purchases | — |
Sales | — |
Transfers In | — |
Capital Preferred Securities | —* |
Transfers Out | — |
Ending Balance at April 30, 2023 | |
Capital Preferred Securities | —* |
Total Level 3 holdings | $—* |
* Investments are valued at $0. |
First Trust Preferred Securities and Income ETF (FPE) | First Trust Institutional Preferred Securities and Income ETF (FPEI) | ||
ASSETS: | |||
Investments, at value | $ 5,374,049,825 | $ 926,866,205 | |
Cash | 21,232,023 | 4,546,384 | |
Receivables: | |||
Interest | 59,568,385 | 13,662,655 | |
Investment securities sold | 17,303,674 | 8,697,636 | |
Dividends | 4,293,839 | 123,812 | |
Interest reclaims | 1,527,029 | 270,378 | |
Dividend reclaims | 172,625 | — | |
Fund shares sold | 7,585 | 2,524,396 | |
Total Assets | 5,478,154,985 | 956,691,466 | |
LIABILITIES: | |||
Payables: | |||
Investment securities purchased | 14,715,918 | 819,538 | |
Capital shares redeemed | 3,991,795 | — | |
Investment advisory fees | 3,743,437 | 662,097 | |
Total Liabilities | 22,451,150 | 1,481,635 | |
NET ASSETS | $5,455,703,835 | $955,209,831 | |
NET ASSETS consist of: | |||
Paid-in capital | $ 6,885,566,375 | $ 1,076,332,259 | |
Par value | 3,409,050 | 569,000 | |
Accumulated distributable earnings (loss) | (1,433,271,590) | (121,691,428) | |
NET ASSETS | $5,455,703,835 | $955,209,831 | |
NET ASSET VALUE, per share | $16.00 | $16.79 | |
Number of shares outstanding (unlimited number of shares authorized, par value $0.01 per share) | 340,905,000 | 56,900,002 | |
Investments, at cost | $6,295,636,282 | $1,016,810,585 |
First Trust Preferred Securities and Income ETF (FPE) | First Trust Institutional Preferred Securities and Income ETF (FPEI) | |||
INVESTMENT INCOME: | ||||
Interest | $ 142,683,041 | $ 29,105,404 | ||
Dividends | 56,830,863 | 478,823 | ||
Foreign withholding tax | (342,713) | (3,585) | ||
Other | (2,148) | — | ||
Total investment income | 199,169,043 | 29,580,642 | ||
EXPENSES: | ||||
Investment advisory fees | 24,453,437 | 3,802,465 | ||
Total expenses | 24,453,437 | 3,802,465 | ||
NET INVESTMENT INCOME (LOSS) | 174,715,606 | 25,778,177 | ||
NET REALIZED AND UNREALIZED GAIN (LOSS): | ||||
Net realized gain (loss) on: | ||||
Investments | (317,125,528) | (25,054,665) | ||
In-kind redemptions | (3,071,272) | — | ||
Foreign currency transactions | 30 | — | ||
Net realized gain (loss) | (320,196,770) | (25,054,665) | ||
Net change in unrealized appreciation (depreciation) on investments | 121,881,805 | (11,859,076) | ||
NET REALIZED AND UNREALIZED GAIN (LOSS) | (198,314,965) | (36,913,741) | ||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $(23,599,359) | $(11,135,564) |
First Trust Preferred Securities and Income ETF (FPE) | First Trust Institutional Preferred Securities and Income ETF (FPEI) | ||||||
Six Months Ended 4/30/2023 (Unaudited) | Year Ended 10/31/2022 | Six Months Ended 4/30/2023 (Unaudited) | Year Ended 10/31/2022 | ||||
OPERATIONS: | |||||||
Net investment income (loss) | $ 174,715,606 | $ 353,394,584 | $ 25,778,177 | $ 28,000,793 | |||
Net realized gain (loss) | (320,196,770) | (114,950,428) | (25,054,665) | (5,614,594) | |||
Net change in unrealized appreciation (depreciation) | 121,881,805 | (1,384,334,348) | (11,859,076) | (96,752,605) | |||
Net increase (decrease) in net assets resulting from operations | (23,599,359) | (1,145,890,192) | (11,135,564) | (74,366,406) | |||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | |||||||
Investment operations | (178,089,642) | (343,498,173) | (25,817,641) | (26,784,009) | |||
Return of capital | — | (13,679,185) | — | (1,398,898) | |||
Total distributions to shareholders | (178,089,642) | (357,177,358) | (25,817,641) | (28,182,907) | |||
SHAREHOLDER TRANSACTIONS: | |||||||
Proceeds from shares sold | 262,394,987 | 718,008,516 | 353,358,878 | 317,318,641 | |||
Cost of shares redeemed | (631,697,784) | (886,491,469) | (10,231,660) | (58,151,167) | |||
Net increase (decrease) in net assets resulting from shareholder transactions | (369,302,797) | (168,482,953) | 343,127,218 | 259,167,474 | |||
Total increase (decrease) in net assets | (570,991,798) | (1,671,550,503) | 306,174,013 | 156,618,161 | |||
NET ASSETS: | |||||||
Beginning of period | 6,026,695,633 | 7,698,246,136 | 649,035,818 | 492,417,657 | |||
End of period | $5,455,703,835 | $6,026,695,633 | $955,209,831 | $649,035,818 | |||
CHANGES IN SHARES OUTSTANDING: | |||||||
Shares outstanding, beginning of period | 363,155,000 | 376,405,000 | 37,600,002 | 24,000,002 | |||
Shares sold | 15,100,000 | 36,550,000 | 19,900,000 | 16,700,000 | |||
Shares redeemed | (37,350,000) | (49,800,000) | (600,000) | (3,100,000) | |||
Shares outstanding, end of period | 340,905,000 | 363,155,000 | 56,900,002 | 37,600,002 |
Six Months Ended 4/30/2023 (Unaudited) | Year Ended October 31, | |||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||
Net asset value, beginning of period | $ 16.60 | $ 20.45 | $ 19.23 | $ 19.89 | $ 18.76 | $ 20.13 | ||||||
Income from investment operations: | ||||||||||||
Net investment income (loss) | 0.51 | 0.92 | 0.90 | 1.00 | 1.08 | 1.08 | ||||||
Net realized and unrealized gain (loss) | (0.60) | (3.84) | 1.24 | (0.66) | 1.14 | (1.37) | ||||||
Total from investment operations | (0.09) | (2.92) | 2.14 | 0.34 | 2.22 | (0.29) | ||||||
Distributions paid to shareholders from: | ||||||||||||
Net investment income | (0.51) | (0.89) | (0.88) | (0.94) | (1.07) | (1.08) | ||||||
Return of capital | — | (0.04) | (0.04) | (0.06) | (0.02) | (0.00) (a) | ||||||
Total distributions | (0.51) | (0.93) | (0.92) | (1.00) | (1.09) | (1.08) | ||||||
Net asset value, end of period | $16.00 | $16.60 | $20.45 | $19.23 | $19.89 | $18.76 | ||||||
Total return (b) | (0.58)% | (14.65)% | 11.26% | 1.94% | 12.25% | (1.47)% | ||||||
Ratios to average net assets/supplemental data: | ||||||||||||
Net assets, end of period (in 000’s) | $ 5,455,704 | $ 6,026,696 | $ 7,698,246 | $ 5,422,433 | $ 4,678,519 | $ 3,374,372 | ||||||
Ratio of total expenses to average net assets | 0.83% (c) | 0.85% | 0.85% | 0.85% | 0.85% | 0.85% | ||||||
Ratio of net investment income (loss) to average net assets | 5.96% (c) | 4.95% | 4.54% | 5.24% | 5.69% | 5.56% | ||||||
Portfolio turnover rate (d) | 20% | 35% | 27% | 43% | 28% | 24% |
(a) | Amount is less than $0.01. |
(b) | Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all distributions at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return is calculated for the time period presented and is not annualized for periods of less than a year. |
(c) | Annualized. |
(d) | Portfolio turnover is calculated for the time period presented and is not annualized for periods of less than a year and does not include securities received or delivered from processing creations or redemptions and in-kind transactions. |
Six Months Ended 4/30/2023 (Unaudited) | Year Ended October 31, | |||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||
Net asset value, beginning of period | $ 17.26 | $ 20.52 | $ 19.36 | $ 19.85 | $ 18.75 | $ 20.26 | ||||||
Income from investment operations: | ||||||||||||
Net investment income (loss) | 0.47 | 0.88 | 0.90 | 1.01 | 1.01 | 0.99 | ||||||
Net realized and unrealized gain (loss) | (0.45) | (3.22) | 1.19 | (0.50) | 1.12 | (1.47) | ||||||
Total from investment operations | 0.02 | (2.34) | 2.09 | 0.51 | 2.13 | (0.48) | ||||||
Distributions paid to shareholders from: | ||||||||||||
Net investment income | (0.49) | (0.87) | (0.88) | (0.97) | (1.00) | (1.03) | ||||||
Return of capital | — | (0.05) | (0.05) | (0.03) | (0.03) | — | ||||||
Total distributions | (0.49) | (0.92) | (0.93) | (1.00) | (1.03) | (1.03) | ||||||
Net asset value, end of period | $16.79 | $17.26 | $20.52 | $19.36 | $19.85 | $18.75 | ||||||
Total return (a) | 0.05% | (11.68)% | 10.91% | 2.76% | 11.75% | (2.42)% | ||||||
Ratios to average net assets/supplemental data: | ||||||||||||
Net assets, end of period (in 000’s) | $ 955,210 | $ 649,036 | $ 492,418 | $ 284,519 | $ 235,178 | $ 93,757 | ||||||
Ratio of total expenses to average net assets | 0.85% (b) | 0.85% | 0.85% | 0.85% | 0.85% | 0.85% | ||||||
Ratio of net investment income (loss) to average net assets | 5.76% (b) | 4.89% | 4.60% | 5.22% | 5.39% | 5.36% | ||||||
Portfolio turnover rate (c) | 17% | 31% | 22% | 48% | 28% | 25% |
(a) | Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all distributions at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return is calculated for the time period presented and is not annualized for periods of less than a year. |
(b) | Annualized. |
(c) | Portfolio turnover is calculated for the time period presented and is not annualized for periods of less than a year and does not include securities received or delivered from processing creations or redemptions and in-kind transactions. |
1) | benchmark yields; |
2) | reported trades; |
3) | broker/dealer quotes; |
4) | issuer spreads; |
5) | benchmark securities; |
6) | bids and offers; and |
7) | reference data including market research publications. |
1) | the credit conditions in the relevant market and changes thereto; |
2) | the liquidity conditions in the relevant market and changes thereto; |
3) | the interest rate conditions in the relevant market and changes thereto (such as significant changes in interest rates); |
4) | issuer-specific conditions (such as significant credit deterioration); and |
5) | any other market-based data the Advisor’s Pricing Committee considers relevant. In this regard, the Advisor’s Pricing Committee may use last-obtained market-based data to assist it when valuing portfolio securities using amortized cost. |
1) | the last sale price on the exchange on which they are principally traded or, for Nasdaq and AIM securities, the official closing price; |
2) | the type of security; |
3) | the size of the holding; |
4) | the initial cost of the security; |
5) | transactions in comparable securities; |
6) | price quotes from dealers and/or third-party pricing services; |
7) | relationships among various securities; |
8) | information obtained by contacting the issuer, analysts, or the appropriate stock exchange; |
9) | an analysis of the issuer’s financial statements; |
10) | the existence of merger proposals or tender offers that might affect the value of the security; and |
11) | other relevant factors. |
1) | the value of similar foreign securities traded on other foreign markets; |
2) | ADR trading of similar securities; |
3) | closed-end fund or exchange-traded fund trading of similar securities; |
4) | foreign currency exchange activity; |
5) | the trading prices of financial products that are tied to baskets of foreign securities; |
6) | factors relating to the event that precipitated the pricing problem; |
7) | whether the event is likely to recur; |
8) | whether the effects of the event are isolated or whether they affect entire markets, countries or regions; and |
9) | other relevant factors. |
• | Level 1 – Level 1 inputs are quoted prices in active markets for identical investments. An active market is a market in which transactions for the investment occur with sufficient frequency and volume to provide pricing information on an ongoing basis. |
• | Level 2 – Level 2 inputs are observable inputs, either directly or indirectly, and include the following: |
o | Quoted prices for similar investments in active markets. |
o | Quoted prices for identical or similar investments in markets that are non-active. A non-active market is a market where there are few transactions for the investment, the prices are not current, or price quotations vary substantially either over time or among market makers, or in which little information is released publicly. |
o | Inputs other than quoted prices that are observable for the investment (for example, interest rates and yield curves observable at commonly quoted intervals, volatilities, prepayment speeds, loss severities, credit risks, and default rates). |
o | Inputs that are derived principally from or corroborated by observable market data by correlation or other means. |
• | Level 3 – Level 3 inputs are unobservable inputs. Unobservable inputs may reflect the reporting entity’s own assumptions about the assumptions that market participants would use in pricing the investment. |
Security | Acquisition Date | Par Amount | Current Price | Carrying Cost | Value | % of Net Assets | ||
FPE | ||||||||
Credit Suisse Group AG, 5.25% | 08/04/20-06/07/22 | $81,425,000 | $— | $75,186,582 | $— | —% | ||
Credit Suisse Group AG, 6.25% | 06/07/22 | 1,200,000 | — | 1,161,000 | — | — | ||
Credit Suisse Group AG, 6.38% | 08/14/19-09/16/22 | 51,775,000 | — | 47,596,750 | — | — | ||
Credit Suisse Group AG, 7.50% | 07/09/18-09/08/21 | 76,900,000 | — | 81,531,270 | — | — | ||
Credit Suisse Group AG, 9.75% | 06/16/22-12/05/22 | 27,200,000 | — | 26,599,500 | — | — | ||
Dairy Farmers of America, Inc., 7.13% | 09/15/16-12/08/21 | 10,700,000 | 85.75 | 10,903,500 | 9,175,250 | 0.17 | ||
Fortegra Financial Corp., 8.50%, 10/15/57 | 10/12/17-03/12/18 | 13,700,000 | 94.50 | 13,718,725 | 12,946,500 | 0.24 | ||
Land O’Lakes Capital Trust I, 7.45%, 03/15/28 | 03/20/15-05/08/18 | 20,360,000 | 94.75 | 21,663,501 | 19,291,100 | 0.35 | ||
$278,360,828 | $41,412,850 | 0.76% | ||||||
FPEI | ||||||||
Credit Suisse Group AG, 5.25% | 08/04/20-06/07/22 | $6,243,000 | $— | $5,700,079 | $— | —% | ||
Credit Suisse Group AG, 6.25% | 12/02/21-06/07/22 | 2,057,000 | — | 2,049,567 | — | — | ||
Credit Suisse Group AG, 6.38% | 08/14/19-10/26/22 | 7,770,000 | — | 6,580,250 | — | — | ||
Credit Suisse Group AG, 7.50% | 07/09/18-02/21/20 | 4,150,000 | — | 4,406,751 | — | — | ||
Credit Suisse Group AG, 9.75% | 06/16/22-12/22/22 | 18,000,000 | — | 16,656,250 | — | — | ||
Dairy Farmers of America, Inc., 7.13% | 01/21/21-12/08/21 | 1,200,000 | 85.75 | 1,222,750 | 1,029,000 | 0.11 | ||
Land O’Lakes Capital Trust I, 7.45%, 03/15/28 | 05/04/18-06/15/21 | 1,056,000 | 94.75 | 1,138,650 | 1,000,560 | 0.10 | ||
$37,754,297 | $2,029,560 | 0.21 % |
Distributions paid from Ordinary Income | Distributions paid from Capital Gains | Distributions paid from Return of Capital | |||
First Trust Preferred Securities and Income ETF | $ 343,498,173 | $ — | $ 13,679,185 | ||
First Trust Institutional Preferred Securities and Income ETF | 26,784,009 | — | 1,398,898 |
Undistributed Ordinary Income | Accumulated Capital and Other Gain (Loss) | Net Unrealized Appreciation (Depreciation) | |||
First Trust Preferred Securities and Income ETF | $ — | $ (214,257,211) | $ (1,017,325,378) | ||
First Trust Institutional Preferred Securities and Income ETF | — | (8,287,742) | (76,450,481) |
Non-Expiring Capital Loss Carryforward | |
First Trust Preferred Securities and Income ETF | $ 214,257,211 |
First Trust Institutional Preferred Securities and Income ETF | 8,287,742 |
Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation (Depreciation) | ||||
First Trust Preferred Securities and Income ETF | $ 6,295,636,282 | $ 31,046,063 | $ (952,632,520) | $ (921,586,457) | |||
First Trust Institutional Preferred Securities and Income ETF | 1,016,810,585 | 4,622,172 | (94,566,552) | (89,944,380) |
Breakpoints | FPE | FPEI | |||||
Fund net assets up to and including $2.5 billion | 0.85000% | 0.85000% | |||||
Fund net assets greater than $2.5 billion up to and including $5 billion | 0.82875% | 0.82875% | |||||
Fund net assets greater than $5 billion up to and including $7.5 billion | 0.80750% | 0.80750% | |||||
Fund net assets greater than $7.5 billion up to and including $10 billion | 0.78625% | 0.78625% | |||||
Fund net assets greater than $10 billion | 0.76500% | 0.76500% |
Purchases | Sales | ||
First Trust Preferred Securities and Income ETF | $ 1,139,434,668 | $ 1,506,840,355 | |
First Trust Institutional Preferred Securities and Income ETF | 495,630,826 | 143,120,115 | |
Purchases | Sales | ||
First Trust Preferred Securities and Income ETF | $ 19,963,245 | $ 25,710,049 | |
First Trust Institutional Preferred Securities and Income ETF | — | — |
NOT FDIC INSURED | NOT BANK GUARANTEED | MAY LOSE VALUE |
FUND ACCOUNTANT &
TRANSFER AGENT
PUBLIC ACCOUNTING FIRM
For the Six Months Ended
April 30, 2023
1 | |
2 | |
5 | |
6 | |
7 | |
45 | |
46 | |
47 | |
48 | |
49 | |
56 |
Performance | |||||||
Average Annual Total Returns | Cumulative Total Returns | ||||||
6 Months Ended 4/30/23 | 1 Year Ended 4/30/23 | 5 Years Ended 4/30/23 | Inception (5/13/14) to 4/30/23 | 5 Years Ended 4/30/23 | Inception (5/13/14) to 4/30/23 | ||
Fund Performance | |||||||
NAV | 6.54% | 1.47% | 1.81% | 2.76% | 9.38% | 27.65% | |
Market Price | 6.77% | 1.67% | 1.81% | 2.77% | 9.40% | 27.77% | |
Index Performance | |||||||
Bloomberg Revenue 10 Year (8-12) Index | 7.80% | 4.86% | 2.55% | 2.70% | 13.40% | 27.03% |
Sector Allocation | % of Total Investments (including cash) |
Hospital | 12.6% |
Government Obligation Bond - Unlimited Tax | 10.5 |
Insured | 8.3 |
Airport | 7.5 |
Dedicated Tax | 6.2 |
Utility | 5.9 |
Gas | 5.8 |
Certificates of Participation | 4.7 |
Industrial Development Bond | 4.4 |
Education | 4.3 |
Continuing Care Retirement Communities | 4.1 |
Special Assessment | 3.8 |
Government Obligation Bond - Limited Tax | 3.5 |
Water & Sewer | 3.2 |
Pre-refunded/Escrowed-to-maturity | 3.1 |
Higher Education | 2.5 |
Toll Road | 2.5 |
Tobacco | 1.8 |
Mass Transit | 1.2 |
Housing | 1.0 |
Tax Increment | 0.6 |
Student Housing | 0.5 |
Local Housing | 0.5 |
Hotel | 0.3 |
Municipals | 0.2 |
Port | 0.2 |
Other Health | 0.1 |
Pool | 0.1 |
Stadium | 0.0* |
Cash | 0.6 |
Total | 100.0% |
* | Amount is less than 0.1%. |
Credit Quality(1) | % of Total Investments (including cash) |
AAA | 6.7% |
AA | 34.1 |
A | 31.2 |
BBB | 12.9 |
BB | 2.7 |
B | 0.8 |
Not Rated | 10.8 |
Short Rated Only | 0.2 |
Cash | 0.6 |
Total | 100.0% |
Fund Allocation | % of Net Assets |
Municipal Bonds | 98.4% |
Net Other Assets and Liabilities** | 1.6 |
Total | 100.0% |
** | Includes variation margin on futures contracts. |
(1) | The credit quality and ratings information presented above reflect the ratings assigned by one or more nationally recognized statistical rating organizations (NRSROs), including S&P Global Ratings, Moody’s Investors Service, Inc., Fitch Ratings or a comparably rated NRSRO. For situations in which a security is rated by more than one NRSRO and the ratings are not equivalent, the highest rating is used. Sub-investment grade ratings are those rated BB+/Ba1 or lower. Investment grade ratings are those rated BBB-/Baa3 or higher. The credit ratings shown relate to the creditworthiness of the issuers of the underlying securities in the Fund, and not to the Fund or its shares. Credit ratings are subject to change. |
Performance figures assume reinvestment of all distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. An index is a statistical composite that tracks a specified financial market or sector. Unlike the Fund, the index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by the Fund. These expenses negatively impact the performance of the Fund. The Fund’s past performance does not predict future performance.
Performance in municipal bond investment strategies can be impacted from the benefits of purchasing odd lot positions. The impact of these investments can be particularly meaningful when funds have limited assets under management and may not be a sustainable source of performance as a fund grows in size.
Beginning Account Value November 1, 2022 | Ending Account Value April 30, 2023 | Annualized Expense Ratio Based on the Six-Month Period (a) | Expenses Paid During the Six-Month Period (b) | |
First Trust Managed Municipal ETF (FMB) | ||||
Actual | $1,000.00 | $1,065.40 | 0.55% | $2.82 |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.07 | 0.55% | $2.76 |
(a) | These expense ratios reflect expense waivers. See Note 3 in the Notes to Financial Statements. |
(b) | Expenses are equal to the annualized expense ratios as indicated in the table multiplied by the average account value over the period (November 1, 2022 through April 30, 2023), multiplied by 181/365 (to reflect the six-month period). |
Principal Value | Description | Stated Coupon | Stated Maturity | Value | ||||
MUNICIPAL BONDS – 98.4% | ||||||||
Alabama – 3.7% | ||||||||
$225,000 | AL Cmnty Clg Sys Brd of Trustees Rev Bishop St Cmnty Clg, BAM | 4.00% | 01/01/35 | $234,169 | ||||
500,000 | AL St Port Auth Docks Facs Rev Ref Docks Facs Rev, Ser A, AGM, AMT | 5.00% | 10/01/25 | 517,087 | ||||
940,000 | Birmingham AL Wtrwks Brd Wtr Rev Ref Sr, Ser A (Pre-refunded maturity 01/01/27) | 4.00% | 01/01/34 | 986,759 | ||||
7,695,000 | Black Belt Energy Gas Dist AL Gas Proj Rev Gas Proj Rev Bonds, Proj No. 7, Ser C-1 (Mandatory put 12/01/26) | 4.00% | 10/01/52 | 7,675,242 | ||||
1,000,000 | Black Belt Energy Gas Dist AL Gas Proj Rev Gas Proj, Ser E | 5.00% | 06/01/26 | 1,032,699 | ||||
1,250,000 | Black Belt Energy Gas Dist AL Gas Proj Rev Gas Proj, Ser F (Mandatory put 12/01/28) | 5.50% | 11/01/53 | 1,331,363 | ||||
10,070,000 | Black Belt Energy Gas Dist AL Gas Proj Rev Proj No. 6, Ser B (Mandatory put 12/01/26) | 4.00% | 10/01/52 | 10,044,144 | ||||
5,000,000 | Black Belt Energy Gas Dist AL Gas Proj Rev, Ser C-1 (Mandatory put 6/01/29) | 5.25% | 02/01/53 | 5,314,282 | ||||
6,500,000 | Eutaw AL Indl Dev Brd Poll Control Rev Adj Ref Ala Pwr Co Pj (a) | 3.90% | 06/01/28 | 6,500,000 | ||||
415,000 | Gulf Shores AL Ref Warrants, Ser A | 5.00% | 12/15/35 | 451,473 | ||||
310,000 | Gulf Shores AL Ref Warrants, Ser A | 5.00% | 12/15/38 | 333,728 | ||||
400,000 | Homewood AL Eductnl Bldg Auth Rev Ref Samford Univ Proj, Ser A | 4.00% | 12/01/33 | 411,973 | ||||
950,000 | Homewood AL Eductnl Bldg Auth Rev Ref Samford Univ Proj, Ser A | 4.00% | 12/01/34 | 971,099 | ||||
450,000 | Infirmary Hlth Sys AL Spl Care Facs Fing Auth Rev Infirmary Hlth Sys Inc, Ser A | 5.00% | 02/01/36 | 463,708 | ||||
930,000 | Leeds AL Pub Eductnl Bldg Auth Eductnl Facs Rev Ref Edu, AGM | 4.00% | 04/01/29 | 951,249 | ||||
695,000 | Leeds AL Pub Eductnl Bldg Auth Eductnl Facs Rev Ref Edu, AGM | 4.00% | 04/01/30 | 710,994 | ||||
4,000,000 | Lower AL Gas Dist Gas Proj Rev Gas Proj Rev Bonds Proj 2 (Mandatory put 12/01/25) | 4.00% | 12/01/50 | 4,000,429 | ||||
1,000,000 | Midcity Impt Dist AL Spl Assmnt Rev | 4.50% | 11/01/42 | 803,375 | ||||
325,000 | Mobile AL Impt Dist Sales Tax Rev McGowin Park Proj, Ser A | 5.00% | 08/01/25 | 321,851 | ||||
500,000 | Mobile Cnty AL Impt Warrants (Pre-refunded maturity 08/01/25) | 5.00% | 08/01/30 | 524,730 | ||||
1,105,000 | Prichard AL Wtrwks & Swr Brd Wtr & Swr Rev Ref (b) | 4.00% | 11/01/30 | 609,216 | ||||
1,565,000 | Prichard AL Wtrwks & Swr Brd Wtr & Swr Rev Ref (b) | 4.00% | 11/01/31 | 847,109 | ||||
1,605,000 | Prichard AL Wtrwks & Swr Brd Wtr & Swr Rev Ref (b) | 4.00% | 11/01/32 | 836,588 | ||||
1,395,000 | Prichard AL Wtrwks & Swr Brd Wtr & Swr Rev Ref (b) | 4.00% | 11/01/33 | 713,140 | ||||
1,765,000 | Prichard AL Wtrwks & Swr Brd Wtr & Swr Rev Ref (b) | 4.00% | 11/01/34 | 866,913 | ||||
1,840,000 | Prichard AL Wtrwks & Swr Brd Wtr & Swr Rev Ref (b) | 4.00% | 11/01/35 | 866,870 | ||||
3,000,000 | SE AL St Gas Sply Dist Gas Sply Rev Proj #2, Ser A (Mandatory put 06/01/24) | 4.00% | 06/01/49 | 3,002,918 | ||||
8,050,000 | SE Energy Auth AL Cmdy Sply Rev Proj #1, Ser A (Mandatory put 10/01/28) | 4.00% | 11/01/51 | 8,005,977 | ||||
2,000,000 | SE Energy Auth AL Cmdy Sply Rev Proj #4, Ser B-1 (Mandatory put 08/01/28) | 5.00% | 05/01/53 | 2,085,001 | ||||
1,500,000 | Southeast Energy Auth AL Cmdy Sply Rev Var Proj No 3 (Mandatory put 12/01/29) | 5.50% | 01/01/53 | 1,621,435 | ||||
1,040,000 | Troy AL Ref Warrants, BAM | 4.00% | 07/01/35 | 1,047,869 | ||||
105,000 | UAB Medicine Fin Auth AL Rev Ref UAB Medicine, Ser B | 5.00% | 09/01/34 | 111,372 | ||||
5,000,000 | UAB Medicine Fin Auth AL Rev Ref UAB Medicine, Ser B2 | 5.00% | 09/01/41 | 5,192,260 | ||||
69,387,022 |
Principal Value | Description | Stated Coupon | Stated Maturity | Value | ||||
MUNICIPAL BONDS (Continued) | ||||||||
Alaska – 0.2% | ||||||||
$1,880,000 | AK St Indl Dev & Export Auth Pwr Rev Ref Snettisham Hydroelectric Proj, AMT | 4.00% | 01/01/28 | $1,881,748 | ||||
450,000 | Nthrn AK Tobacco Securitization Corp Tobacco Stlmt Rev Ref Sr, Ser A, Class 1 | 4.00% | 06/01/39 | 434,215 | ||||
1,500,000 | Nthrn AK Tobacco Securitization Corp Tobacco Stlmt Rev Ref Sr, Ser A, Class 1 | 4.00% | 06/01/40 | 1,430,515 | ||||
3,746,478 | ||||||||
Arizona – 2.3% | ||||||||
1,000,000 | AZ St Indl Dev Auth Edu Rev Acads of Math & Science Proj (c) | 5.00% | 07/01/49 | 923,191 | ||||
595,000 | AZ St Indl Dev Auth Edu Rev Cadence Cmps Proj, Ser A (c) | 4.00% | 07/15/30 | 569,414 | ||||
925,000 | AZ St Indl Dev Auth Edu Rev Cadence Cmps Proj, Ser A (c) | 4.00% | 07/15/40 | 783,792 | ||||
175,000 | AZ St Indl Dev Auth Edu Rev Doral Acdmy NV Fire Mesa & Red Rock Cmps Proj, Ser A | 5.00% | 07/15/39 | 171,185 | ||||
500,000 | AZ St Indl Dev Auth Edu Rev Macombs Fac Proj Social Bonds, Ser A | 4.00% | 07/01/41 | 445,265 | ||||
375,000 | AZ St Indl Dev Auth Edu Rev Ref Basis Sch Projs, Ser D (c) | 5.00% | 07/01/37 | 370,852 | ||||
880,000 | AZ St Indl Dev Auth Edu Rev Ref Basis Schs Projs, Ser A (c) | 5.00% | 07/01/26 | 884,124 | ||||
1,030,000 | AZ St Indl Dev Auth Edu Rev Ref Basis Schs Projs, Ser G (c) | 5.00% | 07/01/37 | 1,018,606 | ||||
500,000 | AZ St Indl Dev Auth Edu Rev Ref Doral Acdmy of Northern NV Proj, Ser A (c) | 4.00% | 07/15/51 | 377,421 | ||||
950,000 | AZ St Indl Dev Auth Edu Rev Ref Doral Acdmy of Northern NV Proj, Ser A (c) | 4.00% | 07/15/56 | 697,075 | ||||
800,000 | AZ St Indl Dev Auth Edu Rev Somerset Acdmy of LV Aliante & Skye Canyon Cmps Proj, Ser A (c) | 4.00% | 12/15/51 | 582,401 | ||||
500,000 | AZ St Indl Dev Auth Edu Rev, Ser A (c) | 4.00% | 07/15/30 | 477,910 | ||||
415,000 | AZ St Indl Dev Auth Natl Chrt Sch Revolving Loan Fd Social Bonds Equitable Sch Revolving Fund, Ser A | 5.00% | 11/01/31 | 448,006 | ||||
465,000 | AZ St Indl Dev Auth Natl Chrt Sch Revolving Loan Fd Social Bonds Equitable Sch Revolving Fund, Ser A | 5.00% | 11/01/37 | 486,864 | ||||
595,000 | AZ St Indl Dev Auth Natl Chrt Sch Revolving Loan Fd Social Bonds Equitable Sch Revolving Fund, Ser A | 4.00% | 11/01/38 | 577,362 | ||||
750,000 | AZ St Indl Dev Auth Natl Chrt Sch Revolving Loan Fd Social Bonds Equitable Sch Revolving Fund, Ser A | 4.00% | 11/01/39 | 720,147 | ||||
3,800,000 | AZ St Indl Dev Auth Natl Chrt Sch Revolving Loan Fd Social Bonds Equitable Sch Revolving Fund, Ser A | 4.00% | 11/01/46 | 3,435,585 | ||||
1,000,000 | AZ St Indl Dev Auth Rev Lincoln S Beltway Proj | 5.00% | 08/01/28 | 1,109,532 | ||||
2,000,000 | Chandler AZ Indl Dev Auth Indl Dev Rev Var Intel Corp Proj, Ser 2022-2, AMT (Mandatory put 09/01/27) | 5.00% | 09/01/52 | 2,084,583 | ||||
4,000,000 | Glendale AZ Indl Dev Auth Sr Living Facs Rev Ref Sun Hlth Svcs, Ser A | 5.00% | 11/15/42 | 3,826,055 | ||||
1,350,000 | Maricopa Cnty AZ Elem Sch Dist #25 Liberty, Ser A, AGM | 5.00% | 07/01/32 | 1,530,875 | ||||
200,000 | Maricopa Cnty AZ Indl Dev Auth Edu Rev Greathearts AZ Projs, Ser C | 5.00% | 07/01/25 | 204,568 | ||||
830,000 | Maricopa Cnty AZ Indl Dev Auth Edu Rev Legacy Trad Schs Proj | 4.00% | 07/01/30 | 847,539 | ||||
435,000 | Maricopa Cnty AZ Indl Dev Auth Edu Rev Legacy Trad Schs Proj | 4.00% | 07/01/31 | 443,379 | ||||
450,000 | Maricopa Cnty AZ Indl Dev Auth Edu Rev Legacy Trad Schs Proj | 4.00% | 07/01/32 | 457,598 | ||||
700,000 | Maricopa Cnty AZ Indl Dev Auth Edu Rev Legacy Trad Schs Proj | 4.00% | 07/01/33 | 710,115 | ||||
985,000 | Maricopa Cnty AZ Indl Dev Auth Edu Rev Legacy Trad Schs Proj | 4.00% | 07/01/34 | 995,229 | ||||
1,025,000 | Maricopa Cnty AZ Indl Dev Auth Edu Rev Legacy Trad Schs Proj | 4.00% | 07/01/35 | 1,028,775 | ||||
500,000 | Maricopa Cnty AZ Indl Dev Auth Edu Rev Ref Horizon Cmnty Learning Ctr Proj | 5.00% | 07/01/35 | 486,719 | ||||
500,000 | Maricopa Cnty AZ Indl Dev Auth Edu Rev Ref Legacy Trad Sch Proj | 4.00% | 07/01/34 | 505,192 |
Principal Value | Description | Stated Coupon | Stated Maturity | Value | ||||
MUNICIPAL BONDS (Continued) | ||||||||
Arizona (Continued) | ||||||||
$1,100,000 | Maricopa Cnty AZ Indl Dev Auth Edu Rev Ref Legacy Trad Schs Proj Auth, Ser B (c) | 5.00% | 07/01/39 | $1,058,611 | ||||
1,000,000 | Maricopa Cnty AZ Indl Dev Auth Edu Rev Ref Legacy Trad Schs Proj Auth, Ser B (c) | 5.00% | 07/01/49 | 892,893 | ||||
400,000 | Maricopa Cnty AZ Indl Dev Auth Edu Rev Ref Paradise Schs Projs Paragon Mgmt Inc (c) | 4.00% | 07/01/26 | 392,642 | ||||
1,475,000 | Maricopa Cnty AZ Spl Hlthcare Dist Aka Maricopa Integrated Hlth Sys, Ser C | 5.00% | 07/01/27 | 1,611,215 | ||||
300,000 | Phoenix AZ Indl Dev Auth Edu Rev Fac Legacy Trad Schs Projs, Ser A (c) | 4.00% | 07/01/26 | 292,073 | ||||
3,655,000 | Phoenix AZ Indl Dev Auth Edu Rev Ref Basis Schs Projs, Ser A (c) | 5.00% | 07/01/35 | 3,666,638 | ||||
5,000,000 | Phoenix AZ Indl Dev Auth Hotel Rev Sr Falcon Properties LLC Proj, Ser A (c) | 4.00% | 12/01/41 | 4,222,767 | ||||
300,000 | Phoenix AZ Indl Dev Auth Stdt Hsg Rev Downtown Phoenix Stdt Hsg II LLC AZ St Univ Proj, Ser A | 5.00% | 07/01/32 | 314,225 | ||||
300,000 | Phoenix AZ Indl Dev Auth Stdt Hsg Rev Downtown Phoenix Stdt Hsg II LLC AZ St Univ Proj, Ser A | 5.00% | 07/01/33 | 313,395 | ||||
300,000 | Phoenix AZ Indl Dev Auth Stdt Hsg Rev Downtown Phoenix Stdt Hsg II LLC AZ St Univ Proj, Ser A | 5.00% | 07/01/34 | 311,577 | ||||
350,000 | Phoenix AZ Indl Dev Auth Stdt Hsg Rev Downtown Phoenix Stdt Hsg II LLC AZ St Univ Proj, Ser A | 5.00% | 07/01/35 | 361,209 | ||||
700,000 | Phoenix AZ Indl Dev Auth Stdt Hsg Rev Downtown Phoenix Stdt Hsg II LLC AZ St Univ Proj, Ser A | 5.00% | 07/01/44 | 702,900 | ||||
200,000 | Phoenix AZ Indl Dev Auth Stdt Hsg Rev Ref Downtown Phoenix Stdt Hsg LLC AZ St Univ Proj, Ser A | 5.00% | 07/01/26 | 205,100 | ||||
1,000,000 | Tempe AZ Indl Dev Auth Rev Ref Friendship Vlg of Tempe Proj, Ser A | 4.00% | 12/01/38 | 806,318 | ||||
1,030,000 | Yavapai Cnty AZ Jail Dist Rev, BAM | 4.00% | 07/01/32 | 1,092,329 | ||||
43,443,251 | ||||||||
Arkansas – 0.0% | ||||||||
610,000 | AR Dev Fin Auth Hlthcare Rev Baptist Hlth | 4.00% | 12/01/44 | 591,182 | ||||
350,000 | Univ of Central Arkansas AR Rev, Ser A, AGM | 5.00% | 11/01/34 | 372,741 | ||||
963,923 | ||||||||
California – 8.0% | ||||||||
1,245,000 | Burbank CA Wtr & Pwr Elec Rev | 5.00% | 06/01/43 | 1,385,640 | ||||
3,000,000 | CA Cmnty Choice Fing Auth Clean Energy Proj Rev Green Bond Clean Energy Proj, Ser B-1 (Mandatory put 08/01/29) | 5.00% | 07/01/53 | 3,194,334 | ||||
4,500,000 | CA Cmnty Choice Fing Auth Clean Energy Proj Rev Green Bond, Ser A-1 (Mandatory put 08/01/28) | 4.00% | 05/01/53 | 4,547,844 | ||||
2,000,000 | CA Cmnty Choice Fing Auth Clean Energy Proj Rev Green Bond, Ser B-1 (Mandatory put 08/01/31) | 4.00% | 02/01/52 | 2,018,540 | ||||
225,000 | CA Cnty CA Tobacco Securitization Agy Tobacco Settle Ref Sonoma Cnty Securitization Corp, Ser A | 5.00% | 06/01/31 | 250,782 | ||||
200,000 | CA Cnty CA Tobacco Securitization Agy Tobacco Settle Ref Sonoma Cnty Securitization Corp, Ser A | 5.00% | 06/01/32 | 222,350 | ||||
230,000 | CA Cnty CA Tobacco Securitization Agy Tobacco Settle Ref Sonoma Cnty Securitization Corp, Ser A | 5.00% | 06/01/33 | 254,890 | ||||
150,000 | CA Cnty CA Tobacco Securitization Agy Tobacco Settle Ref Sonoma Cnty Securitization Corp, Ser A | 4.00% | 06/01/34 | 153,846 | ||||
250,000 | CA Cnty CA Tobacco Securitization Agy Tobacco Settle Ref Sonoma Cnty Securitization Corp, Ser A | 4.00% | 06/01/36 | 252,592 |
Principal Value | Description | Stated Coupon | Stated Maturity | Value | ||||
MUNICIPAL BONDS (Continued) | ||||||||
California (Continued) | ||||||||
$450,000 | CA Cnty CA Tobacco Securitization Agy Tobacco Stlmt Sr Ref, Ser A | 5.00% | 06/01/32 | $497,342 | ||||
1,000,000 | CA Sch Fin Auth Sch Fac Rev Alliance Clg Ready Pub Schs Proj, Ser C (c) | 4.50% | 07/01/26 | 1,013,877 | ||||
460,000 | CA Sch Fin Auth Sch Fac Rev Granada Hills Chrt Oblig Grp (c) | 5.00% | 07/01/32 | 475,863 | ||||
480,000 | CA Sch Fin Auth Sch Fac Rev Granada Hills Chrt Oblig Grp (c) | 5.00% | 07/01/33 | 496,059 | ||||
2,000,000 | CA Sch Fin Auth Sch Fac Rev Granada Hills Chrt Oblig Grp (c) | 5.00% | 07/01/43 | 2,023,787 | ||||
1,325,000 | CA Sch Fin Auth Sch Fac Rev Kipp SoCal Pub Schs, Ser A (c) | 5.00% | 07/01/39 | 1,376,105 | ||||
455,000 | CA Sch Fin Auth Sch Fac Rev Ref HTH Learning Proj, Ser A (c) | 4.00% | 07/01/26 | 445,191 | ||||
800,000 | CA Sch Fin Auth Sch Fac Rev Ref HTH Learning Proj, Ser A (c) | 5.00% | 07/01/32 | 790,116 | ||||
655,000 | CA Sch Fin Auth Sch Fac Rev, Ser A (c) | 5.00% | 07/01/40 | 660,140 | ||||
1,055,000 | CA St | 5.00% | 10/01/45 | 1,199,073 | ||||
225,000 | CA St Ent Dev Auth Lease Rev Riverside Cnty Library Fac Proj | 4.00% | 11/01/37 | 226,901 | ||||
480,000 | CA St Hlth Facs Fing Auth Rev Adventist Hlth Sys W, Ser A | 4.00% | 03/01/33 | 479,997 | ||||
400,000 | CA St Hlth Facs Fing Auth Rev Ref Sutter Hlth, Ser B | 5.00% | 11/15/33 | 431,043 | ||||
600,000 | CA St Hlth Facs Fing Auth Rev Sutter Hlth, Ser A | 5.00% | 11/15/33 | 655,204 | ||||
445,000 | CA St Muni Fin Auth Chrt Sch Lease Rev Vista Chrt Middle Sch Proj (b) | 5.38% | 07/01/34 | 446,133 | ||||
500,000 | CA St Muni Fin Auth Chrt Sch Rev Palmdale Aerospace Acdmy Proj (c) | 4.00% | 07/01/26 | 483,663 | ||||
500,000 | CA St Muni Fin Auth Chrt Sch Rev Palmdale Aerospace Acdmy Proj, Ser A (c) | 5.00% | 07/01/38 | 478,677 | ||||
1,515,000 | CA St Muni Fin Auth Mobile Home Park Rev Sr Caritas Affordable Hsg Inc Projs, Ser A | 5.25% | 08/15/39 | 1,538,408 | ||||
1,805,000 | CA St Muni Fin Auth Mobile Home Park Rev Sr Caritas Affordable Hsg Inc Projs, Ser A | 5.25% | 08/15/49 | 1,827,585 | ||||
1,000,000 | CA St Muni Fin Auth Ref Palomar Hlth, Ser A, AGM, COPS | 5.25% | 11/01/35 | 1,129,026 | ||||
200,000 | CA St Muni Fin Auth Rev Channing House Proj, Ser B | 5.00% | 05/15/37 | 211,875 | ||||
1,000,000 | CA St Muni Fin Auth Rev Cmnty Hlth Sys, Ser A | 4.00% | 02/01/40 | 970,216 | ||||
1,000,000 | CA St Muni Fin Auth Rev Cmnty Hlth Sys, Ser A | 4.00% | 02/01/41 | 962,022 | ||||
500,000 | CA St Muni Fin Auth Rev Ref Eisenhower Med Ctr, Ser A | 5.00% | 07/01/34 | 527,441 | ||||
1,250,000 | CA St Muni Fin Auth Rev Ref HumanGood Oblig Grp, Ser A | 4.00% | 10/01/33 | 1,257,190 | ||||
600,000 | CA St Muni Fin Auth Rev Ref HumanGood Oblig Grp, Ser A | 4.00% | 10/01/34 | 602,879 | ||||
1,000,000 | CA St Muni Fin Auth Rev Ref HumanGood Oblig Grp, Ser A | 4.00% | 10/01/35 | 1,002,538 | ||||
1,000,000 | CA St Muni Fin Auth Rev Ref HumanGood Oblig Grp, Ser A | 4.00% | 10/01/36 | 999,072 | ||||
2,130,000 | CA St Muni Fin Auth Rev Ref HumanGood Oblig Grp, Ser A | 4.00% | 10/01/39 | 2,057,597 | ||||
3,420,000 | CA St Muni Fin Auth Rev Ref HumanGood Oblig Grp, Ser A | 5.00% | 10/01/44 | 3,495,247 | ||||
680,000 | CA St Muni Fin Auth Rev Ref Retmnt Hsg Fdtn Oblig Grp, Ser A | 5.00% | 11/15/27 | 754,135 | ||||
650,000 | CA St Muni Fin Auth Rev Sr Lien Linxs APM Proj, Ser A, AMT | 5.00% | 06/30/28 | 692,918 | ||||
1,500,000 | CA St Muni Fin Auth Sol Wst Disp Rev Var Waste Mgmt Inc Proj Remk, AMT (Mandatory put 06/01/23) | 3.95% | 10/01/45 | 1,499,901 | ||||
2,000,000 | CA St Muni Fin Auth Spl Fac Rev United Airls Inc Proj, AMT | 4.00% | 07/15/29 | 1,950,517 | ||||
200,000 | CA St Muni Fin Auth Sr Living Rev Ref Mt San Antonio Gardens Proj | 4.00% | 11/15/27 | 192,597 | ||||
1,000,000 | CA St Muni Fin Auth Stdt Hsg Rev Green Bond Orchard Park Stdt Hsg Proj, BAM | 4.00% | 05/15/40 | 983,001 | ||||
1,000,000 | CA St Poll Control Fin Auth Sol Wst Disp Rev Ref Wst Mgmt Inc, Ser A1, AMT | 3.38% | 07/01/25 | 995,941 | ||||
5,000,000 | CA St Poll Control Fin Auth Sol Wst Disp Rev Var Rep Svcs Inc Proj Remk, Ser A-1, AMT (Mandatory put 07/17/23) (c) | 3.70% | 11/01/42 | 4,993,656 | ||||
5,990,000 | CA St Poll Control Fin Auth Wtr Furnishing Rev Plant Bonds, AMT (c) | 5.00% | 07/01/37 | 5,992,351 | ||||
1,000,000 | CA St Pub Wks Brd Lease Rev Various Capital Proj, Ser B | 4.00% | 05/01/37 | 1,033,380 | ||||
4,015,000 | CA St Ref, AGM | 5.25% | 08/01/32 | 4,891,018 | ||||
500,000 | CA St Ref, Ser C | 5.00% | 09/01/32 | 527,256 |
Principal Value | Description | Stated Coupon | Stated Maturity | Value | ||||
MUNICIPAL BONDS (Continued) | ||||||||
California (Continued) | ||||||||
$2,000,000 | CA St Sch Fin Auth Chrt Sch Rev Arts in Action Chrt Schs, Ser A (c) | 5.00% | 06/01/40 | $1,696,795 | ||||
500,000 | CA St Sch Fin Auth Chrt Sch Rev Summit Pub Schs (c) | 5.00% | 06/01/37 | 493,025 | ||||
350,000 | CA Stwd Cmntys Dev Auth Rev Loma Linda Univ Med Ctr, Ser A (c) | 5.00% | 12/01/30 | 361,015 | ||||
450,000 | CA Stwd Cmntys Dev Auth Rev Loma Linda Univ Med Ctr, Ser A (c) | 5.00% | 12/01/33 | 464,086 | ||||
500,000 | CA Stwd Cmntys Dev Auth Rev Ref CA Baptist Univ, Ser A (c) | 5.00% | 11/01/32 | 511,915 | ||||
100,000 | CA Stwd Cmntys Dev Auth Rev Ref Front Porch Cmntys & Svcs, Ser A | 5.00% | 04/01/30 | 104,680 | ||||
195,000 | CA Stwd Cmntys Dev Auth Rev Ref Front Porch Cmntys & Svcs, Ser A | 5.00% | 04/01/31 | 204,186 | ||||
370,000 | Chino CA Cmnty Facs Dist Spl Tax #2003-3 Impt Area #7 | 5.00% | 09/01/30 | 396,682 | ||||
300,000 | Chino Vly CA Unif Sch Dist, Ser B | 5.00% | 08/01/38 | 338,113 | ||||
250,000 | Chino Vly CA Unif Sch Dist, Ser B | 5.00% | 08/01/39 | 280,602 | ||||
1,000,000 | CSCDA Cmnty Impt Auth CA Essential Hsg Rev the Link Glendale Social Bonds, Ser A-2 (c) | 4.00% | 07/01/56 | 715,745 | ||||
1,000,000 | CSCDA Cmnty Impt Auth CA Essential Hsg Rev Union S Bay Social Bonds, Ser A-2 (c) | 4.00% | 07/01/56 | 747,940 | ||||
2,160,000 | Etiwanda CA Sch Dist Cmnty Facs Dist #9 Spl Tax Ref | 5.00% | 09/01/35 | 2,253,731 | ||||
130,000 | Folsom Ranch CA Fing Auth Spl Tax Rev Cmnty Facs Dist No 19 Mangini | 4.00% | 09/01/24 | 129,877 | ||||
155,000 | Folsom Ranch CA Fing Auth Spl Tax Rev Cmnty Facs Dist No 19 Mangini | 4.00% | 09/01/25 | 155,568 | ||||
165,000 | Folsom Ranch CA Fing Auth Spl Tax Rev White Rock Springs Ranch | 4.00% | 09/01/39 | 156,064 | ||||
170,000 | Folsom Ranch CA Fing Auth Spl Tax Rev White Rock Springs Ranch | 4.00% | 09/01/40 | 158,479 | ||||
175,000 | Folsom Ranch CA Fing Auth Spl Tax Rev White Rock Springs Ranch | 4.00% | 09/01/41 | 161,512 | ||||
250,000 | Fontana CA Spl Tax Spl Tax the Meadows | 4.00% | 09/01/27 | 253,675 | ||||
265,000 | Fontana CA Spl Tax Spl Tax the Meadows | 4.00% | 09/01/28 | 270,527 | ||||
280,000 | Fontana CA Spl Tax Spl Tax the Meadows | 4.00% | 09/01/29 | 287,314 | ||||
535,000 | Fontana CA Spl Tax Spl Tax the Meadows | 4.00% | 09/01/36 | 526,913 | ||||
500,000 | Foothill-De Anza CA Cmnty Clg Dist Ref, COPS (Pre-refunded maturity 10/01/24) | 5.00% | 04/01/32 | 514,673 | ||||
300,000 | Gilroy CA Unif Sch Dist Election 2016 | 4.00% | 08/01/39 | 302,778 | ||||
1,360,000 | Hawthorne CA Cmnty Redev Agy Successor Agy Tax Allocation Ref Sub, AGM | 5.00% | 09/01/32 | 1,435,719 | ||||
175,000 | Irvine CA Unif Sch Dist Spl Tax Cmnty Facs Dist No 09-1, Ser A | 5.00% | 09/01/31 | 189,065 | ||||
365,000 | Irvine CA Unif Sch Dist Spl Tax Cmnty Facs Dist No 09-1, Ser A | 5.00% | 09/01/32 | 393,391 | ||||
125,000 | Irvine CA Unif Sch Dist Spl Tax Cmnty Facs Dist No 09-1, Ser A | 5.00% | 09/01/34 | 133,740 | ||||
1,000,000 | Kern CA Cmnty Clg Dist, Ser D | 5.25% | 08/01/40 | 1,151,688 | ||||
825,000 | Lammersville CA Jt Unif Sch Dist Spl Tax Cmnty Facs Dist #2014-1 Impt Area #1 Mountain House Sch Facs | 5.00% | 09/01/42 | 846,510 | ||||
1,045,000 | Lammersville CA Jt Unif Sch Dist Spl Tax Cmnty Facs Dist #2014-1 Mountain House Sch Facs | 4.00% | 09/01/49 | 913,892 | ||||
835,000 | Live Oak CA Sch Dist Santa Cruz Cnty Ref (Pre-refunded maturity 08/01/26) | 5.00% | 08/01/30 | 897,486 | ||||
45,000 | Long Beach CA Bond Fin Auth Nat Gas Pur Rev, Ser A | 5.25% | 11/15/23 | 45,226 | ||||
190,000 | Los Angeles CA Dept of Arpts Arpt Rev Prerefunded Subord Ref, Ser D, AMT (Pre-refunded maturity 11/15/31) | 5.00% | 05/15/33 | 217,789 | ||||
4,000,000 | Los Angeles CA Dept of Arpts Arpt Rev Ref Sub Priv Activity, Ser A, AMT | 5.00% | 05/15/39 | 4,309,461 |
Principal Value | Description | Stated Coupon | Stated Maturity | Value | ||||
MUNICIPAL BONDS (Continued) | ||||||||
California (Continued) | ||||||||
$1,500,000 | Los Angeles CA Dept of Arpts Arpt Rev Sr Bonds Green Bond Priv Activity, Ser G, AMT | 5.00% | 05/15/34 | $1,691,446 | ||||
1,500,000 | Los Angeles CA Dept of Arpts Arpt Rev Sr Bonds Green Bond Priv Activity, Ser G, AMT | 5.50% | 05/15/35 | 1,748,306 | ||||
1,340,000 | Los Angeles CA Dept of Arpts Arpt Rev Sr Bonds Priv Activity, Ser H, AMT | 5.00% | 05/15/41 | 1,442,312 | ||||
400,000 | Los Angeles CA Dept of Arpts Arpt Rev Sub Los Angeles Intl Arpt, Ser B, AMT | 5.00% | 05/15/31 | 417,768 | ||||
2,000,000 | Los Angeles CA Dept of Arpts Arpt Rev Subord Los Angeles Intl Arpt, Ser F, AMT | 5.00% | 05/15/36 | 2,145,999 | ||||
3,310,000 | Los Angeles CA Dept of Arpts Arpt Rev Unrefunded Subord Ref, Ser D, AMT | 5.00% | 05/15/33 | 3,728,751 | ||||
100,000 | Marina CA Redev Agy Successor Agy Tax Allocation Hsg, Ser B | 5.00% | 09/01/33 | 106,107 | ||||
1,260,000 | Marina Coast CA Wtr Dist Enterprise Rev, COPS | 4.00% | 06/01/44 | 1,264,740 | ||||
325,000 | Menifee CA Union Sch Dist Pub Fing Auth Spl Tax Rev Ref, Ser A | 5.00% | 09/01/28 | 338,498 | ||||
175,000 | Menifee CA Union Sch Dist Spl Tax Cmnty Facs Dist #2011-1 | 5.00% | 09/01/30 | 187,715 | ||||
150,000 | Menifee CA Union Sch Dist Spl Tax Cmnty Facs Dist #2011-1 | 5.00% | 09/01/31 | 160,822 | ||||
145,000 | Menifee CA Union Sch Dist Spl Tax Cmnty Facs Dist #2011-1 | 5.00% | 09/01/32 | 155,300 | ||||
165,000 | Menifee CA Union Sch Dist Spl Tax Cmnty Facs Dist #2011-1 | 5.00% | 09/01/33 | 176,504 | ||||
1,710,000 | Menifee CA Union Sch Dist Spl Tax Cmnty Facs Dist #2011-1 | 5.00% | 09/01/44 | 1,751,905 | ||||
1,450,000 | Menifee CA Union Sch Dist Spl Tax Cmnty Facs Dist #2011-1 | 5.00% | 09/01/48 | 1,474,517 | ||||
110,000 | Rancho Cordova CA Cmnty Facs Dist Spl Tax #2018-1 Grantline 208 | 5.00% | 09/01/26 | 115,137 | ||||
200,000 | Rancho Cordova CA Cmnty Facs Dist Spl Tax Rev Grantline 208 Cmnty Fac Dt #2018-1 | 4.00% | 09/01/50 | 176,481 | ||||
500,000 | River Islands CA Pub Fing Auth Spl Tax Cmnty Facs Dist #2003-1, Ser A | 5.00% | 09/01/43 | 501,049 | ||||
500,000 | River Islands CA Pub Fing Auth Spl Tax Cmnty Facs Dist #2019-1 Phase 2 Pub Impts | 4.00% | 09/01/33 | 493,586 | ||||
215,000 | Riverside CA Unif Sch Dist Cmnty Facs Dt #33 Citrus Heights II Spl Tax | 4.00% | 09/01/27 | 216,103 | ||||
225,000 | Riverside CA Unif Sch Dist Cmnty Facs Dt #33 Citrus Heights II Spl Tax | 4.00% | 09/01/28 | 226,754 | ||||
500,000 | Riverside CA Unif Sch Dist Election of 2016, Ser B | 4.00% | 08/01/35 | 517,396 | ||||
625,000 | Rocklin CA Unif Sch Dist Cmnty Facs Dist Subord, Ser 2019, BAM | 4.00% | 09/15/35 | 647,957 | ||||
110,000 | Roseville CA Spl Tax | 5.00% | 09/01/30 | 118,173 | ||||
100,000 | Roseville CA Spl Tax | 5.00% | 09/01/31 | 107,347 | ||||
350,000 | Roseville CA Spl Tax Svsp Westpark Federico Cmnty Facs Dt No 1 | 4.00% | 09/01/37 | 339,729 | ||||
640,000 | Roseville CA Spl Tax Svsp Westpark Federico Cmnty Facs Dt No 1 | 4.00% | 09/01/46 | 577,149 | ||||
205,000 | Roseville CA Spl Tax Vlg CFD #1 | 4.00% | 09/01/32 | 207,844 | ||||
225,000 | Roseville CA Spl Tax Vlg CFD #1 | 4.00% | 09/01/37 | 218,163 | ||||
310,000 | Roseville CA Spl Tax Vlg CFD #1 | 4.00% | 09/01/41 | 289,016 | ||||
520,000 | Roseville CA Spl Tax Vlg CFD #1 | 4.00% | 09/01/46 | 465,534 | ||||
710,000 | Roseville CA Spl Tax Vlg CFD #1 | 4.00% | 09/01/51 | 617,236 | ||||
400,000 | S San Francisco CA Pub Facs Fing Auth Lease Rev Police Station Proj, Ser A | 4.00% | 06/01/34 | 431,993 | ||||
260,000 | Sacramento CA Spl Tax | 4.00% | 09/01/30 | 260,906 | ||||
220,000 | Sacramento CA Spl Tax | 4.00% | 09/01/31 | 220,692 | ||||
315,000 | Sacramento CA Spl Tax | 4.00% | 09/01/32 | 315,512 | ||||
515,000 | Sacramento CA Spl Tax | 4.00% | 09/01/33 | 514,397 | ||||
615,000 | Sacramento CA Spl Tax | 4.00% | 09/01/35 | 600,539 |
Principal Value | Description | Stated Coupon | Stated Maturity | Value | ||||
MUNICIPAL BONDS (Continued) | ||||||||
California (Continued) | ||||||||
$500,000 | Sacramento CA Transient Occupancy Tax Rev Sub Convention Ctr Complex, Ser C | 5.00% | 06/01/35 | $543,866 | ||||
645,000 | San Diego Cnty CA Ltd Rev Obligs Ref Sanford Burnham Prebys Med Discovery Institute, Ser A | 5.00% | 11/01/25 | 678,718 | ||||
2,000,000 | San Diego Cnty CA Regl Arpt Auth Arpt Rev Subord, Ser B, AMT | 5.00% | 07/01/46 | 2,101,468 | ||||
945,000 | San Diego Cnty CA Regl Arpt Auth Sr, Ser B, AMT (Pre-refunded maturity 07/01/23) | 5.00% | 07/01/30 | 947,134 | ||||
1,250,000 | San Diego Cnty CA Regl Transprtn Commn Sales Tax Rev, Ser A | 5.00% | 04/01/35 | 1,339,591 | ||||
6,000,000 | San Francisco CA City & Cnty Arpts Commn Intl Arpt Rev, Ser A, AMT | 5.00% | 05/01/38 | 6,355,390 | ||||
1,000,000 | San Francisco CA City & Cnty Arpts Commn Intl Arpt Rev, Ser A, AMT | 5.00% | 05/01/39 | 1,055,562 | ||||
2,000,000 | San Francisco CA City & Cnty Arpts Commn Intl Arpt Rev, Ser E, AMT | 5.00% | 05/01/40 | 2,102,447 | ||||
700,000 | San Francisco CA City & Cnty Dcnty Dev Spl Tax Dist No Mission Rock Fac & Svcs, Ser A (c) | 4.00% | 09/01/41 | 627,628 | ||||
185,000 | San Francisco City & Cnty CA Cmnty Facs Dist #2016-1 | 4.00% | 09/01/29 | 188,464 | ||||
145,000 | San Francisco City & Cnty CA Cmnty Facs Dist #2016-1 | 4.00% | 09/01/30 | 147,167 | ||||
335,000 | San Francisco City & Cnty CA Cmnty Facs Dist #2016-1 | 4.00% | 09/01/31 | 339,249 | ||||
245,000 | San Francisco City & Cnty CA Cmnty Facs Dist #2016-1 | 4.00% | 09/01/32 | 247,731 | ||||
300,000 | San Francisco City & Cnty CA Cmnty Facs Dist #2016-1 | 4.00% | 09/01/33 | 302,772 | ||||
525,000 | San Francisco City & Cnty CA Cmnty Facs Dist #2016-1 | 4.00% | 09/01/42 | 482,918 | ||||
1,000,000 | San Francisco City & Cnty CA Cmnty Facs Dist #2016-1, Ser 2021 | 4.00% | 09/01/46 | 888,784 | ||||
280,000 | San Francisco City & Cnty CA Redev Agy Successor Agy Tax Ref Mission Bay N Redev Proj, Ser A | 5.00% | 08/01/35 | 298,050 | ||||
1,000,000 | San Luis Coastal CA Unif Sch Dist Election of 2022, Ser A | 5.00% | 08/01/42 | 1,136,046 | ||||
800,000 | San Luis Obispo CA Cmnty Facs Dist #2019-1 Spl Tax | 4.00% | 09/01/36 | 787,103 | ||||
2,110,000 | San Luis Obispo Cnty CA Fing Auth Lease Rev Multiple Capital Projs Ref, Ser A | 5.25% | 11/15/40 | 2,372,571 | ||||
1,665,000 | San Luis Obispo Cnty CA Fing Auth Lease Rev Multiple Capital Projs Ref, Ser A | 5.25% | 11/15/41 | 1,868,219 | ||||
4,000,000 | Sanger CA Fing Auth Wstwtr Rev Ref, AGM (Pre-refunded maturity 06/15/24) | 5.00% | 06/15/34 | 4,150,401 | ||||
150,000 | Simi Vly CA Unif Sch Dist, Ser B | 4.00% | 08/01/32 | 157,736 | ||||
375,000 | Simi Vly CA Unif Sch Dist, Ser B | 4.00% | 08/01/39 | 380,065 | ||||
160,000 | Tahoe Truckee CA Unif Sch Dist, COPS, BAM | 4.00% | 06/01/35 | 164,086 | ||||
255,000 | Tahoe Truckee CA Unif Sch Dist, COPS, BAM | 4.00% | 06/01/36 | 259,612 | ||||
100,000 | Temecula Vly Unif Sch Dist Fing Auth CA Spl Tax Rev, BAM | 5.00% | 09/01/34 | 104,063 | ||||
385,000 | Temescal Vly CA Wtr Dist Spl Tax Terramor Cmnty Facs Dist #4 Impt Area #1 | 4.00% | 09/01/23 | 384,819 | ||||
1,000,000 | Tobacco Securitization Auth Nthrn CA Tobacco Stlmt Rev Ref Sr Bonds Sacramento Co Tobacco Secur Corp Class 1, Ser A | 4.00% | 06/01/37 | 1,005,177 | ||||
1,000,000 | Tobacco Securitization Auth Sthrn CA Tobacco Stlmt Rev Ref San Diego Co Asset Securitization Corp Class 1, Ser A | 5.00% | 06/01/34 | 1,091,233 | ||||
1,500,000 | Tobacco Securitization Auth Sthrn CA Tobacco Stlmt Rev Ref San Diego Co Tobacco Securitization Corp, Ser A, Class 1 | 5.00% | 06/01/35 | 1,625,489 | ||||
650,000 | Tulare CA Loc Hlthcare Dist Ref, BAM | 4.00% | 08/01/35 | 671,540 | ||||
865,000 | Tustin CA Cmnty Fac Dist Spl Tax Ref #06-1 Legacy Columbus Vlgs, Ser A | 5.00% | 09/01/35 | 901,514 | ||||
300,000 | Vacaville CA Unif Sch Dist, Ser D | 4.00% | 08/01/35 | 310,937 | ||||
600,000 | Vacaville CA Unif Sch Dist, Ser D | 4.00% | 08/01/37 | 612,780 | ||||
500,000 | Vacaville CA Unif Sch Dist, Ser D | 4.00% | 08/01/38 | 507,843 |
Principal Value | Description | Stated Coupon | Stated Maturity | Value | ||||
MUNICIPAL BONDS (Continued) | ||||||||
California (Continued) | ||||||||
$1,050,000 | Victor CA Elem Sch Dist Cmnty Facs Dist Spl Tax Ref 2005-1, BAM | 5.00% | 09/01/46 | $1,109,640 | ||||
150,784,814 | ||||||||
Colorado – 7.2% | ||||||||
5,000,000 | Adams & Weld Cntys CO Sch Dist #27J Brighton | 5.00% | 12/01/40 | 5,180,249 | ||||
1,125,000 | Allison Vly Met Dist #2 CO Ref | 4.70% | 12/01/47 | 923,219 | ||||
1,625,000 | Bennett Ranch Met Dist #1 CO, Ser A | 5.00% | 12/01/41 | 1,500,435 | ||||
225,000 | Breckenridge CO Ref, Ser B, COPS | 5.00% | 12/01/32 | 260,623 | ||||
1,340,000 | Brighton Crossing Met Dist #6 CO, Ser A | 5.00% | 12/01/50 | 1,147,452 | ||||
455,000 | Buffalo Ridge CO Met Dist Ref & Impt Sr, Ser A, BAM | 5.00% | 12/01/25 | 477,597 | ||||
250,000 | Buffalo Ridge CO Met Dist Ref & Impt Sr, Ser A, BAM | 5.00% | 12/01/26 | 268,179 | ||||
750,000 | Cascade Ridge Met Dist CO | 5.00% | 12/01/51 | 626,419 | ||||
400,000 | CO Eductnl & Cultural Auth Rev Ref W Ridge Acdmy Chrt Sch Proj, Ser A | 5.00% | 06/01/49 | 402,387 | ||||
700,000 | CO St Bldg Excellent Schs Today, Ser O, COPS | 5.00% | 03/15/31 | 788,643 | ||||
1,920,000 | CO St Eductnl & Cultural Facs Auth Rev Chrt Sch Loveland Classical Schs Proj (c) | 5.00% | 07/01/36 | 1,862,231 | ||||
660,000 | CO St Eductnl & Cultural Facs Auth Rev Ref & Impt Chrt Sch Univ Lab Bldg Corp (c) | 5.00% | 12/15/28 | 682,066 | ||||
2,245,000 | CO St Eductnl & Cultural Facs Auth Rev Ref & Impt Chrt Sch Univ Lab Bldg Corp (c) | 5.00% | 12/15/35 | 2,305,261 | ||||
4,000,000 | CO St Eductnl & Cultural Facs Auth Rev Ref & Impt Chrt Sch Univ Lab Bldg Corp (c) | 5.00% | 12/15/45 | 4,052,847 | ||||
1,020,000 | CO St Eductnl & Cultural Facs Auth Rev Univ Denver Proj, Ser A | 4.00% | 03/01/35 | 1,038,416 | ||||
1,750,000 | CO St Hlth Facs Auth Rev Parkview Med Ctr Proj, Ser A | 4.00% | 09/01/50 | 1,478,119 | ||||
3,000,000 | CO St Hlth Facs Auth Rev Ref Adventhealth Oblig, Ser A | 4.00% | 11/15/38 | 2,998,809 | ||||
1,245,000 | CO St Hlth Facs Auth Rev Ref Christian Living Neighborhoods Proj | 5.00% | 01/01/31 | 1,177,345 | ||||
250,000 | CO St Hlth Facs Auth Rev Ref Commonspirit Hlth, Ser A-1 | 5.00% | 08/01/35 | 266,617 | ||||
4,630,000 | CO St Hlth Facs Auth Rev Ref Commonspirit Hlth, Ser A-1 | 4.00% | 08/01/39 | 4,510,656 | ||||
1,500,000 | CO St Hlth Facs Auth Rev Ref Commonspirit Hlth, Ser A-2 | 5.00% | 08/01/34 | 1,610,535 | ||||
3,025,000 | CO St Hlth Facs Auth Rev Ref Commonspirit Hlth, Ser A-2 | 5.00% | 08/01/44 | 3,124,838 | ||||
300,000 | CO St Hlth Facs Auth Rev Ref Frasier Meadows Retmnt Cmnty Proj, Ser A | 5.00% | 05/15/25 | 302,012 | ||||
350,000 | CO St Hlth Facs Auth Rev Ref Frasier Meadows Retmnt Cmnty Proj, Ser A | 5.00% | 05/15/26 | 352,932 | ||||
10,640,000 | CO St Hlth Facs Auth Rev Ref Scl Hlth Sys, Ser B | 4.00% | 01/01/40 | 10,664,288 | ||||
625,000 | CO St Hlth Facs Auth Rev Sr Living Ralston Creek Arvada Proj, Ser A (b) (d) | 5.25% | 11/01/32 | 300,000 | ||||
325,000 | CO St Ref, COPS | 4.00% | 06/15/37 | 332,289 | ||||
2,500,000 | CO St, Ser A, COPS | 5.00% | 12/15/34 | 2,916,034 | ||||
1,085,000 | CO St, Ser A, COPS | 4.00% | 12/15/37 | 1,108,211 | ||||
495,000 | Colorado Springs CO Pikes Peak Americas Mountain Enterprise Pikes Peak | 5.00% | 12/01/25 | 517,701 | ||||
1,585,000 | Colorado Springs CO Pikes Peak Americas Mountain Enterprise Pikes Peak | 5.25% | 12/01/48 | 1,723,871 | ||||
180,000 | Crystal Vly CO Met Dist #2 Ref, Ser A, AGM | 4.00% | 12/01/32 | 194,015 | ||||
325,000 | Crystal Vly CO Met Dist #2 Ref, Ser A, AGM | 4.00% | 12/01/33 | 349,219 | ||||
500,000 | Crystal Vly CO Met Dist #2 Ref, Ser A, AGM | 4.00% | 12/01/34 | 533,983 | ||||
330,000 | Crystal Vly CO Met Dist #2 Ref, Ser A, AGM | 4.00% | 12/01/35 | 348,215 | ||||
500,000 | Crystal Vly CO Met Dist #2 Ref, Ser A, AGM | 4.00% | 12/01/36 | 521,125 | ||||
5,000,000 | Denver City & Cnty CO Arpt Rev Ref Sub Sys, Ser A, AMT | 5.00% | 12/01/32 | 5,396,005 | ||||
5,000,000 | Denver City & Cnty CO Arpt Rev Ref Sub Sys, Ser A, AMT | 5.00% | 12/01/34 | 5,362,061 | ||||
975,000 | Denver City & Cnty CO Arpt Rev Ref Sub Sys, Ser A, AMT | 5.00% | 12/01/38 | 1,025,626 |
Principal Value | Description | Stated Coupon | Stated Maturity | Value | ||||
MUNICIPAL BONDS (Continued) | ||||||||
Colorado (Continued) | ||||||||
$900,000 | Denver City & Cnty CO Arpt Rev Ref, Ser D, AMT | 5.50% | 11/15/33 | $1,067,782 | ||||
1,300,000 | Denver City & Cnty CO Arpt Rev Ref, Ser D, AMT | 5.75% | 11/15/41 | 1,495,803 | ||||
4,465,000 | Denver City & Cnty CO Arpt Rev, Ser A, AMT | 5.00% | 11/15/41 | 4,798,491 | ||||
1,500,000 | Denver City & Cnty CO Arpt Rev, Ser A, AMT | 5.50% | 11/15/42 | 1,680,482 | ||||
3,190,000 | Denver City & Cnty CO Sch Dist 1 Ref, Ser B | 3.50% | 12/01/28 | 3,215,327 | ||||
1,000,000 | Denver CO City & Cnty Dedicated Tax Rev, Ser A-1 | 5.00% | 08/01/41 | 1,038,092 | ||||
600,000 | Denver CO Hlth & Hosp Auth 550 Acoma Inc, COPS | 5.00% | 12/01/26 | 629,021 | ||||
1,790,000 | Denver CO Intl Busn Ctr CO Met Dist #1 Subord, Ser B | 6.00% | 12/01/48 | 1,785,667 | ||||
2,000,000 | Elbert & Hwy 86 CO Comml Spl Rev & Tax Supported Ref Sr Bonds, Ser A (c) | 5.00% | 12/01/51 | 1,675,855 | ||||
525,000 | Firestone CO Wtr Enterprise Rev Ref, BAM | 4.00% | 12/01/37 | 539,365 | ||||
600,000 | Firestone CO Wtr Enterprise Rev Ref, BAM | 4.00% | 12/01/39 | 603,609 | ||||
375,000 | Flying Horse CO Met Dist #2 Ref, Ser A, AGM | 5.00% | 12/01/33 | 431,911 | ||||
225,000 | Flying Horse CO Met Dist #2 Ref, Ser A, AGM | 4.00% | 12/01/38 | 228,676 | ||||
200,000 | Flying Horse CO Met Dist #2 Ref, Ser A, AGM | 4.00% | 12/01/39 | 201,073 | ||||
2,735,000 | Hunters Overlook Metro Dist #5 CO Sr Bonds, Ser A | 5.00% | 12/01/49 | 2,489,053 | ||||
1,000,000 | Independence Met Dist #3 CO, Ser A | 6.25% | 12/01/49 | 914,244 | ||||
1,000,000 | Jefferson Ctr CO Met Dist # 1 Spl Rev, Ser A-2 | 4.38% | 12/01/47 | 816,678 | ||||
860,000 | Lakes at Centerra Met Dist No 2 CO Impt, Ser A | 4.63% | 12/01/27 | 839,014 | ||||
1,000,000 | Lanterns Met Dist #1 CO Sr, Ser A | 5.00% | 12/01/49 | 918,785 | ||||
300,000 | Larimer Weld & Boulder Cnty CO Sch Dist #R-2J Thompson | 5.00% | 12/15/30 | 339,846 | ||||
100,000 | Lorson Ranch Met Dist #2 CO | 4.00% | 12/01/24 | 100,156 | ||||
170,000 | Lorson Ranch Met Dist #2 CO | 5.00% | 12/01/27 | 177,173 | ||||
3,260,000 | Mirabelle Met Dist #2 CO Sr, Ser A | 5.00% | 12/01/39 | 3,111,315 | ||||
1,170,000 | Mirabelle Met Dist #2 CO Sr, Ser A | 5.00% | 12/01/49 | 1,049,546 | ||||
1,700,000 | Nexus N at DIA Met Dist CO | 5.00% | 12/01/51 | 1,475,014 | ||||
2,460,000 | Park Creek CO Met Dist Rev Ref Sr Ltd Property Tax Supported, Ser A | 5.00% | 12/01/24 | 2,522,853 | ||||
150,000 | Park Creek CO Met Dist Rev Ref Sr Ltd Property Tax Supported, Ser A | 5.00% | 12/01/31 | 155,483 | ||||
150,000 | Park Creek CO Met Dist Rev Ref Sr Ltd Property Tax Supported, Ser A | 5.00% | 12/01/34 | 154,734 | ||||
155,000 | Park Creek CO Met Dist Rev Ref Sr Ltd Property Tax Supported, Ser A | 5.00% | 12/01/35 | 159,507 | ||||
2,000,000 | Park Creek CO Met Dist Rev Ref Sr Ltd Property Tax Supported, Ser A | 5.00% | 12/01/45 | 2,033,045 | ||||
2,950,000 | Park Creek CO Met Dist Rev Sr Lien, Ser A, AGM | 4.00% | 12/01/34 | 3,081,485 | ||||
1,040,000 | Park Creek CO Met Dist Rev Sr Lien, Ser A, AGM | 4.00% | 12/01/36 | 1,059,999 | ||||
420,000 | Park Creek CO Met Dist Rev Sr, Ser A | 5.00% | 12/01/30 | 463,889 | ||||
30,000 | Park Creek CO Met Dist Rev Sr, Ser A, NATL-RE | 5.00% | 12/01/24 | 30,818 | ||||
1,150,000 | Peak Met Dist #1 CO, Ser A (c) | 5.00% | 12/01/51 | 1,000,753 | ||||
920,000 | Pinon Pines Met Dist #2 CO MDD | 5.00% | 12/01/40 | 875,509 | ||||
1,195,000 | Pinon Pines Met Dist #2 CO MDD | 5.00% | 12/01/50 | 1,058,568 | ||||
500,000 | Prairie Ctr CO Met Dist #3 Ltd Property Tax Supported Pri Ref, Ser A (c) | 4.13% | 12/15/27 | 493,466 | ||||
2,500,000 | Prairie Ctr CO Met Dist #3 Ltd Property Tax Supported Pri Ref, Ser A (c) | 5.00% | 12/15/41 | 2,466,187 | ||||
700,000 | Prairie Ctr Met Dist #7 CO | 4.88% | 12/15/44 | 603,975 | ||||
5,235,000 | Rampart Range CO Met Dist #1 Ltd Tax Supported & Spl Rev Ref & Impt, AGM | 5.00% | 12/01/42 | 5,483,372 | ||||
1,000,000 | Ridgeline Vista Met Dist CO, Ser A | 5.25% | 12/01/60 | 957,238 | ||||
2,500,000 | Riverwalk Metro Dist #2 CO, Ser A | 5.00% | 12/01/42 | 2,265,039 | ||||
1,000,000 | Sagebrush Farm Met Dist #1 CO Sr Bonds, Ser A | 6.38% | 12/01/42 | 1,005,981 | ||||
550,000 | Serenity Ridge CO Met Dist #2 Ref, Ser A (Pre-refunded maturity 12/01/23) | 5.13% | 12/01/37 | 571,675 |
Principal Value | Description | Stated Coupon | Stated Maturity | Value | ||||
MUNICIPAL BONDS (Continued) | ||||||||
Colorado (Continued) | ||||||||
$1,500,000 | Sky Ranch Cmnty Auth Brd CO Sr Bonds, Ser A | 5.75% | 12/01/52 | $1,410,854 | ||||
175,000 | Sterling Hills CO W Met Dist Ref | 5.00% | 12/01/32 | 189,574 | ||||
1,800,000 | Takoda CO Met Dist Ref | 6.00% | 12/01/36 | 1,965,271 | ||||
825,000 | Third Creek Met Dist #1 CO, Ser A-1 | 4.50% | 12/01/37 | 708,504 | ||||
825,000 | Third Creek Met Dist #1 CO, Ser A-1 | 4.50% | 12/01/42 | 661,968 | ||||
1,400,000 | Thompson Crossing Met Dist #4 CO Ref | 5.00% | 12/01/39 | 1,328,807 | ||||
500,000 | Trails at Crowfoot Met Dist #3 CO Sr Ser, Ser A | 5.00% | 12/01/39 | 479,306 | ||||
1,210,000 | Transport Met Dist #3 CO MDD, Ser 2021 A-1 | 5.00% | 12/01/51 | 974,253 | ||||
1,500,000 | Westerly Met Dist #4 CO Sr, Ser A | 5.00% | 12/01/50 | 1,306,929 | ||||
135,721,550 | ||||||||
Connecticut – 2.7% | ||||||||
2,000,000 | CT St Hlth & Eductnl Facs Auth Rev Covenant Home Inc, Ser B | 5.00% | 12/01/40 | 2,012,496 | ||||
1,000,000 | CT St Hlth & Eductnl Facs Auth Rev Quinnipiac Univ Ref, Ser M | 5.00% | 07/01/36 | 1,043,368 | ||||
5,130,000 | CT St Hlth & Eductnl Facs Auth Rev Ref Fairfield Univ, Ser R | 4.00% | 07/01/42 | 4,961,679 | ||||
1,030,000 | CT St Hlth & Eductnl Facs Auth Rev Ref Fairfield Univ, Ser R | 4.00% | 07/01/47 | 958,216 | ||||
1,000,000 | CT St Hlth & Eductnl Facs Auth Rev Ref Fairfield Univ, Ser S | 5.00% | 07/01/26 | 1,061,076 | ||||
2,250,000 | CT St Hlth & Eductnl Facs Auth Rev Ref Quinnipiac Univ, Ser L | 5.00% | 07/01/31 | 2,335,959 | ||||
200,000 | CT St Hlth & Eductnl Facs Auth Rev Ref Quinnipiac Univ, Ser L | 4.00% | 07/01/33 | 202,498 | ||||
500,000 | CT St Hlth & Eductnl Facs Auth Rev, Ser A | 5.00% | 07/01/34 | 547,678 | ||||
4,700,000 | CT St Hlth & Eductnl Facs Auth Rev, Ser A | 4.00% | 07/01/37 | 4,662,921 | ||||
300,000 | CT St Hsg Fin Auth Hsg Fin Mtge Prog Ref, Subser A-1 | 3.65% | 11/15/32 | 298,752 | ||||
1,765,000 | CT St Muni Elec Energy Coop Pwr Sply Sys Rev Ref, Ser A | 5.00% | 01/01/38 | 1,944,889 | ||||
5,490,000 | CT St Spl Tax Oblig Rev, Ser A | 5.00% | 05/01/41 | 6,097,363 | ||||
1,445,000 | CT St, Ser A | 5.00% | 04/15/29 | 1,572,283 | ||||
500,000 | CT St, Ser A | 4.00% | 01/15/36 | 521,991 | ||||
5,000,000 | CT St, Ser A | 4.00% | 01/15/37 | 5,152,292 | ||||
5,145,000 | CT St, Ser A | 4.00% | 04/15/37 | 5,278,817 | ||||
5,695,000 | CT St, Ser A | 4.00% | 01/15/38 | 5,794,431 | ||||
560,000 | CT St, Ser E | 4.00% | 10/15/35 | 572,846 | ||||
625,000 | Hamden CT, BAM | 6.00% | 08/15/33 | 721,570 | ||||
500,000 | Harbor Point CT Infra Impt Dist Spl Oblig Rev Ref Harbor Point Proj Ltd (c) | 5.00% | 04/01/39 | 500,062 | ||||
1,500,000 | Univ of Connecticut CT, Ser A | 5.00% | 11/01/36 | 1,634,392 | ||||
3,730,000 | Univ of Connecticut CT, Ser A | 5.00% | 02/15/41 | 4,056,272 | ||||
51,931,851 | ||||||||
Delaware – 0.6% | ||||||||
325,000 | DE St Hlth Facs Auth Rev Beebe Med Ctr | 5.00% | 06/01/26 | 340,148 | ||||
4,335,000 | DE St Hlth Facs Auth Rev Ref Christiana Hlth Care Sys Oblig Grp, Ser A | 5.00% | 10/01/35 | 4,816,231 | ||||
3,000,000 | DE St Hlth Facs Auth Rev Ref Christiana Hlth Care Sys Oblig Grp, Ser A | 5.00% | 10/01/38 | 3,254,041 | ||||
2,076,000 | Millsboro DE Spl Oblig Ref Plantation Lakes Spl Dev Dist (c) | 5.00% | 07/01/28 | 2,088,665 | ||||
10,499,085 | ||||||||
District of Columbia – 0.8% | ||||||||
1,745,000 | Dist of Columbia Wtr & Swr Auth Pub Util Rev Green Bond, Ser A | 5.00% | 10/01/39 | 1,889,174 | ||||
1,640,000 | Met WA DC Arpts Auth Arpt Sys Rev Ref, AMT | 5.00% | 10/01/35 | 1,728,157 | ||||
5,100,000 | Met WA DC Arpts Auth Arpt Sys Rev Ref, Ser A, NATL-RE, AMT | 5.00% | 10/01/34 | 5,170,109 | ||||
3,175,000 | Met Washington DC Arpts Auth Arpt Sys Rev Ref, Ser A, AMT | 5.00% | 10/01/33 | 3,525,593 | ||||
1,000,000 | Washington DC Met Area Transit Auth Gross Rev | 5.00% | 07/01/33 | 1,083,625 |
Principal Value | Description | Stated Coupon | Stated Maturity | Value | ||||
MUNICIPAL BONDS (Continued) | ||||||||
District of Columbia (Continued) | ||||||||
$885,000 | Washington DC Met Area Transit Auth Gross Rev Ref, Ser A-1 | 5.00% | 07/01/29 | $969,172 | ||||
14,365,830 | ||||||||
Florida – 6.2% | ||||||||
380,000 | Academical Vlg CDD FL Spl Assmnt Rev CDD | 2.88% | 05/01/25 | 367,999 | ||||
1,000,000 | Academical Vlg CDD FL Spl Assmnt Rev CDD | 3.63% | 05/01/40 | 808,559 | ||||
545,000 | Alachua Cnty FL Hlth Facs Auth CCRC Ref Oak Hammock at The Univ of FL Inc Proj | 4.00% | 10/01/40 | 433,736 | ||||
2,945,000 | Alachua Cnty FL Hlth Facs Auth Ref Shands Teaching Hosp & Clinics Inc, Ser B-1 | 5.00% | 12/01/37 | 3,100,986 | ||||
955,000 | Berry Bay CDD FL Spl Assmnt Rev Assmnt Area One | 3.63% | 05/01/41 | 765,171 | ||||
1,250,000 | Berry Bay CDD FL Spl Assmnt Rev Assmnt Area One | 4.00% | 05/01/51 | 983,720 | ||||
200,000 | Bexley CDD FL Spl Assmnt Rev | 4.10% | 05/01/26 | 198,603 | ||||
95,000 | Brookstone CDD FL Spl Assmnt Rev CDD (e) | 3.88% | 11/01/23 | 94,780 | ||||
2,725,000 | Broward Cnty FL Arpt Sys Rev, Ser A, AMT | 5.00% | 10/01/38 | 2,893,029 | ||||
1,450,000 | Broward Cnty FL Convention Ctr Hotel Rev First Tier | 5.00% | 01/01/32 | 1,711,762 | ||||
2,000,000 | Coco Palms FL CDD Spl Assmnt | 4.50% | 05/01/32 | 1,978,933 | ||||
500,000 | Creekview CDD FL Spl Assmnt Rev Phase I Proj | 3.88% | 05/01/27 | 488,058 | ||||
1,000,000 | Cross Creek N CDD FL Spl Assmnt | 4.50% | 05/01/52 | 902,676 | ||||
1,000,000 | Cypress Ml Cmnty Dev Dist FL Spl Assmt CDD Assmnt Area Two Proj | 4.00% | 06/15/40 | 862,958 | ||||
420,000 | Edgewater E CDD FL Spl Assmnt Rev Assmnt Area One | 2.50% | 05/01/26 | 394,074 | ||||
1,000,000 | Edgewater E CDD FL Spl Assmnt Rev Assmnt Area One | 4.00% | 05/01/51 | 782,221 | ||||
1,000,000 | Edgewater E CDD FL Spl Assmnt Rev Assmnt Area Two | 4.00% | 05/01/52 | 776,423 | ||||
180,000 | Epperson N CDD FL Capital Impt Rev Assmnt Area #2 | 2.50% | 05/01/26 | 169,866 | ||||
1,165,000 | Epperson N CDD FL Capital Impt Rev Assmnt Area Three, Ser A | 3.40% | 11/01/41 | 890,001 | ||||
1,250,000 | Fallschase Cmnty Dev Dist FL Spl Assmnt | 3.38% | 05/01/41 | 968,193 | ||||
200,000 | FL St Dev Fin Corp Eductnl Facs Rev River City Science Acdmy Projs, Ser A | 4.00% | 07/01/26 | 198,571 | ||||
155,000 | FL St Dev Fin Corp Eductnl Facs Rev River City Science Acdmy Projs, Ser A | 4.00% | 07/01/29 | 153,860 | ||||
310,000 | FL St Dev Fin Corp Eductnl Facs Rev River City Science Acdmy Projs, Ser A | 4.00% | 07/01/35 | 296,671 | ||||
450,000 | FL St Dev Fin Corp Eductnl Facs Rev River City Science Acdmy Projs, Ser A | 4.00% | 07/01/45 | 381,626 | ||||
750,000 | FL St Dev Fin Corp Eductnl Facs Rev River City Science Acdmy Projs, Ser A | 4.00% | 07/01/55 | 599,178 | ||||
725,000 | FL St Govtl Util Auth Rev Ref, AGM | 4.00% | 10/01/37 | 740,377 | ||||
825,000 | FL St Govtl Util Auth Rev Ref, AGM | 4.00% | 10/01/38 | 836,348 | ||||
1,000,000 | Fort Pierce FL Utils Auth Ref, Ser A, AGM | 5.00% | 10/01/35 | 1,152,401 | ||||
180,000 | Harmony FL CDD Capital Impt Rev Ref, Ser 2015 | 4.75% | 05/01/25 | 180,391 | ||||
365,000 | Heritage Harbour FL N CDD Capital Impt Rev Ref Sr Lien, Ser A-1, AGM | 5.00% | 05/01/25 | 377,818 | ||||
1,000,000 | Jacksonville FL Hlthcare Facs Rev Ref Baptist Hlth | 5.00% | 08/15/35 | 1,077,331 | ||||
1,000,000 | Jacksonville FL Spl Rev Ref Spl Rev, Ser B | 5.00% | 10/01/28 | 1,069,108 | ||||
6,000,000 | Jea FL Elec Sys Rev Ref Subord, Ser A | 4.00% | 10/01/35 | 6,180,694 | ||||
480,000 | Jea FL Wtr & Swr Rev Subord Ref, Ser A | 4.00% | 10/01/37 | 489,408 | ||||
500,000 | Jea FL Wtr & Swr Rev Subord Ref, Ser A | 4.00% | 10/01/38 | 507,654 | ||||
500,000 | Jea FL Wtr & Swr Rev Subord Ref, Ser A | 4.00% | 10/01/39 | 503,288 | ||||
1,230,000 | Lakeland FL Hosp Sys Rev Lakeland Regl Hlth (Pre-refunded maturity 11/15/24) | 5.00% | 11/15/33 | 1,267,387 | ||||
155,000 | Lakewood Ranch FL Stewardship Dist Spl Assmnt Rev Ref Country Club E Proj, AGM | 4.50% | 05/01/26 | 160,834 | ||||
460,000 | Lee Cnty FL Indl Dev Auth Hlthcr Facs Rev Shell Point Oblig Grp | 4.00% | 11/15/30 | 439,193 |
Principal Value | Description | Stated Coupon | Stated Maturity | Value | ||||
MUNICIPAL BONDS (Continued) | ||||||||
Florida (Continued) | ||||||||
$1,115,000 | Lee Cnty FL Indl Dev Auth Hlthcr Facs Rev Shell Point Oblig Grp | 4.00% | 11/15/31 | $1,059,112 | ||||
1,000,000 | Lee Cnty FL Indl Dev Auth Shell Point/Waterside Hlth Proj | 5.00% | 11/15/39 | 980,146 | ||||
300,000 | Lee Cnty FL Loc Optional Gas Tax Rev | 5.00% | 08/01/40 | 326,369 | ||||
1,250,000 | Lee Cnty FL Loc Optional Gas Tax Rev | 5.00% | 08/01/41 | 1,357,042 | ||||
4,225,000 | Lee Memorial Hlth Sys Fl Hosp Rev Ref, Ser A-1 | 5.00% | 04/01/44 | 4,404,951 | ||||
1,265,000 | Miami FL Spl Oblg Ref Street & Sidewalk Impt Prog, Ser A, AGM (c) | 5.00% | 01/01/35 | 1,377,344 | ||||
95,000 | Miami World Ctr CDD FL Spl Assmnt | 4.00% | 11/01/23 | 94,913 | ||||
275,000 | Miami World Ctr CDD FL Spl Assmnt | 4.75% | 11/01/27 | 278,720 | ||||
2,000,000 | Miami World Ctr CDD FL Spl Assmnt | 5.13% | 11/01/39 | 2,002,954 | ||||
6,000,000 | Miami-Dade Cnty FL Aviation Rev Ref | 5.00% | 10/01/41 | 6,222,869 | ||||
2,575,000 | Miami-Dade Cnty FL Aviation Rev Ref, Ser A, AMT | 5.00% | 10/01/38 | 2,609,722 | ||||
2,625,000 | Miami-Dade Cnty FL Aviation Rev Ref, Ser B, AMT | 5.00% | 10/01/40 | 2,694,882 | ||||
445,000 | Miami-Dade Cnty FL Indl Dev Auth Doral Acdmy Proj | 5.00% | 01/15/25 | 448,736 | ||||
550,000 | Miami-Dade Cnty FL Indl Dev Auth Doral Acdmy Proj | 5.00% | 01/15/32 | 567,289 | ||||
1,210,000 | Miami-Dade Cnty FL Indl Dev Auth Doral Acdmy Proj | 5.00% | 01/15/37 | 1,223,288 | ||||
2,000,000 | Miami-Dade Cnty FL Seaport Rev Ref Sr Bonds, Ser A, AMT | 5.00% | 10/01/41 | 2,118,834 | ||||
1,080,000 | Miami-Dade Cnty FL Spl Oblig Sub Ref | 5.00% | 10/01/35 | 1,130,961 | ||||
225,000 | N Park Isle Cmnty Dev Dist FL Spl Assmnt Rev Assmnt Area One | 3.63% | 05/01/24 | 223,284 | ||||
800,000 | N Park Isle Cmnty Dev Dist FL Spl Assmnt Rev Assmnt Area One | 4.00% | 05/01/30 | 772,819 | ||||
1,545,000 | N Park Isle Cmnty Dev Dist FL Spl Assmnt Rev Assmnt Area One | 4.50% | 05/01/40 | 1,422,174 | ||||
780,000 | N Sumter Cnty FL Util Dependent Dist Util Rev Sumter Wtr Conservation Auth Proj, AGM | 4.00% | 10/01/41 | 773,782 | ||||
355,000 | Nthrn Palm Beach Cnty FL Impt Dist | 5.00% | 08/01/37 | 355,238 | ||||
145,000 | Orange Cnty FL Hlth Facs Auth Rev Orlando Hlth Oblig Grp, Ser A | 5.00% | 10/01/36 | 163,358 | ||||
500,000 | Orange Cnty FL Hlth Facs Auth Rev Orlando Hlth Oblig Grp, Ser A | 5.00% | 10/01/37 | 557,845 | ||||
1,500,000 | Orange Cnty FL Hlth Facs Auth Rev Orlando Hlth Oblig Grp, Ser A | 5.00% | 10/01/41 | 1,633,528 | ||||
680,000 | Orange Cnty FL Hlth Facs Auth Rev Presbyterian Retmnt Cmntys Proj | 5.00% | 08/01/29 | 687,363 | ||||
345,000 | Orange Cnty FL Hlth Facs Auth Rev Presbyterian Retmnt Cmntys Proj | 5.00% | 08/01/34 | 347,511 | ||||
2,000,000 | Orange Cnty FL Hlth Facs Auth Rev Ref Orlando Hlth Inc, Ser A | 5.00% | 10/01/39 | 2,094,349 | ||||
825,000 | Orange Cnty FL Hlth Facs Auth Rev Ref Presbyterian Retmnt Cmntys | 5.00% | 08/01/31 | 851,784 | ||||
1,000,000 | Orange Cnty FL Hlth Facs Auth Rev Ref Presbyterian Retmnt Cmntys (Forward refunding maturity 08/01/23) | 5.00% | 08/01/41 | 1,032,465 | ||||
800,000 | Palm Beach Cnty FL Hlth Facs Auth Hosp Rev Baptist Hlth S FL Oblig Grp | 5.00% | 08/15/23 | 803,813 | ||||
200,000 | Panama City Beach FL Capital Impt Rev Front Beach Road Proj | 5.00% | 11/01/32 | 230,643 | ||||
685,000 | Panama City Beach FL Capital Impt Rev Front Beach Road Proj | 5.00% | 11/01/33 | 787,663 | ||||
1,880,000 | Pasco Cnty FL Sch Brd, Ser C, AGM, COPS | 5.00% | 08/01/34 | 2,156,368 | ||||
4,500,000 | Polk Cnty FL Indl Dev Auth Mineral Dev LLC Secondary Phosphate Tailings Recovery Proj (c) | 5.88% | 01/01/33 | 4,540,850 | ||||
85,000 | Rhodine Road N CDD FL Spl Assmnt | 3.50% | 05/01/24 | 84,319 | ||||
815,000 | Rhodine Road N CDD FL Spl Assmnt | 4.50% | 05/01/40 | 764,200 | ||||
500,000 | Ridge at Apopka CDD Fl Spl Assmnt | 5.38% | 05/01/42 | 495,085 | ||||
350,000 | Rivington CDD FL Spl Assmnt Rev 2022 Assmnt Area | 3.25% | 05/01/27 | 333,835 | ||||
305,000 | Rivington CDD FL Spl Assmnt Rev Assmnt Area | 2.88% | 05/01/25 | 294,974 |
Principal Value | Description | Stated Coupon | Stated Maturity | Value | ||||
MUNICIPAL BONDS (Continued) | ||||||||
Florida (Continued) | ||||||||
$205,000 | Saint Johns Cnty FL Indl Dev Auth Sr Living Rev Ref Vicar’s Landing Proj, Ser A | 4.00% | 12/15/31 | $185,023 | ||||
500,000 | Saint Johns Cnty FL Indl Dev Auth Sr Living Rev Ref Vicar’s Landing Proj, Ser A | 4.00% | 12/15/36 | 417,695 | ||||
1,175,000 | Saint Johns Cnty FL Indl Dev Auth Sr Living Rev Ref Vicar’s Landing Proj, Ser A | 4.00% | 12/15/41 | 909,135 | ||||
10,000,000 | Saint Lucie Cnty FL Sol Wst Disp Ref FL Pwr & Light Co Pj (a) | 4.05% | 05/01/24 | 10,000,000 | ||||
335,000 | San Simeon Cmnty Dev Dist FL Spl Assmnt (c) | 4.13% | 06/15/39 | 294,333 | ||||
1,745,000 | Sarasota Natl FL CDD Spl Assmnt Ref | 4.00% | 05/01/39 | 1,517,709 | ||||
1,615,000 | Sawyers Landing CDD FL Spl Assmnt Rev | 4.13% | 05/01/41 | 1,358,408 | ||||
3,635,000 | Sawyers Landing CDD FL Spl Assmnt Rev | 4.25% | 05/01/53 | 2,872,894 | ||||
2,250,000 | SE Overtown Park W Cmnty Redev Agy FL Tax, Ser A-1 (c) | 5.00% | 03/01/30 | 2,280,726 | ||||
210,000 | Shell Point Cmnty Dev Dist FL Spl Assmnt (c) | 4.00% | 11/01/24 | 208,819 | ||||
2,730,000 | Stoneybrook FL S CDD Spl Assmnt Rev Assmnt Area Two, A Proj | 5.13% | 11/01/34 | 2,807,251 | ||||
1,285,000 | Summer Woods CDD FL Spl Assmnt Area Two 2020 Proj | 4.00% | 05/01/50 | 1,012,792 | ||||
500,000 | Tallahassee FL Energy Sys Rev Energy Sys | 5.00% | 10/01/29 | 513,481 | ||||
125,000 | Tampa FL Hosp Rev H Lee Moffitt Cancer Ctr Proj, Ser B | 5.00% | 07/01/27 | 133,538 | ||||
120,000 | Tampa FL Hosp Rev H Lee Moffitt Cancer Ctr Proj, Ser B | 5.00% | 07/01/31 | 132,452 | ||||
200,000 | Tampa FL Hosp Rev H Lee Moffitt Cancer Ctr Proj, Ser B | 5.00% | 07/01/32 | 219,912 | ||||
250,000 | Tampa FL Hosp Rev H Lee Moffitt Cancer Ctr Proj, Ser B | 5.00% | 07/01/33 | 273,657 | ||||
250,000 | Tampa FL Hosp Rev H Lee Moffitt Cancer Ctr Proj, Ser B | 5.00% | 07/01/34 | 271,775 | ||||
455,000 | Tampa FL Hosp Rev H Lee Moffitt Cancer Ctr Proj, Ser B | 5.00% | 07/01/35 | 489,491 | ||||
400,000 | Tampa FL Hosp Rev H Lee Moffitt Cancer Ctr Proj, Ser B | 4.00% | 07/01/38 | 400,147 | ||||
300,000 | Tampa FL Hosp Rev H Lee Moffitt Cancer Ctr Proj, Ser B | 4.00% | 07/01/39 | 296,803 | ||||
230,000 | Tampa FL Rev Ref The Univ of Tampa Proj, Ser A | 5.00% | 04/01/34 | 252,732 | ||||
1,000,000 | Tern Bay CDD FL Spl Assmnt | 3.13% | 06/15/27 | 940,526 | ||||
1,250,000 | Tern Bay CDD FL Spl Assmnt | 4.00% | 06/15/42 | 1,052,118 | ||||
90,000 | Timber Creek CDD FL Spl Assmnt Rev (c) | 4.13% | 11/01/24 | 89,671 | ||||
100,000 | UCF Stadium Corp FL Rev Ref, Ser A | 5.00% | 03/01/24 | 100,937 | ||||
75,000 | Villamar CDD FL Spl Assmnt | 3.75% | 05/01/24 | 74,548 | ||||
70,000 | Vlg FL CDD #6 Spl Assmnt Rev Ref | 4.00% | 05/01/25 | 71,019 | ||||
500,000 | Volusia Cnty FL Eductnl Fac Auth Ref Embry Riddle Aeronautical Univ Inc Proj, Ser A | 4.00% | 10/15/37 | 502,125 | ||||
835,000 | Westside FL CDD Spl Assmnt Rev Ref (c) | 4.10% | 05/01/37 | 755,662 | ||||
210,000 | WildBlue CDD FL Spl Assmnt (c) | 3.50% | 06/15/24 | 208,052 | ||||
117,132,699 | ||||||||
Georgia – 4.2% | ||||||||
8,980,000 | Atlanta GA Arpt Passenger Fac Charge Rev Arpt Rev Subord, Ser D, AMT | 4.00% | 07/01/37 | 9,007,168 | ||||
1,000,000 | Atlanta GA Arpt Rev Ref, Ser C, AMT | 4.00% | 07/01/39 | 988,178 | ||||
3,000,000 | Atlanta GA Arpt Rev, Ser A | 5.00% | 07/01/42 | 3,324,807 | ||||
650,000 | Atlanta GA Tax Allocation Ref Eastside Proj (Pre-refunded maturity 01/01/26) | 5.00% | 01/01/30 | 688,969 | ||||
3,500,000 | Bartow Cnty GA Dev Auth Var Ref GA Pwr Co Plt Bowen Proj First Series Remk (Mandatory put 03/08/28) | 3.95% | 12/01/32 | 3,526,364 | ||||
1,300,000 | Brookhaven Dev Auth GA Children’s Hlthcare of Atlanta, Ser A | 5.00% | 07/01/35 | 1,454,481 | ||||
4,400,000 | Burke Cnty GA Dev Auth Poll Control Rev GA Pwr Co Plant Vogtle Proj Remk, Ser 1 (a) | 4.10% | 11/01/48 | 4,400,000 | ||||
6,000,000 | Burke Cnty GA Dev Auth Poll Control Rev Var GA Pwr Co Vogtle, Ser 1 (a) | 3.95% | 07/01/49 | 6,000,000 | ||||
6,700,000 | Burke Cnty GA Dev Auth Poll Control Rev Var Ref GA Pwr Co Plant Vogtle Proj (a) | 4.20% | 11/01/52 | 6,700,000 | ||||
625,000 | De Kalb GA Priv Hosp Auth Children’s Hlthcare of Atlanta, Ser B | 4.00% | 07/01/37 | 638,219 |
Principal Value | Description | Stated Coupon | Stated Maturity | Value | ||||
MUNICIPAL BONDS (Continued) | ||||||||
Georgia (Continued) | ||||||||
$500,000 | Etowah GA Wtr & Swr Auth Rev Ref, BAM | 4.00% | 03/01/34 | $518,951 | ||||
350,000 | Etowah GA Wtr & Swr Auth Rev Ref, BAM | 4.00% | 03/01/35 | 360,140 | ||||
400,000 | Etowah GA Wtr & Swr Auth Rev Ref, BAM | 4.00% | 03/01/36 | 409,565 | ||||
2,775,000 | Fulton Cnty GA Rsdl Care Facs Elderly Auth Retmnt Fac Rev Ref Lenbrook Sq Fdtn Inc | 5.00% | 07/01/31 | 2,794,979 | ||||
750,000 | GA St Hgr Edu Facs Auth Rev Ref USG Real Estate Fdtn II LLC Projs | 5.00% | 06/15/34 | 830,889 | ||||
890,000 | GA St Hgr Edu Facs Auth Rev Ref USG Real Estate Fdtn II LLC Projs | 5.00% | 06/15/35 | 979,656 | ||||
2,525,000 | GA St Hsg & Fin Auth Rev SF Mtge, Ser C | 3.25% | 12/01/33 | 2,498,922 | ||||
40,000 | Gainesville & Hall Cnty GA Hosp Auth Ref NE GA Hlth Sys Inc Proj, Ser A | 5.00% | 02/15/26 | 41,812 | ||||
250,000 | Geo L Smith II GA Congress Ctr Auth Convention Ctr Hotel First Tier, Ser A | 4.00% | 01/01/36 | 233,278 | ||||
1,000,000 | Geo L Smith II GA Congress Ctr Auth Convention Ctr Hotel First Tier, Ser A | 4.00% | 01/01/54 | 810,390 | ||||
175,000 | Main Street Nat Gas Inc GA Gas Rev, Ser A | 5.50% | 09/15/23 | 175,680 | ||||
1,000,000 | Main Street Nat Gas Inc GA Gas Sply Rev, Ser A | 5.00% | 05/15/27 | 1,027,442 | ||||
2,630,000 | Main Street Nat Gas Inc GA Gas Sply Rev, Ser A | 5.00% | 05/15/30 | 2,747,737 | ||||
2,500,000 | Main Street Nat Gas Inc GA Gas Sply Rev, Ser A (Mandatory put 06/01/30) | 5.00% | 06/01/53 | 2,637,918 | ||||
1,625,000 | Main Street Nat Gas Inc GA Gas Sply Rev, Ser A (Mandatory put 09/01/27) | 4.00% | 07/01/52 | 1,632,830 | ||||
14,500,000 | Main Street Nat Gas Inc GA Gas Sply Rev, Ser A (Mandatory put 12/01/29) | 4.00% | 09/01/52 | 14,444,032 | ||||
4,000,000 | Main Street Nat Gas Inc GA Gas Sply Rev, Ser B (Mandatory put 03/01/30) | 5.00% | 07/01/53 | 4,276,147 | ||||
2,500,000 | Monroe Cnty GA Dev Auth Poll Control Rev Var Ref GA Pwr Co Plant Scherer Proj Remk, Ser 2 (Mandatory put 03/06/26) | 3.88% | 12/01/41 | 2,513,252 | ||||
600,000 | Muni Elec Auth of GA Plant Vogtle Units 3 & 4 Proj J Bonds, Ser A, AGM | 5.00% | 07/01/38 | 660,129 | ||||
350,000 | Muni Elec Auth of GA Ref Plant Vogtle Units 3 & 4 Proj J, Ser A, AGM | 4.00% | 01/01/39 | 351,606 | ||||
320,000 | Muni Elec Auth of GA Ref Plant Vogtle Units 3 & 4 Proj J, Ser A, AGM | 4.00% | 01/01/40 | 320,917 | ||||
275,000 | Priv Clgs & Univs Auth GA Ref Mercer Univ Proj | 5.00% | 10/01/29 | 306,273 | ||||
1,175,000 | Priv Clgs & Univs Auth GA Savannah Clg of Art & Design Proj (Pre-refunded maturity 04/01/24) | 5.00% | 04/01/33 | 1,195,236 | ||||
500,000 | Priv Clgs & Univs Auth GA Savannah Clg of Art & Design Proj (Pre-refunded maturity 04/01/24) | 5.00% | 04/01/44 | 508,611 | ||||
79,004,578 | ||||||||
Guam – 0.4% | ||||||||
1,000,000 | Guam Govt Wtrwks Auth Wtr & Wstwtr Sys Rev, Ser A | 5.00% | 01/01/50 | 1,013,483 | ||||
5,000,000 | Guam Intl Arpt Auth Prerefunded Gen, Ser C, AMT, AGM (Pre-refunded maturity 10/01/23) | 6.13% | 10/01/43 | 5,050,627 | ||||
1,400,000 | Guam Intl Arpt Auth Ref Gen, Ser C, AMT (Forward refunding 10/01/23) | 6.38% | 10/01/43 | 1,415,598 | ||||
300,000 | Guam Port Auth Port Rev, Ser B, AMT | 5.00% | 07/01/32 | 321,802 | ||||
7,801,510 | ||||||||
Hawaii – 0.7% | ||||||||
3,460,000 | HI St Arpts Sys Rev, Ser A, AMT | 5.00% | 07/01/43 | 3,580,661 | ||||
1,750,000 | HI St Dept of Budget & Fin Spl Purp Rev Ref Hawaiian Elec Co Inc, Ser A, AMT | 3.10% | 05/01/26 | 1,700,463 |
Principal Value | Description | Stated Coupon | Stated Maturity | Value | ||||
MUNICIPAL BONDS (Continued) | ||||||||
Hawaii (Continued) | ||||||||
$4,980,000 | HI St, Ser FG | 4.00% | 10/01/33 | $5,116,699 | ||||
455,000 | Honolulu City & Cnty HI Wstwtr Sys Rev Ref First Bond Resolution, Ser B | 5.00% | 07/01/40 | 497,274 | ||||
2,450,000 | Honolulu City & Cnty HI Wstwtr Sys Rev Ref Sr First Bd Resolution, Ser B | 4.00% | 07/01/32 | 2,507,720 | ||||
13,402,817 | ||||||||
Idaho – 0.2% | ||||||||
1,265,000 | ID St Hlth Facs Auth Rev Ref Madison Memorial Hosp | 5.00% | 09/01/30 | 1,294,729 | ||||
1,000,000 | ID St Hlth Facs Auth Rev Ref Madison Memorial Hosp | 5.00% | 09/01/37 | 1,006,465 | ||||
2,000,000 | ID St Hlth Facs Auth Rev Ref St Lukes Hlth Sys Proj, Ser A | 5.00% | 03/01/34 | 2,141,643 | ||||
4,442,837 | ||||||||
Illinois – 4.2% | ||||||||
1,210,000 | Bolingbrook IL Ref, Ser A | 4.00% | 01/01/35 | 1,158,919 | ||||
1,000,000 | Bolingbrook IL Ref, Ser A, AGM | 5.00% | 01/01/30 | 1,099,923 | ||||
1,000,000 | Bolingbrook IL Ref, Ser A, AGM | 5.00% | 01/01/31 | 1,098,980 | ||||
1,000,000 | Chicago IL Brd Of Edu Dedicated Capital Impt Tax | 5.25% | 04/01/36 | 1,099,217 | ||||
1,250,000 | Chicago IL Brd Of Edu Dedicated Capital Impt Tax | 5.25% | 04/01/37 | 1,360,345 | ||||
500,000 | Chicago IL Brd of Edu Ref Dedicated, Ser C | 5.00% | 12/01/30 | 518,271 | ||||
3,435,000 | Chicago IL Brd of Edu Ref, Ser B | 5.00% | 12/01/30 | 3,627,698 | ||||
2,600,000 | Chicago IL Chicago Wks, Ser A | 5.00% | 01/01/35 | 2,802,476 | ||||
2,000,000 | Chicago IL Chicago Wks, Ser A | 5.50% | 01/01/41 | 2,126,973 | ||||
305,000 | Chicago IL O’Hare Intl Arpt Rev Ref Gen Sr Lien, Ser A, AMT | 5.00% | 01/01/30 | 315,706 | ||||
325,000 | Chicago IL O’Hare Intl Arpt Rev Ref Sr Lien O’hare Intl Arpt, Ser C, AMT | 5.00% | 01/01/34 | 362,923 | ||||
3,070,000 | Chicago IL O’Hare Intl Arpt Rev Ref Sr Lien, Ser A, AMT | 5.00% | 01/01/36 | 3,277,500 | ||||
600,000 | Chicago IL O’Hare Intl Arpt Rev Ref Sr Lien, Ser A, AMT | 5.00% | 01/01/37 | 636,349 | ||||
1,500,000 | Chicago IL O’Hare Intl Arpt Rev Ref, Ser A, AMT | 5.00% | 01/01/33 | 1,527,964 | ||||
2,675,000 | Chicago IL O’Hare Intl Arpt Rev, Ser C, AMT | 5.00% | 01/01/31 | 2,728,108 | ||||
610,000 | Chicago IL O’Hare Intl Arpt Rev, Ser C, AMT | 5.00% | 01/01/34 | 620,963 | ||||
2,155,000 | Chicago IL Park Dist Ref, Ser A | 4.00% | 01/01/37 | 2,162,416 | ||||
450,000 | Chicago IL Ref 2003B Remk | 5.25% | 01/01/29 | 459,883 | ||||
1,155,000 | Chicago IL Ref Proj, Ser A | 5.00% | 01/01/35 | 1,158,174 | ||||
185,000 | Chicago IL Ref Proj, Ser A (Forward refunding maturity 01/01/24) | 5.00% | 01/01/27 | 186,166 | ||||
500,000 | Chicago IL Ref, Ser A | 5.63% | 01/01/29 | 533,788 | ||||
500,000 | Chicago IL Ref, Ser C | 5.00% | 01/01/25 | 511,427 | ||||
645,000 | Chicago IL Ref, Ser C | 5.00% | 01/01/26 | 668,376 | ||||
270,000 | Chicago IL Ref, Ser C | 5.00% | 01/01/38 | 273,218 | ||||
145,000 | Chicago IL Ref, Ser C, CABS | (f) | 01/01/24 | 140,865 | ||||
125,000 | Chicago IL Ref, Ser C, CABS | (f) | 01/01/25 | 116,552 | ||||
2,060,000 | Chicago IL, Ser A | 5.00% | 01/01/27 | 2,159,512 | ||||
2,425,000 | DuPage & Cook Cntys IL Twp High Sch Dist #86 Hinsdale | 4.00% | 01/15/36 | 2,509,772 | ||||
505,000 | Hampshire IL Spl Svc Area #14 Spl Tax Ref Lakewood Crossing, BAM | 4.00% | 03/01/25 | 512,997 | ||||
170,000 | Hillside IL Tax Incr Rev Ref | 5.00% | 01/01/24 | 170,551 | ||||
305,000 | IL St | 5.00% | 05/01/23 | 305,000 | ||||
240,000 | IL St | 5.00% | 05/01/24 | 243,278 | ||||
125,000 | IL St | 5.00% | 06/01/27 | 131,105 | ||||
325,000 | IL St Fin Auth Acad Facs Lease Rev Univ of Illinois at Urbana-Champaign Proj, Ser A | 5.00% | 10/01/33 | 356,540 | ||||
850,000 | IL St Fin Auth Acad Facs Lease Rev Univ of Illinois at Urbana-Champaign Proj, Ser A | 5.00% | 10/01/34 | 928,381 | ||||
970,000 | IL St Fin Auth Acad Facs Lease Rev Univ of Illinois at Urbana-Champaign Proj, Ser A | 5.00% | 10/01/35 | 1,048,920 |
Principal Value | Description | Stated Coupon | Stated Maturity | Value | ||||
MUNICIPAL BONDS (Continued) | ||||||||
Illinois (Continued) | ||||||||
$300,000 | IL St Fin Auth Acad Facs Lease Rev Univ of Illinois at Urbana-Champaign Proj, Ser A | 5.00% | 10/01/36 | $321,039 | ||||
1,000,000 | IL St Fin Auth Rev Centegra Hlth Sys, Ser A (Pre-refunded maturity 09/01/24) | 5.00% | 09/01/39 | 1,025,057 | ||||
500,000 | IL St Fin Auth Rev Loc Govt Prog E Prairie Sch Dist #73 Proj, BAM | 5.00% | 12/01/30 | 557,797 | ||||
845,000 | IL St Fin Auth Rev Ref Mercy Hlth Sys Oblig Grp | 5.00% | 12/01/33 | 881,771 | ||||
35,000 | IL St Fin Auth Rev Ref Presbyterian Homes Oblig Grp, Ser A | 5.00% | 11/01/24 | 35,397 | ||||
1,010,000 | IL St Fin Auth Rev Sthrn IL Hlthcare, Ser A | 5.00% | 03/01/47 | 1,028,090 | ||||
500,000 | IL St Fin Auth Stdt Hsg & Acad Fac Rev Chf Chicago LLC Univ IL Chicago Proj, Ser A | 5.00% | 02/15/27 | 510,150 | ||||
95,000 | IL St Fin Auth Stdt Hsg & Acad Fac Rev Chf Chicago LLC Univ IL Chicago Proj, Ser A | 5.00% | 02/15/31 | 97,273 | ||||
465,000 | IL St Fin Auth Stdt Hsg & Acad Fac Rev Chf Chicago LLC Univ IL Chicago Proj, Ser A | 5.00% | 02/15/32 | 475,213 | ||||
320,000 | IL St Ref | 4.00% | 08/01/25 | 320,583 | ||||
115,000 | IL St Ref, Ser B | 5.00% | 10/01/24 | 117,266 | ||||
3,175,000 | IL St Sales Tax Rev Junior Oblig, Ser A, BAM | 3.00% | 06/15/34 | 2,983,023 | ||||
100,000 | IL St Sales Tax Rev Ref Junior Oblig Build IL Bonds, Ser C | 5.00% | 06/15/29 | 108,386 | ||||
1,500,000 | IL St, Ser A | 5.00% | 12/01/26 | 1,585,020 | ||||
2,500,000 | IL St, Ser A | 5.50% | 03/01/42 | 2,767,172 | ||||
2,000,000 | IL St, Ser B | 4.00% | 12/01/37 | 1,968,366 | ||||
750,000 | IL St, Ser B (g) | 5.25% | 05/01/38 | 823,851 | ||||
1,000,000 | IL St, Ser B (g) | 5.25% | 05/01/39 | 1,093,947 | ||||
6,200,000 | IL St, Ser C | 5.00% | 11/01/29 | 6,638,775 | ||||
1,250,000 | IL St, Ser D | 5.00% | 11/01/23 | 1,258,583 | ||||
1,005,000 | IL St, Ser D | 5.00% | 11/01/24 | 1,026,078 | ||||
325,000 | IL St, Ser D | 5.00% | 11/01/26 | 343,163 | ||||
1,500,000 | Lincolnwood IL Tax Incr Allocation Rev Nts Dist 1860 Dev Proj, Ser A, COPS (c) | 4.82% | 01/01/41 | 1,373,501 | ||||
500,000 | Macon Cnty IL Sch Dist #61 Ref, Ser C, AGM | 4.00% | 01/01/28 | 520,445 | ||||
1,175,000 | Madison Bond Etc Cntys IL Cmnty Unit Sch Dist #5, Ser B, AGM | 5.50% | 02/01/39 | 1,312,054 | ||||
700,000 | Madison Bond Etc Cntys IL Cmnty Unit Sch Dist #5, Ser B, AGM | 5.50% | 02/01/40 | 778,118 | ||||
3,635,000 | Morton Grove-Niles Wtr Commn IL Wtr, Ser A | 5.00% | 12/01/41 | 3,923,226 | ||||
405,000 | Peoria IL Ref, Ser C, AGM | 4.00% | 01/01/33 | 429,405 | ||||
1,000,000 | Piatt Champaign & De Witt Cntys IL Cmnty Unit Sch Dist #25 Ref, Ser B, BAM | 5.00% | 11/01/33 | 1,069,729 | ||||
145,000 | Railsplitter IL Tobacco Stlmt Auth | 5.00% | 06/01/26 | 153,632 | ||||
645,000 | Rockford IL Ref Wtrwks Sys, Ser B, BAM | 5.00% | 12/15/26 | 694,342 | ||||
110,000 | Romeoville IL Rev Ref Lewis Univ Proj | 5.00% | 10/01/24 | 110,973 | ||||
125,000 | Romeoville IL Rev Ref Lewis Univ Proj | 5.00% | 10/01/25 | 126,564 | ||||
2,740,000 | Schaumburg IL Ref | 4.00% | 12/01/23 | 2,749,803 | ||||
1,560,000 | Woodford McLean & Livingston Cntys IL Cmnty United Sch Dist, Ser B, BAM | 4.00% | 11/01/36 | 1,613,599 | ||||
79,760,627 | ||||||||
Indiana – 1.5% | ||||||||
2,270,000 | Avon IN Cmnty Sch Bldg Corp | 5.00% | 01/15/41 | 2,474,022 | ||||
3,080,000 | Borden Henryville Multi Sch Bldg Corp IN | 5.00% | 07/15/39 | 3,404,399 | ||||
1,920,000 | Carmel IN Loc Pub Impt Bond Bank Multipurpose, Ser 2016 | 5.00% | 07/15/34 | 2,030,508 | ||||
250,000 | Fort Wayne IN Mf Hsg Rev Silver Birch at Cook Road (c) | 5.30% | 01/01/32 | 219,600 | ||||
3,000,000 | IN Fin Auth Midwestern Disaster Relief Rev OH Vly Elec Corp Proj Remk, Ser A | 4.25% | 11/01/30 | 3,004,879 |
Principal Value | Description | Stated Coupon | Stated Maturity | Value | ||||
MUNICIPAL BONDS (Continued) | ||||||||
Indiana (Continued) | ||||||||
$1,500,000 | IN St Fin Auth Envrnmntl Rev Ref Var Duke Energy IN Inc Proj Remk, Ser A-1, AMT (Mandatory put 06/01/32) | 4.50% | 05/01/35 | $1,521,879 | ||||
4,000,000 | IN St Fin Auth Envrnmntl Rev Var Ref Fulcrum Centerpoint LLC Proj, AMT (Mandatory put 11/15/23) | 4.50% | 12/15/46 | 3,989,747 | ||||
930,000 | IN St Fin Auth Hosp Rev Goshen Hlth, Ser A | 4.00% | 11/01/36 | 936,456 | ||||
1,330,000 | IN St Fin Auth Hosp Rev Goshen Hlth, Ser A | 4.00% | 11/01/37 | 1,325,991 | ||||
1,000,000 | IN St Fin Auth Hosp Rev Reid Hlth, AGM | 5.00% | 01/01/40 | 1,083,993 | ||||
700,000 | IN St Fin Auth Rev Eductnl Facs Rock Creek Cmnty Acdmy Proj, Ser A (e) | 5.25% | 07/01/28 | 698,696 | ||||
1,000,000 | IN St Fin Auth Rev Eductnl Facs Rock Creek Cmnty Acdmy Proj, Ser A (e) | 5.88% | 07/01/38 | 1,003,213 | ||||
460,000 | IN St Fin Auth Rev Greencroft Oblig Grp, Ser A (Forward refunding maturity 11/15/23) | 5.75% | 11/15/28 | 464,158 | ||||
55,000 | IN St Fin Auth Rev Greencroft Oblig Grp, Ser A (Forward refunding maturity 11/15/23) | 6.00% | 11/15/28 | 55,563 | ||||
500,000 | IN St Fin Auth Rev Marian Univ Proj, Ser A | 5.00% | 09/15/34 | 531,807 | ||||
1,500,000 | IN St Fin Auth Rev Priv Activity OH River Bridges E End Xing P3 Proj, Ser A (Pre-refunded maturity 07/01/23) | 5.00% | 07/01/40 | 1,503,786 | ||||
275,000 | IN St Fin Auth Rev Ref Rev Cmnty Fdtn of NW IN | 5.00% | 09/01/31 | 291,944 | ||||
550,000 | NW Hendricks IN Multi-Bldg Corp | 4.00% | 07/15/30 | 582,171 | ||||
400,000 | NW Hendricks IN Multi-Bldg Corp | 4.00% | 07/15/32 | 422,655 | ||||
500,000 | NW Hendricks IN Multi-Bldg Corp | 4.00% | 07/15/33 | 527,685 | ||||
1,690,000 | Plainfield IN Mf Hsg Rev Glasswater Creek Proj | 5.38% | 09/01/38 | 1,365,851 | ||||
1,500,000 | Whiting IN Envrnmntl Facs Rev Ref BP Products N America Inc Proj, Ser A, AMT (Mandatory put 06/05/26) | 5.00% | 12/01/44 | 1,544,042 | ||||
330,000 | Zionsville IN Cmnty Schs Bldgcorp | 4.00% | 07/15/33 | 346,629 | ||||
29,329,674 | ||||||||
Iowa – 0.8% | ||||||||
1,000,000 | Altoona IA, Ser A, COPS, BAM | 5.00% | 06/01/33 | 1,116,528 | ||||
720,000 | Altoona IA, Ser A, COPS, BAM | 5.00% | 06/01/34 | 803,586 | ||||
2,385,000 | Coralville IA Ref, Ser A | 5.00% | 05/01/38 | 2,437,983 | ||||
2,000,000 | IA St Fin Auth Midwstrn Disaster Area Rev Ref IA Fertilizer Company Proj (Mandatory put 12/01/42) | 5.00% | 12/01/50 | 2,008,989 | ||||
8,190,000 | Pefa Inc IA Gas Proj Rev (Mandatory put 09/01/26) | 5.00% | 09/01/49 | 8,436,212 | ||||
200,000 | Tobacco Stlmt Auth IA Tobacco Stlmt Rev Ref Sr, Ser A-2, Class 1 | 5.00% | 06/01/32 | 221,842 | ||||
300,000 | Tobacco Stlmt Auth IA Tobacco Stlmt Rev Ref Sr, Ser A-2, Class 1 | 4.00% | 06/01/35 | 304,418 | ||||
200,000 | Tobacco Stlmt Auth IA Tobacco Stlmt Rev Ref Sr, Ser A-2, Class 1 | 4.00% | 06/01/38 | 196,928 | ||||
300,000 | Tobacco Stlmt Auth IA Tobacco Stlmt Rev Ref Sr, Ser A-2, Class 1 | 4.00% | 06/01/39 | 292,697 | ||||
15,819,183 | ||||||||
Kansas – 0.9% | ||||||||
875,000 | Goddard KS Sales Tax Spl Oblg Rev Ref Olympic Park Star Bond Proj | 3.60% | 06/01/30 | 827,678 | ||||
4,210,000 | Johnson & Miami Cntys KS Unif Sch Dist #230 Spring Hill, Ser A | 5.00% | 09/01/35 | 4,601,442 | ||||
1,240,000 | KS Muni Energy Agy Pwr Proj Rev Dogwood Proj, Ser A, BAM | 5.00% | 04/01/29 | 1,314,165 | ||||
1,470,000 | KS Muni Energy Agy Pwr Proj Rev Dogwood Proj, Ser A, BAM | 5.00% | 04/01/30 | 1,557,498 | ||||
500,000 | Leavenworth Cnty KS Unif Sch Dist #464 Ref, Ser A | 4.00% | 09/01/31 | 522,395 | ||||
625,000 | Leavenworth Cnty KS Unif Sch Dist #464 Ref, Ser A | 4.00% | 09/01/32 | 652,322 | ||||
575,000 | Leavenworth Cnty KS Unif Sch Dist #464 Ref, Ser A | 4.00% | 09/01/33 | 599,636 |
Principal Value | Description | Stated Coupon | Stated Maturity | Value | ||||
MUNICIPAL BONDS (Continued) | ||||||||
Kansas (Continued) | ||||||||
$500,000 | Leavenworth Cnty KS Unif Sch Dist #464 Ref, Ser A | 4.00% | 09/01/34 | $518,690 | ||||
525,000 | Leavenworth Cnty KS Unif Sch Dist #464 Ref, Ser A | 4.00% | 09/01/35 | 540,326 | ||||
600,000 | Leavenworth Cnty KS Unif Sch Dist #464 Ref, Ser A | 4.00% | 09/01/36 | 613,811 | ||||
1,045,000 | Lenexa KS Hlthcare Fac Rev Ref Lakeview Vlg Inc, Ser A | 5.00% | 05/15/26 | 1,052,579 | ||||
2,000,000 | Wyandotte Cnty Kansas City KS Unif Govt Util Sys Rev Impt, Ser A | 5.00% | 09/01/40 | 2,045,671 | ||||
475,000 | Wyandotte Cnty Kansas City KS Unif Govt Util Sys Rev Ref & Impt, Ser A | 5.00% | 09/01/29 | 484,780 | ||||
2,000,000 | Wyandotte Cnty KS Kansas City Unif Govt Spl Oblg Rev Ref Vlg E Proj Areas 2B 3 5 (c) | 5.75% | 09/01/39 | 1,938,124 | ||||
150,000 | Wyandotte Cnty KS Unif Sch Dist #202, Ser A, AGM (Pre-refunded maturity 09/01/27) | 5.00% | 09/01/32 | 164,655 | ||||
17,433,772 | ||||||||
Kentucky – 2.8% | ||||||||
2,350,000 | Bowling Green KY Wtr & Swr Rev, AGM | 4.00% | 06/01/32 | 2,415,567 | ||||
500,000 | Hazard KY Hlthcare Rev Ref Appalachian Regl Hlthcare Proj | 4.00% | 07/01/39 | 483,176 | ||||
3,500,000 | KY Bond Dev Corp Indl Bldg Rev KY Communications Network Auth Proj, BAM | 5.00% | 09/01/49 | 3,764,652 | ||||
145,000 | KY St Econ Dev Fin Auth Baptist Hlthcare Sys, Ser B | 5.00% | 08/15/28 | 155,979 | ||||
275,000 | KY St Econ Dev Fin Auth Baptist Hlthcare Sys, Ser B | 5.00% | 08/15/36 | 289,114 | ||||
3,000,000 | KY St Econ Dev Fin Auth Baptist Hlthcare Sys, Ser B | 5.00% | 08/15/41 | 3,107,598 | ||||
160,000 | KY St Econ Dev Fin Auth Hlth Sys Rev Norton Hlthcare Inc, Ser B, CABS, NATL-RE | (f) | 10/01/25 | 146,450 | ||||
625,000 | KY St Econ Dev Fin Auth Ref Commonspirit Hlth, Ser A-1 | 4.00% | 08/01/38 | 612,146 | ||||
3,795,000 | KY St Econ Dev Fin Auth Ref Commonspirit Hlth, Ser A-1 | 5.00% | 08/01/44 | 3,920,251 | ||||
730,000 | KY St Econ Dev Fin Auth Ref Commonspirit Hlth, Ser A-2 | 5.00% | 08/01/35 | 778,522 | ||||
895,000 | KY St Econ Dev Fin Auth Ref Commonspirit Hlth, Ser A-2 | 5.00% | 08/01/36 | 947,139 | ||||
5,620,000 | KY St Office Building Proj, Ser A, COPS | 5.00% | 04/15/38 | 6,057,600 | ||||
5,000,000 | KY St Property & Bldgs Commn Revs Proj #124, Ser A, AGM | 5.00% | 11/01/37 | 5,533,314 | ||||
6,300,000 | KY St Pub Energy Auth Gas Sply Rev Var, Ser C (Mandatory put 02/01/28) | 4.00% | 02/01/50 | 6,309,288 | ||||
440,000 | KY St Univ Proj, COPS, BAM | 4.00% | 11/01/46 | 425,309 | ||||
1,500,000 | Louisville & Jefferson Cnty KY Met Govt Hlth Sys Rev Norton Hlthcare Inc, Ser A | 4.00% | 10/01/39 | 1,452,451 | ||||
500,000 | Louisville & Jefferson Cnty KY Met Govt Hlth Sys Rev Norton Hlthcare Inc, Ser A | 4.00% | 10/01/40 | 471,090 | ||||
3,315,000 | Louisville & Jefferson Cnty KY Met Govt Hlth Sys Rev Ref Norton Hlthcare Inc, Ser A | 5.00% | 10/01/30 | 3,494,979 | ||||
1,120,000 | Louisville & Jefferson Cnty KY Met Govt Hlth Sys Rev Ref Norton Hlthcare Inc, Ser A | 5.00% | 10/01/31 | 1,178,728 | ||||
290,000 | Louisville & Jefferson Cnty KY Met Swr Dist Swr & Drain Sys Green Bond, Ser A | 5.00% | 05/15/29 | 333,082 | ||||
12,000,000 | Meade Cnty KY Indl Bldg Rev Var Nucor Steel Brandenburg Proj Green Bond, Ser B-1 (a) | 4.85% | 08/01/61 | 12,000,000 | ||||
53,876,435 | ||||||||
Louisiana – 1.3% | ||||||||
1,260,000 | E Baton Rouge Parish LA Capital Impts Dist MOVEBR Sales, Ser T | 4.00% | 08/01/35 | 1,325,088 | ||||
1,520,000 | E Baton Rouge Parish LA Capital Impts Dist MOVEBR Sales, Ser T | 4.00% | 08/01/36 | 1,584,985 | ||||
2,530,000 | E Baton Rouge Parish LA Capital Impts Dist MOVEBR Sales, Ser T | 4.00% | 08/01/38 | 2,547,509 | ||||
6,500,000 | E Baton Rouge Parish LA Swr Commn Rev Ref, Ser A | 4.00% | 02/01/45 | 6,327,302 |
Principal Value | Description | Stated Coupon | Stated Maturity | Value | ||||
MUNICIPAL BONDS (Continued) | ||||||||
Louisiana (Continued) | ||||||||
$1,000,000 | LA Pub Facs Auth Rev Ref Ochsner Clinic Fdtn Proj | 5.00% | 05/15/36 | $1,052,080 | ||||
250,000 | LA St Loc Govt Envrnmntl Facs & Cmnty Dev Auth Rev Ascension Psh Courthouse Proj | 5.00% | 11/01/31 | 267,776 | ||||
1,700,000 | LA St Loc Govt Envrnmntl Facs & Cmnty Dev Auth Rev Ref Hosp Womans Fdtn Proj, Ser A | 5.00% | 10/01/37 | 1,777,794 | ||||
1,500,000 | LA St Loc Govt Envrnmntl Facs & Cmnty Dev Auth Rev Ref Westlake Chemical Corp Proj Remk | 3.50% | 11/01/32 | 1,387,299 | ||||
380,000 | LA Stadium & Exposition Dist LA Ref Sr, Ser A | 5.00% | 07/01/31 | 380,222 | ||||
750,000 | New Orleans LA Aviation Brd Gen Arpt N Term, Ser B, AMT | 5.00% | 01/01/28 | 787,476 | ||||
750,000 | New Orleans LA Aviation Brd Gen Arpt N Term, Ser B, AMT | 5.00% | 01/01/29 | 789,238 | ||||
200,000 | New Orleans LA Aviation Brd Gen Arpt N Term, Ser B, AMT | 5.00% | 01/01/31 | 210,189 | ||||
1,305,000 | New Orleans LA Wtr Rev (Pre-refunded maturity 12/01/25) | 5.00% | 12/01/34 | 1,375,464 | ||||
1,050,000 | New Orleans LA Wtr Rev Ref (Pre-refunded maturity 12/01/24) | 5.00% | 12/01/28 | 1,082,395 | ||||
1,000,000 | Saint John the Baptist Parish LA Rev Var Ref Marathon Oil Corp Proj Remk, Subser 2017B-1 (Mandatory put 07/01/24) | 2.13% | 06/01/37 | 977,751 | ||||
625,000 | Shreveport LA Wtr & Swr Rev Junior Lien, Ser A, AGM | 5.00% | 12/01/32 | 696,661 | ||||
1,650,000 | Shreveport LA Wtr & Swr Rev, Ser B, BAM | 5.00% | 12/01/30 | 1,679,146 | ||||
24,248,375 | ||||||||
Maryland – 1.2% | ||||||||
2,000,000 | Baltimore Cnty MD | 5.00% | 03/01/29 | 2,285,310 | ||||
565,000 | Baltimore Cnty MD Rev Ref Oak Crest Vlg Inc Fac | 4.00% | 01/01/39 | 531,618 | ||||
650,000 | Baltimore Cnty MD Rev Ref Oak Crest Vlg Inc Fac | 4.00% | 01/01/40 | 604,207 | ||||
600,000 | Baltimore Cnty MD Rev Ref Riderwood Vlg Inc Proj | 4.00% | 01/01/33 | 601,384 | ||||
685,000 | Baltimore Cnty MD Rev Ref Riderwood Vlg Inc Proj | 4.00% | 01/01/34 | 684,909 | ||||
650,000 | Baltimore Cnty MD Rev Ref Riderwood Vlg Inc Proj | 4.00% | 01/01/36 | 633,771 | ||||
700,000 | Baltimore Cnty MD Rev Ref Riderwood Vlg Inc Proj | 4.00% | 01/01/38 | 665,337 | ||||
2,020,000 | Baltimore MD Spl Oblig Ref E Baltimore Rsrch Park Proj, Ser A | 5.00% | 09/01/38 | 2,035,404 | ||||
100,000 | Baltimore MD Spl Oblig Ref Sr Lien Harbor Point Proj, Ser A (c) | 2.75% | 06/01/24 | 97,891 | ||||
125,000 | Baltimore MD Spl Oblig Ref Sr Lien Harbor Point Proj, Ser A (c) | 2.80% | 06/01/25 | 120,165 | ||||
135,000 | Baltimore MD Spl Oblig Ref Sr Lien Harbor Point Proj, Ser A (c) | 2.85% | 06/01/26 | 127,681 | ||||
1,000,000 | Gaithersburg MD Econ Dev Rev Ref Proj Asbury MD Oblig Grp, Ser A | 4.50% | 01/01/25 | 995,987 | ||||
550,000 | Harford Cnty MD Spl Oblg Ref Beechtree Estates Proj | 4.00% | 07/01/36 | 563,153 | ||||
500,000 | MD St Econ Dev Corp Stdt Hsg Rev Bowie St Univ Proj | 4.00% | 07/01/40 | 466,327 | ||||
600,000 | MD St Econ Dev Corp Stdt Hsg Rev Ref Sr Univ MD Proj | 4.00% | 07/01/24 | 598,152 | ||||
2,490,000 | MD St Econ Dev Corp Stdt Hsg Rev Ref Univ MD Clg Park Projs, AGM | 5.00% | 06/01/35 | 2,611,559 | ||||
5,000,000 | MD St First Ser | 4.00% | 06/01/29 | 5,055,024 | ||||
500,000 | MD St Hlth & Hgr Eductnl Facs Auth Rev Adventist Hlthcare Oblig Grp, Ser A | 5.50% | 01/01/26 | 520,635 | ||||
800,000 | MD St Hlth & Hgr Eductnl Facs Auth Rev Ref Anne Arundel Hlth Sys, Ser A | 5.00% | 07/01/30 | 851,388 | ||||
1,000,000 | MD St Hlth & Hgr Eductnl Facs Auth Rev Ref Anne Arundel Hlth Sys, Ser A | 5.00% | 07/01/32 | 1,063,567 | ||||
250,000 | MD St Hlth & Hgr Eductnl Facs Auth Rev Ref Stevenson Univ Proj, Ser A | 4.00% | 06/01/35 | 250,700 | ||||
225,000 | MD St Hlth & Hgr Eductnl Facs Auth Rev Ref Stevenson Univ Proj, Ser A | 4.00% | 06/01/36 | 222,576 | ||||
750,000 | MD St Hlth & Hgr Eductnl Facs Auth Rev Ref Stevenson Univ Proj, Ser A | 4.00% | 06/01/46 | 676,802 | ||||
1,000,000 | MD St Ref, Ser 2-C | 5.00% | 08/01/24 | 1,024,932 | ||||
23,288,479 |
Principal Value | Description | Stated Coupon | Stated Maturity | Value | ||||
MUNICIPAL BONDS (Continued) | ||||||||
Massachusetts – 0.7% | ||||||||
$2,000,000 | MA St Bay Transprtn Auth Sales Tax Rev Ref Sr, Ser B | 5.25% | 07/01/30 | $2,298,344 | ||||
2,155,000 | MA St Bay Transprtn Auth Sales Tax Rev Sr, Ser A | 5.00% | 07/01/45 | 2,218,162 | ||||
250,000 | MA St Dev Fin Agy Rev Linden Ponds Inc Fac (c) | 5.00% | 11/15/28 | 262,005 | ||||
3,920,000 | MA St Port Auth Ref, Ser A, AMT | 5.00% | 07/01/32 | 4,309,301 | ||||
1,555,000 | MA St Port Auth, Ser C, AMT | 5.00% | 07/01/31 | 1,710,616 | ||||
2,000,000 | MA St Transprtn Fund Rev Rail Enhancement Prog, Ser A | 5.00% | 06/01/45 | 2,058,504 | ||||
12,856,932 | ||||||||
Michigan – 3.3% | ||||||||
240,000 | Detroit MI Downtown Dev Auth Tax Incr Rev Ref Catalyst Dev Proj, Ser A, AGM | 5.00% | 07/01/32 | 243,536 | ||||
500,000 | Detroit MI Downtown Dev Auth Tax Incr Rev Ref Catalyst Dev Proj, Ser A, AGM | 5.00% | 07/01/33 | 506,739 | ||||
250,000 | Genesee Cnty MI Swr Disp Sys Rev, Ser A, BAM | 4.00% | 06/01/30 | 267,687 | ||||
150,000 | Genesee Cnty MI Swr Disp Sys Rev, Ser A, BAM | 4.00% | 06/01/32 | 159,448 | ||||
155,000 | Genesee Cnty MI Swr Disp Sys Rev, Ser A, BAM | 4.00% | 06/01/36 | 161,746 | ||||
100,000 | Genesee Cnty MI Swr Disp Sys Rev, Ser A, BAM | 4.00% | 06/01/37 | 103,407 | ||||
150,000 | Genesee Cnty MI Swr Disp Sys Rev, Ser A, BAM | 4.00% | 06/01/38 | 153,749 | ||||
735,000 | Grand Traverse Cnty MI Hosp Fin Auth Munson Hlthcare Oblig Grp, Ser A | 5.00% | 07/01/44 | 759,968 | ||||
1,000,000 | Great Lakes MI Wtr Auth Wtr Sply Sys Rev Ref Sr Lien, Ser C | 5.00% | 07/01/31 | 1,069,028 | ||||
55,000 | Kalamazoo MI Econ Dev Corp Heritage Cmnty of Kalamazoo Revel Creek Proj Temps 60, Ser B2 | 2.63% | 05/15/25 | 52,613 | ||||
4,965,000 | Kalamazoo MI Hosp Fin Auth Unrefunded Ref Bronson Hlthcare Grp | 4.00% | 05/15/36 | 4,966,113 | ||||
1,195,000 | Lake Shore MI Pub Schs, Ser I | 5.00% | 11/01/37 | 1,353,259 | ||||
1,000,000 | Marquette MI Brd of Light & Pwr Elec Util Sys Rev Ref, Ser A | 5.00% | 07/01/29 | 1,059,523 | ||||
890,000 | MI St Fin Auth Ltd Oblig Rev Ref Clg for Creative Studies Proj | 5.00% | 12/01/25 | 893,528 | ||||
325,000 | MI St Fin Auth Rev Loc Govt Loan Prog Great Lakes Wtr Auth Ref, Ser C | 5.00% | 07/01/27 | 336,042 | ||||
2,000,000 | MI St Fin Auth Rev Multi Modal Mclaren Hlth Care, Ser A | 4.00% | 02/15/47 | 1,892,782 | ||||
375,000 | MI St Fin Auth Rev Prerefunded CHE Trinity Hlth Credit Grp Ref, Ser 2013-5 (Pre-refunded maturity 12/01/29) | 4.00% | 12/01/40 | 410,014 | ||||
2,460,000 | MI St Fin Auth Rev Ref 2nd Lien Great Lakes Wtr Auth, Ser C-7, NATL-RE | 5.00% | 07/01/29 | 2,505,261 | ||||
1,070,000 | MI St Fin Auth Rev Ref Beaumont Spectrum Consolidation, Ser A | 5.00% | 04/15/33 | 1,242,842 | ||||
2,155,000 | MI St Fin Auth Rev Ref CHE Trinity Hlth Credit Grp Remk, Ser 2013-4 | 5.00% | 12/01/39 | 2,297,742 | ||||
4,050,000 | MI St Fin Auth Rev Ref Henry Ford Hlth Sys | 4.00% | 11/15/35 | 4,035,004 | ||||
2,565,000 | MI St Fin Auth Rev Ref Henry Ford Hlth Sys | 4.00% | 11/15/36 | 2,529,504 | ||||
4,000,000 | MI St Fin Auth Rev Ref Henry Ford Hlth Sys | 5.00% | 11/15/41 | 4,096,430 | ||||
2,000,000 | MI St Fin Auth Rev Ref Hosp McLaren Hlth Care, Ser B | 5.00% | 05/15/33 | 2,063,687 | ||||
1,000,000 | MI St Fin Auth Rev Ref Loc Govt Loan Prog Great Lakes Wtr Auth, Ser D-1 | 5.00% | 07/01/34 | 1,039,710 | ||||
7,000,000 | MI St Fin Auth Rev Ref Loc Govt Loan Prog Great Lakes Wtr Auth, Ser D4 | 5.00% | 07/01/30 | 7,108,736 | ||||
2,405,000 | MI St Fin Auth Rev Ref Loc Govt Loan Prog Great Lakes Wtr Auth, Ser D4 | 5.00% | 07/01/34 | 2,439,335 | ||||
125,000 | MI St Fin Auth Rev Ref Loc Govt Loan Prog, Ser F1 | 3.88% | 10/01/23 | 124,674 | ||||
4,000,000 | MI St Fin Auth Rev Ref Sr Lien Great Lakes Wtr Auth, Ser C-6 | 5.00% | 07/01/33 | 4,060,305 | ||||
2,500,000 | MI St Fin Auth Rev Ref Sr Turbo, Ser A-2 | 5.00% | 06/01/40 | 2,609,069 | ||||
565,000 | MI St Hosp Fin Auth Ref Ascension Sr Credit Remk, Ser F7 | 5.00% | 11/15/47 | 578,691 | ||||
1,000,000 | MI St Univ Revs Brd of Trustees, Ser B | 5.00% | 02/15/34 | 1,116,284 | ||||
650,000 | Midland MI Pub Schs Sch Bldg & Site, Ser II | 5.00% | 05/01/35 | 731,642 | ||||
4,500,000 | Univ of Michigan MI, Ser A | 3.00% | 04/01/28 | 4,500,646 |
Principal Value | Description | Stated Coupon | Stated Maturity | Value | ||||
MUNICIPAL BONDS (Continued) | ||||||||
Michigan (Continued) | ||||||||
$1,990,000 | Utica MI Cmnty Schs Ref Sch Bldg & Site | 5.00% | 05/01/31 | $2,114,229 | ||||
2,800,000 | Wayne Cnty MI Arpt Auth Rev Ref, Ser F, AMT | 5.00% | 12/01/25 | 2,907,250 | ||||
62,490,223 | ||||||||
Minnesota – 0.4% | ||||||||
370,000 | Duluth MN Indep Sch Dist #709 Ref, Ser B, COPS | 5.00% | 02/01/27 | 396,335 | ||||
2,500,000 | MN Muni Gas Agy Cmdy Sply Rev, Ser A | 4.00% | 12/01/25 | 2,526,523 | ||||
580,000 | Saint Paul MN Hsg & Redev Auth Hlthcare Fac Rev Ref HealthPartners Oblig Grp, Ser A | 5.00% | 07/01/30 | 602,204 | ||||
4,000,000 | Saint Paul MN Hsg & Redev Auth Hlthcare Fac Rev Ref HealthPartners Oblig Grp, Ser A | 5.00% | 07/01/32 | 4,144,914 | ||||
7,669,976 | ||||||||
Mississippi – 0.6% | ||||||||
2,700,000 | MS St Busn Fin Corp Sol Wst Disp Rev Adj MS Pwr Co Proj Remk, AMT (a) | 4.10% | 07/01/25 | 2,700,000 | ||||
5,000,000 | MS St Hosp Equipment & Facs Auth Baptist Memorial Hlth Care, Ser A | 5.00% | 09/01/41 | 5,075,001 | ||||
2,000,000 | MS St, Ser A (Pre-refunded maturity 11/01/26) | 5.00% | 11/01/33 | 2,160,213 | ||||
500,000 | W Rankin MS Util Auth Rev, AGM (Pre-refunded maturity 01/01/25) | 5.00% | 01/01/32 | 516,501 | ||||
1,215,000 | W Rankin MS Util Auth Rev, AGM (Pre-refunded maturity 01/01/25) | 5.00% | 01/01/33 | 1,255,098 | ||||
11,706,813 | ||||||||
Missouri – 1.1% | ||||||||
285,000 | Bridgeton MO Spl Oblig Rev Ref, Ser A | 4.00% | 12/01/30 | 301,589 | ||||
300,000 | Bridgeton MO Spl Oblig Rev Ref, Ser A | 4.00% | 12/01/31 | 317,110 | ||||
2,150,000 | Jackson Cnty MO Consol Sch Dist #4 | 4.00% | 03/01/31 | 2,236,306 | ||||
2,000,000 | Jackson Cnty MO Consol Sch Dist #4 | 5.00% | 03/01/35 | 2,130,474 | ||||
700,000 | Jackson Cnty MO Spl Oblig Ref Truman Sports Complex Proj | 5.00% | 12/01/31 | 717,233 | ||||
1,670,000 | Joplin MO Indl Dev Auth Hlth Facs Rev Ref Freeman Hlth Sys | 5.00% | 02/15/26 | 1,692,893 | ||||
220,000 | Lincoln Cnty MO Pub Wtr Sply Dist #1 Ref, COPS | 4.00% | 07/01/30 | 227,561 | ||||
415,000 | Lincoln Cnty MO Pub Wtr Sply Dist #1 Ref, COPS | 4.00% | 07/01/31 | 429,179 | ||||
1,000,000 | Lincoln Cnty MO Pub Wtr Sply Dist #1 Ref, COPS | 4.00% | 07/01/38 | 1,001,095 | ||||
340,000 | MO St Hlth & Eductnl Facs Auth Hlth Facs Rev Bethesda Hlth Grp Inc Ref | 4.00% | 08/01/36 | 296,812 | ||||
410,000 | MO St Hlth & Eductnl Facs Auth Hlth Facs Rev Bethesda Hlth Grp Inc Ref | 4.00% | 08/01/41 | 329,939 | ||||
750,000 | MO St Hlth & Eductnl Facs Auth Hlth Facs Rev Ref Mosaic Hlth Sys, Ser A | 5.00% | 02/15/32 | 818,895 | ||||
710,000 | MO St Hlth & Eductnl Facs Auth Hlth Facs Rev Ref Mosaic Hlth Sys, Ser A | 4.00% | 02/15/39 | 711,044 | ||||
245,000 | MO St Hlth & Eductnl Facs Auth Lutheran Sr Svcs | 5.00% | 02/01/25 | 245,444 | ||||
1,000,000 | MO St Hlth & Eductnl Facs Auth Lutheran Sr Svcs Projs | 4.00% | 02/01/27 | 966,481 | ||||
650,000 | MO St Hlth & Eductnl Facs Auth Lutheran Sr Svcs Projs | 4.00% | 02/01/28 | 621,732 | ||||
1,960,000 | MO St Hlth & Eductnl Facs Auth Lutheran Sr Svcs Projs | 4.00% | 02/01/29 | 1,854,571 | ||||
2,120,000 | MO St Hlth & Eductnl Facs Auth Lutheran Sr Svcs Projs | 4.00% | 02/01/31 | 1,954,225 | ||||
555,000 | MO St Hlth & Eductnl Facs Auth Lutheran Sr Svcs Projs | 4.00% | 02/01/32 | 505,343 | ||||
160,000 | MO St Hlth & Eductnl Facs Auth Med Rsrch Lutheran Svcs, Ser A | 5.00% | 02/01/28 | 160,639 | ||||
1,295,000 | Saint Louis Cnty MO Spl Oblg Convention Ctr, Ser A | 5.25% | 12/01/38 | 1,431,697 | ||||
1,040,000 | Saint Louis MO Muni Fin Corp Sales Tax Leasehold Rev Ref | 5.00% | 02/15/28 | 1,088,233 | ||||
20,038,495 |
Principal Value | Description | Stated Coupon | Stated Maturity | Value | ||||
MUNICIPAL BONDS (Continued) | ||||||||
Montana – 0.0% | ||||||||
$740,000 | MT St Fac Fin Auth Rev Ref | 5.00% | 02/15/25 | $757,445 | ||||
130,000 | MT St Fac Fin Auth Rev Ref | 5.00% | 02/15/29 | 137,428 | ||||
894,873 | ||||||||
Nebraska – 0.4% | ||||||||
5,870,000 | Centrl Plains Energy Proj NE Gas Proj Rev Ref Proj #3, Ser A | 5.00% | 09/01/29 | 6,227,072 | ||||
500,000 | NE St Pub Pwr Dist Rev Gen, Ser C | 5.00% | 01/01/35 | 518,731 | ||||
6,745,803 | ||||||||
Nevada – 0.8% | ||||||||
750,000 | Carson City NV Hosp Rev Ref Carson Tahoe Regl Med Ctr, Ser A | 5.00% | 09/01/30 | 796,850 | ||||
715,000 | Clark Cnty NV Impt Dist Ref Spl Loc Impt #151 | 4.50% | 08/01/23 | 715,707 | ||||
1,750,000 | Clark Cnty NV Poll Control Rev Var Ref NV Pwr Co Proj Remk (Mandatory put 03/31/26) | 3.75% | 01/01/36 | 1,764,077 | ||||
4,000,000 | Clark Cnty NV Sch Dist, Ser A | 5.00% | 06/15/37 | 4,501,278 | ||||
250,000 | Las Vegas NV Spl Impt Dist #616 Spl Impt Dist No 816 Summerlin Vlg 22 | 2.25% | 06/01/27 | 225,588 | ||||
250,000 | Las Vegas NV Spl Impt Dist #616 Spl Impt Dist No 816 Summerlin Vlg 22 | 2.50% | 06/01/28 | 222,133 | ||||
1,230,000 | Las Vegas Vly NV Wtr Dist Ref Wtr Impt, Ser A | 5.00% | 06/01/46 | 1,273,475 | ||||
115,000 | N Las Vegas NV Loc Impt Vly Vista Spl Impt Dist #64 | 3.50% | 06/01/24 | 114,065 | ||||
135,000 | N Las Vegas NV Loc Impt Vly Vista Spl Impt Dist #64 | 3.75% | 06/01/25 | 133,430 | ||||
170,000 | N Las Vegas NV Loc Impt Vly Vista Spl Impt Dist #64 | 3.75% | 06/01/26 | 166,504 | ||||
240,000 | N Las Vegas NV Loc Impt Vly Vista Spl Impt Dist #64 | 3.75% | 06/01/27 | 232,777 | ||||
335,000 | NV Dept of Busn & Ind NV Doral Acdmy, Ser A (c) | 5.00% | 07/15/27 | 336,848 | ||||
300,000 | Reno NV Capital Impt Rev Ref, Ser A-1, AGM | 5.00% | 06/01/29 | 322,171 | ||||
950,000 | Reno NV Capital Impt Rev Ref, Ser A-1, AGM | 5.00% | 06/01/30 | 1,020,965 | ||||
275,000 | Reno NV Capital Impt Rev Ref, Ser A-1, AGM | 5.00% | 06/01/31 | 294,996 | ||||
375,000 | Sparks NV Tourism Impt Dist #1 Rev Ref Sales Tax Sr, Ser A (c) | 2.50% | 06/15/24 | 366,851 | ||||
1,770,000 | Washoe Cnty NV Hwy Rev Ref Fuel Tax | 5.00% | 02/01/42 | 1,892,617 | ||||
14,380,332 | ||||||||
New Jersey – 2.3% | ||||||||
1,600,000 | Newark NJ, Ser D, BANS | 4.00% | 09/29/23 | 1,600,257 | ||||
150,000 | NJ St Econ Dev Auth Motor Vehcl Sur Rev, Ser A, NATL-RE | 5.25% | 07/01/24 | 152,187 | ||||
2,130,000 | NJ St Econ Dev Auth Mtr Vehcl Surcharge Rev Ref, Subser A, BAM | 5.00% | 07/01/23 | 2,134,845 | ||||
450,000 | NJ St Econ Dev Auth Mtr Vehcl Surcharge Rev Ref, Subser A, BAM | 5.00% | 07/01/28 | 486,684 | ||||
2,000,000 | NJ St Econ Dev Auth Ref Sch Facs Constr, Ser N-1, NATL-RE | 5.50% | 09/01/23 | 2,012,085 | ||||
500,000 | NJ St Econ Dev Auth Ref, Ser A, BAM | 5.00% | 06/15/23 | 500,871 | ||||
2,000,000 | NJ St Econ Dev Auth Rev Portal N Bridge Proj NJ Transit Transprtn Proj Bonds, Ser A | 5.25% | 11/01/40 | 2,220,977 | ||||
3,250,000 | NJ St Econ Dev Auth Rev Sch Facs Constr Prog, Ser LLL | 5.00% | 06/15/39 | 3,478,116 | ||||
2,930,000 | NJ St Econ Dev Auth Rev Sch Facs Constr Prog, Ser LLL | 5.00% | 06/15/44 | 3,097,228 | ||||
350,000 | NJ St Econ Dev Auth Rev Self Designated Social Bonds, Ser QQQ | 4.00% | 06/15/35 | 360,775 | ||||
1,050,000 | NJ St Econ Dev Auth Rev Social Bonds, Ser QQQ | 5.00% | 06/15/31 | 1,185,418 | ||||
490,000 | NJ St Econ Dev Auth Spl Fac Rev Ref Port Newark Container Terminal LLC Proj, AMT | 5.00% | 10/01/25 | 498,216 | ||||
1,290,000 | NJ St Transprtn Trust Fund Auth Cap Apprec Transprtn Sys, Ser C, AMBAC | (f) | 12/15/25 | 1,181,904 | ||||
165,000 | NJ St Transprtn Trust Fund Auth Fed Hwy Reimb Nts, Ser A-1, GARVEE | 5.00% | 06/15/28 | 174,405 |
Principal Value | Description | Stated Coupon | Stated Maturity | Value | ||||
MUNICIPAL BONDS (Continued) | ||||||||
New Jersey (Continued) | ||||||||
$2,500,000 | NJ St Transprtn Trust Fund Auth Fun Auth Transprtn Prog Bonds, Ser CC | 5.25% | 06/15/43 | $2,753,749 | ||||
1,750,000 | NJ St Transprtn Trust Fund Auth Ref Transprtn Sys Bonds, Ser A | 5.00% | 12/15/28 | 1,931,757 | ||||
140,000 | NJ St Transprtn Trust Fund Auth Ref Transprtn Sys Bonds, Ser A | 5.00% | 12/15/39 | 149,827 | ||||
3,040,000 | NJ St Transprtn Trust Fund Auth Ref Transprtn Sys, Ser A | 5.00% | 12/15/26 | 3,234,771 | ||||
500,000 | NJ St Transprtn Trust Fund Auth Ref Transprtn Sys, Ser A | 5.00% | 12/15/30 | 550,130 | ||||
2,250,000 | NJ St Transprtn Trust Fund Auth Transprtn Prog Bonds, Ser AA | 5.00% | 06/15/31 | 2,470,424 | ||||
1,000,000 | NJ St Transprtn Trust Fund Auth Transprtn Prog Bonds, Ser AA | 5.00% | 06/15/34 | 1,090,595 | ||||
1,400,000 | NJ St Transprtn Trust Fund Auth Transprtn Sys, Ser D | 5.25% | 12/15/23 | 1,414,291 | ||||
105,000 | NJ St Transprtn Trust Fund Auth Transprtn Sys, Ser D | 5.00% | 12/15/24 | 107,733 | ||||
220,000 | NJ St Transprtn Trust Fund Auth, Ser BB | 5.00% | 06/15/31 | 241,553 | ||||
2,000,000 | NJ St Turnpike Auth Turnpike Rev, Ser A | 5.00% | 01/01/32 | 2,046,181 | ||||
500,000 | Tobacco Stlmt Fing Corp NJ Ref, Ser A | 5.00% | 06/01/27 | 537,330 | ||||
1,850,000 | Tobacco Stlmt Fing Corp NJ Ref, Ser A | 5.00% | 06/01/37 | 1,956,615 | ||||
5,505,000 | Tobacco Stlmt Fing Corp NJ Ref, Ser A | 5.25% | 06/01/46 | 5,759,100 | ||||
1,010,000 | Tobacco Stlmt Fing Corp NJ Ref, Subser B | 5.00% | 06/01/46 | 1,005,847 | ||||
44,333,871 | ||||||||
New Mexico – 0.5% | ||||||||
325,000 | Albuquerque NM Muni Sch Dist #12, Ser A | 4.00% | 08/01/32 | 344,985 | ||||
265,000 | Albuquerque NM Refuse Removal & Disp Rev | 5.00% | 07/01/31 | 307,115 | ||||
185,000 | Albuquerque NM Refuse Removal & Disp Rev | 5.00% | 07/01/32 | 214,231 | ||||
290,000 | Albuquerque NM Refuse Removal & Disp Rev | 5.00% | 07/01/33 | 334,301 | ||||
1,000,000 | Farmington NM Poll Control Rev Var Ref Pub Svc Co of NM San Juan Proj Remk, Ser D (Mandatory put 06/01/23) | 1.10% | 06/01/40 | 997,162 | ||||
565,000 | Los Ranchos De Albuquerque NM Eductnl Facs Rev Ref Albuquerque Acdmy Proj | 4.00% | 09/01/33 | 589,112 | ||||
375,000 | Los Ranchos De Albuquerque NM Eductnl Facs Rev Ref Albuquerque Acdmy Proj | 4.00% | 09/01/34 | 387,980 | ||||
300,000 | Los Ranchos De Albuquerque NM Eductnl Facs Rev Ref Albuquerque Acdmy Proj | 4.00% | 09/01/35 | 307,064 | ||||
150,000 | Lower Petroglyphs Pub Impt Dist NM Spl Levy Rev Ref | 4.00% | 10/01/23 | 149,454 | ||||
230,000 | Lower Petroglyphs Pub Impt Dist NM Spl Levy Rev Ref | 4.20% | 10/01/24 | 227,356 | ||||
240,000 | Lower Petroglyphs Pub Impt Dist NM Spl Levy Rev Ref | 4.30% | 10/01/25 | 235,522 | ||||
250,000 | Lower Petroglyphs Pub Impt Dist NM Spl Levy Rev Ref | 4.45% | 10/01/26 | 243,584 | ||||
260,000 | Lower Petroglyphs Pub Impt Dist NM Spl Levy Rev Ref | 4.55% | 10/01/27 | 251,709 | ||||
365,000 | Lower Petroglyphs Pub Impt Dist NM Spl Levy Rev Ref | 5.00% | 10/01/33 | 355,451 | ||||
825,000 | NM St Hosp Equipment Loan Council Hosp Rev Ref | 5.00% | 06/01/32 | 893,973 | ||||
1,000,000 | NM St Hosp Equipment Loan Council Hosp Rev Ref | 4.00% | 06/01/33 | 1,011,654 | ||||
1,360,000 | NM St Hosp Equipment Loan Council Hosp Rev Ref | 4.00% | 06/01/34 | 1,365,057 | ||||
520,000 | Santa Fe NM Retmnt Fac Rev El Castillo Retmnt Proj, Ser A | 5.00% | 05/15/34 | 493,329 | ||||
8,709,039 | ||||||||
New York – 7.1% | ||||||||
460,000 | Buffalo NY Muni Wtr Fin Auth, Ser A, AGM | 4.00% | 07/01/49 | 470,393 | ||||
415,000 | Build NYC Res Corp NY Rev Social Bond Kipp NYC Pub Sch Facs Canal W Proj | 5.00% | 07/01/36 | 442,048 | ||||
2,000,000 | Build NYC Res Corp NY Rev Social Bond Kipp NYC Pub Sch Facs Canal W Proj | 5.00% | 07/01/42 | 2,061,911 | ||||
2,700,000 | Chautauqua Cnty NY Capital Res Corp Exempt Facs Rev Var Ref NRG Energy Proj Remk (Mandatory put 04/03/28) | 4.25% | 04/01/42 | 2,694,921 | ||||
1,750,000 | Dundee NY Centrl Sch Dist, BANS | 3.50% | 06/23/23 | 1,749,249 | ||||
715,000 | Hempstead Town NY Loc Dev Corp Rev Ref Hofstra Univ Proj, Ser A | 4.00% | 07/01/40 | 708,834 | ||||
495,000 | Hudson Yards Infra Corp NY 2nd Indenture Rev Ref, Ser A | 5.00% | 02/15/38 | 526,449 |
Principal Value | Description | Stated Coupon | Stated Maturity | Value | ||||
MUNICIPAL BONDS (Continued) | ||||||||
New York (Continued) | ||||||||
$5,000,000 | Long Island NY Pwr Auth Elec Sys Rev Elec Sys Rev Gen, Ser A, BAM | 5.00% | 09/01/44 | $5,050,270 | ||||
350,000 | Long Island NY Pwr Auth Elec Sys Rev Ref, Ser A | 5.00% | 09/01/35 | 402,537 | ||||
500,000 | Long Island NY Pwr Auth Elec Sys Rev Ref, Ser A | 4.00% | 09/01/39 | 503,024 | ||||
2,150,000 | Met Transprtn Auth NY Rev Ref Transprtn, Subser C-1 | 5.00% | 11/15/34 | 2,203,173 | ||||
840,000 | Monroe Cnty NY Indl Dev Corp Rev Ref Nazareth Clg of Rochester Proj, Ser A | 5.00% | 10/01/23 | 843,351 | ||||
5,000,000 | New York City NY Hsg Dev Corp Mf Hsg Rev Sustainable Dev Bonds, Ser F-2A (Mandatory put 12/22/26) | 3.40% | 11/01/62 | 4,992,887 | ||||
750,000 | New York City NY Muni Wtr Fin Auth Wtr & Swr Sys Rev 2nd Gen Resolution, Sec CC-1 | 4.00% | 06/15/42 | 751,198 | ||||
175,000 | New York City NY Muni Wtr Fin Auth Wtr & Swr Sys Rev Ref 2nd Gen Resolution, Subser EE-2 | 5.00% | 06/15/40 | 190,346 | ||||
2,000,000 | New York City NY Transitional Fin Auth Rev Future Tax Sec Sub, Subser D-1 | 5.50% | 11/01/45 | 2,308,958 | ||||
1,000,000 | New York City NY Transitional Fin Auth Rev Future Tax Secured Sub Fiscal 2016, Ser A-1 | 5.00% | 08/01/37 | 1,036,603 | ||||
1,500,000 | New York City NY Transitional Fin Auth Rev Future Tax Sub, Subser E-1 | 5.00% | 02/01/37 | 1,571,994 | ||||
10,000,000 | New York City NY Transitional Fin Auth Rev Sub, Ser B-1 | 4.00% | 11/01/37 | 10,173,211 | ||||
2,500,000 | New York City NY Transitional Fin Auth Rev Sub, Ser B-1 | 4.00% | 11/01/38 | 2,530,941 | ||||
4,000,000 | New York City NY Transitional Fin Auth Rev Subord, Ser A-1 | 5.25% | 08/01/40 | 4,617,081 | ||||
500,000 | New York St Dorm Auth Revs Non St Supported Debt Ref-Northwell Hlth Oblig Grp, Ser A | 5.00% | 05/01/38 | 547,223 | ||||
1,000,000 | NY City NY Transitional Fin Auth Bldg Aid Rev Subord Ref, Ser S-2A | 5.00% | 07/15/34 | 1,112,786 | ||||
10,400,000 | NY NY Adj Fiscal 2020, Subser B-3 (a) | 3.97% | 10/01/46 | 10,400,000 | ||||
415,000 | NY NY Fiscal 2020, Ser B-1 | 4.00% | 10/01/37 | 424,280 | ||||
5,690,000 | NY NY Fiscal 2020, Ser B-1 | 4.00% | 10/01/40 | 5,705,484 | ||||
6,000,000 | NY NY Fiscal 2022, Subser D-1 | 5.25% | 05/01/39 | 6,939,593 | ||||
5,730,000 | NY NY, Ser B, Subser B-1 | 5.25% | 10/01/39 | 6,662,760 | ||||
2,925,000 | NY NY, Ser B, Subser B-1 | 5.25% | 10/01/41 | 3,360,805 | ||||
6,000,000 | NY NY, Ser F-1 | 5.00% | 03/01/43 | 6,598,684 | ||||
280,000 | NY St Dorm Auth Revs Non St Supported Debt Ref New Sch, Ser A | 5.00% | 07/01/31 | 322,077 | ||||
475,000 | NY St Dorm Auth Revs Non St Supported Debt Sch Dists Bd Fing Prog, Ser A, AGM | 4.00% | 10/01/35 | 494,655 | ||||
8,000,000 | NY St Dorm Auth Sales Tax Rev Ref Grp 3, Ser E | 5.00% | 03/15/38 | 8,732,455 | ||||
1,925,000 | NY St Dorm Auth St Personal Income Tax Rev Ref, Ser A | 3.00% | 03/15/42 | 1,597,056 | ||||
2,850,000 | NY St Dorm Auth St Personal Income Tax Rev Ref, Ser E | 5.00% | 03/15/34 | 2,988,944 | ||||
195,000 | NY St Thruway Auth Gen Rev Jr Indebtedness Obl Subord, Ser B | 4.00% | 01/01/45 | 188,592 | ||||
2,225,000 | NY St Thruway Auth Personal Income Tax Rev Ref Bidding Grp 3 | 5.00% | 03/15/40 | 2,497,131 | ||||
4,185,000 | NY St Thruway Auth Personal Income Tax Rev Ref Bidding Grp 3 | 5.00% | 03/15/41 | 4,672,735 | ||||
1,250,000 | NY St Transprtn Dev Corp Spl Fac Rev Delta Air Lines Inc LaGuardia Arpt Terminals C&D Redev, AMT | 4.00% | 10/01/30 | 1,232,611 | ||||
2,720,000 | NY St Transprtn Dev Corp Spl Fac Rev Delta Air Lines Inc LaGuardia Arpt Terminals C&D Redev, AMT | 5.00% | 10/01/35 | 2,871,655 | ||||
200,000 | NY St Urban Dev Corp Rev Ref St Personal Income Tax Rev, Ser C | 5.00% | 03/15/44 | 218,259 | ||||
2,000,000 | Onondaga Cnty NY Trust Cultural Res Rev Ref Syracuse Univ Proj | 5.00% | 12/01/39 | 2,222,026 | ||||
500,000 | Port Auth of NY & NJ NY Consol One Hundred Eighty Fifth Ref, AMT | 5.00% | 09/01/23 | 502,160 |
Principal Value | Description | Stated Coupon | Stated Maturity | Value | ||||
MUNICIPAL BONDS (Continued) | ||||||||
New York (Continued) | ||||||||
$465,000 | Port Auth of NY & NJ NY Ref Consol, Ser 186, AMT | 5.00% | 10/15/35 | $471,009 | ||||
5,000,000 | Port Auth of NY & NJ NY Ref, 194th Ser | 5.00% | 10/15/34 | 5,248,764 | ||||
700,000 | Suffolk NY Tobacco Asset Securitization Corp Tobacco Stlmt Ref Tobacco Stlmt Asset Backed Sr Bonds, Ser A-2 | 4.00% | 06/01/50 | 627,328 | ||||
150,000 | Syracuse Regl Arpt Auth NY Sr Arpt Rev Ref, AMT | 4.00% | 07/01/36 | 145,103 | ||||
8,000,000 | Tsasc Inc NY Tsasc Inc Rev Ref Turbo Sub, Ser B | 5.00% | 06/01/48 | 7,417,882 | ||||
2,165,000 | Util Debt Securitization Auth NY Ref Restructuring Bonds, Ser TE-1 | 5.00% | 12/15/39 | 2,508,651 | ||||
400,000 | Yonkers NY Econ Dev Corp Eductnl Rev Chrt Sch Edu Excellence Proj, Ser A | 4.00% | 10/15/29 | 375,426 | ||||
850,000 | Yonkers NY, Ser F, BAM | 5.00% | 11/15/40 | 953,346 | ||||
500,000 | Yonkers NY, Ser F, BAM | 5.00% | 11/15/41 | 557,444 | ||||
134,426,303 | ||||||||
North Carolina – 0.7% | ||||||||
250,000 | Buncombe Cnty NC Ltd Oblig Ref Rev, Ser A | 5.00% | 06/01/29 | 286,478 | ||||
890,000 | Charlotte NC Arpt Rev Charlotte Douglas Intl Arp, Ser B, AMT | 5.00% | 07/01/29 | 981,260 | ||||
575,000 | Charlotte-Mecklenburg NC Hosp Auth Hlthcare Sys Rev Ref Carolinas Hlthcare Sys, Ser A | 5.00% | 01/15/34 | 606,560 | ||||
750,000 | Greenville NC Comb Enterprise Sys Rev Ref | 5.00% | 04/01/28 | 801,864 | ||||
1,330,000 | Monroe NC Comb Enterprise Sys Rev Ref | 5.00% | 03/01/28 | 1,411,676 | ||||
1,000,000 | NC St Agric & Tech Univ Ref Gen, Ser A | 5.00% | 10/01/40 | 1,033,237 | ||||
400,000 | NC St Capital Facs Fin Agy Eductnl Facs Rev Ref High Point Univ | 5.00% | 05/01/28 | 435,005 | ||||
900,000 | NC St Capital Facs Fin Agy Stdt Rev Ref Hsg NC A&T Univ Fdtn Proj, Ser A, AGC | 5.00% | 06/01/26 | 932,902 | ||||
1,270,000 | NC St Med Care Commn Hlthcare Facs Rev the Presbyterian Homes Oblig Grp, Ser A | 5.00% | 10/01/45 | 1,217,097 | ||||
1,500,000 | NC St Med Care Commn Hosp Rev Caromont Hlth, Ser B (Mandatory put 02/01/26) | 5.00% | 02/01/51 | 1,582,524 | ||||
1,500,000 | NC St Med Care Commn Retmnt Facs Rev Pennybyrn at Maryfield Proj, Ser A | 5.00% | 10/01/50 | 1,330,544 | ||||
630,000 | NC St Med Care Commn Retmnt Facs Rev Ref United Methodist Retmnt Homes, Ser A (Pre-refunded maturity 10/01/23) | 5.00% | 10/01/29 | 653,108 | ||||
470,000 | NC St Med Care Commn Retmnt Facs Rev Ref United Methodist Retmnt Homes, Ser A (Pre-refunded maturity 10/01/23) | 5.00% | 10/01/32 | 487,239 | ||||
750,000 | NC St Med Care Commn Retmnt Facs Rev Ref United Methodist Retmnt Homes, Ser A (Pre-refunded maturity 10/01/23) | 5.00% | 10/01/37 | 777,510 | ||||
500,000 | NC St Med Care Commn Retmnt Facs Rev Ref United Methodist Retmnt Homes, Ser A (Pre-refunded maturity 10/01/23) | 5.00% | 10/01/47 | 518,340 | ||||
13,055,344 | ||||||||
North Dakota – 0.0% | ||||||||
500,000 | Grand Forks ND Hlthcare Sys Rev Altru Hlth Sys Ref | 4.00% | 12/01/36 | 466,114 | ||||
Ohio – 3.5% | ||||||||
750,000 | Akron Bath Copley Jt Twp OH Hosp Dist Ref Summa Hlth Oblig Grp Hosp Facs Rev | 4.00% | 11/15/35 | 730,646 | ||||
900,000 | Akron Bath Copley Jt Twp OH Hosp Dist Ref Summa Hlth Oblig Grp Hosp Facs Rev | 4.00% | 11/15/36 | 849,972 | ||||
2,600,000 | Allen Cnty OH Hosp Facs Rev Ref, Ser A | 5.00% | 08/01/42 | 2,734,013 | ||||
500,000 | American Muni Pwr OH Inc OH Rev Ref Fremont Energy Ctr Proj, Ser A | 4.00% | 02/15/37 | 502,364 | ||||
100,000 | Bowling Green OH St Univ Ref, Ser A | 4.00% | 06/01/38 | 101,330 | ||||
195,000 | Bowling Green OH St Univ Ref, Ser A | 4.00% | 06/01/39 | 196,429 |
Principal Value | Description | Stated Coupon | Stated Maturity | Value | ||||
MUNICIPAL BONDS (Continued) | ||||||||
Ohio (Continued) | ||||||||
$3,000,000 | Buckeye OH Tobacco Stlmt Fing Auth Ref Sr, Ser A-2, Class 1 | 4.00% | 06/01/37 | $2,990,112 | ||||
2,400,000 | Buckeye OH Tobacco Stlmt Fing Auth Ref Sr, Ser B-2, Class 2 | 5.00% | 06/01/55 | 2,240,434 | ||||
1,000,000 | Butler Cnty OH Hosp Facs Ref UC Hlth | 5.00% | 11/15/31 | 1,063,176 | ||||
370,000 | Butler Cnty OH Port Auth Econdev Lease Rev Ref Cmnty First Solutions Oblg Grp Proj, Ser A | 4.00% | 05/15/46 | 350,397 | ||||
1,000,000 | Chillicothe OH City Sch Dist Ref, AGM | 4.00% | 12/01/31 | 1,018,529 | ||||
80,000 | Cleveland OH Pub Pwr Sys Rev Prerefunded Ref, Ser A, AGM | 5.00% | 11/15/24 | 82,432 | ||||
420,000 | Cleveland OH Pub Pwr Sys Rev Unrefunded Ref, Ser A, AGM | 5.00% | 11/15/24 | 432,272 | ||||
5,000,000 | Columbus OH, Ser A | 3.00% | 07/01/27 | 5,012,134 | ||||
310,000 | Hamilton Cnty OH Hosp Facs Rev Ref Trihealth Inc Oblig Grp Proj, Ser A | 5.00% | 08/15/31 | 349,019 | ||||
250,000 | Hamilton Cnty OH Hosp Facs Rev Ref Trihealth Inc Oblig Grp Proj, Ser A | 5.00% | 08/15/32 | 281,228 | ||||
380,000 | Hamilton Cnty OH Hosp Facs Rev Ref Trihealth Inc Oblig Grp Proj, Ser A | 5.00% | 08/15/33 | 426,717 | ||||
2,100,000 | Hamilton Cnty OH Hosp Facs Rev UC Hlth | 4.00% | 09/15/50 | 1,706,691 | ||||
960,000 | Miami Cnty OH Hosp Facs Rev Ref & Impt Kettering Hlth Network Oblig Grp | 5.00% | 08/01/32 | 1,043,684 | ||||
1,000,000 | Miami Cnty OH Hosp Facs Rev Ref & Impt Kettering Hlth Network Oblig Grp | 5.00% | 08/01/33 | 1,083,296 | ||||
3,000,000 | Miami Cnty OH Hosp Facs Rev Ref & Impt Kettering Hlth Network Oblig Grp | 5.00% | 08/01/36 | 3,180,195 | ||||
575,000 | Miamisburg OH City Sch Dist Ref (Pre-refunded maturity 12/01/25) | 5.00% | 12/01/35 | 608,256 | ||||
400,000 | Montgomery Cnty OH Hosp Rev Ref Kettering Hlth Network Oblig Grp Proj | 4.00% | 08/01/37 | 403,981 | ||||
1,375,000 | Montgomery Cnty OH Hosp Rev Ref Kettering Hlth Network Oblig Grp Proj | 4.00% | 08/01/41 | 1,338,773 | ||||
600,000 | NE OH Med Univ Gen Recpts Ref, Ser A | 4.00% | 12/01/35 | 596,227 | ||||
1,760,000 | NW OH Loc Sch Dist Hamilton & Butler Cntys Sch Impt (Pre-refunded maturity 12/01/23) | 5.00% | 12/01/45 | 1,778,351 | ||||
2,500,000 | OH St Air Quality Dev Auth American Elec Pwr Co Proj Remk, Ser A (Mandatory put 10/01/29) | 2.40% | 12/01/38 | 2,204,491 | ||||
5,750,000 | OH St Air Quality Dev Auth Exempt Facs Rev AMG Vanadium Proj, AMT (c) | 5.00% | 07/01/49 | 5,315,794 | ||||
3,000,000 | OH St Air Quality Dev Auth OH Vly Elec Corp Proj Remk, Ser B, AMT (Mandatory put 10/01/29) | 2.60% | 06/01/41 | 2,663,002 | ||||
1,000,000 | OH St Air Quality Dev Auth Ref American Elec Pwr Company Proj Remk, Ser B, AMT (Mandatory put 10/01/24) | 2.10% | 07/01/28 | 964,610 | ||||
2,225,000 | OH St Air Quality Dev Auth Ref OH Vly Elec Corp Proj, Ser A | 3.25% | 09/01/29 | 2,079,573 | ||||
1,000,000 | OH St Air Quality Dev Auth Var Ref Duke Energy Corp Proj, Ser A, AMT (Mandatory put 06/01/27) | 4.25% | 11/01/39 | 1,002,609 | ||||
2,000,000 | OH St Air Quality Dev Auth Var Ref Duke Energy Corp Proj, Ser B (Mandatory put 06/01/27) | 4.00% | 09/01/30 | 2,003,757 | ||||
1,000,000 | OH St Hgr Eductnl Fac Commn Ref Rev Judson Oblig Grp 2020 Proj, Ser A | 5.00% | 12/01/45 | 905,781 | ||||
2,455,000 | OH St Hosp Rev Ref Univ Hosps Hlth Sys Inc, Ser E | 4.00% | 01/15/40 | 2,379,159 | ||||
500,000 | OH St Hosp Rev Ref Var Univ Hosps Hlth Sys Inc, Ser C (a) | 3.75% | 01/15/51 | 500,000 | ||||
150,000 | OH St Hosp Rev Ref, Ser A | 5.00% | 01/15/33 | 165,592 | ||||
325,000 | OH St Hosp Rev Ref, Ser A | 5.00% | 01/15/35 | 355,271 | ||||
500,000 | OH St Hosp Rev Ref, Ser A | 4.00% | 01/15/38 | 489,446 | ||||
700,000 | OH St Wtr Dev Auth Rev Sustainability Bond, Ser A | 5.00% | 12/01/39 | 808,218 | ||||
1,000,000 | OH St Wtr Dev Auth Rev Sustainability Bond, Ser A | 5.00% | 12/01/40 | 1,147,494 | ||||
1,000,000 | OH St Wtr Dev Auth Rev Sustainability Bond, Ser A | 5.00% | 12/01/41 | 1,142,356 | ||||
2,500,000 | OH St, Ser T | 5.00% | 05/01/32 | 2,726,832 |
Principal Value | Description | Stated Coupon | Stated Maturity | Value | ||||
MUNICIPAL BONDS (Continued) | ||||||||
Ohio (Continued) | ||||||||
$6,325,000 | Ross Cnty OH Hosp Rev Ref Adena Hlth Sys Oblig Grp Proj | 5.00% | 12/01/39 | $6,594,475 | ||||
550,000 | Sharonville OH Spl Oblg Rev | 4.00% | 12/01/39 | 557,523 | ||||
500,000 | Sharonville OH Spl Oblg Rev | 4.00% | 12/01/40 | 504,005 | ||||
1,115,000 | Upper Arlington OH Spl Oblig Non Tax Rev Kingsdale Mixed Use Dev, Ser A | 5.00% | 12/01/40 | 1,213,886 | ||||
66,824,532 | ||||||||
Oklahoma – 0.8% | ||||||||
900,000 | Catoosa OK Indl Auth Sales Tax Rev | 4.50% | 10/01/32 | 855,463 | ||||
6,000,000 | OK St Dev Fin Auth Sr OK Proton Ctr, Ser A1 (c) | 7.25% | 09/01/51 | 6,200,294 | ||||
2,815,000 | Oklahoma City OK Arpt Trust Junior Lien, AMT | 5.00% | 07/01/34 | 3,011,583 | ||||
1,000,000 | Oklahoma Cnty OK Fin Auth Eductnl Facs Lease Rev Midwest City De City Pub Schs Proj | 5.00% | 10/01/25 | 1,044,792 | ||||
1,000,000 | Oklahoma Cnty OK Fin Auth Eductnl Facs Lease Rev Midwest City De City Pub Schs Proj | 5.00% | 10/01/26 | 1,064,747 | ||||
1,000,000 | Tulsa Cnty OK Indl Auth Sr Living Cmnty Rev Ref Montereau Inc Proj | 5.00% | 11/15/25 | 1,023,874 | ||||
250,000 | Tulsa Cnty OK Indl Auth Sr Living Cmnty Rev Ref Montereau Inc Proj | 5.00% | 11/15/26 | 257,748 | ||||
1,000,000 | Weatherford OK Indl Trust Eductnl Facs Lease Rev Weatherford Pub Schs Proj | 5.00% | 03/01/31 | 1,107,617 | ||||
14,566,118 | ||||||||
Oregon – 1.0% | ||||||||
500,000 | Clackamas Cnty OR Hosp Fac Auth Rev Ref Rose Villa Proj, Ser A | 5.25% | 11/15/50 | 442,424 | ||||
170,000 | Clackamas Cnty OR Hosp Fac Auth Rev Ref Sr Living Willamette View Proj, Ser A | 4.00% | 05/15/26 | 166,479 | ||||
250,000 | Clackamas Cnty OR Hosp Fac Auth Rev Ref Sr Living Willamette View Proj, Ser A | 5.00% | 11/15/32 | 244,619 | ||||
1,250,000 | Medford OR Hosp Facs Auth Rev Ref Asante Proj, Ser A | 5.00% | 08/15/34 | 1,391,439 | ||||
2,035,000 | OR St Dept of Admin Svcs Lottery Rev, Ser A | 5.00% | 04/01/35 | 2,182,179 | ||||
1,100,000 | OR St Facs Auth Rev Ref Univ Portland, Ser A | 5.00% | 04/01/32 | 1,141,918 | ||||
500,000 | Oregon City OR | 4.00% | 06/01/37 | 518,195 | ||||
1,890,000 | Port of Portland OR Arpt Rev Portland Intl Arpt, Ser 25B, AMT | 5.00% | 07/01/29 | 2,071,597 | ||||
1,000,000 | Port of Portland OR Arpt Rev Portland Intl Arpt, Ser 25B, AMT | 5.00% | 07/01/38 | 1,058,952 | ||||
2,500,000 | Portland OR Swr Sys Rev 2nd Lien, Ser A | 4.50% | 05/01/31 | 2,614,842 | ||||
4,950,000 | Tri Cnty OR Met Transprtn Dist, Ser A, GARVEE | 5.00% | 10/01/32 | 5,428,703 | ||||
725,000 | Tri-Cnty OR Met Transprtn Dist, Ser A | 4.00% | 09/01/39 | 742,481 | ||||
1,000,000 | Union Cnty OR Hosp Fac Auth Grande Ronde Hosp | 5.00% | 07/01/47 | 1,018,774 | ||||
19,022,602 | ||||||||
Pennsylvania – 6.5% | ||||||||
1,500,000 | Allegheny Cnty PA Hosp Dev Auth Ref Allegheny Hlth Network Oblig Grp Issue, Ser A | 5.00% | 04/01/32 | 1,610,081 | ||||
505,000 | Allegheny Cnty PA Hosp Dev Auth Ref Univ Pittsburgh Med Ctr, Ser A | 5.00% | 07/15/34 | 556,845 | ||||
3,050,000 | Allegheny Cnty PA Hosp Dev Auth Ref Univ Pittsburgh Med Ctr, Ser A | 4.00% | 07/15/35 | 3,090,463 | ||||
2,180,000 | Allegheny Cnty PA Hosp Dev Auth Ref Univ Pittsburgh Med Ctr, Ser A | 4.00% | 07/15/36 | 2,195,097 | ||||
2,095,000 | Allegheny Cnty PA Hosp Dev Auth Ref Univ Pittsburgh Med Ctr, Ser A | 4.00% | 07/15/37 | 2,098,742 | ||||
2,650,000 | Allegheny Cnty PA Hosp Dev Auth Ref Univ Pittsburgh Med Ctr, Ser A | 4.00% | 07/15/38 | 2,645,879 |
Principal Value | Description | Stated Coupon | Stated Maturity | Value | ||||
MUNICIPAL BONDS (Continued) | ||||||||
Pennsylvania (Continued) | ||||||||
$900,000 | Armstrong PA Sch Dist Ref, Ser A, BAM | 5.00% | 03/15/31 | $1,025,513 | ||||
500,000 | Armstrong PA Sch Dist Ref, Ser A, BAM | 4.00% | 03/15/37 | 512,083 | ||||
460,000 | Berks Cnty PA Indl Dev Auth Hlthcare Facs Rev Ref Highlands at Wyomissing, Ser A | 5.00% | 05/15/32 | 464,506 | ||||
735,000 | Bucks Cnty PA Indl Dev Auth Hosp Rev St Luke’s Univ Hlth Network Proj | 4.00% | 08/15/38 | 718,233 | ||||
1,050,000 | Bucks Cnty PA Indl Dev Auth Hosp Rev St Luke’s Univ Hlth Network Proj | 4.00% | 08/15/44 | 981,394 | ||||
1,185,000 | Bucks Cnty PA Indl Dev Auth Ref Pennswood Vlg Proj, Ser A | 5.00% | 10/01/32 | 1,183,187 | ||||
415,000 | Bucks Cnty PA Indl Dev Auth Ref Pennswood Vlg Proj, Ser A | 5.00% | 10/01/33 | 413,317 | ||||
765,000 | Chester Cnty PA Indl Dev Auth Renaissance Acdmy Chrt Sch | 5.00% | 10/01/34 | 768,927 | ||||
1,000,000 | Cmwlth Fing Auth PA Tobacco Master Stlmt Payment Rev Tobacco Master Stlmt Payment Bonds | 5.00% | 06/01/25 | 1,034,311 | ||||
410,000 | Cmwlth Fing Auth PA Tobacco Master Stlmt Payment Rev Tobacco Master Stlmt Payment Bonds | 5.00% | 06/01/26 | 432,057 | ||||
500,000 | Colonial PA Sch Dist | 5.00% | 02/15/36 | 514,585 | ||||
300,000 | Colonial PA Sch Dist, Ser A | 5.00% | 02/15/34 | 312,685 | ||||
270,000 | Conestoga Vly PA Sch Dist | 4.00% | 02/01/31 | 284,900 | ||||
300,000 | Conestoga Vly PA Sch Dist | 4.00% | 02/01/32 | 314,969 | ||||
50,000 | Cumberland Cnty PA Muni Auth Prerefunded Ref Diakon Lutheran Ministries Proj (Pre-refunded maturity 01/01/25) | 5.00% | 01/01/30 | 51,650 | ||||
105,000 | Cumberland Cnty PA Muni Auth Prerefunded Ref Diakon Lutheran Ministries Proj (Pre-refunded maturity 01/01/25) | 5.00% | 01/01/30 | 108,465 | ||||
65,000 | Cumberland Cnty PA Muni Auth Prerefunded Ref Diakon Lutheran Ministries Proj (Pre-refunded maturity 01/01/25) | 5.00% | 01/01/38 | 67,145 | ||||
285,000 | Cumberland Cnty PA Muni Auth Prerefunded Ref Diakon Lutheran Ministries Proj (Pre-refunded maturity 01/01/25) | 5.00% | 01/01/38 | 294,406 | ||||
1,150,000 | Cumberland Cnty PA Muni Auth Ref Diakon Lutheran Social Ministries | 5.00% | 01/01/25 | 1,163,280 | ||||
1,000,000 | Cumberland Cnty PA Muni Auth Ref Diakon Lutheran Social Ministries | 5.00% | 01/01/33 | 1,008,113 | ||||
1,660,000 | Cumberland Cnty PA Muni Auth Ref Messiah Vlg Proj | 5.00% | 07/01/28 | 1,654,664 | ||||
145,000 | Cumberland Cnty PA Muni Auth Unrefunded Ref Diakon Lutheran Ministries Proj | 5.00% | 01/01/30 | 146,095 | ||||
350,000 | Cumberland Cnty PA Muni Auth Unrefunded Ref Diakon Lutheran Ministries Proj | 5.00% | 01/01/38 | 350,973 | ||||
280,000 | Deer Creek PA Drain Basin Allegheny Cnty Swr Rev Ref, AGM | 4.00% | 12/01/34 | 294,175 | ||||
390,000 | Deer Creek PA Drain Basin Allegheny Cnty Swr Rev Ref, AGM | 4.00% | 12/01/35 | 406,076 | ||||
1,165,000 | Dover PA Area Sch Dist, BAM | 4.00% | 04/01/32 | 1,217,314 | ||||
100,000 | Dubois PA Hosp Auth Penn Highlands Hlthcare | 5.00% | 07/15/32 | 107,166 | ||||
115,000 | Dubois PA Hosp Auth Penn Highlands Hlthcare | 5.00% | 07/15/33 | 123,096 | ||||
245,000 | Dubois PA Hosp Auth Penn Highlands Hlthcare | 5.00% | 07/15/34 | 261,449 | ||||
290,000 | Dubois PA Hosp Auth Penn Highlands Hlthcare | 5.00% | 07/15/35 | 307,715 | ||||
715,000 | E Hempfield Twp PA Indl Dev Auth Ref Willow Vly Cmntys Proj | 5.00% | 12/01/28 | 743,359 | ||||
770,000 | E Hempfield Twp PA Indl Dev Auth Ref Willow Vly Cmntys Proj | 5.00% | 12/01/29 | 800,277 | ||||
2,500,000 | Geisinger PA Auth Hlth Sys Rev Ref Geisinger Hlth Sys, Ser A-1 | 5.00% | 02/15/45 | 2,560,564 | ||||
760,000 | Hermitage PA Muni Auth Ref, Ser C | 4.00% | 02/01/31 | 804,657 | ||||
515,000 | Hermitage PA Muni Auth Ref, Ser C | 4.00% | 02/01/33 | 539,011 | ||||
1,730,000 | Kiski Vly PA Wtr Poll Control Auth Ref, AGM | 4.00% | 09/01/42 | 1,713,435 | ||||
480,000 | Lancaster Cnty PA Hosp Auth Hlthcare Facs Rev Moravian Manors Inc Proj, Ser A | 5.00% | 06/15/30 | 469,300 | ||||
1,110,000 | Lancaster Cnty PA Hosp Auth Hlthcare Facs Rev Moravian Manors Inc Proj, Ser A | 5.00% | 06/15/38 | 1,017,136 | ||||
1,000,000 | Lancaster Cnty PA Hosp Auth Penn St Hlth | 5.00% | 11/01/38 | 1,073,673 | ||||
1,000,000 | Lancaster Cnty PA Hosp Auth Penn St Hlth | 5.00% | 11/01/39 | 1,069,680 |
Principal Value | Description | Stated Coupon | Stated Maturity | Value | ||||
MUNICIPAL BONDS (Continued) | ||||||||
Pennsylvania (Continued) | ||||||||
$1,735,000 | Lancaster Cnty PA Hosp Auth Penn St Hlth | 5.00% | 11/01/40 | $1,847,710 | ||||
750,000 | Lancaster Cnty PA Hosp Auth Ref, St Annes Retmnt Cmnty Inc Proj | 5.00% | 03/01/45 | 614,412 | ||||
550,000 | Latrobe PA Indl Dev Auth Univ Rev Ref Seton Hill Univ | 4.00% | 03/01/46 | 449,185 | ||||
2,415,000 | Latrobe PA Indl Dev Auth Univ Rev Ref Seton Hill Univ | 4.00% | 03/01/51 | 1,897,943 | ||||
405,000 | Lebanon PA Auth Swr Rev Ref Green Bond, BAM | 4.00% | 12/15/29 | 423,473 | ||||
420,000 | Lebanon PA Auth Swr Rev Ref Green Bond, BAM | 4.00% | 12/15/30 | 438,690 | ||||
3,000,000 | Lehigh Cnty PA Indl Dev Auth Ref Ppl Elec Util Corp Proj Remk, Ser A | 3.00% | 09/01/29 | 2,960,211 | ||||
500,000 | Maxatawny Twp PA Muni Auth Rev Diakon Lutheran Social Ministries Proj, Ser A | 5.00% | 01/01/41 | 480,678 | ||||
1,090,000 | Mechanicsburg PA Area Sch Dist, Ser A | 4.00% | 03/01/38 | 1,106,501 | ||||
300,000 | Mifflinburg PA Area Sch Dist Ref, Ser A | 4.00% | 06/15/35 | 313,088 | ||||
550,000 | Mifflinburg PA Area Sch Dist Ref, Ser A | 4.00% | 06/15/36 | 570,291 | ||||
610,000 | Mifflinburg PA Area Sch Dist Ref, Ser A | 4.00% | 06/15/38 | 624,054 | ||||
1,000,000 | Montgomery Cnty PA Hgr Edu & Hlth Auth Ref Thomas Jefferson Univ Proj | 4.00% | 09/01/34 | 1,015,166 | ||||
1,000,000 | Montgomery Cnty PA Hgr Edu & Hlth Auth Ref Thomas Jefferson Univ Proj | 4.00% | 09/01/35 | 1,007,954 | ||||
2,000,000 | Montgomery Cnty PA Hgr Edu & Hlth Auth Ref Thomas Jefferson Univ Proj | 4.00% | 09/01/44 | 1,879,651 | ||||
2,750,000 | Montgomery Cnty PA Indl Dev Auth Exempt Facs Rev Var Constellation Energy Genration LLC Proj Ref, Ser A (Mandatory put 04/03/28) | 4.10% | 04/01/53 | 2,798,992 | ||||
480,000 | Montgomery Cnty PA Indl Dev Auth Ref Meadowood Sr Living Proj, Ser A | 5.00% | 12/01/26 | 489,268 | ||||
100,000 | Montgomery Cnty PA Indl Dev Auth Ref Waverly Heights Ltd Proj | 4.00% | 12/01/33 | 101,666 | ||||
200,000 | Montgomery Cnty PA Indl Dev Auth Ref Waverly Heights Ltd Proj | 4.00% | 12/01/34 | 202,519 | ||||
580,000 | Montgomery Cnty PA Indl Dev Auth Ref Waverly Heights Ltd Proj | 5.00% | 12/01/44 | 593,892 | ||||
140,000 | Northampton Cnty PA Gen Purp Auth Clg Rev Ref Moravian Clg | 5.00% | 10/01/25 | 142,961 | ||||
225,000 | Northampton Cnty PA Gen Purp Auth Clg Rev Ref Moravian Clg | 5.00% | 10/01/26 | 232,251 | ||||
540,000 | Northampton Cnty PA Gen Purp Auth Clg Rev Ref Moravian Clg | 5.00% | 10/01/31 | 560,363 | ||||
1,800,000 | Northampton Cnty PA Gen Purp Auth Hosp Rev Ref St Luke’s Univ Hlth Network Proj, Ser A | 5.00% | 08/15/28 | 1,903,753 | ||||
500,000 | PA St 2nd, Ser CR, AGM | 4.00% | 09/15/31 | 520,878 | ||||
50,000 | PA St Econ Dev Fin Auth Rev UPMC Rev, Ser B | 4.00% | 03/15/40 | 49,095 | ||||
2,000,000 | PA St Econ Dev Fing Auth T/E Priv Activity Rev the Penndot Major Bridges Package One Proj P3 Proj, AMT | 5.25% | 06/30/35 | 2,223,215 | ||||
5,835,000 | PA St Econ Dev Fing Auth T/E Priv Activity Rev the Penndot Major Bridges Package One Proj P3 Proj, AMT | 5.25% | 06/30/36 | 6,404,528 | ||||
1,105,000 | PA St Hgr Eductnl Facs Auth Rev Ref Drexel Univ | 5.00% | 05/01/34 | 1,158,862 | ||||
2,810,000 | PA St Hsg Fin Agy SF Mtge Rev Non Ace, Ser 123B | 3.45% | 10/01/32 | 2,766,550 | ||||
880,000 | PA St Hsg Fin Agy SF Mtge Rev Non Ace, Ser 125B, AMT | 3.70% | 10/01/47 | 840,784 | ||||
5,410,000 | PA St Hsg Fin Agy SF Mtge Rev, Ser 127B | 3.55% | 10/01/33 | 5,359,730 | ||||
1,000,000 | PA St Turnpike Commn Turnpike Rev Ref | 5.00% | 12/01/33 | 1,029,289 | ||||
750,000 | PA St Turnpike Commn Turnpike Rev Ref Subord First Series | 5.00% | 12/01/38 | 838,537 | ||||
1,000,000 | PA St Turnpike Commn Turnpike Rev Ref, Ser B | 5.25% | 12/01/41 | 1,119,944 | ||||
545,000 | PA St Turnpike Commn Turnpike Rev Ref, Ser B | 5.25% | 12/01/42 | 606,017 | ||||
2,875,000 | PA St Turnpike Commn Turnpike Rev Sub, Ser A, BAM | 5.00% | 12/01/44 | 3,067,396 | ||||
550,000 | PA St Turnpike Commn Turnpike Rev Subord, Ser A-1 | 5.00% | 12/01/30 | 580,970 | ||||
4,500,000 | PA St Turnpike Commn Turnpike Rev, Subser A | 4.00% | 12/01/45 | 4,345,216 | ||||
200,000 | Parkland PA Sch Dist, Ser B | 4.00% | 02/01/34 | 211,177 |
Principal Value | Description | Stated Coupon | Stated Maturity | Value | ||||
MUNICIPAL BONDS (Continued) | ||||||||
Pennsylvania (Continued) | ||||||||
$300,000 | Parkland PA Sch Dist, Ser B | 4.00% | 02/01/35 | $315,191 | ||||
1,200,000 | Philadelphia PA Arpt Rev Ref Priv Activity, AGM, AMT | 4.00% | 07/01/38 | 1,192,749 | ||||
750,000 | Philadelphia PA Arpt Rev Ref Priv Activity, AGM, AMT | 4.00% | 07/01/40 | 731,755 | ||||
620,000 | Philadelphia PA Auth for Indl Dev Chrt Sch Rev Mast Chrt Sch Proj | 5.00% | 08/01/40 | 626,714 | ||||
375,000 | Philadelphia PA Auth for Indl Dev Chrt Sch Rev Mast Chrt Sch Proj | 5.00% | 08/01/50 | 368,697 | ||||
2,250,000 | Philadelphia PA Auth for Indl Dev Chrt Sch Rev Philadelphia E&T Chrt High Sch, Ser A | 4.00% | 06/01/41 | 1,866,364 | ||||
290,000 | Philadelphia PA Gas Wks Rev Ref | 5.00% | 08/01/25 | 301,381 | ||||
1,000,000 | Philadelphia PA Gas Wks Rev Ref 1998 General Ordinance, 14th Ser | 5.00% | 10/01/29 | 1,056,088 | ||||
2,000,000 | Philadelphia PA Gas Wks Rev Ref 1998 General Ordinance, 14th Ser | 5.00% | 10/01/34 | 2,086,516 | ||||
500,000 | Philadelphia PA Ref, Ser A | 5.00% | 08/01/26 | 533,392 | ||||
500,000 | Philadelphia PA Ref, Ser A | 5.00% | 08/01/27 | 545,504 | ||||
750,000 | Philadelphia PA Ref, Ser A (Pre-refunded maturity 01/15/24) | 5.25% | 07/15/28 | 761,112 | ||||
2,000,000 | Philadelphia PA, Ser A | 4.00% | 05/01/41 | 1,967,163 | ||||
3,260,000 | Philadelphia PA, Ser B, BAM | 5.00% | 02/01/34 | 3,719,356 | ||||
300,000 | Pittsburgh PA Wtr & Swr Auth, Ser B, AGM | 5.00% | 09/01/32 | 344,880 | ||||
205,000 | Pittsburgh PA Wtr & Swr Auth, Ser B, AGM | 5.00% | 09/01/34 | 233,120 | ||||
2,000,000 | S Estrn PA Transprtn Auth Asset Impt Prog | 5.25% | 06/01/40 | 2,297,045 | ||||
3,650,000 | S Estrn PA Transprtn Auth Asset Impt Prog | 5.25% | 06/01/41 | 4,174,295 | ||||
300,000 | S Wayne Cnty PA Wtr & Swr Auth Wtr & Swr Rev Ref, BAM | 4.00% | 02/15/34 | 315,344 | ||||
325,000 | S Wayne Cnty PA Wtr & Swr Auth Wtr & Swr Rev Ref, BAM | 4.00% | 02/15/35 | 339,335 | ||||
235,000 | S Wayne Cnty PA Wtr & Swr Auth Wtr & Swr Rev Ref, BAM | 4.00% | 02/15/36 | 243,306 | ||||
405,000 | Southcentrl PA General Auth Rev Ref Hanover Hosp Inc | 5.00% | 12/01/23 | 408,290 | ||||
390,000 | Upper Darby PA Sch Dist, AGM | 4.00% | 04/01/31 | 415,827 | ||||
250,000 | Upper Darby PA Sch Dist, AGM | 4.00% | 04/01/34 | 263,561 | ||||
300,000 | Upper Darby PA Sch Dist, AGM | 4.00% | 04/01/35 | 314,257 | ||||
250,000 | Upper Darby PA Sch Dist, AGM | 4.00% | 04/01/36 | 259,646 | ||||
200,000 | Upper Darby PA Sch Dist, Ser A, BAM | 4.00% | 04/01/39 | 203,716 | ||||
300,000 | Upper Darby PA Sch Dist, Ser A, BAM | 4.00% | 04/01/40 | 302,824 | ||||
300,000 | Upper Darby PA Sch Dist, Ser A, BAM | 4.00% | 04/01/42 | 299,730 | ||||
245,000 | Upper Darby PA Sch Dist, Ser A, BAM | 4.00% | 04/01/43 | 243,524 | ||||
105,000 | W Cornwall Twp PA Muni Auth Ref Lebanon Vly Brethren Home Proj, Ser A | 4.00% | 11/15/28 | 100,072 | ||||
135,000 | W Cornwall Twp PA Muni Auth Ref Lebanon Vly Brethren Home Proj, Ser A | 4.00% | 11/15/29 | 127,333 | ||||
215,000 | W Cornwall Twp PA Muni Auth Ref Lebanon Vly Brethren Home Proj, Ser A | 4.00% | 11/15/36 | 185,606 | ||||
1,970,000 | Westmoreland Cnty PA Muni Auth Ref, BAM | 5.00% | 08/15/42 | 2,006,108 | ||||
122,437,309 | ||||||||
Puerto Rico – 0.8% | ||||||||
5,000,000 | Puerto Rico Cmwlth Restructured, Ser A1 | 4.00% | 07/01/33 | 4,586,334 | ||||
6,558,000 | Puerto Rico Sales Tax Fing Corp Sales Tax Rev Restructured, Ser A-1 | 4.50% | 07/01/34 | 6,576,682 | ||||
429,000 | Puerto Rico Sales Tax Fing Corp Sales Tax Rev Restructured, Ser A-1, CABS | (f) | 07/01/27 | 355,713 | ||||
1,536,000 | Puerto Rico Sales Tax Fing Corp Sales Tax Rev Restructured, Ser A-1, CABS | (f) | 07/01/31 | 1,045,333 |
Principal Value | Description | Stated Coupon | Stated Maturity | Value | ||||
MUNICIPAL BONDS (Continued) | ||||||||
Puerto Rico (Continued) | ||||||||
$3,500,000 | Puerto Rico Sales Tax Fing Corp Sales Tax Rev Restructured, Ser A-2 | 4.33% | 07/01/40 | $3,263,075 | ||||
15,827,137 | ||||||||
Rhode Island – 0.3% | ||||||||
150,000 | Providence RI Pub Bldgs Auth Rev, Ser B, AGM | 5.00% | 06/15/31 | 165,269 | ||||
320,000 | Providence RI Pub Bldgs Auth Rev, Ser B, AGM | 5.00% | 06/15/33 | 351,911 | ||||
230,000 | Providence RI Pub Bldgs Auth Rev, Ser B, AGM | 5.00% | 06/15/35 | 250,499 | ||||
1,125,000 | RI St Hlth & Eductnl Bldg Corp Rev Ref Hosp Fing Lifespan Oblig Grp | 5.00% | 05/15/29 | 1,157,951 | ||||
1,460,000 | RI St Hlth & Eductnl Bldg Corp Rev Ref Hosp Fing Lifespan Oblig Grp | 5.00% | 05/15/32 | 1,499,723 | ||||
1,700,000 | RI St Hlth & Eductnl Bldg Corp Rev Ref Hosp Fing Lifespan Oblig Grp | 5.00% | 05/15/39 | 1,713,268 | ||||
5,138,621 | ||||||||
South Carolina – 0.8% | ||||||||
2,250,000 | Berkeley Cnty SC Assmnt Rev Nexton Impt Dist | 4.25% | 11/01/40 | 1,943,366 | ||||
1,000,000 | Greenville SC Hosp Sys Brd Hosp Facs Rev, Ser B | 5.00% | 05/01/30 | 1,015,819 | ||||
1,310,000 | Lancaster Cnty SC Assmnt Rev Ref Walnut Creek Impt Dist, Ser A-1 | 5.00% | 12/01/26 | 1,312,639 | ||||
1,000,000 | Lancaster Cnty SC Assmnt Rev Ref Walnut Creek Impt Dist, Ser A-1 | 5.00% | 12/01/31 | 1,000,758 | ||||
1,000,000 | SC St Jobs Econ Dev Auth Econ Dev Rev Ref The Woodlands at Furman | 5.25% | 11/15/47 | 935,903 | ||||
1,075,000 | SC St Jobs Econ Dev Auth Econ Dev Rev Woodlands at Furman Proj, Ser A | 5.00% | 11/15/54 | 931,713 | ||||
30,000 | SC St Jobs Econ Dev Auth Hosp Rev Ref Palmetto Hlth, Ser A | 5.00% | 08/01/23 | 30,127 | ||||
2,375,000 | SC St Pub Svc Auth Rev Ref Santee Cooper, Ser C, AGM | 5.50% | 12/01/39 | 2,706,775 | ||||
2,000,000 | SC St Pub Svc Auth Rev Ref Santee Cooper, Ser C, AGM | 5.50% | 12/01/40 | 2,265,689 | ||||
1,995,000 | SC St Pub Svc Auth Rev Ref Santee Cooper, Ser C, AGM | 5.50% | 12/01/42 | 2,239,307 | ||||
355,000 | SC St Pub Svc Auth Rev Ref, Ser A | 4.00% | 12/01/35 | 356,512 | ||||
14,738,608 | ||||||||
South Dakota – 0.2% | ||||||||
1,000,000 | Lincoln Cnty SD Econ Dev Rev Ref Augustana Clg Assoc Proj, Ser A | 4.00% | 08/01/51 | 814,002 | ||||
510,000 | SD St Brd of Rgts Hsg & Auxiliary Fac Sys Rev | 5.00% | 04/01/31 | 541,998 | ||||
505,000 | SD St Brd of Rgts Hsg & Auxiliary Fac Sys Rev | 5.00% | 04/01/32 | 535,169 | ||||
1,000,000 | SD St Brd of Rgts Hsg & Auxiliary Fac Sys Rev Ref Hsg & Auxiliary Facs Sys | 5.00% | 04/01/30 | 1,082,355 | ||||
420,000 | SD St Brd of Rgts Hsg & Auxiliary Fac Sys Rev, Ser B | 5.00% | 04/01/29 | 430,560 | ||||
105,000 | SD St Hlth & Eductnl Facs Auth Ref Sanford Oblig Grp | 5.00% | 11/01/35 | 109,037 | ||||
200,000 | SD St Hlth & Eductnl Facs Auth Ref Westhills Vlg Retmnt Cmnty Issue | 3.00% | 09/01/28 | 192,563 | ||||
640,000 | SD St Hlth & Eductnl Facs Auth Ref Westhills Vlg Retmnt Cmnty Issue | 3.00% | 09/01/32 | 587,559 | ||||
4,293,243 | ||||||||
Tennessee – 1.6% | ||||||||
250,000 | Chattanooga TN Hlth Eductnl & Hsg Fac Brd Rev Ref Commonspirit Hlth, Ser A-1 | 5.00% | 08/01/34 | 268,422 | ||||
200,000 | Chattanooga TN Hlth Eductnl & Hsg Fac Brd Rev Ref Commonspirit Hlth, Ser A-1 | 4.00% | 08/01/37 | 197,222 |
Principal Value | Description | Stated Coupon | Stated Maturity | Value | ||||
MUNICIPAL BONDS (Continued) | ||||||||
Tennessee (Continued) | ||||||||
$825,000 | Chattanooga TN Hlth Eductnl & Hsg Fac Brd Rev Ref Commonspirit Hlth, Ser A-2 | 5.00% | 08/01/34 | $885,794 | ||||
2,500,000 | Chattanooga TN Hlth Eductnl & Hsg Fac Brd Rev Ref Commonspirit Hlth, Ser A-2 | 5.00% | 08/01/44 | 2,582,511 | ||||
325,000 | Chattanooga TN Hlth Eductnl & Hsg Fac Brd Rev Ref Stdt Hsg CDFI Phase I | 5.00% | 10/01/23 | 325,927 | ||||
2,500,000 | Lewisburg TN Indl Dev Brd Sol Wst Disp Rev Var Ref Waste Mgmt TN Proj Remk, AMT (Mandatory put 08/01/23) | 3.88% | 07/02/35 | 2,500,000 | ||||
865,000 | Met Govt Nashville & Davidson Cnty TN Elec Rev Sys, Ser A | 5.00% | 05/15/35 | 938,437 | ||||
1,385,000 | Met Govt Nashville & Davidson Cnty TN Hlth & Eductnl Fac Brd Ref Lipscomb Univ Proj, Ser A | 5.00% | 10/01/29 | 1,416,534 | ||||
600,000 | Met Govt Nashville & Davidson Cnty TN Hlth & Eductnl Fac Brd Ref Trevecca Nazarene Univ Proj | 5.00% | 10/01/29 | 619,414 | ||||
400,000 | Met Govt Nashville & Davidson Cnty TN Hlth & Eductnl Fac Brd Ref Trevecca Nazarene Univ Proj | 5.00% | 10/01/34 | 413,545 | ||||
700,000 | Met Govt Nashville & Davidson Cnty TN Hlth & Eductnl Fac Brd Ref Trevecca Nazarene Univ Proj | 5.00% | 10/01/39 | 703,004 | ||||
3,000,000 | Met Govt Nashville & Davidson Cnty TN, Ser A | 4.00% | 01/01/37 | 3,150,080 | ||||
600,000 | Met Nashville TN Arpt Auth Arpt Rev, Ser B, AMT | 5.25% | 07/01/35 | 677,597 | ||||
750,000 | Met Nashville TN Arpt Auth Arpt Rev, Ser B, AMT | 5.50% | 07/01/38 | 844,549 | ||||
4,000,000 | TN Energy Acq Corp Cmdy Proj Rev, Ser A (Mandatory put 11/01/31) | 5.00% | 05/01/52 | 4,236,388 | ||||
5,435,000 | TN St Energy Acq Corp Gas Rev Proj, Ser A (Mandatory put 05/01/23) | 4.00% | 05/01/48 | 5,435,000 | ||||
5,000,000 | TN St Sch Bond Auth Hgr Eductnl Facs 2nd Prog Ref, Ser B (Pre-refunded maturity 11/01/25) | 5.00% | 11/01/45 | 5,260,143 | ||||
30,454,567 | ||||||||
Texas – 7.1% | ||||||||
415,000 | Arlington TX Hgr Edu Fin Corp Edu Rev | 5.00% | 08/15/33 | 466,020 | ||||
525,000 | Arlington TX Hgr Edu Fin Corp Edu Rev | 5.00% | 08/15/34 | 594,228 | ||||
565,000 | Arlington TX Hgr Edu Fin Corp Edu Rev | 4.00% | 08/15/35 | 581,428 | ||||
1,645,000 | Arlington TX Hgr Edu Fin Corp Edu Rev Ref Legacy Trad Schs TX Proj, Ser A | 4.13% | 02/15/41 | 1,255,169 | ||||
2,000,000 | Arlington TX Hsg Fin Corp Mf Hsg Rev Var 6900 Matlok Road (Mandatory put 04/01/27) | 4.50% | 04/01/41 | 2,053,447 | ||||
450,000 | Austin TX Arpt Sys Rev, AMT | 5.00% | 11/15/33 | 457,543 | ||||
350,000 | Austin TX Arpt Sys Rev, AMT | 5.00% | 11/15/35 | 388,123 | ||||
3,150,000 | Austin TX Arpt Sys Rev, Ser B, AMT | 5.00% | 11/15/37 | 3,353,657 | ||||
2,630,000 | Austin TX Elec Util Sys Rev Ref (g) | 5.00% | 11/15/41 | 2,969,586 | ||||
3,735,000 | Austin TX Ref | 3.15% | 09/01/28 | 3,763,694 | ||||
4,000,000 | Austin TX Wtr & Wstwtr Sys Rev Ref | 5.00% | 11/15/42 | 4,237,248 | ||||
910,000 | Bexar Cnty Tx Rev Ref Tax Exempt Venue Proj | 4.00% | 08/15/38 | 914,605 | ||||
600,000 | Brd of Managers TX Jt Guadalupe Cnty City of Seguin Hosp Mtg Ref | 5.00% | 12/01/24 | 599,566 | ||||
305,000 | Celina TX Spl Assmnt Rev Ref the Lakes at Mustang Ranch Pub Impt Dt Phase #1 Proj, BAM | 4.00% | 09/01/29 | 316,026 | ||||
350,000 | Centrl TX Regl Mobility Auth Rev Ref | 5.00% | 01/01/27 | 366,333 | ||||
850,000 | Centrl TX Regl Mobility Auth Rev Sr Lien, Ser A (Pre-refunded maturity 07/01/25) | 5.00% | 01/01/29 | 886,839 | ||||
130,000 | Centrl TX Regl Mobility Auth Rev, Ser B | 5.00% | 01/01/35 | 144,600 | ||||
700,000 | Centrl TX Regl Mobility Auth Rev, Ser B | 5.00% | 01/01/38 | 758,589 | ||||
445,000 | Centrl TX Regl Mobility Auth Rev, Ser B | 5.00% | 01/01/39 | 479,263 | ||||
600,000 | Centrl TX Regl Mobility Auth Rev, Ser B | 4.00% | 01/01/40 | 586,402 | ||||
640,000 | Centrl TX Regl Mobility Auth Rev, Ser B | 4.00% | 01/01/41 | 620,398 |
Principal Value | Description | Stated Coupon | Stated Maturity | Value | ||||
MUNICIPAL BONDS (Continued) | ||||||||
Texas (Continued) | ||||||||
$500,000 | Clifton TX Hgr Edu Fin Corp Edu Rev Idea Pub Schs | 5.00% | 08/15/32 | $500,689 | ||||
645,000 | Clifton TX Hgr Edu Fin Corp Edu Rev, Ser A | 4.00% | 12/01/25 | 636,202 | ||||
415,000 | Corpus Christi TX Util Sys Rev Junior Lien, Ser B | 5.00% | 07/15/35 | 482,115 | ||||
1,300,000 | Dallas TX Area Rapid Transit Sales Tax Rev Ref, Ser A | 4.00% | 12/01/34 | 1,377,468 | ||||
490,000 | Dallas TX Hotel Occupancy Tax Rev Ref | 4.00% | 08/15/37 | 483,793 | ||||
4,350,000 | Dallas-Fort Worth TX Intl Arpt Rev Ref, Ser A | 4.00% | 11/01/36 | 4,457,923 | ||||
500,000 | El Paso TX Ref, Ser A | 4.00% | 08/15/36 | 514,094 | ||||
505,000 | Gainesville TX CTFs Oblig | 5.00% | 02/15/36 | 575,544 | ||||
535,000 | Gainesville TX CTFs Oblig | 5.00% | 02/15/37 | 604,460 | ||||
1,170,000 | Galveston Cnty TX Muni Util Dist #54 Ref | 2.50% | 12/01/31 | 1,016,632 | ||||
1,750,000 | Galveston TX Indep Sch Dist | 5.00% | 02/01/37 | 1,944,149 | ||||
1,000,000 | Harris Cnty TX Cultural Edu Facs Fin Corp Med Facs Rev Ref Baylor Clg of Med | 4.00% | 11/15/30 | 1,026,995 | ||||
1,100,000 | Harris Cnty TX Ref Sr Lien Toll Road, Ser B | 5.00% | 08/15/36 | 1,132,023 | ||||
2,600,000 | Harris Cnty TX Ref Sr Lien, Ser A | 5.00% | 08/15/36 | 2,716,135 | ||||
2,000,000 | Harris Cnty TX Toll Road Rev Ref, Ser A | 3.00% | 08/15/37 | 1,754,183 | ||||
1,500,000 | Hidalgo Cnty TX Regl Mobility Auth Toll & Vehcl Registration Sr Lien, Ser A | 4.00% | 12/01/37 | 1,391,757 | ||||
1,770,000 | Houston TX Arpt Sys Rev Ref United Airls Inc Terminal E Proj, Ser A, AMT | 5.00% | 07/01/27 | 1,788,065 | ||||
2,750,000 | Houston TX Arpt Sys Rev Ref United Airls Inc Terminal Impt Proj, Ser B-2, AMT | 5.00% | 07/15/27 | 2,778,551 | ||||
2,500,000 | Houston TX Arpt Sys Rev Sub, Ser A, AMT | 4.00% | 07/01/39 | 2,464,630 | ||||
250,000 | Houston TX Arpt Sys Rev Sub, Ser A, AMT | 4.00% | 07/01/40 | 243,918 | ||||
750,000 | Houston TX Arpt Sys Rev United Airlines Inc Terminal E Proj, Ser A, AMT | 4.00% | 07/01/41 | 650,954 | ||||
2,000,000 | Houston TX Arpt Sys Rev United Airls Inc Terminal Impt Proj, Ser B-1, AMT | 4.00% | 07/15/41 | 1,735,522 | ||||
1,000,000 | Houston TX Hotel Occupancy Tax & Spl Rev Ref Convention & Entertainment Facs Dept | 5.00% | 09/01/32 | 1,098,659 | ||||
1,000,000 | Houston TX Util Sys Rev Ref 1st Lien Subord, Ser D | 5.00% | 11/15/29 | 1,057,146 | ||||
225,000 | Imperial Redev Dist TX, BAM | 4.50% | 05/01/26 | 233,695 | ||||
225,000 | Imperial Redev Dist TX, BAM | 4.50% | 05/01/27 | 236,632 | ||||
675,000 | Justin TX Spl Assmnt Rev Timberbrook Pub Imp Dt #1 Imp Area #2 Proj (c) | 3.38% | 09/01/41 | 532,798 | ||||
500,000 | Kyle TX Spl Assmnt Rev 6 Creeks Pid #1 (c) | 4.63% | 09/01/39 | 476,471 | ||||
430,000 | La Vernia TX Hgr Edu Fin Corp Edu Rev Meridian World Sch (c) | 4.35% | 08/15/25 | 435,597 | ||||
410,000 | La Vernia TX Hgr Edu Fin Corp Edu Rev Meridian World Sch, Ser A (c) | 4.20% | 08/15/25 | 414,786 | ||||
1,250,000 | Laredo TX Cmnty Clg Dist Combined Fee Rev Ref, BAM | 4.00% | 08/01/33 | 1,282,022 | ||||
1,290,000 | Leander TX Spl Assmnt Rev Crystal Springs Pub Impt Dist Proj Accd Inv (c) | 5.13% | 09/01/38 | 1,289,798 | ||||
1,000,000 | Leonard TX Indep Sch Dist, BAM | 5.00% | 02/15/42 | 1,097,965 | ||||
500,000 | Liberty Hill TX Indep Sch Dist Ref | 5.00% | 08/01/30 | 534,676 | ||||
3,795,000 | Liberty Hill TX Indep Sch Dist Ref, Ser A | 5.00% | 02/01/36 | 4,387,885 | ||||
700,000 | Lower CO River TX Auth Trans Contract Rev Ref Lcra Trans Svcs Corp Proj | 5.00% | 05/15/33 | 740,164 | ||||
400,000 | Lower Colorado River TX Auth Trans Contract Rev Ref LCRA Trans Svcs Corp Proj | 5.00% | 05/15/37 | 424,651 | ||||
610,000 | Lower Colorado River TX Auth Trans Contract Rev Ref LCRA Trans Svcs Corp Proj | 5.00% | 05/15/38 | 645,960 | ||||
1,000,000 | Lower Colorado River TX Auth Trans Contract Rev Ref LCRA Trans Svcs Corp Proj | 5.00% | 05/15/40 | 1,053,297 | ||||
370,000 | Mission TX CTFs Oblig, AGM | 5.00% | 02/15/30 | 403,541 |
Principal Value | Description | Stated Coupon | Stated Maturity | Value | ||||
MUNICIPAL BONDS (Continued) | ||||||||
Texas (Continued) | ||||||||
$4,000,000 | Mission TX Econ Dev Corp Sol Wst Disp Rev Var Rep Svcs Inc Proj Remk, Ser A, AMT (Mandatory put 08/01/23) | 3.50% | 05/01/50 | $4,000,000 | ||||
1,570,000 | N Fort Bend TX Wtr Auth Wtr Sys Rev Ref, BAM | 3.00% | 12/15/35 | 1,462,436 | ||||
700,000 | N Parkway Muni Mgmt Dist #1 TX Contract Rev Legacy Hills Pub Impt Dt Phase #1A-1B Impts (c) | 4.25% | 09/15/51 | 595,453 | ||||
2,003,000 | N Parkway Muni Mgmt Dist #1 TX Spl Assmnt Rev Major Impts Proj (c) | 4.75% | 09/15/41 | 1,887,817 | ||||
2,250,000 | N TX Tollway Auth Rev Ref 2nd Tier, Ser B | 5.00% | 01/01/31 | 2,359,301 | ||||
1,000,000 | N TX Tollway Auth Rev Ref First Tier Bonds, Ser A | 5.25% | 01/01/38 | 1,134,298 | ||||
5,950,000 | N TX Tollway Auth Rev Ref First Tier Bonds, Ser A | 4.00% | 01/02/38 | 6,011,511 | ||||
1,525,000 | N TX Tollway Auth Rev Ref Sys Second Tier, Ser B | 5.00% | 01/01/31 | 1,541,569 | ||||
250,000 | N TX Tollway Auth Rev Ref, Ser A | 5.00% | 01/01/33 | 261,983 | ||||
1,415,000 | New Hope Cultural Edu Facs Fin Corp TX Retmnt Fac Rev Ref Longhorn Vlg Proj | 5.00% | 01/01/31 | 1,378,890 | ||||
1,200,000 | New Hope Cultural Edu Facs Fin Corp TX Retmnt Fac Rev Ref Longhorn Vlg Proj | 5.00% | 01/01/32 | 1,160,600 | ||||
2,000,000 | New Hope Cultural Edu Facs Fincorp TX Edu Rev Ref Jubilee Acad Ctr (c) | 4.00% | 08/15/36 | 1,702,769 | ||||
505,000 | Newark Hgr Edu Fin Corp TX Edu Rev Hughen Ctr Inc Proj, Ser A | 5.00% | 08/15/32 | 575,950 | ||||
4,710,000 | Tarrant Cnty TX Cultural Edu Facs Fin Corp Hosp Rev Methodist Hosp of Dallas Proj | 4.00% | 10/01/41 | 4,721,134 | ||||
2,690,000 | Tarrant Cnty TX Cultural Edu Facs Fin Corp Hosp Rev Ref Baylor Scott & White Hlth Proj, Ser A | 5.00% | 11/15/45 | 2,760,114 | ||||
750,000 | Tarrant Cnty TX Cultural Edu Facs Fin Corp Hosp Rev Ref Cook Children’s Med Ctr | 4.00% | 12/01/35 | 769,010 | ||||
750,000 | Tarrant Cnty TX Cultural Edu Facs Fin Corp Hosp Rev Var Baylor Scott & White Hlth Proj, Ser F (Mandatory put 11/15/30) | 5.00% | 11/15/52 | 842,936 | ||||
1,500,000 | Tarrant Cnty TX Hosp Dist | 5.25% | 08/15/37 | 1,752,834 | ||||
250,000 | TX St Muni Gas Acq & Sply Corp III Gas Sply Rev Ref | 5.00% | 12/15/29 | 261,966 | ||||
5,000,000 | TX St Priv Activity Bond Surface Transprtn Corp Rev Ref Sr N Tarrant Express Managed Lanes Proj, Ser A | 5.00% | 12/31/34 | 5,344,877 | ||||
2,450,000 | TX St Priv Activity Bond Surface Transprtn Corp Rev Ref Sr N Tarrant Express Managed Lanes Proj, Ser A | 5.00% | 12/31/36 | 2,577,300 | ||||
2,750,000 | TX St Priv Activity Bond Surface Transprtn Corp Rev Segment 3C Proj, AMT | 5.00% | 06/30/58 | 2,759,794 | ||||
2,510,000 | TX St Transprtn Commn Central TX Turnpike Sys Rev Ref, Ser A | 5.00% | 08/15/39 | 2,709,876 | ||||
865,000 | TX St Transprtn Commn Central TX Turnpike Sys Rev Ref, Ser B | 5.00% | 08/15/37 | 880,669 | ||||
785,000 | TX St Wtr Dev Brd St Wtr Implementation Fund, Ser A | 5.00% | 04/15/30 | 865,338 | ||||
250,000 | TX St Wtr Dev Brd St Wtr Implementation Rev Fund for TX | 4.00% | 10/15/32 | 256,977 | ||||
2,175,000 | TX Wtr Dev Brd St Wtr Implementation Rev Fund Master Trust | 5.00% | 10/15/34 | 2,595,367 | ||||
5,000,000 | TX Wtr Dev Brd St Wtr Implementation Rev Fund Master Trust | 4.70% | 10/15/41 | 5,430,903 | ||||
150,000 | Univ of Houston TX Univ Revs Ref, Ser A | 5.00% | 02/15/26 | 159,095 | ||||
1,560,000 | Uptown Dev Auth TX Incr Contract Rev, Ser A | 5.00% | 09/01/36 | 1,593,055 | ||||
500,000 | Viridian TX Muni Mgmt Dist Ref Util Impt, BAM | 6.00% | 12/01/26 | 522,904 | ||||
155,000 | Viridian TX Muni Mgmt Dist Road Impt, BAM | 5.00% | 12/01/26 | 156,948 | ||||
125,000 | Viridian TX Muni Mgmt Dist Util Impt, BAM | 5.00% | 12/01/26 | 126,571 | ||||
1,605,000 | W Harris Cnty TX Regl Wtr Auth Wtr Sys Rev Ref, BAM | 3.00% | 12/15/36 | 1,404,796 | ||||
134,979,350 | ||||||||
Utah – 1.0% | ||||||||
4,400,000 | Black Desert Pub Infra Dist Sr Bonds, Ser A (c) | 4.00% | 03/01/51 | 3,337,057 | ||||
1,370,000 | Grand Cnty Sch Dist Loc Bldg Auth UT, AGM | 5.00% | 12/15/30 | 1,434,288 | ||||
1,400,000 | Grand Cnty Sch Dist Loc Bldg Auth UT, AGM | 5.00% | 12/15/31 | 1,461,387 | ||||
1,515,000 | Grand Cnty Sch Dist Loc Bldg Auth UT, AGM | 5.00% | 12/15/32 | 1,580,654 |
Principal Value | Description | Stated Coupon | Stated Maturity | Value | ||||
MUNICIPAL BONDS (Continued) | ||||||||
Utah (Continued) | ||||||||
$4,000,000 | Intermountain Pwr Agy UT Pwr Sply Rev Ref, Ser A | 5.00% | 07/01/42 | $4,431,166 | ||||
1,750,000 | Military Installation Dev Auth UT Tax Allocation Rev, Ser A-1 | 4.00% | 06/01/52 | 1,265,483 | ||||
2,750,000 | Military Installation Dev Auth UT Tax Allocation Rev, Ser A-2 | 4.00% | 06/01/52 | 1,973,324 | ||||
400,000 | UT St Chrt Sch Fin Auth Chrt Sch Rev Ref Quest Acdmy | 5.00% | 04/15/32 | 418,093 | ||||
325,000 | UT St Chrt Sch Fin Auth Chrt Sch Rev Ref Quest Acdmy | 5.00% | 04/15/37 | 334,176 | ||||
1,590,000 | UT St Chrt Sch Fin Auth Chrt Sch Rev Wallace Stegner Acdmy Proj, Ser A (c) | 5.00% | 06/15/49 | 1,413,991 | ||||
750,000 | UT St Telecommunication Open Infra Agy Sales Tax Ref | 5.25% | 06/01/33 | 887,158 | ||||
1,145,000 | UT St Transit Auth Sales Tax Rev Ref Sub, Ser A (Pre-refunded maturity 06/15/25) | 5.00% | 06/15/35 | 1,196,713 | ||||
19,733,490 | ||||||||
Vermont – 0.3% | ||||||||
550,000 | Burlington VT Ref Lakeview Garage Proj, Ser A, COPS | 5.00% | 12/01/24 | 566,023 | ||||
745,000 | VT St Econ Dev Auth Mtge Rev Ref Wake Robin Corp Proj, Ser A | 5.00% | 05/01/25 | 744,859 | ||||
585,000 | VT St Econ Dev Auth Mtge Rev Ref Wake Robin Corp Proj, Ser A | 5.00% | 05/01/26 | 584,034 | ||||
2,000,000 | VT St Econ Dev Auth Solid Wst Disp Rev Var Casella Waste Sys Inc Remk, AMT (Mandatory put 04/03/28) (c) | 4.63% | 04/01/36 | 1,971,849 | ||||
2,500,000 | VT St Eductnl & Hlth Bldgs Fing Agy Rev Ref Univ of VT Med Ctr, Ser A | 5.00% | 12/01/33 | 2,631,202 | ||||
6,497,967 | ||||||||
Virginia – 1.3% | ||||||||
2,000,000 | Botetourt Cnty VA Rsdl Care Fac Rev Ref Glebe Inc, Ser A | 6.00% | 07/01/44 | 1,987,955 | ||||
1,000,000 | Chesapeake VA Hosp Auth Hosp Fac Rev Ref Chesapeake Regl Med Ctr | 4.00% | 07/01/35 | 1,025,160 | ||||
1,365,000 | Fairfax Cnty VA Econ Dev Auth Fac Rev Green Bond Cnty Fac Proj, Ser A | 5.00% | 10/01/39 | 1,536,330 | ||||
4,590,000 | Loudoun Cnty VA, Ser A | 4.00% | 12/01/41 | 4,653,917 | ||||
1,100,000 | Norfolk VA Redev & Hsg Auth Rev Ft Norfolk Retmnt Cmnty Harbors Edge Proj, Ser A | 4.00% | 01/01/29 | 1,003,506 | ||||
5,595,000 | Richmond VA Pub Util Rev, Ser A | 4.00% | 01/15/38 | 5,725,873 | ||||
200,000 | VA Clg Bldg Auth Eductnl Facs Rev Ref Regent Univ Proj | 4.00% | 06/01/36 | 186,857 | ||||
350,000 | VA Clg Bldg Auth Eductnl Facs Rev Ref Regent Univ Proj | 4.00% | 06/01/46 | 296,130 | ||||
2,000,000 | VA St Pub Bldg Auth Pub Facs Rev, Ser C, AMT | 5.00% | 08/01/33 | 2,110,791 | ||||
1,000,000 | VA St Res Auth Infra Rev Ref Infra VA Pooled Fing Prog, Ser C | 4.00% | 11/01/33 | 1,035,920 | ||||
750,000 | VA St Small Busn Fing Auth Rsdl Fac Care Rev Ref Lifespire of VA | 4.00% | 12/01/31 | 699,655 | ||||
1,570,000 | Virginia Beach VA Dev Auth Rsdl Care Fac Rev Ref Westminster Canterbury on Chesapeake Bay | 5.00% | 09/01/32 | 1,572,803 | ||||
1,000,000 | Virginia Beach VA Dev Auth Rsdl Care Fac Rev Ref Westminster Canterbury on Chesapeake Bay | 5.00% | 09/01/35 | 980,998 | ||||
275,000 | Virginia Beach VA Dev Auth Rsdl Care Fac Rev Ref Westminster Canterbury on Chesapeake Bay | 5.00% | 09/01/36 | 265,635 | ||||
1,185,000 | Wstrn VA Regl Jail Auth Regl Jail Facs Rev Prerefunded Ref (Pre-refunded maturity 12/01/26) | 5.00% | 12/01/34 | 1,276,196 | ||||
1,180,000 | Wstrn VA Regl Jail Auth Regl Jail Facs Rev Unrefunded Ref | 5.00% | 12/01/34 | 1,253,808 | ||||
25,611,534 | ||||||||
Washington – 2.7% | ||||||||
1,235,000 | Benton Cnty WA Pub Util Dist #1 Ref | 4.00% | 11/01/36 | 1,261,446 | ||||
1,250,000 | Centrl Puget Sound WA Regl Transit Auth Sales & Use Tax Green Bond Ref & Impt, Ser S-1 (Pre-refunded maturity 11/01/25) | 5.00% | 11/01/35 | 1,316,582 |
Principal Value | Description | Stated Coupon | Stated Maturity | Value | ||||
MUNICIPAL BONDS (Continued) | ||||||||
Washington (Continued) | ||||||||
$945,000 | Centrl Puget Sound WA Regl Transit Auth Sales Tax & Motor Ve Green Bond, Ser S-1 | 5.00% | 11/01/31 | $1,016,110 | ||||
1,250,000 | Energy NW WA Elec Rev Ref Columbia Generating Sys, Ser A | 5.00% | 07/01/38 | 1,287,458 | ||||
1,500,000 | FYI Properties WA Lease Rev Ref Green Bond WA Dis Proj | 5.00% | 06/01/38 | 1,614,461 | ||||
530,000 | Kalispel Tribe of Indians Priority Dist WA Rev, Ser A (c) | 5.00% | 01/01/32 | 547,151 | ||||
585,000 | Pierce Cnty WA Sch Dist #403 Bethel | 5.00% | 12/01/36 | 653,725 | ||||
2,445,000 | Port of Seattle WA Rev Ref Intermediate Lein Priv Activity, Ser C, AMT | 5.00% | 08/01/33 | 2,726,205 | ||||
1,725,000 | Port of Seattle WA Rev Ref Intermediate Lein Priv Activity, Ser C, AMT | 5.00% | 08/01/46 | 1,819,389 | ||||
5,000,000 | Port of Seattle WA Rev Ref Intermediate Lien Priv Activity, Ser C, AMT | 5.00% | 08/01/39 | 5,376,969 | ||||
1,895,000 | Port of Seattle WA Rev Ref Intermediate Lien, Ser B, AMT | 5.00% | 08/01/35 | 2,102,962 | ||||
2,315,000 | Port of Seattle WA Rev Ref Intermediate Lien, Ser B, AMT | 5.00% | 08/01/37 | 2,520,447 | ||||
2,000,000 | Port of Seattle WA Rev Ref Intermediate Lien, Ser B, AMT | 5.00% | 08/01/39 | 2,166,015 | ||||
500,000 | Snohomish Cnty WA Hsg Auth | 5.00% | 04/01/34 | 547,164 | ||||
1,760,000 | WA St Convention Ctr Pub Facs Dist Sub | 4.00% | 07/01/58 | 1,457,210 | ||||
3,240,000 | WA St Convention Ctr Pub Facs Dist Sub for Exchange Pur Green Bond 2021 1st Priority, Ser B | 4.00% | 07/01/58 | 2,677,994 | ||||
525,000 | WA St Hgr Edu Facs Auth Seattle Univ Proj Rev | 4.00% | 05/01/45 | 497,157 | ||||
305,000 | WA St Hlthcare Facs Auth Seattle Cancer Care Alliance (c) | 5.00% | 12/01/28 | 332,019 | ||||
450,000 | WA St Hlthcare Facs Auth Seattle Cancer Care Alliance (c) | 5.00% | 12/01/32 | 500,669 | ||||
2,100,000 | WA St Hsg Fin Commn Nonprofit Hsg Rev Heron’s Key, Ser A (Pre-refunded maturity 07/01/25) (c) | 7.00% | 07/01/45 | 2,259,184 | ||||
50,000 | WA St Hsg Fin Commn Nonprofit Hsg Rev Ref Emerald Heights Proj | 5.00% | 07/01/28 | 50,118 | ||||
2,430,401 | WA St Hsg Fin Commn Social Ctf, Ser A-1 | 3.50% | 12/20/35 | 2,282,865 | ||||
3,000,000 | WA St Various Purp, Ser A | 5.50% | 08/01/29 | 3,015,996 | ||||
2,000,000 | WA St Various Purp, Ser D | 5.00% | 02/01/35 | 2,024,842 | ||||
4,000,000 | WA St, Ser A-3 Bid Grp 3 | 5.00% | 08/01/45 | 4,444,267 | ||||
4,000,000 | WA St, Ser B | 5.00% | 02/01/36 | 4,113,966 | ||||
2,000,000 | WA St, Ser C | 5.00% | 02/01/42 | 2,220,311 | ||||
50,832,682 | ||||||||
West Virginia – 0.4% | ||||||||
5,000,000 | Kanawha Cnty WV Cnty Commn Stdt Hsg Rev WV Univ Fndtn Proj (Pre-refunded maturity 07/01/23) (c) | 6.75% | 07/01/45 | 5,026,550 | ||||
1,000,000 | S Charleston WV Spl Dist Excise Tax Ref S Charleston Park Place Proj, Ser A (c) | 4.25% | 06/01/42 | 795,759 | ||||
1,000,000 | WV St Econ Dev Auth Sol Wst Disp Facs Var Sr Arch Res Proj, AMT (Mandatory put 07/01/25) | 5.00% | 07/01/45 | 1,001,987 | ||||
6,824,296 | ||||||||
Wisconsin – 2.1% | ||||||||
825,000 | Fond Du Lac WI Sch Dist, Ser A, BAM | 4.00% | 04/01/35 | 858,550 | ||||
1,255,000 | Fond Du Lac WI Sch Dist, Ser A, BAM | 4.00% | 04/01/36 | 1,295,830 | ||||
1,375,000 | Pub Fin Auth WI Chrt Sch Rev Eno River Acdmy Proj, Ser A (c) | 5.00% | 06/15/54 | 1,228,110 | ||||
500,000 | Pub Fin Auth WI Chrt Sch Rev Founders of Acdmy Las Vegas Proj, Ser A (c) | 5.00% | 07/01/40 | 464,027 | ||||
1,240,000 | Pub Fin Auth WI Chrt Sch Rev Ltd American Prep Acdmy Las Vegas Proj, Ser A (c) | 4.20% | 07/15/27 | 1,183,285 | ||||
1,250,000 | Pub Fin Auth WI Chrt Sch Rev Ltd American Prep Acdmy Las Vegas Proj, Ser A (c) | 5.13% | 07/15/37 | 1,153,064 | ||||
2,000,000 | Pub Fin Auth WI Edu Rev Coral Acdmy of Science Las Vegas, Ser A | 4.00% | 07/01/51 | 1,638,622 |
Principal Value | Description | Stated Coupon | Stated Maturity | Value | ||||
MUNICIPAL BONDS (Continued) | ||||||||
Wisconsin (Continued) | ||||||||
$1,285,000 | Pub Fin Auth WI Edu Rev Ref Mountain Island Chrt Sch Ltd | 4.00% | 07/01/27 | $1,279,468 | ||||
1,730,000 | Pub Fin Auth WI Edu Rev Ref Mountain Island Chrt Sch Ltd | 5.00% | 07/01/37 | 1,738,554 | ||||
2,000,000 | Pub Fin Auth WI Edu Rev Ref Mountain Island Chrt Sch Ltd | 5.00% | 07/01/52 | 1,961,646 | ||||
1,275,000 | Pub Fin Auth WI Edu Rev Triad Eductnl Sers Inc, Ser A | 4.00% | 06/15/41 | 1,087,684 | ||||
425,000 | Pub Fin Auth WI Eductnl Rev Piedmont Cmnty Chrt Sch | 5.00% | 06/15/34 | 445,878 | ||||
1,000,000 | Pub Fin Auth WI Exempt Facs Rev Ref Celanese Proj, Ser B, AMT | 5.00% | 12/01/25 | 1,015,669 | ||||
1,250,000 | Pub Fin Auth WI Hosp Rev Ref Renown Regl Med Ctr Proj, Ser A | 4.00% | 06/01/35 | 1,240,644 | ||||
2,000,000 | Pub Fin Auth WI Hosp Rev Ref Renown Regl Med Ctr Proj, Ser A | 4.00% | 06/01/39 | 1,877,546 | ||||
600,000 | Pub Fin Auth WI Retmnt Cmntys Rev Acts Retmnt Life Cmntys Inc Oblig Grp, Ser A | 4.00% | 11/15/37 | 526,621 | ||||
1,450,000 | Pub Fin Auth WI Retmnt Fac Rev Ref Penick Vlg Oblig Grp (c) | 5.00% | 09/01/49 | 1,108,928 | ||||
1,000,000 | Pub Fin Auth WI Retmnt Fac Rev Southminster (c) | 5.00% | 10/01/43 | 864,125 | ||||
2,000,000 | Pub Fin Auth WI Rev Green Bond Fargo Moorhead Met Area Flood Mgmnt, AMT | 4.00% | 03/31/56 | 1,607,471 | ||||
1,500,000 | Pub Fin Auth WI Rev Sr Proton Intl AR LLC, Ser A (c) | 6.50% | 01/01/41 | 1,200,330 | ||||
600,000 | Pub Fin Auth WI Rev TX Biomedical Rsrch Institute Proj, Ser A | 4.00% | 06/01/37 | 570,817 | ||||
535,000 | Pub Fin Auth WI Rev TX Biomedical Rsrch Institute Proj, Ser A | 4.00% | 06/01/38 | 502,060 | ||||
1,595,000 | Pub Fin Auth WI Stdt Hsg Rev Nc A&T Real Estate Fdtn LLC Proj, Ser B | 5.00% | 06/01/39 | 1,574,130 | ||||
1,300,000 | WI St Gen Fund Annual Approp Rev Ref, Ser B (Pre-refunded maturity 06/01/26) | 5.00% | 05/01/34 | 1,387,332 | ||||
750,000 | WI St Hlth & Eductnl Facs Auth Rev Bellin Memorial Hosp Inc, Ser A | 5.00% | 12/01/39 | 804,218 | ||||
100,000 | WI St Hlth & Eductnl Facs Auth Rev Marshfield Clinic Hlth Sys, Ser A | 4.00% | 02/15/36 | 100,190 | ||||
3,650,000 | WI St Hlth & Eductnl Facs Auth Rev Ref Ascension Hlth Credit Grp, Ser A | 5.00% | 11/15/36 | 3,789,883 | ||||
1,780,000 | WI St Hlth & Eductnl Facs Auth Rev Ref Beloit Hlth Sys Inc | 4.00% | 07/01/36 | 1,791,784 | ||||
1,175,000 | WI St Hlth & Eductnl Facs Auth Rev Ref Prohealth Care Oblig Grp | 5.00% | 08/15/31 | 1,203,944 | ||||
175,000 | WI St Hlth & Eductnl Facs Auth Rev Ref Prohealth Care Oblig Grp | 5.00% | 08/15/33 | 178,816 | ||||
700,000 | WI St Hlth & Eductnl Facs Auth Rev Ref Rogers Memorial Hosp Inc, Ser A | 5.00% | 07/01/44 | 720,804 | ||||
435,000 | WI St Hlth & Eductnl Facs Auth Rev St Johns Cmntys Inc Proj, Ser A (Pre-refunded maturity 09/15/23) | 5.00% | 09/15/30 | 437,558 | ||||
2,000,000 | WI St Ref, Ser 3 | 4.00% | 11/01/34 | 2,083,424 | ||||
38,921,012 | ||||||||
Wyoming – 0.2% | ||||||||
1,750,000 | Consol Muni Elec Pwr Sys WY Jt Pwrs Brd Sys Jt Pwrs Brd Ref Electrical Sys Proj | 5.25% | 06/01/38 | 1,977,221 | ||||
1,000,000 | Consol Muni Elec Pwr Sys WY Jt Pwrs Brd Sys Jt Pwrs Brd Ref Electrical Sys Proj | 5.25% | 06/01/39 | 1,123,483 | ||||
3,100,704 |
Total Investments – 98.4% | 1,863,962,680 | ||
(Cost $1,901,534,100) | |||
Net Other Assets and Liabilities – 1.6% | 29,481,553 | ||
Net Assets – 100.0% | $1,893,444,233 |
Futures Contracts | Position | Number of Contracts | Expiration Date | Notional Value | Unrealized Appreciation (Depreciation)/ Value | |||||
10-Year U.S. Treasury Notes | Short | 243 | Jun 2023 | $ (27,994,359) | $(888,469) | |||||
Ultra 10-Year U.S. Treasury Notes | Short | 598 | Jun 2023 | (72,628,969) | (2,124,469) | |||||
$(100,623,328) | $(3,012,938) |
(a) | Variable Rate Demand bond. Interest rate is reset periodically by the agent based on current market conditions. |
(b) | Pursuant to procedures adopted by the Trust’s Board of Trustees, this security has been determined to be illiquid by the Advisor. |
(c) | This security, sold within the terms of a private placement memorandum, is exempt from registration upon resale under Rule 144A of the Securities Act of 1933, as amended (the “1933 Act”), and may be resold in transactions exempt from registration, normally to qualified institutional buyers. Pursuant to procedures adopted by the Trust’s Board of Trustees, this security has been determined to be liquid by the Advisor. Although market instability can result in periods of increased overall market illiquidity, liquidity for each security is determined based on security specific factors and assumptions, which require subjective judgment. At April 30, 2023, securities noted as such amounted to $116,021,235 or 6.1% of net assets. |
(d) | This issuer is in default. |
(e) | This security, sold within the terms of a private placement memorandum, is exempt from registration upon resale under Rule 144A of the 1933 Act, and may be resold in transactions exempt from registration, normally to qualified institutional buyers (see Note 2C - Restricted Securities in the Notes to Financial Statements). |
(f) | Zero coupon bond. |
(g) | When-issued security. The interest rate shown reflects the rate in effect at April 30, 2023. Interest will begin accruing on the security’s first settlement date. |
AGC | Assured Guaranty Corp. |
AGM | Assured Guaranty Municipal Corp. |
AMBAC | American Municipal Bond Assurance Corp. |
AMT | Alternative Minimum Tax |
BAM | Build America Mutual |
BANS | Bond Anticipation Notes |
CABS | Capital Appreciation Bonds |
COPS | Certificates of Participation |
GARVEE | Grant Anticipation Revenue Vehicle |
NATL-RE | National Public Finance Guarantee Corp. |
ASSETS TABLE | ||||
Total Value at 4/30/2023 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |
Municipal Bonds* | $ 1,863,962,680 | $ — | $ 1,863,962,680 | $ — |
LIABILITIES TABLE | ||||
Total Value at 4/30/2023 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |
Futures Contracts** | $ (3,012,938) | $ (3,012,938) | $ — | $ — |
* | See Portfolio of Investments for state and territory breakout. |
** | Includes cumulative appreciation/depreciation on futures contracts as reported in the Futures Contracts table. Only the current day’s variation margin is presented on the Statement of Assets and Liabilities. |
ASSETS: | |
Investments, at value (Cost $1,901,534,100) | $ 1,863,962,680 |
Cash | 9,725,587 |
Cash segregated as collateral for open futures contracts | 2,400,552 |
Receivables: | |
Interest | 25,692,192 |
Investment securities sold | 8,912,376 |
Total Assets | 1,910,693,387 |
LIABILITIES: | |
Payables: | |
Investment securities purchased | 8,063,933 |
Fund shares redeemed | 7,603,818 |
Investment advisory fees | 1,018,997 |
Variation margin | 562,406 |
Total Liabilities | 17,249,154 |
NET ASSETS | $1,893,444,233 |
NET ASSETS consist of: | |
Paid-in capital | $ 2,080,665,931 |
Par value | 373,000 |
Accumulated distributable earnings (loss) | (187,594,698) |
NET ASSETS | $1,893,444,233 |
NET ASSET VALUE, per share | $50.76 |
Number of shares outstanding (unlimited number of shares authorized, par value $0.01 per share) | 37,300,002 |
INVESTMENT INCOME: | ||
Interest | $ 33,365,352 | |
Other | 47,920 | |
Total investment income | 33,413,272 | |
EXPENSES: | ||
Investment advisory fees | 6,138,939 | |
Total expenses | 6,138,939 | |
Fees waived by the investment advisor | (939,126) | |
Net expenses | 5,199,813 | |
NET INVESTMENT INCOME (LOSS) | 28,213,459 | |
NET REALIZED AND UNREALIZED GAIN (LOSS): | ||
Net realized gain (loss) on: | ||
Investments | (18,097,602) | |
Futures contracts | 1,520,784 | |
Net realized gain (loss) | (16,576,818) | |
Net change in unrealized appreciation (depreciation) on: | ||
Investments | 117,241,410 | |
Futures contracts | (10,235,563) | |
Net change in unrealized appreciation (depreciation) | 107,005,847 | |
NET REALIZED AND UNREALIZED GAIN (LOSS) | 90,429,029 | |
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ 118,642,488 |
Six Months Ended 4/30/2023 (Unaudited) | Year Ended 10/31/2022 | ||
OPERATIONS: | |||
Net investment income (loss) | $ 28,213,459 | $ 48,947,788 | |
Net realized gain (loss) | (16,576,818) | (108,248,928) | |
Net increase from payment by the advisor | — | 5,130 | |
Net change in unrealized appreciation (depreciation) | 107,005,847 | (237,070,854) | |
Net increase (decrease) in net assets resulting from operations | 118,642,488 | (296,366,864) | |
DISTRIBUTIONS TO SHAREHOLDERS FROM: | |||
Investment operations | (28,397,652) | (48,226,078) | |
SHAREHOLDER TRANSACTIONS: | |||
Proceeds from shares sold | 187,450,485 | 434,158,734 | |
Cost of shares redeemed | (142,062,941) | (725,159,348) | |
Net increase (decrease) in net assets resulting from shareholder transactions | 45,387,544 | (291,000,614) | |
Total increase (decrease) in net assets | 135,632,380 | (635,593,556) | |
NET ASSETS: | |||
Beginning of period | 1,757,811,853 | 2,393,405,409 | |
End of period | $1,893,444,233 | $1,757,811,853 | |
CHANGES IN SHARES OUTSTANDING: | |||
Shares outstanding, beginning of period | 36,350,002 | 42,350,002 | |
Shares sold | 3,750,000 | 8,100,000 | |
Shares redeemed | (2,800,000) | (14,100,000) | |
Shares outstanding, end of period | 37,300,002 | 36,350,002 |
Six Months Ended 4/30/2023 (Unaudited) | Year Ended October 31, | |||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||
Net asset value, beginning of period | $ 48.36 | $ 56.51 | $ 55.40 | $ 55.38 | $ 51.75 | $ 53.16 | ||||||
Income from investment operations: | ||||||||||||
Net investment income (loss) | 0.74 | 1.20 | 1.13 | 1.23 | 1.35 | 1.35 | ||||||
Net realized and unrealized gain (loss) | 2.41 | (8.17) | 1.12 | 0.05 | 3.67 | (1.41) | ||||||
Total from investment operations | 3.15 | (6.97) | 2.25 | 1.28 | 5.02 | (0.06) | ||||||
Distributions paid to shareholders from: | ||||||||||||
Net investment income | (0.75) | (1.18) | (1.12) | (1.23) | (1.36) | (1.35) | ||||||
Return of capital | — | — | (0.02) | (0.03) | (0.03) | — | ||||||
Total distributions | (0.75) | (1.18) | (1.14) | (1.26) | (1.39) | (1.35) | ||||||
Net asset value, end of period | $50.76 | $48.36 | $56.51 | $55.40 | $55.38 | $51.75 | ||||||
Total return (a) | 6.54% | (12.47)% (b) | 4.06% (b) | 2.33% | 9.79% | (0.12)% | ||||||
Ratios to average net assets/supplemental data: | ||||||||||||
Net assets, end of period (in 000’s) | $ 1,893,444 | $ 1,757,812 | $ 2,393,405 | $ 1,714,485 | $ 1,135,258 | $ 455,371 | ||||||
Ratio of total expenses to average net assets | 0.65% (c) | 0.65% | 0.65% | 0.65% | 0.65% | 0.65% | ||||||
Ratio of net expenses to average net assets | 0.55% (c) | 0.50% | 0.50% | 0.50% | 0.50% | 0.50% | ||||||
Ratio of net investment income (loss) to average net assets | 2.99% (c) | 2.23% | 1.99% | 2.24% | 2.53% | 2.60% | ||||||
Portfolio turnover rate (d) | 17% | 63% | 9% | 35% | 26% | 42% |
(a) | Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all distributions at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return is calculated for the time period presented and is not annualized for periods of less than a year. For some periods, the total returns would have been lower if certain fees had not been waived by the advisor. |
(b) | During the fiscal years ended October 31, 2022 and 2021, the Fund received reimbursements from the advisor in the amounts of $5,130 and $4,688, respectively, each representing less than $0.01 per share. Since the advisor reimbursed the Fund, there was no effect on the Fund’s total return. |
(c) | Annualized. |
(d) | Portfolio turnover is calculated for the time period presented and is not annualized for periods of less than a year and does not include securities received or delivered from processing creations or redemptions and in-kind transactions. |
1) | benchmark yields; |
2) | reported trades; |
3) | broker/dealer quotes; |
4) | issuer spreads; |
5) | benchmark securities; |
6) | bids and offers; and |
7) | reference data including market research publications. |
1) | the credit conditions in the relevant market and changes thereto; |
2) | the liquidity conditions in the relevant market and changes thereto; |
3) | the interest rate conditions in the relevant market and changes thereto (such as significant changes in interest rates); |
4) | issuer-specific conditions (such as significant credit deterioration); and |
5) | any other market-based data the Advisor’s Pricing Committee considers relevant. In this regard, the Advisor’s Pricing Committee may use last-obtained market-based data to assist it when valuing portfolio securities using amortized cost. |
1) | the fundamental business data relating to the issuer; |
2) | an evaluation of the forces which influence the market in which these securities are purchased and sold; |
3) | the type, size and cost of the security; |
4) | the financial statements of the issuer; |
5) | the credit quality and cash flow of the issuer, based on the Advisor’s or external analysis; |
6) | the information as to any transactions in or offers for the security; |
7) | the price and extent of public trading in similar securities (or equity securities) of the issuer/borrower, or comparable companies; |
8) | the coupon payments; |
9) | the quality, value and salability of collateral, if any, securing the security; and |
10) | other relevant factors. |
• | Level 1 – Level 1 inputs are quoted prices in active markets for identical investments. An active market is a market in which transactions for the investment occur with sufficient frequency and volume to provide pricing information on an ongoing basis. |
• | Level 2 – Level 2 inputs are observable inputs, either directly or indirectly, and include the following: |
o | Quoted prices for similar investments in active markets. |
o | Quoted prices for identical or similar investments in markets that are non-active. A non-active market is a market where there are few transactions for the investment, the prices are not current, or price quotations vary substantially either over time or among market makers, or in which little information is released publicly. |
o | Inputs other than quoted prices that are observable for the investment (for example, interest rates and yield curves observable at commonly quoted intervals, volatilities, prepayment speeds, loss severities, credit risks, and default rates). |
o | Inputs that are derived principally from or corroborated by observable market data by correlation or other means. |
• | Level 3 – Level 3 inputs are unobservable inputs. Unobservable inputs may reflect the reporting entity’s own assumptions about the assumptions that market participants would use in pricing the investment. |
Security | Acquisition Date | Principal Value | Current Price | Carrying Cost | Value | % of Net Assets | ||
Brookstone CDD FL Spl Assmnt Rev CDD, 3.88%, 11/01/23 | 01/24/18 | $95,000 | $99.77 | $95,000 | $94,780 | 0.01% | ||
IN St Fin Auth Rev Eductnl Facs Rock Creek Cmnty Acdmy Proj, Ser A, 5.25%, 07/01/28 | 09/04/18 | 700,000 | 99.81 | 704,653 | 698,696 | 0.04 | ||
IN St Fin Auth Rev Eductnl Facs Rock Creek Cmnty Acdmy Proj, Ser A, 5.88%, 07/01/38 | 09/04/18 | 1,000,000 | 100.32 | 1,003,184 | 1,003,213 | 0.05 | ||
$1,802,837 | $1,796,689 | 0.10% |
Distributions paid from: | |
Ordinary income | $174,605 |
Capital gains | — |
Tax-exempt income | 48,051,473 |
Return of capital | — |
Undistributed ordinary income | $440,113 |
Accumulated capital and other gain (loss) | (122,643,308) |
Net unrealized appreciation (depreciation) | (155,636,339) |
Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation (Depreciation) | |||
$1,901,534,100 | $22,153,064 | $(62,737,422) | $(40,584,358) |
Breakpoints | |||||||
Fund net assets up to and including $2.5 billion | 0.65000% | ||||||
Fund net assets greater than $2.5 billion up to and including $5 billion | 0.63375% | ||||||
Fund net assets greater than $5 billion up to and including $7.5 billion | 0.61750% | ||||||
Fund net assets greater than $7.5 billion up to and including $10 billion | 0.60125% | ||||||
Fund net assets greater than $10 billion | 0.58500% |
Asset Derivatives | Liability Derivatives | |||||||||
Derivative Instrument | Risk Exposure | Statement of Assets and Liabilities Location | Value | Statement of Assets and Liabilities Location | Value | |||||
Futures contracts | Interest Rate Risk | Unrealized appreciation on futures contracts* | $ — | Unrealized depreciation on futures contracts* | $ 3,012,938 |
Statement of Operations Location | |
Interest Rate Risk Exposure | |
Net realized gain (loss) on futures contracts | $1,520,784 |
Net change in unrealized appreciation (depreciation) on futures contracts | (10,235,563) |
NOT FDIC INSURED | NOT BANK GUARANTEED | MAY LOSE VALUE |
FUND ACCOUNTANT &
TRANSFER AGENT
PUBLIC ACCOUNTING FIRM
For the Six Months Ended
April 30, 2023
1 | |
2 | |
5 | |
6 | |
7 | |
17 | |
18 | |
19 | |
20 | |
21 | |
28 |
Performance | |||||||
Average Annual Total Returns | Cumulative Total Returns | ||||||
6 Months Ended 4/30/23 | 1 Year Ended 4/30/23 | 5 Years Ended 4/30/23 | Inception (9/8/14) to 4/30/23 | 5 Years Ended 4/30/23 | Inception (9/8/14) to 4/30/23 | ||
Fund Performance | |||||||
NAV | 6.55% | 4.33% | 6.64% | 7.18% | 37.93% | 81.99% | |
Market Price | 6.55% | 4.35% | 6.64% | 7.18% | 37.91% | 82.06% | |
Index Performance | |||||||
S&P 500® Index | 8.63% | 2.66% | 11.45% | 10.94% | 71.93% | 145.17% |
Portfolio Sector Allocation | % of Total Investments – Long Positions |
Information Technology | 26.9% |
Health Care | 17.5 |
Consumer Staples | 10.1 |
Industrials | 9.8 |
Energy | 8.4 |
Consumer Discretionary | 7.8 |
Financials | 6.7 |
Materials | 6.0 |
Communication Services | 5.1 |
Real Estate | 1.7 |
Total | 100.0% |
Portfolio Sector Allocation | % of Total Investments Sold Short |
Industrials | 24.2% |
Financials | 15.2 |
Consumer Staples | 9.9 |
Consumer Discretionary | 9.9 |
Health Care | 9.6 |
Communication Services | 9.3 |
Materials | 8.9 |
Information Technology | 8.2 |
Energy | 4.8 |
Total | 100.0% |
Top Ten Investments – Long Positions | % of Net Assets |
Apple, Inc. | 4.5% |
Microsoft Corp. | 3.2 |
Hershey (The) Co. | 2.8 |
Centene Corp. | 2.7 |
Workday, Inc., Class A | 2.6 |
Dow, Inc. | 2.6 |
Cisco Systems, Inc. | 2.5 |
Cognizant Technology Solutions Corp., Class A | 2.5 |
AT&T, Inc. | 2.5 |
AbbVie, Inc. | 2.2 |
Total | 28.1% |
Top Ten Investments Sold Short | % of Net Assets |
Trade Desk (The), Inc., Class A | -0.9% |
Dollar Tree, Inc. | -0.9 |
Walt Disney (The) Co. | -0.9 |
Kroger (The) Co. | -0.9 |
Air Products & Chemicals, Inc. | -0.8 |
Automatic Data Processing, Inc. | -0.8 |
General Dynamics Corp. | -0.8 |
Norfolk Southern Corp. | -0.8 |
Johnson Controls International PLC | -0.7 |
DuPont de Nemours, Inc. | -0.7 |
Total | -8.2% |
Fund Allocation | % of Net Assets |
Common Stocks | 95.0% |
Real Estate Investment Trusts | 1.4 |
Master Limited Partnerships | 1.0 |
Common Stocks Sold Short | (27.5) |
Exchange-Traded Funds Sold Short | (1.1) |
Real Estate Investment Trusts Sold Short | (0.1) |
Net Other Assets and Liabilities* | 31.3 |
Total | 100.0% |
* | Includes variation margin on futures contracts. |
Performance figures assume reinvestment of all distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. An index is a statistical composite that tracks a specified financial market or sector. Unlike the Fund, the index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by the Fund. These expenses negatively impact the performance of the Fund. The Fund’s past performance does not predict future performance.
Beginning Account Value November 1, 2022 | Ending Account Value April 30, 2023 | Annualized Expense Ratio Based on the Six-Month Period (a) | Expenses Paid During the Six-Month Period (a)(b) | |
First Trust Long/Short Equity ETF (FTLS) | ||||
Actual | $1,000.00 | $1,065.50 | 1.47% | $7.53 |
Hypothetical (5% return before expenses) | $1,000.00 | $1,017.50 | 1.47% | $7.35 |
(a) | Annualized expense ratio and expenses paid during the six-month period do not include fees and expenses of the underlying funds in which the Fund invests. |
(b) | Expenses are equal to the annualized expense ratios as indicated in the table multiplied by the average account value over the period (November 1, 2022 through April 30, 2023), multiplied by 181/365 (to reflect the six-month period). |
Shares/ Units | Description | Value | ||
COMMON STOCKS – 95.0% | ||||
Aerospace & Defense – 0.4% | ||||
6,925 | Boeing (The) Co. (a) | $1,431,951 | ||
1,244 | TransDigm Group, Inc. | 951,660 | ||
2,383,611 | ||||
Air Freight & Logistics – 0.4% | ||||
12,521 | FedEx Corp. | 2,852,033 | ||
Automobile Components – 1.0% | ||||
131,032 | BorgWarner, Inc. | 6,306,570 | ||
Automobiles – 0.7% | ||||
26,067 | Tesla, Inc. (a) | 4,283,069 | ||
Banks – 0.9% | ||||
11,977 | Citigroup, Inc. | 563,757 | ||
30,395 | Commerce Bancshares, Inc. | 1,697,561 | ||
27,341 | JPMorgan Chase & Co. (b) | 3,779,620 | ||
6,040,938 | ||||
Beverages – 2.3% | ||||
230,375 | Monster Beverage Corp. (a) (b) | 12,901,000 | ||
10,424 | PepsiCo, Inc. | 1,989,837 | ||
14,890,837 | ||||
Biotechnology – 3.9% | ||||
90,256 | AbbVie, Inc. (b) | 13,639,487 | ||
35,416 | Gilead Sciences, Inc. | 2,911,550 | ||
27,208 | Incyte Corp. (a) | 2,024,547 | ||
19,158 | Vertex Pharmaceuticals, Inc. (a) (b) | 6,527,705 | ||
25,103,289 | ||||
Broadline Retail – 1.5% | ||||
81,614 | Amazon.com, Inc. (a) (b) | 8,606,196 | ||
14,936 | eBay, Inc. | 693,479 | ||
9,299,675 | ||||
Building Products – 2.7% | ||||
44,345 | Allegion PLC | 4,899,236 | ||
126,493 | Carrier Global Corp. | 5,289,937 | ||
65,909 | Owens Corning | 7,039,740 | ||
17,228,913 | ||||
Capital Markets – 1.6% | ||||
33,904 | Cboe Global Markets, Inc. | 4,736,389 | ||
24,600 | CME Group, Inc. | 4,569,942 | ||
14,607 | Tradeweb Markets, Inc., Class A | 1,028,479 | ||
10,334,810 | ||||
Chemicals – 4.3% | ||||
47,449 | Corteva, Inc. | 2,900,083 | ||
301,311 | Dow, Inc. (b) | 16,391,318 | ||
77,809 | Eastman Chemical Co. | 6,556,964 | ||
17,709 | LyondellBasell Industries N.V., Class A | 1,675,449 | ||
27,523,814 | ||||
Commercial Services & Supplies – 0.9% | ||||
22,667 | ABM Industries, Inc. | 965,161 |
Shares/ Units | Description | Value | ||
COMMON STOCKS (Continued) | ||||
Commercial Services & Supplies (Continued) | ||||
120,508 | Rollins, Inc. | $5,091,463 | ||
6,056,624 | ||||
Communications Equipment – 4.3% | ||||
345,347 | Cisco Systems, Inc. (b) | 16,317,646 | ||
40,317 | F5, Inc. (a) | 5,416,992 | ||
19,016 | Motorola Solutions, Inc. | 5,541,262 | ||
27,275,900 | ||||
Construction Materials – 0.1% | ||||
4,906 | Eagle Materials, Inc. | 727,118 | ||
Containers & Packaging – 0.8% | ||||
85,018 | Graphic Packaging Holding Co. | 2,096,544 | ||
79,618 | O-I Glass, Inc. (a) | 1,789,016 | ||
28,426 | Sealed Air Corp. | 1,364,164 | ||
5,249,724 | ||||
Diversified Consumer Services – 0.7% | ||||
41,563 | Frontdoor, Inc. (a) | 1,137,164 | ||
16,109 | Grand Canyon Education, Inc. (a) | 1,912,138 | ||
37,102 | Stride, Inc. (a) | 1,593,902 | ||
4,643,204 | ||||
Diversified Telecommunication Services – 3.0% | ||||
907,915 | AT&T, Inc. (b) | 16,042,858 | ||
15,209 | Iridium Communications, Inc. | 965,315 | ||
57,812 | Verizon Communications, Inc. | 2,244,840 | ||
19,253,013 | ||||
Electrical Equipment – 0.6% | ||||
83,689 | Sensata Technologies Holding PLC | 3,636,287 | ||
Electronic Equipment, Instruments & Components – 1.3% | ||||
19,748 | Belden, Inc. | 1,557,920 | ||
18,457 | IPG Photonics Corp. (a) | 2,122,186 | ||
31,047 | TD SYNNEX Corp. | 2,764,425 | ||
71,032 | Vontier Corp. | 1,927,098 | ||
8,371,629 | ||||
Entertainment – 0.1% | ||||
41,150 | Warner Bros Discovery, Inc. (a) | 560,051 | ||
Financial Services – 1.5% | ||||
16,151 | Berkshire Hathaway, Inc., Class B (a) | 5,306,411 | ||
1,695 | Mastercard, Inc., Class A | 644,151 | ||
14,767 | Visa, Inc., Class A (b) | 3,436,724 | ||
9,387,286 | ||||
Food Products – 4.5% | ||||
66,133 | Hershey (The) Co. (b) | 18,058,277 | ||
136,837 | Hormel Foods Corp. | 5,533,688 | ||
50,561 | McCormick & Co., Inc. | 4,441,784 | ||
53,396 | Nomad Foods Ltd. (a) | 1,003,845 | ||
29,037,594 |
Shares/ Units | Description | Value | ||
COMMON STOCKS (Continued) | ||||
Ground Transportation – 0.8% | ||||
290,129 | Lyft, Inc., Class A (a) | $2,973,822 | ||
71,915 | Uber Technologies, Inc. (a) | 2,232,961 | ||
5,206,783 | ||||
Health Care Equipment & Supplies – 0.3% | ||||
21,049 | QuidelOrtho Corp. (a) | 1,893,358 | ||
Health Care Providers & Services – 5.1% | ||||
247,702 | Centene Corp. (a) (b) | 17,074,099 | ||
29,920 | Henry Schein, Inc. (a) | 2,417,835 | ||
10,232 | UnitedHealth Group, Inc. | 5,035,065 | ||
54,505 | Universal Health Services, Inc., Class B | 8,194,827 | ||
32,721,826 | ||||
Hotels, Restaurants & Leisure – 1.6% | ||||
3,928 | Booking Holdings, Inc. (a) (b) | 10,551,826 | ||
Household Durables – 1.2% | ||||
23,527 | Century Communities, Inc. | 1,584,308 | ||
363,423 | Newell Brands, Inc. | 4,415,590 | ||
273 | NVR, Inc. (a) | 1,594,320 | ||
7,594,218 | ||||
Household Products – 2.1% | ||||
29,300 | Church & Dwight Co., Inc. | 2,845,616 | ||
86,078 | Colgate-Palmolive Co. | 6,869,024 | ||
22,118 | Procter & Gamble (The) Co. | 3,458,813 | ||
13,173,453 | ||||
Insurance – 2.5% | ||||
35,791 | Aon PLC, Class A (b) | 11,638,517 | ||
4,199 | Chubb Ltd. | 846,351 | ||
11,073 | Kinsale Capital Group, Inc. | 3,617,660 | ||
16,102,528 | ||||
Interactive Media & Services – 1.8% | ||||
56,707 | Alphabet, Inc., Class A (a) (b) | 6,086,930 | ||
46,264 | Alphabet, Inc., Class C (a) (b) | 5,006,690 | ||
41,149 | ZipRecruiter, Inc., Class A (a) | 697,064 | ||
11,790,684 | ||||
IT Services – 4.0% | ||||
269,315 | Cognizant Technology Solutions Corp., Class A (b) | 16,080,799 | ||
69,112 | GoDaddy, Inc., Class A (a) | 5,230,396 | ||
50,934 | Wix.com Ltd. (a) | 4,442,973 | ||
25,754,168 | ||||
Life Sciences Tools & Services – 2.0% | ||||
53,407 | Illumina, Inc. (a) (b) | 10,978,343 | ||
8,236 | Medpace Holdings, Inc. (a) | 1,648,353 | ||
12,626,696 | ||||
Machinery – 0.5% | ||||
14,941 | AGCO Corp. | 1,851,787 | ||
8,679 | Watts Water Technologies, Inc., Class A | 1,403,655 | ||
3,255,442 |
Shares/ Units | Description | Value | ||
COMMON STOCKS (Continued) | ||||
Metals & Mining – 0.6% | ||||
47,666 | Arconic Corp. (a) | $1,179,733 | ||
19,506 | Franco-Nevada Corp. | 2,960,621 | ||
4,140,354 | ||||
Oil, Gas & Consumable Fuels – 7.2% | ||||
121,690 | Canadian Natural Resources Ltd. | 7,419,439 | ||
32,773 | Cenovus Energy, Inc. | 550,586 | ||
3,971 | Cheniere Energy, Inc. | 607,563 | ||
30,975 | Chevron Corp. | 5,221,765 | ||
19,538 | Chord Energy Corp. | 2,780,844 | ||
37,557 | Civitas Resources, Inc. | 2,593,311 | ||
5,791 | ConocoPhillips | 595,836 | ||
40,481 | Exxon Mobil Corp. | 4,790,522 | ||
30,038 | FLEX LNG Ltd. | 1,033,608 | ||
11,773 | HF Sinclair Corp. | 519,307 | ||
4,685 | Marathon Petroleum Corp. | 571,570 | ||
65,706 | Murphy Oil Corp. | 2,412,067 | ||
75,350 | Occidental Petroleum Corp. | 4,636,286 | ||
16,902 | PDC Energy, Inc. | 1,099,475 | ||
5,972 | Phillips 66 | 591,228 | ||
5,041 | Pioneer Natural Resources Co. | 1,096,670 | ||
45,887 | SandRidge Energy, Inc. (a) | 650,219 | ||
120,068 | TotalEnergies SE, ADR | 7,675,947 | ||
4,435 | Valero Energy Corp. | 508,561 | ||
29,846 | World Fuel Services Corp. | 705,559 | ||
46,060,363 | ||||
Pharmaceuticals – 5.8% | ||||
41,664 | AstraZeneca PLC, ADR | 3,050,638 | ||
421,376 | Elanco Animal Health, Inc. (a) | 3,990,431 | ||
14,153 | Jazz Pharmaceuticals PLC (a) | 1,988,072 | ||
69,084 | Johnson & Johnson (b) | 11,309,051 | ||
20,698 | Novartis AG, ADR | 2,122,994 | ||
82,578 | Perrigo Co. PLC | 3,071,076 | ||
718,365 | Viatris, Inc. | �� | 6,702,345 | |
28,982 | Zoetis, Inc. | 5,094,456 | ||
37,329,063 | ||||
Professional Services – 2.1% | ||||
462,039 | Clarivate PLC (a) | 4,093,665 | ||
11,541 | Insperity, Inc. | 1,413,311 | ||
103,563 | SS&C Technologies Holdings, Inc. | 6,062,578 | ||
22,755 | TriNet Group, Inc. (a) | 2,111,209 | ||
13,680,763 | ||||
Real Estate Management & Development – 0.2% | ||||
18,732 | Howard Hughes (The) Corp. (a) | 1,449,295 | ||
Semiconductors & Semiconductor Equipment – 3.1% | ||||
4,122 | Broadcom, Inc. | 2,582,433 | ||
410,968 | Intel Corp. (b) | 12,764,666 | ||
15,760 | NVIDIA Corp. | 4,373,242 | ||
19,720,341 |
Shares/ Units | Description | Value | ||
COMMON STOCKS (Continued) | ||||
Software – 9.1% | ||||
13,667 | Adobe, Inc. (a) | $5,160,112 | ||
223,784 | Dropbox, Inc., Class A (a) | 4,551,767 | ||
67,502 | Microsoft Corp. (b) | 20,740,664 | ||
15,458 | Salesforce, Inc. (a) | 3,066,403 | ||
95,142 | Smartsheet, Inc., Class A (a) | 3,888,454 | ||
89,871 | Workday, Inc., Class A (a) (b) | 16,728,588 | ||
66,253 | Zoom Video Communications, Inc., Class A (a) | 4,069,922 | ||
58,205,910 | ||||
Specialty Retail – 0.5% | ||||
27,037 | Children’s Place (The), Inc. (a) | 801,377 | ||
3,082 | Lowe’s Cos., Inc. | 640,532 | ||
5,910 | Murphy USA, Inc. | 1,626,609 | ||
3,068,518 | ||||
Technology Hardware, Storage & Peripherals – 4.5% | ||||
170,817 | Apple, Inc. (b) | 28,984,229 | ||
Textiles, Apparel & Luxury Goods – 0.5% | ||||
74,148 | Capri Holdings, Ltd. (a) | 3,077,142 | ||
Tobacco – 0.9% | ||||
121,920 | Altria Group, Inc. | 5,792,419 | ||
Trading Companies & Distributors – 1.1% | ||||
11,732 | SiteOne Landscape Supply, Inc. (a) | 1,733,285 | ||
15,223 | Watsco, Inc. | 5,272,943 | ||
7,006,228 | ||||
Total Common Stocks | 609,631,596 | |||
(Cost $585,258,498) | ||||
REAL ESTATE INVESTMENT TRUSTS – 1.4% | ||||
Industrial REITs – 0.7% | ||||
36,087 | Prologis, Inc. | 4,519,897 | ||
Office REITs – 0.7% | ||||
162,095 | Douglas Emmett, Inc. | 2,087,784 | ||
77,477 | Kilroy Realty Corp. | 2,265,427 | ||
4,353,211 | ||||
Total Real Estate Investment Trusts | 8,873,108 | |||
(Cost $9,441,441) | ||||
MASTER LIMITED PARTNERSHIPS – 1.0% | ||||
Oil, Gas & Consumable Fuels – 1.0% | ||||
44,965 | Cheniere Energy Partners, L.P. | 2,050,854 | ||
117,861 | EnLink Midstream, LLC (c) | 1,156,216 | ||
44,578 | Magellan Midstream Partners, L.P. | 2,487,452 | ||
26,984 | Viper Energy Partners, L.P. (c) | 794,409 | ||
Total Master Limited Partnerships | 6,488,931 | |||
(Cost $6,840,344) |
Total Investments – 97.4% | 624,993,635 | ||
(Cost $601,540,283) |
Shares | Description | Value | ||
COMMON STOCKS SOLD SHORT – (27.5)% | ||||
Aerospace & Defense – (1.0)% | ||||
(10,411) | BWX Technologies, Inc. | $(672,342) | ||
(23,063) | General Dynamics Corp. | (5,035,575) | ||
(134,140) | Virgin Galactic Holdings, Inc. (a) | (488,270) | ||
(6,196,187) | ||||
Automobiles – (0.7)% | ||||
(353,333) | Rivian Automotive, Inc., Class A (a) | (4,529,729) | ||
Banks – (1.1)% | ||||
(8,449) | Ameris Bancorp | (283,042) | ||
(5,000) | BOK Financial Corp. | (419,350) | ||
(11,289) | Credicorp Ltd. | (1,529,434) | ||
(10,539) | First Financial Bankshares, Inc. | (308,371) | ||
(33,668) | M&T Bank Corp. | (4,235,434) | ||
(39,924) | Old National Bancorp | (535,381) | ||
(7,311,012) | ||||
Beverages – (0.1)% | ||||
(3,901) | MGP Ingredients, Inc. | (384,951) | ||
Building Products – (0.7)% | ||||
(80,228) | Johnson Controls International PLC | (4,800,843) | ||
Capital Markets – (0.8)% | ||||
(106,116) | Bank of New York Mellon (The) Corp. | (4,519,480) | ||
(4,989) | Hamilton Lane, Inc., Class A | (367,590) | ||
(4,887,070) | ||||
Chemicals – (1.7)% | ||||
(18,225) | Air Products & Chemicals, Inc. | (5,364,711) | ||
(10,013) | Ashland, Inc. | (1,017,421) | ||
(65,985) | DuPont de Nemours, Inc. | (4,600,474) | ||
(10,982,606) | ||||
Commercial Services & Supplies – (0.7)% | ||||
(5,259) | Casella Waste Systems, Inc., Class A (a) | (468,051) | ||
(13,368) | Driven Brands Holdings, Inc. (a) | (410,398) | ||
(2,795) | MSA Safety, Inc. | (362,651) | ||
(6,881) | Tetra Tech, Inc. | (952,124) | ||
(14,996) | Waste Management, Inc. | (2,490,086) | ||
(4,683,310) | ||||
Communications Equipment – (0.1)% | ||||
(10,583) | Viasat, Inc. (a) | (370,722) | ||
Construction & Engineering – (0.1)% | ||||
(17,503) | MDU Resources Group, Inc. | (511,438) | ||
Consumer Finance – (0.2)% | ||||
(3,121) | Credit Acceptance Corp. (a) | (1,527,729) | ||
Consumer Staples Distribution & Retail – (1.8)% | ||||
(11,112) | Chefs’ Warehouse (The), Inc. (a) | (369,585) | ||
(37,340) | Dollar Tree, Inc. (a) | (5,739,531) | ||
(112,390) | Kroger (The) Co. | (5,465,526) | ||
(11,574,642) | ||||
Containers & Packaging – (0.6)% | ||||
(42,607) | Ball Corp. | (2,265,840) |
Shares | Description | Value | ||
COMMON STOCKS SOLD SHORT (Continued) | ||||
Containers & Packaging (Continued) | ||||
(53,573) | WestRock Co. | $(1,603,440) | ||
(3,869,280) | ||||
Diversified Consumer Services – (0.5)% | ||||
(39,846) | H&R Block, Inc. | (1,351,178) | ||
(22,561) | Service Corp. International | (1,583,556) | ||
(2,934,734) | ||||
Electrical Equipment – (1.3)% | ||||
(90,457) | ChargePoint Holdings, Inc. (a) | (784,262) | ||
(393,802) | Plug Power, Inc. (a) | (3,556,032) | ||
(107,957) | Stem, Inc. (a) | (456,658) | ||
(107,226) | SunPower Corp. (a) | (1,417,528) | ||
(106,408) | Sunrun, Inc. (a) | (2,238,824) | ||
(8,453,304) | ||||
Energy Equipment & Services – (0.4)% | ||||
(398,223) | Transocean Ltd. (a) | (2,349,516) | ||
Entertainment – (0.8)% | ||||
(53,377) | Walt Disney (The) Co. (a) | (5,471,142) | ||
Financial Services – (0.9)% | ||||
(66,465) | Block, Inc. (a) | (4,040,407) | ||
(12,119) | Jack Henry & Associates, Inc. | (1,979,518) | ||
(6,019,925) | ||||
Food Products – (0.9)% | ||||
(14,067) | Freshpet, Inc. (a) | (970,201) | ||
(6,856) | Ingredion, Inc. | (727,902) | ||
(2,724) | J&J Snack Foods Corp. | (417,317) | ||
(33,077) | Lamb Weston Holdings, Inc. | (3,698,339) | ||
(5,813,759) | ||||
Ground Transportation – (1.1)% | ||||
(57,453) | Hertz Global Holdings, Inc. (a) | (958,316) | ||
(24,459) | Norfolk Southern Corp. | (4,965,911) | ||
(8,849) | U-Haul Holding Co. | (540,320) | ||
(11,647) | Werner Enterprises, Inc. | (526,095) | ||
(6,990,642) | ||||
Health Care Equipment & Supplies – (2.0)% | ||||
(9,355) | CONMED Corp. | (1,174,707) | ||
(7,260) | Cooper (The) Cos., Inc. | (2,769,327) | ||
(19,998) | Lantheus Holdings, Inc. (a) | (1,708,829) | ||
(15,106) | ResMed, Inc. | (3,639,942) | ||
(25,253) | Zimmer Biomet Holdings, Inc. | (3,496,025) | ||
(12,788,830) | ||||
Health Care Providers & Services – (0.4)% | ||||
(1,748) | Chemed Corp. | (963,585) | ||
(76,498) | R1RCM, Inc. (a) | (1,192,604) | ||
(16,103) | Surgery Partners, Inc. (a) | (638,645) | ||
(2,794,834) | ||||
Health Care Technology – (0.0)% | ||||
(9,857) | Phreesia, Inc. (a) | (311,875) |
Shares | Description | Value | ||
COMMON STOCKS SOLD SHORT (Continued) | ||||
Hotels, Restaurants & Leisure – (0.9)% | ||||
(6,449) | Las Vegas Sands Corp. (a) | $(411,769) | ||
(11,710) | Light & Wonder, Inc. (a) | (705,996) | ||
(83,888) | MGM Resorts International | (3,768,249) | ||
(17,815) | Shake Shack, Inc., Class A (a) | (976,440) | ||
(5,862,454) | ||||
Insurance – (0.1)% | ||||
(9,574) | Ryan Specialty Holdings, Inc. (a) | (391,194) | ||
(10,092) | Trupanion, Inc. (a) | (354,330) | ||
(745,524) | ||||
IT Services – (0.1)% | ||||
(38,593) | Fastly, Inc., Class A (a) | (570,405) | ||
Leisure Products – (0.1)% | ||||
(30,672) | Topgolf Callaway Brands Corp. (a) | (679,998) | ||
Machinery – (0.2)% | ||||
(8,589) | Hillenbrand, Inc. | (391,830) | ||
(1,753) | Kadant, Inc. | (325,760) | ||
(2,516) | Lindsay Corp. | (303,782) | ||
(1,021,372) | ||||
Media – (1.3)% | ||||
(27,904) | Liberty Broadband Corp., Class C (a) | (2,365,701) | ||
(91,513) | Trade Desk (The), Inc., Class A (a) | (5,887,947) | ||
(8,253,648) | ||||
Metals & Mining – (0.2)% | ||||
(11,574) | Royal Gold, Inc. | (1,532,861) | ||
Oil, Gas & Consumable Fuels – (1.0)% | ||||
(16,318) | DT Midstream, Inc. | (803,988) | ||
(12,625) | Enviva, Inc. | (271,437) | ||
(70,733) | Frontline PLC | (1,094,240) | ||
(17,387) | Hess Corp. | (2,522,158) | ||
(43,538) | New Fortress Energy, Inc. | (1,318,766) | ||
(12,244) | Ovintiv, Inc. | (441,764) | ||
(6,452,353) | ||||
Personal Care Products – (0.1)% | ||||
(40,864) | Beauty Health (The) Co. (a) | (468,301) | ||
Pharmaceuticals – (0.3)% | ||||
(33,226) | Catalent, Inc. (a) | (1,665,287) | ||
Professional Services – (1.7)% | ||||
(23,933) | Automatic Data Processing, Inc. | (5,265,260) | ||
(17,790) | Ceridian HCM Holding, Inc. (a) | (1,129,309) | ||
(3,677) | Exponent, Inc. | (338,468) | ||
(12,225) | Paycom Software, Inc. (a) | (3,549,773) | ||
(15,651) | Paycor HCM, Inc. (a) | (367,799) | ||
(10,650,609) | ||||
Semiconductors & Semiconductor Equipment – (1.3)% | ||||
(24,897) | First Solar, Inc. (a) | (4,545,694) | ||
(10,121) | Impinj, Inc. (a) | (894,798) |
Shares | Description | Value | ||
COMMON STOCKS SOLD SHORT (Continued) | ||||
Semiconductors & Semiconductor Equipment (Continued) | ||||
(63,096) | Wolfspeed, Inc. (a) | $(2,937,119) | ||
(8,377,611) | ||||
Software – (0.9)% | ||||
(21,695) | ACI Worldwide, Inc. (a) | (549,534) | ||
(46,546) | Gitlab, Inc., Class A (a) | (1,413,137) | ||
(20,500) | Guidewire Software, Inc. (a) | (1,561,895) | ||
(7,780) | InterDigital, Inc. | (527,017) | ||
(11,323) | Model N, Inc. (a) | (348,748) | ||
(15,216) | nCino, Inc. (a) | (376,292) | ||
(21,120) | NCR Corp. (a) | (470,765) | ||
(9,017) | Procore Technologies, Inc. (a) | (481,598) | ||
(5,728,986) | ||||
Specialty Retail – (0.7)% | ||||
(71,151) | Leslie’s, Inc. (a) | (771,988) | ||
(14,472) | Tractor Supply Co. | (3,450,125) | ||
(4,222,113) | ||||
Trading Companies & Distributors – (0.2)% | ||||
(3,569) | GATX Corp. | (406,545) | ||
(4,664) | Herc Holdings, Inc. | (466,493) | ||
(25,917) | Xometry, Inc., Class A (a) | (359,987) | ||
(1,233,025) | ||||
Wireless Telecommunication Services – (0.5)% | ||||
(22,934) | T-Mobile US, Inc. (a) | (3,300,203) | ||
Total Common Stocks Sold Short | (176,322,830) | |||
(Proceeds $185,711,279) | ||||
EXCHANGE-TRADED FUNDS SOLD SHORT – (1.1)% | ||||
Capital Markets – (1.1)% | ||||
(50,000) | SPDR S&P Homebuilders ETF | (3,546,000) | ||
(77,000) | SPDR S&P Regional Banking ETF | (3,284,820) | ||
Total Exchange-Traded Funds Sold Short | (6,830,820) | |||
(Proceeds $6,490,687) | ||||
REAL ESTATE INVESTMENT TRUSTS SOLD SHORT – (0.1)% | ||||
Mortgage Real Estate Investment Trusts – (0.1)% | ||||
(29,165) | Dynex Capital, Inc. | (345,897) | ||
(29,154) | PennyMac Mortgage Investment Trust | (362,384) | ||
Total Real Estate Investment Trusts Sold Short | (708,281) | |||
(Proceeds $752,631) | ||||
Total Investments Sold Short – (28.7)% | (183,861,931) | |||
(Proceeds $192,954,597) | ||||
Net Other Assets and Liabilities – 31.3% | 200,519,050 | |||
Net Assets – 100.0% | $641,650,754 |
Futures Contracts | Position | Number of Contracts | Expiration Date | Notional Value | Unrealized Appreciation (Depreciation)/ Value | |||||
NASDAQ 100 E-mini Futures | Short | 46 | Jun 2023 | $ (12,254,630) | $(1,154,918) | |||||
Russell 2000 E-mini Futures | Short | 563 | Jun 2023 | (49,960,620) | 105,865 | |||||
$(62,215,250) | $(1,049,053) |
(a) | Non-income producing security. |
(b) | This security or a portion of this security is segregated as collateral for investments sold short. At April 30, 2023, the segregated value of these securities amounts to $166,196,984. |
(c) | This security is taxed as a “C” corporation for federal income tax purposes. |
ADR | American Depositary Receipt |
ASSETS TABLE | ||||
Total Value at 4/30/2023 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |
Common Stocks* | $ 609,631,596 | $ 609,631,596 | $ — | $ — |
Real Estate Investment Trusts* | 8,873,108 | 8,873,108 | — | — |
Master Limited Partnerships* | 6,488,931 | 6,488,931 | — | — |
Total Investments | 624,993,635 | 624,993,635 | — | — |
Futures Contracts** | 105,865 | 105,865 | — | — |
Total | $ 625,099,500 | $ 625,099,500 | $— | $— |
LIABILITIES TABLE | ||||
Total Value at 4/30/2023 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |
Common Stocks Sold Short* | $ (176,322,830) | $ (176,322,830) | $ — | $ — |
Exchange-Traded Funds Sold Short* | (6,830,820) | (6,830,820) | — | — |
Real Estate Investment Trusts Sold Short* | (708,281) | (708,281) | — | — |
Total Investments | (183,861,931) | (183,861,931) | — | — |
Futures Contracts** | (1,154,918) | (1,154,918) | — | — |
Total | $ (185,016,849) | $ (185,016,849) | $— | $— |
* | See Portfolio of Investments for industry breakout. |
** | Includes cumulative appreciation/depreciation on futures contracts as reported in the Futures Contracts table. Only the current day’s variation margin is presented on the Statement of Assets and Liabilities. |
ASSETS: | |
Investments, at value (Cost $601,540,283) | $ 624,993,635 |
Cash | 8,697,874 |
Cash held at broker as collateral for open futures contracts | 4,263,400 |
Restricted Cash | 187,638,919 |
Receivables: | |
Fund shares sold | 2,576,530 |
Dividends | 600,729 |
Margin interest rebate | 247,435 |
Dividend reclaims | 31,448 |
Total Assets | 829,049,970 |
LIABILITIES: | |
Investments sold short, at value (proceeds $192,954,597) | 183,861,931 |
Payables: | |
Investment securities purchased | 2,510,074 |
Variation margin | 495,685 |
Investment advisory fees | 492,263 |
Dividends on investments sold short | 39,263 |
Total Liabilities | 187,399,216 |
NET ASSETS | $641,650,754 |
NET ASSETS consist of: | |
Paid-in capital | $ 677,921,216 |
Par value | 124,500 |
Accumulated distributable earnings (loss) | (36,394,962) |
NET ASSETS | $641,650,754 |
NET ASSET VALUE, per share | $51.54 |
Number of shares outstanding (unlimited number of shares authorized, par value $0.01 per share) | 12,450,002 |
INVESTMENT INCOME: | ||
Dividends | $ 7,086,786 | |
Margin interest rebate | 3,160,107 | |
Interest | 498,325 | |
Margin interest income | 15,182 | |
Foreign withholding tax | (95,705) | |
Other | 39 | |
Total investment income | 10,664,734 | |
EXPENSES: | ||
Investment advisory fees | 2,836,467 | |
Dividend expense on investments sold short | 1,402,550 | |
Margin interest expense | 159,966 | |
Total expenses | 4,398,983 | |
NET INVESTMENT INCOME (LOSS) | 6,265,751 | |
NET REALIZED AND UNREALIZED GAIN (LOSS): | ||
Net realized gain (loss) on: | ||
Investments | (25,566,697) | |
In-kind redemptions | 22,641,247 | |
Futures contracts | 1,784,403 | |
Investments sold short | (2,950,794) | |
Net realized gain (loss) | (4,091,841) | |
Net change in unrealized appreciation (depreciation) on: | ||
Investments | 40,371,293 | |
Futures contracts | (3,272,257) | |
Investments sold short | (2,656,542) | |
Net change in unrealized appreciation (depreciation) | 34,442,494 | |
NET REALIZED AND UNREALIZED GAIN (LOSS) | 30,350,653 | |
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ 36,616,404 |
Six Months Ended 4/30/2023 (Unaudited) | Year Ended 10/31/2022 | ||
OPERATIONS: | |||
Net investment income (loss) | $ 6,265,751 | $ 1,938,181 | |
Net realized gain (loss) | (4,091,841) | 19,456,397 | |
Net change in unrealized appreciation (depreciation) | 34,442,494 | (36,459,915) | |
Net increase (decrease) in net assets resulting from operations | 36,616,404 | (15,065,337) | |
DISTRIBUTIONS TO SHAREHOLDERS FROM: | |||
Investment operations | (5,607,781) | (701,300) | |
SHAREHOLDER TRANSACTIONS: | |||
Proceeds from shares sold | 272,049,311 | 184,437,643 | |
Cost of shares redeemed | (186,171,982) | (73,660,960) | |
Net increase (decrease) in net assets resulting from shareholder transactions | 85,877,329 | 110,776,683 | |
Total increase (decrease) in net assets | 116,885,952 | 95,010,046 | |
NET ASSETS: | |||
Beginning of period | 524,764,802 | 429,754,756 | |
End of period | $641,650,754 | $524,764,802 | |
CHANGES IN SHARES OUTSTANDING: | |||
Shares outstanding, beginning of period | 10,750,002 | 8,550,002 | |
Shares sold | 5,450,000 | 3,700,000 | |
Shares redeemed | (3,750,000) | (1,500,000) | |
Shares outstanding, end of period | 12,450,002 | 10,750,002 |
Six Months Ended 4/30/2023 (Unaudited) | Year Ended October 31, | |||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||
Net asset value, beginning of period | $ 48.82 | $ 50.26 | $ 41.86 | $ 41.67 | $ 38.47 | $ 37.78 | ||||||
Income from investment operations: | ||||||||||||
Net investment income (loss) | 0.51 | 0.19 | (0.10) | 0.05 | 0.39 | 0.26 | ||||||
Net realized and unrealized gain (loss) | 2.67 | (1.56) | 8.63 | 0.25 | 3.23 | 0.67 | ||||||
Total from investment operations | 3.18 | (1.37) | 8.53 | 0.30 | 3.62 | 0.93 | ||||||
Distributions paid to shareholders from: | ||||||||||||
Net investment income | (0.46) | (0.07) | (0.13) | (0.11) | (0.42) | (0.24) | ||||||
Net asset value, end of period | $51.54 | $48.82 | $50.26 | $41.86 | $41.67 | $38.47 | ||||||
Total return (a) | 6.55% | (2.74)% | 20.41% | 0.74% | 9.49% | 2.45% | ||||||
Ratios to average net assets/supplemental data: | ||||||||||||
Net assets, end of period (in 000’s) | $ 641,651 | $ 524,765 | $ 429,755 | $ 301,375 | $ 245,867 | $ 155,803 | ||||||
Ratio of total expenses to average net assets (b) | 1.47% (c) | 1.41% | 1.36% | 1.55% | 1.60% | 1.59% | ||||||
Ratio of total expenses to average net assets excluding dividend expense and margin interest expense (b) | 0.95% (c) | 0.95% | 0.95% | 0.95% | 0.95% | 0.95% | ||||||
Ratio of net investment income (loss) to average net assets | 2.10% (c) | 0.40% | (0.28)% | 0.09% | 1.03% | 0.71% | ||||||
Portfolio turnover rate (d) | 139% | 223% | 250% | 250% | 210% | 249% |
(a) | Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all distributions at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return is calculated for the time period presented and is not annualized for periods of less than a year. |
(b) | The Fund indirectly bears its proportionate share of fees and expenses incurred by the underlying funds in which the Fund invests. This ratio does not include these indirect fees and expenses. |
(c) | Annualized. |
(d) | Portfolio turnover is calculated for the time period presented and is not annualized for periods of less than a year and does not include securities received or delivered from processing creations or redemptions and in-kind transactions. |
1) | the last sale price on the exchange on which they are principally traded or, for Nasdaq and AIM securities, the official closing price; |
2) | the type of security; |
3) | the size of the holding; |
4) | the initial cost of the security; |
5) | transactions in comparable securities; |
6) | price quotes from dealers and/or third-party pricing services; |
7) | relationships among various securities; |
8) | information obtained by contacting the issuer, analysts, or the appropriate stock exchange; |
9) | an analysis of the issuer’s financial statements; |
10) | the existence of merger proposals or tender offers that might affect the value of the security; and |
11) | other relevant factors. |
• | Level 1 – Level 1 inputs are quoted prices in active markets for identical investments. An active market is a market in which transactions for the investment occur with sufficient frequency and volume to provide pricing information on an ongoing basis. |
• | Level 2 – Level 2 inputs are observable inputs, either directly or indirectly, and include the following: |
o | Quoted prices for similar investments in active markets. |
o | Quoted prices for identical or similar investments in markets that are non-active. A non-active market is a market where there are few transactions for the investment, the prices are not current, or price quotations vary substantially either over time or among market makers, or in which little information is released publicly. |
o | Inputs other than quoted prices that are observable for the investment (for example, interest rates and yield curves observable at commonly quoted intervals, volatilities, prepayment speeds, loss severities, credit risks, and default rates). |
o | Inputs that are derived principally from or corroborated by observable market data by correlation or other means. |
• | Level 3 – Level 3 inputs are unobservable inputs. Unobservable inputs may reflect the reporting entity’s own assumptions about the assumptions that market participants would use in pricing the investment. |
Distributions paid from: | |
Ordinary income | $701,300 |
Capital gains | — |
Return of capital | — |
Undistributed ordinary income | $588,816 |
Accumulated capital and other gain (loss) | (60,966,459) |
Net unrealized appreciation (depreciation) | (7,025,942) |
Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation (Depreciation) | |||
$408,585,686 | $56,718,422 | $(25,221,457) | $31,496,965 |
Breakpoints | ||||||
Fund net assets up to and including $2.5 billion | 0.95000% | |||||
Fund net assets greater than $2.5 billion up to and including $5 billion | 0.92625% | |||||
Fund net assets greater than $5 billion up to and including $7.5 billion | 0.90250% | |||||
Fund net assets greater than $7.5 billion up to and including $10 billion | 0.87875% | |||||
Fund net assets greater than $10 billion | 0.85500% |
Asset Derivatives | Liability Derivatives | |||||||||
Derivative Instrument | Risk Exposure | Statement of Assets and Liabilities Location | Value | Statement of Assets and Liabilities Location | Value | |||||
Futures contracts | Equity Risk | Unrealized appreciation on futures contracts* | $ 105,865 | Unrealized depreciation on futures contracts* | $ 1,154,918 |
Statement of Operations Location | |
Equity Risk Exposure | |
Net realized gain (loss) on futures contracts | $1,784,403 |
Net change in unrealized appreciation (depreciation) on futures contracts | (3,272,257) |
NOT FDIC INSURED | NOT BANK GUARANTEED | MAY LOSE VALUE |
FUND ACCOUNTANT &
TRANSFER AGENT
PUBLIC ACCOUNTING FIRM
For the Six Months Ended
April 30, 2023
1 | |
2 | |
5 | |
6 | |
7 | |
12 | |
13 | |
14 | |
15 | |
16 | |
24 |
Performance | |||||||
Average Annual Total Returns | Cumulative Total Returns | ||||||
6 Months Ended 4/30/23 | 1 Year Ended 4/30/23 | 5 Years Ended 4/30/23 | Inception (11/4/14) to 4/30/23 | 5 Years Ended 4/30/23 | Inception (11/4/14) to 4/30/23 | ||
Fund Performance | |||||||
NAV | 16.79% | 5.06% | -2.26% | -1.32% | -10.80% | -10.66% | |
Market Price | 17.25% | 5.31% | -2.34% | -1.34% | -11.16% | -10.82% | |
Index Performance | |||||||
Bloomberg Emerging Markets Local Currency Government - 10% Country Capped Index | 14.92% | 4.94% | -0.72% | 0.02% | -3.53% | 0.17% | |
JP Morgan GBI-EM Global Diversified Index | 16.06% | 6.56% | 1.62% | -0.71% | -7.83% | -5.90% |
Industry Classification | % of Total Investments |
Sovereigns | 94.4% |
Supranationals | 5.6 |
Total | 100.0% |
Fund Allocation | % of Net Assets |
Foreign Sovereign Bonds and Notes | 92.4% |
Net Other Assets and Liabilities(1) | 7.6 |
Total | 100.0% |
Credit Quality(2) | % of Total Investments (including cash) |
AAA | 5.3% |
AA | 3.6 |
AA- | 0.6 |
A+ | 0.5 |
A | 15.6 |
A- | 5.1 |
BBB+ | 11.8 |
BBB | 16.2 |
BBB- | 13.8 |
BB | 10.9 |
BB- | 12.0 |
B | 0.8 |
Cash | 3.8 |
Total | 100.0% |
Top Ten Holdings | % of Total Investments |
Republic of South Africa Government Bond, 10.50%, 12/21/26 | 5.7% |
Indonesia Treasury Bond, 8.38%, 9/15/26 | 4.9 |
Brazil Notas do Tesouro Nacional, Series F, 10.00%, 1/01/31 | 4.7 |
Malaysia Government Bond, 3.90%, 11/30/26 | 4.7 |
Indonesia Treasury Bond, 9.00%, 3/15/29 | 4.6 |
Republic of South Africa Government Bond, 8.25%, 3/31/32 | 4.4 |
Mexican Bonos, 7.50%, 6/03/27 | 4.3 |
Indonesia Treasury Bond, 7.00%, 9/15/30 | 4.0 |
Thailand Government Bond, 3.65%, 6/20/31 | 3.9 |
Malaysia Government Bond, 3.89%, 8/15/29 | 3.9 |
Total | 45.1% |
(1) | Includes forward foreign currency contracts. |
(2) | The ratings are by S&P Global Ratings. A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO), of the creditworthiness of an issuer with respect to debt obligations. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest). Investment grade is defined as those issuers that have a long-term credit rating of BBB- or higher. “NR” indicates no rating. The credit ratings shown relate to the creditworthiness of the issuers of the underlying securities in the Fund, and not to the Fund or its shares. Credit ratings are subject to change. |
Performance figures assume reinvestment of all distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. An index is a statistical composite that tracks a specified financial market or sector. Unlike the Fund, the indices do not actually hold a portfolio of securities and therefore do not incur the expenses incurred by the Fund. These expenses negatively impact the performance of the Fund. The Fund’s past performance does not predict future performance.
Beginning Account Value November 1, 2022 | Ending Account Value April 30, 2023 | Annualized Expense Ratio Based on the Six-Month Period | Expenses Paid During the Six-Month Period (a) | |
First Trust Emerging Markets Local Currency Bond ETF (FEMB) | ||||
Actual | $1,000.00 | $ 1,167.90 | 0.85% | $ 4.57 |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.58 | 0.85% | $4.26 |
(a) | Expenses are equal to the annualized expense ratios as indicated in the table multiplied by the average account value over the period (November 1, 2022 through April 30, 2023), multiplied by 181/365 (to reflect the six-month period). |
Principal Value (Local Currency) | Description | Stated Coupon | Stated Maturity | Value (US Dollars) | ||||
FOREIGN SOVEREIGN BONDS AND NOTES – 92.4% | ||||||||
Brazil – 11.5% | ||||||||
3,000,000 | Brazil Notas do Tesouro Nacional, Series F (BRL) | 10.00% | 01/01/25 | $583,228 | ||||
22,250,000 | Brazil Notas do Tesouro Nacional, Series F (BRL) | 10.00% | 01/01/27 | 4,231,598 | ||||
22,200,000 | Brazil Notas do Tesouro Nacional, Series F (BRL) | 10.00% | 01/01/29 | 4,083,346 | ||||
30,500,000 | Brazil Notas do Tesouro Nacional, Series F (BRL) | 10.00% | 01/01/31 | 5,482,537 | ||||
14,380,709 | ||||||||
Chile – 0.5% | ||||||||
275,000,000 | Bonos de la Tesoreria de la Republica en Pesos (CLP) | 4.50% | 03/01/26 | 324,243 | ||||
270,000,000 | Bonos de la Tesoreria de la Republica en Pesos (CLP) (a) (b) | 4.70% | 09/01/30 | 319,199 | ||||
643,442 | ||||||||
Colombia – 4.6% | ||||||||
17,165,000,000 | Colombian TES (COP) | 7.75% | 09/18/30 | 2,969,238 | ||||
17,750,000,000 | Colombian TES (COP) | 7.00% | 06/30/32 | 2,779,840 | ||||
5,749,078 | ||||||||
Czech Republic – 3.5% | ||||||||
37,810,000 | Czech Republic Government Bond (CZK) (b) | 2.40% | 09/17/25 | 1,656,051 | ||||
71,920,000 | Czech Republic Government Bond (CZK) | 2.00% | 10/13/33 | 2,663,140 | ||||
4,319,191 | ||||||||
Hungary – 3.3% | ||||||||
603,000,000 | Hungary Government Bond (HUF) | 5.50% | 06/24/25 | 1,587,150 | ||||
764,000,000 | Hungary Government Bond (HUF) | 6.75% | 10/22/28 | 2,072,910 | ||||
194,500,000 | Hungary Government Bond (HUF) | 3.00% | 08/21/30 | 421,159 | ||||
4,081,219 | ||||||||
India – 0.4% | ||||||||
40,000,000 | India Government Bond (INR) | 6.10% | 07/12/31 | 457,496 | ||||
Indonesia – 15.5% | ||||||||
77,341,000,000 | Indonesia Treasury Bond (IDR) | 8.38% | 09/15/26 | 5,610,465 | ||||
69,702,000,000 | Indonesia Treasury Bond (IDR) | 9.00% | 03/15/29 | 5,345,150 | ||||
65,740,000,000 | Indonesia Treasury Bond (IDR) | 7.00% | 09/15/30 | 4,605,833 | ||||
41,520,000,000 | Indonesia Treasury Bond (IDR) | 8.38% | 03/15/34 | 3,191,408 | ||||
8,786,000,000 | Indonesia Treasury Bond (IDR) | 8.25% | 05/15/36 | 668,928 | ||||
19,421,784 | ||||||||
Israel – 0.6% | ||||||||
2,400,000 | Israel Government Bond - Fixed (ILS) | 6.25% | 10/30/26 | 709,680 | ||||
Malaysia – 10.6% | ||||||||
23,760,000 | Malaysia Government Bond (MYR) | 3.90% | 11/30/26 | 5,409,037 | ||||
9,150,000 | Malaysia Government Bond (MYR) | 3.73% | 06/15/28 | 2,069,165 | ||||
19,705,000 | Malaysia Government Bond (MYR) | 3.89% | 08/15/29 | 4,462,249 | ||||
6,665,000 | Malaysia Government Bond (MYR) | 2.63% | 04/15/31 | 1,372,983 | ||||
13,313,434 | ||||||||
Mexico – 4.2% | ||||||||
93,420,000 | Mexican Bonos (MXN) | 7.50% | 06/03/27 | 4,918,248 | ||||
5,240,000 | Mexican Bonos (MXN) | 7.75% | 05/29/31 | 273,707 | ||||
5,191,955 |
Principal Value (Local Currency) | Description | Stated Coupon | Stated Maturity | Value (US Dollars) | ||||
FOREIGN SOVEREIGN BONDS AND NOTES (Continued) | ||||||||
Peru – 3.9% | ||||||||
1,195,000 | Peru Government Bond (PEN) | 8.20% | 08/12/26 | $336,863 | ||||
12,070,000 | Peru Government Bond (PEN) | 6.95% | 08/12/31 | 3,176,410 | ||||
5,590,000 | Peru Government Bond (PEN) | 6.90% | 08/12/37 | 1,421,357 | ||||
4,934,630 | ||||||||
Philippines – 3.2% | ||||||||
226,000,000 | Philippine Government International Bond (PHP) | 6.25% | 01/14/36 | 3,997,721 | ||||
Poland – 4.3% | ||||||||
545,000 | Republic of Poland Government Bond (PLN) | 4.00% | 10/25/23 | 129,721 | ||||
20,285,000 | Republic of Poland Government Bond (PLN) | 2.75% | 04/25/28 | 4,231,768 | ||||
6,110,000 | Republic of Poland Government Bond (PLN) | 1.75% | 04/25/32 | 1,058,581 | ||||
5,420,070 | ||||||||
Romania – 5.0% | ||||||||
11,715,000 | Romania Government Bond (RON) | 4.75% | 02/24/25 | 2,538,361 | ||||
17,390,000 | Romania Government Bond (RON) | 6.70% | 02/25/32 | 3,734,622 | ||||
6,272,983 | ||||||||
South Africa – 10.5% | ||||||||
115,425,000 | Republic of South Africa Government Bond (ZAR) | 10.50% | 12/21/26 | 6,631,014 | ||||
108,880,000 | Republic of South Africa Government Bond (ZAR) | 8.25% | 03/31/32 | 5,077,198 | ||||
30,270,000 | Republic of South Africa Government Bond (ZAR) | 8.88% | 02/28/35 | 1,389,598 | ||||
13,097,810 | ||||||||
Supranationals – 5.1% | ||||||||
100,000,000 | African Development Bank (ZAR) | (c) | 04/05/46 | 695,914 | ||||
277,020,000 | Asian Development Bank (INR) | 6.20% | 10/06/26 | 3,338,847 | ||||
116,000,000 | International Finance Corp. (INR) | 6.30% | 11/25/24 | 1,402,645 | ||||
62,500,000 | International Finance Corp. (MXN) | (c) | 02/22/38 | 982,716 | ||||
6,420,122 | ||||||||
Thailand – 4.9% | ||||||||
6,100,000 | Thailand Government Bond (THB) | 3.63% | 06/16/23 | 179,076 | ||||
141,775,000 | Thailand Government Bond (THB) | 3.65% | 06/20/31 | 4,517,377 | ||||
46,700,000 | Thailand Government Bond (THB) | 3.39% | 06/17/37 | 1,471,116 | ||||
6,167,569 | ||||||||
Turkey – 0.8% | ||||||||
23,800,000 | Turkey Government Bond (TRY) | 10.60% | 02/11/26 | 1,011,881 |
Total Investments – 92.4% | 115,590,774 | ||
(Cost $125,612,133) | |||
Net Other Assets and Liabilities – 7.6% | 9,574,353 | ||
Net Assets – 100.0% | $125,165,127 |
Forward Foreign Currency Contracts | ||||||||||||||
Settlement Date | Counterparty | Amount Purchased | Amount Sold | Purchase Value as of 4/30/2023 | Sale Value as of 4/30/2023 | Unrealized Appreciation/ (Depreciation) | ||||||||
05/19/23 | BNS | BRL | 8,000,000 | USD | 1,610,144 | $ 1,597,935 | $ 1,610,144 | $ (12,209) | ||||||
05/19/23 | BNS | CLP | 825,000,000 | USD | 1,031,783 | 1,019,413 | 1,031,783 | (12,370) | ||||||
05/19/23 | BBH | CNH | 44,960,000 | USD | 6,548,314 | 6,499,404 | 6,548,314 | (48,910) | ||||||
05/19/23 | BNS | COP | 20,100,000,000 | USD | 4,476,914 | 4,259,664 | 4,476,914 | (217,250) | ||||||
05/19/23 | BBH | HUF | 1,472,500,000 | USD | 4,243,442 | 4,323,820 | 4,243,442 | 80,378 | ||||||
05/19/23 | BNS | INR | 120,000,000 | USD | 1,461,632 | 1,465,072 | 1,461,632 | 3,440 | ||||||
05/19/23 | BNS | KRW | 4,000,000,000 | USD | 3,020,464 | 2,991,690 | 3,020,464 | (28,774) | ||||||
05/19/23 | BBH | MXN | 96,800,000 | USD | 5,303,513 | 5,363,256 | 5,303,513 | 59,743 | ||||||
05/19/23 | BNS | PEN | 2,800,000 | USD | 740,976 | 754,572 | 740,976 | 13,596 | ||||||
05/19/23 | BNS | PHP | 203,450,000 | USD | 3,677,029 | 3,671,556 | 3,677,029 | (5,473) | ||||||
05/19/23 | BBH | PLN | 5,380,000 | USD | 1,261,109 | 1,291,300 | 1,261,109 | 30,191 | ||||||
05/19/23 | BBH | RON | 1,600,000 | USD | 353,715 | 357,570 | 353,715 | 3,855 | ||||||
05/19/23 | BBH | ZAR | 11,750,000 | USD | 641,363 | 641,274 | 641,363 | (89) | ||||||
05/19/23 | BBH | USD | 1,989,874 | ILS | 7,320,000 | 1,989,874 | 2,017,837 | (27,963) | ||||||
05/19/23 | BNS | USD | 748,615 | KRW | 1,000,000,000 | 748,615 | 747,923 | 692 | ||||||
05/19/23 | BBH | USD | 673,301 | MXN | 12,250,000 | 673,301 | 678,718 | (5,417) | ||||||
05/19/23 | BNS | USD | 1,985,118 | PHP | 111,250,000 | 1,985,118 | 2,007,671 | (22,553) | ||||||
Net Unrealized Appreciation / (Depreciation) | $(189,113) |
Counterparty Abbreviations | |
BBH | Brown Brothers Harriman and Co. |
BNS | Bank of Nova Scotia |
(a) | This security, sold within the terms of a private placement memorandum, is exempt from registration upon resale under Rule 144A of the Securities Act of 1933, as amended (the “1933 Act”), and may be resold in transactions exempt from registration, normally to qualified institutional buyers. Pursuant to procedures adopted by the Trust’s Board of Trustees, this security has been determined to be liquid by First Trust Advisors L.P., the Fund’s advisor. Although market instability can result in periods of increased overall market illiquidity, liquidity for each security is determined based on security specific factors and assumptions, which require subjective judgment. At April 30, 2023, securities noted as such amounted to $319,199 or 0.3% of net assets. |
(b) | This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the 1933 Act. |
(c) | Zero coupon bond. |
Currency Exposure Diversification | % of Total Investments (including cash)† |
IDR | 16.2% |
BRL | 13.4 |
ZAR | 12.0 |
MYR | 11.1 |
COP | 9.3 |
MXN | 9.1 |
HUF | 7.0 |
THB | 6.2 |
PLN | 5.7 |
INR | 5.6 |
RON | 5.5 |
CNH | 5.4 |
PEN | 4.8 |
PHP | 4.7 |
CZK | 3.6 |
KRW | 1.9 |
CLP | 1.4 |
TRY | 0.8 |
EUR | 0.0* |
ILS | (1.1) |
USD | (22.6) |
Total | 100.0% |
† | The weightings include the impact of currency forwards. |
* | Amount is less than 0.1%. |
Currency Abbreviations | |
BRL | Brazilian Real |
CLP | Chilean Peso |
CNH | Chinese Yuan |
COP | Colombian Peso |
CZK | Czech Republic Koruna |
EUR | Euro |
HUF | Hungarian Forint |
IDR | Indonesian Rupiah |
ILS | Israeli Shekel |
INR | Indian Rupee |
KRW | South Korean Won |
MXN | Mexican Peso |
MYR | Malaysian Ringgit |
PEN | Peruvian Nuevo Sol |
PHP | Philippine Peso |
PLN | Polish Zloty |
RON | Romanian New Leu |
THB | Thai Baht |
TRY | Turkish Lira |
USD | United States Dollar |
ZAR | South African Rand |
ASSETS TABLE | ||||
Total Value at 4/30/2023 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |
Foreign Sovereign Bonds and Notes* | $ 115,590,774 | $ — | $ 115,590,774 | $ — |
Forward Foreign Currency Contracts** | 191,895 | — | 191,895 | — |
Total | $ 115,782,669 | $— | $ 115,782,669 | $— |
LIABILITIES TABLE | ||||
Total Value at 4/30/2023 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |
Forward Foreign Currency Contracts** | $ (381,008) | $ — | $ (381,008) | $ — |
* | See Portfolio of Investments for country breakout. |
** | See the Schedule of Forward Foreign Currency Contracts for contract and currency detail. |
ASSETS: | |
Investments, at value (Cost $125,612,133) | $ 115,590,774 |
Cash | 1,833,909 |
Foreign currency (Cost $2,700,880) | 2,694,006 |
Unrealized appreciation on forward foreign currency contracts | 191,895 |
Receivables: | |
Investment securities sold | 5,478,221 |
Interest | 2,461,419 |
Interest reclaims | 203,012 |
Total Assets | 128,453,236 |
LIABILITIES: | |
Unrealized depreciation on forward foreign currency contracts | 381,008 |
Payables: | |
Fund shares redeemed | 2,777,279 |
Investment advisory fees | 95,314 |
Deferred foreign capital gains tax | 34,508 |
Total Liabilities | 3,288,109 |
NET ASSETS | $125,165,127 |
NET ASSETS consist of: | |
Paid-in capital | $ 179,042,583 |
Par value | 45,000 |
Accumulated distributable earnings (loss) | (53,922,456) |
NET ASSETS | $125,165,127 |
NET ASSET VALUE, per share | $27.81 |
Number of shares outstanding (unlimited number of shares authorized, par value $0.01 per share) | 4,500,002 |
INVESTMENT INCOME: | ||
Interest | $ 4,192,489 | |
Foreign withholding tax | (123,485) | |
Other | 642 | |
Total investment income | 4,069,646 | |
EXPENSES: | ||
Investment advisory fees | 553,639 | |
Total expenses | 553,639 | |
NET INVESTMENT INCOME (LOSS) | 3,516,007 | |
NET REALIZED AND UNREALIZED GAIN (LOSS): | ||
Net realized gain (loss) on: | ||
Investments | (9,949,143) | |
Forward foreign currency contracts | 1,013,173 | |
Foreign currency transactions | 763 | |
Net realized gain (loss) | (8,935,207) | |
Net change in unrealized appreciation (depreciation) on: | ||
Investments | 23,375,101 | |
Forward foreign currency contracts | 62,675 | |
Foreign currency translation | 142,844 | |
Deferred foreign capital gains tax | (26,264) | |
Net change in unrealized appreciation (depreciation) | 23,554,356 | |
NET REALIZED AND UNREALIZED GAIN (LOSS) | 14,619,149 | |
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ 18,135,156 |
Six Months Ended 4/30/2023 (Unaudited) | Year Ended 10/31/2022 | ||
OPERATIONS: | |||
Net investment income (loss) | $ 3,516,007 | $ 10,573,692 | |
Net realized gain (loss) | (8,935,207) | (54,957,196) | |
Net change in unrealized appreciation (depreciation) | 23,554,356 | (2,763,338) | |
Net increase (decrease) in net assets resulting from operations | 18,135,156 | (47,146,842) | |
DISTRIBUTIONS TO SHAREHOLDERS FROM: | |||
Investment operations | (3,656,252) | — | |
Return of capital | — | (12,906,898) | |
Total distributions to shareholders | (3,656,252) | (12,906,898) | |
SHAREHOLDER TRANSACTIONS: | |||
Proceeds from shares sold | 41,664,668 | 48,914,060 | |
Cost of shares redeemed | (47,309,918) | (131,758,936) | |
Net increase (decrease) in net assets resulting from shareholder transactions | (5,645,250) | (82,844,876) | |
Total increase (decrease) in net assets | 8,833,654 | (142,898,616) | |
NET ASSETS: | |||
Beginning of period | 116,331,473 | 259,230,089 | |
End of period | $125,165,127 | $116,331,473 | |
CHANGES IN SHARES OUTSTANDING: | |||
Shares outstanding, beginning of period | 4,750,002 | 8,100,002 | |
Shares sold | 1,500,000 | 1,550,000 | |
Shares redeemed | (1,750,000) | (4,900,000) | |
Shares outstanding, end of period | 4,500,002 | 4,750,002 |
Six Months Ended 4/30/2023 (Unaudited) | Year Ended October 31, | |||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||
Net asset value, beginning of period | $ 24.49 | $ 32.00 | $ 34.36 | $ 38.45 | $ 36.11 | $ 41.55 | ||||||
Income from investment operations: | ||||||||||||
Net investment income (loss) | 0.66 | 1.74 | 1.84 | 1.66 | 2.25 | 1.80 | ||||||
Net realized and unrealized gain (loss) | 3.41 | (7.55) | (2.25) | (3.72) | 2.16 | (4.76) | ||||||
Total from investment operations | 4.07 | (5.81) | (0.41) | (2.06) | 4.41 | (2.96) | ||||||
Distributions paid to shareholders from: | ||||||||||||
Net investment income | (0.75) | — | (1.48) | (0.04) | (1.94) | (0.79) | ||||||
Return of capital | — | (1.70) | (0.47) | (1.99) | (0.13) | (1.69) | ||||||
Total distributions | (0.75) | (1.70) | (1.95) | (2.03) | (2.07) | (2.48) | ||||||
Net asset value, end of period | $27.81 | $24.49 | $32.00 | $34.36 | $38.45 | $36.11 | ||||||
Total return (a) | 16.79% | (18.71)% | (1.53)% | (5.37)% | 12.46% | (7.55)% | ||||||
Ratios to average net assets/supplemental data: | ||||||||||||
Net assets, end of period (in 000’s) | $ 125,165 | $ 116,331 | $ 259,230 | $ 180,385 | $ 148,045 | $ 55,976 | ||||||
Ratio of total expenses to average net assets | 0.85% (b) | 0.85% | 0.85% | 0.85% | 0.85% | 0.85% (c) | ||||||
Ratio of net investment income (loss) to average net assets | 5.40% (b) | 4.75% | 4.55% | 4.82% | 4.91% | 4.63% (c) | ||||||
Portfolio turnover rate (d) | 47% | 43% | 42% | 59% | 25% | 61% |
(a) | Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all distributions at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return is calculated for the time period presented and is not annualized for periods of less than a year. |
(b) | Annualized. |
(c) | Includes excise tax. |
(d) | Portfolio turnover is calculated for the time period presented and is not annualized for periods of less than a year and does not include securities received or delivered from processing creations or redemptions and in-kind transactions. |
1) | benchmark yields; |
2) | reported trades; |
3) | broker/dealer quotes; |
4) | issuer spreads; |
5) | benchmark securities; |
6) | bids and offers; and |
7) | reference data including market research publications. |
1) | the credit conditions in the relevant market and changes thereto; |
2) | the liquidity conditions in the relevant market and changes thereto; |
3) | the interest rate conditions in the relevant market and changes thereto (such as significant changes in interest rates); |
4) | issuer-specific conditions (such as significant credit deterioration); and |
5) | any other market-based data the Advisor’s Pricing Committee considers relevant. In this regard, the Advisor’s Pricing Committee may use last-obtained market-based data to assist it when valuing portfolio securities using amortized cost. |
1) | the most recent price provided by the pricing service provider(s); |
2) | the fundamental business data relating to the issuer, or economic data relating to the country of issue; |
3) | an evaluation of the forces which influence the market in which these securities are purchased and sold; |
4) | the type, size and cost of the security; |
5) | the financial statements of the issuer/borrower, or the financial condition of the country of issue; |
6) | the credit quality and cash flow of the issuer, or country of issue, based on the Advisor’s or external analysis; |
7) | the information as to any transactions in or offers for the security; |
8) | the price and extent of public trading in similar securities (or equity securities) of the issuer/borrower, or comparable companies; |
9) | the coupon payments; |
10) | the quality, value and salability of collateral, if any, securing the security; |
11) | the business prospects of the issuer, including any ability to obtain money or resources from a parent or affiliate and an assessment of the issuer’s management (for corporate debt only); |
12) | the economic, political and social prospects/developments of the country of issue and the assessment of the country’s governmental leaders/officials (for sovereign debt only); |
13) | the prospects for the issuer’s industry, and multiples (of earnings and/or cash flows) being paid for similar businesses in that industry (for corporate debt only); and |
14) | other relevant factors. |
• | Level 1 – Level 1 inputs are quoted prices in active markets for identical investments. An active market is a market in which transactions for the investment occur with sufficient frequency and volume to provide pricing information on an ongoing basis. |
• | Level 2 – Level 2 inputs are observable inputs, either directly or indirectly, and include the following: |
o | Quoted prices for similar investments in active markets. |
o | Quoted prices for identical or similar investments in markets that are non-active. A non-active market is a market where there are few transactions for the investment, the prices are not current, or price quotations vary substantially either over time or among market makers, or in which little information is released publicly. |
o | Inputs other than quoted prices that are observable for the investment (for example, interest rates and yield curves observable at commonly quoted intervals, volatilities, prepayment speeds, loss severities, credit risks, and default rates). |
o | Inputs that are derived principally from or corroborated by observable market data by correlation or other means. |
• | Level 3 – Level 3 inputs are unobservable inputs. Unobservable inputs may reflect the reporting entity’s own assumptions about the assumptions that market participants would use in pricing the investment. |
Gross Amounts not Offset in the Statement of Assets and Liabilities | |||||||||||
Gross Amounts of Recognized Assets | Gross Amounts Offset in the Statement of Assets and Liabilities | Net Amounts of Assets Presented in the Statement of Assets and Liabilities | Financial Instruments | Collateral Amounts Received | Net Amount | ||||||
Forward Foreign Currency Contracts* | $ 191,895 | $ — | $ 191,895 | $ (100,107) | $ — | $ 91,788 | |||||
Gross Amounts not Offset in the Statement of Assets and Liabilities | |||||||||||
Gross Amounts of Recognized Liabilities | Gross Amounts Offset in the Statement of Assets and Liabilities | Net Amounts of Liabilities Presented in the Statement of Assets and Liabilities | Financial Instruments | Collateral Amounts Pledged | Net Amount | ||||||
Forward Foreign Currency Contracts* | $ (381,008) | $ — | $ (381,008) | $ 100,107 | $ — | $ (280,901) |
Distributions paid from: | |
Ordinary income | $— |
Capital gains | — |
Return of capital | 12,906,898 |
Undistributed ordinary income | $— |
Accumulated capital and other gain (loss) | (27,770,776) |
Net unrealized appreciation (depreciation) | (40,630,584) |
Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation (Depreciation) | |||
$125,612,133 | $1,819,121 | $(12,029,593) | $(10,210,472) |
Breakpoints | |||||||
Fund net assets up to and including $2.5 billion | 0.85000% | ||||||
Fund net assets greater than $2.5 billion up to and including $5 billion | 0.82875% | ||||||
Fund net assets greater than $5 billion up to and including $7.5 billion | 0.80750% | ||||||
Fund net assets greater than $7.5 billion up to and including $10 billion | 0.78625% | ||||||
Fund net assets greater than $10 billion | 0.76500% |
Asset Derivatives | Liability Derivatives | |||||||||
Derivative Instrument | Risk Exposure | Statement of Assets and Liabilities Location | Value | Statement of Assets and Liabilities Location | Value | |||||
Forward foreign currency contracts | Currency Risk | Unrealized appreciation on forward foreign currency contracts | $ 191,895 | Unrealized depreciation on forward foreign currency contracts | $ 381,008 |
Statement of Operations Location | |
Currency Risk Exposure | |
Net realized gain (loss) on forward foreign currency contracts | $1,013,173 |
Net change in unrealized appreciation (depreciation) on forward foreign currency contracts | 62,675 |
NOT FDIC INSURED | NOT BANK GUARANTEED | MAY LOSE VALUE |
FUND ACCOUNTANT &
TRANSFER AGENT
PUBLIC ACCOUNTING FIRM
First Trust RiverFront Dynamic Europe ETF (RFEU)
First Trust RiverFront Dynamic Emerging Markets ETF (RFEM)
For the Six Months Ended
April 30, 2023
2 | |
Fund Performance Overview | |
3 | |
5 | |
7 | |
9 | |
10 | |
11 | |
Portfolio of Investments | |
12 | |
16 | |
19 | |
23 | |
24 | |
26 | |
28 | |
31 | |
40 |
Performance | |||||||
Average Annual Total Returns | Cumulative Total Returns | ||||||
6 Months Ended 4/30/23 | 1 Year Ended 4/30/23 | 5 Years Ended 4/30/23 | Inception (4/13/16) to 4/30/23 | 5 Years Ended 4/30/23 | Inception (4/13/16) to 4/30/23 | ||
Fund Performance | |||||||
NAV | 18.36% | -1.38% | 0.84% | 4.53% | 4.28% | 36.62% | |
Market Price | 18.45% | -1.02% | 0.77% | 4.52% | 3.89% | 36.52% | |
Index Performance | |||||||
MSCI EAFE Index | 24.19% | 8.42% | 3.63% | 6.43% | 19.53% | 55.12% |
Sector Allocation | % of Total Investments |
Financials | 16.1% |
Consumer Discretionary | 16.0 |
Health Care | 14.8 |
Industrials | 13.2 |
Consumer Staples | 9.4 |
Materials | 8.9 |
Energy | 6.0 |
Communication Services | 5.6 |
Information Technology | 5.5 |
Utilities | 2.5 |
Real Estate | 2.0 |
Total | 100.0% |
Fund Allocation | % of Net Assets |
Common Stocks | 97.0% |
Real Estate Investment Trusts | 2.0 |
Net Other Assets and Liabilities | 1.0 |
Total | 100.0% |
Top Ten Holdings | % of Total Investments |
Nestle S.A. | 3.0% |
Roche Holding AG | 2.5 |
Novo Nordisk A.S., Class B | 2.5 |
LVMH Moet Hennessy Louis Vuitton SE | 2.3 |
Novartis AG | 2.1 |
3i Group PLC | 1.9 |
BHP Group Ltd. | 1.9 |
Rio Tinto PLC | 1.7 |
Unilever PLC | 1.5 |
Kuehne + Nagel International AG | 1.5 |
Total | 20.9% |
Performance figures assume reinvestment of all distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. An index is a statistical composite that tracks a specified financial market or sector. Unlike the Fund, the index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by the Fund. These expenses negatively impact the performance of the Fund. The Fund’s past performance does not predict future performance.
Performance | |||||||
Average Annual Total Returns | Cumulative Total Returns | ||||||
6 Months Ended 4/30/23 | 1 Year Ended 4/30/23 | 5 Years Ended 4/30/23 | Inception (4/13/16) to 4/30/23 | 5 Years Ended 4/30/23 | Inception (4/13/16) to 4/30/23 | ||
Fund Performance | |||||||
NAV | 18.98% | 0.96% | 2.08% | 5.96% | 10.83% | 50.38% | |
Market Price | 19.25% | 0.79% | 1.99% | 5.94% | 10.34% | 50.16% | |
Index Performance | |||||||
MSCI Europe Index | 28.24% | 12.03% | 4.63% | 6.93% | 25.41% | 60.33% |
Sector Allocation | % of Total Investments |
Consumer Discretionary | 17.0% |
Health Care | 14.7 |
Financials | 14.0 |
Industrials | 13.5 |
Consumer Staples | 11.5 |
Energy | 8.1 |
Communication Services | 6.9 |
Information Technology | 6.1 |
Materials | 4.0 |
Utilities | 2.5 |
Real Estate | 1.7 |
Total | 100.0% |
Fund Allocation | % of Net Assets |
Common Stocks | 96.9% |
Real Estate Investment Trusts | 1.1 |
Net Other Assets and Liabilities | 2.0 |
Total | 100.0% |
Top Ten Holdings | % of Total Investments |
Nestle S.A. | 4.5% |
Novo Nordisk A.S., Class B | 3.7 |
LVMH Moet Hennessy Louis Vuitton SE | 3.5 |
ASML Holding N.V. | 3.4 |
TotalEnergies SE | 2.4 |
Unilever PLC | 2.2 |
HSBC Holdings PLC | 2.2 |
Shell PLC | 2.1 |
Allianz SE | 1.8 |
GSK PLC | 1.6 |
Total | 27.4% |
Performance figures assume reinvestment of all distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. An index is a statistical composite that tracks a specified financial market or sector. Unlike the Fund, the index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by the Fund. These expenses negatively impact the performance of the Fund. The Fund’s past performance does not predict future performance.
Performance | |||||||
Average Annual Total Returns | Cumulative Total Returns | ||||||
6 Months Ended 4/30/23 | 1 Year Ended 4/30/23 | 5 Years Ended 4/30/23 | Inception (6/14/16) to 4/30/23 | 5 Years Ended 4/30/23 | Inception (6/14/16) to 4/30/23 | ||
Fund Performance | |||||||
NAV | 14.30% | -6.02% | -2.64% | 4.49% | -12.54% | 35.24% | |
Market Price | 14.36% | -5.64% | -2.67% | 4.45% | -12.67% | 34.94% | |
Index Performance | |||||||
MSCI Emerging Markets Index | 16.36% | -6.51% | -1.05% | 5.39% | -5.12% | 43.46% |
Sector Allocation | % of Total Investments |
Information Technology | 32.3% |
Materials | 10.2 |
Financials | 9.9 |
Consumer Discretionary | 8.8 |
Communication Services | 7.8 |
Industrials | 7.7 |
Consumer Staples | 7.7 |
Energy | 6.6 |
Health Care | 4.5 |
Utilities | 3.1 |
Real Estate | 1.4 |
Total | 100.0% |
Fund Allocation | % of Net Assets |
Common Stocks | 97.8% |
Real Estate Investment Trusts | 1.0 |
Net Other Assets and Liabilities* | 1.2 |
Total | 100.0% |
* | Includes forward foreign currency contracts. |
Top Ten Holdings | % of Total Investments |
Taiwan Semiconductor Manufacturing Co., Ltd. | 8.5% |
Tencent Holdings Ltd. | 4.4 |
Samsung Electronics Co., Ltd. | 3.5 |
Alibaba Group Holding Ltd. | 2.0 |
Tata Consultancy Services Ltd. | 1.7 |
Infosys Ltd. | 1.7 |
MediaTek, Inc. | 1.6 |
Petroleo Brasileiro S.A. (Preference Shares) | 1.5 |
Petroleo Brasileiro S.A. | 1.5 |
Wal-Mart de Mexico S.A.B. de C.V. | 1.4 |
Total | 27.8% |
Performance figures assume reinvestment of all distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. An index is a statistical composite that tracks a specified financial market or sector. Unlike the Fund, the index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by the Fund. These expenses negatively impact the performance of the Fund. The Fund’s past performance does not predict future performance.
Beginning Account Value November 1, 2022 | Ending Account Value April 30, 2023 | Annualized Expense Ratio Based on the Six-Month Period | Expenses Paid During the Six-Month Period (a) | |
First Trust RiverFront Dynamic Developed International ETF (RFDI) | ||||
Actual | $1,000.00 | $1,183.60 | 0.83% | $4.49 |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.68 | 0.83% | $4.16 |
First Trust RiverFront Dynamic Europe ETF (RFEU) | ||||
Actual | $1,000.00 | $1,189.80 | 0.83% | $4.51 |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.68 | 0.83% | $4.16 |
First Trust RiverFront Dynamic Emerging Markets ETF (RFEM) | ||||
Actual | $1,000.00 | $1,143.00 | 0.95% | $5.05 |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.08 | 0.95% | $4.76 |
(a) | Expenses are equal to the annualized expense ratios as indicated in the table multiplied by the average account value over the period (November 1, 2022 through April 30, 2023), multiplied by 181/365 (to reflect the six-month period). |
Shares | Description | Value | ||
COMMON STOCKS (a) – 97.0% | ||||
Australia – 7.5% | ||||
46,782 | ALS Ltd. (b) | $408,301 | ||
78,466 | BHP Group Ltd. (b) | 2,328,674 | ||
60,908 | Coles Group Ltd. (b) | 735,779 | ||
5,788 | Commonwealth Bank of Australia (b) | 383,027 | ||
56,126 | Fortescue Metals Group Ltd. (b) | 785,294 | ||
140,968 | Harvey Norman Holdings Ltd. (b) | 338,550 | ||
52,532 | Iluka Resources Ltd. (b) | 386,004 | ||
188,299 | Medibank Pvt Ltd. (b) | 445,621 | ||
139,484 | Metcash Ltd. (b) | 361,475 | ||
10,776 | Rio Tinto Ltd. (b) | 808,250 | ||
252,404 | South32 Ltd. (b) | 713,484 | ||
179,674 | Viva Energy Group Ltd. (b) (c) (d) | 371,386 | ||
27,311 | Wesfarmers Ltd. (b) | 944,781 | ||
14,112 | Woodside Energy Group Ltd. (b) | 320,206 | ||
9,330,832 | ||||
Austria – 0.3% | ||||
42,208 | UNIQA Insurance Group AG (b) | 378,719 | ||
Belgium – 0.2% | ||||
37,362 | Proximus S.A.D.P. (b) | 318,496 | ||
Bermuda – 0.3% | ||||
21,218 | Orient Overseas International Ltd. (b) | 431,090 | ||
Canada – 4.4% | ||||
31,475 | ARC Resources Ltd. | 390,984 | ||
95,385 | B2Gold Corp. | 375,246 | ||
11,379 | Canadian Natural Resources Ltd. | 693,398 | ||
12,519 | Imperial Oil Ltd. | 638,124 | ||
14,731 | Northland Power, Inc. | 361,629 | ||
19,028 | Pembina Pipeline Corp. | 626,378 | ||
9,480 | Restaurant Brands International, Inc. | 664,583 | ||
19,693 | Suncor Energy, Inc. | 616,583 | ||
16,696 | Tourmaline Oil Corp. | 750,109 | ||
4,981 | West Fraser Timber Co., Ltd. | 360,289 | ||
5,477,323 | ||||
Denmark – 3.9% | ||||
276 | AP Moller - Maersk A.S., Class A (b) | 493,265 | ||
299 | AP Moller - Maersk A.S., Class B (b) | 540,458 | ||
4,838 | Carlsberg A.S., Class B (b) | 800,674 | ||
18,237 | Novo Nordisk A.S., Class B (b) | 3,033,807 | ||
4,868,204 | ||||
Finland – 0.3% | ||||
7,144 | Elisa Oyj (b) | 443,652 | ||
France – 7.7% | ||||
36,119 | AXA S.A. (b) | 1,178,930 |
Shares | Description | Value | ||
France (Continued) | ||||
686 | Christian Dior SE (b) | $629,571 | ||
569 | Hermes International (b) | 1,235,342 | ||
1,581 | Kering S.A. (b) | 1,012,420 | ||
9,356 | La Francaise des Jeux SAEM (b) (c) (d) | 399,893 | ||
2,972 | LVMH Moet Hennessy Louis Vuitton SE (b) | 2,858,711 | ||
11,446 | TotalEnergies SE (b) | 731,399 | ||
9,481 | Vinci S.A. (b) | 1,172,716 | ||
3,534 | Wendel SE (b) | 396,442 | ||
9,615,424 | ||||
Germany – 6.0% | ||||
17,920 | Bayer AG (b) | 1,182,653 | ||
8,289 | Bayerische Motoren Werke AG (b) | 929,068 | ||
73,206 | Deutsche Bank AG (b) | 804,730 | ||
21,150 | Deutsche Post AG (b) | 1,017,307 | ||
67,942 | E.ON SE (b) | 898,719 | ||
1,838 | Hapag-Lloyd AG (b) (c) (d) | 571,530 | ||
14,747 | Mercedes-Benz Group AG (b) | 1,150,060 | ||
3,982 | SAP SE (b) | 538,829 | ||
2,567 | Siemens AG (b) | 423,125 | ||
7,516,021 | ||||
Greece – 0.6% | ||||
24,562 | Hellenic Telecommunications Organization S.A. (b) | 358,892 | ||
21,862 | OPAP S.A. (b) | 372,807 | ||
731,699 | ||||
Hong Kong – 0.4% | ||||
41,200 | AIA Group Ltd. (b) | 448,548 | ||
Israel – 0.6% | ||||
5,650 | Check Point Software Technologies Ltd. (e) | 719,584 | ||
Italy – 2.8% | ||||
25,671 | ACEA S.p.A. (b) | 376,469 | ||
117,950 | Banca Mediolanum S.p.A. (b) | 1,066,426 | ||
47,422 | Credito Emiliano S.p.A. (b) | 364,061 | ||
64,718 | Eni S.p.A. (b) | 977,721 | ||
62,543 | Poste Italiane S.p.A. (b) (c) (d) | 650,881 | ||
3,435,558 | ||||
Japan – 22.5% | ||||
8,100 | Advantest Corp. (b) | 631,249 | ||
20,200 | Asahi Group Holdings Ltd. (b) | 780,409 | ||
32,800 | Bandai Namco Holdings, Inc. (b) | 745,066 | ||
29,000 | Chugai Pharmaceutical Co., Ltd. (b) | 748,364 | ||
3,900 | Disco Corp. (b) | 444,036 | ||
3,300 | Fast Retailing Co., Ltd. (b) | 781,445 | ||
13,800 | Hakuhodo DY Holdings, Inc. (b) | 162,610 | ||
36,200 | Honda Motor Co., Ltd. (b) | 960,134 |
Shares | Description | Value | ||
COMMON STOCKS (a) (Continued) | ||||
Japan (Continued) | ||||
8,700 | Hoya Corp. (b) | $912,239 | ||
29,900 | ITOCHU Corp. (b) | 991,928 | ||
38,300 | Japan Tobacco, Inc. (b) | 824,097 | ||
32,400 | KDDI Corp. (b) | 1,011,468 | ||
58,600 | Marubeni Corp. (b) | 831,721 | ||
69,600 | Mitsubishi Chemical Group Corp. (b) | 408,318 | ||
27,800 | Mitsubishi Corp. (b) | 1,030,709 | ||
13,300 | Mitsui OSK Lines Ltd. (b) | 329,715 | ||
61,500 | Mizuho Financial Group, Inc. (b) | 891,494 | ||
16,250 | Nintendo Co., Ltd. (b) | 687,008 | ||
29,900 | Nippon Telegraph & Telephone Corp. (b) | 912,368 | ||
24,900 | Nippon Yusen KK (b) | 588,609 | ||
8,800 | Nissan Chemical Corp. (b) | 391,090 | ||
18,600 | Niterra Co., Ltd. (b) | 389,853 | ||
6,700 | Nitto Denko Corp. (b) | 433,143 | ||
4,300 | Obic Co., Ltd. (b) | 662,523 | ||
5,500 | Oracle Corp., Japan (b) | 394,728 | ||
46,000 | ORIX Corp. (b) | 782,576 | ||
36,300 | Recruit Holdings Co., Ltd. (b) | 1,018,346 | ||
45,300 | Santen Pharmaceutical Co., Ltd. (b) | 381,137 | ||
4,200 | SCREEN Holdings Co., Ltd. (b) | 341,625 | ||
21,000 | Sega Sammy Holdings, Inc. (b) | 392,522 | ||
34,200 | Sekisui House Ltd. (b) | 703,106 | ||
5,200 | Shimano, Inc. (b) | 804,193 | ||
33,100 | Shin-Etsu Chemical Co., Ltd. (b) | 944,536 | ||
12,500 | Shinko Electric Industries Co., Ltd. (b) | 371,144 | ||
15,300 | Shionogi & Co., Ltd. (b) | 684,898 | ||
44,200 | SoftBank Corp. (b) | 497,640 | ||
600 | Sojitz Corp. (b) | 12,637 | ||
25,500 | Sumitomo Mitsui Financial Group, Inc. (b) | 1,042,278 | ||
30,800 | Takeda Pharmaceutical Co., Ltd. (b) | 1,021,302 | ||
8,400 | Tokyo Electron Ltd. (b) | 961,846 | ||
21,900 | Tokyo Gas Co., Ltd. (b) | 448,578 | ||
22,500 | USS Co., Ltd. (b) | 378,090 | ||
16,100 | ZOZO, Inc. (b) | 338,814 | ||
28,069,592 | ||||
Luxembourg – 0.7% | ||||
147,522 | B&M European Value Retail S.A. (b) | 890,583 | ||
Netherlands – 3.1% | ||||
2,631 | ASML Holding N.V. (b) | 1,669,666 | ||
2,220 | Ferrari N.V. (b) | 618,599 | ||
197,278 | Koninklijke KPN N.V. (b) | 719,450 | ||
6,954 | Wolters Kluwer N.V. (b) | 921,361 | ||
3,929,076 |
Shares | Description | Value | ||
New Zealand – 0.8% | ||||
305,192 | Spark New Zealand Ltd. (b) | $988,869 | ||
Norway – 0.9% | ||||
5,570 | Aker ASA, Class A (b) | 340,448 | ||
8,483 | Salmar ASA (b) | 376,887 | ||
9,626 | Yara International ASA (b) | 387,628 | ||
1,104,963 | ||||
Portugal – 0.6% | ||||
99,412 | Navigator (The) Co., S.A. (b) | 364,883 | ||
77,278 | NOS SGPS S.A. (b) | 339,743 | ||
704,626 | ||||
Singapore – 1.2% | ||||
201,200 | Singapore Exchange Ltd. (b) | 1,447,961 | ||
Spain – 3.2% | ||||
138,337 | Banco Bilbao Vizcaya Argentaria S.A. (b) | 1,012,764 | ||
165,861 | Banco Santander S.A., ADR | 575,538 | ||
14,223 | Cia de Distribucion Integral Logista Holdings S.A. (b) | 386,253 | ||
25,546 | Endesa S.A. (b) | 573,066 | ||
27,679 | Industria de Diseno Textil S.A. (b) | 951,514 | ||
24,212 | Red Electrica Corp. S.A. (b) | 440,206 | ||
3,939,341 | ||||
Sweden – 0.1% | ||||
4,788 | Boliden AB (b) | 171,108 | ||
Switzerland – 14.1% | ||||
28,131 | ABB Ltd. (b) | 1,014,788 | ||
3,274 | Banque Cantonale Vaudoise (b) | 344,505 | ||
36,319 | EFG International AG (b) | 349,511 | ||
6,107 | Kuehne + Nagel International AG (b) | 1,809,236 | ||
28,701 | Nestle S.A. (b) | 3,682,039 | ||
25,882 | Novartis AG (b) | 2,647,571 | ||
1,572 | Partners Group Holding AG (b) | 1,525,993 | ||
9,957 | Roche Holding AG (b) | 3,117,937 | ||
2,168 | Roche Holding AG (b) | 733,654 | ||
9,282 | SGS SA (b) | 839,978 | ||
2,620 | Sonova Holding AG (b) | 830,871 | ||
4,310 | Straumann Holding AG (b) | 648,442 | ||
17,544,525 | ||||
United Kingdom – 14.5% | ||||
105,903 | 3i Group PLC (b) | 2,356,239 | ||
16,082 | Admiral Group PLC (b) | 467,409 | ||
6,607 | AstraZeneca PLC (b) | 972,306 | ||
74,261 | Barratt Developments PLC (b) | 467,207 | ||
75,123 | BP PLC (b) | 504,000 | ||
74,354 | Evraz PLC (b) (e) (f) (g) | 0 | ||
75,472 | GSK PLC (b) | 1,360,999 | ||
38,919 | Hargreaves Lansdown PLC (b) | 394,026 | ||
197,512 | HSBC Holdings PLC (b) | 1,423,538 |
Shares | Description | Value | ||
COMMON STOCKS (a) (Continued) | ||||
United Kingdom (Continued) | ||||
40,878 | IG Group Holdings PLC (b) | $377,366 | ||
68,258 | Imperial Brands PLC (b) | 1,689,665 | ||
33,311 | Inchcape PLC (b) | 339,121 | ||
64,079 | Investec PLC (b) | 357,211 | ||
124,213 | J Sainsbury PLC (b) | 431,641 | ||
34,529 | RELX PLC (b) | 1,150,461 | ||
71,400 | Rightmove PLC (b) | 516,799 | ||
33,447 | Rio Tinto PLC (b) | 2,126,306 | ||
13,705 | Shell PLC (b) | 421,130 | ||
279,911 | Taylor Wimpey PLC (b) | 451,739 | ||
33,239 | Unilever PLC (b) | 1,850,818 | ||
200,212 | Virgin Money UK PLC (b) | 393,496 | ||
18,051,477 | ||||
United States – 0.3% | ||||
10,290 | Ovintiv, Inc. | 371,263 | ||
Total Common Stocks | 120,928,534 | |||
(Cost $112,284,150) | ||||
REAL ESTATE INVESTMENT TRUSTS (a) – 2.0% | ||||
Australia – 0.3% | ||||
46,990 | Charter Hall Group (b) | 349,598 | ||
Singapore – 0.3% | ||||
229,800 | Keppel DC REIT (b) | 371,555 | ||
Spain – 0.4% | ||||
33,151 | Inmobiliaria Colonial Socimi S.A. (b) | 211,917 | ||
41,589 | Merlin Properties Socimi S.A. (b) | 367,722 | ||
579,639 | ||||
United Kingdom – 1.0% | ||||
25,649 | Big Yellow Group PLC (b) | 394,813 | ||
84,910 | British Land (The) Co., PLC (b) | 427,797 | ||
31,495 | Safestore Holdings PLC (b) | 392,596 | ||
1,215,206 | ||||
Total Real Estate Investment Trusts | 2,515,998 | |||
(Cost $2,304,714) | ||||
Total Investments – 99.0% | 123,444,532 | |||
(Cost $114,588,864) | ||||
Net Other Assets and Liabilities – 1.0% | 1,215,833 | |||
Net Assets – 100.0% | $124,660,365 |
(a) | Portfolio securities are categorized based upon their country of incorporation, which can be different from the country categorization of the Fund’s underlying index. For a breakdown of the portfolio securities by sector, please see the Fund Performance Overview. |
(b) | This security is fair valued by the Advisor’s Pricing Committee in accordance with procedures approved by the Trust’s Board of Trustees and in accordance with provisions of the Investment Company Act of 1940 and rules thereunder, as amended. At April 30, 2023, securities noted as such are valued at $116,300,824 or 93.3% of net assets. Certain of these securities are fair valued using a factor provided by a third-party pricing service due to the change in value between the foreign markets’ close and the New York Stock Exchange close exceeding a certain threshold. On days when this threshold is not exceeded, these securities are typically valued at the last sale price on the exchange on which they are principally traded. |
(c) | This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933, as amended (the “1933 Act”). |
(d) | This security is exempt from registration upon resale under Rule 144A of the 1933 Act and may be resold in transactions exempt from registration, normally to qualified institutional buyers. This security is not restricted on the foreign exchange where it trades freely without any additional registration. As such, it does not require the additional disclosure required of restricted securities. |
(e) | Non-income producing security. |
(f) | Pursuant to procedures adopted by the Trust’s Board of Trustees, this security has been determined to be illiquid by First Trust Advisors L.P., the Fund’s advisor. |
(g) | This security’s value was determined using significant unobservable inputs (see Note 2A – Portfolio Valuation in the Notes to Financial Statements). |
ADR | American Depositary Receipt |
Currency Exposure Diversification | % of Total Investments |
Euro | 25.1% |
Japanese Yen | 22.7 |
British Pound Sterling | 16.3 |
Swiss Franc | 14.2 |
Australian Dollar | 7.9 |
Danish Krone | 4.0 |
Canadian Dollar | 3.8 |
United States Dollar | 2.0 |
Singapore Dollar | 1.5 |
Norwegian Krone | 0.9 |
New Zealand Dollar | 0.8 |
Hong Kong Dollar | 0.7 |
Swedish Krona | 0.1 |
Total | 100.0% |
Total Value at 4/30/2023 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |
Common Stocks: | ||||
Canada | $ 5,477,323 | $ 5,477,323 | $ — | $ — |
Israel | 719,584 | 719,584 | — | — |
Spain | 3,939,341 | 575,538 | 3,363,803 | — |
United Kingdom | 18,051,477 | — | 18,051,477 | —** |
United States | 371,263 | 371,263 | — | — |
Other Country Categories* | 92,369,546 | — | 92,369,546 | — |
Real Estate Investment Trusts* | 2,515,998 | — | 2,515,998 | — |
Total Investments | $ 123,444,532 | $ 7,143,708 | $ 116,300,824 | $—** |
* | See Portfolio of Investments for country breakout. |
** | Investment is valued at $0. |
Shares | Description | Value | ||
COMMON STOCKS (a) – 96.9% | ||||
Australia – 0.7% | ||||
850 | Rio Tinto Ltd. (b) | $63,754 | ||
Austria – 1.7% | ||||
1,703 | Erste Group Bank AG (b) | 61,920 | ||
3,267 | Raiffeisen Bank International AG (b) (c) | 50,186 | ||
6,456 | Telekom Austria AG | 50,366 | ||
162,472 | ||||
Belgium – 0.5% | ||||
950 | KBC Ancora (b) | 45,722 | ||
Canada – 0.7% | ||||
2,188 | Suncor Energy, Inc. | 68,506 | ||
Denmark – 5.4% | ||||
31 | AP Moller - Maersk A.S., Class A (b) | 55,403 | ||
33 | AP Moller - Maersk A.S., Class B (b) | 59,649 | ||
2,039 | Novo Nordisk A.S., Class B (b) | 339,197 | ||
528 | Pandora A.S. (b) | 48,873 | ||
503,122 | ||||
Finland – 0.5% | ||||
1,563 | TietoEVRY OYJ (b) | 49,944 | ||
France – 13.9% | ||||
840 | Amundi S.A. (b) (d) (e) | 55,032 | ||
76 | Christian Dior SE (b) | 69,748 | ||
28 | Hermes International (b) | 60,790 | ||
461 | Ipsen S.A. (b) | 55,903 | ||
177 | Kering S.A. (b) | 113,345 | ||
78 | L’Oreal S.A. (b) | 37,278 | ||
332 | LVMH Moet Hennessy Louis Vuitton SE (b) | 319,345 | ||
7,451 | Orange S.A. (b) | 96,982 | ||
1,965 | Rexel S.A. (b) | 45,516 | ||
391 | Sanofi (b) | 42,137 | ||
199 | Sartorius Stedim Biotech (b) | 53,312 | ||
3,511 | TotalEnergies SE (b) | 224,353 | ||
1,057 | Vinci S.A. (b) | 130,742 | ||
1,304,483 | ||||
Germany – 13.5% | ||||
677 | Allianz SE (b) | 169,999 | ||
923 | Bayerische Motoren Werke AG (b) | 103,454 | ||
533 | Bayerische Motoren Werke AG (Preference Shares) (b) | 56,655 | ||
801 | Brenntag SE (b) | 65,285 | ||
2,431 | Deutsche Post AG (b) | 116,930 | ||
7,563 | E.ON SE (b) | 100,042 | ||
1,372 | Fresenius Medical Care AG & Co., KGaA (b) | 66,575 | ||
204 | Hapag-Lloyd AG (b) (d) (e) | 63,434 | ||
744 | HUGO BOSS AG (b) | 56,091 |
Shares | Description | Value | ||
Germany (Continued) | ||||
342 | K+S AG (b) | $6,822 | ||
1,644 | Mercedes-Benz Group AG (b) | 128,209 | ||
450 | SAP SE (b) | 60,892 | ||
147 | Sartorius AG (Preference Shares) (b) | 57,137 | ||
291 | Siemens AG (b) | 47,966 | ||
16,311 | Telefonica Deutschland Holding AG (b) | 55,115 | ||
515 | Volkswagen AG (Preference Shares) (b) | 70,323 | ||
308 | Wacker Chemie AG (b) | 47,633 | ||
1,272,562 | ||||
Greece – 0.5% | ||||
2,997 | OPAP S.A. (b) | 51,107 | ||
Italy – 2.3% | ||||
30,832 | A2A S.p.A. (b) | 54,400 | ||
2,267 | Azimut Holding S.p.A. (b) | 50,636 | ||
7,208 | Eni S.p.A. (b) | 108,894 | ||
213,930 | ||||
Jersey – 2.8% | ||||
2,751 | Experian PLC (b) | 97,399 | ||
19,858 | Glencore PLC (b) | 117,214 | ||
16,309 | Man Group PLC (b) | 46,643 | ||
261,256 | ||||
Luxembourg – 1.0% | ||||
8,141 | B&M European Value Retail S.A. (b) | 49,147 | ||
987 | RTL Group S.A. (b) | 46,264 | ||
95,411 | ||||
Netherlands – 8.3% | ||||
3,366 | ABN AMRO Bank N.V. (b) (d) (e) | 53,948 | ||
497 | ASML Holding N.V. (b) | 315,402 | ||
124 | Ferrari N.V. (b) | 34,552 | ||
837 | Heineken Holding N.V. (b) | 80,336 | ||
697 | OCI N.V. (b) | 18,366 | ||
5,651 | Stellantis N.V. (b) | 93,731 | ||
1,893 | STMicroelectronics N.V. (b) | 80,977 | ||
775 | Wolters Kluwer N.V. (b) | 102,683 | ||
779,995 | ||||
Norway – 3.3% | ||||
756 | Aker ASA, Class A (b) | 46,208 | ||
3,267 | Equinor ASA (b) | 94,061 | ||
8,085 | Norsk Hydro ASA (b) | 59,498 | ||
4,790 | Telenor ASA (b) | 59,770 | ||
1,272 | Yara International ASA (b) | 51,222 | ||
310,759 |
Shares | Description | Value | ||
COMMON STOCKS (a) (Continued) | ||||
Spain – 2.9% | ||||
1,930 | Cia de Distribucion Integral Logista Holdings S.A. (b) | $52,413 | ||
3,427 | Endesa S.A. (b) | 76,877 | ||
1,549 | Grupo Catalana Occidente S.A. (b) | 49,992 | ||
157 | Red Electrica Corp. S.A. (b) | 2,855 | ||
20,523 | Telefonica S.A. (b) | 93,219 | ||
275,356 | ||||
Sweden – 1.0% | ||||
671 | Evolution AB (b) (d) (e) | 89,651 | ||
Switzerland – 16.3% | ||||
298 | Allreal Holding AG (b) | 52,883 | ||
363 | Kuehne + Nagel International AG (b) | 107,541 | ||
916 | Logitech International S.A. (b) | 54,206 | ||
3,211 | Nestle S.A. (b) | 411,938 | ||
1,312 | Novartis AG (b) | 134,209 | ||
90 | Partners Group Holding AG (b) | 87,366 | ||
433 | Roche Holding AG (b) | 135,590 | ||
266 | Roche Holding AG (b) | 90,015 | ||
803 | SGS SA (b) | 72,668 | ||
227 | Sonova Holding AG (b) | 71,988 | ||
286 | Straumann Holding AG (b) | 43,029 | ||
136 | Swiss Life Holding AG (b) | 89,768 | ||
918 | Swiss Re AG (b) | 92,446 | ||
126 | Swisscom AG (b) | 86,505 | ||
1,530,152 | ||||
United Kingdom – 21.6% | ||||
4,325 | 3i Group PLC (b) | 96,227 | ||
2,145 | Admiral Group PLC (b) | 62,343 | ||
743 | AstraZeneca PLC (b) | 109,342 | ||
7,447 | Auto Trader Group PLC (b) (d) (e) | 59,554 | ||
1,539 | Barclays PLC (b) | 3,100 | ||
8,499 | BP PLC (b) | 57,020 | ||
3,960 | British American Tobacco PLC (b) | 146,305 | ||
46,347 | BT Group PLC (b) | 92,569 | ||
2,038 | Burberry Group PLC (b) | 66,524 | ||
688 | Diageo PLC (b) | 31,384 | ||
3,368 | Dunelm Group PLC | 48,507 | ||
44,089 | Evraz PLC (b) (c) (f) (g) | 0 | ||
8,421 | GSK PLC (b) | 151,857 | ||
28,337 | HSBC Holdings PLC (b) | 204,235 | ||
3,683 | Imperial Brands PLC (b) | 91,169 | ||
1,043 | Intertek Group PLC (b) | 54,564 | ||
16,508 | J Sainsbury PLC (b) | 57,365 | ||
22,331 | Legal & General Group PLC (b) | 65,888 | ||
514 | Next PLC (b) | 43,611 | ||
3,850 | RELX PLC (b) | 128,277 | ||
6,167 | Shell PLC (b) | 189,501 | ||
37,262 | Taylor Wimpey PLC (b) | 60,136 |
Shares | Description | Value | ||
United Kingdom (Continued) | ||||
3,711 | Unilever PLC (b) | $206,636 | ||
2,026,114 | ||||
Total Common Stocks | 9,104,296 | |||
(Cost $9,192,850) | ||||
REAL ESTATE INVESTMENT TRUSTS (a) – 1.1% | ||||
Belgium – 0.5% | ||||
454 | Cofinimmo S.A. (b) | 43,373 | ||
United Kingdom – 0.6% | ||||
11,339 | British Land (The) Co., PLC (b) | 57,128 | ||
Total Real Estate Investment Trusts | 100,501 | |||
(Cost $90,213) | ||||
Total Investments – 98.0% | 9,204,797 | |||
(Cost $9,283,063) | ||||
Net Other Assets and Liabilities – 2.0% | 186,099 | |||
Net Assets – 100.0% | $9,390,896 |
(a) | Portfolio securities are categorized based upon their country of incorporation, which can be different from the country categorization of the Fund’s underlying index. For a breakdown of the portfolio securities by sector, please see the Fund Performance Overview. |
(b) | This security is fair valued by the Advisor’s Pricing Committee in accordance with procedures approved by the Trust’s Board of Trustees and in accordance with provisions of the Investment Company Act of 1940 and rules thereunder, as amended. At April 30, 2023, securities noted as such are valued at $9,037,418 or 96.2% of net assets. Certain of these securities are fair valued using a factor provided by a third-party pricing service due to the change in value between the foreign markets’ close and the New York Stock Exchange close exceeding a certain threshold. On days when this threshold is not exceeded, these securities are typically valued at the last sale price on the exchange on which they are principally traded. |
(c) | Non-income producing security. |
(d) | This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933, as amended (the “1933 Act”). |
(e) | This security is exempt from registration upon resale under Rule 144A of the 1933 Act and may be resold in transactions exempt from registration, normally to qualified institutional buyers. This security is not restricted on the foreign exchange where it trades freely without any additional registration. As such, it does not require the additional disclosure required of restricted securities. |
(f) | Pursuant to procedures adopted by the Trust’s Board of Trustees, this security has been determined to be illiquid by First Trust Advisors L.P., the Fund’s advisor. |
(g) | This security’s value was determined using significant unobservable inputs (see Note 2A – Portfolio Valuation in the Notes to Financial Statements). |
Currency Exposure Diversification | % of Total Investments |
Euro | 46.1% |
British Pound Sterling | 26.0 |
Swiss Franc | 16.6 |
Danish Krone | 5.5 |
Norwegian Krone | 3.4 |
Swedish Krona | 1.0 |
Canadian Dollar | 0.7 |
Australian Dollar | 0.7 |
Total | 100.0% |
Total Value at 4/30/2023 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |
Common Stocks: | ||||
Austria | $ 162,472 | $ 50,366 | $ 112,106 | $ — |
Canada | 68,506 | 68,506 | — | — |
United Kingdom | 2,026,114 | 48,507 | 1,977,607 | —** |
Other Country Categories* | 6,847,204 | — | 6,847,204 | — |
Real Estate Investment Trusts* | 100,501 | — | 100,501 | — |
Total Investments | $ 9,204,797 | $ 167,379 | $ 9,037,418 | $ —** |
* | See Portfolio of Investments for country breakout. |
** | Investment is valued at $0. |
Shares | Description | Value | ||
COMMON STOCKS (a) – 97.8% | ||||
Brazil – 13.8% | ||||
48,893 | Banco do Brasil S.A. | $420,136 | ||
52,082 | BB Seguridade Participacoes S.A. | 358,261 | ||
49,514 | Bradespar S.A. (Preference Shares) | 235,270 | ||
58,711 | CPFL Energia S.A. | 390,088 | ||
37,144 | Engie Brasil Energia S.A. | 307,039 | ||
93,566 | JBS S.A. | 335,786 | ||
87,073 | Petroleo Brasileiro S.A. | 465,583 | ||
99,384 | Petroleo Brasileiro S.A. (Preference Shares) | 472,232 | ||
31,610 | Petroleo Brasileiro S.A., ADR | 335,698 | ||
36,254 | Petroleo Brasileiro S.A., ADR | 344,050 | ||
42,877 | Suzano S.A. | 342,136 | ||
21,233 | Vale S.A. | 308,206 | ||
3,960 | Vale S.A., ADR | 57,064 | ||
4,371,549 | ||||
Cayman Islands – 10.9% | ||||
58,772 | Alibaba Group Holding Ltd. (b) (c) | 621,433 | ||
24,058 | ANTA Sports Products Ltd. (b) | 298,950 | ||
169,000 | China Medical System Holdings Ltd. (b) | 280,560 | ||
393,425 | Country Garden Holdings Co., Ltd. (b) | 101,346 | ||
12,126 | Meituan, Class B (b) (c) (d) (e) | 207,239 | ||
623,286 | Sino Biopharmaceutical Ltd. (b) | 345,987 | ||
78,219 | Sunac China Holdings Ltd. (c) | 16,342 | ||
31,133 | Tencent Holdings Ltd. (b) | 1,382,807 | ||
100,744 | Wisdom Marine Lines Co., Ltd. (b) | 210,876 | ||
3,465,540 | ||||
Chile – 2.9% | ||||
3,695,192 | Banco de Chile | 393,437 | ||
106,376,279 | Banco Itau Chile S.A. | 239,832 | ||
2,664,107 | Cia Sud Americana de Vapores S.A. | 272,236 | ||
905,505 | ||||
Greece – 2.6% | ||||
197,874 | Eurobank Ergasias Services and Holdings S.A. (b) (c) | 279,780 | ||
16,802 | OPAP S.A. (b) | 286,519 | ||
115,992 | Piraeus Financial Holdings S.A. (b) (c) | 274,395 | ||
840,694 | ||||
Hong Kong – 1.2% | ||||
381,714 | Lenovo Group Ltd. (b) | 390,523 | ||
India – 15.5% | ||||
25,574 | Aurobindo Pharma Ltd. (b) | 193,327 | ||
6,761 | Britannia Industries Ltd. (b) | 376,979 |
Shares | Description | Value | ||
India (Continued) | ||||
30,527 | HCL Technologies Ltd. (b) | $399,111 | ||
15,030 | Hindustan Unilever Ltd. (b) | 452,399 | ||
34,640 | Infosys Ltd. (b) | 534,467 | ||
18,871 | Infosys Ltd., ADR | 293,255 | ||
86,644 | ITC Ltd. (b) | 451,828 | ||
55,787 | Jindal Steel & Power Ltd. (b) | 399,178 | ||
2,184 | LTIMindtree Ltd. (b) (d) (e) | 118,709 | ||
7,278 | Reliance Industries Ltd. (b) | 216,136 | ||
32,407 | Sun Pharmaceutical Industries Ltd. (b) | 392,000 | ||
13,781 | Tata Consultancy Services Ltd. (b) | 544,855 | ||
291,618 | Tata Steel Ltd. (b) | 386,618 | ||
45,762 | Vedanta Ltd. (b) | 156,982 | ||
4,915,844 | ||||
Malaysia – 1.6% | ||||
558,200 | AFFIN Bank Bhd (b) | 254,328 | ||
206,800 | TIME dotCom Bhd (b) | 254,764 | ||
509,092 | ||||
Mexico – 3.8% | ||||
90,705 | Grupo Mexico S.A.B. de C.V., Series B | 443,599 | ||
132,261 | Kimberly-Clark de Mexico S.A.B. de C.V., Class A | 298,957 | ||
112,417 | Wal-Mart de Mexico S.A.B. de C.V. | 453,119 | ||
1,195,675 | ||||
Philippines – 1.1% | ||||
91,770 | International Container Terminal Services, Inc. (b) | 359,893 | ||
Poland – 0.7% | ||||
11,574 | Asseco Poland S.A. (b) | 234,825 | ||
Russia – 0.0% | ||||
59,735 | Rosneft Oil Co. PJSC (b) (f) (g) | 0 | ||
23,602 | Severstal PAO (b) (c) (f) (g) | 0 | ||
0 | ||||
Singapore – 0.8% | ||||
80,500 | Sembcorp Industries Ltd. (b) | 259,021 | ||
South Africa – 3.8% | ||||
23,939 | Exxaro Resources Ltd. (b) | 251,535 | ||
34,668 | Impala Platinum Holdings Ltd. (b) | 337,521 | ||
11,344 | Kumba Iron Ore Ltd. (b) | 275,848 | ||
51,056 | Vodacom Group Ltd. (b) | 349,956 | ||
1,214,860 | ||||
South Korea – 14.8% | ||||
3,534 | Coway Co., Ltd. (b) | 129,756 | ||
2,564 | F&F Co., Ltd. (b) | 271,297 | ||
7,342 | GS Holdings Corp. (b) | 218,142 |
Shares | Description | Value | ||
COMMON STOCKS (a) (Continued) | ||||
South Korea (Continued) | ||||
1,094 | Hana Financial Group, Inc. (b) | $34,377 | ||
22,005 | HMM Co., Ltd. (b) | 337,057 | ||
2,319 | Hyundai Motor Co. (b) | 343,512 | ||
6,894 | Kia Corp. (b) | 436,620 | ||
10,688 | KT Corp. (b) | 239,868 | ||
2,398 | Kumho Petrochemical Co., Ltd. (b) | 245,216 | ||
3,041 | LX Semicon Co., Ltd. (b) | 240,428 | ||
8,228 | Meritz Financial Group, Inc. (b) | 283,220 | ||
51,655 | Mirae Asset Securities Co., Ltd. (b) | 268,395 | ||
338 | Orion Corp. (b) | 36,645 | ||
339 | Samsung Biologics Co., Ltd. (b) (c) (d) (e) | 198,267 | ||
22,165 | Samsung Electronics Co., Ltd. (b) | 1,090,609 | ||
3,294 | Samsung SDS Co., Ltd. (b) | 289,637 | ||
872 | SK Square Co., Ltd. (b) (c) | 27,790 | ||
4,690,836 | ||||
Spain – 0.9% | ||||
85,233 | Banco Santander S.A. (b) | 299,430 | ||
Taiwan – 22.6% | ||||
42,848 | Evergreen Marine Corp. Taiwan Ltd. (b) | 226,303 | ||
37,979 | Faraday Technology Corp. (b) | 204,308 | ||
13,574 | International Games System Co., Ltd. (b) | 237,062 | ||
23,035 | MediaTek, Inc. (b) | 500,869 | ||
56,605 | Micro-Star International Co., Ltd. (b) | 269,044 | ||
28,949 | Nan Ya Printed Circuit Board Corp. (b) | 260,627 | ||
25,587 | Novatek Microelectronics Corp. (b) | 349,803 | ||
26,925 | Realtek Semiconductor Corp. (b) | 315,749 | ||
96,607 | Ruentex Industries Ltd. (b) | 182,101 | ||
162,143 | Taiwan Semiconductor Manufacturing Co., Ltd. (b) | 2,655,188 |
Shares | Description | Value | ||
Taiwan (Continued) | ||||
3,382 | Taiwan Semiconductor Manufacturing Co., Ltd., ADR | $285,103 | ||
75,521 | Unimicron Technology Corp. (b) | 358,826 | ||
249,239 | United Microelectronics Corp. (b) | 400,865 | ||
36,090 | United Microelectronics Corp., ADR | 289,803 | ||
139,320 | Wan Hai Lines Ltd. (b) | 296,203 | ||
2,500 | Wiwynn Corp. (b) | 95,142 | ||
116,613 | Yang Ming Marine Transport Corp. (b) | 240,571 | ||
7,167,567 | ||||
Thailand – 0.0% | ||||
56,700 | TTW PCL, NVDR (b) | 14,380 | ||
United Arab Emirates – 0.8% | ||||
396,725 | Dubai Investments PJSC (b) | 265,279 | ||
Total Common Stocks | 31,100,513 | |||
(Cost $32,062,025) | ||||
REAL ESTATE INVESTMENT TRUSTS (a) – 1.0% | ||||
Malaysia – 1.0% | ||||
151,000 | IGB Real Estate Investment Trust (b) | 59,307 | ||
725,000 | Sunway Real Estate Investment Trust (b) | 261,936 | ||
Total Real Estate Investment Trusts | 321,243 | |||
(Cost $323,469) | ||||
Total Investments – 98.8% | 31,421,756 | |||
(Cost $32,385,494) | ||||
Net Other Assets and Liabilities – 1.2% | 366,432 | |||
Net Assets – 100.0% | $31,788,188 |
Forward Foreign Currency Contracts | ||||||||||||||
Settlement Date | Counterparty | Amount Purchased | Amount Sold | Purchase Value as of 4/30/2023 | Sale Value as of 4/30/2023 | Unrealized Appreciation/ (Depreciation) | ||||||||
05/31/23 | SG | USD | 3,092,829 | TWD | 95,000,000 | $ 3,092,829 | $ 3,101,194 | $ (8,365) |
Counterparty Abbreviations | |
SG | Societe Generale |
(a) | Portfolio securities are categorized based upon their country of incorporation, which can be different from the country categorization of the Fund’s underlying index. For a breakdown of the portfolio securities by sector, please see the Fund Performance Overview. |
(b) | This security is fair valued by the Advisor’s Pricing Committee in accordance with procedures approved by the Trust’s Board of Trustees and in accordance with provisions of the Investment Company Act of 1940 and rules thereunder, as amended. At April 30, 2023, securities noted as such are valued at $24,064,524 or 75.7% of net assets. Certain of these securities are fair valued using a factor provided by a third-party pricing service due to the change in value between the foreign markets’ close and the New York Stock Exchange close exceeding a certain threshold. On days when this threshold is not exceeded, these securities are typically valued at the last sale price on the exchange on which they are principally traded. |
(c) | Non-income producing security. |
(d) | This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933, as amended (the “1933 Act”). |
(e) | This security is exempt from registration upon resale under Rule 144A of the 1933 Act and may be resold in transactions exempt from registration, normally to qualified institutional buyers. This security is not restricted on the foreign exchange where it trades freely without any additional registration. As such, it does not require the additional disclosure required of restricted securities. |
(f) | Pursuant to procedures adopted by the Trust’s Board of Trustees, this security has been determined to be illiquid by First Trust Advisors L.P., the Fund’s advisor. |
(g) | This security’s value was determined using significant unobservable inputs (see Note 2A – Portfolio Valuation in the Notes to Financial Statements). |
ADR | American Depositary Receipt |
NVDR | Non-Voting Depositary Receipt |
Currency Exposure Diversification | % of Total Investments† |
USD | 15.0% |
KRW | 14.9 |
INR | 14.7 |
TWD | 11.8 |
HKD | 11.6 |
BRL | 11.6 |
ZAR | 3.9 |
MXN | 3.8 |
EUR | 3.6 |
CLP | 2.9 |
MYR | 2.6 |
PHP | 1.2 |
AED | 0.8 |
SGD | 0.8 |
PLN | 0.7 |
THB | 0.1 |
RUB | 0.0* |
Total | 100.0% |
† | The weightings include the impact of currency forwards. |
* | Investment is valued at $0. |
Currency Abbreviations | |
AED | United Arab Emirates Dirham |
BRL | Brazilian Real |
CLP | Chilean Peso |
EUR | Euro |
HKD | Hong Kong Dollar |
INR | Indian Rupee |
KRW | South Korean Won |
MXN | Mexican Peso |
MYR | Malaysian Ringgit |
PHP | Philippine Peso |
PLN | Polish Zloty |
RUB | Russian Ruble |
SGD | Singapore Dollar |
THB | Thai Baht |
TWD | New Taiwan Dollar |
USD | United States Dollar |
ZAR | South African Rand |
ASSETS TABLE | ||||
Total Value at 4/30/2023 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |
Common Stocks: | ||||
Brazil | $ 4,371,549 | $ 4,371,549 | $ — | $ — |
Cayman Islands | 3,465,540 | 16,342 | 3,449,198 | — |
Chile | 905,505 | 905,505 | — | — |
India | 4,915,844 | 293,255 | 4,622,589 | — |
Mexico | 1,195,675 | 1,195,675 | — | — |
Russia | —** | — | — | —** |
Taiwan | 7,167,567 | 574,906 | 6,592,661 | — |
Other Country Categories* | 9,078,833 | — | 9,078,833 | — |
Real Estate Investment Trusts* | 321,243 | — | 321,243 | — |
Total Investments | $ 31,421,756 | $ 7,357,232 | $ 24,064,524 | $—** |
LIABILITIES TABLE | ||||
Total Value at 4/30/2023 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |
Forward Foreign Currency Contracts*** | $ (8,365) | $ — | $ (8,365) | $ — |
* | See Portfolio of Investments for country breakout. |
** | Investment is valued at $0. |
*** | See the Schedule of Forward Foreign Currency Contracts for contract and currency detail. |
First Trust RiverFront Dynamic Developed International ETF (RFDI) | First Trust RiverFront Dynamic Europe ETF (RFEU) | First Trust RiverFront Dynamic Emerging Markets ETF (RFEM) | |||
ASSETS: | |||||
Investments, at value | $ 123,444,532 | $ 9,204,797 | $ 31,421,756 | ||
Cash | 356,208 | 41,939 | 191,916 | ||
Foreign currency | 163,542 | 9,605 | 40,900 | ||
Receivables: | |||||
Dividend reclaims | 718,389 | 138,143 | 1,135 | ||
Dividends | 462,898 | 31,109 | 243,145 | ||
Total Assets | 125,145,569 | 9,425,593 | 31,898,852 | ||
LIABILITIES: | |||||
Unrealized depreciation on forward foreign currency contracts | — | — | 8,365 | ||
Payables: | |||||
Investment securities purchased | 400,856 | 28,389 | — | ||
Investment advisory fees | 84,348 | 6,308 | 25,059 | ||
Deferred foreign capital gains tax | — | — | 77,240 | ||
Total Liabilities | 485,204 | 34,697 | 110,664 | ||
NET ASSETS | $124,660,365 | $9,390,896 | $31,788,188 | ||
NET ASSETS consist of: | |||||
Paid-in capital | $ 198,779,162 | $ 31,341,351 | $ 56,673,032 | ||
Par value | 21,674 | 1,500 | 6,000 | ||
Accumulated distributable earnings (loss) | (74,140,471) | (21,951,955) | (24,890,844) | ||
NET ASSETS | $124,660,365 | $9,390,896 | $31,788,188 | ||
NET ASSET VALUE, per share | $57.52 | $62.61 | $52.98 | ||
Number of shares outstanding (unlimited number of shares authorized, par value $0.01 per share) | 2,167,387 | 150,002 | 600,002 | ||
Investments, at cost | $114,588,864 | $9,283,063 | $32,385,494 | ||
Foreign currency, at cost (proceeds) | $163,583 | $9,596 | $40,906 |
First Trust RiverFront Dynamic Developed International ETF (RFDI) | First Trust RiverFront Dynamic Europe ETF (RFEU) | First Trust RiverFront Dynamic Emerging Markets ETF (RFEM) | ||||
INVESTMENT INCOME: | ||||||
Dividends | $ 2,894,402 | $ 244,903 | $ 916,937 | |||
Interest | 3,865 | 433 | 2,749 | |||
Foreign withholding tax | (68,967) | 79,732 | (77,314) | |||
Other | 606 | 119 | 67 | |||
Total investment income | 2,829,906 | 325,187 | 842,439 | |||
EXPENSES: | ||||||
Investment advisory fees | 522,114 | 40,162 | 154,824 | |||
Total expenses | 522,114 | 40,162 | 154,824 | |||
NET INVESTMENT INCOME (LOSS) | 2,307,792 | 285,025 | 687,615 | |||
NET REALIZED AND UNREALIZED GAIN (LOSS): | ||||||
Net realized gain (loss) on: | ||||||
Investments | (2,023,139) | (263,675) | (1,536,743) | |||
In-kind redemptions | 2,565,641 | (539,689) | 241,994 | |||
Forward foreign currency contracts | (1,159,220) | (131,137) | (189,281) | |||
Foreign currency transactions | (26,413) | (24,022) | 12,385 | |||
Foreign capital gains tax | — | — | (22,069) | |||
Net realized gain (loss) | (643,131) | (958,523) | (1,493,714) | |||
Net change in unrealized appreciation (depreciation) on: | ||||||
Investments | 19,844,378 | 2,830,124 | 4,523,584 | |||
Forward foreign currency contracts | (410,206) | (77,750) | (8,739) | |||
Foreign currency translation | 62,402 | 14,082 | 2,835 | |||
Deferred foreign capital gains tax | — | — | 18,096 | |||
Net change in unrealized appreciation (depreciation) | 19,496,574 | 2,766,456 | 4,535,776 | |||
NET REALIZED AND UNREALIZED GAIN (LOSS) | 18,853,443 | 1,807,933 | 3,042,062 | |||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ 21,161,235 | $ 2,092,958 | $ 3,729,677 |
First Trust RiverFront Dynamic Developed International ETF (RFDI) | First Trust RiverFront Dynamic Europe ETF (RFEU) | ||||||
Six Months Ended 4/30/2023 (Unaudited) | Year Ended 10/31/2022 | Six Months Ended 4/30/2023 (Unaudited) | Year Ended 10/31/2022 | ||||
OPERATIONS: | |||||||
Net investment income (loss) | $ 2,307,792 | $ 5,437,970 | $ 285,025 | $ 704,653 | |||
Net realized gain (loss) | (643,131) | (14,139,636) | (958,523) | (5,259,007) | |||
Net change in unrealized appreciation (depreciation) | 19,496,574 | (39,993,438) | 2,766,456 | (2,592,073) | |||
Net increase (decrease) in net assets resulting from operations | 21,161,235 | (48,695,104) | 2,092,958 | (7,146,427) | |||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | |||||||
Investment operations | (1,280,520) | (8,358,471) | (182,268) | (731,214) | |||
SHAREHOLDER TRANSACTIONS: | |||||||
Proceeds from shares sold | — | 16,350,807 | — | 7,163,511 | |||
Cost of shares redeemed | (16,367,557) | (13,466,905) | (11,332,405) | (3,439,455) | |||
Net increase (decrease) in net assets resulting from shareholder transactions | (16,367,557) | 2,883,902 | (11,332,405) | 3,724,056 | |||
Total increase (decrease) in net assets | 3,513,158 | (54,169,673) | (9,421,715) | (4,153,585) | |||
NET ASSETS: | |||||||
Beginning of period | 121,147,207 | 175,316,880 | 18,812,611 | 22,966,196 | |||
End of period | $ 124,660,365 | $ 121,147,207 | $ 9,390,896 | $ 18,812,611 | |||
CHANGES IN SHARES OUTSTANDING: | |||||||
Shares outstanding, beginning of period | 2,467,387 | 2,417,387 | 350,002 | 300,002 | |||
Shares sold | — | 300,000 | — | 100,000 | |||
Shares redeemed | (300,000) | (250,000) | (200,000) | (50,000) | |||
Shares outstanding, end of period | 2,167,387 | 2,467,387 | 150,002 | 350,002 |
First Trust RiverFront Dynamic Emerging Markets ETF (RFEM) | ||
Six Months Ended 4/30/2023 (Unaudited) | Year Ended 10/31/2022 | |
$ 687,615 | $ 2,153,723 | |
(1,493,714) | 309,273 | |
4,535,776 | (12,935,260) | |
3,729,677 | (10,472,264) | |
(875,763) | (2,105,337) | |
5,558,285 | — | |
(5,232,255) | (6,186,633) | |
326,030 | (6,186,633) | |
3,179,944 | (18,764,234) | |
28,608,244 | 47,372,478 | |
$ 31,788,188 | $ 28,608,244 | |
600,002 | 700,002 | |
100,000 | — | |
(100,000) | (100,000) | |
600,002 | 600,002 |
Six Months Ended 4/30/2023 (Unaudited) | Year Ended October 31, | |||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||
Net asset value, beginning of period | $ 49.10 | $ 72.52 | $ 54.60 | $ 57.70 | $ 55.84 | $ 63.96 | ||||||
Income from investment operations: | ||||||||||||
Net investment income (loss) | 1.03 | 2.23 | 1.21 | 0.85 | 1.54 | 1.34 | ||||||
Net realized and unrealized gain (loss) | 7.93 | (22.22) | 17.89 | (2.84) | 1.81 | (8.00) | ||||||
Total from investment operations | 8.96 | (19.99) | 19.10 | (1.99) | 3.35 | (6.66) | ||||||
Distributions paid to shareholders from: | ||||||||||||
Net investment income | (0.54) | (3.43) | (1.18) | (1.11) | (1.49) | (1.44) | ||||||
Net realized gain | — | — | — | — | — | (0.02) | ||||||
Total distributions | (0.54) | (3.43) | (1.18) | (1.11) | (1.49) | (1.46) | ||||||
Net asset value, end of period | $57.52 | $49.10 | $72.52 | $54.60 | $57.70 | $55.84 | ||||||
Total return (a) | 18.36% | (28.21)% | 35.11% | (3.45)% | 6.12% | (10.65)% | ||||||
Ratios to average net assets/supplemental data: | ||||||||||||
Net assets, end of period (in 000’s) | $ 124,660 | $ 121,147 | $ 175,317 | $ 131,049 | $ 245,234 | $ 499,726 | ||||||
Ratio of total expenses to average net assets | 0.83% (b) | 0.83% | 0.83% | 0.83% | 0.83% | 0.83% | ||||||
Ratio of net investment income (loss) to average net assets | 3.67% (b) | 3.61% | 1.79% | 1.43% | 2.51% | 2.28% | ||||||
Portfolio turnover rate (c) | 47% | 95% | 45% | 96% | 87% | 133% |
(a) | Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all distributions at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return is calculated for the time period presented and is not annualized for periods of less than a year. |
(b) | Annualized. |
(c) | Portfolio turnover is calculated for the time period presented and is not annualized for periods of less than a year and does not include securities received or delivered from processing creations or redemptions and in-kind transactions. |
Six Months Ended 4/30/2023 (Unaudited) | Year Ended October 31, | |||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||
Net asset value, beginning of period | $ 53.75 | $ 76.55 | $ 55.76 | $ 59.49 | $ 57.23 | $ 65.25 | ||||||
Income from investment operations: | ||||||||||||
Net investment income (loss) | 2.11 | 2.04 | 0.98 | 0.96 | 1.78 | 1.48 | ||||||
Net realized and unrealized gain (loss) | 7.97 | (22.71) | 21.31 | (3.50) | 2.20 | (7.97) | ||||||
Total from investment operations | 10.08 | (20.67) | 22.29 | (2.54) | 3.98 | (6.49) | ||||||
Distributions paid to shareholders from: | ||||||||||||
Net investment income | (1.22) | (2.13) | (1.50) | (1.19) | (1.72) | (1.53) | ||||||
Net asset value, end of period | $62.61 | $53.75 | $76.55 | $55.76 | $59.49 | $57.23 | ||||||
Total return (a) | 18.98% | (27.33)% | 40.20% | (4.22)% | 7.01% | (10.16)% | ||||||
Ratios to average net assets/supplemental data: | ||||||||||||
Net assets, end of period (in 000’s) | $ 9,391 | $ 18,813 | $ 22,966 | $ 16,729 | $ 38,666 | $ 88,706 | ||||||
Ratio of total expenses to average net assets | 0.83% (b) | 0.83% | 0.83% | 0.83% | 0.83% | 0.83% | ||||||
Ratio of net investment income (loss) to average net assets | 5.89% (b) | 3.15% | 1.29% | 1.59% | 2.77% | 2.45% | ||||||
Portfolio turnover rate (c) | 40% | 71% | 50% | 87% | 81% | 130% |
(a) | Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all distributions at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return is calculated for the time period presented and is not annualized for periods of less than a year. |
(b) | Annualized. |
(c) | Portfolio turnover is calculated for the time period presented and is not annualized for periods of less than a year and does not include securities received or delivered from processing creations or redemptions and in-kind transactions. |
Six Months Ended 4/30/2023 (Unaudited) | Year Ended October 31, | |||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||
Net asset value, beginning of period | $ 47.68 | $ 67.67 | $ 61.57 | $ 60.76 | $ 56.40 | $ 68.64 | ||||||
Income from investment operations: | ||||||||||||
Net investment income (loss) | 1.15 | 3.48 | 1.61 | 1.10 | 1.79 | 1.20 | ||||||
Net realized and unrealized gain (loss) | 5.61 | (20.11) | 5.85 | 1.81 | 3.94 | (11.87) | ||||||
Total from investment operations | 6.76 | (16.63) | 7.46 | 2.91 | 5.73 | (10.67) | ||||||
Distributions paid to shareholders from: | ||||||||||||
Net investment income | (1.46) | (3.36) | (1.36) | (1.73) | (1.37) | (1.18) | ||||||
Net realized gain | — | — | — | — | — | (0.30) | ||||||
Return of capital | — | — | — | (0.37) | — | (0.09) | ||||||
Total distributions | (1.46) | (3.36) | (1.36) | (2.10) | (1.37) | (1.57) | ||||||
Net asset value, end of period | $52.98 | $47.68 | $67.67 | $61.57 | $60.76 | $56.40 | ||||||
Total return (a) | 14.30% | (24.97)% | 12.01% | 4.74% | 10.32% | (15.92)% | ||||||
Ratios to average net assets/supplemental data: | ||||||||||||
Net assets, end of period (in 000’s) | $ 31,788 | $ 28,608 | $ 47,372 | $ 46,178 | $ 72,917 | $ 101,512 | ||||||
Ratio of total expenses to average net assets | 0.95% (b) | 0.95% | 0.95% | 0.95% | 0.95% | 0.95% | ||||||
Ratio of net investment income (loss) to average net assets | 4.22% (b) | 5.47% | 2.19% | 1.92% | 2.60% | 1.90% | ||||||
Portfolio turnover rate (c) | 49% | 75% | 32% | 89% | 116% | 126% |
(a) | Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all distributions at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return is calculated for the time period presented and is not annualized for periods of less than a year. |
(b) | Annualized. |
(c) | Portfolio turnover is calculated for the time period presented and is not annualized for periods of less than a year and does not include securities received or delivered from processing creations or redemptions and in-kind transactions. |
1) | the last sale price on the exchange on which they are principally traded or, for Nasdaq and AIM securities, the official closing price; |
2) | the type of security; |
3) | the size of the holding; |
4) | the initial cost of the security; |
5) | transactions in comparable securities; |
6) | price quotes from dealers and/or third-party pricing services; |
7) | relationships among various securities; |
8) | information obtained by contacting the issuer, analysts, or the appropriate stock exchange; |
9) | an analysis of the issuer’s financial statements; |
10) | the existence of merger proposals or tender offers that might affect the value of the security; and |
11) | other relevant factors. |
1) | the value of similar foreign securities traded on other foreign markets; |
2) | ADR trading of similar securities; |
3) | closed-end fund or exchange-traded fund trading of similar securities; |
4) | foreign currency exchange activity; |
5) | the trading prices of financial products that are tied to baskets of foreign securities; |
6) | factors relating to the event that precipitated the pricing problem; |
7) | whether the event is likely to recur; |
8) | whether the effects of the event are isolated or whether they affect entire markets, countries or regions; and |
9) | other relevant factors. |
• | Level 1 – Level 1 inputs are quoted prices in active markets for identical investments. An active market is a market in which transactions for the investment occur with sufficient frequency and volume to provide pricing information on an ongoing basis. |
• | Level 2 – Level 2 inputs are observable inputs, either directly or indirectly, and include the following: |
o | Quoted prices for similar investments in active markets. |
o | Quoted prices for identical or similar investments in markets that are non-active. A non-active market is a market where there are few transactions for the investment, the prices are not current, or price quotations vary substantially either over time or among market makers, or in which little information is released publicly. |
o | Inputs other than quoted prices that are observable for the investment (for example, interest rates and yield curves observable at commonly quoted intervals, volatilities, prepayment speeds, loss severities, credit risks, and default rates). |
o | Inputs that are derived principally from or corroborated by observable market data by correlation or other means. |
• | Level 3 – Level 3 inputs are unobservable inputs. Unobservable inputs may reflect the reporting entity’s own assumptions about the assumptions that market participants would use in pricing the investment. |
Distributions paid from Ordinary Income | Distributions paid from Capital Gains | Distributions paid from Return of Capital | |||
First Trust RiverFront Dynamic Developed International ETF | $ 8,358,471 | $ — | $ — | ||
First Trust RiverFront Dynamic Europe ETF | 731,214 | — | — | ||
First Trust RiverFront Dynamic Emerging Markets ETF | 2,105,337 | — | — |
Undistributed Ordinary Income | Accumulated Capital and Other Gain (Loss) | Net Unrealized Appreciation (Depreciation) | |||
First Trust RiverFront Dynamic Developed International ETF | $ 795,999 | $ (82,940,557) | $ (12,391,288) | ||
First Trust RiverFront Dynamic Europe ETF | 137,868 | (21,011,350) | (2,989,163) | ||
First Trust RiverFront Dynamic Emerging Markets ETF | 352,376 | (22,354,470) | (5,742,664) |
Non-Expiring Capital Loss Carryforward | |
First Trust RiverFront Dynamic Developed International ETF | $ 82,940,557 |
First Trust RiverFront Dynamic Europe ETF | 21,011,350 |
First Trust RiverFront Dynamic Emerging Markets ETF | 22,354,470 |
Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation (Depreciation) | ||||
First Trust RiverFront Dynamic Developed International ETF | $ 114,588,864 | $ 12,968,883 | $ (4,113,215) | $ 8,855,668 | |||
First Trust RiverFront Dynamic Europe ETF | 9,283,063 | 851,833 | (930,099) | (78,266) | |||
First Trust RiverFront Dynamic Emerging Markets ETF | 32,385,494 | 2,827,554 | (3,799,657) | (972,103) |
Breakpoints | RFDI | RFEU | RFEM | ||||
Fund net assets up to and including $2.5 billion | 0.83000% | 0.83000% | 0.95000% | ||||
Fund net assets greater than $2.5 billion up to and including $5 billion | 0.80925% | 0.80925% | 0.92625% | ||||
Fund net assets greater than $5 billion up to and including $7.5 billion | 0.78850% | 0.78850% | 0.90250% | ||||
Fund net assets greater than $7.5 billion up to and including $10 billion | 0.76775% | 0.76775% | 0.87875% | ||||
Fund net assets greater than $10 billion | 0.74700% | 0.74700% | 0.85500% |
First Trust RiverFront Dynamic Developed International ETF | 0.83% |
First Trust RiverFront Dynamic Europe ETF | 0.83% |
First Trust RiverFront Dynamic Emerging Markets ETF | 0.95% |
Breakpoints | |
Fund net assets up to and including $2.5 billion | 0.35000 % |
Fund net assets greater than $2.5 billion up to and including $5 billion | 0.34125 % |
Fund net assets greater than $5 billion up to and including $7.5 billion | 0.33250 % |
Fund net assets greater than $7.5 billion up to and including $10 billion | 0.32375 % |
Fund net assets greater than $10 billion | 0.31500 % |
Purchases | Sales | ||
First Trust RiverFront Dynamic Developed International ETF | $ 59,271,638 | $ 59,839,167 | |
First Trust RiverFront Dynamic Europe ETF | 4,103,256 | 4,516,531 | |
First Trust RiverFront Dynamic Emerging Markets ETF | 15,763,242 | 15,657,871 | |
Purchases | Sales | ||
First Trust RiverFront Dynamic Developed International ETF | $ — | $ 15,965,412 | |
First Trust RiverFront Dynamic Europe ETF | — | 11,174,879 | |
First Trust RiverFront Dynamic Emerging Markets ETF | 1,193,396 | 1,538,662 |
Asset Derivatives | Liability Derivatives | |||||||||||
Fund | Derivative Instrument | Risk Exposure | Statements of Assets and Liabilities Location | Value | Statements of Assets and Liabilities Location | Value | ||||||
RFEM | Forward foreign currency contracts | Currency Risk | Unrealized appreciation on forward foreign currency contracts | $ — | Unrealized depreciation on forward foreign currency contracts | $ 8,365 |
Equity Risk | |||
Statements of Operations Location | RFDI | RFEU | RFEM |
Currency Risk Exposure | |||
Net realized gain (loss) on forward foreign currency contracts | (1,159,220) | (131,137) | (189,281) |
Net change in unrealized appreciation (depreciation) on forward foreign currency contracts | (410,206) | (77,750) | (8,739) |
Opened | Closed | ||
First Trust RiverFront Dynamic Developed International ETF | $ 98,329,711 | $ 122,785,247 | |
First Trust RiverFront Dynamic Europe ETF | 11,082,880 | 15,423,595 | |
First Trust RiverFront Dynamic Emerging Markets ETF | 41,231,630 | 41,223,259 |
NOT FDIC INSURED | NOT BANK GUARANTEED | MAY LOSE VALUE |
FUND ACCOUNTANT &
TRANSFER AGENT
PUBLIC ACCOUNTING FIRM
(b) | Not applicable. |
Item 2. Code of Ethics.
Not applicable.
Item 3. Audit Committee Financial Expert.
Not applicable.
Item 4. Principal Accountant Fees and Services.
Not applicable.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Investments.
(a) | Schedules of Investments in securities of unaffiliated issuers as of the close of the reporting period are included as part of the reports to shareholders filed under Item 1 of this form. |
(b) | Not applicable. |
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant's board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)),or this Item.
Item 11. Controls and Procedures.
(a) | The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3 (c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15 (b)). |
(b) | There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting. |
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
(a) | Not applicable. |
(b) | Not applicable. |
Item 13. Exhibits.
(a)(1) | Not applicable. |
(a)(2) | Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto. |
(a)(3) | Not applicable. |
(a)(4) | Not applicable. |
(b) | Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(registrant) | First Trust Exchange-Traded Fund III |
By (Signature and Title)* | /s/ James M. Dykas | |
James M. Dykas, President and Chief Executive Officer (principal executive officer) |
Date: | July 10, 2023 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title)* | /s/ James M. Dykas | |
James M. Dykas, President and Chief Executive Officer (principal executive officer) |
Date: | July 10, 2023 |
By (Signature and Title)* | /s/ Donald P. Swade | |
Donald P. Swade, Treasurer, Chief Financial Officer and Chief Accounting Officer (principal financial officer) |
Date: | July 10, 2023 |
* Print the name and title of each signing officer under his or her signature.