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, 2024
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: |
Semi-Annual Report |
For the Six Months Ended April 30, 2024 |
First Trust Preferred Securities and Income ETF (FPE) |
First Trust Institutional Preferred Securities and Income ETF (FPEI) |
Semi-Annual Report
April 30, 2024
2 | |
3 | |
6 | |
9 | |
10 | |
11 | |
12 | |
21 | |
27 | |
28 | |
29 | |
30 | |
32 | |
40 |
Semi-Annual Letter from the Chairman and CEO
April 30, 2024
Chairman of the Board of Trustees
Chief Executive Officer of First Trust Advisors L.P.
Performance | ||||||||
Average Annual Total Returns | Cumulative Total Returns | |||||||
6 Months Ended 4/30/24 | 1 Year Ended 4/30/24 | 5 Years Ended 4/30/24 | 10 Years Ended 4/30/24 | Inception (2/11/13) to 4/30/24 | 5 Years Ended 4/30/24 | 10 Years Ended 4/30/24 | Inception (2/11/13) to 4/30/24 | |
Fund Performance | ||||||||
NAV | 12.73% | 13.27% | 2.98% | 4.59% | 4.16% | 15.82% | 56.65% | 57.96% |
Market Price | 12.90% | 13.23% | 2.94% | 4.56% | 4.14% | 15.57% | 56.18% | 57.67% |
Index Performance | ||||||||
ICE BofA US Investment Grade Institutional Capital Securities Index | 10.31% | 9.61% | 3.98% | 4.42% | 4.76% | 21.56% | 54.16% | 68.53% |
Blended Benchmark(1) (2) | 11.78% | 10.06% | 2.58% | 4.28% | N/A | 13.59% | 52.08% | N/A |
Bloomberg US Aggregate Bond Index | 4.97% | -1.47% | -0.16% | 1.20% | 1.18% | -0.77% | 12.67% | 14.01% |
(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 | 77.6% |
Utilities | 8.1 |
Energy | 7.1 |
Consumer Staples | 2.2 |
Real Estate | 1.9 |
Communication Services | 1.5 |
Industrials | 0.8 |
Materials | 0.4 |
Consumer Discretionary | 0.4 |
Total | 100.0% |
Credit Quality(1) | % of Total Investments |
A- | 0.2% |
BBB+ | 13.3 |
BBB | 23.9 |
BBB- | 33.8 |
BB+ | 14.6 |
BB | 8.0 |
BB- | 1.8 |
B+ | 0.2 |
B | 0.7 |
Not Rated | 3.5 |
Total | 100.0% |
Top Ten Holdings | % of Total Investments |
Wells Fargo & Co., Series L | 2.5% |
Barclays PLC | 2.4 |
Highlands Holdings Bond Issuer Ltd. / Highlands Holdings Bond Co-Issuer, Inc. | 2.0 |
JPMorgan Chase & Co., Series NN | 1.9 |
Intesa Sanpaolo S.p.A. | 1.8 |
Algonquin Power & Utilities Corp. | 1.5 |
Bank of America Corp., Series L | 1.5 |
Global Atlantic Fin Co. | 1.5 |
Lloyds Banking Group PLC | 1.4 |
Toronto-Dominion Bank (The) | 1.3 |
Total | 17.8% |
(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 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. |
Performance | ||||||
Average Annual Total Returns | Cumulative Total Returns | |||||
6 Months Ended 4/30/24 | 1 Year Ended 4/30/24 | 5 Years Ended 4/30/24 | Inception (8/22/17) to 4/30/24 | 5 Years Ended 4/30/24 | Inception (8/22/17) to 4/30/24 | |
Fund Performance | ||||||
NAV | 12.08% | 13.78% | 3.99% | 3.69% | 21.64% | 27.46% |
Market Price | 11.91% | 13.00% | 3.91% | 3.63% | 21.12% | 26.96% |
Index Performance | ||||||
Blended Benchmark(1) | 10.94% | 12.47% | 3.27% | 3.42% | 17.44% | 25.23% |
ICE BofA US Investment Grade Institutional Capital Securities Index | 10.31% | 9.61% | 3.98% | 3.78% | 21.56% | 28.12% |
Bloomberg US Aggregate Bond Index | 4.97% | -1.47% | -0.16% | 0.38% | -0.77% | 2.57% |
(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 | 81.0% |
Utilities | 8.4 |
Energy | 7.5 |
Real Estate | 1.3 |
Consumer Staples | 0.8 |
Industrials | 0.6 |
Materials | 0.4 |
Total | 100.0% |
Credit Quality(1) | % of Total Investments |
A+ | 0.1% |
A- | 0.4 |
BBB+ | 13.7 |
BBB | 25.9 |
BBB- | 40.7 |
BB+ | 10.6 |
BB | 6.1 |
BB- | 1.9 |
Not Rated | 0.6 |
Total | 100.0% |
Top Ten Holdings | % of Total Investments |
Toronto-Dominion Bank (The) | 2.6% |
ING Groep N.V. | 2.1 |
Lloyds Banking Group PLC | 2.1 |
Global Atlantic Fin Co. | 2.0 |
BNP Paribas S.A. | 2.0 |
Bank of America Corp., Series TT | 1.9 |
Intesa Sanpaolo S.p.A. | 1.9 |
JPMorgan Chase & Co., Series NN | 1.9 |
Energy Transfer, L.P., Series G | 1.8 |
NatWest Group PLC | 1.7 |
Total | 20.0% |
(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 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. |
Eric Weaver - Executive Vice President, Chief Strategist and Portfolio Manager
Angelo Graci, CFA - Executive Vice President, Head of Credit Research and Portfolio Manager
Beginning Account Value November 1, 2023 | Ending Account Value April 30, 2024 | 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 | $1,127.30 | 0.85% | $4.50 |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.64 | 0.85% | $4.27 |
First Trust Institutional Preferred Securities and Income ETF (FPEI) | ||||
Actual | $1,000.00 | $1,120.80 | 0.86% | $4.53 |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.59 | 0.86% | $4.32 |
(a) | Expenses are equal to the annualized expense ratio as indicated in the table multiplied by the average account value over the period (November 1, 2023 through April 30, 2024), multiplied by 182/366 (to reflect the six-month period). |
Par Amount | Description | Stated Rate | Stated Maturity | Value | |
CAPITAL PREFERRED SECURITIES — 70.6% | |||||
Banks — 37.5% | |||||
$25,200,000 | Banco Bilbao Vizcaya Argentaria S.A. (a) (b) | 9.38% | (c) | $26,528,418 | |
44,000,000 | Banco Bilbao Vizcaya Argentaria S.A., Series 9 (a) (b) | 6.50% | (c) | 43,506,188 | |
11,320,000 | Banco de Credito e Inversiones S.A. (a) (b) (d) | 8.75% | (c) | 11,608,943 | |
5,000,000 | Banco de Credito e Inversiones S.A. (a) (b) (e) | 8.75% | (c) | 5,127,625 | |
14,600,000 | Banco del Estado de Chile (b) (d) | 7.95% | (c) | 14,718,625 | |
22,250,000 | Banco Mercantil del Norte S.A. (a) (b) (d) | 7.50% | (c) | 21,456,363 | |
15,700,000 | Banco Mercantil del Norte S.A. (a) (b) (d) | 7.63% | (c) | 15,319,611 | |
21,630,000 | Banco Mercantil del Norte S.A. (a) (b) (d) | 8.38% | (c) | 21,548,987 | |
35,600,000 | Banco Santander S.A. (a) (b) | 4.75% | (c) | 30,541,272 | |
21,600,000 | Banco Santander S.A. (a) (b) | 9.63% | (c) | 22,693,306 | |
37,200,000 | Banco Santander S.A. (a) (b) | 9.63% | (c) | 39,807,348 | |
14,075,000 | Bank of America Corp., Series RR (b) | 4.38% | (c) | 12,943,609 | |
43,283,000 | Bank of America Corp., Series TT (b) | 6.13% | (c) | 42,879,287 | |
43,600,000 | Bank of Montreal (b) | 7.70% | 05/26/84 | 43,632,286 | |
38,764,000 | Bank of Nova Scotia (The) (b) | 8.63% | 10/27/82 | 40,005,999 | |
41,149,000 | Bank of Nova Scotia (The) (b) | 8.00% | 01/27/84 | 41,470,333 | |
15,075,000 | Barclays PLC (a) (b) | 4.38% | (c) | 12,313,102 | |
126,420,000 | Barclays PLC (a) (b) | 8.00% | (c) | 124,631,675 | |
25,750,000 | Barclays PLC (a) (b) | 9.63% | (c) | 26,976,447 | |
11,600,000 | BBVA Bancomer S.A. (a) (b) (d) | 5.88% | 09/13/34 | 10,710,496 | |
31,600,000 | BBVA Bancomer S.A. (a) (b) (d) | 8.45% | 06/29/38 | 32,645,518 | |
59,483,000 | BNP Paribas S.A. (a) (b) (d) | 4.63% | (c) | 47,876,897 | |
41,770,000 | BNP Paribas S.A. (a) (b) (d) | 7.75% | (c) | 42,225,836 | |
15,600,000 | BNP Paribas S.A. (a) (b) (d) | 8.00% | (c) | 15,541,132 | |
56,900,000 | BNP Paribas S.A. (a) (b) (d) | 8.50% | (c) | 58,969,225 | |
8,300,000 | BNP Paribas S.A. (a) (b) (d) | 9.25% | (c) | 8,813,637 | |
45,055,000 | Citigroup, Inc., Series AA (b) | 7.63% | (c) | 46,609,127 | |
20,000,000 | Citigroup, Inc., Series BB (b) | 7.20% | (c) | 20,218,140 | |
165,000 | Citigroup, Inc., Series M (b) | 6.30% | (c) | 165,544 | |
16,200,000 | Citigroup, Inc., Series P (b) | 5.95% | (c) | 16,139,702 | |
13,803,000 | Citigroup, Inc., Series W (b) | 4.00% | (c) | 13,213,354 | |
2,600,000 | Citigroup, Inc., Series X (b) | 3.88% | (c) | 2,447,078 | |
4,200,000 | Citigroup, Inc., Series Z (b) | 7.38% | (c) | 4,317,151 | |
11,289,000 | Citizens Financial Group, Inc., Series F (b) | 5.65% | (c) | 11,060,198 | |
5,653,000 | Citizens Financial Group, Inc., Series G (b) | 4.00% | (c) | 4,858,767 | |
12,500,000 | CoBank ACB (b) | 7.25% | (c) | 12,482,309 | |
18,474,000 | CoBank ACB, Series I (b) | 6.25% | (c) | 18,172,872 | |
35,655,000 | CoBank ACB, Series K (b) | 6.45% | (c) | 35,294,799 | |
11,200,000 | Commerzbank AG (a) (b) (e) | 7.00% | (c) | 11,038,664 | |
7,650,000 | Farm Credit Bank of Texas, Series 3 (b) (d) | 6.20% | (c) | 7,034,102 | |
1,300,000 | Farm Credit Bank of Texas, Series 4 (b) (d) | 5.70% | (c) | 1,280,368 | |
18,985,000 | Fifth Third Bancorp, Series L (b) | 4.50% | (c) | 18,146,104 | |
12,800,000 | HSBC Holdings PLC (a) (b) | 4.60% | (c) | 10,564,534 | |
56,700,000 | HSBC Holdings PLC (a) (b) | 8.00% | (c) | 58,663,351 | |
3,250,000 | Huntington Bancshares, Inc., Series G (b) | 4.45% | (c) | 2,887,657 | |
17,836,000 | ING Groep N.V. (a) (b) | 5.75% | (c) | 16,848,940 | |
4,579,000 | ING Groep N.V. (a) (b) | 6.50% | (c) | 4,520,725 | |
31,600,000 | ING Groep N.V. (a) (b) (e) | 7.50% | (c) | 31,047,000 | |
12,400,000 | ING Groep N.V. (a) (b) (e) | 8.00% | (c) | 12,386,360 | |
92,395,000 | Intesa Sanpaolo S.p.A. (a) (b) (d) | 7.70% | (c) | 91,814,685 |
Par Amount | Description | Stated Rate | Stated Maturity | Value | |
CAPITAL PREFERRED SECURITIES (Continued) | |||||
Banks (Continued) | |||||
$93,350,000 | JPMorgan Chase & Co., Series NN (b) | 6.88% | (c) | $95,890,264 | |
8,145,000 | Lloyds Banking Group PLC (a) (b) | 6.75% | (c) | 8,016,144 | |
61,217,000 | Lloyds Banking Group PLC (a) (b) | 7.50% | (c) | 60,751,659 | |
74,795,000 | Lloyds Banking Group PLC (a) (b) | 8.00% | (c) | 74,051,381 | |
9,700,000 | NatWest Group PLC (a) (b) | 6.00% | (c) | 9,451,799 | |
1,000,000 | NatWest Group PLC (a) (b) | 8.00% | (c) | 1,002,368 | |
35,116,000 | PNC Financial Services Group (The), Inc., Series U (b) | 6.00% | (c) | 33,865,733 | |
19,345,000 | PNC Financial Services Group (The), Inc., Series V (b) | 6.20% | (c) | 19,012,351 | |
41,711,000 | PNC Financial Services Group (The), Inc., Series W (b) | 6.25% | (c) | 39,316,872 | |
50,000,000 | Royal Bank of Canada (b) | 7.50% | 05/02/84 | 50,181,792 | |
22,160,000 | Societe Generale S.A. (a) (b) (d) | 5.38% | (c) | 17,979,527 | |
33,820,000 | Societe Generale S.A. (a) (b) (d) | 9.38% | (c) | 34,507,019 | |
25,000,000 | Societe Generale S.A. (a) (b) (d) | 10.00% | (c) | 26,255,450 | |
25,835,000 | Standard Chartered PLC (a) (b) (d) | 4.30% | (c) | 20,712,834 | |
18,530,000 | Standard Chartered PLC (a) (b) (d) | 7.75% | (c) | 18,457,127 | |
17,420,000 | Sumitomo Mitsui Financial Group, Inc. (a) (b) | 6.60% | (c) | 16,795,441 | |
5,600,000 | Svenska Handelsbanken AB (a) (b) (e) | 4.75% | (c) | 4,673,950 | |
3,200,000 | Swedbank AB (a) (b) (e) | 7.63% | (c) | 3,143,110 | |
21,000,000 | Swedbank AB (a) (b) (e) | 7.75% | (c) | 20,685,000 | |
5,695,000 | Texas Capital Bancshares, Inc. (b) | 4.00% | 05/06/31 | 5,081,276 | |
65,130,000 | Toronto-Dominion Bank (The) (b) | 8.13% | 10/31/82 | 67,136,199 | |
13,500,000 | UniCredit S.p.A. (b) (d) | 5.46% | 06/30/35 | 12,425,422 | |
35,949,000 | Wells Fargo & Co. (b) | 7.63% | (c) | 37,679,297 | |
17,777,000 | Wells Fargo & Co., Series BB (b) | 3.90% | (c) | 16,872,383 | |
1,959,648,094 | |||||
Capital Markets — 6.7% | |||||
40,096,000 | Apollo Management Holdings, L.P. (b) (d) | 4.95% | 01/14/50 | 38,528,447 | |
40,400,000 | Ares Finance Co. III LLC (b) (d) | 4.13% | 06/30/51 | 37,327,871 | |
14,033,000 | Charles Schwab (The) Corp., Series G (b) | 5.38% | (c) | 13,911,986 | |
21,168,000 | Charles Schwab (The) Corp., Series H (b) | 4.00% | (c) | 17,254,528 | |
42,820,000 | Charles Schwab (The) Corp., Series I (b) | 4.00% | (c) | 39,506,510 | |
15,800,000 | Charles Schwab (The) Corp., Series K (b) | 5.00% | (c) | 14,804,538 | |
81,425,000 | Credit Suisse Group AG, Claim (f) (g) | 9,363,875 | |||
1,200,000 | Credit Suisse Group AG, Claim (f) (g) | 138,000 | |||
51,775,000 | Credit Suisse Group AG, Claim (f) (g) | 5,954,125 | |||
76,900,000 | Credit Suisse Group AG, Claim (f) (g) | 8,843,500 | |||
27,200,000 | Credit Suisse Group AG, Claim (f) (g) | 3,128,000 | |||
71,800,000 | Deutsche Bank AG, Series 2020 (a) (b) | 6.00% | (c) | 66,978,372 | |
375,000 | Goldman Sachs Group (The), Inc., Series R (b) | 4.95% | (c) | 369,119 | |
26,100,000 | Goldman Sachs Group (The), Inc., Series W (b) | 7.50% | (c) | 27,075,461 | |
53,403,000 | Goldman Sachs Group (The), Inc., Series X (b) | 7.50% | (c) | 54,117,674 | |
12,536,000 | State Street Corp., Series I (b) | 6.70% | (c) | 12,577,887 | |
349,879,893 | |||||
Construction Materials — 0.4% | |||||
20,550,000 | Cemex S.A.B. de C.V. (b) (d) | 9.13% | (c) | 22,065,809 | |
Electric Utilities — 1.2% | |||||
6,110,000 | Edison International, Series A (b) | 5.38% | (c) | 5,868,624 | |
6,500,000 | Emera, Inc., Series 16-A (b) | 6.75% | 06/15/76 | 6,450,263 |
Par Amount | Description | Stated Rate | Stated Maturity | Value | |
CAPITAL PREFERRED SECURITIES (Continued) | |||||
Electric Utilities (Continued) | |||||
$34,700,000 | NextEra Energy Capital Holdings, Inc. (b) | 6.70% | 09/01/54 | $34,391,222 | |
15,516,000 | Southern California Edison Co., Series E, 3 Mo. CME Term SOFR + CSA + 4.20% (h) | 9.78% | (c) | 15,588,472 | |
62,298,581 | |||||
Financial Services — 3.0% | |||||
64,250,000 | American AgCredit Corp. (b) (d) | 5.25% | (c) | 60,395,000 | |
28,250,000 | Capital Farm Credit ACA, Series 1 (b) (d) | 5.00% | (c) | 27,120,000 | |
13,950,000 | Compeer Financial ACA (b) (d) | 4.88% | (c) | 13,252,500 | |
57,304,000 | Corebridge Financial, Inc. (b) | 6.88% | 12/15/52 | 56,747,220 | |
157,514,720 | |||||
Food Products — 2.0% | |||||
10,700,000 | Dairy Farmers of America, Inc. (i) | 7.13% | (c) | 10,017,875 | |
20,360,000 | Land O’ Lakes Capital Trust I (i) | 7.45% | 03/15/28 | 20,036,887 | |
44,888,000 | Land O’ Lakes, Inc. (d) | 7.00% | (c) | 34,900,420 | |
14,010,000 | Land O’ Lakes, Inc. (d) | 7.25% | (c) | 11,278,050 | |
31,520,000 | Land O’ Lakes, Inc. (d) | 8.00% | (c) | 27,580,000 | |
103,813,232 | |||||
Insurance — 8.8% | |||||
34,710,000 | Assurant, Inc. (b) | 7.00% | 03/27/48 | 34,578,505 | |
12,699,000 | Assured Guaranty Municipal Holdings, Inc. (b) (d) | 6.40% | 12/15/66 | 11,238,916 | |
38,875,000 | AXIS Specialty Finance LLC (b) | 4.90% | 01/15/40 | 34,892,093 | |
24,400,000 | CNP Assurances SACA (b) (e) | 4.88% | (c) | 20,030,082 | |
23,688,000 | Enstar Finance, LLC (b) | 5.75% | 09/01/40 | 23,152,523 | |
46,217,000 | Enstar Finance, LLC (b) | 5.50% | 01/15/42 | 43,856,476 | |
13,700,000 | Fortegra Financial Corp. (b) (i) | 8.50% | 10/15/57 | 13,458,942 | |
88,380,000 | Global Atlantic Fin Co. (b) (d) | 4.70% | 10/15/51 | 78,132,715 | |
56,464,000 | Hartford Financial Services Group (The), Inc., 3 Mo. CME Term SOFR + CSA + 2.13% (d) (h) | 7.69% | 02/12/47 | 50,187,386 | |
26,429,000 | Kuvare US Holdings, Inc. (b) (d) | 7.00% | 02/17/51 | 26,759,362 | |
4,310,000 | La Mondiale SAM (b) (e) | 5.88% | 01/26/47 | 4,197,380 | |
40,630,000 | Lancashire Holdings Ltd. (b) (e) | 5.63% | 09/18/41 | 36,223,839 | |
35,910,000 | Liberty Mutual Group, Inc. (b) (d) | 4.13% | 12/15/51 | 32,771,653 | |
5,296,000 | Lincoln National Corp., Series C (b) | 9.25% | (c) | 5,656,366 | |
18,448,000 | Prudential Financial, Inc. (b) | 6.00% | 09/01/52 | 17,868,202 | |
14,026,000 | QBE Insurance Group Ltd. (b) (d) | 5.88% | (c) | 13,894,164 | |
15,000,000 | QBE Insurance Group Ltd. (b) (e) | 5.88% | 06/17/46 | 14,722,214 | |
461,620,818 | |||||
Multi-Utilities — 3.1% | |||||
91,598,000 | Algonquin Power & Utilities Corp. (b) | 4.75% | 01/18/82 | 79,533,618 | |
59,610,000 | Sempra (b) | 4.13% | 04/01/52 | 54,201,485 | |
26,000,000 | Sempra (b) | 6.88% | 10/01/54 | 25,737,787 | |
159,472,890 | |||||
Oil, Gas & Consumable Fuels — 6.7% | |||||
55,822,000 | Enbridge, Inc. (b) | 6.25% | 03/01/78 | 52,186,927 | |
28,420,000 | Enbridge, Inc. (b) | 7.63% | 01/15/83 | 28,366,113 | |
29,000,000 | Enbridge, Inc. (b) | 8.50% | 01/15/84 | 30,668,892 | |
18,531,000 | Enbridge, Inc., Series 16-A (b) | 6.00% | 01/15/77 | 17,562,257 | |
39,830,000 | Enbridge, Inc., Series 20-A (b) | 5.75% | 07/15/80 | 36,538,871 | |
6,296,000 | Energy Transfer, L.P. (b) | 8.00% | 05/15/54 | 6,488,928 |
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% | (c) | $7,960,566 | |
28,396,000 | Energy Transfer, L.P., Series F (b) | 6.75% | (c) | 27,820,370 | |
63,540,000 | Energy Transfer, L.P., Series G (b) | 7.13% | (c) | 61,164,532 | |
24,814,000 | Energy Transfer, L.P., Series H (b) | 6.50% | (c) | 24,140,245 | |
1,662,000 | Enterprise Products Operating LLC (b) | 5.38% | 02/15/78 | 1,543,341 | |
29,482,000 | Transcanada Trust (b) | 5.50% | 09/15/79 | 26,700,748 | |
34,700,000 | Transcanada Trust (b) | 5.60% | 03/07/82 | 30,392,762 | |
351,534,552 | |||||
Retail REITs — 0.6% | |||||
3,700,000 | Scentre Group Trust 2 (b) (d) | 4.75% | 09/24/80 | 3,532,759 | |
27,435,000 | Scentre Group Trust 2 (b) (d) | 5.13% | 09/24/80 | 25,052,383 | |
28,585,142 | |||||
Trading Companies & Distributors — 0.6% | |||||
31,025,000 | Aircastle Ltd. (b) (d) | 5.25% | (c) | 29,468,453 | |
Total Capital Preferred Securities | 3,685,902,184 | ||||
(Cost $3,937,775,588) |
Shares | Description | Stated Rate | Stated Maturity | Value | |
$25 PAR PREFERRED SECURITIES — 22.4% | |||||
Automobiles — 0.4% | |||||
135,422 | Ford Motor Co. | 6.00% | 12/01/59 | 3,250,128 | |
711,408 | Ford Motor Co. | 6.50% | 08/15/62 | 17,429,496 | |
20,679,624 | |||||
Banks — 2.1% | |||||
1,046,344 | Bank of America Corp., Series KK | 5.38% | (c) | 23,814,789 | |
922,751 | Bank of America Corp., Series NN | 4.38% | (c) | 17,439,994 | |
95,111 | JPMorgan Chase & Co., Series DD | 5.75% | (c) | 2,353,046 | |
5,045 | JPMorgan Chase & Co., Series JJ | 4.55% | (c) | 102,514 | |
35,697 | JPMorgan Chase & Co., Series LL | 4.63% | (c) | 741,427 | |
529,632 | KeyCorp (b) | 6.20% | (c) | 11,863,757 | |
142,663 | KeyCorp, Series F | 5.65% | (c) | 2,934,578 | |
698,443 | Pinnacle Financial Partners, Inc., Series B | 6.75% | (c) | 16,113,080 | |
173,802 | US Bancorp, Series K | 5.50% | (c) | 4,051,325 | |
602,587 | Wells Fargo & Co., Series Y | 5.63% | (c) | 14,034,251 | |
589,526 | Wintrust Financial Corp., Series E (b) | 6.88% | (c) | 14,808,893 | |
108,257,654 | |||||
Capital Markets — 2.9% | |||||
106,395 | Affiliated Managers Group, Inc. | 5.88% | 03/30/59 | 2,352,393 | |
197,154 | Affiliated Managers Group, Inc. | 4.75% | 09/30/60 | 3,649,321 | |
979,665 | Affiliated Managers Group, Inc. (g) | 4.20% | 09/30/61 | 16,223,252 | |
1,028,663 | Affiliated Managers Group, Inc. | 6.75% | 03/30/64 | 26,333,773 | |
573,199 | Brookfield Oaktree Holdings, LLC, Series A | 6.63% | (c) | 12,495,738 | |
831,060 | Brookfield Oaktree Holdings, LLC, Series B | 6.55% | (c) | 17,867,790 | |
1,491,128 | Carlyle Finance LLC | 4.63% | 05/15/61 | 27,004,328 | |
853,219 | KKR Group Finance Co. IX LLC | 4.63% | 04/01/61 | 16,134,371 | |
1,169,326 | TPG Operating Group II, L.P. | 6.95% | 03/15/64 | 30,156,918 | |
152,217,884 |
Shares | Description | Stated Rate | Stated Maturity | Value | |
$25 PAR PREFERRED SECURITIES (Continued) | |||||
Consumer Finance — 0.2% | |||||
227,693 | Capital One Financial Corp., Series I | 5.00% | (c) | $4,399,029 | |
232,721 | Capital One Financial Corp., Series J | 4.80% | (c) | 4,272,757 | |
8,671,786 | |||||
Diversified REITs — 0.3% | |||||
850,146 | Global Net Lease, Inc., Series A | 7.25% | (c) | 17,011,422 | |
Diversified Telecommunication Services — 0.5% | |||||
360,421 | AT&T, Inc., Series A | 5.00% | (c) | 7,478,736 | |
972,281 | AT&T, Inc., Series C | 4.75% | (c) | 19,095,599 | |
26,574,335 | |||||
Electric Utilities — 1.3% | |||||
3,255 | Duke Energy Corp., Series A | 5.75% | (c) | 80,561 | |
267,757 | SCE Trust IV, Series J (b) | 5.38% | (c) | 6,316,388 | |
766,704 | SCE Trust V, Series K (b) | 5.45% | (c) | 18,830,250 | |
338,602 | SCE Trust VI | 5.00% | (c) | 6,711,092 | |
1,339,483 | SCE Trust VII, Series M | 7.50% | (c) | 34,960,506 | |
66,898,797 | |||||
Financial Services — 0.9% | |||||
1,255,787 | Equitable Holdings, Inc., Series A | 5.25% | (c) | 27,376,157 | |
815,401 | Jackson Financial, Inc. (b) | 8.00% | (c) | 21,347,198 | |
43,961 | Voya Financial, Inc., Series B (b) | 5.35% | (c) | 1,056,822 | |
49,780,177 | |||||
Food Products — 0.2% | |||||
381,358 | CHS, Inc., Series 3 (b) | 6.75% | (c) | 9,652,171 | |
Gas Utilities — 0.3% | |||||
1,070,658 | South Jersey Industries, Inc. (g) | 5.63% | 09/16/79 | 14,874,355 | |
Independent Power and Renewable Electricity Producers — 0.5% | |||||
891,011 | Brookfield BRP Holdings Canada, Inc. | 4.63% | (c) | 13,855,221 | |
616,920 | Brookfield Renewable Partners, L.P., Series 17 | 5.25% | (c) | 10,487,640 | |
24,342,861 | |||||
Insurance — 8.2% | |||||
2,075,958 | AEGON Funding Co. LLC | 5.10% | 12/15/49 | 43,657,397 | |
1,958,144 | American Equity Investment Life Holding Co., Series A (b) | 5.95% | (c) | 47,210,852 | |
986,057 | American Equity Investment Life Holding Co., Series B (b) | 6.63% | (c) | 24,227,420 | |
312,756 | AmTrust Financial Services, Inc. | 7.25% | 06/15/55 | 4,910,269 | |
363,925 | AmTrust Financial Services, Inc. | 7.50% | 09/15/55 | 5,930,823 | |
7,248 | Arch Capital Group Ltd., Series F | 5.45% | (c) | 162,500 | |
436,452 | Arch Capital Group Ltd., Series G | 4.55% | (c) | 8,423,524 | |
103,491 | Argo Group International Holdings, Inc. (b) | 7.00% | (c) | 2,514,831 | |
282,951 | Aspen Insurance Holdings Ltd. | 5.63% | (c) | 5,559,987 | |
1,761,458 | Aspen Insurance Holdings Ltd. (g) | 5.63% | (c) | 33,925,681 | |
534,274 | Aspen Insurance Holdings Ltd. (b) | 9.62% | (c) | 13,688,100 | |
555,163 | Assurant, Inc. | 5.25% | 01/15/61 | 11,464,116 | |
992,517 | Athene Holding Ltd. (b) | 7.25% | 03/30/64 | 24,723,598 | |
1,124,045 | Athene Holding Ltd., Series A (b) | 6.35% | (c) | 26,426,298 | |
74,025 | Athene Holding Ltd., Series C (b) | 6.38% | (c) | 1,852,846 | |
116,575 | Athene Holding Ltd., Series D | 4.88% | (c) | 2,063,377 | |
1,528,510 | Athene Holding Ltd., Series E (b) | 7.75% | (c) | 40,673,651 | |
398,271 | Axis Capital Holdings Ltd., Series E | 5.50% | (c) | 8,299,968 |
Shares | Description | Stated Rate | Stated Maturity | Value | |
$25 PAR PREFERRED SECURITIES (Continued) | |||||
Insurance (Continued) | |||||
657,194 | CNO Financial Group, Inc. | 5.13% | 11/25/60 | $13,235,887 | |
1,262,506 | Delphi Financial Group Inc., 3 Mo. CME Term SOFR + CSA + 3.19% (h) | 8.76% | 05/15/37 | 30,584,208 | |
1,637,289 | F&G Annuities & Life, Inc. | 7.95% | 12/15/53 | 42,569,514 | |
211,998 | Globe Life, Inc. | 4.25% | 06/15/61 | 3,192,690 | |
1,900 | MetLife, Inc., Series F | 4.75% | (c) | 38,798 | |
221,423 | Phoenix (The) Cos., Inc. | 7.45% | 01/15/32 | 3,977,311 | |
96,521 | RenaissanceRe Holdings Ltd., Series F | 5.75% | (c) | 2,196,818 | |
1,057,739 | RenaissanceRe Holdings Ltd., Series G | 4.20% | (c) | 18,457,546 | |
274,908 | W. R. Berkley Corp. | 5.10% | 12/30/59 | 5,803,308 | |
425,771,318 | |||||
Mortgage REITs — 0.5% | |||||
300,285 | AGNC Investment Corp., Series D, 3 Mo. CME Term SOFR + CSA + 4.33% (h) | 9.92% | (c) | 7,450,071 | |
125,812 | AGNC Investment Corp., Series E (b) | 6.50% | (c) | 3,073,587 | |
661,358 | AGNC Investment Corp., Series F (b) | 6.13% | (c) | 15,449,323 | |
63,694 | Annaly Capital Management, Inc., Series I (b) | 6.75% | (c) | 1,598,082 | |
27,571,063 | |||||
Multi-Utilities — 1.7% | |||||
1,090,182 | Algonquin Power & Utilities Corp., Series 19-A (b) | 6.20% | 07/01/79 | 27,200,041 | |
588,844 | Brookfield Infrastructure Finance ULC | 5.00% | 05/24/81 | 10,033,902 | |
639,721 | Brookfield Infrastructure Partners, L.P., Series 13 | 5.13% | (c) | 11,035,187 | |
56,623 | Brookfield Infrastructure Partners, L.P., Series 14 | 5.00% | (c) | 948,435 | |
378,763 | CMS Energy Corp. | 5.88% | 10/15/78 | 9,120,613 | |
262,313 | CMS Energy Corp. | 5.88% | 03/01/79 | 6,374,206 | |
106,766 | CMS Energy Corp., Series C | 4.20% | (c) | 1,975,171 | |
20,021 | DTE Energy Co. | 4.38% | 12/01/81 | 394,814 | |
125,231 | DTE Energy Co., Series E | 5.25% | 12/01/77 | 2,825,211 | |
865,971 | Sempra Energy | 5.75% | 07/01/79 | 20,852,582 | |
90,760,162 | |||||
Oil, Gas & Consumable Fuels — 0.3% | |||||
141,971 | Energy Transfer, L.P., Series E (b) | 7.60% | (c) | 3,540,757 | |
383,224 | NuStar Energy, L.P., Series A, 3 Mo. CME Term SOFR + CSA + 6.77% (h) | 12.36% | (c) | 9,799,037 | |
13,339,794 | |||||
Real Estate Management & Development — 0.9% | |||||
1,463,350 | Brookfield Property Partners, L.P., Series A | 5.75% | (c) | 18,306,508 | |
70,596 | Brookfield Property Partners, L.P., Series A-1 | 6.50% | (c) | 1,027,172 | |
1,095,624 | Brookfield Property Partners, L.P., Series A2 | 6.38% | (c) | 14,823,793 | |
174,181 | Brookfield Property Preferred, L.P. | 6.25% | 07/26/81 | 2,527,366 | |
426,572 | DigitalBridge Group, Inc., Series I | 7.15% | (c) | 9,538,150 | |
38,038 | DigitalBridge Group, Inc., Series J | 7.13% | (c) | 863,463 | |
47,086,452 | |||||
Specialized REITs — 0.1% | |||||
132,508 | Public Storage, Series K | 4.75% | (c) | 2,764,117 | |
38,096 | Public Storage, Series L | 4.63% | (c) | 784,016 | |
852 | Public Storage, Series S | 4.10% | (c) | 15,293 | |
3,563,426 |
Shares | Description | Stated Rate | Stated Maturity | Value | |
$25 PAR PREFERRED SECURITIES (Continued) | |||||
Trading Companies & Distributors — 0.2% | |||||
472,166 | Air Lease Corp., Series A (b) | 9.24% | (c) | $12,035,511 | |
Wireless Telecommunication Services — 0.9% | |||||
774,018 | United States Cellular Corp. | 6.25% | 09/01/69 | 14,907,587 | |
626,167 | United States Cellular Corp. | 5.50% | 03/01/70 | 11,126,988 | |
1,287,539 | United States Cellular Corp. | 5.50% | 06/01/70 | 22,725,063 | |
48,759,638 | |||||
Total $25 Par Preferred Securities | 1,167,848,430 | ||||
(Cost $1,318,478,245) | |||||
$1,000 PAR PREFERRED SECURITIES — 3.9% | |||||
Banks — 3.9% | |||||
69,120 | Bank of America Corp., Series L | 7.25% | (c) | 79,488,000 | |
110,579 | Wells Fargo & Co., Series L | 7.50% | (c) | 126,661,610 | |
Total $1,000 Par Preferred Securities | 206,149,610 | ||||
(Cost $238,979,540) |
Principal Value | Description | Stated Coupon | Stated Maturity | Value | |
FOREIGN CORPORATE BONDS AND NOTES — 2.0% | |||||
Insurance — 2.0% | |||||
$104,408,028 | Highlands Holdings Bond Issuer Ltd. / Highlands Holdings Bond Co-Issuer, Inc. (d) (j) | 7.63% | 10/15/25 | 104,424,796 | |
(Cost $106,333,536) |
Shares | Description | Value | |||
EXCHANGE-TRADED FUNDS — 0.1% | |||||
Capital Markets — 0.1% | |||||
49,630 | SPDR Bloomberg 1-3 Month T-Bill ETF, Class B | 4,555,538 | |||
(Cost $4,538,287) |
Shares | Description | Stated Rate | Stated Maturity | Value | |
$100 PAR PREFERRED SECURITIES — 0.0% | |||||
Food Products — 0.0% | |||||
700 | Dairy Farmers of America, Inc. (d) | 7.88% | (c) | 67,900 | |
(Cost $64,400) | |||||
Total Investments — 99.0% | 5,168,948,458 | ||||
(Cost $5,606,169,596) | |||||
Net Other Assets and Liabilities — 1.0% | 52,652,604 | ||||
Net Assets — 100.0% | $5,221,601,062 |
(a) | 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, 2024, securities noted as such amounted to $1,239,187,466 or 23.7% of net assets. Of these securities, 8.2% originated in emerging markets, and 91.8% originated in foreign markets. |
(b) | Fixed-to-floating or fixed-to-variable rate security. The interest rate shown reflects the fixed rate in effect at April 30, 2024. At a predetermined date, the fixed rate will change to a floating rate or a variable rate. |
(c) | Perpetual maturity. |
(d) | 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, 2024, securities noted as such amounted to $1,179,880,388 or 22.6% of net assets. |
(e) | This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the 1933 Act. |
(f) | Claim pending with the administrative court of Switzerland. |
(g) | Pursuant to procedures adopted by the Trust’s Board of Trustees, this security has been determined to be illiquid by the Advisor. |
(h) | Floating or variable rate security. |
(i) | 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). |
(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, 2024 this security paid all of its interest in cash. |
Abbreviations throughout the Portfolio of Investments: | |
CME | – Chicago Mercantile Exchange |
CSA | – Credit Spread Adjustment |
REITs | – Real Estate Investment Trusts |
SOFR | – Secured Overnight Financing Rate |
Country Allocation | % of Net Assets |
United States | 54.6% |
Canada | 11.5 |
United Kingdom | 8.2 |
France | 5.3 |
Bermuda | 4.1 |
Spain | 3.1 |
Mexico | 2.4 |
Multi-National | 2.0 |
Italy | 2.0 |
Germany | 1.5 |
Netherlands | 1.2 |
Australia | 1.1 |
Chile | 0.6 |
Sweden | 0.6 |
Switzerland | 0.5 |
Japan | 0.3 |
Total Investments | 99.0 |
Net Other Assets and Liabilities | 1.0 |
Total | 100.0% |
Valuation Inputs
Total Value at 4/30/2024 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |
Capital Preferred Securities* | $3,685,902,184 | $— | $3,685,902,184 | $— |
$25 Par Preferred Securities: | ||||
Gas Utilities | 14,874,355 | — | 14,874,355 | — |
Insurance | 425,771,318 | 380,368,707 | 45,402,611 | — |
Other Industry Categories* | 727,202,757 | 727,202,757 | — | — |
$1,000 Par Preferred Securities* | 206,149,610 | 206,149,610 | — | — |
Foreign Corporate Bonds and Notes* | 104,424,796 | — | 104,424,796 | — |
Exchange-Traded Funds* | 4,555,538 | 4,555,538 | — | — |
$100 Par Preferred Securities* | 67,900 | — | 67,900 | — |
Total Investments | $5,168,948,458 | $1,318,276,612 | $3,850,671,846 | $— |
* | See Portfolio of Investments for industry breakout. |
Par Amount | Description | Stated Rate | Stated Maturity | Value | |
CAPITAL PREFERRED SECURITIES — 95.1% | |||||
Banks — 53.0% | |||||
$4,950,000 | Australia & New Zealand Banking Group Ltd. (a) (b) (c) | 6.75% | (d) | $4,957,529 | |
1,145,000 | Australia & New Zealand Banking Group Ltd. (b) (c) (e) | 6.75% | (d) | 1,146,742 | |
13,800,000 | Banco Bilbao Vizcaya Argentaria S.A. (b) (c) | 9.38% | (d) | 14,527,467 | |
11,800,000 | Banco Bilbao Vizcaya Argentaria S.A., Series 9 (b) (c) | 6.50% | (d) | 11,667,569 | |
3,000,000 | Banco de Credito e Inversiones S.A. (a) (b) (c) | 8.75% | (d) | 3,076,575 | |
840,000 | Banco de Credito e Inversiones S.A. (b) (c) (e) | 8.75% | (d) | 861,441 | |
4,500,000 | Banco del Estado de Chile (a) (c) | 7.95% | (d) | 4,536,563 | |
2,000,000 | Banco Mercantil del Norte S.A. (a) (b) (c) | 6.63% | (d) | 1,763,630 | |
10,101,000 | Banco Mercantil del Norte S.A. (a) (b) (c) | 7.50% | (d) | 9,740,706 | |
3,592,000 | Banco Mercantil del Norte S.A. (a) (b) (c) | 7.63% | (d) | 3,504,971 | |
3,400,000 | Banco Mercantil del Norte S.A. (a) (b) (c) | 8.38% | (d) | 3,387,266 | |
9,000,000 | Banco Santander S.A. (b) (c) | 4.75% | (d) | 7,721,108 | |
7,000,000 | Banco Santander S.A. (b) (c) | 9.63% | (d) | 7,354,312 | |
15,000,000 | Banco Santander S.A. (b) (c) | 9.63% | (d) | 16,051,350 | |
3,656,000 | Bank of America Corp., Series RR (c) | 4.38% | (d) | 3,362,120 | |
23,796,000 | Bank of America Corp., Series TT (c) | 6.13% | (d) | 23,574,048 | |
2,684,000 | Bank of America Corp., Series X (c) | 6.25% | (d) | 2,681,980 | |
16,700,000 | Bank of Montreal (c) | 7.70% | 05/26/84 | 16,712,366 | |
19,400,000 | Bank of Nova Scotia (The) (c) | 8.63% | 10/27/82 | 20,021,576 | |
12,600,000 | Bank of Nova Scotia (The) (c) | 8.00% | 01/27/84 | 12,698,393 | |
6,300,000 | Barclays PLC (b) (c) | 4.38% | (d) | 5,145,774 | |
20,050,000 | Barclays PLC (b) (c) | 8.00% | (d) | 19,766,375 | |
6,650,000 | Barclays PLC (b) (c) | 9.63% | (d) | 6,966,733 | |
700,000 | BBVA Bancomer S.A. (a) (b) (c) | 5.88% | 09/13/34 | 646,323 | |
7,200,000 | BBVA Bancomer S.A. (a) (b) (c) | 8.45% | 06/29/38 | 7,438,219 | |
18,000,000 | BNP Paribas S.A. (a) (b) (c) | 4.63% | (d) | 14,487,907 | |
10,890,000 | BNP Paribas S.A. (a) (b) (c) | 7.75% | (d) | 11,008,843 | |
3,700,000 | BNP Paribas S.A. (a) (b) (c) | 8.00% | (d) | 3,686,038 | |
23,450,000 | BNP Paribas S.A. (a) (b) (c) | 8.50% | (d) | 24,302,783 | |
1,000,000 | BNP Paribas S.A. (a) (b) (c) | 9.25% | (d) | 1,061,884 | |
1,300,000 | Citigroup, Inc., Series AA (c) | 7.63% | (d) | 1,344,842 | |
4,000,000 | Citigroup, Inc., Series BB (c) | 7.20% | (d) | 4,043,628 | |
3,467,000 | Citigroup, Inc., Series M (c) | 6.30% | (d) | 3,478,427 | |
11,414,000 | Citigroup, Inc., Series P (c) | 5.95% | (d) | 11,371,516 | |
4,149,000 | Citigroup, Inc., Series W (c) | 4.00% | (d) | 3,971,760 | |
8,195,000 | Citigroup, Inc., Series X (c) | 3.88% | (d) | 7,713,002 | |
2,979,000 | Citigroup, Inc., Series Y (c) | 4.15% | (d) | 2,742,137 | |
11,278,000 | Citizens Financial Group, Inc., Series F (c) | 5.65% | (d) | 11,049,421 | |
12,941,000 | Citizens Financial Group, Inc., Series G (c) | 4.00% | (d) | 11,122,819 | |
3,000,000 | CoBank ACB (c) | 7.25% | (d) | 2,995,754 | |
1,358,000 | CoBank ACB, Series I (c) | 6.25% | (d) | 1,335,864 | |
3,185,000 | CoBank ACB, Series K (c) | 6.45% | (d) | 3,152,824 | |
400,000 | Commerzbank AG (b) (c) (e) | 7.00% | (d) | 394,238 | |
1,000,000 | Corestates Capital III, 3 Mo. CME Term SOFR + CSA + 0.57% (a) (f) | 6.14% | 02/15/27 | 965,946 | |
3,400,000 | Danske Bank A/S (b) (c) (e) | 4.38% | (d) | 3,138,316 | |
800,000 | Farm Credit Bank of Texas, Series 3 (a) (c) | 6.20% | (d) | 735,592 | |
200,000 | Farm Credit Bank of Texas, Series 4 (a) (c) | 5.70% | (d) | 196,980 | |
3,290,000 | Fifth Third Bancorp, Series L (c) | 4.50% | (d) | 3,144,624 | |
4,200,000 | HSBC Holdings PLC (b) (c) | 4.60% | (d) | 3,466,488 |
Par Amount | Description | Stated Rate | Stated Maturity | Value | |
CAPITAL PREFERRED SECURITIES (Continued) | |||||
Banks (Continued) | |||||
$19,600,000 | HSBC Holdings PLC (b) (c) | 8.00% | (d) | $20,278,689 | |
735,000 | Huntington Bancshares, Inc., Series F (c) | 5.63% | (d) | 660,116 | |
3,700,000 | Huntington Bancshares, Inc., Series G (c) | 4.45% | (d) | 3,287,486 | |
3,750,000 | ING Groep N.V. (b) (c) | 5.75% | (d) | 3,542,472 | |
400,000 | ING Groep N.V. (b) (c) | 6.50% | (d) | 394,909 | |
26,639,000 | ING Groep N.V. (b) (c) (e) | 7.50% | (d) | 26,172,817 | |
3,000,000 | ING Groep N.V. (b) (c) (e) | 8.00% | (d) | 2,996,700 | |
23,670,000 | Intesa Sanpaolo S.p.A. (a) (b) (c) | 7.70% | (d) | 23,521,333 | |
8,295,000 | JPMorgan Chase & Co., Series KK (c) | 3.65% | (d) | 7,781,460 | |
22,200,000 | JPMorgan Chase & Co., Series NN (c) | 6.88% | (d) | 22,804,112 | |
241,000 | JPMorgan Chase & Co., Series Q, 3 Mo. CME Term SOFR + CSA + 3.25% (f) | 8.82% | (d) | 241,000 | |
133,000 | JPMorgan Chase & Co., Series S, 3 Mo. CME Term SOFR + CSA + 3.78% (f) | 9.35% | (d) | 133,000 | |
1,550,000 | Lloyds Banking Group PLC (b) (c) | 6.75% | (d) | 1,525,479 | |
8,040,000 | Lloyds Banking Group PLC (b) (c) | 7.50% | (d) | 7,978,884 | |
25,680,000 | Lloyds Banking Group PLC (b) (c) | 8.00% | (d) | 25,424,687 | |
21,686,000 | NatWest Group PLC (b) (c) | 6.00% | (d) | 21,131,105 | |
6,550,000 | NatWest Group PLC (b) (c) | 8.00% | (d) | 6,565,510 | |
11,084,000 | PNC Financial Services Group (The), Inc., Series U (c) | 6.00% | (d) | 10,689,366 | |
12,525,000 | PNC Financial Services Group (The), Inc., Series V (c) | 6.20% | (d) | 12,309,625 | |
8,499,000 | PNC Financial Services Group (The), Inc., Series W (c) | 6.25% | (d) | 8,011,174 | |
12,000,000 | Royal Bank of Canada (c) | 7.50% | 05/02/84 | 12,043,630 | |
5,600,000 | Societe Generale S.A. (a) (b) (c) | 5.38% | (d) | 4,543,563 | |
7,200,000 | Societe Generale S.A. (a) (b) (c) | 9.38% | (d) | 7,346,261 | |
11,000,000 | Societe Generale S.A. (a) (b) (c) | 10.00% | (d) | 11,552,398 | |
5,270,000 | Standard Chartered PLC (a) (b) (c) | 7.75% | (d) | 5,249,275 | |
6,200,000 | Sumitomo Mitsui Financial Group, Inc. (b) (c) | 6.60% | (d) | 5,977,711 | |
5,800,000 | Svenska Handelsbanken AB (b) (c) (e) | 4.75% | (d) | 4,840,877 | |
600,000 | Swedbank AB (b) (c) (e) | 7.63% | (d) | 589,333 | |
6,200,000 | Swedbank AB (b) (c) (e) | 7.75% | (d) | 6,107,000 | |
463,000 | Texas Capital Bancshares, Inc. (c) | 4.00% | 05/06/31 | 413,105 | |
31,370,000 | Toronto-Dominion Bank (The) (c) | 8.13% | 10/31/82 | 32,336,290 | |
750,000 | UniCredit S.p.A. (a) (c) | 5.46% | 06/30/35 | 690,301 | |
300,000 | UniCredit S.p.A. (b) (c) (e) | 8.00% | (d) | 300,377 | |
11,640,000 | Wells Fargo & Co. (c) | 7.63% | (d) | 12,200,256 | |
13,695,000 | Wells Fargo & Co., Series BB (c) | 3.90% | (d) | 12,998,103 | |
662,861,173 | |||||
Capital Markets — 9.1% | |||||
5,371,000 | Apollo Management Holdings, L.P. (a) (c) | 4.95% | 01/14/50 | 5,161,021 | |
8,435,000 | Ares Finance Co. III LLC (a) (c) | 4.13% | 06/30/51 | 7,793,579 | |
13,000,000 | Charles Schwab (The) Corp., Series G (c) | 5.38% | (d) | 12,887,894 | |
16,000,000 | Charles Schwab (The) Corp., Series H (c) | 4.00% | (d) | 13,041,971 | |
15,529,000 | Charles Schwab (The) Corp., Series I (c) | 4.00% | (d) | 14,327,338 | |
250,000 | Charles Schwab (The) Corp., Series K (c) | 5.00% | (d) | 234,249 | |
6,243,000 | Credit Suisse Group AG, Claim (g) (h) | 717,945 | |||
2,057,000 | Credit Suisse Group AG, Claim (g) (h) | 236,555 | |||
7,770,000 | Credit Suisse Group AG, Claim (g) (h) | 893,550 | |||
4,150,000 | Credit Suisse Group AG, Claim (g) (h) | 477,250 | |||
18,000,000 | Credit Suisse Group AG, Claim (g) (h) | 2,070,000 |
Par Amount | Description | Stated Rate | Stated Maturity | Value | |
CAPITAL PREFERRED SECURITIES (Continued) | |||||
Capital Markets (Continued) | |||||
$13,950,000 | Deutsche Bank AG, Series 2020 (b) (c) | 6.00% | (d) | $13,013,207 | |
1,200,000 | Goldman Sachs Group (The), Inc., Series R (c) | 4.95% | (d) | 1,181,180 | |
2,899,000 | Goldman Sachs Group (The), Inc., Series T (c) | 3.80% | (d) | 2,721,617 | |
3,185,000 | Goldman Sachs Group (The), Inc., Series U (c) | 3.65% | (d) | 2,904,103 | |
11,900,000 | Goldman Sachs Group (The), Inc., Series W (c) | 7.50% | (d) | 12,344,751 | |
12,876,000 | Goldman Sachs Group (The), Inc., Series X (c) | 7.50% | (d) | 13,048,315 | |
693,000 | Macquarie Bank Ltd. (a) (b) (c) | 6.13% | (d) | 671,901 | |
811,000 | Morgan Stanley, Series M | 5.88% | (d) | 768,749 | |
9,887,000 | State Street Corp., Series I (c) | 6.70% | (d) | 9,920,035 | |
114,415,210 | |||||
Construction Materials — 0.4% | |||||
4,800,000 | Cemex S.A.B. de C.V. (a) (c) | 9.13% | (d) | 5,154,058 | |
Electric Utilities — 3.6% | |||||
7,134,000 | American Electric Power Co., Inc. (c) | 3.88% | 02/15/62 | 6,406,016 | |
827,000 | Edison International, Series A (c) | 5.38% | (d) | 794,329 | |
18,120,000 | Emera, Inc., Series 16-A (c) | 6.75% | 06/15/76 | 17,981,348 | |
12,500,000 | NextEra Energy Capital Holdings, Inc. (c) | 6.70% | 09/01/54 | 12,388,769 | |
7,500,000 | Southern California Edison Co., Series E, 3 Mo. CME Term SOFR + CSA + 4.20% (f) | 9.78% | (d) | 7,535,031 | |
45,105,493 | |||||
Financial Services — 2.5% | |||||
3,000,000 | American AgCredit Corp. (a) (c) | 5.25% | (d) | 2,820,000 | |
4,200,000 | Capital Farm Credit ACA, Series 1 (a) (c) | 5.00% | (d) | 4,032,000 | |
650,000 | Compeer Financial ACA (a) (c) | 4.88% | (d) | 617,500 | |
21,096,000 | Corebridge Financial, Inc. (c) | 6.88% | 12/15/52 | 20,891,026 | |
2,512,000 | Equitable Holdings, Inc., Series B (c) | 4.95% | (d) | 2,455,282 | |
755,000 | Voya Financial, Inc., Series A (c) | 7.76% | (d) | 769,246 | |
31,585,054 | |||||
Food Products — 0.8% | |||||
1,200,000 | Dairy Farmers of America, Inc. (i) | 7.13% | (d) | 1,123,500 | |
1,131,000 | Land O’ Lakes Capital Trust I (i) | 7.45% | 03/15/28 | 1,113,051 | |
6,146,000 | Land O’ Lakes, Inc. (a) | 7.00% | (d) | 4,778,515 | |
2,220,000 | Land O’ Lakes, Inc. (a) | 7.25% | (d) | 1,787,100 | |
400,000 | Land O’ Lakes, Inc. (e) | 7.25% | (d) | 322,000 | |
535,000 | Land O’ Lakes, Inc. (a) | 8.00% | (d) | 468,125 | |
9,592,291 | |||||
Insurance — 11.8% | |||||
4,288,000 | Assurant, Inc. (c) | 7.00% | 03/27/48 | 4,271,755 | |
2,300,000 | Assured Guaranty Municipal Holdings, Inc. (a) (c) | 6.40% | 12/15/66 | 2,035,554 | |
1,700,000 | Assured Guaranty Municipal Holdings, Inc. (c) (e) | 6.40% | 12/15/66 | 1,504,540 | |
9,496,000 | AXIS Specialty Finance LLC (c) | 4.90% | 01/15/40 | 8,523,095 | |
11,200,000 | CNP Assurances SACA (c) (e) | 4.88% | (d) | 9,194,136 | |
1,332,000 | Enstar Finance, LLC (c) | 5.75% | 09/01/40 | 1,301,890 | |
10,538,000 | Enstar Finance, LLC (c) | 5.50% | 01/15/42 | 9,999,774 | |
28,102,000 | Global Atlantic Fin Co. (a) (c) | 4.70% | 10/15/51 | 24,843,693 | |
20,493,000 | Hartford Financial Services Group (The), Inc., 3 Mo. CME Term SOFR + CSA + 2.13% (a) (f) | 7.69% | 02/12/47 | 18,214,971 | |
2,464,000 | Kuvare US Holdings, Inc. (a) (c) | 7.00% | 02/17/51 | 2,494,800 | |
3,631,000 | La Mondiale SAM (c) (e) | 5.88% | 01/26/47 | 3,536,122 |
Par Amount | Description | Stated Rate | Stated Maturity | Value | |
CAPITAL PREFERRED SECURITIES (Continued) | |||||
Insurance (Continued) | |||||
$6,850,000 | Lancashire Holdings Ltd. (c) (e) | 5.63% | 09/18/41 | $6,107,145 | |
10,300,000 | Liberty Mutual Group, Inc. (a) (c) | 4.13% | 12/15/51 | 9,399,834 | |
6,585,000 | Liberty Mutual Group, Inc. (a) | 4.30% | 02/01/61 | 4,054,883 | |
15,876,000 | Lincoln National Corp., Series C (c) | 9.25% | (d) | 16,956,282 | |
2,501,000 | Markel Group, Inc. (c) | 6.00% | (d) | 2,484,712 | |
6,514,000 | MetLife Capital Trust IV (a) | 7.88% | 12/15/37 | 6,907,537 | |
2,900,000 | MetLife, Inc. (a) | 9.25% | 04/08/38 | 3,339,550 | |
6,506,000 | Prudential Financial, Inc. (c) | 6.00% | 09/01/52 | 6,301,524 | |
6,200,000 | QBE Insurance Group Ltd. (a) (c) | 5.88% | (d) | 6,141,724 | |
300,000 | QBE Insurance Group Ltd. (c) (e) | 5.88% | 06/17/46 | 294,444 | |
147,907,965 | |||||
Multi-Utilities — 4.6% | |||||
22,217,000 | Algonquin Power & Utilities Corp. (c) | 4.75% | 01/18/82 | 19,290,797 | |
9,925,000 | Dominion Energy, Inc., Series B (c) | 4.65% | (d) | 9,736,738 | |
14,297,000 | Dominion Energy, Inc., Series C (c) | 4.35% | (d) | 13,162,400 | |
11,003,000 | Sempra (c) | 4.13% | 04/01/52 | 10,004,679 | |
6,000,000 | Sempra (c) | 6.88% | 10/01/54 | 5,939,489 | |
58,134,103 | |||||
Oil, Gas & Consumable Fuels — 7.4% | |||||
1,026,000 | Enbridge, Inc. (c) | 6.25% | 03/01/78 | 959,188 | |
6,955,000 | Enbridge, Inc. (c) | 7.63% | 01/15/83 | 6,941,813 | |
14,500,000 | Enbridge, Inc. (c) | 8.50% | 01/15/84 | 15,334,446 | |
8,398,000 | Enbridge, Inc., Series 16-A (c) | 6.00% | 01/15/77 | 7,958,978 | |
8,364,000 | Enbridge, Inc., Series 20-A (c) | 5.75% | 07/15/80 | 7,672,888 | |
1,397,000 | Energy Transfer, L.P. (c) | 8.00% | 05/15/54 | 1,439,808 | |
1,069,000 | Energy Transfer, L.P., Series B (c) | 6.63% | (d) | 985,963 | |
7,263,000 | Energy Transfer, L.P., Series F (c) | 6.75% | (d) | 7,115,768 | |
22,903,000 | Energy Transfer, L.P., Series G (c) | 7.13% | (d) | 22,046,762 | |
4,411,000 | Energy Transfer, L.P., Series H (c) | 6.50% | (d) | 4,291,232 | |
278,000 | Enterprise Products Operating LLC (c) | 5.38% | 02/15/78 | 258,152 | |
11,394,000 | Transcanada Trust (c) | 5.50% | 09/15/79 | 10,319,121 | |
7,650,000 | Transcanada Trust (c) | 5.60% | 03/07/82 | 6,700,421 | |
92,024,540 | |||||
Retail REITs — 1.3% | |||||
6,204,000 | Scentre Group Trust 2 (a) (c) | 4.75% | 09/24/80 | 5,923,579 | |
11,220,000 | Scentre Group Trust 2 (a) (c) | 5.13% | 09/24/80 | 10,245,589 | |
16,169,168 | |||||
Trading Companies & Distributors — 0.6% | |||||
1,772,000 | AerCap Holdings N.V. (c) | 5.88% | 10/10/79 | 1,752,908 | |
5,735,000 | Aircastle Ltd. (a) (c) | 5.25% | (d) | 5,447,271 | |
7,200,179 | |||||
Total Capital Preferred Securities | 1,190,149,234 | ||||
(Cost $1,195,018,210) |
Shares | Description | Stated Rate | Stated Maturity | Value | |
$1,000 PAR PREFERRED SECURITIES — 1.7% | |||||
Banks — 1.7% | |||||
6,831 | Bank of America Corp., Series L | 7.25% | (d) | $7,855,650 | |
12,037 | Wells Fargo & Co., Series L | 7.50% | (d) | 13,787,661 | |
Total $1,000 Par Preferred Securities | 21,643,311 | ||||
(Cost $24,934,284) |
Principal Value | Description | Stated Coupon | Stated Maturity | Value | |
FOREIGN CORPORATE BONDS AND NOTES — 1.5% | |||||
Insurance — 1.5% | |||||
$18,900,342 | Highlands Holdings Bond Issuer Ltd. / Highlands Holdings Bond Co-Issuer, Inc. (a) (j) | 7.63% | 10/15/25 | 18,903,377 | |
(Cost $19,009,243) | |||||
Total Investments — 98.3% | 1,230,695,922 | ||||
(Cost $1,238,961,737) | |||||
Net Other Assets and Liabilities — 1.7% | 20,914,881 | ||||
Net Assets — 100.0% | $1,251,610,803 |
(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 “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, 2024, securities noted as such amounted to $299,637,047 or 23.9% of net assets. |
(b) | 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, 2024, securities noted as such amounted to $386,995,075 or 30.9% of net assets. Of these securities, 6.8% originated in emerging markets, and 93.2% originated in foreign markets. |
(c) | Fixed-to-floating or fixed-to-variable rate security. The interest rate shown reflects the fixed rate in effect at April 30, 2024. At a predetermined date, the fixed rate will change to a floating rate or a variable rate. |
(d) | Perpetual maturity. |
(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) | Claim pending with the administrative court of Switzerland. |
(h) | Pursuant to procedures adopted by the Trust’s Board of Trustees, this security has been determined to be illiquid by the Advisor. |
(i) | 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). |
(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, 2024 this security paid all of its interest in cash. |
Abbreviations throughout the Portfolio of Investments: | |
CME | – Chicago Mercantile Exchange |
CSA | – Credit Spread Adjustment |
REITs | – Real Estate Investment Trusts |
SOFR | – Secured Overnight Financing Rate |
Country Allocation | % of Net Assets |
United States | 45.9% |
Canada | 14.9 |
United Kingdom | 9.9 |
France | 7.2 |
Spain | 4.6 |
Netherlands | 2.8 |
Mexico | 2.5 |
Australia | 2.3 |
Italy | 2.0 |
Multi-National | 1.5 |
Germany | 1.1 |
Bermuda | 0.9 |
Sweden | 0.9 |
Chile | 0.7 |
Japan | 0.5 |
Switzerland | 0.4 |
Denmark | 0.2 |
Total Investments | 98.3 |
Net Other Assets and Liabilities | 1.7 |
Total | 100.0% |
Valuation Inputs
Total Value at 4/30/2024 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |
Capital Preferred Securities* | $1,190,149,234 | $— | $1,190,149,234 | $— |
$1,000 Par Preferred Securities* | 21,643,311 | 21,643,311 | — | — |
Foreign Corporate Bonds and Notes* | 18,903,377 | — | 18,903,377 | — |
Total Investments | $1,230,695,922 | $21,643,311 | $1,209,052,611 | $— |
* | See Portfolio of Investments for industry breakout. |
First Trust Preferred Securities and Income ETF (FPE) | First Trust Institutional Preferred Securities and Income ETF (FPEI) | |
ASSETS: | ||
Investments, at value | $5,168,948,458 | $1,230,695,922 |
Cash | 18,312,064 | 9,941,049 |
Receivables: | ||
Interest | 46,580,256 | 15,484,283 |
Investment securities sold | 9,689,067 | 7,949,267 |
Dividends | 1,340,127 | — |
Reclaims | 316,135 | — |
Capital shares sold | 8,329 | — |
Total Assets | 5,245,194,436 | 1,264,070,521 |
LIABILITIES: | ||
Payables: | ||
Investment securities purchased | 19,969,981 | 11,577,405 |
Investment advisory fees | 3,623,393 | 882,313 |
Total Liabilities | 23,593,374 | 12,459,718 |
NET ASSETS | $5,221,601,062 | $1,251,610,803 |
NET ASSETS consist of: | ||
Paid-in capital | $6,310,174,310 | $1,292,228,134 |
Par value | 3,060,550 | 695,000 |
Accumulated distributable earnings (loss) | (1,091,633,798) | (41,312,331) |
NET ASSETS | $5,221,601,062 | $1,251,610,803 |
NET ASSET VALUE, per share | $17.06 | $18.01 |
Number of shares outstanding (unlimited number of shares authorized, par value $0.01 per share) | 306,055,000 | 69,500,002 |
Investments, at cost | $5,606,169,596 | $1,238,961,737 |
First Trust Preferred Securities and Income ETF (FPE) | First Trust Institutional Preferred Securities and Income ETF (FPEI) | |
INVESTMENT INCOME: | ||
Interest | $128,093,945 | $39,048,418 |
Dividends | 47,160,149 | 628,707 |
Foreign withholding tax | (458,528) | (119,597) |
Total investment income | 174,795,566 | 39,557,528 |
EXPENSES: | ||
Investment advisory fees | 21,840,996 | 5,083,796 |
Legal fees | 222,987 | 35,734 |
Total expenses | 22,063,983 | 5,119,530 |
NET INVESTMENT INCOME (LOSS) | 152,731,583 | 34,437,998 |
NET REALIZED AND UNREALIZED GAIN (LOSS): | ||
Net realized gain (loss) on: | ||
Investments | (31,874,254) | 1,683,426 |
In-kind redemptions | 469,194 | — |
Net realized gain (loss) | (31,405,060) | 1,683,426 |
Net change in unrealized appreciation (depreciation) on investments | 496,743,708 | 94,343,555 |
NET REALIZED AND UNREALIZED GAIN (LOSS) | 465,338,648 | 96,026,981 |
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $618,070,231 | $130,464,979 |
First Trust Preferred Securities and Income ETF (FPE) | First Trust Institutional Preferred Securities and Income ETF (FPEI) | |||
Six Months Ended 4/30/2024 (Unaudited) | Year Ended 10/31/2023 | Six Months Ended 4/30/2024 (Unaudited) | Year Ended 10/31/2023 | |
OPERATIONS: | ||||
Net investment income (loss) | $152,731,583 | $337,192,820 | $34,437,998 | $55,402,540 |
Net realized gain (loss) | (31,405,060) | (441,166,279) | 1,683,426 | (29,508,510) |
Net change in unrealized appreciation (depreciation) | 496,743,708 | 109,503,416 | 94,343,555 | (24,524,066) |
Net increase (decrease) in net assets resulting from operations | 618,070,231 | 5,529,957 | 130,464,979 | 1,369,964 |
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||
Investment operations | (153,591,590) | (330,265,462) | (34,417,626) | (53,643,034) |
Return of capital | — | (13,534,543) | — | (3,014,313) |
Total distributions to shareholders | (153,591,590) | (343,800,005) | (34,417,626) | (56,657,347) |
SHAREHOLDER TRANSACTIONS: | ||||
Proceeds from shares sold | 206,190,429 | 271,414,610 | 137,834,100 | 488,535,584 |
Cost of shares redeemed | (320,662,449) | (1,088,245,754) | (23,567,995) | (40,986,674) |
Net increase (decrease) in net assets resulting from shareholder transactions | (114,472,020) | (816,831,144) | 114,266,105 | 447,548,910 |
Total increase (decrease) in net assets | 350,006,621 | (1,155,101,192) | 210,313,458 | 392,261,527 |
NET ASSETS: | ||||
Beginning of period | 4,871,594,441 | 6,026,695,633 | 1,041,297,345 | 649,035,818 |
End of period | $5,221,601,062 | $4,871,594,441 | $1,251,610,803 | $1,041,297,345 |
CHANGES IN SHARES OUTSTANDING: | ||||
Shares outstanding, beginning of period | 312,655,000 | 363,155,000 | 63,000,002 | 37,600,002 |
Shares sold | 12,450,000 | 15,600,000 | 7,800,000 | 27,850,000 |
Shares redeemed | (19,050,000) | (66,100,000) | (1,300,000) | (2,450,000) |
Shares outstanding, end of period | 306,055,000 | 312,655,000 | 69,500,002 | 63,000,002 |
Six Months Ended 4/30/2024 (Unaudited) | Year Ended October 31, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | ||
Net asset value, beginning of period | $15.58 | $16.60 | $20.45 | $19.23 | $19.89 | $18.76 |
Income from investment operations: | ||||||
Net investment income (loss) | 0.49 (a) | 1.00 (a) | 0.92 | 0.90 | 1.00 | 1.08 |
Net realized and unrealized gain (loss) | 1.48 | (1.00 ) | (3.84 ) | 1.24 | (0.66 ) | 1.14 |
Total from investment operations | 1.97 | — | (2.92 ) | 2.14 | 0.34 | 2.22 |
Distributions paid to shareholders from: | ||||||
Net investment income | (0.49 ) | (0.98 ) | (0.89 ) | (0.88 ) | (0.94 ) | (1.07 ) |
Return of capital | — | (0.04 ) | (0.04 ) | (0.04 ) | (0.06 ) | (0.02 ) |
Total distributions | (0.49 ) | (1.02 ) | (0.93 ) | (0.92 ) | (1.00 ) | (1.09 ) |
Net asset value, end of period | $17.06 | $15.58 | $16.60 | $20.45 | $19.23 | $19.89 |
Total return (b) | 12.73 % | (0.10 )% | (14.65 )% | 11.26 % | 1.94 % | 12.25 % |
Ratios to average net assets/supplemental data: | ||||||
Net assets, end of period (in 000’s) | $5,221,601 | $4,871,594 | $6,026,696 | $7,698,246 | $5,422,433 | $4,678,519 |
Ratio of total expenses to average net assets | 0.85 % (c) | 0.84 % | 0.85 % | 0.85 % | 0.85 % | 0.85 % |
Ratio of net investment income (loss) to average net assets | 5.86 % (c) | 6.04 % | 4.95 % | 4.54 % | 5.24 % | 5.69 % |
Portfolio turnover rate (d) | 21 % | 34 % | 35 % | 27 % | 43 % | 28 % |
(a) | Based on average shares outstanding. |
(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 4/30/2024 (Unaudited) | Year Ended October 31, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | ||
Net asset value, beginning of period | $16.53 | $17.26 | $20.52 | $19.36 | $19.85 | $18.75 |
Income from investment operations: | ||||||
Net investment income (loss) | 0.03 (a) | 1.00 (a) | 0.88 | 0.90 | 1.01 | 1.01 |
Net realized and unrealized gain (loss) | 1.96 | (0.72 ) | (3.22 ) | 1.19 | (0.50 ) | 1.12 |
Total from investment operations | 1.99 | 0.28 | (2.34 ) | 2.09 | 0.51 | 2.13 |
Distributions paid to shareholders from: | ||||||
Net investment income | (0.51 ) | (0.96 ) | (0.87 ) | (0.88 ) | (0.97 ) | (1.00 ) |
Return of capital | — | (0.05 ) | (0.05 ) | (0.05 ) | (0.03 ) | (0.03 ) |
Total distributions | (0.51 ) | (1.01 ) | (0.92 ) | (0.93 ) | (1.00 ) | (1.03 ) |
Net asset value, end of period | $18.01 | $16.53 | $17.26 | $20.52 | $19.36 | $19.85 |
Total return (b) | 12.08 % | 1.57 % | (11.68 )% | 10.91 % | 2.76 % | 11.75 % |
Ratios to average net assets/supplemental data: | ||||||
Net assets, end of period (in 000’s) | $1,251,611 | $1,041,297 | $649,036 | $492,418 | $284,519 | $235,178 |
Ratio of total expenses to average net assets | 0.86 % (c) (d) | 0.86 % (d) | 0.85 % | 0.85 % | 0.85 % | 0.85 % |
Ratio of net investment income (loss) to average net assets | 5.76 % (c) | 5.83 % | 4.89 % | 4.60 % | 5.22 % | 5.39 % |
Portfolio turnover rate (e) | 17 % | 26 % | 31 % | 22 % | 48 % | 28 % |
(a) | Based on average shares outstanding. |
(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) | Includes extraordinary legal fees. If the legal fees expense was not included, the expense ratio would have been 0.85%. |
(e) | 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. |
First Trust Preferred Securities and Income ETF – (ticker “FPE”) |
First Trust Institutional Preferred Securities and Income ETF – (ticker “FPEI”) |
Security | Acquisition Date | Par Amount | Current Price | Carrying Cost | Value | % of Net Assets |
FPE | ||||||
Dairy Farmers of America, Inc., 7.13% | 09/15/16 - 12/08/21 | $10,700,000 | $93.63 | $10,903,500 | $10,017,875 | 0.19 % |
Fortegra Financial Corp., 8.50%, 10/15/57 | 10/12/17 - 03/12/18 | 13,700,000 | 98.24 | 13,718,626 | 13,458,942 | 0.26 |
Land O’ Lakes Capital Trust I, 7.45%, 03/15/28 | 03/20/15 - 05/08/18 | 20,360,000 | 98.41 | 21,424,960 | 20,036,887 | 0.38 |
$46,047,086 | $43,513,704 | 0.83 % | ||||
FPEI | ||||||
Dairy Farmers of America, Inc., 7.13% | 01/21/21 - 12/08/21 | 1,200,000 | 93.63 | 1,222,750 | 1,123,500 | 0.09 |
Land O’ Lakes Capital Trust I, 7.45%, 03/15/28 | 05/04/18 - 01/16/24 | 1,131,000 | 98.41 | 1,195,611 | 1,113,051 | 0.09 |
$2,418,361 | $2,236,551 | 0.18 % |
Distributions paid from Ordinary Income | Distributions paid from Capital Gains | Distributions paid from Return of Capital | |
First Trust Preferred Securities and Income ETF | $330,265,462 | $— | $13,534,543 |
First Trust Institutional Preferred Securities and Income ETF | 53,643,034 | — | 3,014,313 |
Undistributed Ordinary Income | Accumulated Capital and Other Gain (Loss) | Net Unrealized Appreciation (Depreciation) | |
First Trust Preferred Securities and Income ETF | $— | $(641,800,056 ) | $(914,312,383 ) |
First Trust Institutional Preferred Securities and Income ETF | — | (37,687,101 ) | (99,672,583 ) |
Non-Expiring Capital Loss Carryforwards | |
First Trust Preferred Securities and Income ETF | $641,800,056 |
First Trust Institutional Preferred Securities and Income ETF | 37,687,101 |
Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation (Depreciation) | |
First Trust Preferred Securities and Income ETF | $5,606,169,596 | $87,497,943 | $(524,719,081 ) | $(437,221,138 ) |
First Trust Institutional Preferred Securities and Income ETF | 1,238,961,737 | 35,760,821 | (44,026,636 ) | (8,265,815 ) |
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 % |
Purchases | Sales | |
First Trust Preferred Securities and Income ETF | $1,081,320,208 | $1,184,514,083 |
First Trust Institutional Preferred Securities and Income ETF | 316,288,304 | 191,898,328 |
Purchases | Sales | |
First Trust Preferred Securities and Income ETF | $10,201,409 | $17,281,771 |
First Trust Institutional Preferred Securities and Income ETF | — | — |
120 East Liberty Drive, Suite 400
Wheaton, IL 60187
10 Westport Road, Suite C101
Wilton, CT 06897
FUND ACCOUNTANT &
TRANSFER AGENT
240 Greenwich Street
New York, NY 10286
PUBLIC ACCOUNTING FIRM
111 South Wacker Drive
Chicago, IL 60606
320 South Canal Street
Chicago, IL 60606
Semi-Annual Report |
For the Six Months Ended April 30, 2024 |
First Trust Managed Municipal ETF (FMB) |
Semi-Annual Report
April 30, 2024
1 | |
2 | |
5 | |
6 | |
7 | |
47 | |
48 | |
49 | |
50 | |
51 | |
59 |
Semi-Annual Letter from the Chairman and CEO
April 30, 2024
Chairman of the Board of Trustees
Chief Executive Officer of First Trust Advisors L.P.
Performance | ||||||
Average Annual Total Returns | Cumulative Total Returns | |||||
6 Months Ended 4/30/24 | 1 Year Ended 4/30/24 | 5 Years Ended 4/30/24 | Inception (5/13/14) to 4/30/24 | 5 Years Ended 4/30/24 | Inception (5/13/14) to 4/30/24 | |
Fund Performance | ||||||
NAV | 6.97% | 3.14% | 1.29% | 2.80% | 6.61% | 31.66% |
Market Price | 7.15% | 2.98% | 1.25% | 2.79% | 6.41% | 31.59% |
Index Performance | ||||||
Bloomberg Revenue 10 Year (8-12) Index | 6.24% | 1.54% | 1.52% | 2.59% | 7.85% | 28.99% |
Sector Allocation | % of Total Investments (including cash) |
Hospital | 10.7% |
Insured | 10.3 |
Government Obligation Bond - Unlimited | |
Tax | 9.1 |
Airport | 9.0 |
Gas | 7.5 |
Dedicated Tax | 6.5 |
Utility | 5.0 |
Industrial Development Bond | 4.9 |
Certificates of Participation | 4.5 |
Special Assessment | 4.3 |
Education | 4.0 |
Continuing Care Retirement Communities | 4.0 |
Water & Sewer | 3.5 |
Toll Road | 3.2 |
Government Obligation Bond - Limited | |
Tax | 3.1 |
Higher Education | 3.1 |
Tobacco | 1.4 |
Pre-refunded/Escrowed-to-maturity | 1.3 |
Housing | 1.0 |
Mass Transit | 0.9 |
Tax Increment | 0.7 |
Student Housing | 0.5 |
Local Housing | 0.4 |
Hotel | 0.3 |
Port | 0.2 |
Other Health | 0.1 |
Pool | 0.1 |
Cash | 0.4 |
Total | 100.0% |
Credit Quality(1) | % of Total Investments (including cash) |
AAA | 7.5% |
AA | 36.1 |
A | 30.2 |
BBB | 11.7 |
BB | 3.2 |
B | 0.3 |
Not Rated | 10.2 |
Short Rated Only | 0.4 |
Cash | 0.4 |
Total | 100.0% |
Fund Allocation | % of Net Assets |
Municipal Bonds | 98.1% |
Net Other Assets and Liabilities(2) | 1.9 |
Total | 100.0% |
(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. |
(2) | 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. 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. |
Tom Byron, Senior Vice President, Senior Portfolio Manager
Shawn P. O’Leary, Senior Vice President, Senior Portfolio Manager
Beginning Account Value November 1, 2023 | Ending Account Value April 30, 2024 | Annualized Expense Ratio Based on the Six-Month Period | Expenses Paid During the Six-Month Period (a) | |
First Trust Managed Municipal ETF (FMB) | ||||
Actual | $1,000.00 | $1,069.70 | 0.65% | $3.34 |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.63 | 0.65% | $3.27 |
(a) | Expenses are equal to the annualized expense ratio as indicated in the table multiplied by the average account value over the period (November 1, 2023 through April 30, 2024), multiplied by 182/366 (to reflect the six-month period). |
Principal Value | Description | Stated Coupon | Stated Maturity | Value | |
MUNICIPAL BONDS — 98.1% | |||||
Alabama — 4.4% | |||||
$225,000 | AL Cmnty Clg Sys Brd of Trustees Rev Bishop St Cmnty Clg, BAM | 4.00% | 01/01/35 | $228,988 | |
500,000 | AL St Port Auth Docks Facs Rev Ref Docks Facs Rev, Ser A, AGM, AMT | 5.00% | 10/01/25 | 504,982 | |
7,695,000 | Black Belt Energy Gas Dist AL Gas Proj Rev Bonds Proj No. 7, Ser C-1 (Mandatory put 12/01/26) | 4.00% | 10/01/52 | 7,688,718 | |
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 | 10,061,779 | |
5,300,000 | Black Belt Energy Gas Dist AL Gas Proj Rev, Ser C-1 (Mandatory put 06/01/29) | 5.25% | 02/01/53 | 5,532,410 | |
1,000,000 | Black Belt Energy Gas Dist AL Gas Proj Rev, Ser E | 5.00% | 06/01/26 | 1,014,955 | |
1,250,000 | Black Belt Energy Gas Dist AL Gas Proj Rev, Ser F (Mandatory put 12/01/28) | 5.50% | 11/01/53 | 1,316,991 | |
8,600,000 | Energy SE AL A Cooperative Dist Energy Sply Rev, Ser A-1 (Mandatory put 01/01/31) | 5.50% | 11/01/53 | 9,191,675 | |
2,250,000 | Energy SE AL A Cooperative Dist Energy Sply Rev, Ser B-1 (Mandatory put 11/01/31) | 5.75% | 04/01/54 | 2,450,590 | |
415,000 | Gulf Shores AL Ref Warrants, Ser A | 5.00% | 12/15/35 | 438,714 | |
310,000 | Gulf Shores AL Ref Warrants, Ser A | 5.00% | 12/15/38 | 324,066 | |
400,000 | Homewood AL Eductnl Bldg Auth Rev Ref Samford Univ Proj, Ser A | 4.00% | 12/01/33 | 403,180 | |
950,000 | Homewood AL Eductnl Bldg Auth Rev Ref Samford Univ Proj, Ser A | 4.00% | 12/01/34 | 956,404 | |
450,000 | Infirmary Hlth Sys AL Spl Care Facs Fing Auth Rev Infirmary Hlth Sys Inc, Ser A | 5.00% | 02/01/36 | 457,360 | |
600,000 | Jefferson Cnty AL Swr Rev Warrants Ref Warrants | 5.00% | 10/01/39 | 647,234 | |
1,500,000 | Jefferson Cnty AL Swr Rev Warrants Ref Warrants | 5.25% | 10/01/41 | 1,634,974 | |
1,550,000 | Jefferson Cnty AL Swr Rev Warrants Ref Warrants | 5.25% | 10/01/44 | 1,670,110 | |
695,000 | Leeds AL Pub Eductnl Bldg Auth Eductnl Facs Rev Ref Edu, AGM | 4.00% | 04/01/30 | 697,845 | |
4,000,000 | Lower AL Gas Dist Gas Proj Rev Bonds Proj 2 (Mandatory put 12/01/25) | 4.00% | 12/01/50 | 3,996,776 | |
1,000,000 | Midcity Impt Dist AL Spl Assmnt Rev | 4.50% | 11/01/42 | 811,380 | |
205,000 | Mobile AL Impt Dist Sales Tax Rev Mcgowin Park Proj, Ser A | 5.00% | 08/01/25 | 202,922 | |
500,000 | Mobile Cnty AL Impt Warrants (Pre-refunded maturity 08/01/25) | 5.00% | 08/01/30 | 508,895 | |
1,605,000 | Prichard AL Wtrwks & Swr Brd Wtr & Swr Rev Ref (a) | 4.00% | 11/01/32 | 1,281,860 | |
1,765,000 | Prichard AL Wtrwks & Swr Brd Wtr & Swr Rev Ref (a) | 4.00% | 11/01/34 | 1,352,790 | |
1,840,000 | Prichard AL Wtrwks & Swr Brd Wtr & Swr Rev Ref (a) | 4.00% | 11/01/35 | 1,383,642 | |
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 | 2,999,205 | |
8,170,000 | SE Energy Auth AL Cmdy Sply Rev Proj #1, Ser A (Mandatory put 10/01/28) | 4.00% | 11/01/51 | 8,090,775 | |
4,500,000 | SE Energy Auth AL Cmdy Sply Rev Proj #6, Ser B (Mandatory put 06/01/30) | 5.00% | 01/01/54 | 4,733,819 | |
1,500,000 | SE Energy Auth AL Cmdy Sply Rev Var Proj No 3, Ser A-1 (Mandatory put 12/01/29) | 5.50% | 01/01/53 | 1,588,800 | |
105,000 | UAB Medicine Fin Auth AL Rev Ref UAB Medicine, Ser B | 5.00% | 09/01/34 | 107,810 | |
1,650,000 | Univ of AL at Birmingham General Rev Brd of Trustees, Ser B | 3.00% | 10/01/41 | 1,357,288 |
Principal Value | Description | Stated Coupon | Stated Maturity | Value | |
MUNICIPAL BONDS (Continued) | |||||
Alabama (Continued) | |||||
$5,000,000 | W Jefferson AL Indl Dev Brd Sol Wst Disp Rev Var AL Pwr Miller Plt Var Remk (b) | 4.05% | 12/01/38 | $5,000,000 | |
6,000,000 | Walker Cnty AL Econ & Indl Dev Auth Sol Wst Disp Rev Var AL Pwr Co Plant Gorgas Proj, AMT (b) | 4.10% | 08/01/63 | 6,000,000 | |
84,636,937 | |||||
Alaska — 0.1% | |||||
1,880,000 | AK St Indl Dev & Export Auth Pwr Rev Ref Snettisham Hydroelectric Proj, AMT | 4.00% | 01/01/28 | 1,846,610 | |
450,000 | Nthrn AK Tobacco Securitization Corp Tobacco Stlmt Rev Ref Sr, Ser A, Class 1 | 4.00% | 06/01/39 | 442,973 | |
2,289,583 | |||||
Arizona — 2.2% | |||||
2,000,000 | AZ St Indl Dev Auth Edu Rev Acads of Math & Science Proj (c) | 5.00% | 07/01/49 | 1,867,028 | |
530,000 | AZ St Indl Dev Auth Edu Rev Cadence Cmps Proj, Ser A (c) | 4.00% | 07/15/30 | 515,208 | |
925,000 | AZ St Indl Dev Auth Edu Rev Cadence Cmps Proj, Ser A (c) | 4.00% | 07/15/40 | 799,814 | |
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 | 171,731 | |
500,000 | AZ St Indl Dev Auth Edu Rev Doral Acdmy NV Pebble, Ser A (c) | 4.00% | 07/15/30 | 481,120 | |
500,000 | AZ St Indl Dev Auth Edu Rev Macombs Fac Proj Sustainable Bonds, Ser A | 4.00% | 07/01/41 | 449,851 | |
375,000 | AZ St Indl Dev Auth Edu Rev Ref Basis Sch Projs, Ser D (c) | 5.00% | 07/01/37 | 375,735 | |
680,000 | AZ St Indl Dev Auth Edu Rev Ref Basis Schs Projs, Ser A (c) | 5.00% | 07/01/26 | 682,930 | |
1,030,000 | AZ St Indl Dev Auth Edu Rev Ref Basis Schs Projs, Ser G (c) | 5.00% | 07/01/37 | 1,032,019 | |
500,000 | AZ St Indl Dev Auth Edu Rev Ref Doral Acdmy of Northern NV Proj, Ser A (c) | 4.00% | 07/15/51 | 382,037 | |
1,100,000 | AZ St Indl Dev Auth Edu Rev Ref Doral Acdmy of Northern NV Proj, Ser A (c) | 4.00% | 07/15/56 | 813,969 | |
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 | 609,161 | |
415,000 | AZ St Indl Dev Auth Natl Chrt Sch Revolving Loan Fd Sustainable Bond Equitable Sch Revolving Fund, Ser A | 5.00% | 11/01/31 | 445,382 | |
465,000 | AZ St Indl Dev Auth Natl Chrt Sch Revolving Loan Fd Sustainable Bond Equitable Sch Revolving Fund, Ser A | 5.00% | 11/01/37 | 489,359 | |
595,000 | AZ St Indl Dev Auth Natl Chrt Sch Revolving Loan Fd Sustainable Bonds Equitable Sch Revolving Fund, Ser A | 4.00% | 11/01/38 | 583,470 | |
750,000 | AZ St Indl Dev Auth Natl Chrt Sch Revolving Loan Fd Sustainable Bonds Equitable Sch Revolving Fund, Ser A | 4.00% | 11/01/39 | 731,511 | |
3,800,000 | AZ St Indl Dev Auth Natl Chrt Sch Revolving Loan Fd Sustainable Bonds Equitable Sch Revolving Fund, Ser A | 4.00% | 11/01/46 | 3,498,534 | |
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 | 2,043,651 | |
4,000,000 | Glendale AZ Indl Dev Auth Sr Living Facs Rev Ref Sun Hlth Svcs, Ser A | 5.00% | 11/15/42 | 3,941,985 | |
200,000 | Maricopa Cnty AZ Indl Dev Auth Edu Rev Greathearts AZ Projs, Ser C | 5.00% | 07/01/25 | 202,467 | |
830,000 | Maricopa Cnty AZ Indl Dev Auth Edu Rev Legacy Trad Schs Proj | 4.00% | 07/01/30 | 833,884 | |
435,000 | Maricopa Cnty AZ Indl Dev Auth Edu Rev Legacy Trad Schs Proj | 4.00% | 07/01/31 | 436,479 | |
450,000 | Maricopa Cnty AZ Indl Dev Auth Edu Rev Legacy Trad Schs Proj | 4.00% | 07/01/32 | 450,775 | |
700,000 | Maricopa Cnty AZ Indl Dev Auth Edu Rev Legacy Trad Schs Proj | 4.00% | 07/01/33 | 699,965 | |
985,000 | Maricopa Cnty AZ Indl Dev Auth Edu Rev Legacy Trad Schs Proj | 4.00% | 07/01/34 | 980,960 | |
1,025,000 | Maricopa Cnty AZ Indl Dev Auth Edu Rev Legacy Trad Schs Proj | 4.00% | 07/01/35 | 1,016,945 |
Principal Value | Description | Stated Coupon | Stated Maturity | Value | |
MUNICIPAL BONDS (Continued) | |||||
Arizona (Continued) | |||||
$500,000 | Maricopa Cnty AZ Indl Dev Auth Edu Rev Ref Horizon Cmnty Learning Ctr Proj | 5.00% | 07/01/35 | $502,102 | |
500,000 | Maricopa Cnty AZ Indl Dev Auth Edu Rev Ref Legacy Trad Sch Proj | 4.00% | 07/01/34 | 499,602 | |
1,000,000 | Maricopa Cnty AZ Indl Dev Auth Edu Rev Ref Legacy Trad Schs Proj Auth, Ser B (c) | 5.00% | 07/01/39 | 986,345 | |
2,100,000 | Maricopa Cnty AZ Indl Dev Auth Edu Rev Ref Legacy Trad Schs Proj Auth, Ser B (c) | 5.00% | 07/01/49 | 1,963,092 | |
300,000 | Maricopa Cnty AZ Indl Dev Auth Edu Rev Ref Paradise Schs Projs Paragon Mgmt Inc (c) | 4.00% | 07/01/26 | 297,420 | |
1,475,000 | Maricopa Cnty AZ Indl Dev Auth Ref Banner Hlth Oblig Grp, Ser A | 4.00% | 01/01/38 | 1,461,196 | |
1,475,000 | Maricopa Cnty AZ Spl Hlth Care Dist Aka Maricopa Integrated Hlth Sys, Ser C | 5.00% | 07/01/27 | 1,554,541 | |
225,000 | Phoenix AZ Indl Dev Auth Edu Rev Fac Legacy Trad Schs Projs, Ser A (c) | 4.00% | 07/01/26 | 222,056 | |
3,655,000 | Phoenix AZ Indl Dev Auth Edu Rev Ref Basis Schs Projs, Ser A (c) | 5.00% | 07/01/35 | 3,666,635 | |
5,000,000 | Phoenix AZ Indl Dev Auth Hotel Rev Sr Falcon Properties LLC Proj, Ser A (c) | 4.00% | 12/01/41 | 4,050,147 | |
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 | 307,772 | |
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 | 307,241 | |
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 | 306,838 | |
850,000 | 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 | 867,850 | |
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 | 684,088 | |
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 | 201,595 | |
1,000,000 | Tempe AZ Indl Dev Auth Rev Ref Friendship Vlg of Tempe Proj, Ser A | 4.00% | 12/01/38 | 884,941 | |
43,299,431 | |||||
Arkansas — 0.0% | |||||
350,000 | Univ of Central AR Rev, Ser A, AGM | 5.00% | 11/01/34 | 363,104 | |
California — 7.5% | |||||
1,245,000 | Burbank CA Wtr & Pwr Elec Rev | 5.00% | 06/01/43 | 1,370,503 | |
4,500,000 | CA Cmnty Choice Fing Auth Clean Energy Proj Rev Sustainable Bond, Ser A-1 (Mandatory put 08/01/28) | 4.00% | 05/01/53 | 4,485,441 | |
2,400,000 | CA Cmnty Choice Fing Auth Clean Energy Proj Rev Sustainable Bond, Ser B-1 (Mandatory put 08/01/31) | 4.00% | 02/01/52 | 2,372,733 | |
3,000,000 | CA Cmnty Choice Fing Auth Clean Energy Proj Rev Sustainable Bond, Ser B-1 (Mandatory put 08/01/29) | 5.00% | 07/01/53 | 3,145,986 | |
225,000 | CA Cnty CA Tobacco Securitization Agy Tobacco Stlmt Ref Sonoma Cnty Securitization Corp, Ser A | 5.00% | 06/01/31 | 248,096 | |
200,000 | CA Cnty CA Tobacco Securitization Agy Tobacco Stlmt Ref Sonoma Cnty Securitization Corp, Ser A | 5.00% | 06/01/32 | 220,306 | |
230,000 | CA Cnty CA Tobacco Securitization Agy Tobacco Stlmt Ref Sonoma Cnty Securitization Corp, Ser A | 5.00% | 06/01/33 | 253,084 |
Principal Value | Description | Stated Coupon | Stated Maturity | Value | |
MUNICIPAL BONDS (Continued) | |||||
California (Continued) | |||||
$150,000 | CA Cnty CA Tobacco Securitization Agy Tobacco Stlmt Ref Sonoma Cnty Securitization Corp, Ser A | 4.00% | 06/01/34 | $155,847 | |
250,000 | CA Cnty CA Tobacco Securitization Agy Tobacco Stlmt Ref Sonoma Cnty Securitization Corp, Ser A | 4.00% | 06/01/36 | 257,136 | |
450,000 | CA Cnty CA Tobacco Securitization Agy Tobacco Stlmt Sr Ref, Ser A | 5.00% | 06/01/32 | 492,548 | |
800,000 | CA Sch Fin Auth Sch Fac Rev Alliance Clg Ready Pub Schs Proj, Ser C (c) | 4.50% | 07/01/26 | 797,910 | |
460,000 | CA Sch Fin Auth Sch Fac Rev Granada Hills Chrt Oblig Grp (c) | 5.00% | 07/01/32 | 467,874 | |
2,000,000 | CA Sch Fin Auth Sch Fac Rev Granada Hills Chrt Oblig Grp (c) | 5.00% | 07/01/43 | 2,001,404 | |
455,000 | CA Sch Fin Auth Sch Fac Rev Ref Hth Learning Proj, Ser A (c) | 4.00% | 07/01/26 | 449,599 | |
800,000 | CA Sch Fin Auth Sch Fac Rev Ref Hth Learning Proj, Ser A (c) | 5.00% | 07/01/32 | 798,884 | |
655,000 | CA Sch Fin Auth Sch Fac Rev, Ser A (c) | 5.00% | 07/01/40 | 652,138 | |
225,000 | CA St Enterprise Dev Auth Lease Rev Riverside Cnty Library Fac Proj | 4.00% | 11/01/37 | 226,687 | |
400,000 | CA St Hlth Facs Fing Auth Rev Ref Sutter Hlth, Ser B | 5.00% | 11/15/33 | 415,391 | |
600,000 | CA St Hlth Facs Fing Auth Rev Sutter Hlth, Ser A | 5.00% | 11/15/33 | 634,946 | |
2,025,000 | CA St Infra & Econ Dev Bank Rev Brightline W Passenger Rail Proj Remk, Ser A, AMT (Mandatory put 01/30/25) (b) (c) | 3.95% | 01/01/50 | 2,024,930 | |
445,000 | CA St Muni Fin Auth Chrt Sch Lease Rev Vista Chrt Middle Sch Proj (a) | 5.38% | 07/01/34 | 445,708 | |
300,000 | CA St Muni Fin Auth Chrt Sch Rev Palmdale Aerospace Acdmy Proj (c) | 4.00% | 07/01/26 | 295,772 | |
500,000 | CA St Muni Fin Auth Chrt Sch Rev Palmdale Aerospace Acdmy Proj, Ser A (c) | 5.00% | 07/01/38 | 496,808 | |
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 | 1,518,651 | |
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 | 1,806,956 | |
1,000,000 | CA St Muni Fin Auth Ref Palomar Hlth, Ser A, AGM, COPS | 5.25% | 11/01/35 | 1,127,742 | |
200,000 | CA St Muni Fin Auth Rev Channing House Proj, Ser B | 5.00% | 05/15/37 | 207,420 | |
1,000,000 | CA St Muni Fin Auth Rev Cmnty Hlth Sys, Ser A, AGM | 4.00% | 02/01/41 | 960,498 | |
1,250,000 | CA St Muni Fin Auth Rev Ref HumanGood Oblig Grp, Ser A | 4.00% | 10/01/33 | 1,250,496 | |
600,000 | CA St Muni Fin Auth Rev Ref HumanGood Oblig Grp, Ser A | 4.00% | 10/01/34 | 598,162 | |
1,000,000 | CA St Muni Fin Auth Rev Ref HumanGood Oblig Grp, Ser A | 4.00% | 10/01/36 | 980,306 | |
2,130,000 | CA St Muni Fin Auth Rev Ref HumanGood Oblig Grp, Ser A | 4.00% | 10/01/39 | 2,068,220 | |
3,420,000 | CA St Muni Fin Auth Rev Ref HumanGood Oblig Grp, Ser A | 5.00% | 10/01/44 | 3,469,314 | |
680,000 | CA St Muni Fin Auth Rev Ref Retmnt Hsg Fdtn Oblig Grp, Ser A | 5.00% | 11/15/27 | 721,752 | |
650,000 | CA St Muni Fin Auth Rev Sr Lien Linxs APM Proj, Ser A-P3 Proj, AMT | 5.00% | 06/30/28 | 647,615 | |
2,750,000 | CA St Muni Fin Auth Spl Fac Rev United Airls Inc Proj, AMT | 4.00% | 07/15/29 | 2,734,552 | |
1,000,000 | CA St Muni Fin Auth Stdt Hsg Rev Sustainable Bond Orchard Park Stdt Hsg Proj, BAM | 4.00% | 05/15/40 | 983,788 | |
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 | 996,184 | |
2,000,000 | CA St Poll Control Fin Auth Sol Wst Disp Rev Var Rep Svcs Inc Proj Remk, AMT (Mandatory put 08/15/24) (b) (c) | 4.13% | 07/01/43 | 1,996,112 | |
1,500,000 | CA St Poll Control Fin Auth Sol Wst Disp Rev Var Rep Svcs Inc Proj Remk, Ser A2, AMT (Mandatory put 07/15/24) (b) (c) | 4.05% | 11/01/42 | 1,499,928 | |
2,000,000 | CA St Poll Control Fin Auth Sol Wst Disp Rev Var Rep Svcs Inc Proj, Ser A-1, AMT (Mandatory put 07/15/24) (b) (c) | 4.05% | 11/01/42 | 1,999,863 |
Principal Value | Description | Stated Coupon | Stated Maturity | Value | |
MUNICIPAL BONDS (Continued) | |||||
California (Continued) | |||||
$5,990,000 | CA St Poll Control Fing Auth Wtr Furnishing Rev Plant Bonds, AMT (c) | 5.00% | 07/01/37 | $5,992,946 | |
1,000,000 | CA St Pub Wks Brd Lease Rev Various Capital Proj, Ser B | 4.00% | 05/01/37 | 1,039,144 | |
4,015,000 | CA St Ref, AGM | 5.25% | 08/01/32 | 4,628,476 | |
500,000 | CA St Ref, Ser C | 5.00% | 09/01/32 | 509,687 | |
350,000 | CA Stwd Cmntys Dev Auth Rev Loma Linda Univ Med Ctr, Ser A (c) | 5.00% | 12/01/30 | 356,374 | |
450,000 | CA Stwd Cmntys Dev Auth Rev Loma Linda Univ Med Ctr, Ser A (c) | 5.00% | 12/01/33 | 466,049 | |
500,000 | CA Stwd Cmntys Dev Auth Rev Ref CA Baptist Univ, Ser A (c) | 5.00% | 11/01/32 | 510,438 | |
100,000 | CA Stwd Cmntys Dev Auth Rev Ref Front Porch Cmntys & Svcs, Ser A | 5.00% | 04/01/30 | 103,550 | |
195,000 | CA Stwd Cmntys Dev Auth Rev Ref Front Porch Cmntys & Svcs, Ser A | 5.00% | 04/01/31 | 201,962 | |
370,000 | Chino CA Cmnty Facs Dist Spl Tax #2003-3 Impt Area #7 | 5.00% | 09/01/30 | 388,197 | |
1,500,000 | Chino Vly CA Unif Sch Dist Cibs Election of 2016, Ser D | 5.00% | 08/01/49 | 1,636,606 | |
300,000 | Chino Vly CA Unif Sch Dist, Ser B | 5.00% | 08/01/38 | 328,562 | |
250,000 | Chino Vly CA Unif Sch Dist, Ser B | 5.00% | 08/01/39 | 272,458 | |
1,000,000 | CSCDA Cmnty Impt Auth CA Essential Hsg Rev The Link Glendale Sustainable Bonds, Ser A-2 (c) | 4.00% | 07/01/56 | 725,275 | |
1,000,000 | CSCDA Cmnty Impt Auth CA Essential Hsg Rev Union S Bay Sustainable Bonds, Ser A-2 (c) | 4.00% | 07/01/56 | 757,759 | |
2,160,000 | Etiwanda CA Sch Dist Cmnty Facs Dist #9 Spl Tax Ref | 5.00% | 09/01/35 | 2,196,989 | |
130,000 | Folsom Ranch CA Fing Auth Spl Tax Rev Cmnty Facs Dist No 19 Mangini | 4.00% | 09/01/24 | 129,764 | |
155,000 | Folsom Ranch CA Fing Auth Spl Tax Rev Cmnty Facs Dist No 19 Mangini | 4.00% | 09/01/25 | 154,617 | |
165,000 | Folsom Ranch CA Fing Auth Spl Tax Rev White Rock Springs Ranch | 4.00% | 09/01/39 | 153,356 | |
170,000 | Folsom Ranch CA Fing Auth Spl Tax Rev White Rock Springs Ranch | 4.00% | 09/01/40 | 156,361 | |
175,000 | Folsom Ranch CA Fing Auth Spl Tax Rev White Rock Springs Ranch | 4.00% | 09/01/41 | 159,446 | |
250,000 | Fontana CA Spl Tax Spl Tax The Meadows | 4.00% | 09/01/27 | 249,664 | |
265,000 | Fontana CA Spl Tax Spl Tax The Meadows | 4.00% | 09/01/28 | 265,449 | |
280,000 | Fontana CA Spl Tax Spl Tax The Meadows | 4.00% | 09/01/29 | 281,228 | |
535,000 | Fontana CA Spl Tax Spl Tax The Meadows | 4.00% | 09/01/36 | 530,187 | |
500,000 | Foothill-De Anza CA Cmnty Clg Dist Ref, COPS (Pre-refunded maturity 10/01/24) | 5.00% | 04/01/32 | 502,710 | |
300,000 | Gilroy CA Unif Sch Dist Election 2016 | 4.00% | 08/01/39 | 301,572 | |
1,360,000 | Hawthorne CA Cmnty Redev Agy Successor Agy Tax Allocation Ref Sub, AGM | 5.00% | 09/01/32 | 1,389,496 | |
2,000,000 | Irvine CA Facs Fing Auth Lease Rev Gateway Preserve Land Acq Proj, Ser A | 5.25% | 05/01/43 | 2,056,738 | |
175,000 | Irvine CA Unif Sch Dist Spl Tax Cmnty Facs Dist No 09-1, Ser A | 5.00% | 09/01/31 | 188,480 | |
365,000 | Irvine CA Unif Sch Dist Spl Tax Cmnty Facs Dist No 09-1, Ser A | 5.00% | 09/01/32 | 392,991 | |
125,000 | Irvine CA Unif Sch Dist Spl Tax Cmnty Facs Dist No 09-1, Ser A | 5.00% | 09/01/34 | 134,457 | |
1,000,000 | Kern CA Cmnty Clg Dist, Ser D | 5.25% | 08/01/40 | 1,141,547 | |
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 | 837,527 |
Principal Value | Description | Stated Coupon | Stated Maturity | Value | |
MUNICIPAL BONDS (Continued) | |||||
California (Continued) | |||||
$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 | $897,959 | |
2,620,000 | Long Beach CA Unif Sch Dist Ref | 4.00% | 08/01/31 | 2,662,930 | |
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 | 208,633 | |
4,000,000 | Los Angeles CA Dept of Arpts Arpt Rev Ref Sub Priv Activity, Ser A, AMT | 5.00% | 05/15/39 | 4,218,474 | |
1,340,000 | Los Angeles CA Dept of Arpts Arpt Rev Sr Bonds Priv Activity, Ser H, AMT | 5.00% | 05/15/41 | 1,418,526 | |
1,500,000 | Los Angeles CA Dept of Arpts Arpt Rev Sr Bonds Sustainable Bond Priv Activity, Ser G, AMT | 5.00% | 05/15/34 | 1,649,395 | |
1,500,000 | Los Angeles CA Dept of Arpts Arpt Rev Sr Bonds Sustainable Bond Priv Activity, Ser G, AMT | 5.50% | 05/15/35 | 1,711,478 | |
400,000 | Los Angeles CA Dept of Arpts Arpt Rev Sub Los Angeles Intl Arpt, Ser B, AMT | 5.00% | 05/15/31 | 409,432 | |
2,000,000 | Los Angeles CA Dept of Arpts Arpt Rev Subord Los Angeles Intl Arpt, Ser F, AMT | 5.00% | 05/15/36 | 2,107,001 | |
2,000,000 | Los Angeles CA Dept of Arpts Arpt Rev Sustainable Bond Ref Subord Priv Activity, Ser A, AMT | 5.25% | 05/15/42 | 2,181,348 | |
3,645,000 | Los Angeles CA Dept of Arpts Arpt Rev Unrefunded Subord Ref, Ser D, AMT | 5.00% | 05/15/31 | 3,977,400 | |
3,000,000 | Los Angeles CA Dept of Arpts Arpt Rev Unrefunded Subord Ref, Ser D, AMT | 5.00% | 05/15/36 | 3,239,720 | |
1,000,000 | Madera CA Unif Sch Dist Ref 2018 School Fac Proj, AGM, COPS | 5.00% | 09/01/42 | 1,097,422 | |
100,000 | Marina CA Redev Agy Successor Agy Tax Allocation Hsg, Ser B | 5.00% | 09/01/33 | 104,416 | |
325,000 | Menifee CA Union Sch Dist Pub Fing Auth Spl Tax Rev Ref, Ser A | 5.00% | 09/01/28 | 331,555 | |
175,000 | Menifee CA Union Sch Dist Spl Tax Cmnty Facs Dist #2011-1 | 5.00% | 09/01/30 | 184,209 | |
150,000 | Menifee CA Union Sch Dist Spl Tax Cmnty Facs Dist #2011-1 | 5.00% | 09/01/31 | 157,897 | |
145,000 | Menifee CA Union Sch Dist Spl Tax Cmnty Facs Dist #2011-1 | 5.00% | 09/01/32 | 152,611 | |
165,000 | Menifee CA Union Sch Dist Spl Tax Cmnty Facs Dist #2011-1 | 5.00% | 09/01/33 | 173,442 | |
2,350,000 | Met Wtr Dist of Sthrn CA Wtrwks Rev, Ser A | 5.00% | 04/01/48 | 2,574,403 | |
1,195,000 | Oceanside CA Unif Sch Dist Unrefunded 2022 Cap Apprec, Ser A, AGC | (d) | 08/01/24 | 1,183,374 | |
110,000 | Rancho Cordova CA Cmnty Facs Dist Spl Tax No 2018-1 Grantline 208 | 5.00% | 09/01/26 | 112,426 | |
200,000 | Rancho Cordova CA Cmnty Facs Dist Spl Tax Rev Grantline 208 Cmnty Fac Dt #2018-1 | 4.00% | 09/01/50 | 169,296 | |
500,000 | River Islands CA Pub Fing Auth Spl Tax Cmnty Facs Dist #2003- 1, Ser A | 5.00% | 09/01/43 | 502,240 | |
500,000 | River Islands CA Pub Fing Auth Spl Tax Cmnty Facs Dist #2019-1 Phase 2 Pub Impts | 4.00% | 09/01/33 | 490,772 | |
215,000 | Riverside CA Unif Sch Dist Cmnty Facs Dt #33 Citrus Heights II Spl Tax | 4.00% | 09/01/27 | 214,446 | |
225,000 | Riverside CA Unif Sch Dist Cmnty Facs Dt #33 Citrus Heights II Spl Tax | 4.00% | 09/01/28 | 224,760 | |
315,000 | Riverside CA Unif Sch Dist Impt Area No 2 | 5.00% | 09/01/39 | 326,186 | |
480,000 | Riverside CA Unif Sch Dist Impt Area No 2 | 5.00% | 09/01/44 | 489,928 | |
110,000 | Roseville CA Spl Tax Fiddyment Ranch Cmnty Facs | 5.00% | 09/01/30 | 115,636 | |
100,000 | Roseville CA Spl Tax Fiddyment Ranch Cmnty Facs | 5.00% | 09/01/31 | 104,965 | |
350,000 | Roseville CA Spl Tax Svsp Westpark Federico Cmnty Facs Dt No 1 | 4.00% | 09/01/37 | 337,512 |
Principal Value | Description | Stated Coupon | Stated Maturity | Value | |
MUNICIPAL BONDS (Continued) | |||||
California (Continued) | |||||
$640,000 | Roseville CA Spl Tax Svsp Westpark Federico Cmnty Facs Dt No 1 | 4.00% | 09/01/46 | $555,385 | |
205,000 | Roseville CA Spl Tax Vlg CFD #1 | 4.00% | 09/01/32 | 202,370 | |
310,000 | Roseville CA Spl Tax Vlg CFD #1 | 4.00% | 09/01/41 | 280,743 | |
520,000 | Roseville CA Spl Tax Vlg CFD #1 | 4.00% | 09/01/46 | 448,103 | |
710,000 | Roseville CA Spl Tax Vlg CFD #1 | 4.00% | 09/01/51 | 588,879 | |
260,000 | Sacramento CA Spl Tax Greenbriar Cmnty Facs Dist #2018-03 Impt Area #1 | 4.00% | 09/01/30 | 259,736 | |
220,000 | Sacramento CA Spl Tax Greenbriar Cmnty Facs Dist #2018-03 Impt Area #1 | 4.00% | 09/01/31 | 219,760 | |
315,000 | Sacramento CA Spl Tax Greenbriar Cmnty Facs Dist #2018-03 Impt Area #1 | 4.00% | 09/01/32 | 314,470 | |
515,000 | Sacramento CA Spl Tax Greenbriar Cmnty Facs Dist #2018-03 Impt Area #1 | 4.00% | 09/01/33 | 513,351 | |
615,000 | Sacramento CA Spl Tax Greenbriar Cmnty Facs Dist #2018-03 Impt Area #1 | 4.00% | 09/01/35 | 607,057 | |
500,000 | Sacramento CA Transient Occupancy Tax Rev Sub Convention Ctr Complex, Ser C | 5.00% | 06/01/35 | 530,993 | |
1,435,000 | San Diego Cnty CA Regl Arpt Auth Arpt Rev Sr Priv Activity, Ser B, AMT | 5.25% | 07/01/35 | 1,623,396 | |
2,000,000 | San Diego Cnty CA Regl Arpt Auth Arpt Rev Subord, Ser B, AMT | 5.00% | 07/01/46 | 2,068,213 | |
1,000,000 | San Francisco CA City & Cnty Arpts Commn Intl Arpt Rev Ref, Ser A, AMT | 5.00% | 05/01/34 | 1,088,208 | |
7,000,000 | San Francisco CA City & Cnty Arpts Commn Intl Arpt Rev, Ser A, AMT | 5.00% | 05/01/39 | 7,282,608 | |
2,000,000 | San Francisco CA City & Cnty Arpts Commn Intl Arpt Rev, Ser E, AMT | 5.00% | 05/01/40 | 2,072,431 | |
700,000 | San Francisco CA City & Cnty Dev Spl Tax Dist No Mission Rock Fac & Svcs, Ser A (c) | 4.00% | 09/01/41 | 614,387 | |
185,000 | San Francisco City & Cnty CA Cmnty Facs Dist #2016-1 | 4.00% | 09/01/29 | 185,723 | |
145,000 | San Francisco City & Cnty CA Cmnty Facs Dist #2016-1 | 4.00% | 09/01/30 | 145,417 | |
335,000 | San Francisco City & Cnty CA Cmnty Facs Dist #2016-1 | 4.00% | 09/01/31 | 335,606 | |
245,000 | San Francisco City & Cnty CA Cmnty Facs Dist #2016-1 | 4.00% | 09/01/32 | 245,216 | |
300,000 | San Francisco City & Cnty CA Cmnty Facs Dist #2016-1 | 4.00% | 09/01/33 | 300,137 | |
525,000 | San Francisco City & Cnty CA Cmnty Facs Dist #2016-1 | 4.00% | 09/01/42 | 478,223 | |
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 | 290,950 | |
800,000 | San Luis Obispo CA Cmnty Facs Dist #2019-1 Spl Tax | 4.00% | 09/01/36 | 777,688 | |
2,110,000 | San Luis Obispo Cnty CA Fing Auth Lease Rev Multiple Capital Projs Ref, Ser A | 5.25% | 11/15/40 | 2,395,936 | |
1,665,000 | San Luis Obispo Cnty CA Fing Auth Lease Rev Multiple Capital Projs Ref, Ser A | 5.25% | 11/15/41 | 1,880,617 | |
1,000,000 | Santa Margarita CA Wtr Dist Spl Tax Ref, Ser A, BAM | 5.00% | 09/01/43 | 1,063,395 | |
150,000 | Simi Vly CA Unif Sch Dist, Ser B | 4.00% | 08/01/32 | 153,772 | |
375,000 | Simi Vly CA Unif Sch Dist, Ser B | 4.00% | 08/01/39 | 376,640 | |
160,000 | Tahoe Truckee CA Unif Sch Dist, BAM, COPS | 4.00% | 06/01/35 | 161,935 | |
255,000 | Tahoe Truckee CA Unif Sch Dist, BAM, COPS | 4.00% | 06/01/36 | 257,130 | |
100,000 | Temecula Vly Unif Sch Dist Fing Auth CA Spl Tax Rev, BAM | 5.00% | 09/01/34 | 101,125 | |
1,000,000 | Tobacco Securitization Auth Nthrn CA Tobacco Stlmt Rev Ref Sr Bonds Sacramento CO Tocacco Secur Corp Class 1, Ser A | 4.00% | 06/01/37 | 1,002,846 |
Principal Value | Description | Stated Coupon | Stated Maturity | Value | |
MUNICIPAL BONDS (Continued) | |||||
California (Continued) | |||||
$1,500,000 | Tobacco Securitization Auth Sthrn CA Tobacco Stlmt Rev Ref San Diego Co Asset Securitization Corp, Class 1, Ser A | 5.00% | 06/01/35 | $1,618,878 | |
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 | 1,082,161 | |
865,000 | Tustin CA Cmnty Fac Dist Spl Tax Ref #06-1 Legacy Columbus Vlgs, Ser A | 5.00% | 09/01/35 | 880,627 | |
300,000 | Vacaville CA Unif Sch Dist, Ser D | 4.00% | 08/01/35 | 307,519 | |
1,050,000 | Victor CA Elem Sch Dist Cmnty Facs Dist Spl Tax Ref 2005-1, BAM | 5.00% | 09/01/46 | 1,087,174 | |
145,545,949 | |||||
Colorado — 6.6% | |||||
5,000,000 | Adams & Weld Cntys Co Sch Dist #27J Brighton | 5.00% | 12/01/40 | 5,069,150 | |
1,125,000 | Allison Vly Met Dist #2 CO Ref | 4.70% | 12/01/47 | 925,060 | |
1,000,000 | Bennett Ranch Met Dist #1 Co, Ser A (a) | 5.00% | 12/01/51 | 859,429 | |
225,000 | Breckenridge CO Ref, Ser B, COPS | 5.00% | 12/01/32 | 249,905 | |
1,340,000 | Brighton Crossing Met Dist #6 CO, Ser A | 5.00% | 12/01/50 | 1,146,633 | |
455,000 | Buffalo Ridge CO Met Dist Ref & Impt Sr, Ser A, BAM | 5.00% | 12/01/25 | 464,251 | |
250,000 | Buffalo Ridge CO Met Dist Ref & Impt Sr, Ser A, BAM | 5.00% | 12/01/26 | 259,265 | |
750,000 | Cascade Ridge Met Dist CO | 5.00% | 12/01/51 | 625,841 | |
1,010,000 | Cathedral Pines CO Met Dist Ref | 5.00% | 12/01/37 | 1,016,670 | |
880,000 | Centrl Weld Cnty CO Wtr Dist Rev, AGM | 4.00% | 12/01/38 | 891,065 | |
400,000 | CO Eductnl & Cultural Auth Rev Ref W Ridge Acdmy Chrt Sch Proj, Ser A | 5.00% | 06/01/49 | 399,989 | |
495,000 | CO Springs Co Pikes Peak Americas Mountain Enterprise Pikes Peak | 5.00% | 12/01/25 | 503,920 | |
1,585,000 | CO Springs Co Pikes Peak Americas Mountain Enterprise Pikes Peak | 5.25% | 12/01/48 | 1,658,413 | |
1,920,000 | CO St Eductnl & Cultural Facs Auth Rev Chrt Sch Loveland Classical Schs Proj (c) | 5.00% | 07/01/36 | 1,928,086 | |
660,000 | CO St Eductnl & Cultural Facs Auth Rev Ref & Impt Chrt Sch Univ Lab Bldg Corp (c) | 5.00% | 12/15/28 | 664,691 | |
2,245,000 | CO St Eductnl & Cultural Facs Auth Rev Ref & Impt Chrt Sch Univ Lab Bldg Corp (c) | 5.00% | 12/15/35 | 2,258,026 | |
4,000,000 | CO St Eductnl & Cultural Facs Auth Rev Ref & Impt Chrt Sch Univ Lab Bldg Corp (c) | 5.00% | 12/15/45 | 3,857,731 | |
4,215,000 | CO St Hlth Facs Auth Rev Ref Adventhealth Oblig, Ser A | 4.00% | 11/15/38 | 4,199,839 | |
1,245,000 | CO St Hlth Facs Auth Rev Ref Christian Living Neighborhoods Proj | 5.00% | 01/01/31 | 1,251,029 | |
505,000 | CO St Hlth Facs Auth Rev Ref Commonspirit Hlth, Ser A | 5.00% | 12/01/39 | 557,051 | |
250,000 | CO St Hlth Facs Auth Rev Ref Commonspirit Hlth, Ser A-1 | 5.00% | 08/01/35 | 267,101 | |
4,630,000 | CO St Hlth Facs Auth Rev Ref Commonspirit Hlth, Ser A-1 | 4.00% | 08/01/39 | 4,448,606 | |
1,500,000 | CO St Hlth Facs Auth Rev Ref Commonspirit Hlth, Ser A-2 | 5.00% | 08/01/34 | 1,608,487 | |
3,025,000 | CO St Hlth Facs Auth Rev Ref Commonspirit Hlth, Ser A-2 | 5.00% | 08/01/44 | 3,109,900 | |
1,750,000 | CO St Hlth Facs Auth Rev Ref Commonspirit Hlth, Ser A-2 | 4.00% | 08/01/49 | 1,591,753 | |
300,000 | CO St Hlth Facs Auth Rev Ref Frasier Meadows Retmnt Cmnty Proj, Ser A | 5.00% | 05/15/25 | 300,593 | |
350,000 | CO St Hlth Facs Auth Rev Ref Frasier Meadows Retmnt Cmnty Proj, Ser A | 5.00% | 05/15/26 | 352,550 | |
7,580,000 | CO St Hlth Facs Auth Rev Ref Scl Hlth Sys, Ser B | 4.00% | 01/01/40 | 7,539,624 | |
625,000 | CO St Hlth Facs Auth Rev Sr Living Ralston Creek Arvada Proj, Ser A (a) (e) | 5.25% | 11/01/32 | 218,750 |
Principal Value | Description | Stated Coupon | Stated Maturity | Value | |
MUNICIPAL BONDS (Continued) | |||||
Colorado (Continued) | |||||
$325,000 | CO St Ref, COPS | 4.00% | 06/15/37 | $330,746 | |
2,500,000 | CO St, Ser A, COPS | 5.00% | 12/15/34 | 2,807,812 | |
1,085,000 | CO St, Ser A, COPS | 4.00% | 12/15/37 | 1,102,206 | |
180,000 | Crystal Vly CO Met Dist #2 Ref, Ser A, AGM | 4.00% | 12/01/32 | 189,056 | |
325,000 | Crystal Vly CO Met Dist #2 Ref, Ser A, AGM | 4.00% | 12/01/33 | 340,233 | |
500,000 | Crystal Vly CO Met Dist #2 Ref, Ser A, AGM | 4.00% | 12/01/34 | 522,881 | |
330,000 | Crystal Vly CO Met Dist #2 Ref, Ser A, AGM | 4.00% | 12/01/35 | 342,792 | |
500,000 | Crystal Vly CO Met Dist #2 Ref, Ser A, AGM | 4.00% | 12/01/36 | 514,143 | |
5,000,000 | Denver City & Cnty CO Arpt Rev Ref Sub Sys, Ser A, AMT | 5.00% | 12/01/32 | 5,259,464 | |
5,000,000 | Denver City & Cnty CO Arpt Rev Ref Sub Sys, Ser A, AMT | 5.00% | 12/01/34 | 5,221,991 | |
750,000 | Denver City & Cnty CO Arpt Rev Ref Subord, Ser B, AMT | 5.25% | 11/15/36 | 845,085 | |
500,000 | Denver City & Cnty CO Arpt Rev Ref Subord, Ser B, AMT | 5.50% | 11/15/41 | 556,105 | |
900,000 | Denver City & Cnty CO Arpt Rev Ref, Ser D, AMT | 5.50% | 11/15/33 | 1,035,975 | |
1,300,000 | Denver City & Cnty CO Arpt Rev Ref, Ser D, AMT | 5.75% | 11/15/41 | 1,468,308 | |
4,465,000 | Denver City & Cnty CO Arpt Rev, Ser A, AMT | 5.00% | 11/15/41 | 4,742,539 | |
1,500,000 | Denver City & Cnty CO Arpt Rev, Ser A, AMT | 5.50% | 11/15/42 | 1,649,724 | |
2,000,000 | Denver City & Cnty CO Arpt Rev, Ser A, AMT | 5.00% | 11/15/47 | 2,078,268 | |
3,190,000 | Denver City & Cnty CO Sch Dist #1 Ref, Ser B | 3.50% | 12/01/28 | 3,140,413 | |
600,000 | Denver CO Hlth & Hosp Auth 550 Acoma Inc, COPS | 5.00% | 12/01/26 | 612,123 | |
1,790,000 | Denver CO Intl Busn Ctr CO Met Dist #1 Subord, Ser B | 6.00% | 12/01/48 | 1,791,291 | |
2,000,000 | Elbert & Hwy 86 CO Comml Spl Rev & Tax Supported Ref Sr Bonds, Ser A (c) | 5.00% | 12/01/51 | 1,738,071 | |
525,000 | Firestone CO Wtr Enterprise Rev Ref, BAM | 4.00% | 12/01/37 | 536,542 | |
375,000 | Flying Horse CO Met Dist #2 Ref, Ser A, AGM | 5.00% | 12/01/33 | 412,234 | |
225,000 | Flying Horse CO Met Dist #2 Ref, Ser A, AGM | 4.00% | 12/01/38 | 226,524 | |
200,000 | Flying Horse CO Met Dist #2 Ref, Ser A, AGM | 4.00% | 12/01/39 | 199,459 | |
3,235,000 | Hunters Overlook Metro Dist #5 CO Sr Bonds, Ser A | 5.00% | 12/01/49 | 2,940,310 | |
1,000,000 | Jefferson Ctr CO Met Dist #1 Spl Rev, Ser A-2 | 4.38% | 12/01/47 | 851,696 | |
685,000 | Lakes at Centerra Met Dist No 2 CO Impt, Ser A | 4.63% | 12/01/27 | 706,346 | |
2,250,000 | Lanterns Met Dist #1 CO Sr, Ser A | 5.00% | 12/01/39 | 2,178,547 | |
1,000,000 | Lanterns Met Dist #1 CO Sr, Ser A | 5.00% | 12/01/49 | 929,249 | |
300,000 | Larimer Weld & Boulder Cnty Co Sch Dist #R-2J Thompson | 5.00% | 12/15/30 | 325,254 | |
100,000 | Lorson Ranch Met Dist #2 CO | 4.00% | 12/01/24 | 99,638 | |
170,000 | Lorson Ranch Met Dist #2 CO | 5.00% | 12/01/27 | 172,869 | |
2,260,000 | Mirabelle Met Dist #2 CO Sr, Ser A | 5.00% | 12/01/39 | 2,167,408 | |
1,170,000 | Mirabelle Met Dist #2 CO Sr, Ser A | 5.00% | 12/01/49 | 1,054,688 | |
1,700,000 | Nexus N at Dia Met Dist CO | 5.00% | 12/01/51 | 1,444,966 | |
150,000 | Park Creek CO Met Dist Rev Ref Sr Ltd Property Tax Supported, Ser A | 5.00% | 12/01/31 | 152,354 | |
150,000 | Park Creek CO Met Dist Rev Ref Sr Ltd Property Tax Supported, Ser A | 5.00% | 12/01/34 | 152,056 | |
155,000 | Park Creek CO Met Dist Rev Ref Sr Ltd Property Tax Supported, Ser A | 5.00% | 12/01/35 | 156,721 | |
2,950,000 | Park Creek CO Met Dist Rev Sr Lien, Ser A, AGM | 4.00% | 12/01/34 | 3,006,388 | |
30,000 | Park Creek CO Met Dist Rev Sr, Ser A, NATL-RE | 5.00% | 12/01/24 | 30,164 | |
420,000 | Park Creek CO Met Dist Rev Sr, Ser A | 5.00% | 12/01/30 | 448,013 | |
1,300,000 | Park Creek Met Dist Ltd Property Tax Supported Rev, Ser A, AGM | 5.00% | 12/01/43 | 1,373,081 | |
1,150,000 | Peak Met Dist #1 CO, Ser A (c) | 5.00% | 12/01/51 | 952,380 | |
920,000 | Pinon Pines Met Dist #2 CO MDD | 5.00% | 12/01/40 | 875,168 | |
1,195,000 | Pinon Pines Met Dist #2 CO MDD | 5.00% | 12/01/50 | 1,062,667 |
Principal Value | Description | Stated Coupon | Stated Maturity | Value | |
MUNICIPAL BONDS (Continued) | |||||
Colorado (Continued) | |||||
$500,000 | Prairie Ctr CO Met Dist #3 Ltd Property Tax Supported Pri Ref, Ser A (c) | 4.13% | 12/15/27 | $495,107 | |
2,500,000 | Prairie Ctr CO Met Dist #3 Ltd Property Tax Supported Pri Ref, Ser A (c) | 5.00% | 12/15/41 | 2,477,279 | |
700,000 | Prairie Ctr Met Dist #7 CO | 4.88% | 12/15/44 | 604,479 | |
5,235,000 | Rampart Range CO Met Dist #1 Ltd Tax Supported & Spl Rev Ref & Impt, AGM | 5.00% | 12/01/42 | 5,362,834 | |
500,000 | Ravenna CO Met Dist Ref, AGM | 5.00% | 12/01/38 | 532,645 | |
2,500,000 | Riverwalk Metro Dist #2 CO, Ser A | 5.00% | 12/01/42 | 2,264,431 | |
1,000,000 | Sagebrush Farm Met Dist #1 CO Sr Bonds, Ser A | 6.38% | 12/01/42 | 1,003,719 | |
250,000 | Sand Creek CO Met Dist, AGM | 5.00% | 12/01/36 | 273,728 | |
300,000 | Sand Creek CO Met Dist, AGM | 5.00% | 12/01/37 | 325,602 | |
300,000 | Sand Creek CO Met Dist, AGM | 5.00% | 12/01/38 | 323,495 | |
175,000 | Sterling Hills CO W Met Dist Ref | 5.00% | 12/01/32 | 183,784 | |
1,000,000 | Sterling Ranch Cmnty Auth Brd CO Spl Assmnt Rev Spl Impt Dist No. 1 | 5.63% | 12/01/43 | 1,014,422 | |
1,800,000 | Takoda CO Met Dist Ref | 6.00% | 12/01/36 | 1,919,107 | |
500,000 | Telluride CO, COPS | 5.00% | 12/01/43 | 536,897 | |
825,000 | Third Creek Met Dist #1 CO Sr Bonds, Ser A-1 | 4.50% | 12/01/37 | 712,550 | |
825,000 | Third Creek Met Dist #1 CO Sr Bonds, Ser A-1 | 4.50% | 12/01/42 | 663,915 | |
1,400,000 | Thompson Crossing Met Dist #4 CO Ref | 5.00% | 12/01/39 | 1,348,355 | |
500,000 | Trails at Crowfoot Met Dist #3 CO Sr Ser, Ser A | 5.00% | 12/01/39 | 489,307 | |
1,500,000 | Westerly Met Dist #4 CO Sr, Ser A | 5.00% | 12/01/50 | 1,259,421 | |
128,758,433 | |||||
Connecticut — 2.9% | |||||
2,000,000 | CT St Hlth & Eductnl Facs Auth Rev Covenant Home Inc, Ser B | 5.00% | 12/01/40 | 1,940,865 | |
445,000 | CT St Hlth & Eductnl Facs Auth Rev Hartford Hlthcare, Ser A | 5.00% | 07/01/34 | 476,074 | |
4,700,000 | CT St Hlth & Eductnl Facs Auth Rev Hartford Hlthcare, Ser A | 4.00% | 07/01/37 | 4,680,090 | |
1,000,000 | CT St Hlth & Eductnl Facs Auth Rev Quinnipiac Univ Ref, Ser M | 5.00% | 07/01/36 | 1,020,624 | |
5,130,000 | CT St Hlth & Eductnl Facs Auth Rev Ref Fairfield Univ, Ser R | 4.00% | 07/01/42 | 5,018,101 | |
1,030,000 | CT St Hlth & Eductnl Facs Auth Rev Ref Fairfield Univ, Ser R | 4.00% | 07/01/47 | 960,147 | |
1,000,000 | CT St Hlth & Eductnl Facs Auth Rev Ref Fairfield Univ, Ser S | 5.00% | 07/01/26 | 1,028,521 | |
2,250,000 | CT St Hlth & Eductnl Facs Auth Rev Ref Quinnipiac Univ, Ser L | 5.00% | 07/01/31 | 2,285,204 | |
200,000 | CT St Hlth & Eductnl Facs Auth Rev Ref Quinnipiac Univ, Ser L | 4.00% | 07/01/33 | 201,316 | |
1,765,000 | CT St Muni Elec Energy Coop Pwr Sply Sys Rev Ref, Ser A | 5.00% | 01/01/38 | 1,953,018 | |
5,490,000 | CT St Spl Tax Oblig Rev, Ser A | 5.00% | 05/01/41 | 5,951,617 | |
1,680,000 | CT St Spl Tax Oblig Rev, Ser A | 5.25% | 07/01/43 | 1,888,123 | |
1,445,000 | CT St, Ser A | 5.00% | 04/15/29 | 1,520,453 | |
5,000,000 | CT St, Ser A | 4.00% | 01/15/37 | 5,129,056 | |
5,145,000 | CT St, Ser A | 4.00% | 04/15/37 | 5,199,887 | |
5,695,000 | CT St, Ser A | 4.00% | 01/15/38 | 5,794,327 | |
4,000,000 | CT St, Ser B | 5.00% | 06/15/25 | 4,070,952 | |
625,000 | Hamden CT, BAM | 6.00% | 08/15/33 | 691,350 | |
500,000 | Harbor Point CT Infra Impt Dist Spl Oblig Rev Ref Harbor Point Proj Ltd (c) | 5.00% | 04/01/39 | 496,283 | |
1,500,000 | Univ of Connecticut CT, Ser A | 5.00% | 11/01/36 | 1,599,836 | |
4,000,000 | Univ of Connecticut CT, Ser A | 5.00% | 02/15/39 | 4,304,546 | |
56,210,390 |
Principal Value | Description | Stated Coupon | Stated Maturity | Value | |
MUNICIPAL BONDS (Continued) | |||||
Delaware — 0.7% | |||||
$3,000,000 | DE St Econ Dev Auth Retmnt Cmntys Rev Acts Retmnt Life Cmntys Inc, Ser B | 5.00% | 11/15/43 | $3,078,946 | |
325,000 | DE St Hlth Facs Auth Rev Beebe Med Ctr | 5.00% | 06/01/26 | 330,638 | |
4,335,000 | DE St Hlth Facs Auth Rev Ref Christiana Hlth Care Sys Oblig Grp, Ser A | 5.00% | 10/01/35 | 4,691,824 | |
3,000,000 | DE St Hlth Facs Auth Rev Ref Christiana Hlth Care Sys Oblig Grp, Ser A | 5.00% | 10/01/38 | 3,168,092 | |
1,821,000 | Millsboro DE Spl Oblig Ref Plantation Lakes Spl Dev Dist (c) | 5.00% | 07/01/28 | 1,820,269 | |
13,089,769 | |||||
District of Columbia — 0.4% | |||||
1,640,000 | Met WA DC Arpts Auth Arpt Sys Rev Ref, AMT | 5.00% | 10/01/35 | 1,700,736 | |
3,175,000 | Met WA DC Arpts Auth Arpt Sys Rev Ref, Ser A, AMT | 5.00% | 10/01/33 | 3,427,200 | |
2,100,000 | Met WA DC Arpts Auth Arpt Sys Rev Ref, Ser A, AMT | 5.00% | 10/01/34 | 2,105,768 | |
700,000 | Met WA DC Arpts Auth Arpt Sys Rev Ref, Ser A, AMT | 5.25% | 10/01/42 | 753,061 | |
7,986,765 | |||||
Florida — 6.4% | |||||
255,000 | Academical Vlg CDD FL Spl Assmnt Rev CDD | 2.88% | 05/01/25 | 250,287 | |
1,000,000 | Academical Vlg CDD FL Spl Assmnt Rev CDD | 3.63% | 05/01/40 | 841,184 | |
545,000 | Alachua Cnty FL Hlth Facs Auth CCRC Ref Oak Hammock at the Univ of FL Inc Proj | 4.00% | 10/01/40 | 473,911 | |
2,945,000 | Alachua Cnty FL Hlth Facs Auth Ref Shands Teaching Hosp & Clinics Inc, Ser B-1 | 5.00% | 12/01/37 | 3,060,247 | |
1,760,000 | Ave Maria FL Stewardship Cmnty Dist Capital Impt Rev Phase 4 Master Impt Proj (c) | 4.50% | 05/01/33 | 1,761,183 | |
955,000 | Berry Bay CDD FL Spl Assmnt Rev Assmnt Area One | 3.63% | 05/01/41 | 792,317 | |
1,250,000 | Berry Bay CDD FL Spl Assmnt Rev Assmnt Area One | 4.00% | 05/01/51 | 1,007,365 | |
200,000 | Bexley CDD FL Spl Assmnt Rev | 4.10% | 05/01/26 | 199,162 | |
2,725,000 | Broward Cnty FL Arpt Sys Rev, Ser A, AMT | 5.00% | 10/01/38 | 2,838,453 | |
1,450,000 | Broward Cnty FL Convention Ctr Hotel Rev First Tier | 5.00% | 01/01/32 | 1,634,642 | |
1,000,000 | Buckhead Trails CDD FL Spl Assmnt | 5.60% | 05/01/44 | 984,728 | |
1,500,000 | Charlotte Cnty FL Indl Dev Auth Util Sys Rev Town & Country Utils Proj (c) | 5.00% | 10/01/34 | 1,537,455 | |
3,850,000 | Citizens Property Insurance Corp FL, Ser A1 (Pre-refunded maturity 12/01/24) | 5.00% | 06/01/25 | 3,874,304 | |
1,840,000 | Coco Palms FL CDD Spl Assmnt | 4.50% | 05/01/32 | 1,844,366 | |
500,000 | Collier Cnty FL Indl Dev Auth Nch Hlthcare Sys Projs, Ser A, AGM | 5.00% | 10/01/40 | 541,928 | |
800,000 | Collier Cnty FL Indl Dev Auth Nch Hlthcare Sys Projs, Ser A, AGM | 5.00% | 10/01/42 | 858,336 | |
500,000 | Creekview CDD FL Spl Assmnt Rev Phase I Proj | 3.88% | 05/01/27 | 493,531 | |
1,000,000 | Cross Creek N CDD FL Spl Assmnt, Ser 2022 | 4.50% | 05/01/52 | 901,447 | |
930,000 | Cypress Mill CDD FL Spl Assmnt CDD Assmnt Area Two Proj | 4.00% | 06/15/40 | 826,906 | |
320,000 | Edgewater E CDD FL Spl Assmnt Rev Assmnt Area One | 2.50% | 05/01/26 | 308,141 | |
1,000,000 | Edgewater E CDD FL Spl Assmnt Rev Assmnt Area One | 4.00% | 05/01/51 | 828,206 | |
995,000 | Edgewater E CDD FL Spl Assmnt Rev Assmnt Area Two | 4.00% | 05/01/52 | 785,426 | |
130,000 | Epperson N CDD FL Capital Impt Rev Assmnt Area #2 | 2.50% | 05/01/26 | 125,014 | |
845,000 | Epperson N CDD FL Capital Impt Rev Assmnt Area 1, Ser A-1 (c) | 5.00% | 11/01/29 | 855,959 | |
1,790,000 | Epperson N CDD FL Capital Impt Rev Assmnt Area 1, Ser A-1 (c) | 5.50% | 11/01/39 | 1,824,806 | |
965,000 | Epperson N CDD FL Capital Impt Rev Assmnt Area Three, Ser A | 3.40% | 11/01/41 | 750,917 | |
1,250,000 | Fallschase Cmnty Dev Dist FL Spl Assmnt | 3.38% | 05/01/41 | 1,005,604 |
Principal Value | Description | Stated Coupon | Stated Maturity | Value | |
MUNICIPAL BONDS (Continued) | |||||
Florida (Continued) | |||||
$1,060,000 | FL Dev Fin Corp Hlthcare Facs Rev Tampa General Hosp Proj, Ser A | 5.00% | 08/01/42 | $1,112,862 | |
200,000 | FL St Dev Fin Corp Eductnl Facs Rev River City Science Acdmy Projs, Ser A | 4.00% | 07/01/26 | 197,361 | |
155,000 | FL St Dev Fin Corp Eductnl Facs Rev River City Science Acdmy Projs, Ser A | 4.00% | 07/01/29 | 152,197 | |
310,000 | FL St Dev Fin Corp Eductnl Facs Rev River City Science Acdmy Projs, Ser A | 4.00% | 07/01/35 | 295,506 | |
450,000 | FL St Dev Fin Corp Eductnl Facs Rev River City Science Acdmy Projs, Ser A | 4.00% | 07/01/45 | 373,703 | |
750,000 | FL St Dev Fin Corp Eductnl Facs Rev River City Science Acdmy Projs, Ser A | 4.00% | 07/01/55 | 572,873 | |
1,000,000 | FL St Dev Fin Corp Ref Brightline FL Passenger Rail Proj, AGM, AMT (f) | 5.00% | 07/01/44 | 1,041,166 | |
2,500,000 | FL St Dev Fin Corp Ref Brightline FL Passenger Rail Proj, AGM, AMT (f) | 5.25% | 07/01/47 | 2,636,319 | |
1,000,000 | Fort Pierce FL Utils Auth Ref, Ser A, AGM | 5.00% | 10/01/35 | 1,118,426 | |
4,000,000 | Gtr Orlando FL Aviation Auth Arpt Facs Rev, Ser A, AMT | 4.00% | 10/01/35 | 4,009,304 | |
2,000,000 | Halifax FL Hosp Med Ctr Ref | 5.00% | 06/01/36 | 2,023,159 | |
105,000 | Harmony FL CDD Capital Impt Rev Ref, Ser 2015 | 4.75% | 05/01/25 | 105,034 | |
365,000 | Heritage Harbour FL N CDD Capital Impt Rev Ref Sr Lien, Ser A-1, AGM | 5.00% | 05/01/25 | 368,989 | |
1,000,000 | Jacksonville FL Hlth Care Facs Rev Ref Baptist Hlth | 5.00% | 08/15/35 | 1,033,799 | |
1,825,000 | JEA FL Elec Sys Rev Ref Sub, Ser III B | 5.00% | 10/01/31 | 1,914,731 | |
1,000,000 | Lakeland FL Energy Sys Rev Ref | 5.00% | 10/01/42 | 1,082,509 | |
1,230,000 | Lakeland FL Hosp Sys Rev Lakeland Regl Hlth (Pre-refunded maturity 11/15/24) | 5.00% | 11/15/33 | 1,238,265 | |
1,500,000 | Lakewood Ranch FL Stewardship Dist Util Rev Sys Acq Proj, AGM | 5.25% | 10/01/48 | 1,599,677 | |
460,000 | Lee Cnty FL Indl Dev Auth Hlthcr Facs Rev Shell Point Oblig Grp | 4.00% | 11/15/30 | 456,339 | |
300,000 | Lee Cnty FL Loc Optional Gas Tax Rev | 5.00% | 08/01/40 | 317,923 | |
1,250,000 | Lee Cnty FL Loc Optional Gas Tax Rev | 5.00% | 08/01/41 | 1,315,289 | |
4,225,000 | Lee Memorial Hlth Sys FL Hosp Rev Ref, Ser A-1 | 5.00% | 04/01/44 | 4,326,690 | |
1,265,000 | Miami FL Spl Oblg Ref Street & Sidewalk Impt Prog, Ser A, AGM (c) | 5.00% | 01/01/35 | 1,339,055 | |
275,000 | Miami World Ctr CDD FL Spl Assmnt | 4.75% | 11/01/27 | 279,134 | |
2,000,000 | Miami World Ctr CDD FL Spl Assmnt | 5.13% | 11/01/39 | 2,024,552 | |
1,000,000 | Miami-Dade Cnty FL Aviation Rev Ref, Ser A | 4.00% | 10/01/36 | 1,007,014 | |
2,575,000 | Miami-Dade Cnty FL Aviation Rev Ref, Ser A, AMT | 5.00% | 10/01/38 | 2,588,733 | |
2,625,000 | Miami-Dade Cnty FL Aviation Rev Ref, Ser B, AMT | 5.00% | 10/01/40 | 2,674,386 | |
445,000 | Miami-Dade Cnty FL Indl Dev Auth Doral Acdmy Proj | 5.00% | 01/15/25 | 444,359 | |
550,000 | Miami-Dade Cnty FL Indl Dev Auth Doral Acdmy Proj | 5.00% | 01/15/32 | 561,339 | |
1,210,000 | Miami-Dade Cnty FL Indl Dev Auth Doral Acdmy Proj | 5.00% | 01/15/37 | 1,222,693 | |
2,000,000 | Miami-Dade Cnty FL Seaport Rev Ref Sr Bonds, Ser A, AMT | 5.00% | 10/01/42 | 2,078,253 | |
1,080,000 | Miami-Dade Cnty FL Spl Oblig Sub Ref | 5.00% | 10/01/35 | 1,106,941 | |
105,000 | N Park Isle Cmnty Dev Dist FL Spl Assmnt Rev Assmnt Area One | 3.63% | 05/01/24 | 105,000 | |
715,000 | N Park Isle Cmnty Dev Dist FL Spl Assmnt Rev Assmnt Area One | 4.00% | 05/01/30 | 699,961 | |
1,375,000 | N Park Isle Cmnty Dev Dist FL Spl Assmnt Rev Assmnt Area One | 4.50% | 05/01/40 | 1,294,019 | |
1,500,000 | N River Ranch Cdd FL Capital Impt Rev Phase 1 Proj, Ser A-1 | 4.25% | 05/01/51 | 1,256,351 | |
780,000 | N Sumter Cnty FL Util Dependent Dist Util Rev Sumter Wtr Conservation Auth Proj, AGM | 4.00% | 10/01/41 | 781,428 |
Principal Value | Description | Stated Coupon | Stated Maturity | Value | |
MUNICIPAL BONDS (Continued) | |||||
Florida (Continued) | |||||
$355,000 | Nthrn Palm Beach Cnty FL Impt Dist | 5.00% | 08/01/37 | $357,871 | |
145,000 | Orange Cnty FL Hlth Facs Auth Rev Orlando Hlth Oblig Grp, Ser A | 5.00% | 10/01/36 | 162,313 | |
500,000 | Orange Cnty FL Hlth Facs Auth Rev Orlando Hlth Oblig Grp, Ser A | 5.00% | 10/01/37 | 554,445 | |
1,500,000 | Orange Cnty FL Hlth Facs Auth Rev Orlando Hlth Oblig Grp, Ser A | 5.00% | 10/01/41 | 1,627,792 | |
680,000 | Orange Cnty FL Hlth Facs Auth Rev Presbyterian Retmnt Cmntys Proj | 5.00% | 08/01/29 | 681,090 | |
345,000 | Orange Cnty FL Hlth Facs Auth Rev Presbyterian Retmnt Cmntys Proj | 5.00% | 08/01/34 | 345,552 | |
200,000 | Panama City Beach FL Capital Impt Rev Front Beach Road Proj | 5.00% | 11/01/32 | 222,581 | |
685,000 | Panama City Beach FL Capital Impt Rev Front Beach Road Proj | 5.00% | 11/01/33 | 758,006 | |
1,880,000 | Pasco Cnty FL Sch Brd, Ser C, AGM, COPS | 5.00% | 08/01/34 | 2,060,790 | |
4,250,000 | Polk Cnty FL Indl Dev Auth Mineral Dev LLC Secondary Phosphate Tailings Recovery Proj (c) (g) | 5.88% | 01/01/33 | 4,066,583 | |
605,000 | Pompano Beach FL Rev John Knox Vlg Proj, Ser A | 4.00% | 09/01/41 | 520,213 | |
2,150,000 | Putnam Cnty FL Dev Auth Ref Seminole Proj, Ser A | 5.00% | 03/15/42 | 2,202,724 | |
45,000 | Rhodine Road N CDD FL Spl Assmnt 2019 Assmnt Area | 3.50% | 05/01/24 | 45,000 | |
815,000 | Rhodine Road N CDD FL Spl Assmnt 2019 Assmnt Area | 4.50% | 05/01/40 | 786,085 | |
500,000 | Ridge at Apopka CDD FL Spl Assmnt, Ser 22 | 5.38% | 05/01/42 | 495,733 | |
285,000 | Rivington CDD FL Spl Assmnt Rev 2022 Assmnt Area | 3.25% | 05/01/27 | 276,231 | |
210,000 | Rivington CDD FL Spl Assmnt Rev Assmnt Area | 2.88% | 05/01/25 | 206,635 | |
2,000,000 | S Broward FL Hosp Dist Ref | 4.00% | 05/01/33 | 2,013,776 | |
205,000 | Saint Johns Cnty FL Indl Dev Auth Sr Living Rev Ref Vicar’s Landing Proj, Ser A | 4.00% | 12/15/31 | 189,676 | |
500,000 | Saint Johns Cnty FL Indl Dev Auth Sr Living Rev Ref Vicar’s Landing Proj, Ser A | 4.00% | 12/15/36 | 439,030 | |
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 | 941,218 | |
1,500,000 | Saint Johns Cnty FL Sch Brd, Ser A, AGM, COPS | 5.25% | 07/01/46 | 1,634,415 | |
1,500,000 | Saltleaf CDD FL Capital Impt Rev | 5.63% | 05/01/44 | 1,462,244 | |
335,000 | San Simeon Cmnty Dev Dist FL Spl Assmnt (c) | 4.13% | 06/15/39 | 301,504 | |
500,000 | Sarasota Natl FL CDD Spl Assmnt Ref | 3.50% | 05/01/31 | 493,277 | |
1,745,000 | Sarasota Natl FL CDD Spl Assmnt Ref | 4.00% | 05/01/39 | 1,698,871 | |
1,615,000 | Sawyers Landing CDD FL Spl Assmnt Rev | 4.13% | 05/01/41 | 1,328,130 | |
3,635,000 | Sawyers Landing CDD FL Spl Assmnt Rev | 4.25% | 05/01/53 | 2,840,203 | |
2,250,000 | SE Overtown Park W Cmnty Redev Agy FL Tax, Ser A-1 (c) | 5.00% | 03/01/30 | 2,251,460 | |
105,000 | Shell Point Cmnty Dev Dist FL Spl Assmnt (c) | 4.00% | 11/01/24 | 104,810 | |
2,730,000 | Stoneybrook FL S CDD Spl Assmnt Rev Assmnt Area Two A Proj | 5.13% | 11/01/34 | 2,885,153 | |
1,250,000 | Summer Woods CDD FL Spl Assmnt Assmnt Area Two 2020 Proj | 4.00% | 05/01/50 | 1,011,851 | |
125,000 | Tampa FL Hosp Rev H Lee Moffitt Cancer Ctr Proj, Ser B | 5.00% | 07/01/27 | 129,754 | |
120,000 | Tampa FL Hosp Rev H Lee Moffitt Cancer Ctr Proj, Ser B | 5.00% | 07/01/31 | 130,238 | |
200,000 | Tampa FL Hosp Rev H Lee Moffitt Cancer Ctr Proj, Ser B | 5.00% | 07/01/32 | 216,876 | |
250,000 | Tampa FL Hosp Rev H Lee Moffitt Cancer Ctr Proj, Ser B | 5.00% | 07/01/33 | 270,856 | |
250,000 | Tampa FL Hosp Rev H Lee Moffitt Cancer Ctr Proj, Ser B | 5.00% | 07/01/34 | 270,558 | |
400,000 | Tampa FL Hosp Rev H Lee Moffitt Cancer Ctr Proj, Ser B | 4.00% | 07/01/38 | 401,169 | |
300,000 | Tampa FL Hosp Rev H Lee Moffitt Cancer Ctr Proj, Ser B | 4.00% | 07/01/39 | 297,782 | |
230,000 | Tampa FL Rev Ref The Univ of Tampa Proj, Ser A | 5.00% | 04/01/34 | 246,598 | |
810,000 | Tern Bay CDD FL Spl Assmnt | 3.13% | 06/15/27 | 777,667 | |
1,250,000 | Tern Bay CDD FL Spl Assmnt | 4.00% | 06/15/42 | 1,086,444 |
Principal Value | Description | Stated Coupon | Stated Maturity | Value | |
MUNICIPAL BONDS (Continued) | |||||
Florida (Continued) | |||||
$870,000 | The Heights CDD FL Spl Assmnt Rev CDD | 4.00% | 01/01/28 | $861,483 | |
45,000 | Timber Creek CDD FL Spl Assmnt Rev (c) | 4.13% | 11/01/24 | 44,948 | |
775,000 | Tolomato FL CDD Ref 2022A Assmnt Area, Ser A, AGM | 3.00% | 05/01/26 | 760,670 | |
825,000 | Tolomato FL CDD Ref 2022A Assmnt Area, Ser A, AGM | 3.00% | 05/01/28 | 805,728 | |
1,750,000 | Veranda CDD II FL Spl Assmnt Rev Ref Assmt Area 3 Preserve E Proj | 5.13% | 05/01/44 | 1,750,713 | |
40,000 | Villamar CDD FL Spl Assmnt | 3.75% | 05/01/24 | 40,000 | |
1,000,000 | Villamar CDD FL Spl Assmnt Area Six Proj | 5.50% | 05/01/44 | 1,010,041 | |
70,000 | Vlg FL CDD #6 Spl Assmnt Rev Ref | 4.00% | 05/01/25 | 70,039 | |
500,000 | Volusia Cnty FL Eductnl Fac Auth Ref Embry Riddle Aeronautical Univ Inc Proj, Ser A | 4.00% | 10/15/37 | 502,598 | |
835,000 | Westside FL CDD Spl Assmnt Rev Ref (c) | 4.10% | 05/01/37 | 773,692 | |
1,405,000 | Westview S CDD FL Spl Assmnt Area One 2023 Proj Area | 5.38% | 05/01/43 | 1,410,499 | |
110,000 | Wildblue CDD FL Spl Assmnt (c) | 3.50% | 06/15/24 | 109,886 | |
124,894,665 | |||||
Georgia — 4.0% | |||||
8,980,000 | Atlanta GA Arpt Passenger Fac Charge Rev Arpt Rev Subord, Ser D, AMT | 4.00% | 07/01/37 | 8,883,276 | |
1,000,000 | Atlanta GA Arpt Rev Ref, Ser C, AMT | 4.00% | 07/01/39 | 983,387 | |
3,000,000 | Atlanta GA Arpt Rev, Ser A | 5.00% | 07/01/42 | 3,267,658 | |
650,000 | Atlanta GA Tax Allocation Ref Eastside Proj (Pre-refunded maturity 01/01/26) | 5.00% | 01/01/30 | 665,633 | |
3,500,000 | Bartow Cnty GA Dev Auth Var Ref GA Pwr Co Plt Bowen Proj Remk, First Ser (Mandatory put 03/08/28) | 3.95% | 12/01/32 | 3,510,238 | |
1,300,000 | Brookhaven Dev Auth GA Children’s Hlthcare of Atlanta, Ser A | 5.00% | 07/01/35 | 1,410,539 | |
2,500,000 | Burke Cnty GA Dev Auth Poll Control Rev Adjustable GA Pwr Co Plant Vogtle Proj Remk (b) | 4.15% | 11/01/52 | 2,500,000 | |
1,000,000 | Burke Cnty GA Dev Auth Poll Control Rev Var GA Pwr Co Plant Vogtle Proj Remk, 2nd Ser (Mandatory put 03/12/27) | 3.38% | 11/01/48 | 987,036 | |
6,000,000 | Burke Cnty GA Dev Auth Poll Control Rev Var Ref GA Pwr Co Plant Vogtle Proj (b) | 4.25% | 11/01/52 | 6,000,000 | |
600,000 | Columbia Cnty GA Hosp Auth Rev Anticipation Ctfs Wellstar Hlth Sys Inc Proj, Ser B | 5.00% | 04/01/31 | 667,476 | |
250,000 | Columbia Cnty GA Hosp Auth Rev Anticipation Ctfs Wellstar Hlth Sys Inc Proj, Ser B | 5.00% | 04/01/36 | 281,183 | |
250,000 | Columbia Cnty GA Hosp Auth Rev Anticipation Ctfs Wellstar Hlth Sys Inc Proj, Ser B | 5.00% | 04/01/37 | 278,380 | |
250,000 | Columbia Cnty GA Hosp Auth Rev Anticipation Ctfs Wellstar Hlth Sys Inc Proj, Ser B | 5.00% | 04/01/38 | 274,652 | |
1,000,000 | Coweta Cnty GA Dev Auth Var Yates Proj 1st Rmkt (b) | 4.15% | 06/01/32 | 1,000,000 | |
625,000 | De Kalb GA Priv Hosp Auth Children’s Hlthcare of Atlanta, Ser B | 4.00% | 07/01/37 | 634,901 | |
350,000 | Etowah GA Wtr & Swr Auth Rev Ref, BAM | 4.00% | 03/01/35 | 355,095 | |
400,000 | Etowah GA Wtr & Swr Auth Rev Ref, BAM | 4.00% | 03/01/36 | 404,359 | |
2,775,000 | Fulton Cnty GA Rsdl Care Facs Elderly Auth Retmnt Fac Rev Ref Lenbrook Sq Fdtn Inc | 5.00% | 07/01/31 | 2,783,270 | |
750,000 | GA St Hgr Edu Facs Auth Rev Ref USG Real Estate Fdtn II LLC Projs | 5.00% | 06/15/34 | 805,996 | |
890,000 | GA St Hgr Edu Facs Auth Rev Ref USG Real Estate Fdtn II LLC Projs | 5.00% | 06/15/35 | 954,890 | |
2,525,000 | GA St Hsg & Fin Auth Rev Sf Mtge, Ser C | 3.25% | 12/01/33 | 2,339,359 |
Principal Value | Description | Stated Coupon | Stated Maturity | Value | |
MUNICIPAL BONDS (Continued) | |||||
Georgia (Continued) | |||||
$40,000 | Gainesville & Hall Cnty GA Hosp Auth Ref NE GA Hlth Sys Inc Proj, Ser A | 5.00% | 02/15/26 | $40,790 | |
250,000 | Geo L Smith II GA Congress Ctr Auth Convention Ctr Hotel First Tier, Ser A | 4.00% | 01/01/36 | 247,811 | |
1,000,000 | Geo L Smith II GA Congress Ctr Auth Convention Ctr Hotel First Tier, Ser A | 4.00% | 01/01/54 | 855,451 | |
1,000,000 | Main Street Nat Gas Inc GA Gas Sply Rev, Ser A | 5.00% | 05/15/27 | 1,015,188 | |
3,625,000 | Main Street Nat Gas Inc GA Gas Sply Rev, Ser A (Mandatory put 09/01/27) | 4.00% | 07/01/52 | 3,620,080 | |
14,500,000 | Main Street Nat Gas Inc GA Gas Sply Rev, Ser A (Mandatory put 12/01/29) | 4.00% | 09/01/52 | 14,411,842 | |
2,500,000 | Main Street Nat Gas Inc GA Gas Sply Rev, Ser A (Mandatory put 06/01/30) | 5.00% | 06/01/53 | 2,597,769 | |
2,000,000 | Main Street Nat Gas Inc GA Gas Sply Rev, Ser A (Mandatory put 09/01/31) | 5.00% | 05/01/54 | 2,118,961 | |
2,795,000 | Main Street Nat Gas Inc GA Gas Sply Rev, Ser B (Mandatory put 03/01/30) | 5.00% | 07/01/53 | 2,935,598 | |
2,265,000 | Main Street Nat Gas Inc GA Gas Sply Rev, Ser D (Mandatory put 12/01/30) | 5.00% | 05/01/54 | 2,346,367 | |
1,700,000 | Main Street Natural Gas Inc GA Gas Supply Rev, Ser B (Mandatory put 03/01/32) | 5.00% | 12/01/54 | 1,794,222 | |
2,500,000 | Monroe Cnty GA Dev Auth Poll Control Rev Var Ref GA Pwr Co Plant Scherer Proj 2nd Ser Remk (Mandatory put 03/06/26) | 3.88% | 12/01/41 | 2,504,888 | |
600,000 | Muni Elec Auth of GA Plant Vogtle Units 3&4 Proj J Bonds, Ser A, AGM | 5.00% | 07/01/38 | 651,148 | |
350,000 | Muni Elec Auth of GA Ref Plant Vogtle Units 3&4 Proj J, Ser A, AGM | 4.00% | 01/01/39 | 348,129 | |
320,000 | Muni Elec Auth of GA Ref Plant Vogtle Units 3&4 Proj J, Ser A, AGM | 4.00% | 01/01/40 | 314,888 | |
1,815,000 | Muni Elec Auth of GA Ref Proj One Subord Bonds, Ser A, BAM | 5.00% | 01/01/45 | 1,898,825 | |
275,000 | Priv Clgs & Univs Auth GA Ref Mercer Univ Proj | 5.00% | 10/01/29 | 294,145 | |
76,983,430 | |||||
Guam — 0.1% | |||||
1,000,000 | Guam Govt Wtrwks Auth Wtr & Wstwtr Sys Rev, Ser A | 5.00% | 01/01/50 | 1,019,509 | |
300,000 | Guam Port Auth Port Rev, Ser B, AMT | 5.00% | 07/01/32 | 311,248 | |
1,330,757 | |||||
Hawaii — 0.4% | |||||
1,840,000 | HI St Arpts Sys Rev, Ser A, AMT | 4.00% | 07/01/35 | 1,847,123 | |
3,460,000 | HI St Arpts Sys Rev, Ser A, AMT | 5.00% | 07/01/43 | 3,527,177 | |
455,000 | Honolulu City & Cnty HI Wstwtr Sys Rev Ref First Bond Resolution, Ser B | 5.00% | 07/01/40 | 484,548 | |
2,450,000 | Honolulu City & Cnty HI Wstwtr Sys Rev Ref Sr First Bd Resolution, Ser B | 4.00% | 07/01/32 | 2,457,546 | |
8,316,394 | |||||
Idaho — 0.4% | |||||
1,000,000 | ID St Hlth Facs Auth Rev Ref Madison Memorial Hosp | 5.00% | 09/01/25 | 998,667 | |
1,265,000 | ID St Hlth Facs Auth Rev Ref Madison Memorial Hosp | 5.00% | 09/01/30 | 1,272,164 | |
1,000,000 | ID St Hlth Facs Auth Rev Ref Madison Memorial Hosp | 5.00% | 09/01/37 | 990,801 |
Principal Value | Description | Stated Coupon | Stated Maturity | Value | |
MUNICIPAL BONDS (Continued) | |||||
Idaho (Continued) | |||||
$2,000,000 | ID St Hlth Facs Auth Rev Ref St Luke’s Hlth Sys Proj, Ser A | 5.00% | 03/01/34 | $2,081,901 | |
2,000,000 | ID St Hsg & Fin Assn Sales Tax Rev Transprtn Expansion & Congestion Mitigation Fund, Ser A | 5.00% | 08/15/48 | 2,163,593 | |
7,507,126 | |||||
Illinois — 4.7% | |||||
1,000,000 | Bolingbrook IL Ref, Ser A, AGM | 5.00% | 01/01/30 | 1,044,473 | |
1,000,000 | Bolingbrook IL Ref, Ser A, AGM | 5.00% | 01/01/31 | 1,045,410 | |
1,210,000 | Bolingbrook IL Ref, Ser A | 4.00% | 01/01/35 | 1,122,496 | |
1,000,000 | Chicago IL Brd of Edu Dedicated Capital Impt Tax | 5.25% | 04/01/36 | 1,113,370 | |
1,250,000 | Chicago IL Brd of Edu Dedicated Capital Impt Tax | 5.25% | 04/01/37 | 1,377,567 | |
500,000 | Chicago IL Brd of Edu Ref Dedicated, Ser C | 5.00% | 12/01/30 | 511,234 | |
3,435,000 | Chicago IL Brd of Edu Ref, Ser B | 5.00% | 12/01/30 | 3,629,050 | |
500,000 | Chicago IL Brd of Edu, Ser A | 5.50% | 12/01/37 | 538,195 | |
500,000 | Chicago IL Brd of Edu, Ser A | 5.50% | 12/01/38 | 534,523 | |
2,600,000 | Chicago IL Chicago Wks, Ser A | 5.00% | 01/01/35 | 2,809,219 | |
2,000,000 | Chicago IL Chicago Wks, Ser A | 5.50% | 01/01/41 | 2,117,837 | |
560,000 | Chicago IL ETM, Ser A | 5.00% | 01/01/27 | 584,492 | |
200,000 | Chicago IL Midway Arpt Rev Sr Lien Ref, Ser A, AMT, BAM | 5.50% | 01/01/37 | 227,096 | |
500,000 | Chicago IL Midway Arpt Rev Sr Lien Ref, Ser A, AMT, BAM | 5.75% | 01/01/42 | 559,546 | |
305,000 | Chicago IL O’Hare Intl Arpt Rev Ref Gen Sr Lien, Ser A, AMT | 5.00% | 01/01/30 | 309,635 | |
325,000 | Chicago IL O’Hare Intl Arpt Rev Ref Sr Lien O’Hare Intl Arpt, Ser C, AMT | 5.00% | 01/01/34 | 354,252 | |
3,320,000 | Chicago IL O’Hare Intl Arpt Rev Ref Sr Lien, Ser A, AMT | 5.00% | 01/01/36 | 3,489,412 | |
2,100,000 | Chicago IL O’Hare Intl Arpt Rev Ref Sr Lien, Ser A, AMT | 5.00% | 01/01/37 | 2,195,676 | |
1,500,000 | Chicago IL O’Hare Intl Arpt Rev Ref, Ser A, AMT | 5.00% | 01/01/33 | 1,506,944 | |
2,675,000 | Chicago IL O’Hare Intl Arpt Rev, Ser C, AMT | 5.00% | 01/01/31 | 2,687,561 | |
610,000 | Chicago IL O’Hare Intl Arpt Rev, Ser C, AMT | 5.00% | 01/01/34 | 612,799 | |
1,350,000 | Chicago IL Park Dist Ref, Ser A, BAM | 4.00% | 01/01/32 | 1,371,955 | |
2,155,000 | Chicago IL Park Dist Ref, Ser A, BAM | 4.00% | 01/01/37 | 2,164,641 | |
450,000 | Chicago IL Ref 2003B Remk | 5.25% | 01/01/29 | 452,994 | |
500,000 | Chicago IL Ref, Ser A | 5.63% | 01/01/29 | 519,667 | |
125,000 | Chicago IL Ref, Ser C, CABS | (d) | 01/01/25 | 121,167 | |
500,000 | Chicago IL Ref, Ser C | 5.00% | 01/01/25 | 503,142 | |
645,000 | Chicago IL Ref, Ser C | 5.00% | 01/01/26 | 656,823 | |
270,000 | Chicago IL Ref, Ser C | 5.00% | 01/01/38 | 270,661 | |
1,500,000 | Chicago IL Unrefunded, Ser A | 5.00% | 01/01/27 | 1,545,886 | |
2,425,000 | DuPage & Cook Cntys IL Twp High Sch Dist #86 Hinsdale | 4.00% | 01/15/36 | 2,464,157 | |
505,000 | Hampshire IL Spl Svc Area #14 Spl Tax Ref Lakewood Crossing, BAM | 4.00% | 03/01/25 | 506,010 | |
240,000 | IL St | 5.00% | 05/01/24 | 240,000 | |
125,000 | IL St | 5.00% | 06/01/27 | 127,908 | |
325,000 | IL St Fin Auth Acad Facs Lease Rev Univ of IL at Urbana Champaign Proj, Ser A | 5.00% | 10/01/33 | 344,637 | |
850,000 | IL St Fin Auth Acad Facs Lease Rev Univ of IL at Urbana Champaign Proj, Ser A | 5.00% | 10/01/34 | 901,588 | |
970,000 | IL St Fin Auth Acad Facs Lease Rev Univ of IL at Urbana Champaign Proj, Ser A | 5.00% | 10/01/35 | 1,023,749 | |
300,000 | IL St Fin Auth Acad Facs Lease Rev Univ of IL at Urbana Champaign Proj, Ser A | 5.00% | 10/01/36 | 314,179 |
Principal Value | Description | Stated Coupon | Stated Maturity | Value | |
MUNICIPAL BONDS (Continued) | |||||
Illinois (Continued) | |||||
$1,000,000 | IL St Fin Auth Rev Centegra Hlth Sys, Ser A (Pre-refunded maturity 09/01/24) | 5.00% | 09/01/39 | $1,003,295 | |
500,000 | IL St Fin Auth Rev Loc Govt Prog E Prairie Sch Dist #73 Proj, BAM | 5.00% | 12/01/30 | 537,883 | |
845,000 | IL St Fin Auth Rev Ref Mercy Hlth Sys Oblig Grp | 5.00% | 12/01/33 | 865,517 | |
35,000 | IL St Fin Auth Rev Ref Presbyterian Homes Oblig Grp, Ser A | 5.00% | 11/01/24 | 35,027 | |
4,350,000 | IL St Fin Auth Rev Township High Sch Dist #207 Proj | 4.00% | 12/01/38 | 4,381,056 | |
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 | 505,791 | |
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 | 96,372 | |
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 | 471,289 | |
2,170,000 | IL St Hsg Dev Auth Mf Hsg Rev Var S Shore Hhdc (Mandatory put 02/01/26) | 5.00% | 02/01/27 | 2,196,226 | |
115,000 | IL St Ref, Ser B | 5.00% | 10/01/24 | 115,460 | |
3,175,000 | IL St Sales Tax Rev Junior Oblig, Ser A, BAM | 3.00% | 06/15/34 | 2,925,745 | |
100,000 | IL St Sales Tax Rev Ref Junior Oblig Build IL Bonds, Ser C | 5.00% | 06/15/29 | 108,011 | |
500,000 | IL St Toll Hwy Auth Ref Sr, Ser A | 5.00% | 01/01/38 | 570,413 | |
1,500,000 | IL St, Ser A | 5.00% | 12/01/26 | 1,548,702 | |
2,500,000 | IL St, Ser A | 5.50% | 03/01/42 | 2,723,054 | |
2,000,000 | IL St, Ser B | 4.00% | 12/01/37 | 1,962,590 | |
750,000 | IL St, Ser B | 5.25% | 05/01/38 | 820,101 | |
1,000,000 | IL St, Ser B | 5.25% | 05/01/39 | 1,086,944 | |
6,200,000 | IL St, Ser C | 5.00% | 11/01/29 | 6,473,685 | |
1,005,000 | IL St, Ser D | 5.00% | 11/01/24 | 1,009,889 | |
325,000 | IL St, Ser D | 5.00% | 11/01/26 | 335,251 | |
1,500,000 | Lincolnwood IL Tax Incr Allocation Rev Nts Dist 1860 Dev Proj, Ser A, COPS (c) | 4.82% | 01/01/41 | 1,359,759 | |
1,175,000 | Madison Bond Etc Cntys IL Cmnty Unit Sch Dist #5, Ser B, AGM | 5.50% | 02/01/39 | 1,277,880 | |
700,000 | Madison Bond Etc Cntys IL Cmnty Unit Sch Dist #5, Ser B, AGM | 5.50% | 02/01/40 | 758,369 | |
3,635,000 | Morton Grove Niles Wtr Commn IL Wtr, Ser A | 5.00% | 12/01/41 | 3,820,678 | |
1,140,000 | Moultrie Shelby & Coles Cntys IL Cmnty Unit Sch Dist #300, BAM | 5.00% | 12/01/43 | 1,173,527 | |
875,000 | Moultrie Shelby & Coles Cntys IL Cmnty Unit Sch Dist #300, BAM | 5.00% | 12/01/44 | 899,127 | |
405,000 | Peoria IL Ref, Ser C, AGM | 4.00% | 01/01/33 | 417,205 | |
1,000,000 | Piatt Champaign & DE Witt Cntys IL Cmnty Unit Sch Dist # 25 Ref, Ser B, BAM | 5.00% | 11/01/33 | 1,035,960 | |
645,000 | Rockford IL Ref Wtrwks Sys, Ser B, BAM | 5.00% | 12/15/26 | 671,489 | |
110,000 | Romeoville IL Rev Ref Lewis Univ Proj | 5.00% | 10/01/24 | 109,944 | |
125,000 | Romeoville IL Rev Ref Lewis Univ Proj | 5.00% | 10/01/25 | 125,389 | |
950,000 | Sales Tax Securitization Corp IL Ref, Ser C | 5.50% | 01/01/36 | 1,028,733 | |
1,025,000 | Sales Tax Securitization Corp IL Ref, Ser C | 5.25% | 01/01/43 | 1,070,888 | |
885,000 | Skokie IL Park Dist, Ser A | 5.00% | 12/01/34 | 978,736 | |
510,000 | Skokie IL Park Dist, Ser A | 5.00% | 12/01/35 | 563,603 | |
3,000,000 | Tender Option Bond Trust Receipts Ctfs Putters Xm1038, Ser 2022, AGM (b) (c) | 4.02% | 01/01/30 | 3,000,000 | |
1,560,000 | Woodford Mclean & Livingston Cntys IL Cmnty United Sch Dist, Ser B, BAM | 4.00% | 11/01/36 | 1,574,050 | |
91,537,589 |
Principal Value | Description | Stated Coupon | Stated Maturity | Value | |
MUNICIPAL BONDS (Continued) | |||||
Indiana — 1.3% | |||||
$2,270,000 | Avon IN Cmnty Sch Bldg Corp | 5.00% | 01/15/41 | $2,452,250 | |
3,080,000 | Borden Henryville Multi Sch Bldg Corp IN | 5.00% | 07/15/39 | 3,312,931 | |
250,000 | Fort Wayne IN Mf Hsg Rev Silver Birch at Cook Road (c) | 5.30% | 01/01/32 | 223,045 | |
3,000,000 | IN Fin Auth Midwestern Disaster Relief Rev OH Vly Elec Corp Proj Remk, Ser A | 4.25% | 11/01/30 | 2,978,685 | |
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 | 1,497,825 | |
1,555,000 | IN St Fin Auth Hlth Fac Rev Margaret Mary Hlth Proj, Ser A | 5.00% | 03/01/31 | 1,632,317 | |
1,000,000 | IN St Fin Auth Hlth Fac Rev Margaret Mary Hlth Proj, Ser A | 5.50% | 03/01/39 | 1,069,787 | |
2,000,000 | IN St Fin Auth Hlth Sys Rev IN Univ Hlth, Ser A | 5.00% | 10/01/43 | 2,155,209 | |
430,000 | IN St Fin Auth Hosp Rev Goshen Hlth, Ser A | 4.00% | 11/01/36 | 408,757 | |
1,330,000 | IN St Fin Auth Hosp Rev Goshen Hlth, Ser A | 4.00% | 11/01/37 | 1,256,940 | |
1,000,000 | IN St Fin Auth Hosp Rev Reid Hlth, AGM | 5.00% | 01/01/40 | 1,060,253 | |
600,000 | IN St Fin Auth Rev Eductnl Facs Rock Creek Cmnty Acdmy Proj, Ser A (c) (g) | 5.25% | 07/01/28 | 595,756 | |
500,000 | IN St Fin Auth Rev Marian Univ Proj, Ser A | 5.00% | 09/15/34 | 509,040 | |
275,000 | IN St Fin Auth Rev Ref Rev Cmnty Fdtn of NW IN | 5.00% | 09/01/31 | 284,121 | |
2,800,000 | IN St Muni Pwr Agy Ref, Ser A | 5.00% | 01/01/42 | 2,838,159 | |
1,080,000 | Msd Warren Twp IN Vision 2005 Sch Bldg Corp Rev | 3.00% | 07/10/35 | 987,035 | |
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 | 1,525,838 | |
24,787,948 | |||||
Iowa — 0.6% | |||||
1,000,000 | Altoona IA, Ser A, BAM, COPS | 5.00% | 06/01/33 | 1,076,630 | |
720,000 | Altoona IA, Ser A, BAM, COPS | 5.00% | 06/01/34 | 777,556 | |
2,385,000 | Coralville IA Ref, Ser A | 5.00% | 05/01/38 | 2,397,554 | |
3,000,000 | IA St Fin Auth Midwstrn Disaster Area Rev Ref IA Fertilizer Company Proj (Mandatory put 12/01/42) | 5.00% | 12/01/50 | 3,114,278 | |
3,190,000 | Pefa Inc IA Gas Proj Rev (Mandatory put 09/01/26) | 5.00% | 09/01/49 | 3,249,321 | |
200,000 | Tobacco Stlmt Auth IA Tobacco Stlmt Rev Ref Sr, Ser A-2, Class 1 | 5.00% | 06/01/32 | 215,885 | |
300,000 | Tobacco Stlmt Auth IA Tobacco Stlmt Rev Ref Sr, Ser A-2, Class 1 | 4.00% | 06/01/35 | 303,404 | |
200,000 | Tobacco Stlmt Auth IA Tobacco Stlmt Rev Ref Sr, Ser A-2, Class 1 | 4.00% | 06/01/38 | 196,610 | |
300,000 | Tobacco Stlmt Auth IA Tobacco Stlmt Rev Ref Sr, Ser A-2, Class 1 | 4.00% | 06/01/39 | 292,419 | |
11,623,657 | |||||
Kansas — 0.7% | |||||
425,000 | Goddard KS Sales Tax Spl Oblg Rev Ref Olympic Park Star Bond Proj | 3.60% | 06/01/30 | 410,096 | |
1,240,000 | KS Muni Energy Agy Pwr Proj Rev Dogwood Proj, Ser A, BAM | 5.00% | 04/01/29 | 1,274,659 | |
1,470,000 | KS Muni Energy Agy Pwr Proj Rev Dogwood Proj, Ser A, BAM | 5.00% | 04/01/30 | 1,510,813 | |
1,900,000 | KS St Dept of Transprtn Hwy Rev | 5.00% | 09/01/35 | 1,926,937 | |
500,000 | Leavenworth Cnty KS Unif Sch Dist #464 Ref, Ser A | 4.00% | 09/01/31 | 511,728 | |
625,000 | Leavenworth Cnty KS Unif Sch Dist #464 Ref, Ser A | 4.00% | 09/01/32 | 639,594 | |
575,000 | Leavenworth Cnty KS Unif Sch Dist #464 Ref, Ser A | 4.00% | 09/01/33 | 588,835 | |
500,000 | Leavenworth Cnty KS Unif Sch Dist #464 Ref, Ser A | 4.00% | 09/01/34 | 511,457 | |
525,000 | Leavenworth Cnty KS Unif Sch Dist #464 Ref, Ser A | 4.00% | 09/01/35 | 535,038 | |
600,000 | Leavenworth Cnty KS Unif Sch Dist #464 Ref, Ser A | 4.00% | 09/01/36 | 608,892 | |
1,045,000 | Lenexa KS Hlth Care Fac Rev Ref Lakeview Vlg Inc, Ser A | 5.00% | 05/15/26 | 1,057,675 | |
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 | 1,929,023 |
Principal Value | Description | Stated Coupon | Stated Maturity | Value | |
MUNICIPAL BONDS (Continued) | |||||
Kansas (Continued) | |||||
$2,000,000 | Wyandotte Cnty KS Kansas City Unif Govt Util Sys Rev Impt, Ser A | 5.00% | 09/01/40 | $2,012,770 | |
475,000 | Wyandotte Cnty KS Kansas City Unif Govt Util Sys Rev Ref & Impt, Ser A | 5.00% | 09/01/29 | 476,009 | |
150,000 | Wyandotte Cnty KS Unif Sch Dist #202, Ser A, AGM (Pre- refunded maturity 09/01/27) | 5.00% | 09/01/32 | 158,839 | |
14,152,365 | |||||
Kentucky — 2.3% | |||||
5,100,000 | Boyle Cnty KY Eductnl Facs Rev Ref Centre Clg, Ser A | 5.25% | 06/01/43 | 5,425,309 | |
145,000 | KY St Econ Dev Fin Auth Baptist Hlthcare System, Ser B | 5.00% | 08/15/28 | 151,255 | |
275,000 | KY St Econ Dev Fin Auth Baptist Hlthcare System, Ser B | 5.00% | 08/15/36 | 283,605 | |
2,950,000 | KY St Econ Dev Fin Auth Baptist Hlthcare System, Ser B | 5.00% | 08/15/46 | 2,975,427 | |
160,000 | KY St Econ Dev Fin Auth Hlth Sys Rev Norton Hlthcare Inc, Ser B, CABS, NATL-RE | (d) | 10/01/25 | 150,049 | |
625,000 | KY St Econ Dev Fin Auth Ref Commonspirit Hlth, Ser A-1 | 4.00% | 08/01/38 | 603,682 | |
3,795,000 | KY St Econ Dev Fin Auth Ref Commonspirit Hlth, Ser A-1 | 5.00% | 08/01/44 | 3,901,511 | |
730,000 | KY St Econ Dev Fin Auth Ref Commonspirit Hlth, Ser A-2 | 5.00% | 08/01/35 | 779,935 | |
895,000 | KY St Econ Dev Fin Auth Ref Commonspirit Hlth, Ser A-2 | 5.00% | 08/01/36 | 950,574 | |
1,500,000 | KY St Pub Energy Auth Gas Sply Rev Ref, Ser A-1 (Mandatory put 02/01/32) | 5.25% | 04/01/54 | 1,586,288 | |
6,300,000 | KY St Pub Energy Auth Gas Sply Rev Var, Ser C (Mandatory put 02/01/28) | 4.00% | 02/01/50 | 6,284,203 | |
440,000 | KY St Univ Proj, BAM, COPS | 4.00% | 11/01/46 | 421,638 | |
1,500,000 | Louisville & Jefferson Cnty KY Met Govt Hlth Sys Rev Norton Hlthcare Inc, Ser A | 4.00% | 10/01/39 | 1,434,828 | |
1,300,000 | Louisville & Jefferson Cnty KY Met Govt Hlth Sys Rev Ref Norton Hlthcare Inc, Ser A | 5.00% | 10/01/40 | 1,393,909 | |
1,000,000 | Louisville & Jefferson Cnty KY Met Govt Hlth Sys Rev Ref Norton Hlthcare Inc, Ser A | 5.00% | 10/01/41 | 1,063,978 | |
290,000 | Louisville & Jefferson Cnty KY Met Swr Dist Swr & Drain Sys Sustainable Bond, Ser A | 5.00% | 05/15/29 | 317,777 | |
16,200,000 | Meade Cnty KY Indl Bldg Rev Var Nucor Steel Brandenburg Proj Sustainable Bond, Ser B-1 (b) | 4.75% | 08/01/61 | 16,200,000 | |
1,000,000 | Trimble Cnty KY Envrnmntl Facs Rev Var Louisville Gas & Elec Co Proj, Ser A, AMT (Mandatory put 06/01/27) | 4.70% | 06/01/54 | 1,001,190 | |
44,925,158 | |||||
Louisiana — 1.1% | |||||
1,260,000 | E Baton Rouge Parish LA Capital Impts Dist MOVEBR Sales, Ser T | 4.00% | 08/01/35 | 1,301,467 | |
1,520,000 | E Baton Rouge Parish LA Capital Impts Dist MOVEBR Sales, Ser T | 4.00% | 08/01/36 | 1,559,275 | |
6,500,000 | E Baton Rouge Parish LA Swr Commn Rev Ref, Ser A | 4.00% | 02/01/45 | 6,306,575 | |
1,000,000 | LA Pub Facs Auth Rev Ref Ochsner Clinic Fdtn Proj | 5.00% | 05/15/36 | 1,030,541 | |
250,000 | LA St Loc Govt Envrnmntl Facs & Cmnty Dev Auth Rev Ascension Psh Courthouse Proj | 5.00% | 11/01/31 | 259,172 | |
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 | 1,741,524 | |
1,500,000 | LA St Loc Govt Envrnmntl Facs & Cmnty Dev Auth Rev Ref Westlake Chemical Corp Proj Remk | 3.50% | 11/01/32 | 1,416,359 | |
1,525,000 | LA St Pub Facs Auth Sol Wst Disp Fac Rev Var Elementus Minerals LLC Proj (Mandatory put 11/01/25) (c) | 5.00% | 10/01/43 | 1,532,380 |
Principal Value | Description | Stated Coupon | Stated Maturity | Value | |
MUNICIPAL BONDS (Continued) | |||||
Louisiana (Continued) | |||||
$750,000 | New Orleans LA Aviation Brd Gen Arpt N Term, Ser B, AMT | 5.00% | 01/01/28 | $768,541 | |
750,000 | New Orleans LA Aviation Brd Gen Arpt N Term, Ser B, AMT | 5.00% | 01/01/29 | 770,192 | |
200,000 | New Orleans LA Aviation Brd Gen Arpt N Term, Ser B, AMT | 5.00% | 01/01/31 | 205,729 | |
1,305,000 | New Orleans LA Wtr Rev (Pre-refunded maturity 12/01/25) | 5.00% | 12/01/34 | 1,337,596 | |
1,050,000 | New Orleans LA Wtr Rev Ref (Pre-refunded maturity 12/01/24) | 5.00% | 12/01/28 | 1,057,230 | |
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 | 995,464 | |
1,650,000 | Shreveport LA Wtr & Swr Rev, Ser B, BAM | 5.00% | 12/01/30 | 1,655,537 | |
21,937,582 | |||||
Maryland — 1.1% | |||||
565,000 | Baltimore Cnty MD Rev Ref Oak Crest Vlg Inc Fac | 4.00% | 01/01/39 | 530,928 | |
650,000 | Baltimore Cnty MD Rev Ref Oak Crest Vlg Inc Fac | 4.00% | 01/01/40 | 602,701 | |
600,000 | Baltimore Cnty MD Rev Ref Riderwood Vlg Inc Proj | 4.00% | 01/01/33 | 594,070 | |
685,000 | Baltimore Cnty MD Rev Ref Riderwood Vlg Inc Proj | 4.00% | 01/01/34 | 692,149 | |
650,000 | Baltimore Cnty MD Rev Ref Riderwood Vlg Inc Proj | 4.00% | 01/01/36 | 654,079 | |
2,020,000 | Baltimore MD Spl Oblig Ref E Baltimore Rsrch Park Proj, Ser A | 5.00% | 09/01/38 | 2,003,557 | |
100,000 | Baltimore MD Spl Oblig Ref Sr Lien Harbor Point Proj, Ser A (c) | 2.75% | 06/01/24 | 99,771 | |
125,000 | Baltimore MD Spl Oblig Ref Sr Lien Harbor Point Proj, Ser A (c) | 2.80% | 06/01/25 | 121,936 | |
135,000 | Baltimore MD Spl Oblig Ref Sr Lien Harbor Point Proj, Ser A (c) | 2.85% | 06/01/26 | 129,036 | |
550,000 | Harford Cnty MD Spl Oblg Ref Beechtree Estates Proj | 4.00% | 07/01/36 | 555,682 | |
500,000 | MD St Econ Dev Corp Stdt Hsg Rev Bowie St Univ Proj | 4.00% | 07/01/40 | 456,975 | |
600,000 | MD St Econ Dev Corp Stdt Hsg Rev Ref Sr Univ MD Proj | 4.00% | 07/01/24 | 599,384 | |
2,490,000 | MD St Econ Dev Corp Stdt Hsg Rev Ref Univ MD Clg Park Projs, AGM | 5.00% | 06/01/35 | 2,557,690 | |
5,000,000 | MD St First Ser | 4.00% | 06/01/29 | 4,999,903 | |
800,000 | MD St Hlth & Hgr Eductnl Facs Auth Rev Ref Anne Arundel Hlth Sys, Ser A | 5.00% | 07/01/30 | 825,354 | |
250,000 | MD St Hlth & Hgr Eductnl Facs Auth Rev Ref Stevenson Univ Proj, Ser A | 4.00% | 06/01/35 | 243,435 | |
225,000 | MD St Hlth & Hgr Eductnl Facs Auth Rev Ref Stevenson Univ Proj, Ser A | 4.00% | 06/01/36 | 216,674 | |
750,000 | MD St Hlth & Hgr Eductnl Facs Auth Rev Ref Stevenson Univ Proj, Ser A | 4.00% | 06/01/46 | 649,660 | |
1,000,000 | MD St Stadium Auth Rev Football Stadium Issue, Ser A | 5.00% | 09/01/37 | 1,117,469 | |
2,685,000 | Univ Sys of MD Auxilary Fac & Tuition Rev, Ser A | 4.00% | 04/01/34 | 2,711,445 | |
20,361,898 | |||||
Massachusetts — 0.9% | |||||
2,000,000 | MA St Bay Transprtn Auth Sales Tax Rev Ref Sr, Ser B | 5.25% | 07/01/30 | 2,210,170 | |
2,155,000 | MA St Bay Transprtn Auth Sales Tax Rev Sr, Ser A | 5.00% | 07/01/45 | 2,176,771 | |
5,000,000 | MA St Consolidated Loan, Ser A | 5.00% | 01/01/49 | 5,367,380 | |
250,000 | MA St Dev Fin Agy Rev Linden Ponds Inc Fac (c) | 5.00% | 11/15/28 | 257,637 | |
3,920,000 | MA St Port Auth Ref, Ser A, AMT | 5.00% | 07/01/32 | 4,179,778 | |
1,555,000 | MA St Port Auth, Ser C, AMT | 5.00% | 07/01/31 | 1,658,514 | |
2,000,000 | MA St Transprtn Fund Rev Rail Enhancement Prog, Ser A | 5.00% | 06/01/45 | 2,016,928 | |
17,867,178 | |||||
Michigan — 3.0% | |||||
240,000 | Detroit MI Downtown Dev Auth Tax Incr Rev Ref Catalyst Dev Proj, Ser A, AGM | 5.00% | 07/01/32 | 240,159 | |
500,000 | Detroit MI Downtown Dev Auth Tax Incr Rev Ref Catalyst Dev Proj, Ser A, AGM | 5.00% | 07/01/33 | 500,291 |
Principal Value | Description | Stated Coupon | Stated Maturity | Value | |
MUNICIPAL BONDS (Continued) | |||||
Michigan (Continued) | |||||
$150,000 | Genesee Cnty MI Swr Disp Sys Rev, Ser A, BAM | 4.00% | 06/01/32 | $154,780 | |
155,000 | Genesee Cnty MI Swr Disp Sys Rev, Ser A, BAM | 4.00% | 06/01/36 | 159,671 | |
100,000 | Genesee Cnty MI Swr Disp Sys Rev, Ser A, BAM | 4.00% | 06/01/37 | 101,940 | |
150,000 | Genesee Cnty MI Swr Disp Sys Rev, Ser A, BAM | 4.00% | 06/01/38 | 151,736 | |
2,500,000 | Grand Rapids MI Santn Swr Sys Rev | 5.00% | 01/01/43 | 2,593,878 | |
2,000,000 | Great Lakes MI Wtr Auth Sewage Disposal Sys Rev Ref Sr Lien, Ser A | 5.00% | 07/01/37 | 2,276,398 | |
1,000,000 | Great Lakes MI Wtr Auth Wtr Sply Sys Rev Ref Sr Lien, Ser C | 5.00% | 07/01/31 | 1,032,448 | |
4,965,000 | Kalamazoo MI Hosp Fin Auth Unrefunded Ref Bronson Hlthcare Grp | 4.00% | 05/15/36 | 4,974,274 | |
3,630,000 | Kentwood MI Pub Schs, Ser II, AGM | 5.00% | 05/01/46 | 3,857,465 | |
1,195,000 | Lake Shore MI Pub Schs, Ser I | 5.00% | 11/01/37 | 1,327,979 | |
1,000,000 | Marquette MI Brd of Light & Pwr Elec Util Sys Rev Ref, Ser A | 5.00% | 07/01/29 | 1,022,342 | |
1,100,000 | MI St Bldg Auth Rev Var Facs Prog Multi-Modal, Ser I (b) | 3.87% | 04/15/58 | 1,100,000 | |
500,000 | MI St Fin Auth Act 38 Facs Sr Rev Sustainable Bonds Henry Ford Hlth Detroit Util Plant Proj | 5.25% | 02/28/42 | 537,153 | |
890,000 | MI St Fin Auth Ltd Oblig Rev Ref Clg for Creative Studies Proj | 5.00% | 12/01/25 | 889,945 | |
2,010,000 | MI St Fin Auth Rev Henry Ford Hlth Sys, Ser A | 5.00% | 11/15/48 | 2,066,606 | |
325,000 | MI St Fin Auth Rev Loc Govt Loan Pgm Great Lakes Wtr Auth Ref 2nd Lien, Ser C | 5.00% | 07/01/27 | 328,335 | |
2,000,000 | MI St Fin Auth Rev Multi Modal McLaren Hlth Care, Ser A | 4.00% | 02/15/47 | 1,851,676 | |
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 | 395,186 | |
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 | 2,464,938 | |
1,070,000 | MI St Fin Auth Rev Ref Beaumont Spectrum Consolidation, Ser A | 5.00% | 04/15/33 | 1,197,192 | |
1,000,000 | MI St Fin Auth Rev Ref CHE Trinity Hlth Credit Grp, Ser 2013-2 Remk 12/18/19 | 4.00% | 12/01/35 | 1,016,057 | |
1,955,000 | MI St Fin Auth Rev Ref Henry Ford Hlth Sys | 4.00% | 11/15/35 | 1,901,399 | |
665,000 | MI St Fin Auth Rev Ref Henry Ford Hlth Sys | 4.00% | 11/15/36 | 640,875 | |
2,000,000 | MI St Fin Auth Rev Ref Hosp McLaren Hlth Care, Ser B | 5.00% | 05/15/33 | 2,021,077 | |
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 | 1,008,296 | |
7,000,000 | MI St Fin Auth Rev Ref Loc Govt Loan Prog Great Lakes Wtr Auth, Ser D4 | 5.00% | 07/01/30 | 7,009,754 | |
2,405,000 | MI St Fin Auth Rev Ref Loc Govt Loan Prog Great Lakes Wtr Auth, Ser D4 | 5.00% | 07/01/34 | 2,408,272 | |
4,000,000 | MI St Fin Auth Rev Ref Sr Lien Great Lakes Wtr Auth, Ser C-6 | 5.00% | 07/01/33 | 4,004,977 | |
2,500,000 | MI St Fin Auth Rev Ref Sr Turbo, Ser A-2 | 5.00% | 06/01/40 | 2,600,743 | |
565,000 | MI St Hosp Fin Auth Ref Ascenion Sr Credit Remk, Ser F7 | 5.00% | 11/15/47 | 571,970 | |
650,000 | Midland MI Pub Schs Sch Bldg & Site, Ser II | 5.00% | 05/01/35 | 702,629 | |
4,500,000 | Univ of Michigan MI, Ser A | 3.00% | 04/01/28 | 4,439,573 | |
57,550,014 | |||||
Minnesota — 0.6% | |||||
370,000 | Duluth MN Indep Sch Dist #709 Ref, Ser B, COPS | 5.00% | 02/01/27 | 385,222 | |
950,000 | Minneapolis Saint Paul MN Met Arpts Commn Arpt Rev Ref Sub, Ser B, AMT | 5.00% | 01/01/39 | 983,191 | |
2,500,000 | MN Muni Gas Agy Cmdy Sply Rev, Ser A | 4.00% | 12/01/25 | 2,499,848 | |
285,000 | MN St Agric & Econ Devbrd HealthPartners Oblig Grp | 5.00% | 01/01/40 | 312,693 | |
1,760,000 | MN St Agric & Econ Devbrd HealthPartners Oblig Grp | 5.00% | 01/01/44 | 1,900,444 |
Principal Value | Description | Stated Coupon | Stated Maturity | Value | |
MUNICIPAL BONDS (Continued) | |||||
Minnesota (Continued) | |||||
$580,000 | Saint Paul MN Hsg & Redev Auth Hlth Care Fac Rev Ref HealthPartners Oblig Grp, Ser A | 5.00% | 07/01/30 | $586,347 | |
4,000,000 | Saint Paul MN Hsg & Redev Auth Hlth Care Fac Rev Ref HealthPartners Oblig Grp, Ser A | 5.00% | 07/01/32 | 4,041,335 | |
10,709,080 | |||||
Mississippi — 0.7% | |||||
4,400,000 | MS St Busn Fin Corp Sol Wst Disp Rev Adj Ref MS Pwr Co Proj Remk, AMT (b) | 4.10% | 05/01/28 | 4,400,000 | |
5,000,000 | MS St Hosp Equipment & Facs Auth Baptist Memorial Hlth Care, Ser A | 5.00% | 09/01/41 | 5,023,842 | |
2,000,000 | MS St, Ser A (Pre-refunded maturity 11/01/26) | 5.00% | 11/01/33 | 2,085,799 | |
500,000 | W Rankin MS Util Auth Rev, AGM (Pre-refunded maturity 01/01/25) | 5.00% | 01/01/32 | 504,538 | |
1,150,000 | Warren Cnty MS Lease Pur Jail Proj, BAM, COPS | 6.00% | 09/01/43 | 1,326,402 | |
13,340,581 | |||||
Missouri — 1.4% | |||||
285,000 | Bridgeton MO Spl Oblig Rev Ref, Ser A | 4.00% | 12/01/30 | 294,270 | |
300,000 | Bridgeton MO Spl Oblig Rev Ref, Ser A | 4.00% | 12/01/31 | 309,479 | |
2,150,000 | Jackson Cnty MO Consol Sch Dist #4 | 4.00% | 03/01/31 | 2,194,429 | |
2,000,000 | Jackson Cnty MO Consol Sch Dist #4 | 5.00% | 03/01/35 | 2,084,879 | |
700,000 | Jackson Cnty MO Spl Oblig Ref Truman Sports Complex Proj | 5.00% | 12/01/31 | 703,467 | |
1,955,000 | Kansas City MO Indl Dev Auth Arpt Spl Oblig Kansas City Intl Arpt Terminal Mod Proj, Ser B, AMT | 5.00% | 03/01/30 | 2,060,557 | |
1,260,000 | Kansas City MO Indl Dev Auth Arpt Spl Oblig Kansas City Intl Arpt Terminal Mod Proj, Ser B, AMT | 5.00% | 03/01/46 | 1,276,736 | |
2,165,000 | Kansas City MO Indl Dev Auth Arpt Spl Oblig Kansas City Intl Arpt Terminal Modernization, Ser A, AMT | 5.00% | 03/01/29 | 2,282,228 | |
1,000,000 | Kansas City MO Indl Dev Auth Arpt Spl Oblig Kansas City Intl Arpt, Ser A, AMT | 5.00% | 03/01/30 | 1,066,712 | |
220,000 | Lincoln Cnty MO Pub Wtr Sply Dist #1 Ref, COPS | 4.00% | 07/01/30 | 223,936 | |
415,000 | Lincoln Cnty MO Pub Wtr Sply Dist #1 Ref, COPS | 4.00% | 07/01/31 | 422,273 | |
1,000,000 | Lincoln Cnty MO Pub Wtr Sply Dist #1 Ref, COPS | 4.00% | 07/01/38 | 985,738 | |
500,000 | MO St Hlth & Eductnl Facs Auth Hlth Facs Rev CoxHealth & Oblig Grp, Ser A | 5.00% | 11/15/37 | 525,395 | |
550,000 | MO St Hlth & Eductnl Facs Auth Hlth Facs Rev Mercy Hlth | 5.50% | 12/01/42 | 612,919 | |
710,000 | MO St Hlth & Eductnl Facs Auth Hlth Facs Rev Ref Mosaic Hlth Sys, Ser A | 4.00% | 02/15/39 | 703,667 | |
1,000,000 | MO St Hlth & Eductnl Facs Auth Hlth Facs Rev Ref, Ser C (Mandatory put 05/01/28) | 5.00% | 05/01/52 | 1,056,331 | |
245,000 | MO St Hlth & Eductnl Facs Auth Lutheran Sr Svcs | 5.00% | 02/01/25 | 244,995 | |
1,000,000 | MO St Hlth & Eductnl Facs Auth Lutheran Sr Svcs Projs | 4.00% | 02/01/27 | 984,624 | |
1,960,000 | MO St Hlth & Eductnl Facs Auth Lutheran Sr Svcs Projs | 4.00% | 02/01/29 | 1,923,342 | |
2,120,000 | MO St Hlth & Eductnl Facs Auth Lutheran Sr Svcs Projs | 4.00% | 02/01/31 | 2,075,687 | |
555,000 | MO St Hlth & Eductnl Facs Auth Lutheran Sr Svcs Projs | 4.00% | 02/01/32 | 541,597 | |
160,000 | MO St Hlth & Eductnl Facs Auth Med Rsrch Lutheran Svcs, Ser A | 5.00% | 02/01/28 | 161,239 | |
1,135,000 | St Louis Cnty MO Pattonville Sch Dist #R-3 | 5.50% | 03/01/39 | 1,272,734 | |
1,010,000 | St Louis Cnty MO Pattonville Sch Dist #R-3 | 5.50% | 03/01/40 | 1,125,711 | |
1,295,000 | St Louis Cnty MO Spl Oblig Convention Ctr, Ser A | 5.25% | 12/01/38 | 1,393,215 | |
1,900,000 | St Louis MO Muni Library Dist Ref, BAM, COPS | 3.00% | 03/15/39 | 1,594,330 | |
28,120,490 |
Principal Value | Description | Stated Coupon | Stated Maturity | Value | |
MUNICIPAL BONDS (Continued) | |||||
Nebraska — 0.5% | |||||
$5,870,000 | Centrl Plains Energy Proj NE Gas Proj Rev Ref Proj #3, Ser A | 5.00% | 09/01/29 | $6,152,661 | |
3,000,000 | Centrl Plains Energy Proj NE Gas Proj Rev Var Ref Proj #4, Ser A (Mandatory put 11/01/29) | 5.00% | 05/01/54 | 3,128,852 | |
500,000 | NE St Pub Pwr Dist Rev Gen, Ser C | 5.00% | 01/01/35 | 508,190 | |
9,789,703 | |||||
Nevada — 0.8% | |||||
750,000 | Carson City NV Hosp Rev Ref Carson Tahoe Regl Med Ctr, Ser A | 5.00% | 09/01/30 | 773,739 | |
2,505,000 | Clark Cnty NV Arpt Rev Ref, Ser B | 5.00% | 07/01/38 | 2,676,883 | |
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 | 1,730,252 | |
4,000,000 | Clark Cnty NV Sch Dist, Ser A | 5.00% | 06/15/37 | 4,422,858 | |
250,000 | Las Vegas NV Spl Impt Dist #816 Spl Impt District No 816 Summerlin Vlg 22 | 2.25% | 06/01/27 | 226,929 | |
250,000 | Las Vegas NV Spl Impt Dist #816 Spl Impt District No 816 Summerlin Vlg 22 | 2.50% | 06/01/28 | 222,923 | |
1,230,000 | Las Vegas Vly NV Wtr Dist Ref Wtr Impt, Ser A | 5.00% | 06/01/46 | 1,252,504 | |
115,000 | N Las Vegas NV Loc Impt Vly Vista Spl Impt Dist #64 | 3.50% | 06/01/24 | 114,830 | |
135,000 | N Las Vegas NV Loc Impt Vly Vista Spl Impt Dist #64 | 3.75% | 06/01/25 | 133,529 | |
170,000 | N Las Vegas NV Loc Impt Vly Vista Spl Impt Dist #64 | 3.75% | 06/01/26 | 166,475 | |
230,000 | N Las Vegas NV Loc Impt Vly Vista Spl Impt Dist #64 | 3.75% | 06/01/27 | 223,025 | |
475,000 | NV Dept of Busn & Industry NV Doral Academy, Ser A | 5.00% | 07/15/27 | 476,461 | |
300,000 | Reno NV Capital Impt Rev Ref, Ser A-1, AGM | 5.00% | 06/01/29 | 311,652 | |
950,000 | Reno NV Capital Impt Rev Ref, Ser A-1, AGM | 5.00% | 06/01/30 | 986,336 | |
275,000 | Reno NV Capital Impt Rev Ref, Ser A-1, AGM | 5.00% | 06/01/31 | 285,518 | |
1,770,000 | Washoe Cnty NV Hwy Rev Ref Fuel Tax | 5.00% | 02/01/42 | 1,843,505 | |
15,847,419 | |||||
New Jersey — 2.3% | |||||
2,000,000 | Gloucester Twp NJ, Ser A, BANS | 5.00% | 07/25/24 | 2,003,665 | |
150,000 | NJ St Econ Dev Auth Mtr Vehcl Sur Rev, Ser A, NATL-RE | 5.25% | 07/01/24 | 150,118 | |
450,000 | NJ St Econ Dev Auth Mtr Vehcl Surcharge Rev Ref Sub, Ser A, BAM | 5.00% | 07/01/28 | 467,721 | |
2,000,000 | NJ St Econ Dev Auth Rev Portal N Bridge Proj NJ Transit Transprtn Proj Bond, Ser A | 5.25% | 11/01/40 | 2,201,451 | |
3,250,000 | NJ St Econ Dev Auth Rev Sch Facs Constr Prog, Ser LLL | 5.00% | 06/15/39 | 3,440,870 | |
3,880,000 | NJ St Econ Dev Auth Rev Sch Facs Constr Prog, Ser LLL | 5.00% | 06/15/44 | 4,029,592 | |
1,050,000 | NJ St Econ Dev Auth Rev Sustainable Bonds, Ser QQQ | 5.00% | 06/15/31 | 1,160,162 | |
350,000 | NJ St Econ Dev Auth Rev Sustainable Bonds, Ser QQQ | 4.00% | 06/15/35 | 356,399 | |
490,000 | NJ St Econ Dev Auth Spl Fac Rev Ref Port Newark Container Terminal LLC Proj, AMT | 5.00% | 10/01/25 | 493,902 | |
750,000 | NJ St Econ Dev Auth Wtr Facs Rev Var Ref NJ American Wtr Co Inc Proj Remk, Ser B, AMT (Mandatory put 06/01/28) | 3.75% | 11/01/34 | 740,811 | |
1,290,000 | NJ St Transprtn Trust Fund Auth Cap Apprec Transprtn Sys, Ser C, AMBAC | (d) | 12/15/25 | 1,213,041 | |
165,000 | NJ St Transprtn Trust Fund Auth Fed Hwy Reimb Nts, Ser A-1, GARVEE | 5.00% | 06/15/28 | 169,357 | |
2,500,000 | NJ St Transprtn Trust Fund Auth Fun Auth Transprtn Prog Bonds, Ser CC | 5.25% | 06/15/41 | 2,752,828 | |
1,750,000 | NJ St Transprtn Trust Fund Auth Ref Transprtn Sys Bonds, Ser A | 5.00% | 12/15/28 | 1,875,770 | |
140,000 | NJ St Transprtn Trust Fund Auth Ref Transprtn Sys Bonds, Ser A | 5.00% | 12/15/39 | 147,492 | |
3,040,000 | NJ St Transprtn Trust Fund Auth Ref Transprtn Sys, Ser A | 5.00% | 12/15/26 | 3,153,723 |
Principal Value | Description | Stated Coupon | Stated Maturity | Value | |
MUNICIPAL BONDS (Continued) | |||||
New Jersey (Continued) | |||||
$500,000 | NJ St Transprtn Trust Fund Auth Ref Transprtn Sys, Ser A | 5.00% | 12/15/30 | $535,172 | |
2,250,000 | NJ St Transprtn Trust Fund Auth Transprtn Prog Bonds, Ser AA | 5.00% | 06/15/31 | 2,407,938 | |
1,000,000 | NJ St Transprtn Trust Fund Auth Transprtn Prog Bonds, Ser AA | 5.00% | 06/15/34 | 1,067,730 | |
105,000 | NJ St Transprtn Trust Fund Auth Transprtn Sys, Ser D | 5.00% | 12/15/24 | 105,701 | |
220,000 | NJ St Transprtn Trust Fund Auth, Ser BB | 5.00% | 06/15/31 | 235,443 | |
1,000,000 | NJ St Transprtn Trust Fund Auth, Ser BB | 5.00% | 06/15/34 | 1,067,730 | |
2,000,000 | NJ St Turnpike Auth Turnpike Rev, Ser A | 5.00% | 01/01/32 | 2,003,275 | |
4,000,000 | NJ St Turnpike Auth Turnpike Rev, Ser B | 5.25% | 01/01/49 | 4,383,315 | |
945,000 | Tobacco Stlmt Fing Corp NJ Ref Sub, Ser B | 5.00% | 06/01/46 | 954,320 | |
500,000 | Tobacco Stlmt Fing Corp NJ Ref, Ser A | 5.00% | 06/01/27 | 518,725 | |
1,850,000 | Tobacco Stlmt Fing Corp NJ Ref, Ser A | 5.00% | 06/01/37 | 1,929,362 | |
5,505,000 | Tobacco Stlmt Fing Corp NJ Ref, Ser A | 5.25% | 06/01/46 | 5,700,705 | |
45,266,318 | |||||
New Mexico — 0.4% | |||||
325,000 | Albuquerque NM Muni Sch Dist #12, Ser A | 4.00% | 08/01/32 | 335,112 | |
185,000 | Albuquerque NM Refuse Removal & Disp Rev | 5.00% | 07/01/32 | 204,338 | |
290,000 | Albuquerque NM Refuse Removal & Disp Rev | 5.00% | 07/01/33 | 320,315 | |
2,000,000 | Farmington NM Poll Control Rev Var Ref Pub Svc Co NM San Juan Proj Remk, Ser D (Mandatory put 06/01/28) | 3.90% | 06/01/40 | 1,978,199 | |
565,000 | Los Ranchos De Albuquerque NM Eductnl Facs Rev Ref Albuquerque Acdmy Proj | 4.00% | 09/01/33 | 576,352 | |
375,000 | Los Ranchos De Albuquerque NM Eductnl Facs Rev Ref Albuquerque Acdmy Proj | 4.00% | 09/01/34 | 381,131 | |
300,000 | Los Ranchos De Albuquerque NM Eductnl Facs Rev Ref Albuquerque Acdmy Proj | 4.00% | 09/01/35 | 303,050 | |
230,000 | Lower Petroglyphs Pub Impt Dist NM Spl Levy Rev Ref | 4.20% | 10/01/24 | 228,723 | |
240,000 | Lower Petroglyphs Pub Impt Dist NM Spl Levy Rev Ref | 4.30% | 10/01/25 | 236,089 | |
250,000 | Lower Petroglyphs Pub Impt Dist NM Spl Levy Rev Ref | 4.45% | 10/01/26 | 243,358 | |
260,000 | Lower Petroglyphs Pub Impt Dist NM Spl Levy Rev Ref | 4.55% | 10/01/27 | 251,135 | |
365,000 | Lower Petroglyphs Pub Impt Dist NM Spl Levy Rev Ref | 5.00% | 10/01/33 | 354,434 | |
825,000 | NM St Hosp Equipment Loan Council Hosp Rev Ref | 5.00% | 06/01/32 | 862,718 | |
1,000,000 | NM St Hosp Equipment Loan Council Hosp Rev Ref | 4.00% | 06/01/33 | 978,376 | |
1,360,000 | NM St Hosp Equipment Loan Council Hosp Rev Ref | 4.00% | 06/01/34 | 1,311,975 | |
8,565,305 | |||||
New York — 6.2% | |||||
3,000,000 | Auburn NY, Ser B, BANS | 4.50% | 08/15/24 | 3,000,579 | |
460,000 | Buffalo NY Muni Wtr Fin Auth, Ser A, AGM | 4.00% | 07/01/49 | 437,734 | |
415,000 | Build NYC Res Corp NY Rev Sustainable Bond Kipp NYC Pub Sch Facs Canal W Proj | 5.00% | 07/01/36 | 440,386 | |
2,000,000 | Build NYC Res Corp NY Rev Sustainable Bond Kipp NYC Pub Sch Facs Canal W Proj | 5.00% | 07/01/42 | 2,050,812 | |
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 | 2,702,087 | |
495,000 | Hudson Yards Infra Corp NY 2nd Indenture Rev Ref, Ser A | 5.00% | 02/15/37 | 514,409 | |
2,000,000 | Hudson Yards Infra Corp NY 2nd Indenture Rev Ref, Ser A | 5.00% | 02/15/42 | 2,057,331 | |
5,000,000 | Long Island NY Pwr Auth Elec Sys Rev Elec Sys Rev Gen, Ser A, BAM | 5.00% | 09/01/44 | 5,009,798 | |
350,000 | Long Island NY Pwr Auth Elec Sys Rev Ref, Ser A | 5.00% | 09/01/35 | 389,786 | |
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 | 4,931,224 |
Principal Value | Description | Stated Coupon | Stated Maturity | Value | |
MUNICIPAL BONDS (Continued) | |||||
New York (Continued) | |||||
$1,675,000 | New York City NY Muni Wtr Fin Auth Wtr & Swr Sys Rev Ref 2nd Gen Resolution, Ser DD | 5.00% | 06/15/36 | $1,677,036 | |
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 | 185,941 | |
3,175,000 | New York City NY Muni Wtr Fin Auth Wtr & Swr Sys Rev Var Ref Sub 2nd General Resolution, Ser DD (b) | 3.90% | 06/15/33 | 3,175,000 | |
1,000,000 | New York City NY Transitional Fin Auth Bldg Aid Rev Subord Ref, Ser S-2A | 5.00% | 07/15/34 | 1,066,873 | |
2,000,000 | New York City NY Transitional Fin Auth Rev Future Tax Sec Sub, Subser D-1 | 5.50% | 11/01/45 | 2,234,573 | |
2,700,000 | New York City NY Transitional Fin Auth Rev Sub Multi Modal, Ser F-1 | 5.25% | 02/01/53 | 2,924,124 | |
10,000,000 | New York City NY Transitional Fin Auth Rev Sub, Ser B-1 | 4.00% | 11/01/37 | 10,123,591 | |
2,500,000 | New York City NY Transitional Fin Auth Rev Sub, Ser B-1 | 4.00% | 11/01/38 | 2,512,924 | |
4,000,000 | New York City NY Transitional Fin Auth Rev Subord, Ser A-1 | 5.25% | 08/01/40 | 4,476,435 | |
5,690,000 | NY NY, Ser A, Subser A-1 | 4.00% | 08/01/40 | 5,649,912 | |
5,730,000 | NY NY, Ser B, Subser B-1 | 5.25% | 10/01/39 | 6,438,182 | |
2,925,000 | NY NY, Ser B, Subser B-1 | 5.25% | 10/01/41 | 3,252,749 | |
3,000,000 | NY NY, Ser C | 5.25% | 03/01/49 | 3,273,616 | |
6,015,000 | NY NY, Ser F-1 | 5.00% | 03/01/42 | 6,463,351 | |
450,000 | NY St Dorm Auth Revs Non St Supported Debt Pratt Institute Ref | 5.00% | 07/01/39 | 457,592 | |
280,000 | NY St Dorm Auth Revs Non St Supported Debt Ref New Sch, Ser A | 5.00% | 07/01/31 | 307,593 | |
500,000 | NY St Dorm Auth Revs Non St Supported Debt Ref Northwell Hlth Oblig Grp, Ser A | 5.00% | 05/01/38 | 540,663 | |
8,000,000 | NY St Dorm Auth Sales Tax Rev Ref Grp 3, Ser E | 5.00% | 03/15/38 | 8,437,115 | |
1,925,000 | NY St Dorm Auth St Personal Income Tax Rev Ref, Ser A | 3.00% | 03/15/42 | 1,582,987 | |
2,000,000 | NY St Dorm Auth St Personal Income Tax Rev Ref, Ser A | 5.25% | 03/15/49 | 2,179,624 | |
195,000 | NY St Thruway Auth Gen Rev Jr Indebtedness Obl Subord, Ser B | 4.00% | 01/01/45 | 185,685 | |
2,225,000 | NY St Thruway Auth Personal Income Tax Rev Ref Bidding Grp 3 | 5.00% | 03/15/40 | 2,456,876 | |
4,185,000 | NY St Thruway Auth Personal Income Tax Rev Ref Bidding Grp 3 | 5.00% | 03/15/41 | 4,595,986 | |
1,250,000 | NY St Transprtn Dev Corp Spl Fac Rev Delta Airls Inc LaGuardia Arpt Terminals C&D Redev, AMT | 4.00% | 10/01/30 | 1,247,254 | |
2,720,000 | NY St Transprtn Dev Corp Spl Fac Rev Delta Airls Inc LaGuardia Arpt Terminals C&D Redev, AMT | 5.00% | 10/01/35 | 2,874,968 | |
1,000,000 | NY St Transprtn Dev Corp Spl Fac Rev LaGuardia Arpt Terminal C&D Redev Proj, AMT | 6.00% | 04/01/35 | 1,133,900 | |
750,000 | NY St Transprtn Dev Corp Spl Fac Rev Sustainable Bond JFK Intl Arpt Terminal One Prj, AGM, AMT | 5.50% | 06/30/42 | 816,879 | |
500,000 | NY St Transprtn Dev Corp Spl Fac Rev Sustainable Bond JFK Intl Arpt Terminal One Prj, AGM, AMT | 5.50% | 06/30/43 | 542,641 | |
750,000 | NY St Transprtn Dev Corp Spl Fac Rev Sustainable Bond JFK Intl Arpt Terminal One Prj, AGM, AMT | 5.50% | 06/30/44 | 811,524 | |
465,000 | Port Auth of NY & NJ NY Ref Consol, Ser 186, AMT | 5.00% | 10/15/35 | 467,024 | |
5,000,000 | Port Auth of NY & NJ NY Ref, 194th Ser | 5.00% | 10/15/34 | 5,095,007 | |
4,000,000 | Suffolk Regl Off Track Betting Corp NY Rev | 5.75% | 12/01/44 | 4,046,687 | |
150,000 | Syracuse Regl Arpt Auth NY Sr Arpt Rev Ref, AMT | 4.00% | 07/01/36 | 145,771 | |
2,000,000 | Tsasc Inc NY Tsasc Inc Rev Ref Turbo Sub, Ser B | 5.00% | 06/01/48 | 1,779,433 | |
2,165,000 | Util Debt Securitization Auth NY Ref Restructuring Bonds, Ser TE-1 | 5.00% | 12/15/39 | 2,442,840 |
Principal Value | Description | Stated Coupon | Stated Maturity | Value | |
MUNICIPAL BONDS (Continued) | |||||
New York (Continued) | |||||
$750,000 | Westchester Cnty NY Loc Dev Corp Rev Westchester Med Ctr Oblig Grp Proj, AGM | 5.25% | 11/01/34 | $848,264 | |
675,000 | Westchester Cnty NY Loc Dev Corp Rev Westchester Med Ctr Oblig Grp Proj, AGM | 5.75% | 11/01/48 | 762,426 | |
500,000 | Westchester Cnty NY Loc Dev Corp Rev Westchester Med Ctr Oblig Grp Proj, AGM | 5.75% | 11/01/49 | 563,438 | |
400,000 | Yonkers NY Econ Dev Corp Eductnl Rev Chrt Sch Edu Excellence Proj, Ser A | 4.00% | 10/15/29 | 393,642 | |
850,000 | Yonkers NY, Ser F, BAM | 5.00% | 11/15/40 | 932,898 | |
500,000 | Yonkers NY, Ser F, BAM | 5.00% | 11/15/41 | 545,351 | |
121,182,521 | |||||
North Carolina — 0.7% | |||||
250,000 | Buncombe Cnty NC Ltd Oblig Ref Rev, Ser A | 5.00% | 06/01/29 | 274,285 | |
575,000 | Charlotte Mecklenburg NC Hosp Auth Hlth Care Sys Rev Ref Carolinas Hlthcare Sys, Ser A | 5.00% | 01/15/34 | 590,864 | |
890,000 | Charlotte NC Arpt Rev Charlotte Douglas Intl Arpt, Ser B, AMT | 5.00% | 07/01/29 | 951,040 | |
925,000 | Charlotte NC Arpt Rev, Ser A | 5.00% | 07/01/42 | 1,016,038 | |
500,000 | Charlotte NC Arpt Rev, Ser B, AMT | 5.00% | 07/01/40 | 535,276 | |
750,000 | Greenville NC Comb Enterprise Sys Rev Ref | 5.00% | 04/01/28 | 774,304 | |
1,330,000 | Monroe NC Comb Enterprise Sys Rev Ref | 5.00% | 03/01/28 | 1,367,180 | |
1,000,000 | NC St Agric & Tech Univ Ref Gen, Ser A | 5.00% | 10/01/40 | 1,010,700 | |
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 | 910,833 | |
375,000 | NC St Med Care Commn Hosp Rev Caromont Hlth, Ser A | 5.00% | 02/01/32 | 412,630 | |
1,500,000 | NC St Med Care Commn Hosp Rev Caromont Hlth, Ser B (Mandatory put 02/01/26) | 5.00% | 02/01/51 | 1,530,807 | |
500,000 | NC St Med Care Commn Retmnt Facs Rev Pennybyrn at Maryfield Proj, Ser A | 5.00% | 10/01/45 | 444,549 | |
1,500,000 | NC St Med Care Commn Retmnt Facs Rev Pennybyrn at Maryfield Proj, Ser A | 5.00% | 10/01/50 | 1,298,821 | |
500,000 | NC St Med Care Commn Retmnt Facs Rev The United Methodist Retmnt Homes Proj, Ser A | 5.00% | 10/01/39 | 524,914 | |
2,450,000 | Wake Cnty NC Ltd Oblig | 4.00% | 03/01/38 | 2,509,998 | |
14,152,239 | |||||
Ohio — 3.1% | |||||
750,000 | Akron Bath Copley Jt Twp OH Hosp Dist Ref Summa Hlth Oblig Grp Hosp Facs Rev | 4.00% | 11/15/35 | 711,795 | |
900,000 | Akron Bath Copley Jt Twp OH Hosp Dist Ref Summa Hlth Oblig Grp Hosp Facs Rev | 4.00% | 11/15/36 | 843,038 | |
100,000 | Bowling Green OH St Univ Ref, Ser A | 4.00% | 06/01/38 | 100,815 | |
195,000 | Bowling Green OH St Univ Ref, Ser A | 4.00% | 06/01/39 | 195,968 | |
1,000,000 | Brunswick OH City Sch Dist, BAM | 5.25% | 12/01/53 | 1,059,043 | |
3,000,000 | Buckeye OH Tobacco Stlmt Fing Auth Ref Sr, Class 1, Ser A-2 | 4.00% | 06/01/37 | 2,994,452 | |
2,000,000 | Buckeye OH Tobacco Stlmt Fing Auth Ref Sr, Class 1, Ser A-2 | 4.00% | 06/01/48 | 1,783,473 | |
2,375,000 | Buckeye OH Tobacco Stlmt Fing Auth Ref Sr, Class 2, Ser B-2 | 5.00% | 06/01/55 | 2,153,226 | |
370,000 | Butler Cnty OH Port Auth Econ Dev Lease Rev Ref Cmnty First Solutions Oblg Grp Proj, Ser A | 4.00% | 05/15/46 | 325,512 | |
1,000,000 | Chillicothe OH City Sch Dist Ref, AGM | 4.00% | 12/01/31 | 978,834 | |
80,000 | Cleveland OH Pub Pwr Sys Rev Prerefunded Ref, Ser A, AGM | 5.00% | 11/15/24 | 80,538 | |
420,000 | Cleveland OH Pub Pwr Sys Rev Unrefunded Ref, Ser A, AGM | 5.00% | 11/15/24 | 422,306 | |
5,000,000 | Columbus OH, Ser A | 3.00% | 07/01/27 | 4,872,614 |
Principal Value | Description | Stated Coupon | Stated Maturity | Value | |
MUNICIPAL BONDS (Continued) | |||||
Ohio (Continued) | |||||
$310,000 | Hamilton Cnty OH Hosp Facs Rev Ref Trihealth Inc Oblig Grp Proj, Ser A | 5.00% | 08/15/31 | $336,288 | |
250,000 | Hamilton Cnty OH Hosp Facs Rev Ref Trihealth Inc Oblig Grp Proj, Ser A | 5.00% | 08/15/32 | 271,251 | |
380,000 | Hamilton Cnty OH Hosp Facs Rev Ref Trihealth Inc Oblig Grp Proj, Ser A | 5.00% | 08/15/33 | 412,193 | |
1,000,000 | Hamilton Cnty OH Hosp Facs Rev UC Hlth | 4.00% | 09/15/50 | 787,606 | |
960,000 | Miami Cnty OH Hosp Facs Rev Ref & Impt Kettering Hlth Network Oblig Grp | 5.00% | 08/01/32 | 1,015,151 | |
1,000,000 | Miami Cnty OH Hosp Facs Rev Ref & Impt Kettering Hlth Network Oblig Grp | 5.00% | 08/01/33 | 1,053,195 | |
3,000,000 | Miami Cnty OH Hosp Facs Rev Ref & Impt Kettering Hlth Network Oblig Grp | 5.00% | 08/01/36 | 3,128,266 | |
575,000 | Miamisburg OH City Sch Dist Ref (Pre-refunded maturity 12/01/25) | 5.00% | 12/01/35 | 588,916 | |
400,000 | Montgomery Cnty OH Hosp Rev Ref Kettering Hlth Network Oblig Grp Proj | 4.00% | 08/01/37 | 399,132 | |
1,375,000 | Montgomery Cnty OH Hosp Rev Ref Kettering Hlth Network Oblig Grp Proj | 4.00% | 08/01/41 | 1,321,504 | |
600,000 | NE OH Med Univ Gen Recpts Ref, Ser A | 4.00% | 12/01/35 | 583,865 | |
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 | 2,180,467 | |
3,750,000 | OH St Air Quality Dev Auth Exempt Facs Rev AMG Vanadium Proj, AMT (c) | 5.00% | 07/01/49 | 3,452,762 | |
3,000,000 | OH St Air Quality Dev Auth OH Vly Electric Corp Proj Remk, Ser B, AMT (Mandatory put 10/01/29) | 2.60% | 06/01/41 | 2,629,004 | |
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 | 983,947 | |
2,225,000 | OH St Air Quality Dev Auth Ref OH Vly Elec Corp Proj, Ser A | 3.25% | 09/01/29 | 2,104,791 | |
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 | 1,002,160 | |
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 | 1,995,730 | |
1,000,000 | OH St Hgr Eductnl Fac Commn Ref Rev Judson Oblig Grp 2020 Proj, Ser A | 5.00% | 12/01/45 | 930,075 | |
1,985,000 | OH St Hosp Rev Ref Var Univ Hosps Hlth Sys Inc, Ser C (b) | 4.05% | 01/15/51 | 1,985,000 | |
325,000 | OH St Hosp Rev Ref, Ser A | 5.00% | 01/15/35 | 347,469 | |
500,000 | OH St Hosp Rev Ref, Ser A | 4.00% | 01/15/38 | 498,992 | |
2,500,000 | OH St Hosp Rev Var Ref Hosps Hlth Sys Inc, Ser B (b) | 3.97% | 01/15/45 | 2,500,000 | |
2,720,000 | OH St Univ, Ser A | 4.00% | 12/01/32 | 2,722,228 | |
700,000 | OH St Wtr Dev Auth Rev Sustainable Bond, Ser A | 5.00% | 12/01/39 | 782,641 | |
1,000,000 | OH St Wtr Dev Auth Rev Sustainable Bond, Ser A | 5.00% | 12/01/40 | 1,110,805 | |
1,000,000 | OH St Wtr Dev Auth Rev Sustainable Bond, Ser A | 5.00% | 12/01/41 | 1,106,439 | |
2,275,000 | OH St, Ser A | 5.00% | 02/01/34 | 2,332,202 | |
2,500,000 | OH St, Ser T | 5.00% | 05/01/32 | 2,622,962 | |
550,000 | Sharonville OH Spl Oblg Rev | 4.00% | 12/01/39 | 553,309 | |
500,000 | Sharonville OH Spl Oblg Rev | 4.00% | 12/01/40 | 500,954 | |
1,115,000 | Upper Arlington OH Spl Oblig Non Tax Rev Kingsdale Mixed Use Dev, Ser A | 5.00% | 12/01/40 | 1,182,945 | |
59,943,863 |
Principal Value | Description | Stated Coupon | Stated Maturity | Value | |
MUNICIPAL BONDS (Continued) | |||||
Oklahoma — 0.6% | |||||
$805,000 | Catoosa OK Indl Auth Sales Tax Rev | 4.50% | 10/01/32 | $775,015 | |
6,000,000 | OK St Dev Fin Auth Sr OK Proton Ctr, Ser A1 (c) | 7.25% | 09/01/51 | 5,948,061 | |
1,000,000 | Oklahoma Cnty OK Fin Auth Eductnl Facs Lease Rev Midwest City De City Pub Schs Proj | 5.00% | 10/01/26 | 1,032,224 | |
2,305,000 | Oklahoma Cnty OK Fin Auth Eductnl Facs Lease Rev Midwest City Del City Pub Schs Proj, BAM | 5.00% | 10/01/43 | 2,472,845 | |
1,000,000 | Tulsa Cnty OK Indl Auth Sr Living Cmnty Rev Ref Montereau Inc Proj | 5.00% | 11/15/25 | 1,000,272 | |
250,000 | Tulsa Cnty OK Indl Auth Sr Living Cmnty Rev Ref Montereau Inc Proj | 5.00% | 11/15/26 | 250,584 | |
1,000,000 | Weatherford OK Indl Trust Eductnl Facs Lease Rev Weatherford Pub Schs Proj | 5.00% | 03/01/31 | 1,068,814 | |
12,547,815 | |||||
Oregon — 0.8% | |||||
500,000 | Clackamas Cnty OR Hosp Fac Auth Rev Ref Rose Villa Proj, Ser A | 5.25% | 11/15/50 | 459,180 | |
170,000 | Clackamas Cnty OR Hosp Fac Auth Rev Ref Sr Living Willamette View Proj, Ser A | 4.00% | 05/15/26 | 168,231 | |
250,000 | Clackamas Cnty OR Hosp Fac Auth Rev Ref Sr Living Willamette View Proj, Ser A | 5.00% | 11/15/32 | 251,684 | |
2,200,000 | Clackamas Cnty OR Sch Dist #12 N Clackamas Ref (Pre-refunded maturity 06/15/24) | 4.00% | 06/15/31 | 2,199,950 | |
1,250,000 | Medford OR Hosp Facs Auth Rev Ref Asante Proj, Ser A | 5.00% | 08/15/34 | 1,353,353 | |
1,100,000 | OR St Facs Auth Rev Ref Univ Portland, Ser A | 5.00% | 04/01/32 | 1,115,897 | |
1,890,000 | Port of Portland OR Arpt Rev Portland Intl Arpt, Ser 25B, AMT | 5.00% | 07/01/29 | 2,019,625 | |
1,000,000 | Port of Portland OR Arpt Rev Portland Intl Arpt, Ser 25B, AMT | 5.00% | 07/01/38 | 1,040,333 | |
4,950,000 | Tri Cnty Met Transprtn Dist OR Rev, Ser A, GARVEE | 5.00% | 10/01/32 | 5,236,573 | |
1,000,000 | Union Cnty OR Hosp Fac Auth Grande Ronde Hosp | 5.00% | 07/01/47 | 964,849 | |
14,809,675 | |||||
Pennsylvania — 6.7% | |||||
1,500,000 | Allegheny Cnty PA Arpt Auth Arpt Rev Pittsburgh Arpt, Ser A, AGM, AMT | 5.50% | 01/01/42 | 1,651,530 | |
2,300,000 | Allegheny Cnty PA Arpt Auth Arpt Rev Pittsburgh Arpt, Ser A, AGM, AMT | 5.50% | 01/01/43 | 2,521,781 | |
1,500,000 | Allegheny Cnty PA Hosp Dev Auth Ref Allegheny Hlth Network Obligted Grp Issue, Ser A | 5.00% | 04/01/32 | 1,572,769 | |
3,050,000 | Allegheny Cnty PA Hosp Dev Auth Ref Univ Pittsburgh Med Ctr, Ser A | 4.00% | 07/15/35 | 3,110,182 | |
2,180,000 | Allegheny Cnty PA Hosp Dev Auth Ref Univ Pittsburgh Med Ctr, Ser A | 4.00% | 07/15/36 | 2,211,466 | |
2,650,000 | Allegheny Cnty PA Hosp Dev Auth Ref Univ Pittsburgh Med Ctr, Ser A | 4.00% | 07/15/38 | 2,650,015 | |
500,000 | Armstrong PA Sch Dist Ref, Ser A, BAM | 4.00% | 03/15/37 | 505,562 | |
460,000 | Berks Cnty PA Indl Dev Auth Hlthcare Facs Rev Ref Highlands at Wyomissing, Ser A | 5.00% | 05/15/32 | 466,712 | |
735,000 | Bucks Cnty PA Indl Dev Auth Hosp Rev St Luke’s Univ Hlth Network Proj | 4.00% | 08/15/38 | 712,663 | |
1,050,000 | Bucks Cnty PA Indl Dev Auth Hosp Rev St Luke’s Univ Hlth Network Proj | 4.00% | 08/15/44 | 998,626 | |
1,185,000 | Bucks Cnty PA Indl Dev Auth Ref Pennswood Vlg Proj, Ser A | 5.00% | 10/01/32 | 1,212,167 | |
415,000 | Bucks Cnty PA Indl Dev Auth Ref Pennswood Vlg Proj, Ser A | 5.00% | 10/01/33 | 424,382 | |
2,000,000 | Chester Cnty PA Indl Dev Auth Nts Avon Grove Chrt Sch | 5.00% | 03/01/27 | 2,019,908 |
Principal Value | Description | Stated Coupon | Stated Maturity | Value | |
MUNICIPAL BONDS (Continued) | |||||
Pennsylvania (Continued) | |||||
$765,000 | Chester Cnty PA Indl Dev Auth Renaissance Acdmy Chrt Sch | 5.00% | 10/01/34 | $742,254 | |
1,000,000 | Cmwlth Fing Auth PA Tobacco Master Stlmt Payment Rev Bonds | 5.00% | 06/01/25 | 1,010,583 | |
1,000,000 | Cmwlth Fing Auth PA Tobacco Master Stlmt Payment Rev Bonds | 5.00% | 06/01/30 | 1,057,388 | |
2,000,000 | Cmwlth Fing Auth PA Tobacco Master Stlmt Payment Rev Bonds, AGM | 4.00% | 06/01/39 | 1,975,777 | |
500,000 | Colonial PA Sch Dist | 5.00% | 02/15/36 | 503,950 | |
300,000 | Colonial PA Sch Dist, Ser A | 5.00% | 02/15/34 | 304,623 | |
270,000 | Conestoga Vly PA Sch Dist | 4.00% | 02/01/31 | 277,287 | |
50,000 | Cumberland Cnty PA Muni Auth Prerefunded Ref Diakon Lutheran Ministries Proj (Pre-refunded maturity 01/01/25) | 5.00% | 01/01/30 | 50,355 | |
105,000 | Cumberland Cnty PA Muni Auth Prerefunded Ref Diakon Lutheran Ministries Proj (Pre-refunded maturity 01/01/25) | 5.00% | 01/01/30 | 105,746 | |
65,000 | Cumberland Cnty PA Muni Auth Prerefunded Ref Diakon Lutheran Ministries Proj (Pre-refunded maturity 01/01/25) | 5.00% | 01/01/38 | 65,462 | |
285,000 | Cumberland Cnty PA Muni Auth Prerefunded Ref Diakon Lutheran Ministries Proj (Pre-refunded maturity 01/01/25) | 5.00% | 01/01/38 | 287,026 | |
1,150,000 | Cumberland Cnty PA Muni Auth Ref Diakon Lutheran Social Ministries | 5.00% | 01/01/25 | 1,152,977 | |
1,000,000 | Cumberland Cnty PA Muni Auth Ref Diakon Lutheran Social Ministries | 5.00% | 01/01/33 | 1,008,827 | |
1,660,000 | Cumberland Cnty PA Muni Auth Ref Messiah Vlg Proj | 5.00% | 07/01/28 | 1,662,773 | |
145,000 | Cumberland Cnty PA Muni Auth Unrefunded Ref Diakon Lutheran Ministries Proj | 5.00% | 01/01/30 | 145,639 | |
350,000 | Cumberland Cnty PA Muni Auth Unrefunded Ref Diakon Lutheran Ministries Proj | 5.00% | 01/01/38 | 350,815 | |
280,000 | Deer Creek PA Drain Basin Allegheny Cnty Swr Rev Ref, AGM | 4.00% | 12/01/34 | 286,490 | |
390,000 | Deer Creek PA Drain Basin Allegheny Cnty Swr Rev Ref, AGM | 4.00% | 12/01/35 | 396,459 | |
1,165,000 | Dover PA Area Sch Dist, BAM | 4.00% | 04/01/32 | 1,189,786 | |
100,000 | Dubois PA Hosp Auth Penn Highlands Hlthcare | 5.00% | 07/15/32 | 103,677 | |
115,000 | Dubois PA Hosp Auth Penn Highlands Hlthcare | 5.00% | 07/15/33 | 118,573 | |
715,000 | E Hempfield Twp PA Indl Dev Auth Ref Willow Vly Cmntys Proj | 5.00% | 12/01/28 | 721,790 | |
895,000 | E Hempfield Twp PA Indl Dev Auth Ref Willow Vly Cmntys Proj | 5.00% | 12/01/29 | 904,491 | |
1,730,000 | Kiski Vly PA Wtr Poll Control Auth Ref, AGM | 4.00% | 09/01/42 | 1,674,817 | |
1,110,000 | Lancaster Cnty PA Hosp Auth Hlthcare Facs Rev Moravian Manors Inc Proj, Ser A | 5.00% | 06/15/38 | 1,018,096 | |
1,000,000 | Lancaster Cnty PA Hosp Auth Penn St Hlth | 5.00% | 11/01/39 | 1,046,700 | |
1,735,000 | Lancaster Cnty PA Hosp Auth Penn St Hlth | 5.00% | 11/01/40 | 1,806,481 | |
550,000 | Latrobe PA Indl Dev Auth Univ Rev Ref Seton Hill Univ | 4.00% | 03/01/46 | 426,109 | |
2,415,000 | Latrobe PA Indl Dev Auth Univ Rev Ref Seton Hill Univ | 4.00% | 03/01/51 | 1,781,710 | |
405,000 | Lebanon PA Auth Swr Rev Ref Sustainable Bond, BAM | 4.00% | 12/15/29 | 413,005 | |
420,000 | Lebanon PA Auth Swr Rev Ref Sustainable Bond, BAM | 4.00% | 12/15/30 | 428,246 | |
3,000,000 | Lehigh Cnty PA Indl Dev Auth Ref Ppl Elec Util Corp Proj Remk, Ser A | 3.00% | 09/01/29 | 2,837,664 | |
500,000 | Maxatawny Twp PA Muni Auth Rev Diakon Lutheran Social Ministries Proj, Ser A | 5.00% | 01/01/41 | 496,615 | |
300,000 | Mifflinburg PA Area Sch Dist Ref, Ser A | 4.00% | 06/15/35 | 308,175 | |
550,000 | Mifflinburg PA Area Sch Dist Ref, Ser A | 4.00% | 06/15/36 | 563,287 | |
1,000,000 | Montgomery Cnty PA Hgr Edu & Hlth Auth Ref Thomas Jefferson Univ Proj | 4.00% | 09/01/34 | 1,003,908 | |
1,000,000 | Montgomery Cnty PA Hgr Edu & Hlth Auth Ref Thomas Jefferson Univ Proj | 4.00% | 09/01/35 | 1,002,963 |
Principal Value | Description | Stated Coupon | Stated Maturity | Value | |
MUNICIPAL BONDS (Continued) | |||||
Pennsylvania (Continued) | |||||
$2,000,000 | Montgomery Cnty PA Hgr Edu & Hlth Auth Ref Thomas Jefferson Univ Proj | 4.00% | 09/01/44 | $1,863,167 | |
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 | 2,804,823 | |
480,000 | Montgomery Cnty PA Indl Dev Auth Ref Meadowood Sr Living Proj, Ser A | 5.00% | 12/01/26 | 484,720 | |
100,000 | Montgomery Cnty PA Indl Dev Auth Ref Waverly Heights Ltd Proj | 4.00% | 12/01/33 | 98,882 | |
285,000 | Montgomery Cnty PA Indl Dev Auth Ref Waverly Heights Ltd Proj | 4.00% | 12/01/34 | 281,587 | |
580,000 | Montgomery Cnty PA Indl Dev Auth Ref Waverly Heights Ltd Proj | 5.00% | 12/01/44 | 583,453 | |
140,000 | Northampton Cnty PA Gen Purp Auth Clg Rev Ref Moravian Clg | 5.00% | 10/01/25 | 140,498 | |
540,000 | Northampton Cnty PA Gen Purp Auth Clg Rev Ref Moravian Clg | 5.00% | 10/01/31 | 547,606 | |
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 | 1,852,950 | |
1,000,000 | PA St Econ Dev Fing Auth Pkg Sys Rev Ref Sr Insured Capitol Region Parking Sys, Ser A, AGM | 5.00% | 01/01/38 | 1,071,554 | |
1,250,000 | PA St Econ Dev Fing Auth Pkg Sys Rev Ref Sr Insured Capitol Region Parking Sys, Ser A, AGM | 5.00% | 01/01/39 | 1,329,547 | |
1,000,000 | PA St Econ Dev Fing Auth Pkg Sys Rev Ref Sr Insured Capitol Region Parking Sys, Ser A, AGM | 5.00% | 01/01/40 | 1,058,228 | |
2,000,000 | PA St Econ Dev Fing Auth Rev PA Bridges Finco LP P3 Proj | 5.00% | 12/31/34 | 2,023,011 | |
1,500,000 | PA St Econ Dev Fing Auth Rev Ref Presbyterian Sr Living Prj, Ser B-2 | 5.00% | 07/01/42 | 1,524,021 | |
50,000 | PA St Econ Dev Fing Auth Rev UPMC Rev, Ser B | 4.00% | 03/15/40 | 48,465 | |
2,000,000 | PA St Econ Dev Fing Auth Solid Wst Disposal Rev Var Rep Svcs Inc Proj Remk, Ser B-1, AMT (Mandatory put 07/15/24) (b) | 4.05% | 04/01/49 | 1,999,863 | |
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 | 2,209,166 | |
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 | 6,418,043 | |
1,105,000 | PA St Hgr Eductnl Facs Auth Rev Ref Drexel Univ | 5.00% | 05/01/34 | 1,121,247 | |
2,810,000 | PA St Hsg Fin Agy Sf Mtge Rev Non Ace, Ser 123B | 3.45% | 10/01/32 | 2,654,848 | |
880,000 | PA St Hsg Fin Agy Sf Mtge Rev Non Ace, Ser 125B, AMT | 3.70% | 10/01/47 | 741,218 | |
5,410,000 | PA St Hsg Fin Agy Sf Mtge Rev, Ser 127B | 3.55% | 10/01/33 | 5,175,988 | |
1,000,000 | PA St Turnpike Commn Turnpike Rev Ref (Forward refunding maturity 12/01/24) | 5.00% | 12/01/33 | 1,004,312 | |
750,000 | PA St Turnpike Commn Turnpike Rev Ref Subord, First Ser | 5.00% | 12/01/38 | 826,911 | |
900,000 | PA St Turnpike Commn Turnpike Rev Ref Subord, Ser 2017-3 | 5.00% | 12/01/40 | 928,513 | |
1,000,000 | PA St Turnpike Commn Turnpike Rev Ref, Ser B | 5.25% | 12/01/41 | 1,124,330 | |
545,000 | PA St Turnpike Commn Turnpike Rev Ref, Ser B | 5.25% | 12/01/42 | 607,324 | |
1,675,000 | PA St Turnpike Commn Turnpike Rev Ref, Ser B | 5.00% | 12/01/47 | 1,787,919 | |
2,875,000 | PA St Turnpike Commn Turnpike Rev Sub, Ser A, BAM | 5.00% | 12/01/44 | 3,015,288 | |
4,500,000 | PA St Turnpike Commn Turnpike Rev Subord, Ser A | 4.00% | 12/01/45 | 4,268,049 | |
550,000 | PA St Turnpike Commn Turnpike Rev Subord, Ser A-1 | 5.00% | 12/01/30 | 562,528 | |
2,420,000 | PA St Turnpike Commn Turnpike Rev, Ser B | 5.00% | 12/01/40 | 2,448,343 | |
3,690,000 | PA St, First Ser | 5.00% | 06/15/34 | 3,694,334 | |
200,000 | Parkland PA Sch Dist, Ser B | 4.00% | 02/01/34 | 206,217 | |
300,000 | Parkland PA Sch Dist, Ser B | 4.00% | 02/01/35 | 308,313 | |
1,200,000 | Philadelphia PA Arpt Rev Ref Priv Activity, AMT, AGM | 4.00% | 07/01/38 | 1,186,690 | |
750,000 | Philadelphia PA Arpt Rev Ref Priv Activity, AGM, AMT | 4.00% | 07/01/40 | 728,270 | |
4,000,000 | Philadelphia PA Arpt Rev Ref, Ser B, AMT | 5.00% | 07/01/29 | 4,136,281 |
Principal Value | Description | Stated Coupon | Stated Maturity | Value | |
MUNICIPAL BONDS (Continued) | |||||
Pennsylvania (Continued) | |||||
$620,000 | Philadelphia PA Auth for Indl Dev Chrt Sch Rev Mast Chrt Sch Proj | 5.00% | 08/01/40 | $597,944 | |
375,000 | Philadelphia PA Auth for Indl Dev Chrt Sch Rev Mast Chrt Sch Proj | 5.00% | 08/01/50 | 342,233 | |
2,425,000 | Philadelphia PA Auth for Indl Dev Chrt Sch Rev Philadelphia E&T Chrt High Sch, Ser A | 4.00% | 06/01/41 | 2,058,911 | |
1,000,000 | Philadelphia PA Energy Auth Sustainable Bonds Philadelphia Street Lighting Proj, Ser A | 5.00% | 11/01/41 | 1,077,120 | |
1,000,000 | Philadelphia PA Energy Auth Sustainable Bonds Philadelphia Street Lighting Proj, Ser A | 5.00% | 11/01/42 | 1,071,662 | |
290,000 | Philadelphia PA Gas Wks Rev Ref | 5.00% | 08/01/25 | 294,378 | |
1,760,000 | Philadelphia PA Sch Dist Sustainable Bond, Ser B | 5.00% | 09/01/35 | 1,961,078 | |
2,000,000 | Philadelphia PA, Ser A | 4.00% | 05/01/41 | 1,930,867 | |
300,000 | Pittsburgh PA Wtr & Swr Auth, Ser B, AGM | 5.00% | 09/01/32 | 331,918 | |
205,000 | Pittsburgh PA Wtr & Swr Auth, Ser B, AGM | 5.00% | 09/01/34 | 227,385 | |
2,000,000 | S Estrn PA Transprtn Auth Asset Impt Progr | 5.25% | 06/01/40 | 2,230,253 | |
3,650,000 | S Estrn PA Transprtn Auth Asset Impt Progr | 5.25% | 06/01/41 | 4,051,666 | |
300,000 | S Wayne Cnty PA Wtr & Swr Auth Wtr & Swr Rev Ref, BAM | 4.00% | 02/15/34 | 307,952 | |
325,000 | S Wayne Cnty PA Wtr & Swr Auth Wtr & Swr Rev Ref, BAM | 4.00% | 02/15/35 | 333,425 | |
235,000 | S Wayne Cnty PA Wtr & Swr Auth Wtr & Swr Rev Ref, BAM | 4.00% | 02/15/36 | 240,942 | |
250,000 | Upper Darby PA Sch Dist, AGM | 4.00% | 04/01/34 | 258,038 | |
300,000 | Upper Darby PA Sch Dist, AGM | 4.00% | 04/01/35 | 309,333 | |
250,000 | Upper Darby PA Sch Dist, AGM | 4.00% | 04/01/36 | 256,440 | |
300,000 | Upper Darby PA Sch Dist, Ser A, BAM | 4.00% | 04/01/42 | 298,184 | |
245,000 | Upper Darby PA Sch Dist, Ser A, BAM | 4.00% | 04/01/43 | 241,562 | |
105,000 | W Cornwall Twp PA Muni Auth Ref Lebanon Vly Brethren Home Proj, Ser A | 4.00% | 11/15/28 | 101,652 | |
135,000 | W Cornwall Twp PA Muni Auth Ref Lebanon Vly Brethren Home Proj, Ser A | 4.00% | 11/15/29 | 130,183 | |
215,000 | W Cornwall Twp PA Muni Auth Ref Lebanon Vly Brethren Home Proj, Ser A | 4.00% | 11/15/36 | 195,711 | |
131,003,631 | |||||
Puerto Rico — 0.9% | |||||
5,000,000 | Puerto Rico Cmwlth Restructured, Ser A1 | 4.00% | 07/01/33 | 4,928,093 | |
429,000 | Puerto Rico Sales Tax Fing Corp Sales Tax Rev Restructured, Ser A-1, CABS | (d) | 07/01/27 | 380,241 | |
1,536,000 | Puerto Rico Sales Tax Fing Corp Sales Tax Rev Restructured, Ser A-1, CABS | (d) | 07/01/31 | 1,159,257 | |
8,258,000 | Puerto Rico Sales Tax Fing Corp Sales Tax Rev Restructured, Ser A-1 | 4.50% | 07/01/34 | 8,290,091 | |
3,500,000 | Puerto Rico Sales Tax Fing Corp Sales Tax Rev Restructured, Ser A-2 | 4.33% | 07/01/40 | 3,427,659 | |
18,185,341 | |||||
Rhode Island — 0.2% | |||||
150,000 | Providence RI Pub Bldgs Auth Rev, Ser B, AGM | 5.00% | 06/15/31 | 160,108 | |
320,000 | Providence RI Pub Bldgs Auth Rev, Ser B, AGM | 5.00% | 06/15/33 | 340,746 | |
230,000 | Providence RI Pub Bldgs Auth Rev, Ser B, AGM | 5.00% | 06/15/35 | 244,202 | |
1,125,000 | RI St Hlth & Eductnl Bldg Corp Rev Ref Hosp Fing Lifespan Oblig Grp | 5.00% | 05/15/29 | 1,137,560 |
Principal Value | Description | Stated Coupon | Stated Maturity | Value | |
MUNICIPAL BONDS (Continued) | |||||
Rhode Island (Continued) | |||||
$1,460,000 | RI St Hlth & Eductnl Bldg Corp Rev Ref Hosp Fing Lifespan Oblig Grp | 5.00% | 05/15/32 | $1,477,404 | |
35,000 | RI St Hlth & Eductnl Bldg Corp Rev Ref Hosp Fing Lifespan Oblig Grp | 5.00% | 05/15/39 | 35,101 | |
3,395,121 | |||||
South Carolina — 0.8% | |||||
2,250,000 | Berkeley Cnty SC Assmnt Rev Nexton Impt Dist | 4.25% | 11/01/40 | 1,931,337 | |
1,000,000 | Greenville Cnty SC Sch Dist Installment Pur Rev Ref SC Proj | 5.00% | 12/01/24 | 1,007,402 | |
1,000,000 | Greenville SC Hosp Sys Brd Hosp Facs Rev, Ser B | 5.00% | 05/01/30 | 1,000,302 | |
1,005,000 | Lancaster Cnty SC Assmnt Rev Ref Walnut Creek Impt Dist, Ser A-1 | 5.00% | 12/01/26 | 1,005,173 | |
1,000,000 | Lancaster Cnty SC Assmnt Rev Ref Walnut Creek Impt Dist, Ser A-1 | 5.00% | 12/01/31 | 1,000,175 | |
1,000,000 | SC St Jobs Econ Dev Auth Econ Dev Rev Ref The Woodlands at Furman | 5.25% | 11/15/47 | 943,293 | |
1,100,000 | SC St Jobs Econ Dev Auth Econ Dev Rev Woodlands at Furman Proj, Ser A | 5.00% | 11/15/54 | 963,399 | |
2,375,000 | SC St Pub Svc Auth Rev Ref Santee Cooper, Ser C, AGM | 5.50% | 12/01/39 | 2,650,091 | |
2,000,000 | SC St Pub Svc Auth Rev Ref Santee Cooper, Ser C, AGM | 5.50% | 12/01/40 | 2,217,662 | |
1,995,000 | SC St Pub Svc Auth Rev Ref Santee Cooper, Ser C, AGM | 5.50% | 12/01/42 | 2,194,961 | |
355,000 | SC St Pub Svc Auth Rev Ref, Ser A | 4.00% | 12/01/35 | 356,893 | |
15,270,688 | |||||
South Dakota — 0.1% | |||||
1,000,000 | Lincoln Cnty SD Econ Dev Rev Ref Augustana Clg Assoc Proj, Ser A | 4.00% | 08/01/51 | 801,078 | |
105,000 | SD St Hlth & Eductnl Facs Auth Ref Sanford Oblig Grp | 5.00% | 11/01/35 | 107,141 | |
200,000 | SD St Hlth & Eductnl Facs Auth Ref Westhills Vlg Retmnt Cmnty Issue | 3.00% | 09/01/28 | 189,546 | |
640,000 | SD St Hlth & Eductnl Facs Auth Ref Westhills Vlg Retmnt Cmnty Issue | 3.00% | 09/01/32 | 572,516 | |
1,670,281 | |||||
Tennessee — 1.0% | |||||
250,000 | Chattanooga TN Hlth Eductnl & Hsg Fac Brd Rev Ref Commonspirit Hlth, Ser A-1 | 5.00% | 08/01/34 | 268,081 | |
200,000 | Chattanooga TN Hlth Eductnl & Hsg Fac Brd Rev Ref Commonspirit Hlth, Ser A-1 | 4.00% | 08/01/37 | 196,689 | |
825,000 | Chattanooga TN Hlth Eductnl & Hsg Fac Brd Rev Ref Commonspirit Hlth, Ser A-2 | 5.00% | 08/01/34 | 884,668 | |
2,500,000 | Chattanooga TN Hlth Eductnl & Hsg Fac Brd Rev Ref Commonspirit Hlth, Ser A-2 | 5.00% | 08/01/44 | 2,570,165 | |
550,000 | Knox Cnty TN Hlth Eductnl & Hsg Fac Brd Stdt Hsg Rev Univ of TN Proj, Ser A-1, BAM | 5.00% | 07/01/43 | 580,494 | |
930,000 | Met Govt Nashville & Davidson Cnty TN Hlth & Eductnl Fac Brd Belmont Univ | 5.00% | 05/01/42 | 987,265 | |
1,000,000 | Met Govt Nashville & Davidson Cnty TN Hlth & Eductnl Fac Brd Belmont Univ | 5.25% | 05/01/48 | 1,062,550 | |
1,385,000 | Met Govt Nashville & Davidson Cnty TN Hlth & Eductnl Fac Brd Ref Lipscomb Univ Proj, Ser A | 5.00% | 10/01/29 | 1,422,828 | |
2,305,000 | Met Nashville TN Arpt Auth Arpt Rev Subord, Ser B, AMT | 5.00% | 07/01/35 | 2,470,282 | |
600,000 | Met Nashville TN Arpt Auth Arpt Rev, Ser B, AMT | 5.25% | 07/01/35 | 673,617 | |
750,000 | Met Nashville TN Arpt Auth Arpt Rev, Ser B, AMT | 5.50% | 07/01/38 | 835,745 |
Principal Value | Description | Stated Coupon | Stated Maturity | Value | |
MUNICIPAL BONDS (Continued) | |||||
Tennessee (Continued) | |||||
$2,000,000 | Tennergy Corp TN Gas Rev, Ser A (Mandatory put 10/01/24) | 5.00% | 02/01/50 | $2,008,156 | |
4,000,000 | TN Energy Acq Corp Cmdy Proj Rev, Ser A (Mandatory put 11/01/31) | 5.00% | 05/01/52 | 4,205,955 | |
2,000,000 | TN St Energy Acq Corp Gas Rev Var Ref Gas Proj, Ser A-1 (Mandatory put 05/01/28) | 5.00% | 05/01/53 | 2,061,100 | |
20,227,595 | |||||
Texas — 9.8% | |||||
415,000 | Arlington TX Hgr Edu Fin Corp Edu Rev | 5.00% | 08/15/33 | 450,545 | |
525,000 | Arlington TX Hgr Edu Fin Corp Edu Rev | 5.00% | 08/15/34 | 569,604 | |
565,000 | Arlington TX Hgr Edu Fin Corp Edu Rev | 4.00% | 08/15/35 | 576,049 | |
1,000,000 | Arlington TX Hgr Edu Fin Corp Edu Rev Ref Legacy Trad Schs TX Proj, Ser A | 4.13% | 02/15/41 | 776,562 | |
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 | 2,016,293 | |
1,000,000 | Aubrey TX Spl Assmnt Ref Jackson Ridge Pub Impt Dt Phase #1 & #2 Assmnts, BAM | 5.00% | 09/01/40 | 1,071,423 | |
1,305,000 | Austin TX Arpt Sys Rev, AMT | 5.00% | 11/15/30 | 1,406,871 | |
350,000 | Austin TX Arpt Sys Rev, AMT | 5.00% | 11/15/35 | 382,424 | |
1,390,000 | Austin TX Arpt Sys Rev, AMT | 5.00% | 11/15/40 | 1,470,159 | |
3,150,000 | Austin TX Arpt Sys Rev, Ser B, AMT | 5.00% | 11/15/37 | 3,297,224 | |
3,735,000 | Austin TX Ref | 3.15% | 09/01/28 | 3,611,935 | |
1,500,000 | Austin TX Wtr & Wstwtr Sys Rev Ref | 5.00% | 11/15/42 | 1,558,504 | |
1,860,000 | Barbers Hill TX Indep Sch Dist Sch Bldg | 5.00% | 02/15/39 | 1,920,138 | |
910,000 | Bexar Cnty TX Rev Ref Tax Exempt Venue Proj | 4.00% | 08/15/38 | 911,975 | |
305,000 | Celina TX Spl Assmnt Rev Ref The Lakes at Mustang Ranch Pub Impt Dist Phase #1 Proj, BAM | 4.00% | 09/01/29 | 306,708 | |
850,000 | Centrl TX Regl Mobility Auth Rev Sr Lien, Ser A (Pre-refunded maturity 07/01/25) | 5.00% | 01/01/29 | 864,468 | |
445,000 | Centrl TX Regl Mobility Auth Rev, Ser B | 5.00% | 01/01/39 | 473,774 | |
600,000 | Centrl TX Regl Mobility Auth Rev, Ser B | 4.00% | 01/01/40 | 593,142 | |
640,000 | Centrl TX Regl Mobility Auth Rev, Ser B | 4.00% | 01/01/41 | 628,632 | |
2,200,000 | Clear Creek TX Indep Sch Dist Ref, Ser A | 4.00% | 02/15/33 | 2,159,699 | |
460,000 | Clifton TX Hgr Edu Fin Corp Edu Rev Idea Pub Schs | 5.00% | 08/15/32 | 460,409 | |
440,000 | Clifton TX Hgr Edu Fin Corp Edu Rev Uplift Edu, Ser A | 4.00% | 12/01/25 | 434,609 | |
415,000 | Corpus Christi TX Util Sys Rev Junior Lien, Ser B | 5.00% | 07/15/35 | 465,583 | |
2,500,000 | Dallas Fort Worth TX Intl Arpt Rev Ref, Ser B | 5.00% | 11/01/41 | 2,754,410 | |
1,300,000 | Dallas TX Area Rapid Transit Sales Tax Rev Ref, Ser A | 4.00% | 12/01/34 | 1,343,347 | |
490,000 | Dallas TX Hotel Occupancy Tax Rev Ref | 4.00% | 08/15/37 | 464,682 | |
505,000 | Gainesville TX Ctfs Oblig | 5.00% | 02/15/36 | 558,149 | |
535,000 | Gainesville TX Ctfs Oblig | 5.00% | 02/15/37 | 586,638 | |
1,170,000 | Galveston Cnty TX Muni Util Dist #54 Ref | 2.50% | 12/01/31 | 987,547 | |
2,240,000 | Garland TX Wtr & Swr Rev Ref | 5.00% | 03/01/38 | 2,482,431 | |
1,000,000 | Harris Cnty TX Cultural Edu Facs Fin Corp Med Facs Rev Ref Baylor Clg of Med | 4.00% | 11/15/30 | 1,001,463 | |
1,100,000 | Harris Cnty TX Ref Sr Lien Toll Road, Ser B | 5.00% | 08/15/36 | 1,115,960 | |
2,600,000 | Harris Cnty TX Ref Sr Lien, Ser A | 5.00% | 08/15/36 | 2,670,812 | |
2,000,000 | Harris Cnty TX Toll Road Rev Ref, Ser A | 3.00% | 08/15/37 | 1,786,662 | |
850,000 | Hidalgo Cnty TX Ctfs Oblig | 5.25% | 08/15/42 | 933,629 | |
1,500,000 | Hidalgo Cnty TX Regl Mobility Auth Toll & Vehcl Registration Sr Lien, Ser A | 4.00% | 12/01/37 | 1,461,721 |
Principal Value | Description | Stated Coupon | Stated Maturity | Value | |
MUNICIPAL BONDS (Continued) | |||||
Texas (Continued) | |||||
$2,310,000 | Houston TX Arpt Sys Rev Ref Subord Lien, Ser A, AGM, AMT | 5.00% | 07/01/37 | $2,517,797 | |
3,770,000 | Houston TX Arpt Sys Rev Ref Subord Lien, Ser A, AGM, AMT | 5.25% | 07/01/41 | 4,107,732 | |
1,770,000 | Houston TX Arpt Sys Rev Ref United Airls Inc Terminal E Proj, Ser A, AMT | 5.00% | 07/01/27 | 1,795,199 | |
2,750,000 | Houston TX Arpt Sys Rev Ref United Airls Inc Terminal Impt Proj, Ser B-2, AMT | 5.00% | 07/15/27 | 2,789,585 | |
2,000,000 | Houston TX Arpt Sys Rev Sub, Ser A, AMT | 4.00% | 07/01/38 | 1,960,961 | |
1,180,000 | Houston TX Arpt Sys Rev Sub, Ser A, AMT | 4.00% | 07/01/38 | 1,156,967 | |
250,000 | Houston TX Arpt Sys Rev Sub, Ser A, AMT | 4.00% | 07/01/40 | 241,337 | |
750,000 | Houston TX Arpt Sys Rev United Airls Inc Terminal E Proj, Ser A, AMT | 4.00% | 07/01/41 | 704,598 | |
2,000,000 | Houston TX Arpt Sys Rev United Airls Inc Terminal Impt Proj, Ser B-1, AMT | 4.00% | 07/15/41 | 1,878,736 | |
1,000,000 | Houston TX Hotel Occupancy Tax & Spl Rev Ref Convention & Entertainment Facs Dept | 5.00% | 09/01/32 | 1,064,567 | |
2,505,000 | Houston TX Util Sys Rev Ref Subord First Lien, Ser B | 5.00% | 11/15/36 | 2,582,332 | |
1,500,000 | Irving TX Indep Sch Dist | 5.00% | 02/15/42 | 1,631,169 | |
675,000 | Justin TX Spl Assmnt Rev Timberbrook Pub Imp Dt #1 Imp Area #2 Proj (c) | 3.38% | 09/01/41 | 542,064 | |
500,000 | Kyle TX Spl Assmnt Rev 6 Creeks Pub Impt Dist Impt Area #1 (c) | 4.63% | 09/01/39 | 471,924 | |
285,000 | La Vernia TX Hgr Edu Fin Corp Edu Rev Meridian World Sch (c) | 4.35% | 08/15/25 | 285,894 | |
275,000 | La Vernia TX Hgr Edu Fin Corp Edu Rev Meridian World Sch, Ser A (c) | 4.20% | 08/15/25 | 275,597 | |
1,290,000 | Leander TX Spl Assmnt Rev Crystal Springs Pub Impt Dist Proj Accd Inv (c) | 5.13% | 09/01/38 | 1,273,811 | |
1,000,000 | Leonard TX Indep Sch Dist, BAM | 5.00% | 02/15/42 | 1,066,611 | |
500,000 | Liberty Hill TX Indep Sch Dist Ref | 5.00% | 08/01/30 | 517,539 | |
3,795,000 | Liberty Hill TX Indep Sch Dist Ref, Ser A | 5.00% | 02/01/36 | 4,250,592 | |
330,000 | Lindsay TX Indep Sch Dist | 5.00% | 02/15/40 | 360,474 | |
400,000 | Lower CO River TX Auth Trans Contract Rev Ref LCRA Trans Svcs Corp Proj | 5.00% | 05/15/37 | 413,835 | |
2,125,000 | Lower CO River TX Auth Trans Contract Rev Ref LCRA Trans Svcs Corp Proj | 5.00% | 05/15/38 | 2,191,643 | |
370,000 | Mission TX Ctfs Oblig, AGM | 5.00% | 02/15/30 | 389,965 | |
1,000,000 | Mission TX Econ Dev Corp Sol Wst Disp Rev Var Ref Wst Mgmt Inc Proj Remk, Ser B, AMT (Mandatory put 06/03/24) (b) | 4.10% | 07/01/40 | 999,414 | |
2,500,000 | Mission TX Econ Dev Corp Sol Wst Disp Rev Var Rep Svcs Inc Proj Remk, Ser A, AMT (Mandatory put 08/01/24) (b) | 4.10% | 05/01/50 | 2,500,000 | |
950,000 | Mission TX Econ Dev Corp Sol Wst Disp Rev Var Wst Mgmt Inc Proj Remk, Ser A, AMT (Mandatory put 06/03/24) (b) | 4.10% | 05/01/46 | 949,444 | |
1,570,000 | N Fort Bend TX Wtr Auth Wtr Sys Rev Ref, BAM | 3.00% | 12/15/35 | 1,424,718 | |
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 | 584,687 | |
2,003,000 | N Parkway Muni Mgmt Dist #1 TX Spl Assmnt Rev Major Impt Proj (c) | 4.75% | 09/15/41 | 1,897,897 | |
2,150,000 | N TX Tollway Auth Rev Ref 1st Tier, Ser A | 5.00% | 01/01/32 | 2,233,920 | |
2,205,000 | N TX Tollway Auth Rev Ref 2nd Tier, Ser A | 5.00% | 01/01/34 | 2,220,396 | |
1,200,000 | N TX Tollway Auth Rev Ref 2nd Tier, Ser B | 5.00% | 01/01/32 | 1,249,427 | |
1,000,000 | N TX Tollway Auth Rev Ref First Tier Bonds, Ser A | 5.25% | 01/01/38 | 1,121,006 | |
5,950,000 | N TX Tollway Auth Rev Ref First Tier Bonds, Ser A | 4.00% | 01/02/38 | 6,011,251 |
Principal Value | Description | Stated Coupon | Stated Maturity | Value | |
MUNICIPAL BONDS (Continued) | |||||
Texas (Continued) | |||||
$2,000,000 | New Hope Cultural Edu Facs Fin Corp TX Edu Rev Ref Jubilee Acad Ctr (c) | 4.00% | 08/15/36 | $1,812,784 | |
1,085,000 | New Hope Cultural Edu Facs Fin Corp TX Hosp Rev Ref Childrens Hlth Sys of TX Proj, Ser A | 4.00% | 08/15/37 | 1,069,960 | |
1,415,000 | New Hope Cultural Edu Facs Fin Corp TX Retmnt Fac Rev Ref Longhorn Vlg Proj | 5.00% | 01/01/31 | 1,390,547 | |
1,200,000 | New Hope Cultural Edu Facs Fin Corp TX Retmnt Fac Rev Ref Longhorn Vlg Proj | 5.00% | 01/01/32 | 1,173,052 | |
505,000 | Newark Hgr Edu Fin Corp TX Edu Rev Hughen Ctr Inc Proj, Ser A | 5.00% | 08/15/32 | 566,223 | |
1,550,000 | Northside TX Indep Sch Dist Ref, Ser A | 4.00% | 08/15/33 | 1,572,374 | |
2,500,000 | Pecos Barstow Toyah TX Indep Sch Dist | 5.00% | 02/15/39 | 2,565,465 | |
3,500,000 | Pecos Barstow Toyah TX Indep Sch Dist | 5.00% | 02/15/40 | 3,586,150 | |
1,012,000 | Princeton TX Spl Assmnt Rev Winchester Pub Impr Dist #2 Proj (c) | 5.13% | 09/01/42 | 968,203 | |
1,000,000 | Quinlan TX Indep Sch Dist | 5.25% | 08/15/41 | 1,108,515 | |
1,000,000 | Quinlan TX Indep Sch Dist | 5.25% | 08/15/42 | 1,102,471 | |
1,000,000 | Quinlan TX Indep Sch Dist | 5.25% | 08/15/43 | 1,099,193 | |
515,000 | Robinson TX Ctfs Oblig | 5.00% | 08/15/36 | 574,596 | |
595,000 | Robinson TX Ctfs Oblig | 5.00% | 08/15/39 | 645,145 | |
425,000 | Robinson TX Ctfs Oblig | 5.00% | 08/15/40 | 458,381 | |
4,710,000 | Tarrant Cnty TX Cultural Edu Facs Fin Corp Hosp Rev Methodist Hosp of Dallas Proj | 4.00% | 10/01/41 | 4,639,646 | |
2,200,000 | Tarrant Cnty TX Cultural Edu Facs Fin Corp Hosp Rev Ref Baylor Scott & White Hlth Proj, Ser A | 4.00% | 11/15/34 | 2,211,073 | |
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 | 2,724,223 | |
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 | 813,509 | |
1,500,000 | Tarrant Cnty TX Hosp Dist | 5.25% | 08/15/37 | 1,684,651 | |
1,000,000 | TX St Dept of Hsg & Cmnty Affairs Mf Hsg Rev Var Nts Aspen Park (Mandatory put 03/01/26) | 5.00% | 03/01/41 | 1,006,202 | |
4,000,000 | TX St Muni Gas Acq & Sply Corp IV, Ser A (Mandatory put 01/01/30) | 5.50% | 01/01/54 | 4,282,506 | |
1,500,000 | TX St Muni Gas Acq & Sply Corp IV, Ser B | 5.50% | 01/01/32 | 1,631,838 | |
1,000,000 | TX St Muni Gas Acq & Sply Corp IV, Ser B | 5.50% | 01/01/34 | 1,107,388 | |
8,505,000 | TX St Muni Gas Acq & Sply Corp IV, Ser B (Mandatory put 01/01/34) | 5.50% | 01/01/54 | 9,384,295 | |
1,750,000 | TX St Priv Activity Bond Surface Transprtn Corp Rev Ref Sr Lien Bond Surface Transprtn Corp, AMT | 5.38% | 06/30/37 | 1,878,802 | |
1,795,000 | TX St Priv Activity Bond Surface Transprtn Corp Rev Ref Sr Lien Bond Surface Transprtn Corp, AMT | 5.50% | 06/30/41 | 1,910,513 | |
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 | 5,352,130 | |
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 | 2,591,989 | |
2,510,000 | TX St Transprtn Commn Central TX Turnpike Sys Rev Ref, Ser A | 5.00% | 08/15/39 | 2,673,273 | |
865,000 | TX St Transprtn Commn Central TX Turnpike Sys Rev Ref, Ser B | 5.00% | 08/15/37 | 867,079 | |
785,000 | TX St Wtr Dev Brd St Wtr Implementation Fund, Ser A | 5.00% | 04/15/30 | 828,709 | |
250,000 | TX St Wtr Dev Brd St Wtr Implementation Rev Fund for TX | 4.00% | 10/15/32 | 252,510 | |
2,175,000 | TX Wtr Dev Brd St Wtr Implementation Rev Fund Master Trust | 5.00% | 10/15/34 | 2,472,035 | |
5,000,000 | TX Wtr Dev Brd St Wtr Implementation Rev Fund Master Trust | 4.70% | 10/15/41 | 5,312,399 | |
3,000,000 | TX Wtr Dev Brd St Wtr Implementation Rev Fund, Ser A | 4.88% | 10/15/48 | 3,156,474 |
Principal Value | Description | Stated Coupon | Stated Maturity | Value | |
MUNICIPAL BONDS (Continued) | |||||
Texas (Continued) | |||||
$150,000 | Univ of Houston TX Univ Revs Ref, Ser A | 5.00% | 02/15/26 | $154,348 | |
4,105,000 | Univ of N TX Univ Rev Ref, Ser A | 5.00% | 04/15/38 | 4,238,325 | |
1,750,000 | Univ of TX Permanent Univ Fnd Ref, Ser A | 4.00% | 07/01/32 | 1,749,311 | |
1,560,000 | Uptown Dev Auth TX Incr Contract Rev, Ser A | 5.00% | 09/01/36 | 1,568,982 | |
500,000 | Viridian TX Muni Mgmt Dist Ref Util Impt, BAM | 6.00% | 12/01/26 | 506,687 | |
155,000 | Viridian TX Muni Mgmt Dist Road Impt, BAM | 5.00% | 12/01/26 | 155,071 | |
125,000 | Viridian TX Muni Mgmt Dist Util Impt, BAM | 5.00% | 12/01/26 | 125,058 | |
1,605,000 | W Harris Cnty TX Regl Wtr Auth Wtr Sys Rev Ref, BAM | 3.00% | 12/15/36 | 1,465,910 | |
1,290,000 | Walnut Creek Spl Util Dist TX Wtr Sys Rev, AGM | 4.38% | 01/10/40 | 1,318,911 | |
1,350,000 | Walnut Creek Spl Util Dist TX Wtr Sys Rev, AGM | 4.50% | 01/10/41 | 1,384,364 | |
2,000,000 | Woodsboro TX Indep Sch Dist | 5.00% | 08/15/43 | 2,153,810 | |
191,512,350 | |||||
Utah — 1.4% | |||||
4,400,000 | Black Desert Pub Infra Dist Sr Bonds, Ser A (c) | 4.00% | 03/01/51 | 3,210,510 | |
2,000,000 | Firefly Pub Infra Dist #1 UT Spl Assmnt Firefly Assmnt Area #1, Ser A-2 (c) | 5.63% | 12/01/43 | 2,026,232 | |
1,370,000 | Grand Cnty Sch Dist Loc Bldg Auth UT, AGM | 5.00% | 12/15/30 | 1,396,190 | |
1,400,000 | Grand Cnty Sch Dist Loc Bldg Auth UT, AGM | 5.00% | 12/15/31 | 1,424,116 | |
1,515,000 | Grand Cnty Sch Dist Loc Bldg Auth UT, AGM | 5.00% | 12/15/32 | 1,540,621 | |
4,000,000 | Intermountain Pwr Agy UT Pwr Sply Rev Ref, Ser A | 5.00% | 07/01/42 | 4,318,202 | |
1,360,000 | Intermountain Pwr Agy UT Pwr Sply Rev, Ser A | 5.25% | 07/01/43 | 1,504,210 | |
1,390,000 | Jordan UT Sch Dist Sch Bldg, Ser B | 5.00% | 06/15/24 | 1,391,818 | |
1,750,000 | Military Installation Dev Auth UT Tax Allocation Rev, Ser A-1 | 4.00% | 06/01/52 | 1,254,495 | |
2,750,000 | Military Installation Dev Auth UT Tax Allocation Rev, Ser A-2 | 4.00% | 06/01/52 | 1,971,349 | |
700,000 | Ogden City UT Muni Bldg Auth Lease Rev, Ser A | 5.00% | 01/15/43 | 748,081 | |
1,050,000 | Salt Lake City UT Arpt Rev, Ser A, AMT | 5.25% | 07/01/37 | 1,166,295 | |
1,000,000 | Salt Lake City UT Arpt Rev, Ser A, AMT | 5.25% | 07/01/43 | 1,075,815 | |
400,000 | UT St Chrt Sch Fin Auth Chrt Sch Rev Ref Quest Acdmy | 5.00% | 04/15/32 | 409,398 | |
325,000 | UT St Chrt Sch Fin Auth Chrt Sch Rev Ref Quest Acdmy | 5.00% | 04/15/37 | 330,358 | |
1,590,000 | UT St Chrt Sch Fin Auth Chrt Sch Rev Wallace Stegner Acdmy Proj, Ser A (c) | 5.00% | 06/15/49 | 1,448,141 | |
750,000 | UT St Telecommunication Open Infra Agy Sales Tax Ref | 5.25% | 06/01/33 | 850,667 | |
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 | 1,165,211 | |
27,231,709 | |||||
Vermont — 0.3% | |||||
550,000 | Burlington VT Ref Lakeview Garage Proj, Ser A, COPS | 5.00% | 12/01/24 | 553,630 | |
745,000 | VT St Econ Dev Auth Mtge Rev Ref Wake Robin Corp Proj, Ser A | 5.00% | 05/01/25 | 750,543 | |
585,000 | VT St Econ Dev Auth Mtge Rev Ref Wake Robin Corp Proj, Ser A | 5.00% | 05/01/26 | 592,980 | |
2,000,000 | VT St Econ Dev Auth Solid Wst Disp Rev Var Casella Wst Sys Inc Remk, AMT (Mandatory put 04/03/28) (c) | 4.63% | 04/01/36 | 1,991,082 | |
2,500,000 | VT St Eductnl & Hlth Bldgs Fing Agy Rev Ref Univ of VT Med Ctr, Ser A | 5.00% | 12/01/33 | 2,560,702 | |
6,448,937 | |||||
Virginia — 1.6% | |||||
2,000,000 | Botetourt Cnty VA Rsdl Care Fac Rev Ref Glebe Inc, Ser A | 6.00% | 07/01/44 | 2,000,502 | |
1,365,000 | Fairfax Cnty VA Econ Dev Auth Fac Rev Sustainable Bond Cnty Fac Proj, Ser A | 5.00% | 10/01/39 | 1,507,906 | |
5,335,000 | Isle of Wight Cnty VA Econ Dev Auth Riverside Hlth Sys, AGM | 5.25% | 07/01/43 | 5,824,768 | |
4,590,000 | Loudoun Cnty VA, Ser A | 4.00% | 12/01/41 | 4,633,089 |
Principal Value | Description | Stated Coupon | Stated Maturity | Value | |
MUNICIPAL BONDS (Continued) | |||||
Virginia (Continued) | |||||
$200,000 | VA Clg Bldg Auth Eductnl Facs Rev Ref Regent Univ Proj | 4.00% | 06/01/36 | $192,599 | |
350,000 | VA Clg Bldg Auth Eductnl Facs Rev Ref Regent Univ Proj | 4.00% | 06/01/46 | 296,525 | |
4,585,000 | VA St Pub Bldg Auth Pub Facs Rev, Ser C, AMT | 5.00% | 08/01/33 | 4,680,786 | |
1,000,000 | VA St Res Auth Infra Rev Ref Infra VA Pooled Fing Prog, Ser C | 4.00% | 11/01/33 | 1,012,886 | |
2,200,000 | VA St Small Busn Fing Auth Rev Ref Sr Lien 95 Express Lanes LLC Proj, AMT | 5.00% | 01/01/37 | 2,314,141 | |
750,000 | VA St Small Busn Fing Auth Rsdl Fac Care Rev Ref Lifespire of VA | 4.00% | 12/01/31 | 744,170 | |
1,570,000 | Virginia Beach VA Dev Auth Rsdl Care Fac Rev Ref Westminster Canterbury on Chesapeake Bay | 5.00% | 09/01/32 | 1,614,787 | |
1,000,000 | Virginia Beach VA Dev Auth Rsdl Care Fac Rev Ref Westminster Canterbury on Chesapeake Bay | 5.00% | 09/01/35 | 1,020,597 | |
275,000 | Virginia Beach VA Dev Auth Rsdl Care Fac Rev Ref Westminster Canterbury on Chesapeake Bay | 5.00% | 09/01/36 | 279,689 | |
1,790,000 | Virginia Beach VA Dev Auth Rsdl Care Fac Rev Westminster Canterbury on Chesapeake Bay, Ser A | 6.50% | 09/01/43 | 1,972,266 | |
1,000,000 | Williamsburg VA Econ Dev Auth Stdt Hsg Rev William & Mary Proj, Ser A, AGM | 5.25% | 07/01/53 | 1,071,859 | |
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 | 1,231,888 | |
1,180,000 | Wstrn VA Regl Jail Auth Regl Jail Facs Rev Unrefunded Ref | 5.00% | 12/01/34 | 1,216,443 | |
31,614,901 | |||||
Washington — 3.1% | |||||
1,235,000 | Benton Cnty WA Pub Util Dist #1 Ref | 4.00% | 11/01/36 | 1,248,411 | |
1,250,000 | Centrl Puget Sound WA Regl Transit Auth Sales & Use Tax Sustainable Bond Ref & Impt, Ser S-1 (Pre-refunded maturity 11/01/25) | 5.00% | 11/01/35 | 1,280,464 | |
945,000 | Centrl Puget Sound WA Regl Transit Auth Sales Tax & Mtr Ve Sustainable Bond, Ser S-1 | 5.00% | 11/01/31 | 980,589 | |
1,250,000 | Energy NW WA Elec Rev Ref Columbia Generating Sys, Ser A | 5.00% | 07/01/38 | 1,266,476 | |
1,500,000 | FYI Properties WA Lease Rev Ref Sustainable Bond WA Dis Proj | 5.00% | 06/01/38 | 1,569,299 | |
585,000 | Pierce Cnty WA Sch Dist #403 Bethel | 5.00% | 12/01/36 | 630,910 | |
2,000,000 | Port of Seattle WA Rev Intermediate Lien, Ser C, AMT | 5.00% | 05/01/30 | 2,058,581 | |
2,445,000 | Port of Seattle WA Rev Ref Intermediate Lien Priv Activity, Ser C, AMT | 5.00% | 08/01/33 | 2,633,534 | |
5,000,000 | Port of Seattle WA Rev Ref Intermediate Lien Priv Activity, Ser C, AMT | 5.00% | 08/01/39 | 5,249,357 | |
1,725,000 | Port of Seattle WA Rev Ref Intermediate Lien Priv Activity, Ser C, AMT | 5.00% | 08/01/46 | 1,778,565 | |
1,895,000 | Port of Seattle WA Rev Ref Intermediate Lien, Ser B, AMT | 5.00% | 08/01/35 | 2,049,624 | |
2,315,000 | Port of Seattle WA Rev Ref Intermediate Lien, Ser B, AMT | 5.00% | 08/01/37 | 2,461,362 | |
2,000,000 | Port of Seattle WA Rev Ref Intermediate Lien, Ser B, AMT | 5.00% | 08/01/39 | 2,111,313 | |
1,325,000 | Port of Seattle WA Rev, Ser A, AMT | 5.00% | 05/01/36 | 1,356,283 | |
2,195,000 | Seattle WA Muni Light & Pwr Rev Sustainable Bond, Ser A | 4.00% | 07/01/38 | 2,220,805 | |
750,000 | Skagit Cnty WA Pub Hosp Dist #1 | 5.50% | 12/01/42 | 797,496 | |
1,000,000 | Skagit Cnty WA Pub Hosp Dist #1 | 5.50% | 12/01/44 | 1,056,953 | |
500,000 | Snohomish Cnty WA Hsg Auth | 5.00% | 04/01/34 | 532,590 | |
5,000,000 | WA St Bid Grp 2, Ser 2024-A | 5.00% | 08/01/41 | 5,546,866 | |
1,760,000 | WA St Convention Ctr Pub Facs Dist Sub | 4.00% | 07/01/58 | 1,505,613 | |
3,240,000 | WA St Convention Ctr Pub Facs Dist Sub For Exchange Pur Sustainable Bd 2021 1St Priority, Ser B | 4.00% | 07/01/58 | 2,771,696 |
Principal Value | Description | Stated Coupon | Stated Maturity | Value | |
MUNICIPAL BONDS (Continued) | |||||
Washington (Continued) | |||||
$525,000 | WA St Hgr Edu Facs Auth Seattle Univ Proj Rev | 4.00% | 05/01/45 | $478,778 | |
305,000 | WA St Hlth Care Facs Auth Seattle Cancer Care Alliance (c) | 5.00% | 12/01/28 | 319,994 | |
450,000 | WA St Hlth Care Facs Auth Seattle Cancer Care Alliance (c) | 5.00% | 12/01/32 | 484,883 | |
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 | 2,165,929 | |
1,580,000 | WA St Hsg Fin Commn Nonprofit Hsg Rev Ref Emerald Heights Proj, Ser A | 5.00% | 07/01/38 | 1,659,821 | |
2,000,000 | WA St Hsg Fin Commn Nonprofit Rev Radford Court & Nordheim Court Portfolio (f) | 5.50% | 07/01/44 | 2,159,865 | |
2,391,681 | WA St Hsg Fin Commn Sustainable Ctf, Ser A-1 | 3.50% | 12/20/35 | 2,175,955 | |
3,000,000 | WA St Ref, Ser D | 4.00% | 07/01/39 | 3,055,042 | |
4,000,000 | WA St, Ser A-1 | 5.00% | 08/01/37 | 4,051,636 | |
2,000,000 | WA St, Ser C | 5.00% | 02/01/41 | 2,160,858 | |
59,819,548 | |||||
West Virginia — 0.1% | |||||
1,000,000 | S Charleston WV Spl Dist Excise Tax Ref S Charleston Park Place Proj, Ser A (c) (g) | 4.25% | 06/01/42 | 788,144 | |
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 | 1,002,783 | |
1,790,927 | |||||
Wisconsin — 2.0% | |||||
1,255,000 | Fond Du Lac WI Sch Dist, Ser A, BAM | 4.00% | 04/01/36 | 1,281,125 | |
1,375,000 | Pub Fin Auth WI Chrt Sch Rev Eno River Acdmy Proj, Ser A (c) | 5.00% | 06/15/54 | 1,278,114 | |
500,000 | Pub Fin Auth WI Chrt Sch Rev Founders of Acdmy Las Vegas Proj, Ser A (c) | 5.00% | 07/01/40 | 460,336 | |
1,060,000 | Pub Fin Auth WI Chrt Sch Rev Ltd American Prep Acdmy Las Vegas Proj, Ser A (c) | 4.20% | 07/15/27 | 1,042,495 | |
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 | 1,253,010 | |
2,750,000 | Pub Fin Auth WI Edu Rev Coral Acdmy of Science Las Vegas, Ser A | 4.00% | 07/01/51 | 2,094,645 | |
1,050,000 | Pub Fin Auth WI Edu Rev Ref Mountain Island Chrt Sch Ltd | 4.00% | 07/01/27 | 1,025,768 | |
1,730,000 | Pub Fin Auth WI Edu Rev Ref Mountain Island Chrt Sch Ltd | 5.00% | 07/01/37 | 1,729,974 | |
2,000,000 | Pub Fin Auth WI Edu Rev Ref Mountain Island Chrt Sch Ltd | 5.00% | 07/01/52 | 1,838,071 | |
1,275,000 | Pub Fin Auth WI Edu Rev Triad Eductnl Svcs Inc, Ser A | 4.00% | 06/15/41 | 1,074,827 | |
610,000 | Pub Fin Auth WI Eductnl Rev Piedmont Cmnty Chrt Sch | 5.00% | 06/15/34 | 621,044 | |
1,000,000 | Pub Fin Auth WI Exempt Facs Rev Ref Celanese Proj, Ser B, AMT | 5.00% | 12/01/25 | 1,010,319 | |
2,000,000 | Pub Fin Auth WI Hosp Rev Ref Renown Regl Med Ctr Proj, Ser A | 4.00% | 06/01/39 | 1,898,250 | |
1,200,000 | Pub Fin Auth WI Retmnt Cmntys Rev Acts Retmnt Life Cmntys Inc Oblig Grp, Ser A | 4.00% | 11/15/37 | 1,179,044 | |
1,000,000 | Pub Fin Auth WI Retmnt Fac Rev Southminster (c) | 5.00% | 10/01/43 | 932,839 | |
1,500,000 | Pub Fin Auth WI Rev Sr Proton Intl AR LLC, Ser A (c) (g) | 6.50% | 01/01/41 | 1,178,262 | |
2,000,000 | Pub Fin Auth WI Rev Sustainable Fargo Moorhead Met Area Flood Mgmnt, AMT | 4.00% | 03/31/56 | 1,611,566 | |
600,000 | Pub Fin Auth WI Rev TX Biomedical Rsrch Institute Proj, Ser A | 4.00% | 06/01/37 | 553,976 | |
535,000 | Pub Fin Auth WI Rev TX Biomedical Rsrch Institute Proj, Ser A | 4.00% | 06/01/38 | 480,989 | |
2,120,000 | Pub Fin Auth WI Sol Wst Disp Rev Ref Wst Mgmt Inc Proj Remk, Ser A-2, AMT (Mandatory put 08/01/24) (b) | 4.10% | 10/01/25 | 2,120,000 | |
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 | 1,580,228 | |
1,750,000 | Pub Fin Auth WI Tax Incr Rev Miami World Ctr Proj, Ser A (c) | 5.00% | 06/01/41 | 1,743,916 |
Principal Value | Description | Stated Coupon | Stated Maturity | Value | |
MUNICIPAL BONDS (Continued) | |||||
Wisconsin (Continued) | |||||
$750,000 | WI St Hlth & Eductnl Facs Auth Rev Bellin Memorial Hosp Inc, Ser A | 5.00% | 12/01/39 | $803,344 | |
1,555,000 | WI St Hlth & Eductnl Facs Auth Rev Fort Hlthcare Inc, Ser A | 5.00% | 10/01/36 | 1,687,027 | |
1,650,000 | WI St Hlth & Eductnl Facs Auth Rev Ref Ascension Hlth Credit Grp, Ser A | 5.00% | 11/15/36 | 1,685,410 | |
1,175,000 | WI St Hlth & Eductnl Facs Auth Rev Ref ProHlth Care Oblig Grp | 5.00% | 08/15/31 | 1,177,558 | |
175,000 | WI St Hlth & Eductnl Facs Auth Rev Ref ProHlth Care Oblig Grp | 5.00% | 08/15/33 | 175,360 | |
700,000 | WI St Hlth & Eductnl Facs Auth Rev Ref Rogers Memorial Hosp Inc, Ser A | 5.00% | 07/01/44 | 710,993 | |
1,890,000 | WI St Hlth & Eductnl Facs Auth Rev Var Fort Hlthcare Inc, Ser B (Mandatory put 10/03/34) | 5.00% | 10/01/54 | 2,058,164 | |
2,000,000 | WI St Ref, Ser 3 | 4.00% | 11/01/34 | 2,042,315 | |
38,328,969 | |||||
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 | 1,925,555 | |
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 | 1,095,164 | |
3,020,719 | |||||
Total Investments — 98.1% | 1,909,751,848 | ||||
(Cost $1,930,048,699) | |||||
Net Other Assets and Liabilities — 1.9% | 36,898,004 | ||||
Net Assets — 100.0% | $1,946,649,852 |
Futures Contracts | Position | Number of Contracts | Expiration Date | Notional Value | Unrealized Appreciation (Depreciation)/ Value |
U.S. 10-Year Treasury Notes | Short | 28 | Jun-2024 | $(3,008,250 ) | $86,187 |
Ultra 10-Year U.S. Treasury Notes | Short | 445 | Jun-2024 | (49,047,344 ) | 758,977 |
$(52,055,594 ) | $845,164 |
(a) | 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 (the “Advisor”). |
(b) | Variable rate demand bond. Interest rate is reset periodically by the agent based on current market conditions. |
(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, 2024, securities noted as such amounted to $120,394,344 or 6.2% of net assets. |
(d) | Zero coupon security. |
(e) | This issuer is in default and interest is not being accrued by the Fund. |
(f) | When-issued security. The interest rate shown reflects the rate in effect at April 30, 2024. Interest will begin accruing on the security’s first settlement date. |
(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 2D - Restricted Securities in the Notes to Financial Statements). |
Abbreviations throughout the Portfolio of Investments: | |
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. |
Valuation Inputs
Total Value at 4/30/2024 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |
Municipal Bonds* | $1,909,751,848 | $— | $1,909,751,848 | $— |
Futures Contracts** | 845,164 | 845,164 | — | — |
Total | $1,910,597,012 | $845,164 | $1,909,751,848 | $— |
* | 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 | $1,909,751,848 |
Cash | 7,237,986 |
Cash segregated as collateral for open futures contracts | 1,305,500 |
Receivables: | |
Interest | 26,947,312 |
Investment securities sold | 8,206,538 |
Variation margin | 292,562 |
Total Assets | 1,953,741,746 |
LIABILITIES: | |
Payables: | |
Investment securities purchased | 6,049,027 |
Investment advisory fees | 1,042,867 |
Total Liabilities | 7,091,894 |
NET ASSETS | $1,946,649,852 |
NET ASSETS consist of: | |
Paid-in capital | $2,134,329,520 |
Par value | 383,500 |
Accumulated distributable earnings (loss) | (188,063,168) |
NET ASSETS | $1,946,649,852 |
NET ASSET VALUE, per share | $50.76 |
Number of shares outstanding (unlimited number of shares authorized, par value $0.01 per share) | 38,350,002 |
Investments, at cost | $1,930,048,699 |
INVESTMENT INCOME: | |
Interest | $36,845,578 |
Total investment income | 36,845,578 |
EXPENSES: | |
Investment advisory fees | 6,277,266 |
Total expenses | 6,277,266 |
NET INVESTMENT INCOME (LOSS) | 30,568,312 |
NET REALIZED AND UNREALIZED GAIN (LOSS): | |
Net realized gain (loss) on: | |
Investments | (7,344,794) |
Futures contracts | (2,455,314) |
Net realized gain (loss) | (9,800,108) |
Net change in unrealized appreciation (depreciation) on: | |
Investments | 107,929,006 |
Futures contracts | (3,025,383) |
Net change in unrealized appreciation (depreciation) | 104,903,623 |
NET REALIZED AND UNREALIZED GAIN (LOSS) | 95,103,515 |
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $125,671,827 |
Six Months Ended 4/30/2024 (Unaudited) | Year Ended 10/31/2023 | |
OPERATIONS: | ||
Net investment income (loss) | $30,568,312 | $56,871,145 |
Net realized gain (loss) | (9,800,108) | (28,931,451) |
Net change in unrealized appreciation (depreciation) | 104,903,623 | 23,234,895 |
Net increase (decrease) in net assets resulting from operations | 125,671,827 | 51,174,589 |
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||
Investment operations | (30,446,502) | (56,623,548) |
Return of capital | — | (397,855) |
Total distributions to shareholders | (30,446,502) | (57,021,403) |
SHAREHOLDER TRANSACTIONS: | ||
Proceeds from shares sold | 107,022,963 | 299,607,198 |
Cost of shares redeemed | (65,627,958) | (241,542,715) |
Net increase (decrease) in net assets resulting from shareholder transactions | 41,395,005 | 58,064,483 |
Total increase (decrease) in net assets | 136,620,330 | 52,217,669 |
NET ASSETS: | ||
Beginning of period | 1,810,029,522 | 1,757,811,853 |
End of period | $1,946,649,852 | $1,810,029,522 |
CHANGES IN SHARES OUTSTANDING: | ||
Shares outstanding, beginning of period | 37,550,002 | 36,350,002 |
Shares sold | 2,100,000 | 6,000,000 |
Shares redeemed | (1,300,000) | (4,800,000) |
Shares outstanding, end of period | 38,350,002 | 37,550,002 |
Six Months Ended 4/30/2024 (Unaudited) | Year Ended October 31, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | ||
Net asset value, beginning of period | $48.20 | $48.36 | $56.51 | $55.40 | $55.38 | $51.75 |
Income from investment operations: | ||||||
Net investment income (loss) | 0.80 (a) | 1.52 (a) | 1.20 | 1.13 | 1.23 | 1.35 |
Net realized and unrealized gain (loss) | 2.56 | (0.16 ) | (8.17 ) | 1.12 | 0.05 | 3.67 |
Total from investment operations | 3.36 | 1.36 | (6.97 ) | 2.25 | 1.28 | 5.02 |
Distributions paid to shareholders from: | ||||||
Net investment income | (0.80 ) | (1.51 ) | (1.18 ) | (1.12 ) | (1.23 ) | (1.36 ) |
Net realized gain | — | (0.01 ) | — | (0.02 ) | (0.03 ) | (0.03 ) |
Total distributions | (0.80 ) | (1.52 ) | (1.18 ) | (1.14 ) | (1.26 ) | (1.39 ) |
Net asset value, end of period | $50.76 | $48.20 | $48.36 | $56.51 | $55.40 | $55.38 |
Total return (b) | 6.97 % | 2.73 % | (12.47 )% (c) | 4.06 % (c) | 2.33 % | 9.79 % |
Ratios to average net assets/supplemental data: | ||||||
Net assets, end of period (in 000’s) | $1,946,650 | $1,810,030 | $1,757,812 | $2,393,405 | $1,714,485 | $1,135,258 |
Ratio of total expenses to average net assets | 0.65 % (d) | 0.65 % | 0.65 % | 0.65 % | 0.65 % | 0.65 % |
Ratio of net expenses to average net assets | 0.65 % (d) | 0.60 % | 0.50 % | 0.50 % | 0.50 % | 0.50 % |
Ratio of net investment income (loss) to average net assets | 3.17 % (d) | 3.01 % | 2.23 % | 1.99 % | 2.24 % | 2.53 % |
Portfolio turnover rate (e) | 14 % | 35 % | 63 % | 9 % | 35 % | 26 % |
(a) | Based on average shares outstanding. |
(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. For some periods, the total returns would have been lower if certain fees had not been waived by the advisor. |
(c) | 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. |
(d) | Annualized. |
(e) | 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. |
Security | Acquisition Date | Principal Value | Current Price | Carrying Cost | Value | % of Net Assets |
IN St Fin Auth Rev Eductnl Facs Rock Creek Cmnty Acdmy Proj, Ser A, 5.25%, 07/01/28 | 09/04/18 | $600,000 | $99.29 | $603,294 | $595,756 | 0.03 % |
Polk Cnty FL Indl Dev Auth Mineral Dev LLC Secondary Phosphate Tailings Recovery Proj, 5.88%, 01/01/33 | 10/23/20 | 4,250,000 | 95.68 | 4,260,934 | 4,066,583 | 0.21 |
Pub Fin Auth WI Rev Sr Proton Intl AR LLC, Ser A, 6.50%, 01/01/41 | 12/17/21 | 1,500,000 | 78.55 | 1,500,000 | 1,178,262 | 0.06 |
S Charleston WV Spl Dist Excise Tax Ref S Charleston Park Place Proj, Ser A, 4.25%, 06/01/42 | 01/18/22 | 1,000,000 | 78.81 | 1,002,952 | 788,144 | 0.04 |
$7,367,180 | $6,628,745 | 0.34 % |
Distributions paid from: | |
Ordinary income | $170,078 |
Capital gains | — |
Tax-exempt income | 56,453,470 |
Return of capital | 397,855 |
Undistributed ordinary income | $— |
Accumulated capital and other gain (loss) | (154,532,423 ) |
Net unrealized appreciation (depreciation) | (128,756,070 ) |
Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation (Depreciation) |
$1,930,048,699 | $24,448,982 | $(43,900,669 ) | $(19,451,687 ) |
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* | $845,164 | Unrealized depreciation on futures contracts* | $— |
* | Includes cumulative appreciation/depreciation on futures contracts as reported in the Fund’s Portfolio of Investments. Only the current day’s variation margin is presented on the Statement of Assets and Liabilities. |
Statement of Operations Location | |
Interest Rate Risk Exposure | |
Net realized gain (loss) on futures contracts | $(2,455,314 ) |
Net change in unrealized appreciation (depreciation) on futures contracts | (3,025,383 ) |
120 East Liberty Drive, Suite 400
Wheaton, IL 60187
FUND ACCOUNTANT &
TRANSFER AGENT
240 Greenwich Street
New York, NY 10286
PUBLIC ACCOUNTING FIRM
111 South Wacker Drive
Chicago, IL 60606
320 South Canal Street
Chicago, IL 60606
Semi-Annual Report |
For the Six Months Ended April 30, 2024 |
First Trust Long/Short Equity ETF (FTLS) |
Semi-Annual Report
April 30, 2024
1 | |
2 | |
5 | |
6 | |
7 | |
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35 |
Semi-Annual Letter from the Chairman and CEO
April 30, 2024
Chairman of the Board of Trustees
Chief Executive Officer of First Trust Advisors L.P.
Performance | ||||||
Average Annual Total Returns | Cumulative Total Returns | |||||
6 Months Ended 4/30/24 | 1 Year Ended 4/30/24 | 5 Years Ended 4/30/24 | Inception (9/8/14) to 4/30/24 | 5 Years Ended 4/30/24 | Inception (9/8/14) to 4/30/24 | |
Fund Performance | ||||||
NAV | 13.19% | 16.95% | 9.08% | 8.15% | 54.41% | 112.84% |
Market Price | 13.20% | 16.96% | 9.10% | 8.16% | 54.57% | 112.94% |
Index Performance | ||||||
S&P 500® Index | 20.98% | 22.66% | 13.19% | 12.10% | 85.82% | 200.73% |
Portfolio Sector Allocation | % of Long-Term Investments - Long Positions |
Information Technology | 21.3% |
Consumer Discretionary | 18.6 |
Financials | 12.7 |
Health Care | 12.6 |
Communication Services | 10.0 |
Industrials | 9.3 |
Energy | 7.1 |
Materials | 4.5 |
Consumer Staples | 3.0 |
Utilities | 0.5 |
Real Estate | 0.4 |
Total | 100.0% |
Portfolio Sector Allocation | % of Total Investments Sold Short |
Information Technology | 18.7% |
Industrials | 17.0 |
Health Care | 12.5 |
Real Estate | 9.4 |
Financials | 7.9 |
Consumer Staples | 7.8 |
Consumer Discretionary | 7.1 |
Communication Services | 6.6 |
Utilities | 5.1 |
Materials | 5.0 |
Energy | 2.9 |
Total | 100.0% |
Top Ten Investments - Long Positions | % of Net Assets |
Microsoft Corp. | 3.9% |
NVIDIA Corp. | 3.5 |
Apple, Inc. | 3.3 |
Amazon.com, Inc. | 2.1 |
Citigroup, Inc. | 2.0 |
Starbucks Corp. | 1.8 |
AbbVie, Inc. | 1.7 |
Bristol-Myers Squibb Co. | 1.5 |
Gilead Sciences, Inc. | 1.5 |
Microchip Technology, Inc. | 1.4 |
Total | 22.7% |
Top Ten Investments Sold Short | % of Net Assets |
PepsiCo, Inc. | (0.6)% |
Texas Instruments, Inc. | (0.5) |
Thermo Fisher Scientific, Inc. | (0.5) |
Verizon Communications Inc. | (0.5) |
Boeing (The) Co. | (0.4) |
Oracle Corp. | (0.4) |
Humana, Inc. | (0.4) |
T-Mobile US, Inc. | (0.4) |
RTX Corp. | (0.4) |
Marvell Technology, Inc. | (0.4) |
Total | (4.5)% |
Fund Allocation | % of Net Assets |
Common Stocks | 90.8% |
Exchange-Traded Funds | 1.0 |
Money Market Funds | 6.1 |
Common Stocks Sold Short | (25.7) |
Net Other Assets and Liabilities* | 27.8 |
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. |
Rob A. Guttschow – CFA, Senior Portfolio Manager of First Trust, Alternatives Investment Team
Beginning Account Value November 1, 2023 | Ending Account Value April 30, 2024 | 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 | $1,131.90 | 1.28% | $6.78 |
Hypothetical (5% return before expenses) | $1,000.00 | $1,018.50 | 1.28% | $6.42 |
(a) | Annualized expense ratio and expenses paid during the period do not include fees and expenses of the underlying funds in which the Fund invests. |
(b) | Expenses are equal to the annualized expense ratio as indicated in the table multiplied by the average account value over the period (November 1, 2023 through April 30, 2024), multiplied by 182/366 (to reflect the six-month period). |
Shares | Description | Value | |||
COMMON STOCKS — 90.8% | |||||
Aerospace & Defense — 0.8% | |||||
22,295 | Hexcel Corp. | $1,431,562 | |||
6,501 | TransDigm Group, Inc. | 8,113,443 | |||
9,545,005 | |||||
Automobile Components — 0.1% | |||||
8,267 | LCI Industries | 859,603 | |||
Automobiles — 0.5% | |||||
219,289 | Li Auto, Inc., ADR (a) | 5,762,915 | |||
Banks — 4.8% | |||||
85,043 | Banc of California, Inc. | 1,164,239 | |||
14,729 | Bank of Hawaii Corp. | 834,987 | |||
44,872 | Bank OZK | 2,003,535 | |||
378,471 | Citigroup, Inc. (b) | 23,211,626 | |||
89,811 | Columbia Banking System, Inc. | 1,689,345 | |||
16,105 | Commerce Bancshares, Inc. | 880,621 | |||
14,030 | Cullen/Frost Bankers, Inc. | 1,463,890 | |||
10,988 | Customers Bancorp, Inc. (a) | 501,822 | |||
35,056 | East West Bancorp, Inc. | 2,611,322 | |||
1,080 | First Citizens BancShares, Inc., Class A | 1,821,701 | |||
26,466 | First Hawaiian, Inc. | 558,168 | |||
27,005 | Glacier Bancorp, Inc. | 977,041 | |||
19,258 | Hancock Whitney Corp. | 874,121 | |||
43,018 | JPMorgan Chase & Co. | 8,248,271 | |||
832,320 | NU Holdings Ltd., Class A (a) (b) | 9,038,995 | |||
55,879,684 | |||||
Beverages — 0.0% | |||||
23,304 | Vita Coco (The) Co., Inc. (a) | 564,889 | |||
Biotechnology — 5.0% | |||||
32,385 | 4D Molecular Therapeutics, Inc. (a) | 774,973 | |||
119,539 | AbbVie, Inc. (b) | 19,441,823 | |||
84,248 | ACADIA Pharmaceuticals, Inc. (a) | 1,407,784 | |||
11,431 | Alnylam Pharmaceuticals, Inc. (a) | 1,645,492 | |||
21,486 | Alpine Immune Sciences, Inc. (a) | 1,387,781 | |||
119,012 | Amicus Therapeutics, Inc. (a) | 1,188,930 | |||
15,356 | Arcellx, Inc. (a) | 768,107 | |||
153,143 | BioCryst Pharmaceuticals, Inc. (a) | 632,481 | |||
7,165 | Biogen, Inc. (a) | 1,539,185 | |||
68,739 | Exact Sciences Corp. (a) | 4,079,660 | |||
259,142 | Gilead Sciences, Inc. (b) | 16,896,058 | |||
40,525 | Halozyme Therapeutics, Inc. (a) | 1,544,003 | |||
63,646 | Incyte Corp. (a) | 3,312,774 | |||
55,713 | Intellia Therapeutics, Inc. (a) | 1,192,258 | |||
48,254 | Ionis Pharmaceuticals, Inc. (a) | 1,990,960 | |||
22,055 | Protagonist Therapeutics, Inc. (a) | 553,801 | |||
58,356,070 | |||||
Broadline Retail — 3.5% | |||||
139,393 | Amazon.com, Inc. (a) (b) | 24,393,775 | |||
3,104 | Dillard’s, Inc., Class A | 1,359,521 | |||
161,389 | Etsy, Inc. (a) (b) | 11,082,583 |
Shares | Description | Value | |||
COMMON STOCKS (Continued) | |||||
Broadline Retail (Continued) | |||||
40,259 | Global-e Online Ltd. (a) | $1,349,884 | |||
13,946 | PDD Holdings, Inc., ADR (a) | 1,745,760 | |||
39,931,523 | |||||
Building Products — 1.7% | |||||
29,237 | A.O. Smith Corp. | 2,421,993 | |||
14,478 | Advanced Drainage Systems, Inc. | 2,273,046 | |||
26,873 | Allegion PLC | 3,266,682 | |||
2,762 | CSW Industrials, Inc. | 656,306 | |||
13,332 | Griffon Corp. | 873,513 | |||
26,573 | Johnson Controls International PLC | 1,729,105 | |||
55,490 | Masco Corp. | 3,798,291 | |||
23,296 | Owens Corning | 3,918,620 | |||
36,346 | Zurn Elkay Water Solutions Corp. | 1,136,903 | |||
20,074,459 | |||||
Capital Markets — 0.7% | |||||
4,222 | Goldman Sachs Group (The), Inc. | 1,801,570 | |||
4,216 | Moody’s Corp. | 1,561,311 | |||
26,075 | TPG, Inc. | 1,123,832 | |||
178,832 | XP, Inc., Class A | 3,660,691 | |||
8,147,404 | |||||
Chemicals — 1.9% | |||||
66,369 | Axalta Coating Systems Ltd. (a) | 2,086,641 | |||
3,885 | Balchem Corp. | 549,261 | |||
67,455 | International Flavors & Fragrances, Inc. | 5,710,066 | |||
36,571 | Olin Corp. | 1,911,932 | |||
60,073 | PPG Industries, Inc. (b) | 7,749,417 | |||
18,672 | RPM International, Inc. | 1,996,224 | |||
11,503 | Westlake Corp. | 1,695,082 | |||
21,698,623 | |||||
Commercial Services & Supplies — 0.4% | |||||
7,830 | Brink’s (The) Co. | 684,812 | |||
61,870 | Rollins, Inc. | 2,756,927 | |||
72,264 | Vestis Corp. | 1,331,103 | |||
4,772,842 | |||||
Communications Equipment — 0.4% | |||||
5,901 | Arista Networks, Inc. (a) | 1,513,961 | |||
23,127 | NetScout Systems, Inc. (a) | 445,426 | |||
541,923 | Telefonaktiebolaget LM Ericsson, ADR | 2,720,453 | |||
4,679,840 | |||||
Construction & Engineering — 0.4% | |||||
39,450 | API Group Corp. (a) | 1,521,587 | |||
8,861 | EMCOR Group, Inc. | 3,164,883 | |||
4,686,470 | |||||
Construction Materials — 0.5% | |||||
7,825 | Eagle Materials, Inc. | 1,961,806 | |||
12,579 | Knife River Corp. (a) | 983,552 |
Shares | Description | Value | |||
COMMON STOCKS (Continued) | |||||
Construction Materials (Continued) | |||||
2,729 | Martin Marietta Materials, Inc. | $1,602,114 | |||
26,176 | Summit Materials, Inc., Class A (a) | 1,018,246 | |||
5,565,718 | |||||
Consumer Finance — 1.7% | |||||
131,110 | Ally Financial, Inc. | 5,028,068 | |||
91,551 | Capital One Financial Corp. (b) | 13,131,160 | |||
37,800 | Synchrony Financial | 1,662,444 | |||
19,821,672 | |||||
Consumer Staples Distribution & Retail — 0.2% | |||||
28,737 | Performance Food Group Co. (a) | 1,950,668 | |||
Containers & Packaging — 0.8% | |||||
10,218 | AptarGroup, Inc. | 1,475,275 | |||
45,922 | Crown Holdings, Inc. | 3,768,818 | |||
58,219 | O-I Glass, Inc. (a) | 870,956 | |||
75,720 | Sealed Air Corp. | 2,383,666 | |||
17,613 | Silgan Holdings, Inc. | 821,823 | |||
9,320,538 | |||||
Diversified Consumer Services — 0.8% | |||||
26,574 | Frontdoor, Inc. (a) | 815,556 | |||
7,507 | Grand Canyon Education, Inc. (a) | 976,060 | |||
57,911 | New Oriental Education & Technology Group, Inc., ADR (a) | 4,464,938 | |||
242,219 | TAL Education Group, ADR (a) | 2,916,317 | |||
9,172,871 | |||||
Diversified Telecommunication Services — 0.2% | |||||
36,560 | Iridium Communications, Inc. | 1,125,682 | |||
76,263 | TELUS Corp. | 1,225,547 | |||
2,351,229 | |||||
Electric Utilities — 0.3% | |||||
26,648 | NRG Energy, Inc. | 1,936,510 | |||
100,137 | PG&E Corp. | 1,713,344 | |||
3,649,854 | |||||
Electrical Equipment — 1.2% | |||||
7,734 | Acuity Brands, Inc. | 1,920,352 | |||
37,546 | Generac Holdings, Inc. (a) | 5,104,754 | |||
27,121 | NEXTracker, Inc., Class A (a) | 1,160,508 | |||
23,636 | nVent Electric PLC | 1,703,446 | |||
5,781 | Rockwell Automation, Inc. | 1,566,420 | |||
23,118 | Vertiv Holdings Co., Class A | 2,149,974 | |||
13,605,454 | |||||
Electronic Equipment, Instruments & Components — 0.3% | |||||
8,656 | Belden, Inc. | 703,473 | |||
8,167 | Fabrinet (a) | 1,413,463 | |||
15,660 | TD SYNNEX Corp. | 1,845,374 | |||
3,962,310 | |||||
Energy Equipment & Services — 0.1% | |||||
46,705 | ChampionX Corp. | 1,567,887 | |||
Entertainment — 4.2% | |||||
62,930 | Electronic Arts, Inc. (b) | 7,980,782 |
Shares | Description | Value | |||
COMMON STOCKS (Continued) | |||||
Entertainment (Continued) | |||||
67,114 | Live Nation Entertainment, Inc. (a) | $5,967,106 | |||
71,946 | NetEase, Inc., ADR | 6,724,793 | |||
54,895 | Spotify Technology S.A. (a) (b) | 15,394,754 | |||
47,083 | TKO Group Holdings, Inc. | 4,457,348 | |||
14,531 | Walt Disney (The) Co. | 1,614,394 | |||
952,779 | Warner Bros Discovery, Inc. (a) (b) | 7,012,453 | |||
49,151,630 | |||||
Financial Services — 2.4% | |||||
27,709 | Berkshire Hathaway, Inc., Class B (a) (b) | 10,992,992 | |||
65,889 | Corebridge Financial, Inc. | 1,750,012 | |||
47,666 | Equitable Holdings, Inc. | 1,759,352 | |||
12,642 | Mastercard, Inc., Class A | 5,704,070 | |||
24,148 | Visa, Inc., Class A | 6,486,394 | |||
116,836 | Western Union (The) Co. | 1,570,276 | |||
28,263,096 | |||||
Food Products — 1.1% | |||||
17,536 | Bunge Global S.A. | 1,784,463 | |||
53,316 | Hormel Foods Corp. | 1,895,917 | |||
11,401 | Ingredion, Inc. | 1,306,441 | |||
4,325 | Lancaster Colony Corp. | 825,253 | |||
60,962 | McCormick & Co., Inc. | 4,636,770 | |||
29,477 | Tyson Foods, Inc., Class A | 1,787,780 | |||
12,236,624 | |||||
Health Care Equipment & Supplies — 0.1% | |||||
18,491 | AtriCure, Inc. (a) | 446,003 | |||
61,207 | Inmode Ltd. (a) | 1,052,148 | |||
1,498,151 | |||||
Health Care Providers & Services — 2.2% | |||||
70,743 | Cardinal Health, Inc. | 7,289,359 | |||
6,924 | Cencora, Inc. | 1,655,182 | |||
21,430 | Centene Corp. (a) | 1,565,676 | |||
21,772 | CVS Health Corp. | 1,474,182 | |||
3,226 | Elevance Health, Inc. | 1,705,199 | |||
21,877 | Henry Schein, Inc. (a) | 1,515,639 | |||
82,179 | Hims & Hers Health, Inc. (a) | 1,029,703 | |||
3,109 | McKesson Corp. | 1,670,186 | |||
4,051 | Molina Healthcare, Inc. (a) | 1,385,847 | |||
35,780 | Quest Diagnostics, Inc. | 4,944,080 | |||
9,446 | Universal Health Services, Inc., Class B | 1,609,882 | |||
25,844,935 | |||||
Health Care REITs — 0.1% | |||||
49,994 | CareTrust REIT, Inc. | 1,235,852 | |||
Hotels, Restaurants & Leisure — 5.9% | |||||
50,848 | Aramark | 1,602,220 | |||
3,846 | Booking Holdings, Inc. (b) | 13,276,507 | |||
22,245 | Cracker Barrel Old Country Store, Inc. | 1,294,437 | |||
119,284 | DoorDash, Inc., Class A (a) (b) | 15,418,650 | |||
335,069 | DraftKings, Inc., Class A (a) (b) | 13,925,468 |
Shares | Description | Value | |||
COMMON STOCKS (Continued) | |||||
Hotels, Restaurants & Leisure (Continued) | |||||
11,844 | Expedia Group, Inc. (a) | $1,594,558 | |||
236,068 | Starbucks Corp. (b) | 20,889,657 | |||
68,001,497 | |||||
Household Durables — 1.4% | |||||
33,680 | KB Home | 2,181,117 | |||
63,201 | Lennar Corp., Class A (b) | 9,582,535 | |||
640 | NVR, Inc. (a) | 4,760,864 | |||
16,524,516 | |||||
Independent Power and Renewable Electricity Producers — 0.2% | |||||
27,780 | Vistra Corp. | 2,106,835 | |||
Industrial REITs — 0.1% | |||||
30,779 | First Industrial Realty Trust, Inc. | 1,397,982 | |||
Insurance — 1.0% | |||||
10,302 | Allstate (The) Corp. | 1,751,958 | |||
14,770 | Brighthouse Financial, Inc. (a) | 712,652 | |||
18,527 | Globe Life, Inc. | 1,411,202 | |||
21,549 | Loews Corp. | 1,619,407 | |||
88,369 | Oscar Health, Inc., Class A (a) | 1,534,970 | |||
14,574 | Prudential Financial, Inc. | 1,610,135 | |||
8,910 | Reinsurance Group of America, Inc. | 1,666,081 | |||
10,501 | Selective Insurance Group, Inc. | 1,067,427 | |||
11,373,832 | |||||
Interactive Media & Services — 4.7% | |||||
89,577 | Alphabet, Inc., Class A (a) (b) | 14,581,344 | |||
75,383 | Alphabet, Inc., Class C (a) (b) | 12,411,057 | |||
33,996 | Meta Platforms, Inc., Class A (b) | 14,624,059 | |||
363,653 | Pinterest, Inc., Class A (a) (b) | 12,164,193 | |||
28,742 | Yelp, Inc. (a) | 1,156,578 | |||
54,937,231 | |||||
IT Services — 0.6% | |||||
17,599 | Amdocs Ltd. | 1,478,140 | |||
21,173 | Cognizant Technology Solutions Corp., Class A | 1,390,643 | |||
116,045 | Fastly, Inc., Class A (a) | 1,467,969 | |||
8,244 | International Business Machines Corp. | 1,370,153 | |||
26,132 | Twilio, Inc., Class A (a) | 1,564,784 | |||
7,271,689 | |||||
Leisure Products — 0.4% | |||||
26,155 | Polaris, Inc. | 2,227,360 | |||
60,363 | YETI Holdings, Inc. (a) | 2,156,166 | |||
4,383,526 | |||||
Life Sciences Tools & Services — 0.5% | |||||
51,525 | 10X Genomics, Inc., Class A (a) | 1,508,652 | |||
4,820 | ICON PLC (a) | 1,435,782 | |||
6,260 | Medpace Holdings, Inc. (a) | 2,431,071 | |||
5,375,505 | |||||
Machinery — 1.9% | |||||
24,720 | AGCO Corp. | 2,822,777 | |||
508,540 | CNH Industrial N.V. | 5,797,356 |
Shares | Description | Value | |||
COMMON STOCKS (Continued) | |||||
Machinery (Continued) | |||||
7,655 | Crane Co. | $1,071,776 | |||
10,064 | Federal Signal Corp. | 818,203 | |||
5,810 | Franklin Electric Co., Inc. | 559,329 | |||
12,726 | IDEX Corp. | 2,805,574 | |||
11,376 | Middleby (The) Corp. (a) | 1,580,923 | |||
20,985 | Mueller Industries, Inc. | 1,171,383 | |||
14,151 | Oshkosh Corp. | 1,588,733 | |||
8,115 | Snap-on, Inc. | 2,174,495 | |||
6,877 | SPX Technologies, Inc. (a) | 837,687 | |||
21,698 | Wabash National Corp. | 501,441 | |||
4,140 | Watts Water Technologies, Inc., Class A | 821,624 | |||
22,551,301 | |||||
Marine Transportation — 0.1% | |||||
39,224 | Star Bulk Carriers Corp. | 953,928 | |||
Metals & Mining — 0.9% | |||||
54,354 | ArcelorMittal S.A. | 1,359,394 | |||
301,142 | Cleveland-Cliffs, Inc. (a) | 5,089,300 | |||
7,752 | Reliance, Inc. | 2,207,149 | |||
12,424 | Royal Gold, Inc. | 1,492,495 | |||
10,148,338 | |||||
Oil, Gas & Consumable Fuels — 6.4% | |||||
81,861 | Antero Midstream Corp. | 1,132,956 | |||
43,673 | Antero Resources Corp. (a) | 1,485,319 | |||
97,152 | Canadian Natural Resources Ltd. | 7,366,065 | |||
358,830 | Cenovus Energy, Inc. | 7,377,545 | |||
62,979 | Cheniere Energy, Inc. (b) | 9,939,346 | |||
38,172 | Civitas Resources, Inc. | 2,746,857 | |||
31,789 | Delek US Holdings, Inc. | 868,793 | |||
69,833 | DHT Holdings, Inc. | 797,493 | |||
59,209 | Exxon Mobil Corp. | 7,002,648 | |||
28,940 | Hess Midstream, L.P., Class A (c) | 986,854 | |||
69,921 | Magnolia Oil & Gas Corp., Class A | 1,752,920 | |||
8,995 | Marathon Petroleum Corp. | 1,634,571 | |||
58,070 | Murphy Oil Corp. | 2,592,245 | |||
80,350 | Ovintiv, Inc. | 4,123,562 | |||
71,968 | PBF Energy, Inc., Class A | 3,833,735 | |||
562,057 | Petroleo Brasileiro S.A., ADR (b) | 9,538,107 | |||
10,877 | Phillips 66 | 1,557,695 | |||
110,661 | Plains All American Pipeline, L.P. (d) | 1,906,689 | |||
41,425 | Scorpio Tankers, Inc. | 2,914,663 | |||
37,830 | SM Energy Co. | 1,834,377 | |||
20,003 | TORM PLC, Class A | 688,703 | |||
10,793 | Valero Energy Corp. | 1,725,477 | |||
73,806,620 | |||||
Paper & Forest Products — 0.1% | |||||
21,941 | Louisiana-Pacific Corp. | 1,605,862 | |||
Passenger Airlines — 0.1% | |||||
9,783 | Copa Holdings SA, Class A | 934,277 |
Shares | Description | Value | |||
COMMON STOCKS (Continued) | |||||
Personal Care Products — 0.3% | |||||
40,451 | BellRing Brands, Inc. (a) | $2,231,682 | |||
80,432 | Kenvue, Inc. | 1,513,730 | |||
3,745,412 | |||||
Pharmaceuticals — 3.8% | |||||
184,654 | Amylyx Pharmaceuticals, Inc. (a) | 334,224 | |||
25,978 | Arvinas, Inc. (a) | 825,321 | |||
27,137 | Axsome Therapeutics, Inc. (a) | 2,001,625 | |||
401,825 | Bristol-Myers Squibb Co. (b) | 17,656,190 | |||
52,245 | Corcept Therapeutics, Inc. (a) | 1,218,353 | |||
12,504 | Eli Lilly & Co. (b) | 9,766,874 | |||
111,543 | GSK PLC, ADR | 4,622,342 | |||
30,734 | Intra-Cellular Therapies, Inc. (a) | 2,207,009 | |||
18,270 | Pacira BioSciences, Inc. (a) | 479,588 | |||
308,240 | Teva Pharmaceutical Industries Ltd., ADR (a) | 4,330,772 | |||
43,442,298 | |||||
Professional Services — 0.6% | |||||
8,012 | Broadridge Financial Solutions, Inc. | 1,549,601 | |||
8,090 | FTI Consulting, Inc. (a) | 1,729,885 | |||
10,524 | Insperity, Inc. | 1,083,235 | |||
12,892 | Leidos Holdings, Inc. | 1,807,716 | |||
8,222 | TriNet Group, Inc. | 825,242 | |||
6,995,679 | |||||
Real Estate Management & Development — 0.1% | |||||
68,480 | DigitalBridge Group, Inc. | 1,125,811 | |||
Semiconductors & Semiconductor Equipment — 7.4% | |||||
8,124 | Advanced Micro Devices, Inc. (a) | 1,286,679 | |||
20,949 | Ambarella, Inc. (a) | 963,026 | |||
7,289 | Broadcom, Inc. (b) | 9,477,668 | |||
13,254 | Cirrus Logic, Inc. (a) | 1,173,907 | |||
170,050 | Microchip Technology, Inc. (b) | 15,641,199 | |||
46,921 | NVIDIA Corp. (b) | 40,540,682 | |||
90,201 | QUALCOMM, Inc. (b) | 14,959,836 | |||
25,822 | Rambus, Inc. (a) | 1,415,562 | |||
85,458,559 | |||||
Software — 6.8% | |||||
59,511 | Atlassian Corp., Class A (a) (b) | 10,253,745 | |||
24,393 | BILL Holdings, Inc. (a) | 1,521,148 | |||
42,928 | Clear Secure, Inc., Class A | 749,952 | |||
27,528 | DocuSign, Inc. (a) | 1,558,085 | |||
146,800 | Dropbox, Inc., Class A (a) | 3,399,888 | |||
14,806 | Envestnet, Inc. (a) | 919,008 | |||
2,642 | HubSpot, Inc. (a) | 1,598,067 | |||
37,273 | JFrog Ltd. (a) | 1,486,447 | |||
35,106 | Klaviyo, Inc., Class A (a) | 786,374 | |||
81,035 | Marathon Digital Holdings, Inc. (a) | 1,301,422 | |||
115,265 | Microsoft Corp. (b) | 44,876,123 | |||
28,011 | Monday.com Ltd. (a) | 5,303,323 | |||
65,127 | Palantir Technologies, Inc., Class A (a) | 1,430,840 |
Shares | Description | Value | |||
COMMON STOCKS (Continued) | |||||
Software (Continued) | |||||
139,124 | Riot Platforms, Inc. (a) | $1,406,544 | |||
42,354 | Teradata Corp. (a) | 1,571,333 | |||
78,162,299 | |||||
Specialty Retail — 1.9% | |||||
95,056 | Bath & Body Works, Inc. | 4,317,443 | |||
90,670 | Best Buy Co., Inc. | 6,676,939 | |||
27,667 | Boot Barn Holdings, Inc. (a) | 2,945,705 | |||
17,274 | Buckle (The), Inc. | 645,875 | |||
139,977 | Wayfair, Inc., Class A (a) (b) | 7,019,847 | |||
21,605,809 | |||||
Technology Hardware, Storage & Peripherals — 4.0% | |||||
221,137 | Apple, Inc. (b) | 37,666,265 | |||
12,884 | Logitech International S.A. | 1,009,977 | |||
53,445 | NetApp, Inc. | 5,462,613 | |||
1,446 | Super Micro Computer, Inc. (a) | 1,241,825 | |||
78,681 | Xerox Holdings Corp. | 1,045,671 | |||
46,426,351 | |||||
Textiles, Apparel & Luxury Goods — 2.8% | |||||
47,020 | Canada Goose Holdings, Inc. (a) | 530,856 | |||
19,713 | Carter’s, Inc. | 1,348,566 | |||
14,755 | Columbia Sportswear Co. | 1,174,941 | |||
42,748 | Crocs, Inc. (a) | 5,316,569 | |||
9,616 | Deckers Outdoor Corp. (a) (b) | 7,870,407 | |||
15,954 | Kontoor Brands, Inc. | 990,105 | |||
26,085 | Ralph Lauren Corp. | 4,268,549 | |||
26,655 | Skechers U.S.A., Inc., Class A (a) | 1,760,563 | |||
23,029 | Steven Madden Ltd. | 930,602 | |||
105,568 | Tapestry, Inc. | 4,214,275 | |||
290,268 | VF Corp. | 3,616,739 | |||
32,022,172 | |||||
Tobacco — 1.1% | |||||
294,375 | Altria Group, Inc. (b) | 12,896,569 | |||
Trading Companies & Distributors — 1.2% | |||||
26,353 | Beacon Roofing Supply, Inc. (a) | 2,596,561 | |||
88,909 | Core & Main, Inc., Class A (a) | 5,020,691 | |||
9,357 | SiteOne Landscape Supply, Inc. (a) | 1,468,020 | |||
10,252 | Watsco, Inc. | 4,590,025 | |||
13,675,297 | |||||
Transportation Infrastructure — 0.1% | |||||
1,874 | Grupo Aeroportuario del Sureste SAB de CV, ADR | 645,593 | |||
Total Common Stocks | 1,051,732,604 | ||||
(Cost $1,018,454,036) | |||||
EXCHANGE-TRADED FUNDS — 1.0% | |||||
Capital Markets — 1.0% | |||||
18,460 | Invesco QQQ Trust Series 1 | 7,837,931 | |||
18,184 | Technology Select Sector SPDR Fund | 3,568,974 | |||
Total Exchange-Traded Funds | 11,406,905 | ||||
(Cost $11,987,184) |
Shares | Description | Value | |||
MONEY MARKET FUNDS — 6.1% | |||||
70,586,472 | Dreyfus Government Cash Management Fund, Institutional Shares - 5.19% (e) | $70,586,472 | |||
(Cost $70,586,472) | |||||
Total Investments — 97.9% | 1,133,725,981 | ||||
(Cost $1,101,027,692) | |||||
COMMON STOCKS SOLD SHORT — (25.7)% | |||||
Aerospace & Defense — (1.7)% | |||||
(30,321) | Boeing (The) Co. (a) | (5,089,077 ) | |||
(25,820) | General Electric Co. | (4,178,192 ) | |||
(7,631) | L3Harris Technologies, Inc. | (1,633,416 ) | |||
(5,814) | Northrop Grumman Corp. | (2,819,964 ) | |||
(46,110) | RTX Corp. | (4,681,087 ) | |||
(20,462) | Spirit AeroSystems Holdings, Inc., Class A (a) | (654,784 ) | |||
(6,868) | Textron, Inc. | (580,964 ) | |||
(19,637,484 ) | |||||
Air Freight & Logistics — (0.8)% | |||||
(9,750) | C.H. Robinson Worldwide, Inc. | (692,250 ) | |||
(8,210) | Expeditors International of Washington, Inc. | (913,855 ) | |||
(15,648) | FedEx Corp | (4,096,334 ) | |||
(24,802) | United Parcel Service Inc., Class B | (3,657,799 ) | |||
(9,360,238 ) | |||||
Automobile Components — (0.1)% | |||||
(24,777) | Goodyear Tire & Rubber (The) Co. (a) | (296,333 ) | |||
(31,337) | Mobileye Global, Inc., Class A (a) | (863,334 ) | |||
(84,018) | QuantumScape Corp. (a) | (455,378 ) | |||
(1,615,045 ) | |||||
Automobiles — (0.4)% | |||||
(250,459) | Rivian Automotive, Inc., Class A (a) | (2,229,085 ) | |||
(13,244) | Tesla, Inc. (a) | (2,427,360 ) | |||
(4,656,445 ) | |||||
Banks — (0.3)% | |||||
(82,223) | Bank of America Corp. | (3,043,073 ) | |||
(13,226) | Comerica, Inc. | (663,549 ) | |||
(6,395) | Webster Financial Corp. | (280,293 ) | |||
(3,986,915 ) | |||||
Beverages — (0.9)% | |||||
(6,834) | Constellation Brands, Inc., Class A | (1,732,146 ) | |||
(59,612) | Keurig Dr Pepper, Inc. | (2,008,924 ) | |||
(36,492) | PepsiCo, Inc. | (6,419,308 ) | |||
(10,160,378 ) | |||||
Broadline Retail — (0.1)% | |||||
(6,599) | eBay, Inc. | (340,112 ) | |||
(30,667) | Nordstrom, Inc. | (582,980 ) | |||
(5,823) | Ollie’s Bargain Outlet Holdings, Inc. (a) | (425,894 ) | |||
(1,348,986 ) | |||||
Building Products — (0.2)% | |||||
(26,245) | Carrier Global Corp. | (1,613,805 ) | |||
(6,967) | Fortune Brands Innovations, Inc. | (509,288 ) | |||
(2,123,093 ) |
Shares | Description | Value | |||
COMMON STOCKS SOLD SHORT (Continued) | |||||
Capital Markets — (0.8)% | |||||
(3,925) | BlackRock, Inc. | $(2,961,962 ) | |||
(55,398) | Charles Schwab (The) Corp. | (4,096,682 ) | |||
(21,153) | Franklin Resources, Inc. | (483,134 ) | |||
(20,036) | Invesco Ltd. | (283,910 ) | |||
(2,918) | MarketAxess Holdings, Inc. | (583,863 ) | |||
(14,923) | Nasdaq, Inc. | (893,142 ) | |||
(9,302,693 ) | |||||
Chemicals — (0.7)% | |||||
(11,019) | Air Products and Chemicals, Inc. | (2,604,230 ) | |||
(24,896) | Corteva, Inc. | (1,347,620 ) | |||
(22,817) | DuPont de Nemours, Inc. | (1,654,233 ) | |||
(6,960) | Ecolab, Inc. | (1,574,004 ) | |||
(10,963) | FMC Corp. | (646,927 ) | |||
(7,827,014 ) | |||||
Communications Equipment — (0.3)% | |||||
(5,144) | Calix, Inc. (a) | (142,643 ) | |||
(11,404) | Ciena Corp. (a) | (527,207 ) | |||
(44,905) | Cisco Systems, Inc. | (2,109,637 ) | |||
(9,949) | Lumentum Holdings, Inc. (a) | (435,368 ) | |||
(8,646) | Viasat, Inc. (a) | (137,558 ) | |||
(3,352,413 ) | |||||
Construction & Engineering — (0.0)% | |||||
(4,899) | AECOM | (452,472 ) | |||
Consumer Finance — (0.0)% | |||||
(6,550) | OneMain Holdings, Inc. | (341,321 ) | |||
Consumer Staples Distribution & Retail — (0.2)% | |||||
(25,754) | Kroger (The) Co. | (1,426,256 ) | |||
(17,145) | Maplebear, Inc. (a) | (585,159 ) | |||
(2,011,415 ) | |||||
Containers & Packaging — (0.2)% | |||||
(58,307) | Amcor PLC | (521,265 ) | |||
(2,732) | Avery Dennison Corp. | (593,609 ) | |||
(22,008) | International Paper Co. | (768,959 ) | |||
(1,883,833 ) | |||||
Distributors — (0.0)% | |||||
(10,503) | LKQ Corp. | (452,994 ) | |||
Diversified REITs — (0.1)% | |||||
(11,135) | WP Carey, Inc. | (610,643 ) | |||
Diversified Telecommunication Services — (0.8)% | |||||
(252,606) | AT&T, Inc. | (4,266,516 ) | |||
(134,437) | Verizon Communications, Inc. | (5,308,917 ) | |||
(9,575,433 ) | |||||
Electric Utilities — (0.7)% | |||||
(9,461) | Constellation Energy Corp. | (1,759,178 ) | |||
(16,049) | Edison International | (1,140,442 ) | |||
(19,176) | Evergy, Inc. | (1,005,781 ) | |||
(19,490) | Eversource Energy | (1,181,484 ) | |||
(24,109) | FirstEnergy Corp. | (924,339 ) |
Shares | Description | Value | |||
COMMON STOCKS SOLD SHORT (Continued) | |||||
Electric Utilities (Continued) | |||||
(2,129) | IDACORP, Inc. | $(201,787 ) | |||
(8,396) | Pinnacle West Capital Corp. | (618,365 ) | |||
(10,607) | PNM Resources, Inc. | (393,096 ) | |||
(35,729) | PPL Corp. | (981,118 ) | |||
(5,993) | Xcel Energy, Inc. | (322,004 ) | |||
(8,527,594 ) | |||||
Electrical Equipment — (0.4)% | |||||
(38,826) | Bloom Energy Corp., Class A (a) | (432,133 ) | |||
(8,767) | Eaton Corp. PLC | (2,790,185 ) | |||
(34,511) | Enovix Corp. (a) | (216,039 ) | |||
(20,433) | Fluence Energy, Inc. (a) | (364,525 ) | |||
(6,455) | GE Vernova, Inc. (a) | (992,198 ) | |||
(27,824) | Sunrun, Inc. (a) | (286,309 ) | |||
(5,081,389 ) | |||||
Electronic Equipment, Instruments & Components — (0.4)% | |||||
(10,740) | Cognex Corp. | (446,140 ) | |||
(11,286) | Coherent Corp. (a) | (616,554 ) | |||
(28,377) | Corning, Inc. | (947,224 ) | |||
(1,716) | Insight Enterprises, Inc. (a) | (313,290 ) | |||
(8,855) | Keysight Technologies, Inc. (a) | (1,310,009 ) | |||
(7,895) | Trimble, Inc. (a) | (474,253 ) | |||
(2,352) | Zebra Technologies Corp., Class A (a) | (739,845 ) | |||
(4,847,315 ) | |||||
Energy Equipment & Services — (0.3)% | |||||
(56,875) | Baker Hughes Co. | (1,855,263 ) | |||
(8,547) | Halliburton Co. | (320,256 ) | |||
(28,378) | TechnipFMC PLC | (727,044 ) | |||
(5,290) | Valaris Ltd. (a) | (344,167 ) | |||
(3,246,730 ) | |||||
Entertainment — (0.2)% | |||||
(4,845) | Roku, Inc. (a) | (279,363 ) | |||
(13,198) | Take-Two Interactive Software, Inc. (a) | (1,884,806 ) | |||
(2,164,169 ) | |||||
Financial Services — (0.3)% | |||||
(29,770) | Fidelity National Information Services, Inc. | (2,021,978 ) | |||
(14,485) | Global Payments, Inc. | (1,778,324 ) | |||
(35,439) | Marqeta, Inc., Class A (a) | (196,686 ) | |||
(3,996,988 ) | |||||
Food Products — (0.5)% | |||||
(18,655) | Archer-Daniels-Midland Co. | (1,094,302 ) | |||
(19,315) | Campbell Soup Co. | (882,889 ) | |||
(9,364) | J. M. Smucker (The) Co. | (1,075,455 ) | |||
(18,427) | Kellanova | (1,066,186 ) | |||
(57,132) | Kraft Heinz (The) Co. | (2,205,867 ) | |||
(6,324,699 ) | |||||
Ground Transportation — (0.5)% | |||||
(7,227) | Avis Budget Group, Inc. | (689,817 ) | |||
(5,153) | JB Hunt Transport Services, Inc. | (837,723 ) |
Shares | Description | Value | |||
COMMON STOCKS SOLD SHORT (Continued) | |||||
Ground Transportation (Continued) | |||||
(13,082) | Knight-Swift Transportation Holdings, Inc. | $(604,781 ) | |||
(1,749) | Landstar System, Inc. | (305,043 ) | |||
(99,282) | Lyft, Inc., Class A (a) | (1,552,771 ) | |||
(7,923) | Norfolk Southern Corp. | (1,824,825 ) | |||
(5,814,960 ) | |||||
Health Care Equipment & Supplies — (0.9)% | |||||
(20,136) | DENTSPLY SIRONA, Inc. | (604,281 ) | |||
(2,334) | Dexcom, Inc. (a) | (297,328 ) | |||
(18,044) | Envista Holdings Corp. (a) | (355,106 ) | |||
(17,141) | GE HealthCare Technologies, Inc. | (1,306,830 ) | |||
(5,163) | Glaukos Corp. (a) | (495,648 ) | |||
(11,328) | Hologic, Inc. (a) | (858,323 ) | |||
(6,483) | Inari Medical, Inc. (a) | (242,075 ) | |||
(1,612) | Inspire Medical Systems, Inc. (a) | (389,556 ) | |||
(1,712) | Insulet Corp. (a) | (294,361 ) | |||
(9,741) | Intuitive Surgical, Inc. (a) | (3,610,210 ) | |||
(4,173) | Masimo Corp. (a) | (560,893 ) | |||
(1,300) | Penumbra, Inc. (a) | (255,411 ) | |||
(6,780) | QuidelOrtho Corp. (a) | (274,929 ) | |||
(1,621) | ResMed, Inc. | (346,878 ) | |||
(6,731) | Solventum Corp. (a) | (437,582 ) | |||
(1,764) | Teleflex, Inc. | (368,235 ) | |||
(3,456) | TransMedics Group, Inc. (a) | (325,313 ) | |||
(11,022,959 ) | |||||
Health Care Providers & Services — (0.6)% | |||||
(48,829) | agilon health, Inc. (a) | (268,559 ) | |||
(4,182) | HealthEquity, Inc. (a) | (330,002 ) | |||
(15,950) | Humana, Inc. | (4,818,335 ) | |||
(4,913) | Laboratory Corp. of America Holdings | (989,331 ) | |||
(7,751) | Premier, Inc., Class A | (161,841 ) | |||
(6,568,068 ) | |||||
Health Care REITs — (0.3)% | |||||
(46,457) | Healthpeak Properties, Inc. | (864,565 ) | |||
(16,157) | Ventas, Inc. | (715,432 ) | |||
(17,082) | Welltower, Inc. | (1,627,573 ) | |||
(3,207,570 ) | |||||
Health Care Technology — (0.1)% | |||||
(6,236) | Schrodinger, Inc. (a) | (152,034 ) | |||
(6,425) | Veeva Systems, Inc., Class A (a) | (1,275,748 ) | |||
(1,427,782 ) | |||||
Hotels, Restaurants & Leisure — (0.3)% | |||||
(10,359) | Cava Group, Inc. (a) | (745,227 ) | |||
(2,463) | Choice Hotels International, Inc. | (291,274 ) | |||
(3,394) | Domino’s Pizza, Inc. | (1,796,342 ) | |||
(16,283) | Penn Entertainment, Inc. (a) | (269,321 ) | |||
(3,102,164 ) | |||||
Household Durables — (0.0)% | |||||
(4,815) | Mohawk Industries, Inc. (a) | (555,266 ) |
Shares | Description | Value | |||
COMMON STOCKS SOLD SHORT (Continued) | |||||
Household Products — (0.2)% | |||||
(8,118) | Church & Dwight Co., Inc. | $(875,851 ) | |||
(7,068) | Clorox (The) Co. | (1,045,145 ) | |||
(1,920,996 ) | |||||
Independent Power and Renewable Electricity Producers — (0.1)% | |||||
(43,791) | AES (The) Corp. | (783,859 ) | |||
(9,103) | NextEra Energy Partners, L.P. | (258,161 ) | |||
(1,042,020 ) | |||||
Industrial Conglomerates — (0.2)% | |||||
(26,924) | 3M Co. | (2,598,435 ) | |||
Industrial REITs — (0.1)% | |||||
(16,373) | Americold Realty Trust, Inc. | (359,715 ) | |||
(1,961) | EastGroup Properties, Inc. | (304,661 ) | |||
(664,376 ) | |||||
Insurance — (0.4)% | |||||
(14,381) | Aflac, Inc. | (1,202,971 ) | |||
(5,734) | Arthur J. Gallagher & Co. | (1,345,712 ) | |||
(2,661) | Everest Group Ltd. | (975,017 ) | |||
(9,939) | Fidelity National Financial, Inc. | (491,980 ) | |||
(2,880) | Kemper Corp. | (167,933 ) | |||
(13,267) | Lemonade, Inc. (a) | (228,590 ) | |||
(11,665) | Lincoln National Corp. | (318,105 ) | |||
(4,361) | MetLife, Inc. | (309,980 ) | |||
(5,040,288 ) | |||||
IT Services — (0.2)% | |||||
(11,113) | Akamai Technologies, Inc. (a) | (1,121,635 ) | |||
(4,075) | VeriSign, Inc. (a) | (690,631 ) | |||
(1,812,266 ) | |||||
Leisure Products — (0.1)% | |||||
(5,973) | Hasbro, Inc. | (366,145 ) | |||
(20,168) | Topgolf Callaway Brands Corp. (a) | (323,091 ) | |||
(689,236 ) | |||||
Life Sciences Tools & Services — (1.6)% | |||||
(9,272) | Agilent Technologies, Inc. | (1,270,635 ) | |||
(39,718) | Avantor, Inc. (a) | (962,367 ) | |||
(1,432) | Bio-Rad Laboratories, Inc., Class A (a) | (386,282 ) | |||
(6,711) | Bio-Techne Corp. | (424,202 ) | |||
(2,977) | Charles River Laboratories International, Inc. (a) | (681,733 ) | |||
(16,526) | Danaher Corp. | (4,075,642 ) | |||
(5,901) | IQVIA Holdings, Inc. (a) | (1,367,675 ) | |||
(861) | Mettler-Toledo International, Inc. (a) | (1,058,772 ) | |||
(5,162) | Revvity, Inc. | (528,950 ) | |||
(9,696) | Thermo Fisher Scientific, Inc. | (5,514,309 ) | |||
(2,461) | Waters Corp. (a) | (760,547 ) | |||
(3,276) | West Pharmaceutical Services, Inc. | (1,171,105 ) | |||
(18,202,219 ) | |||||
Machinery — (0.2)% | |||||
(10,099) | Fortive Corp. | (760,152 ) | |||
(1,461) | Nordson Corp | (377,216 ) |
Shares | Description | Value | |||
COMMON STOCKS SOLD SHORT (Continued) | |||||
Machinery (Continued) | |||||
(6,621) | Symbotic, Inc. (a) | $(255,372 ) | |||
(5,482) | Toro (The) Co. | (480,168 ) | |||
(1,872,908 ) | |||||
Media — (0.3)% | |||||
(11,167) | Charter Communications, Inc., Class A (a) | (2,858,082 ) | |||
(10,013) | Fox Corp., Class B | (287,173 ) | |||
(3,145,255 ) | |||||
Metals & Mining — (0.4)% | |||||
(39,532) | Alcoa Corp. | (1,389,155 ) | |||
(20,316) | MP Materials Corp. (a) | (325,056 ) | |||
(83,349) | Newmont Corp. | (3,387,303 ) | |||
(5,101,514 ) | |||||
Mortgage Real Estate Investment Trusts (REITs) — (0.1)% | |||||
(83,202) | AGNC Investment Corp. | (761,298 ) | |||
Multi-Utilities — (0.5)% | |||||
(13,960) | Ameren Corp. | (1,031,225 ) | |||
(26,136) | CenterPoint Energy, Inc. | (761,603 ) | |||
(33,437) | Dominion Energy, Inc. | (1,704,618 ) | |||
(7,383) | DTE Energy Co. | (814,493 ) | |||
(27,984) | NiSource, Inc. | (779,634 ) | |||
(3,847) | WEC Energy Group, Inc. | (317,916 ) | |||
(5,409,489 ) | |||||
Office REITs — (0.2)% | |||||
(7,895) | Alexandria Real Estate Equities, Inc. | (914,793 ) | |||
(10,702) | Boston Properties, Inc. | (662,347 ) | |||
(8,296) | SL Green Realty Corp. | (413,390 ) | |||
(18,003) | Vornado Realty Trust | (468,618 ) | |||
(2,459,148 ) | |||||
Oil, Gas & Consumable Fuels — (0.5)% | |||||
(17,844) | CNX Resources Corp. (a) | (419,691 ) | |||
(16,489) | Frontline PLC | (387,327 ) | |||
(9,308) | Green Plains, Inc. (a) | (192,396 ) | |||
(90,164) | Kinder Morgan, Inc. | (1,648,198 ) | |||
(22,595) | Occidental Petroleum Corp. | (1,494,433 ) | |||
(16,266) | Range Resources Corp | (584,112 ) | |||
(478) | Texas Pacific Land Corp. | (275,472 ) | |||
(58,739) | Uranium Energy Corp. (a) | (396,488 ) | |||
(5,398,117 ) | |||||
Personal Care Products — (0.2)% | |||||
(26,766) | Coty, Inc., Class A (a) | (306,203 ) | |||
(17,244) | Estee Lauder (The) Cos., Inc., Class A | (2,529,867 ) | |||
(2,836,070 ) | |||||
Professional Services — (0.3)% | |||||
(43,582) | Alight, Inc., Class A (a) | (393,110 ) | |||
(35,797) | Clarivate PLC (a) | (241,988 ) | |||
(5,200) | Equifax, Inc. | (1,144,988 ) | |||
(9,203) | Genpact Ltd. | (282,900 ) | |||
(8,288) | KBR, Inc. | (538,223 ) |
Shares | Description | Value | |||
COMMON STOCKS SOLD SHORT (Continued) | |||||
Professional Services (Continued) | |||||
(5,775) | Robert Half, Inc. | $(399,283 ) | |||
(9,792) | TransUnion | (714,816 ) | |||
(3,715,308 ) | |||||
Real Estate Management & Development — (0.3)% | |||||
(10,554) | CBRE Group, Inc., Class A (a) | (917,037 ) | |||
(12,792) | CoStar Group, Inc. (a) | (1,170,852 ) | |||
(23,940) | Zillow Group, Inc., Class C (a) | (1,019,126 ) | |||
(3,107,015 ) | |||||
Residential REITs — (0.6)% | |||||
(25,048) | American Homes 4 Rent, Class A | (896,718 ) | |||
(5,628) | AvalonBay Communities, Inc. | (1,066,900 ) | |||
(7,637) | Equity LifeStyle Properties, Inc. | (460,435 ) | |||
(14,277) | Equity Residential | (919,439 ) | |||
(2,804) | Essex Property Trust, Inc. | (690,485 ) | |||
(20,041) | Invitation Homes, Inc. | (685,402 ) | |||
(6,301) | Mid-America Apartment Communities, Inc. | (819,130 ) | |||
(5,341) | Sun Communities, Inc. | (594,560 ) | |||
(19,533) | UDR, Inc. | (743,817 ) | |||
(6,876,886 ) | |||||
Retail REITs — (0.2)% | |||||
(6,903) | Agree Realty Corp. | (394,990 ) | |||
(17,180) | Brixmor Property Group, Inc. | (379,678 ) | |||
(4,352) | Federal Realty Investment Trust | (453,348 ) | |||
(10,066) | NNN REIT, Inc. | (407,975 ) | |||
(8,112) | Regency Centers Corp. | (480,392 ) | |||
(2,116,383 ) | |||||
Semiconductors & Semiconductor Equipment — (2.0)% | |||||
(14,299) | First Solar, Inc. (a) | (2,520,914 ) | |||
(124,667) | Intel Corp. | (3,798,604 ) | |||
(65,991) | Marvell Technology, Inc. | (4,349,467 ) | |||
(23,655) | Micron Technology, Inc. | (2,672,069 ) | |||
(3,676) | MKS Instruments, Inc. | (437,370 ) | |||
(2,301) | Onto Innovation, Inc. (a) | (426,812 ) | |||
(2,795) | Power Integrations, Inc. | (186,482 ) | |||
(1,556) | SiTime Corp. (a) | (138,671 ) | |||
(6,001) | SolarEdge Technologies, Inc. (a) | (351,959 ) | |||
(10,795) | Teradyne, Inc. | (1,255,674 ) | |||
(33,854) | Texas Instruments, Inc. | (5,972,523 ) | |||
(33,768) | Wolfspeed, Inc. (a) | (912,749 ) | |||
(23,023,294 ) | |||||
Software — (1.2)% | |||||
(7,903) | Adobe, Inc. (a) | (3,657,745 ) | |||
(6,400) | Bentley Systems, Inc., Class B | (336,192 ) | |||
(9,690) | DoubleVerify Holdings, Inc. (a) | (283,917 ) | |||
(1,064) | Fair Isaac Corp. (a) | (1,205,863 ) | |||
(5,117) | Five9, Inc. (a) | (294,586 ) | |||
(16,420) | Freshworks, Inc., Class A (a) | (293,097 ) | |||
(28,543) | Gen Digital, Inc. | (574,856 ) | |||
(4,589) | Guidewire Software, Inc. (a) | (506,625 ) |
Shares | Description | Value | |||
COMMON STOCKS SOLD SHORT (Continued) | |||||
Software (Continued) | |||||
(44,473) | Oracle Corp. | $(5,058,804 ) | |||
(5,377) | PTC, Inc. (a) | (954,095 ) | |||
(7,459) | Smartsheet, Inc., Class A (a) | (282,174 ) | |||
(4,160) | Sprout Social, Inc., Class A (a) | (209,872 ) | |||
(11,963) | Unity Software, Inc. (a) | (290,342 ) | |||
(2,856) | Workiva, Inc. (a) | (225,053 ) | |||
(14,173,221 ) | |||||
Specialized REITs — (0.8)% | |||||
(14,286) | American Tower Corp. | (2,450,906 ) | |||
(21,378) | Crown Castle, Inc. | (2,004,829 ) | |||
(13,164) | Digital Realty Trust, Inc. | (1,826,900 ) | |||
(2,617) | Equinix, Inc. | (1,860,975 ) | |||
(7,907) | Iron Mountain, Inc. | (612,951 ) | |||
(8,756,561 ) | |||||
Specialty Retail — (0.8)% | |||||
(8,800) | Advance Auto Parts, Inc. | (642,224 ) | |||
(11,504) | CarMax, Inc. (a) | (781,927 ) | |||
(69,573) | Chewy, Inc., Class A (a) | (1,042,899 ) | |||
(13,707) | Gap (The), Inc. | (281,268 ) | |||
(1,341) | Lithia Motors, Inc. | (341,123 ) | |||
(2,342) | O’Reilly Automotive, Inc. (a) | (2,373,055 ) | |||
(3,932) | RH (a) | (971,401 ) | |||
(7,425) | Tractor Supply Co. | (2,027,619 ) | |||
(19,642) | Victoria’s Secret & Co. (a) | (346,092 ) | |||
(8,807,608 ) | |||||
Technology Hardware, Storage & Peripherals — (0.7)% | |||||
(20,263) | Dell Technologies, Inc., Class C | (2,525,580 ) | |||
(65,744) | Hewlett Packard Enterprise Co. | (1,117,648 ) | |||
(22,601) | Pure Storage, Inc., Class A (a) | (1,139,091 ) | |||
(13,629) | Seagate Technology Holdings PLC | (1,170,867 ) | |||
(35,152) | Western Digital Corp. (a) | (2,489,816 ) | |||
(8,443,002 ) | |||||
Water Utilities — (0.0)% | |||||
(8,700) | Essential Utilities, Inc. | (318,246 ) | |||
Wireless Telecommunication Services — (0.4)% | |||||
(28,725) | T-Mobile US, Inc. | (4,715,783 ) | |||
Total Investments Sold Short — (25.7)% | (297,593,410 ) | ||||
(Proceeds $306,115,469) | |||||
Net Other Assets and Liabilities — 27.8% | 321,376,445 | ||||
Net Assets — 100.0% | $1,157,509,016 |
Futures Contracts | Position | Number of Contracts | Expiration Date | Notional Value | Unrealized Appreciation (Depreciation)/ Value |
Russell 2000 E-mini Futures | Short | 403 | Jun-2024 | $(40,009,840 ) | $2,197,048 |
S&P 500 E-mini Futures | Short | 239 | Jun-2024 | (60,550,650 ) | 1,287,195 |
$(100,560,490 ) | $3,484,243 |
(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, 2024, the segregated value of these securities amounts to $276,703,935. |
(c) | This security is taxed as a “C” corporation for federal income tax purposes. |
(d) | Security is a Master Limited Partnership (“MLP”). |
(e) | Rate shown reflects yield as of April 30, 2024. |
Abbreviations throughout the Portfolio of Investments: | |
ADR | – American Depositary Receipt |
REITs | – Real Estate Investment Trusts |
Valuation Inputs
ASSETS TABLE | ||||
Total Value at 4/30/2024 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |
Common Stocks* | $1,051,732,604 | $1,051,732,604 | $— | $— |
Exchange-Traded Funds* | 11,406,905 | 11,406,905 | — | — |
Money Market Funds | 70,586,472 | 70,586,472 | — | — |
Total Investments | 1,133,725,981 | 1,133,725,981 | — | — |
Futures Contracts** | 3,484,243 | 3,484,243 | — | — |
Total | $1,137,210,224 | $1,137,210,224 | $— | $— |
LIABILITIES TABLE | ||||
Total Value at 4/30/2024 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |
Common Stocks Sold Short* | $(297,593,410 ) | $(297,593,410 ) | $— | $— |
* | 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 | $1,133,725,981 |
Cash | 1,526,524 |
Restricted Cash | 308,053,671 |
Cash segregated as collateral for open futures contracts | 5,380,684 |
Receivables: | |
Capital shares sold | 8,903,922 |
Investment securities sold | 3,259,676 |
Variation margin | 1,778,642 |
Dividends | 1,134,038 |
Margin interest rebate | 469,588 |
Reclaims | 8,438 |
Total Assets | 1,464,241,164 |
LIABILITIES: | |
Investments sold short, at value | 297,593,410 |
Payables: | |
Investment securities purchased | 8,181,200 |
Investment advisory fees | 881,323 |
Dividends on investments sold short | 76,215 |
Total Liabilities | 306,732,148 |
NET ASSETS | $1,157,509,016 |
NET ASSETS consist of: | |
Paid-in capital | $1,099,976,898 |
Par value | 195,000 |
Accumulated distributable earnings (loss) | 57,337,118 |
NET ASSETS | $1,157,509,016 |
NET ASSET VALUE, per share | $59.36 |
Number of shares outstanding (unlimited number of shares authorized, par value $0.01 per share) | 19,500,002 |
Investments, at cost | $1,101,027,692 |
Investments sold short, proceeds | $306,115,469 |
INVESTMENT INCOME: | |
Dividends | $7,590,717 |
Margin interest rebate | 5,803,026 |
Margin interest income | 161,570 |
Interest | 14,529 |
Foreign withholding tax | (36,455) |
Total investment income | 13,533,387 |
EXPENSES: | |
Investment advisory fees | 4,454,844 |
Dividend expense on investments sold short | 1,535,477 |
Margin interest expense | 30,515 |
Total expenses | 6,020,836 |
NET INVESTMENT INCOME (LOSS) | 7,512,551 |
NET REALIZED AND UNREALIZED GAIN (LOSS): | |
Net realized gain (loss) on: | |
Investments | 2,425,981 |
In-kind redemptions | 124,826,361 |
Investments sold short | (24,881,351) |
Futures contracts | (13,405,110) |
Foreign currency transactions | 1,596 |
Net realized gain (loss) | 88,967,477 |
Net change in unrealized appreciation (depreciation) on: | |
Investments | 32,589,631 |
Investments sold short | (21,247,120) |
Futures contracts | (884,114) |
Foreign currency translation | (106) |
Net change in unrealized appreciation (depreciation) | 10,458,291 |
NET REALIZED AND UNREALIZED GAIN (LOSS) | 99,425,768 |
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $106,938,319 |
Six Months Ended 4/30/2024 (Unaudited) | Year Ended 10/31/2023 | |
OPERATIONS: | ||
Net investment income (loss) | $7,512,551 | $12,183,440 |
Net realized gain (loss) | 88,967,477 | 10,077,966 |
Net change in unrealized appreciation (depreciation) | 10,458,291 | 37,191,723 |
Net increase (decrease) in net assets resulting from operations | 106,938,319 | 59,453,129 |
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||
Investment operations | (6,816,416) | (11,138,147) |
SHAREHOLDER TRANSACTIONS: | ||
Proceeds from shares sold | 926,103,324 | 358,122,265 |
Cost of shares redeemed | (600,598,541) | (199,319,719) |
Net increase (decrease) in net assets resulting from shareholder transactions | 325,504,783 | 158,802,546 |
Total increase (decrease) in net assets | 425,626,686 | 207,117,528 |
NET ASSETS: | ||
Beginning of period | 731,882,330 | 524,764,802 |
End of period | $1,157,509,016 | $731,882,330 |
CHANGES IN SHARES OUTSTANDING: | ||
Shares outstanding, beginning of period | 13,850,002 | 10,750,002 |
Shares sold | 15,550,000 | 7,100,000 |
Shares redeemed | (9,900,000) | (4,000,000) |
Shares outstanding, end of period | 19,500,002 | 13,850,002 |
Six Months Ended 4/30/2024 (Unaudited) | Year Ended October 31, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | ||
Net asset value, beginning of period | $52.84 | $48.82 | $50.26 | $41.86 | $41.67 | $38.47 |
Income from investment operations: | ||||||
Net investment income (loss) | 0.46 (a) | 0.96 (a) | 0.19 | (0.10 ) | 0.05 | 0.39 |
Net realized and unrealized gain (loss) | 6.49 | 3.93 | (1.56 ) | 8.63 | 0.25 | 3.23 |
Total from investment operations | 6.95 | 4.89 | (1.37 ) | 8.53 | 0.30 | 3.62 |
Distributions paid to shareholders from: | ||||||
Net investment income | (0.43 ) | (0.87 ) | (0.07 ) | (0.13 ) | (0.11 ) | (0.42 ) |
Net asset value, end of period | $59.36 | $52.84 | $48.82 | $50.26 | $41.86 | $41.67 |
Total return (b) | 13.19 % | 10.09 % | (2.74 )% | 20.41 % | 0.74 % | 9.49 % |
Ratios to average net assets/supplemental data: | ||||||
Net assets, end of period (in 000’s) | $1,157,509 | $731,882 | $524,765 | $429,755 | $301,375 | $245,867 |
Ratio of total expenses to average net assets (c) | 1.28 % (d) | 1.46 % | 1.41 % | 1.36 % | 1.55 % | 1.60 % |
Ratio of total expenses to average net assets excluding dividend expense and margin interest expense (c) | 0.95 % (d) | 0.95 % | 0.95 % | 0.95 % | 0.95 % | 0.95 % |
Ratio of net investment income (loss) to average net assets (c) | 1.60 % (d) | 1.86 % | 0.40 % | (0.28 )% | 0.09 % | 1.03 % |
Portfolio turnover rate (e) | 113 % | 280 % | 223 % | 250 % | 250 % | 210 % |
(a) | Based on average shares outstanding. |
(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) | Ratios of expenses to average net assets and ratio of net investment income (loss) to average net assets do not reflect the Fund’s proportionate share of expenses and income of underlying investment companies in which the Fund invests. |
(d) | Annualized. |
(e) | 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. |
Distributions paid from: | |
Ordinary income | $11,138,147 |
Capital gains | — |
Return of capital | — |
Undistributed ordinary income | $1,882,185 |
Accumulated capital and other gain (loss) | (70,054,634 ) |
Net unrealized appreciation (depreciation) | 25,387,664 |
Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation (Depreciation) |
$794,912,223 | $98,287,346 | $(53,582,755 ) | $44,704,591 |
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* | $3,484,243 | Unrealized depreciation on futures contracts* | $— |
* | Includes cumulative appreciation/depreciation on futures contracts as reported in the Fund’s Portfolio of Investments. Only the current day’s variation margin is presented on the Statement of Assets and Liabilities. |
Statement of Operations Location | |
Equity Risk Exposure | |
Net realized gain (loss) on futures contracts | $(13,405,110 ) |
Net change in unrealized appreciation (depreciation) on futures contracts | (884,114 ) |
120 East Liberty Drive, Suite 400
Wheaton, IL 60187
FUND ACCOUNTANT &
TRANSFER AGENT
240 Greenwich Street
New York, NY 10286
PUBLIC ACCOUNTING FIRM
111 South Wacker Drive
Chicago, IL 60606
320 South Canal Street
Chicago, IL 60606
Semi-Annual Report |
For the Six Months Ended April 30, 2024 |
First Trust Emerging Markets Local Currency Bond ETF (FEMB) |
Semi-Annual Report
April 30, 2024
1 | |
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15 | |
23 |
Semi-Annual Letter from the Chairman and CEO
April 30, 2024
Chairman of the Board of Trustees
Chief Executive Officer of First Trust Advisors L.P.
Performance | ||||||
Average Annual Total Returns | Cumulative Total Returns | |||||
6 Months Ended 4/30/24 | 1 Year Ended 4/30/24 | 5 Years Ended 4/30/24 | Inception (11/4/14) to 4/30/24 | 5 Years Ended 4/30/24 | Inception (11/4/14) to 4/30/24 | |
Fund Performance | ||||||
NAV | 3.69% | 3.06% | -0.77% | -0.87% | -3.81% | -7.92% |
Market Price | 3.96% | 2.98% | -0.87% | -0.89% | -4.29% | -8.15% |
Index Performance | ||||||
Bloomberg Emerging Markets Local Currency Government - 10% Country Capped Index | 4.82% | 0.91% | 0.07% | 0.11% | 0.34% | 1.08% |
JP Morgan GBI-EM Global Diversified Index | 4.07% | 1.79% | -0.27% | -0.45% | -1.32% | -4.22% |
Industry Classification | % of Total Investments |
Sovereigns | 92.8% |
Supranationals | 7.2 |
Total | 100.0% |
Fund Allocation | % of Net Assets |
Foreign Sovereign Bonds and Notes | 93.5% |
Net Other Assets and Liabilities(1) | 6.5 |
Total | 100.0% |
Credit Quality(2) | % of Total Investments (including cash) |
AAA | 7.0% |
AA | 0.6 |
A+ | 3.9 |
A | 17.1 |
A- | 5.1 |
BBB+ | 7.4 |
BBB | 17.8 |
BBB- | 15.1 |
BB | 22.5 |
B | 0.2 |
Cash | 3.3 |
Total | 100.0% |
Top Ten Holdings | % of Total Investments |
Republic of South Africa Government Bond, 10.50%, 12/21/26 | 5.5% |
Indonesia Treasury Bond, 9.00%, 03/15/29 | 4.8 |
Malaysia Government Bond, 3.89%, 08/15/29 | 4.8 |
Indonesia Treasury Bond, 8.38%, 09/15/26 | 4.3 |
Romania Government Bond, 6.70%, 02/25/32 | 4.1 |
Brazil Notas do Tesouro Nacional, Series F, 10.00%, 01/01/31 | 3.8 |
Republic of South Africa Government Bond, 8.25%, 03/31/32 | 3.8 |
Thailand Government Bond, 3.35%, 06/17/33 | 3.6 |
Brazil Notas do Tesouro Nacional, Series F, 10.00%, 01/01/29 | 3.6 |
Indonesia Treasury Bond, 7.00%, 09/15/30 | 3.2 |
Total | 41.5% |
(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 credit worthiness 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. |
Leonardo Da Costa, Portfolio Manager, FTGP
Beginning Account Value November 1, 2023 | Ending Account Value April 30, 2024 | 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 | $1,036.90 | 0.85% | $4.30 |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.64 | 0.85% | $4.27 |
(a) | Expenses are equal to the annualized expense ratio as indicated in the table multiplied by the average account value over the period (November 1, 2023 through April 30, 2024), multiplied by 182/366 (to reflect the six-month period). |
Principal Value | Description | Stated Coupon | Stated Maturity | Value | |
FOREIGN SOVEREIGN BONDS AND NOTES (a) — 93.5% | |||||
Brazil — 10.7% | |||||
9,250,000 | Brazil Notas do Tesouro Nacional, Series F (BRL) | 10.00% | 01/01/27 | $1,742,500 | |
28,200,000 | Brazil Notas do Tesouro Nacional, Series F (BRL) | 10.00% | 01/01/29 | 5,167,076 | |
31,000,000 | Brazil Notas do Tesouro Nacional, Series F (BRL) | 10.00% | 01/01/31 | 5,528,874 | |
23,000,000 | Brazil Notas do Tesouro Nacional, Series F (BRL) | 10.00% | 01/01/33 | 4,040,054 | |
16,478,504 | |||||
Chile — 2.1% | |||||
325,000,000 | Bonos de la Tesoreria de la Republica en pesos (CLP) | 4.50% | 03/01/26 | 331,967 | |
3,065,000,000 | Bonos de la Tesoreria de la Republica en pesos (CLP) (b) (c) | 4.70% | 09/01/30 | 2,972,560 | |
3,304,527 | |||||
Colombia — 4.7% | |||||
16,510,000,000 | Colombian TES, Series B (COP) | 7.00% | 06/30/32 | 3,432,092 | |
19,143,000,000 | Colombian TES, Series B (COP) | 7.25% | 10/18/34 | 3,879,199 | |
7,311,291 | |||||
Czech Republic — 0.6% | |||||
22,740,000 | Czech Republic Government Bond (CZK) (c) | 2.40% | 09/17/25 | 941,518 | |
Hungary — 4.7% | |||||
1,496,000,000 | Hungary Government Bond (HUF) | 5.50% | 06/24/25 | 4,002,263 | |
423,000,000 | Hungary Government Bond (HUF) | 6.75% | 10/22/28 | 1,134,017 | |
798,000,000 | Hungary Government Bond (HUF) | 7.00% | 10/24/35 | 2,172,315 | |
7,308,595 | |||||
India — 0.3% | |||||
40,000,000 | India Government Bond (INR) | 6.10% | 07/12/31 | 449,413 | |
Indonesia — 14.6% | |||||
97,693,000,000 | Indonesia Treasury Bond (IDR) | 8.38% | 09/15/26 | 6,181,731 | |
105,699,000,000 | Indonesia Treasury Bond (IDR) | 9.00% | 03/15/29 | 6,988,807 | |
76,840,000,000 | Indonesia Treasury Bond (IDR) | 7.00% | 09/15/30 | 4,679,115 | |
62,050,000,000 | Indonesia Treasury Bond (IDR) | 8.38% | 03/15/34 | 4,125,206 | |
8,786,000,000 | Indonesia Treasury Bond (IDR) | 8.25% | 05/15/36 | 584,914 | |
22,559,773 | |||||
Israel — 1.7% | |||||
2,400,000 | Israel Government Bond - Fixed (ILS) | 6.25% | 10/30/26 | 669,931 | |
1,850,000 | Israel Government Bond - Fixed (ILS) | 3.75% | 02/28/29 | 480,260 | |
6,900,000 | Israel Government Bond - Fixed (ILS) | 1.30% | 04/30/32 | 1,438,429 | |
2,588,620 | |||||
Malaysia — 11.8% | |||||
12,000,000 | Malaysia Government Bond (MYR) | 3.90% | 11/30/26 | 2,535,117 | |
12,520,000 | Malaysia Government Bond (MYR) | 3.73% | 06/15/28 | 2,616,856 | |
33,185,000 | Malaysia Government Bond (MYR) | 3.89% | 08/15/29 | 6,984,435 | |
10,400,000 | Malaysia Government Bond (MYR) | 4.50% | 04/15/30 | 2,248,755 | |
19,955,000 | Malaysia Government Bond (MYR) | 2.63% | 04/15/31 | 3,857,394 | |
18,242,557 | |||||
Mexico — 4.8% | |||||
85,570,000 | Mexican Bonos, Series M (MXN) | 7.50% | 06/03/27 | 4,627,321 | |
37,860,000 | Mexican Bonos, Series M (MXN) | 8.50% | 05/31/29 | 2,074,761 | |
14,500,000 | Mexican Bonos, Series M (MXN) | 7.50% | 05/26/33 | 722,353 | |
7,424,435 |
Principal Value | Description | Stated Coupon | Stated Maturity | Value | |
FOREIGN SOVEREIGN BONDS AND NOTES (a) (Continued) | |||||
Peru — 2.6% | |||||
7,470,000 | Peru Government Bond (PEN) | 6.95% | 08/12/31 | $2,002,008 | |
8,150,000 | Peru Government Bond (PEN) | 6.90% | 08/12/37 | 2,057,439 | |
4,059,447 | |||||
Philippines — 2.3% | |||||
226,000,000 | Philippine Government International Bond (PHP) | 6.25% | 01/14/36 | 3,628,984 | |
Poland — 4.8% | |||||
6,172,000 | Republic of Poland Government Bond (PLN) | 7.50% | 07/25/28 | 1,630,700 | |
23,375,000 | Republic of Poland Government Bond (PLN) | 1.75% | 04/25/32 | 4,337,456 | |
5,825,000 | Republic of Poland Government Bond (PLN) | 6.00% | 10/25/33 | 1,464,739 | |
7,432,895 | |||||
Romania — 4.8% | |||||
3,560,000 | Romania Government Bond (RON) | 8.75% | 10/30/28 | 828,810 | |
27,860,000 | Romania Government Bond (RON) | 6.70% | 02/25/32 | 5,947,792 | |
3,970,000 | Romania Government Bond (RON) | 4.75% | 10/11/34 | 716,938 | |
7,493,540 | |||||
South Africa — 11.1% | |||||
145,180,000 | Republic of South Africa Government Bond (ZAR) | 10.50% | 12/21/26 | 7,901,062 | |
124,380,000 | Republic of South Africa Government Bond (ZAR) | 8.25% | 03/31/32 | 5,500,905 | |
71,560,000 | Republic of South Africa Government Bond (ZAR) | 8.88% | 02/28/35 | 3,064,101 | |
20,000,000 | Republic of South Africa Government Bond (ZAR) | 8.75% | 01/31/44 | 754,254 | |
17,220,322 | |||||
Supranational — 6.8% | |||||
100,000,000 | African Development Bank (ZAR) | (d) | 04/05/46 | 443,828 | |
277,020,000 | Asian Development Bank (INR) | 6.20% | 10/06/26 | 3,256,000 | |
186,000,000 | European Bank for Reconstruction & Development (INR) | 6.30% | 10/26/27 | 2,174,559 | |
125,000,000 | Inter-American Development Bank (INR) | 7.35% | 10/06/30 | 1,504,232 | |
62,000,000 | International Bank for Reconstruction & Development (INR) | 6.75% | 07/13/29 | 727,069 | |
116,000,000 | International Finance Corp. (INR) | 6.30% | 11/25/24 | 1,384,873 | |
62,500,000 | International Finance Corp. (MXN) | (d) | 02/22/38 | 979,854 | |
10,470,415 | |||||
Thailand — 4.9% | |||||
184,110,000 | Thailand Government Bond (THB) | 3.35% | 06/17/33 | 5,199,674 | |
85,750,000 | Thailand Government Bond (THB) | 3.39% | 06/17/37 | 2,417,412 | |
7,617,086 | |||||
Turkey — 0.2% | |||||
11,800,000 | Turkiye Government Bond (TRY) | 10.60% | 02/11/26 | 239,835 | |
Total Investments — 93.5% | 144,771,757 | ||||
(Cost $156,970,448) | |||||
Net Other Assets and Liabilities — 6.5% | 10,039,045 | ||||
Net Assets — 100.0% | $154,810,802 |
Settlement Date | Counterparty | Amount Purchased | Amount Sold | Purchase Value as of 4/30/2024 | Sale Value as of 4/30/2024 | Unrealized Appreciation (Depreciation) | ||
05/22/2024 | BNY | CNH | 11,500,000 | USD | 1,581,646 | $1,587,051 | $1,581,646 | $5,405 |
05/22/2024 | BNS | COP | 10,360,000,000 | USD | 2,615,897 | 2,631,502 | 2,615,897 | 15,605 |
05/22/2024 | JPM | COP | 6,200,000,000 | USD | 1,595,085 | 1,574,837 | 1,595,085 | (20,248 ) |
05/22/2024 | BNY | MXN | 123,600,000 | USD | 7,226,094 | 7,189,064 | 7,226,094 | (37,030 ) |
05/22/2024 | BNS | PEN | 5,900,000 | USD | 1,576,739 | 1,566,794 | 1,576,739 | (9,945 ) |
05/22/2024 | BNS | PHP | 195,300,000 | USD | 3,410,401 | 3,378,870 | 3,410,401 | (31,531 ) |
05/22/2024 | BNY | USD | 1,473,083 | CZK | 35,000,000 | 1,473,083 | 1,485,037 | (11,954 ) |
05/22/2024 | BNS | USD | 6,614,009 | IDR | 107,600,000,000 | 6,614,009 | 6,613,957 | 52 |
05/22/2024 | BNY | USD | 2,612,907 | ILS | 9,830,000 | 2,612,907 | 2,629,866 | (16,959 ) |
05/22/2024 | BNY | USD | 1,569,905 | ZAR | 29,900,000 | 1,569,905 | 1,585,721 | (15,816 ) |
05/22/2024 | BNY | ZAR | 82,000,000 | USD | 4,300,730 | 4,348,800 | 4,300,730 | 48,070 |
05/23/2024 | BNY | USD | 787,188 | THB | 29,000,000 | 787,188 | 784,016 | 3,172 |
Net Unrealized Appreciation (Depreciation) | $(71,179 ) |
(a) | Principal Value is in local currency in the security description. |
(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 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, 2024, securities noted as such amounted to $2,972,560 or 1.9% of net assets. |
(c) | This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the 1933 Act. |
(d) | Zero coupon security. |
Abbreviations throughout the Portfolio of Investments: | |
BNS | – Bank of Nova Scotia |
BNY | – Bank of New York (The) |
BRL | – Brazilian Real |
CLP | – Chilean Peso |
CNH | – Chinese Yuan |
CNY | – China Yuan Renminbi |
COP | – Colombian Peso |
CZK | – Czech Koruna |
EUR | – Euro |
HUF | – Hungarian Forint |
IDR | – Indonesian Rupiah |
ILS | – Israeli Shekel |
INR | – Indian Rupee |
JPM | – JPMorgan Chase and Co. |
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 |
Currency Exposure Diversification | % of Total Investments (including cash)‡ |
ZAR | 14.1% |
MYR | 12.5 |
BRL | 11.3 |
MXN | 11.3 |
IDR | 10.9 |
COP | 7.9 |
INR | 6.5 |
RON | 5.1 |
PLN | 5.1 |
HUF | 5.0 |
PHP | 4.8 |
THB | 4.7 |
PEN | 3.9 |
CNH | 2.3 |
ILS | 1.1 |
TRY | 0.2 |
CNY | 0.0‡‡ |
EUR | 0.0‡‡ |
ILS | 0.0‡‡ |
CZK | (0.4) |
USD | (6.3) |
Total | 100.0% |
‡ | The weightings include the impact of currency forwards. |
‡‡ | Amount is less than 0.1%. |
Valuation Inputs
ASSETS TABLE | ||||
Total Value at 4/30/2024 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |
Foreign Sovereign Bonds and Notes* | $144,771,757 | $— | $144,771,757 | $— |
Forward Foreign Currency Contracts | 72,304 | — | 72,304 | — |
Total | $144,844,061 | $— | $144,844,061 | $— |
LIABILITIES TABLE | ||||
Total Value at 4/30/2024 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |
Forward Foreign Currency Contracts | $(143,483 ) | $— | $(143,483 ) | $— |
* | See Portfolio of Investments for country breakout. |
ASSETS: | |
Investments, at value | $144,771,757 |
Cash | 3,824,715 |
Foreign currency, at value | 1,052,346 |
Unrealized appreciation on forward foreign currency contracts | 72,304 |
Receivables: | |
Investment securities sold | 3,487,541 |
Interest | 3,058,595 |
Reclaims | 183,010 |
Capital shares sold | 2,191 |
Total Assets | 156,452,459 |
LIABILITIES: | |
Unrealized depreciation on forward foreign currency contracts | 143,483 |
Payables: | |
Capital shares redeemed | 1,369,310 |
Investment advisory fees | 111,807 |
Deferred foreign capital gains tax | 17,057 |
Total Liabilities | 1,641,657 |
NET ASSETS | $154,810,802 |
NET ASSETS consist of: | |
Paid-in capital | $211,310,544 |
Par value | 57,000 |
Accumulated distributable earnings (loss) | (56,556,742) |
NET ASSETS | $154,810,802 |
NET ASSET VALUE, per share | $27.16 |
Number of shares outstanding (unlimited number of shares authorized, par value $0.01 per share) | 5,700,002 |
Investments, at cost | $156,970,448 |
Foreign currency, at cost (proceeds) | $1,051,303 |
INVESTMENT INCOME: | |
Interest | $5,005,753 |
Foreign withholding tax | (138,853) |
Total investment income | 4,866,900 |
EXPENSES: | |
Investment advisory fees | 630,652 |
Total expenses | 630,652 |
NET INVESTMENT INCOME (LOSS) | 4,236,248 |
NET REALIZED AND UNREALIZED GAIN (LOSS): | |
Net realized gain (loss) on: | |
Investments | (1,092,443) |
Forward foreign currency contracts | 150,946 |
Foreign currency transactions | 80,872 |
Foreign capital gains tax | (3,053) |
Net realized gain (loss) | (863,678) |
Net change in unrealized appreciation (depreciation) on: | |
Investments | 617,357 |
Forward foreign currency contracts | (291,191) |
Foreign currency translation | 1,092 |
Deferred foreign capital gains tax | (2,488) |
Net change in unrealized appreciation (depreciation) | 324,770 |
NET REALIZED AND UNREALIZED GAIN (LOSS) | (538,908) |
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $3,697,340 |
Six Months Ended 4/30/2024 (Unaudited) | Year Ended 10/31/2023 | |
OPERATIONS: | ||
Net investment income (loss) | $4,236,248 | $7,625,309 |
Net realized gain (loss) | (863,678) | (11,973,890) |
Net change in unrealized appreciation (depreciation) | 324,770 | 21,104,562 |
Net increase (decrease) in net assets resulting from operations | 3,697,340 | 16,755,981 |
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||
Investment operations | (4,147,752) | (4,460,951) |
Return of capital | — | (2,920,302) |
Total distributions to shareholders | (4,147,752) | (7,381,253) |
SHAREHOLDER TRANSACTIONS: | ||
Proceeds from shares sold | 41,070,091 | 72,964,504 |
Cost of shares redeemed | (12,326,321) | (72,153,261) |
Net increase (decrease) in net assets resulting from shareholder transactions | 28,743,770 | 811,243 |
Total increase (decrease) in net assets | 28,293,358 | 10,185,971 |
NET ASSETS: | ||
Beginning of period | 126,517,444 | 116,331,473 |
End of period | $154,810,802 | $126,517,444 |
CHANGES IN SHARES OUTSTANDING: | ||
Shares outstanding, beginning of period | 4,700,002 | 4,750,002 |
Shares sold | 1,450,000 | 2,600,000 |
Shares redeemed | (450,000) | (2,650,000) |
Shares outstanding, end of period | 5,700,002 | 4,700,002 |
Six Months Ended 4/30/2024 (Unaudited) | Year Ended October 31, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | ||
Net asset value, beginning of period | $26.92 | $24.49 | $32.00 | $34.36 | $38.45 | $36.11 |
Income from investment operations: | ||||||
Net investment income (loss) | 0.80 (a) | 1.55 (a) | 1.74 | 1.84 | 1.66 | 2.25 |
Net realized and unrealized gain (loss) | 0.21 (b) | 2.38 | (7.55 ) | (2.25 ) | (3.72 ) | 2.16 |
Total from investment operations | 1.01 | 3.93 | (5.81 ) | (0.41 ) | (2.06 ) | 4.41 |
Distributions paid to shareholders from: | ||||||
Net investment income | (0.77 ) | (0.91 ) | — | (1.48 ) | (0.04 ) | (1.94 ) |
Return of capital | — | (0.59 ) | (1.70 ) | (0.47 ) | (1.99 ) | (0.13 ) |
Total distributions | (0.77 ) | (1.50 ) | (1.70 ) | (1.95 ) | (2.03 ) | (2.07 ) |
Net asset value, end of period | $27.16 | $26.92 | $24.49 | $32.00 | $34.36 | $38.45 |
Total return (c) | 3.69 % | 16.09 % | (18.71 )% | (1.53 )% | (5.37 )% | 12.46 % |
Ratios to average net assets/supplemental data: | ||||||
Net assets, end of period (in 000’s) | $154,811 | $126,517 | $116,331 | $259,230 | $180,385 | $148,045 |
Ratio of total expenses to average net assets | 0.85 % (d) | 0.85 % | 0.85 % | 0.85 % | 0.85 % | 0.85 % |
Ratio of net investment income (loss) to average net assets | 5.71 % (d) | 5.65 % | 4.75 % | 4.55 % | 4.82 % | 4.91 % |
Portfolio turnover rate (e) | 23 % | 76 % | 43 % | 42 % | 59 % | 25 % |
(a) | Based on average shares outstanding. |
(b) | The per share amount does not correlate with the aggregate realized and unrealized gain (loss) due to the timing of the Fund share sales and repurchases in relation to market value fluctuation of the underlying investments. |
(c) | 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. |
(d) | Annualized. |
(e) | 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. |
Distributions paid from: | |
Ordinary income | $4,460,951 |
Capital gains | — |
Return of capital | 2,920,302 |
Undistributed ordinary income | $— |
Accumulated capital and other gain (loss) | (37,534,045 ) |
Net unrealized appreciation (depreciation) | (18,572,286 ) |
Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation (Depreciation) |
$156,970,448 | $1,863,034 | $(14,132,904 ) | $(12,269,870 ) |
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 | $72,304 | Unrealized depreciation on forward foreign currency contracts | $143,483 |
Statement of Operations Location | |
Currency Risk Exposure | |
Net realized gain (loss) on forward foreign currency contracts | $150,946 |
Net change in unrealized appreciation (depreciation) on forward foreign currency contracts | (291,191 ) |
Gross Amount Not Offset in the Statement of Assets and Liabilities | ||||||
Gross Amount of Recognized Assets | Gross Amount Offset in the Statement of Assets and Liabilities | Net Amount of Assets Presented in the Statement of Assets and Liabilities | Financial Instruments | Cash Collateral Received | Net Amount | |
Forward Foreign Currency Contracts* | $72,304 | $— | $72,304 | $(72,304 ) | $— | $— |
Gross Amount Not Offset in the Statement of Assets and Liabilities | ||||||
Gross Amount of Recognized Liabilities | Gross Amount Offset in the Statement of Assets and Liabilities | Net Amount of Liabilities Presented in the Statement of Assets and Liabilities | Financial Instruments | Cash Collateral Pledged | Net Amount | |
Forward Foreign Currency Contracts* | $(143,483 ) | $— | $(143,483 ) | $72,304 | $— | $(71,179 ) |
* | The respective Counterparties for each contract are disclosed in the Forward Foreign Currency Contracts table in the Portfolio of Investments. |
120 East Liberty Drive, Suite 400
Wheaton, IL 60187
Floor 2
8 Angel Court
London EC2R 7HJ
England
FUND ACCOUNTANT &
TRANSFER AGENT
240 Greenwich Street
New York, NY 10286
PUBLIC ACCOUNTING FIRM
111 South Wacker Drive
Chicago, IL 60606
320 South Canal Street
Chicago, IL 60606
Semi-Annual Report |
For the Six Months Ended April 30, 2024 |
First Trust RiverFront Dynamic Developed International ETF (RFDI) |
First Trust RiverFront Dynamic Europe ETF (RFEU) |
First Trust RiverFront Dynamic Emerging Markets ETF (RFEM) |
Semi-Annual Report
April 30, 2024
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Semi-Annual Letter from the Chairman and CEO
April 30, 2024
Chairman of the Board of Trustees
Chief Executive Officer of First Trust Advisors L.P.
Performance | ||||||
Average Annual Total Returns | Cumulative Total Returns | |||||
6 Months Ended 4/30/24 | 1 Year Ended 4/30/24 | 5 Years Ended 4/30/24 | Inception (4/13/16) to 4/30/24 | 5 Years Ended 4/30/24 | Inception (4/13/16) to 4/30/24 | |
Fund Performance | ||||||
NAV | 17.52% | 12.23% | 4.75% | 5.45% | 26.11% | 53.32% |
Market Price | 17.19% | 12.19% | 4.73% | 5.44% | 26.01% | 53.16% |
Index Performance | ||||||
MSCI EAFE Index | 18.63% | 9.28% | 6.18% | 6.78% | 34.97% | 69.51% |
Sector Allocation | % of Total Long-Term Investments |
Financials | 20.2% |
Consumer Discretionary | 13.9 |
Industrials | 12.1 |
Health Care | 9.5 |
Energy | 7.8 |
Materials | 7.7 |
Consumer Staples | 6.6 |
Communication Services | 6.6 |
Information Technology | 6.2 |
Real Estate | 5.3 |
Utilities | 4.1 |
Total | 100.0% |
Top Ten Holdings | % of Total Long-Term Investments |
Novartis AG | 1.9% |
TotalEnergies SE | 1.9 |
ASML Holding N.V. | 1.7 |
Novo Nordisk A/S, Class B | 1.7 |
Mitsubishi UFJ Financial Group, Inc. | 1.5 |
Allianz SE | 1.4 |
Mitsubishi Corp. | 1.4 |
Shell PLC | 1.4 |
Unilever PLC | 1.3 |
ABB Ltd. | 1.3 |
Total | 15.5% |
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 4/30/24 | 1 Year Ended 4/30/24 | 5 Years Ended 4/30/24 | Inception (4/13/16) to 4/30/24 | 5 Years Ended 4/30/24 | Inception (4/13/16) to 4/30/24 | |
Fund Performance | ||||||
NAV | 13.53% | 4.45% | 4.03% | 5.77% | 21.87% | 57.07% |
Market Price | 13.35% | 4.62% | 4.04% | 5.77% | 21.89% | 57.10% |
Index Performance | ||||||
MSCI Europe Index | 19.09% | 7.48% | 6.79% | 7.00% | 38.91% | 72.33% |
Sector Allocation | % of Total Long-Term Investments |
Financials | 16.6% |
Health Care | 16.4 |
Industrials | 13.8 |
Consumer Discretionary | 13.6 |
Energy | 9.3 |
Consumer Staples | 8.8 |
Information Technology | 7.3 |
Communication Services | 6.1 |
Utilities | 4.8 |
Materials | 2.5 |
Real Estate | 0.8 |
Total | 100.0% |
Top Ten Holdings | % of Total Long-Term Investments |
Novo Nordisk A/S, Class B | 4.8% |
ASML Holding N.V. | 4.7 |
Nestle S.A. | 3.5 |
LVMH Moet Hennessy Louis Vuitton SE | 2.9 |
Novartis AG | 2.7 |
TotalEnergies SE | 2.6 |
Shell PLC | 2.3 |
Roche Holding AG | 2.2 |
Unilever PLC | 2.1 |
Allianz SE | 2.0 |
Total | 29.8% |
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. |
Performance | ||||||
Average Annual Total Returns | Cumulative Total Returns | |||||
6 Months Ended 4/30/24 | 1 Year Ended 4/30/24 | 5 Years Ended 4/30/24 | Inception (6/14/16) to 4/30/24 | 5 Years Ended 4/30/24 | Inception (6/14/16) to 4/30/24 | |
Fund Performance | ||||||
NAV | 19.02% | 20.78% | 3.54% | 6.43% | 19.01% | 63.37% |
Market Price | 18.99% | 20.85% | 3.48% | 6.41% | 18.66% | 63.07% |
Index Performance | ||||||
MSCI Emerging Markets Index | 15.40% | 9.88% | 1.89% | 5.95% | 9.79% | 57.64% |
Sector Allocation | % of Total Long-Term Investments |
Information Technology | 28.1% |
Financials | 18.2 |
Industrials | 10.0 |
Consumer Discretionary | 9.6 |
Materials | 8.8 |
Energy | 6.5 |
Communication Services | 5.2 |
Consumer Staples | 4.9 |
Utilities | 3.8 |
Health Care | 3.6 |
Real Estate | 1.3 |
Total | 100.0% |
Fund Allocation | % of Net Assets |
Common Stocks | 99.7% |
Money Market Funds | 0.1 |
Net Other Assets and Liabilities* | 0.2 |
Total | 100.0% |
* | Includes forward foreign currency contracts. |
Top Ten Holdings | % of Total Long-Term Investments |
Taiwan Semiconductor Manufacturing Co., Ltd. | 10.1% |
Tencent Holdings Ltd. | 3.7 |
Samsung Electronics Co., Ltd. | 3.4 |
ICICI Bank Ltd. | 1.9 |
MediaTek, Inc. | 1.9 |
Alibaba Group Holding Ltd. | 1.8 |
Adani Power Ltd. | 1.7 |
Power Finance Corp., Ltd. | 1.5 |
Tata Consultancy Services Ltd. | 1.4 |
Petroleo Brasileiro S.A. | 1.4 |
Total | 28.8% |
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. |
Chris Konstantinos, CFA, Portfolio Manager of RIG
Beginning Account Value November 1, 2023 | Ending Account Value April 30, 2024 | 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 | $1,175.20 | 0.83% | $4.49 |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.74 | 0.83% | $4.17 |
First Trust RiverFront Dynamic Europe ETF (RFEU) | ||||
Actual | $1,000.00 | $1,135.30 | 0.83% | $4.41 |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.74 | 0.83% | $4.17 |
First Trust RiverFront Dynamic Emerging Markets ETF (RFEM) | ||||
Actual | $1,000.00 | $1,190.20 | 0.95% | $5.17 |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.14 | 0.95% | $4.77 |
(a) | Expenses are equal to the annualized expense ratio as indicated in the table multiplied by the average account value over the period (November 1, 2023 through April 30, 2024), multiplied by 182/366 (to reflect the six-month period). |
Shares | Description | Value | |||
COMMON STOCKS (a) (b) — 98.5% | |||||
Australia — 10.2% | |||||
41,846 | ALS Ltd. (AUD) (c) | $349,874 | |||
46,560 | BHP Group Ltd. (AUD) (c) | 1,276,957 | |||
63,409 | Charter Hall Group (AUD) (c) | 481,541 | |||
181,218 | Charter Hall Long Wale REIT (AUD) (c) | 391,972 | |||
55,252 | Coles Group Ltd. (AUD) (c) | 576,234 | |||
4,010 | Commonwealth Bank of Australia (AUD) (c) | 293,810 | |||
51,546 | Fortescue Ltd. (AUD) (c) | 854,345 | |||
64,244 | Goodman Group (AUD) (c) | 1,297,702 | |||
128,649 | Harvey Norman Holdings Ltd. (AUD) (c) | 377,817 | |||
47,685 | Iluka Resources Ltd. (AUD) (c) | 231,873 | |||
231,085 | Incitec Pivot Ltd. (AUD) (c) | 414,932 | |||
14,926 | JB Hi-Fi Ltd. (AUD) (c) | 582,443 | |||
171,145 | Medibank Pvt Ltd. (AUD) (c) | 392,240 | |||
189,707 | Metcash Ltd. (AUD) (c) | 481,074 | |||
37,610 | Nine Entertainment Co. Holdings Ltd. (AUD) (c) | 36,659 | |||
9,908 | Rio Tinto Ltd. (AUD) (c) | 824,585 | |||
33,767 | Sonic Healthcare Ltd. (AUD) (c) | 580,307 | |||
229,828 | South32 Ltd. (AUD) (c) | 524,347 | |||
185,889 | Stockland (AUD) (c) | 526,644 | |||
344,559 | Vicinity Ltd. (AUD) (c) | 421,935 | |||
162,739 | Viva Energy Group Ltd. (AUD) (c) (d) (e) | 356,315 | |||
24,564 | Wesfarmers Ltd. (AUD) (c) | 1,052,300 | |||
12,553 | Woodside Energy Group Ltd. (AUD) (c) | 224,912 | |||
12,550,818 | |||||
Austria — 1.1% | |||||
62,150 | Telekom Austria AG (EUR) | 533,929 | |||
37,648 | UNIQA Insurance Group AG (EUR) (c) | 330,235 | |||
13,809 | Wienerberger AG (EUR) (c) | 493,470 | |||
1,357,634 | |||||
Belgium — 0.2% | |||||
34,596 | Proximus SADP (EUR) (c) | 254,894 | |||
Bermuda — 0.2% | |||||
18,330 | Orient Overseas International Ltd. (HKD) (c) | 267,344 | |||
Canada — 3.5% | |||||
27,784 | ARC Resources Ltd. (CAD) | 503,145 | |||
89,355 | B2Gold Corp. (CAD) | 225,878 | |||
11,127 | Canadian Natural Resources Ltd. (CAD) | 843,184 | |||
17,770 | Emera, Inc. (CAD) | 599,325 | |||
1,297 | George Weston Ltd. (CAD) | 170,688 | |||
13,345 | Northland Power, Inc. (CAD) | 203,667 | |||
21,968 | Pembina Pipeline Corp. (CAD) | 772,985 |
Shares | Description | Value | |||
Canada (Continued) | |||||
17,516 | Suncor Energy, Inc. (CAD) | $668,373 | |||
4,508 | West Fraser Timber Co., Ltd. (CAD) | 345,276 | |||
4,332,521 | |||||
Cayman Islands — 0.6% | |||||
143,220 | CK Hutchison Holdings Ltd. (HKD) (c) | 695,587 | |||
Denmark — 2.3% | |||||
257 | AP Moller - Maersk A/S, Class A (DKK) (c) | 364,474 | |||
281 | AP Moller - Maersk A/S, Class B (DKK) (c) | 407,189 | |||
15,981 | Novo Nordisk A/S, Class B (DKK) (c) | 2,049,440 | |||
1,076 | Svitzer A/S (DKK) (f) | 36,157 | |||
2,857,260 | |||||
Finland — 0.6% | |||||
6,505 | Elisa Oyj (EUR) (c) | 293,307 | |||
12,596 | Orion Oyj, Class B (EUR) (c) | 480,967 | |||
774,274 | |||||
France — 8.6% | |||||
32,471 | AXA S.A. (EUR) (c) | 1,121,926 | |||
28,641 | Carmila S.A. (EUR) (c) | 481,183 | |||
432 | Christian Dior SE (EUR) (c) | 336,331 | |||
10,163 | Covivio S.A. (EUR) (c) | 505,875 | |||
63,174 | Credit Agricole S.A. (EUR) (c) | 977,508 | |||
525 | Hermes International SCA (EUR) (c) | 1,256,847 | |||
13,004 | La Francaise des Jeux SAEM (EUR) (c) (d) (e) | 490,053 | |||
1,465 | LVMH Moet Hennessy Louis Vuitton SE (EUR) (c) | 1,203,406 | |||
31,700 | Metropole Television S.A. (EUR) (c) | 447,663 | |||
2,820 | Sanofi S.A. (EUR) (c) | 278,597 | |||
31,725 | TotalEnergies SE (EUR) (c) | 2,303,198 | |||
10,126 | Vinci S.A. (EUR) (c) | 1,186,527 | |||
10,589,114 | |||||
Germany — 8.6% | |||||
6,199 | Allianz SE (EUR) (c) | 1,759,185 | |||
16,063 | Bayer AG (EUR) (c) | 468,569 | |||
8,750 | Bayerische Motoren Werke AG (EUR) (c) | 953,308 | |||
65,940 | Deutsche Bank AG (EUR) (c) | 1,053,229 | |||
22,270 | Deutsche Post AG (EUR) (c) | 932,445 | |||
59,967 | Deutsche Telekom AG (EUR) (c) | 1,373,580 | |||
61,589 | E.ON SE (EUR) (c) | 815,561 | |||
25,054 | Fresenius SE & Co. KGaA (EUR) (c) | 747,622 |
Shares | Description | Value | |||
COMMON STOCKS (a) (b) (Continued) | |||||
Germany (Continued) | |||||
1,720 | Hapag-Lloyd AG (EUR) (c) (d) (e) | $316,847 | |||
15,764 | Mercedes-Benz Group AG (EUR) (c) | 1,192,405 | |||
3,210 | SAP SE (EUR) (c) | 579,621 | |||
2,331 | Siemens AG (EUR) (c) | 436,675 | |||
10,629,047 | |||||
Greece — 0.7% | |||||
29,394 | Eurobank Ergasias Services and Holdings S.A. (EUR) (c) (f) | 62,881 | |||
22,192 | Hellenic Telecommunications Organization S.A. (EUR) (c) | 337,134 | |||
26,120 | OPAP S.A. (EUR) | 435,133 | |||
835,148 | |||||
Guernsey — 0.3% | |||||
10,029 | Shurgard Self Storage Ltd. (EUR) (c) | 411,001 | |||
Hong Kong — 0.2% | |||||
25,426 | AIA Group Ltd. (HKD) (c) | 186,229 | |||
Israel — 0.6% | |||||
10,817 | First International Bank Of Israel Ltd. (ILS) (c) | 429,360 | |||
76,262 | ICL Group Ltd. (ILS) (c) | 357,972 | |||
787,332 | |||||
Italy — 4.3% | |||||
24,143 | ACEA S.p.A (EUR) (c) | 418,795 | |||
19,775 | Azimut Holding S.p.A. (EUR) (c) | 521,121 | |||
51,093 | Banca Mediolanum S.p.A (EUR) (c) | 552,908 | |||
101,882 | Banca Popolare di Sondrio S.p.A. (EUR) (c) | 851,201 | |||
58,224 | Eni S.p.A. (EUR) (c) | 935,177 | |||
88,940 | Pirelli & C S.p.A. (EUR) (c) (d) (e) | 562,364 | |||
56,789 | Poste Italiane S.p.A. (EUR) (c) (d) (e) | 721,399 | |||
81,328 | Unipol Gruppo S.p.A. (EUR) (c) | 729,083 | |||
5,292,048 | |||||
Japan — 23.8% | |||||
31,300 | Advantest Corp. (JPY) (c) | 979,711 | |||
29,300 | Bandai Namco Holdings, Inc. (JPY) (c) | 547,476 | |||
26,100 | Chugai Pharmaceutical Co., Ltd. (JPY) (c) | 830,081 | |||
3,500 | Disco Corp. (JPY) (c) | 996,960 | |||
2,900 | Fast Retailing Co., Ltd. (JPY) (c) | 758,260 | |||
103,400 | Honda Motor Co., Ltd. (JPY) (c) | 1,176,442 | |||
7,600 | Hoya Corp. (JPY) (c) | 881,143 | |||
26,800 | ITOCHU Corp. (JPY) (c) | 1,209,076 |
Shares | Description | Value | |||
Japan (Continued) | |||||
704 | Japan Metropolitan Fund Invest (JPY) (c) | $425,025 | |||
40,600 | Japan Tobacco, Inc. (JPY) (c) | 1,092,206 | |||
29,400 | KDDI Corp. (JPY) (c) | 815,815 | |||
388 | KDX Realty Investment Corp. (JPY) (c) | 382,699 | |||
9,500 | Lawson, Inc. (JPY) | 621,929 | |||
75,700 | Mitsubishi Corp. (JPY) (c) | 1,731,227 | |||
183,800 | Mitsubishi UFJ Financial Group, Inc. (JPY) (c) | 1,830,897 | |||
15,900 | Mitsui OSK Lines Ltd. (JPY) (c) | 504,659 | |||
55,200 | Mizuho Financial Group, Inc. (JPY) (c) | 1,066,967 | |||
67,300 | MS&AD Insurance Group Holdings, Inc. (JPY) (c) | 1,209,990 | |||
14,950 | Nintendo Co., Ltd. (JPY) (c) | 729,097 | |||
664,500 | Nippon Telegraph & Telephone Corp. (JPY) (c) | 717,436 | |||
25,800 | Nippon Yusen KK (JPY) (c) | 732,474 | |||
8,000 | Nissan Chemical Corp. (JPY) (c) | 272,705 | |||
16,500 | Niterra Co., Ltd. (JPY) (c) | 541,164 | |||
10,900 | Nitto Denko Corp. (JPY) (c) | 901,274 | |||
3,800 | Obic Co., Ltd. (JPY) (c) | 488,173 | |||
5,100 | Oracle Corp Japan (JPY) (c) | 382,727 | |||
47,900 | ORIX Corp. (JPY) (c) | 980,293 | |||
32,500 | Recruit Holdings Co., Ltd. (JPY) (c) | 1,399,689 | |||
7,600 | SCREEN Holdings Co., Ltd. (JPY) (c) | 784,146 | |||
18,900 | Sega Sammy Holdings, Inc. (JPY) (c) | 247,382 | |||
30,400 | Sekisui House Ltd. (JPY) (c) | 698,603 | |||
11,100 | Shinko Electric Industries Co., Ltd. (JPY) (c) | 389,724 | |||
13,700 | Shionogi & Co., Ltd. (JPY) (c) | 639,801 | |||
38,700 | SoftBank Corp. (JPY) (c) | 466,787 | |||
600 | Sojitz Corp. (JPY) (c) | 15,448 | |||
27,600 | Takeda Pharmaceutical Co., Ltd. (JPY) (c) | 725,385 | |||
21,900 | Tokyo Gas Co., Ltd. (JPY) (c) | 491,157 | |||
39,600 | USS Co., Ltd. (JPY) (c) | 302,516 | |||
14,700 | ZOZO, Inc. (JPY) (c) | 316,616 | |||
29,283,160 | |||||
Jersey — 0.4% | |||||
163,728 | Man Group PLC (GBP) (c) | 525,059 | |||
Luxembourg — 0.3% | |||||
65,759 | B&M European Value Retail S.A. (GBP) (c) | 424,380 | |||
Netherlands — 2.9% | |||||
2,397 | ASML Holding N.V. (EUR) (c) | 2,087,820 |
Shares | Description | Value | |||
COMMON STOCKS (a) (b) (Continued) | |||||
Netherlands (Continued) | |||||
2,038 | Ferrari N.V. (EUR) (c) | $838,179 | |||
178,776 | Koninklijke KPN N.V. (EUR) (c) | 649,697 | |||
3,575,696 | |||||
New Zealand — 0.7% | |||||
277,299 | Genesis Energy Ltd. (NZD) (c) | 379,945 | |||
158,670 | Spark New Zealand Ltd. (NZD) | 445,978 | |||
825,923 | |||||
Norway — 0.9% | |||||
30,415 | Equinor ASA (NOK) (c) | 809,294 | |||
8,601 | Yara International ASA (NOK) (c) | 245,173 | |||
1,054,467 | |||||
Portugal — 0.5% | |||||
88,386 | Navigator (The) Co., S.A. (EUR) (c) | 390,384 | |||
69,682 | NOS SGPS S.A. (EUR) (c) | 240,682 | |||
631,066 | |||||
Singapore — 0.7% | |||||
206,200 | Keppel DC REIT (SGD) (c) | 257,199 | |||
136,300 | Singapore Airlines Ltd. (SGD) (c) | 650,372 | |||
907,571 | |||||
Spain — 2.6% | |||||
125,791 | Banco Bilbao Vizcaya Argentaria S.A. (EUR) (c) | 1,360,302 | |||
16,594 | Cia de Distribucion Integral Logista Holdings S.A. (EUR) (c) | 451,348 | |||
35,263 | Endesa S.A. (EUR) (c) | 643,044 | |||
29,434 | Inmobiliaria Colonial Socimi S.A. (EUR) (c) | 172,151 | |||
30,830 | Redeia Corp. S.A. (EUR) (c) | 514,665 | |||
3,141,510 | |||||
Sweden — 0.8% | |||||
4,283 | Boliden AB (SEK) (c) | 140,759 | |||
160,140 | Telefonaktiebolaget LM Ericsson, Class B (SEK) (c) | 812,693 | |||
953,452 | |||||
Switzerland — 6.3% | |||||
32,027 | ABB Ltd. (CHF) (c) | 1,556,142 | |||
32,446 | EFG International AG (CHF) (c) | 377,268 | |||
2,629 | Kuehne + Nagel International AG (CHF) (c) | 694,835 | |||
14,001 | Nestle S.A. (CHF) (c) | 1,405,703 | |||
24,061 | Novartis AG (CHF) (c) | 2,335,302 | |||
1,957 | Roche Holding AG (CHF) (c) | 514,806 |
Shares | Description | Value | |||
Switzerland (Continued) | |||||
4,813 | Sandoz Group AG (CHF) (c) (f) | $163,579 | |||
8,356 | SGS S.A. (CHF) (c) | 735,793 | |||
7,783,428 | |||||
United Kingdom — 16.6% | |||||
35,284 | 3i Group PLC (GBP) (c) | 1,260,604 | |||
13,831 | Admiral Group PLC (GBP) (c) | 470,766 | |||
309,646 | Airtel Africa PLC (GBP) (c) (d) (e) | 427,606 | |||
5,547 | AstraZeneca PLC (GBP) (c) | 838,976 | |||
498,817 | Barclays PLC (GBP) (c) | 1,257,662 | |||
85,335 | Barratt Developments PLC (GBP) (c) | 482,152 | |||
22,908 | Big Yellow Group PLC (GBP) (c) | 308,165 | |||
53,128 | BP PLC (GBP) (c) | 342,443 | |||
31,753 | British American Tobacco PLC (GBP) (c) | 932,148 | |||
169,718 | BT Group PLC (GBP) (c) | 217,036 | |||
74,354 | Evraz PLC (GBP) (c) (f) (g) (h) | 0 | |||
34,933 | Hargreaves Lansdown PLC (GBP) (c) | 353,009 | |||
78,393 | HSBC Holdings PLC (GBP) (c) | 679,505 | |||
51,456 | IG Group Holdings PLC (GBP) (c) | 480,148 | |||
36,534 | Imperial Brands PLC (GBP) (c) | 834,806 | |||
30,148 | Inchcape PLC (GBP) (c) | 300,482 | |||
57,200 | Investec PLC (GBP) (c) | 362,320 | |||
114,500 | J Sainsbury PLC (GBP) (c) | 375,580 | |||
280,082 | Legal & General Group PLC (GBP) (c) | 822,179 | |||
28,372 | Mondi PLC (GBP) (c) | 537,688 | |||
73,540 | National Grid PLC (GBP) (c) | 964,634 | |||
261,713 | NatWest Group PLC (GBP) (c) | 987,803 | |||
33,376 | Persimmon PLC (GBP) (c) | 540,457 | |||
19,928 | Rio Tinto PLC (GBP) (c) | 1,348,341 | |||
40,713 | Safestore Holdings PLC (GBP) (c) | 392,385 | |||
48,019 | Shell PLC (GBP) (c) | 1,707,005 | |||
328,418 | Taylor Wimpey PLC (GBP) (c) | 538,152 | |||
30,499 | Unilever PLC (GBP) (c) | 1,577,734 | |||
189,485 | Virgin Money UK PLC (GBP) (c) | 503,817 | |||
44,682 | Vistry Group PLC (GBP) (c) (f) | 663,733 | |||
20,507,336 | |||||
Total Common Stocks | 121,433,299 | ||||
(Cost $106,993,028) |
Shares | Description | Value | |||
MONEY MARKET FUNDS — 0.6% | |||||
706,071 | Dreyfus Government Cash Management Fund, Institutional Shares - 5.19% (i) | $706,071 | |||
(Cost $706,071) | |||||
Total Investments — 99.1% | 122,139,370 | ||||
(Cost $107,699,099) | |||||
Net Other Assets and Liabilities — 0.9% | 1,162,355 | ||||
Net Assets — 100.0% | $123,301,725 |
(a) | Portfolio securities are categorized based upon their country of incorporation. For a breakdown of the portfolio securities by sector, please see the Fund Performance Overview. |
(b) | Securities are issued in U.S. dollars unless otherwise indicated in the security description. |
(c) | 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, 2024, securities noted as such are valued at $115,027,652 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. |
(d) | This security 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. This security is not restricted on the foreign exchange where it trades freely without any additional registration. |
(e) | This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the 1933 Act. |
(f) | Non-income producing security. |
(g) | 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. |
(h) | This security’s value was determined using significant unobservable inputs (see Note 2A - Portfolio Valuation in the Notes to Financial Statements). |
(i) | Rate shown reflects yield as of April 30, 2024. |
Abbreviations throughout the Portfolio of Investments: | |
AUD | – Australian Dollar |
CAD | – Canadian Dollar |
CHF | – Swiss Franc |
DKK | – Danish Krone |
EUR | – Euro |
GBP | – British Pound Sterling |
HKD | – Hong Kong Dollar |
ILS | – Israeli Shekel |
JPY | – Japanese Yen |
NOK | – Norwegian Krone |
NZD | – New Zealand Dollar |
SEK | – Swedish Krona |
SGD | – Singapore Dollar |
USD | – United States Dollar |
Currency Exposure Diversification | % of Total Investments |
EUR | 30.7% |
JPY | 24.0 |
GBP | 17.6 |
AUD | 10.3 |
CHF | 6.4 |
CAD | 3.5 |
DKK | 2.3 |
HKD | 0.9 |
NOK | 0.9 |
SEK | 0.8 |
SGD | 0.7 |
NZD | 0.7 |
ILS | 0.6 |
USD | 0.6 |
Total | 100.0% |
Valuation Inputs
Total Value at 4/30/2024 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |
Common Stocks: | ||||
Austria | $ 1,357,634 | $ 533,929 | $ 823,705 | $ — |
Canada | 4,332,521 | 4,332,521 | — | — |
Denmark | 2,857,260 | 36,157 | 2,821,103 | — |
Greece | 835,148 | 435,133 | 400,015 | — |
Japan | 29,283,160 | 621,929 | 28,661,231 | — |
New Zealand | 825,923 | 445,978 | 379,945 | — |
United Kingdom | 20,507,336 | — | 20,507,336 | —** |
Other Country Categories* | 61,434,317 | — | 61,434,317 | — |
Money Market Funds | 706,071 | 706,071 | — | — |
Total Investments | $122,139,370 | $7,111,718 | $115,027,652 | $—** |
* | See Portfolio of Investments for country breakout. |
** | Investment is valued at $0. |
Shares | Description | Value | |||
COMMON STOCKS (a) (b) — 99.8% | |||||
Australia — 0.8% | |||||
870 | Rio Tinto Ltd. (AUD) (c) | $72,405 | |||
Austria — 2.0% | |||||
1,523 | OMV AG (EUR) (c) | 72,268 | |||
3,397 | Raiffeisen Bank International AG (EUR) (c) | 62,739 | |||
6,614 | Telekom Austria AG (EUR) | 56,821 | |||
191,828 | |||||
Belgium — 0.3% | |||||
454 | Cofinimmo S.A. (EUR) (c) | 30,074 | |||
Denmark — 7.1% | |||||
36 | AP Moller - Maersk A/S, Class A (DKK) (c) | 51,055 | |||
38 | AP Moller - Maersk A/S, Class B (DKK) (c) | 55,065 | |||
514 | DSV A/S (DKK) (c) | 73,024 | |||
113 | Genmab A/S (DKK) (c) (d) | 31,372 | |||
3,574 | Novo Nordisk A/S, Class B (DKK) (c) | 458,338 | |||
148 | Svitzer A/S (DKK) (d) | 4,973 | |||
673,827 | |||||
Finland — 0.8% | |||||
1,262 | Orion Oyj, Class B (EUR) (c) | 48,188 | |||
1,570 | TietoEVRY Oyj (EUR) (c) | 29,628 | |||
77,816 | |||||
France — 14.4% | |||||
842 | Amundi S.A. (EUR) (c) (e) (f) | 58,742 | |||
3,720 | Carrefour S.A. (EUR) (c) | 62,582 | |||
76 | Christian Dior SE (EUR) (c) | 59,169 | |||
338 | Cie de Saint-Gobain S.A. (EUR) (c) | 26,730 | |||
1,013 | Covivio S.A. (EUR) (c) | 50,423 | |||
319 | Dassault Aviation S.A. (EUR) (c) | 68,282 | |||
29 | Hermes International SCA (EUR) (c) | 69,426 | |||
444 | Ipsen S.A. (EUR) (c) | 54,007 | |||
1,300 | La Francaise des Jeux SAEM (EUR) (c) (e) (f) | 48,990 | |||
333 | LVMH Moet Hennessy Louis Vuitton SE (EUR) (c) | 273,539 | |||
7,534 | Orange S.A. (EUR) (c) | 83,856 | |||
2,050 | Rexel S.A. (EUR) (c) | 53,136 | |||
391 | Sanofi S.A. (EUR) (c) | 38,628 | |||
199 | Sartorius Stedim Biotech (EUR) (c) | 42,858 | |||
3,449 | TotalEnergies SE (EUR) (c) | 250,393 | |||
1,056 | Vinci S.A. (EUR) (c) | 123,738 | |||
1,364,499 |
Shares | Description | Value | |||
Germany — 12.7% | |||||
676 | Allianz SE (EUR) (c) | $191,839 | |||
956 | Bayerische Motoren Werke AG (EUR) (c) | 104,156 | |||
553 | Bayerische Motoren Werke AG, (Preference Shares) (EUR) (c) | 56,822 | |||
805 | Brenntag SE (EUR) (c) | 64,242 | |||
2,442 | Deutsche Post AG (EUR) (c) | 102,247 | |||
3,998 | Deutsche Telekom AG (EUR) (c) | 91,577 | |||
1,671 | Mercedes-Benz Group AG (EUR) (c) | 126,396 | |||
675 | Nemetschek SE (EUR) (c) | 59,649 | |||
452 | SAP SE (EUR) (c) | 81,616 | |||
152 | Sartorius AG, (Preference Shares) (EUR) (c) | 45,441 | |||
295 | Siemens AG (EUR) (c) | 55,264 | |||
1,003 | Talanx AG (EUR) (c) | 75,440 | |||
18,154 | Telefonica Deutschland Holding AG (EUR) | 45,490 | |||
529 | Volkswagen AG, (Preference Shares) (EUR) (c) | 64,805 | |||
309 | Wacker Chemie AG (EUR) (c) | 33,078 | |||
1,198,062 | |||||
Greece — 1.1% | |||||
6,330 | National Bank of Greece S.A. (EUR) (c) (d) | 50,942 | |||
2,983 | OPAP S.A. (EUR) | 49,694 | |||
100,636 | |||||
Israel — 0.4% | |||||
1,069 | First International Bank Of Israel Ltd. (ILS) (c) | 42,432 | |||
Italy — 5.2% | |||||
31,179 | A2A S.p.A. (EUR) (c) | 61,490 | |||
2,262 | Azimut Holding S.p.A. (EUR) (c) | 59,610 | |||
15,792 | BPER Banca (EUR) (c) | 82,011 | |||
17,242 | Enel S.p.A. (EUR) (c) | 113,322 | |||
7,230 | Eni S.p.A. (EUR) (c) | 116,126 | |||
15,345 | Hera S.p.A. (EUR) (c) | 55,403 | |||
487,962 | |||||
Jersey — 1.7% | |||||
2,805 | Experian PLC (GBP) (c) | 113,137 | |||
16,377 | Man Group PLC (GBP) (c) | 52,519 | |||
165,656 | |||||
Luxembourg — 0.6% | |||||
8,117 | B&M European Value Retail S.A. (GBP) (c) | 52,383 | |||
Netherlands — 6.6% | |||||
506 | ASML Holding N.V. (EUR) (c) | 440,733 | |||
126 | Ferrari N.V. (EUR) (c) | 51,821 |
Shares | Description | Value | |||
COMMON STOCKS (a) (b) (Continued) | |||||
Netherlands (Continued) | |||||
684 | OCI N.V. (EUR) (c) | $18,397 | |||
772 | Wolters Kluwer N.V. (EUR) (c) | 115,573 | |||
626,524 | |||||
Norway — 1.3% | |||||
3,243 | Equinor ASA (NOK) (c) | 86,291 | |||
1,266 | Yara International ASA (NOK) (c) | 36,087 | |||
122,378 | |||||
Portugal — 1.2% | |||||
3,854 | Galp Energia SGPS S.A. (EUR) (c) | 82,789 | |||
7,712 | Navigator (The) Co., S.A. (EUR) (c) | 34,062 | |||
116,851 | |||||
Spain — 6.0% | |||||
4,387 | Acerinox S.A. (EUR) (c) | 47,264 | |||
14,733 | Banco Bilbao Vizcaya Argentaria S.A. (EUR) (c) | 159,323 | |||
1,946 | Cia de Distribucion Integral Logista Holdings S.A. (EUR) (c) | 52,930 | |||
3,422 | Endesa S.A. (EUR) (c) | 62,402 | |||
1,551 | Grupo Catalana Occidente S.A. (EUR) (c) | 60,062 | |||
9,345 | NH Hotel Group S.A. (EUR) (d) | 40,889 | |||
3,114 | Redeia Corp. S.A. (EUR) (c) | 51,984 | |||
20,861 | Telefonica S.A. (EUR) (c) | 93,449 | |||
568,303 | |||||
Sweden — 1.6% | |||||
687 | Evolution AB (SEK) (c) (e) (f) | 75,903 | |||
15,376 | Telefonaktiebolaget LM Ericsson, Class B (SEK) (c) | 78,032 | |||
153,935 | |||||
Switzerland — 13.3% | |||||
253 | Kuehne + Nagel International AG (CHF) (c) | 66,867 | |||
3,299 | Nestle S.A. (CHF) (c) | 331,220 | |||
2,666 | Novartis AG (CHF) (c) | 258,755 | |||
74 | Partners Group Holding AG (CHF) (c) | 95,206 | |||
858 | Roche Holding AG (CHF) (c) | 205,589 | |||
222 | Roche Holding AG (CHF) (c) | 58,399 | |||
530 | Sandoz Group AG (CHF) (c) (d) | 18,013 | |||
656 | SGS S.A. (CHF) (c) | 57,765 | |||
135 | Swiss Life Holding AG (CHF) (c) | 91,092 | |||
133 | Swisscom AG (CHF) (c) | 72,965 | |||
1,255,871 |
Shares | Description | Value | |||
United Kingdom — 22.7% | |||||
4,269 | 3i Group PLC (GBP) (c) | $152,520 | |||
2,059 | Admiral Group PLC (GBP) (c) | 70,082 | |||
755 | AstraZeneca PLC (GBP) (c) | 114,193 | |||
7,554 | Auto Trader Group PLC (GBP) (c) (e) (f) | 65,489 | |||
8,594 | Barratt Developments PLC (GBP) (c) | 48,557 | |||
8,483 | BP PLC (GBP) (c) | 54,678 | |||
4,060 | British American Tobacco PLC (GBP) (c) | 119,186 | |||
49,224 | BT Group PLC (GBP) (c) | 62,948 | |||
704 | Diageo PLC (GBP) (c) | 24,330 | |||
3,237 | Dunelm Group PLC (GBP) (c) | 40,779 | |||
44,089 | Evraz PLC (GBP) (c) (d) (g) (h) | 0 | |||
8,453 | GSK PLC (GBP) (c) | 175,373 | |||
4,646 | Hargreaves Lansdown PLC (GBP) (c) | 46,949 | |||
11,343 | HSBC Holdings PLC (GBP) (c) | 98,320 | |||
2,599 | Intermediate Capital Group PLC (GBP) (c) | 67,740 | |||
1,047 | Intertek Group PLC (GBP) (c) | 64,439 | |||
8,327 | National Grid PLC (GBP) (c) | 109,226 | |||
516 | Next PLC (GBP) (c) | 57,873 | |||
9,352 | OSB Group PLC (GBP) (c) | 47,889 | |||
3,901 | RELX PLC (GBP) (c) | 160,280 | |||
6,088 | Shell PLC (GBP) (c) | 216,420 | |||
37,059 | Taylor Wimpey PLC (GBP) (c) | 60,726 | |||
26,674 | Tesco PLC (GBP) (c) | 98,482 | |||
3,795 | Unilever PLC (GBP) (c) | 196,318 | |||
2,152,797 | |||||
Total Common Stocks | 9,454,239 | ||||
(Cost $9,303,774) | |||||
MONEY MARKET FUNDS — 0.5% | |||||
41,637 | Dreyfus Government Cash Management Fund, Institutional Shares - 5.19% (i) | 41,637 | |||
(Cost $41,637) | |||||
Total Investments — 100.3% | 9,495,876 | ||||
(Cost $9,345,411) | |||||
Net Other Assets and Liabilities — (0.3)% | (25,413 ) | ||||
Net Assets — 100.0% | $9,470,463 |
(a) | Portfolio securities are categorized based upon their country of incorporation. For a breakdown of the portfolio securities by sector, please see the Fund Performance Overview. |
(b) | Securities are issued in U.S. dollars unless otherwise indicated in the security description. |
(c) | 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, 2024, securities noted as such are valued at $9,256,372 or 97.7% 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. |
(d) | Non-income producing security. |
(e) | This security 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. This security is not restricted on the foreign exchange where it trades freely without any additional registration. |
(f) | This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the 1933 Act. |
(g) | 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. |
(h) | This security’s value was determined using significant unobservable inputs (see Note 2A - Portfolio Valuation in the Notes to Financial Statements). |
(i) | Rate shown reflects yield as of April 30, 2024. |
Abbreviations throughout the Portfolio of Investments: | |
AUD | – Australian Dollar |
CHF | – Swiss Franc |
DKK | – Danish Krone |
EUR | – Euro |
GBP | – British Pound Sterling |
ILS | – Israeli Shekel |
NOK | – Norwegian Krone |
SEK | – Swedish Krona |
USD | – United States Dollar |
Currency Exposure Diversification | % of Total Investments |
EUR | 50.2% |
GBP | 25.0 |
CHF | 13.2 |
DKK | 7.1 |
SEK | 1.6 |
NOK | 1.3 |
AUD | 0.8 |
ILS | 0.4 |
USD | 0.4 |
Total | 100.0% |
Valuation Inputs
Total Value at 4/30/2024 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |
Common Stocks: | ||||
Austria | $ 191,828 | $ 56,821 | $ 135,007 | $ — |
Denmark | 673,827 | 4,973 | 668,854 | — |
Germany | 1,198,062 | 45,490 | 1,152,572 | — |
Greece | 100,636 | 49,694 | 50,942 | — |
Spain | 568,303 | 40,889 | 527,414 | — |
United Kingdom | 2,152,797 | — | 2,152,797 | —** |
Other Country Categories* | 4,568,786 | — | 4,568,786 | — |
Money Market Funds | 41,637 | 41,637 | — | — |
Total Investments | $9,495,876 | $239,504 | $9,256,372 | $—** |
* | See Portfolio of Investments for country breakout. |
** | Investment is valued at $0. |
Shares | Description | Value | |||
COMMON STOCKS (a) (b) — 99.7% | |||||
Bermuda — 1.8% | |||||
211,728 | COSCO SHIPPING Ports Ltd. (HKD) (c) | $129,929 | |||
295,502 | Luye Pharma Group Ltd. (HKD) (c) (d) (e) (f) | 104,122 | |||
14,170 | Orient Overseas International Ltd. (HKD) (c) | 206,670 | |||
290,084 | Skyworth Group Ltd. (HKD) (c) | 119,295 | |||
560,016 | |||||
Brazil — 10.3% | |||||
24,576 | Allos S.A. (BRL) | 98,823 | |||
55,996 | Banco do Brasil S.A. (BRL) | 295,692 | |||
42,313 | BB Seguridade Participacoes S.A. (BRL) | 262,388 | |||
38,699 | Fleury S.A. (BRL) | 107,915 | |||
38,673 | Gerdau S.A., ADR | 134,582 | |||
28,896 | Gerdau S.A. (BRL) | 90,263 | |||
61,433 | JBS S.A. (BRL) | 277,316 | |||
51,532 | Petroleo Brasileiro S.A. (BRL) | 439,241 | |||
18,611 | Petroleo Brasileiro S.A., ADR | 300,009 | |||
17,039 | Petroleo Brasileiro S.A., ADR | 289,152 | |||
26,384 | Suzano S.A. (BRL) | 297,040 | |||
16,716 | Vale S.A., ADR | 203,434 | |||
30,816 | Vale S.A. (BRL) | 375,601 | |||
3,171,456 | |||||
Cayman Islands — 10.3% | |||||
60,578 | Alibaba Group Holding Ltd. (HKD) (c) | 567,196 | |||
19,888 | ANTA Sports Products Ltd. (HKD) (c) | 225,152 | |||
212,562 | China Feihe Ltd. (HKD) (c) (d) (f) | 116,243 | |||
91,694 | China Medical System Holdings Ltd. (HKD) (c) | 81,869 | |||
123,370 | CIMC Enric Holdings Ltd. (HKD) (c) | 122,059 | |||
126,704 | Dongyue Group Ltd. (HKD) (c) | 111,722 | |||
231,734 | Fufeng Group Ltd. (HKD) (c) | 169,085 | |||
10,108 | Meituan, Class B (HKD) (c) (d) (e) (f) | 138,020 | |||
269 | PDD Holdings, Inc., ADR (e) | 33,673 | |||
47,514 | Pop Mart International Group Ltd. (HKD) (c) (d) (f) | 203,333 | |||
26,201 | Tencent Holdings Ltd. (HKD) (c) | 1,149,784 | |||
140,040 | Topsports International Holdings, Ltd. (HKD) (c) (d) (f) | 97,254 | |||
84,720 | Wisdom Marine Lines Co., Ltd. (TWD) (c) | 177,022 | |||
3,192,412 |
Shares | Description | Value | |||
Chile — 3.1% | |||||
2,389,088 | Banco de Chile (CLP) | $265,025 | |||
2,367,762 | Cia Sud Americana de Vapores S.A. (CLP) | 184,725 | |||
68,917 | Empresas CMPC S.A. (CLP) | 136,104 | |||
1,969,098 | Enel Chile S.A. (CLP) | 116,909 | |||
10,828,297 | Norte Grande S.A. (CLP) | 104,894 | |||
3,294 | Sociedad Quimica y Minera de Chile S.A., ADR | 150,503 | |||
958,160 | |||||
Greece — 1.5% | |||||
83,301 | Eurobank Ergasias Services and Holdings S.A. (EUR) (c) (e) | 178,202 | |||
5,272 | Motor Oil Hellas Corinth Refineries S.A. (EUR) (c) | 152,962 | |||
7,955 | OPAP S.A. (EUR) | 132,522 | |||
463,686 | |||||
Hong Kong — 1.7% | |||||
103,364 | China Merchants Port Holdings Co., Ltd. (HKD) (c) | 136,504 | |||
172,966 | China Resources Pharmaceutical Group Ltd. (HKD) (c) (d) (f) | 111,851 | |||
248,168 | Lenovo Group Ltd. (HKD) (c) | 279,129 | |||
527,484 | |||||
India — 23.2% | |||||
71,549 | Adani Power Ltd. (INR) (c) (e) | 523,368 | |||
3,930 | Bajaj Finance Ltd. (INR) (c) | 326,002 | |||
102,383 | Bank of Baroda (INR) (c) | 344,244 | |||
4,671 | Britannia Industries Ltd. (INR) (c) | 266,972 | |||
49,548 | CG Power & Industrial Solutions Ltd. (INR) (c) | 328,079 | |||
21,137 | HCL Technologies Ltd. (INR) (c) | 344,850 | |||
12,377 | Hindustan Unilever Ltd. (INR) (c) | 330,554 | |||
43,564 | ICICI Bank Ltd. (INR) (c) | 600,266 | |||
122,551 | IDFC, Ltd. (INR) (c) (e) | 178,244 | |||
16,876 | Indian Railway Catering & Tourism Corp., Ltd. (INR) (c) | 209,554 | |||
1,795 | Infosys Ltd. (INR) (c) | 30,308 | |||
56,268 | ITC Ltd. (INR) (c) | 293,395 | |||
7,262 | Jio Financial Services Ltd. (INR) (c) (e) | 32,702 | |||
23,324 | LIC Housing Finance Ltd. (INR) (c) | 187,845 | |||
1,719 | LTIMindtree Ltd. (INR) (c) (d) (f) | 96,549 | |||
88,503 | Power Finance Corp., Ltd. (INR) (c) | 466,522 | |||
46,429 | REC Ltd. (INR) (c) | 281,253 | |||
5,926 | Reliance Industries Ltd. (INR) (c) | 208,028 |
Shares | Description | Value | |||
COMMON STOCKS (a) (b) (Continued) | |||||
India (Continued) | |||||
11,296 | Shriram Finance Ltd. (INR) (c) | $344,642 | |||
41,631 | State Bank of India (INR) (c) | 411,229 | |||
21,040 | Sun Pharmaceutical Industries Ltd. (INR) (c) | 377,987 | |||
9,747 | Tata Consultancy Services Ltd. (INR) (c) | 444,854 | |||
8,182 | Titan Co., Ltd. (INR) (c) | 351,068 | |||
42,651 | Vedanta Ltd. (INR) (c) | 203,559 | |||
7,182,074 | |||||
Indonesia — 0.8% | |||||
848,059 | Adaro Energy Indonesia Tbk PT (IDR) (c) | 140,945 | |||
265,686 | Indofood Sukses Makmur Tbk PT (IDR) (c) | 102,025 | |||
242,970 | |||||
Israel — 1.3% | |||||
26,650 | Bank Hapoalim BM (ILS) (c) | 240,075 | |||
30,909 | ICL Group Ltd. (ILS) (c) | 145,086 | |||
385,161 | |||||
Malaysia — 2.0% | |||||
100,000 | Alliance Bank Malaysia Bhd (MYR) (c) | 79,977 | |||
148,000 | IOI Corp. Bhd (MYR) (c) | 125,979 | |||
419,200 | IOI Properties Group Bhd (MYR) (c) | 189,304 | |||
371,800 | Sunway Real Estate Investment Trust (MYR) | 123,868 | |||
103,300 | TIME dotCom Bhd (MYR) (c) | 111,653 | |||
630,781 | |||||
Mexico — 1.0% | |||||
35,582 | Alsea SAB de C.V. (MXN) (e) | 149,051 | |||
45,244 | Banco del Bajio S.A. (MXN) (d) (f) | 166,812 | |||
315,863 | |||||
Philippines — 1.4% | |||||
75,890 | International Container Terminal Services, Inc. (PHP) (c) | 434,046 | |||
Poland — 2.1% | |||||
6,485 | Asseco Poland S.A. (PLN) (c) | 127,450 | |||
5,724 | Bank Handlowy w Warszawie S.A. (PLN) (c) | 157,721 | |||
16,233 | ORLEN S.A. (PLN) (c) | 264,669 | |||
63,014 | PGE Polska Grupa Energetyczna S.A. (PLN) (c) (e) | 93,922 | |||
643,762 |
Shares | Description | Value | |||
Russia — 0.0% | |||||
59,735 | Rosneft Oil Co. PJSC (RUB) (c) (e) (g) (h) | $0 | |||
23,602 | Severstal PAO (RUB) (c) (e) (g) (h) | 0 | |||
0 | |||||
Saudi Arabia — 1.5% | |||||
7,521 | SABIC Agri-Nutrients Co. (SAR) (c) | 231,763 | |||
25,402 | Sahara International Petrochemical Co. (SAR) (c) | 232,169 | |||
463,932 | |||||
Singapore — 0.7% | |||||
52,200 | Sembcorp Industries Ltd. (SGD) (c) | 204,002 | |||
South Africa — 1.9% | |||||
1,849 | Absa Group Ltd. (ZAR) (c) | 14,258 | |||
20,220 | Exxaro Resources Ltd. (ZAR) (c) | 193,730 | |||
30,867 | Impala Platinum Holdings Ltd. (ZAR) (c) | 137,406 | |||
10,192 | Kumba Iron Ore Ltd. (ZAR) | 251,003 | |||
596,397 | |||||
South Korea — 10.5% | |||||
4,350 | GS Holdings Corp. (KRW) (c) | 140,643 | |||
10,454 | HMM Co., Ltd. (KRW) (c) | 119,355 | |||
1,968 | Hyundai Motor Co. (KRW) (c) | 353,996 | |||
5,144 | Kia Corp. (KRW) (c) | 435,813 | |||
5,258 | KT Corp. (KRW) (c) | 131,460 | |||
6,657 | Meritz Financial Group, Inc. (KRW) (c) | 380,631 | |||
23,987 | Mirae Asset Securities Co., Ltd. (KRW) (c) | 130,731 | |||
281 | Samsung Biologics Co., Ltd. (KRW) (c) (d) (e) (f) | 157,938 | |||
19,034 | Samsung Electronics Co., Ltd. (KRW) (c) | 1,058,036 | |||
2,671 | Samsung SDS Co., Ltd. (KRW) (c) | 306,843 | |||
724 | SK Square Co., Ltd. (KRW) (c) (e) | 39,778 | |||
3,255,224 | |||||
Taiwan — 23.2% | |||||
6,651 | Bora Pharmaceuticals Co., Ltd. (TWD) (c) | 155,887 | |||
37,991 | Chicony Electronics Co., Ltd. (TWD) (c) | 235,188 | |||
72,927 | Evergreen Marine Corp. Taiwan Ltd. (TWD) (c) | 423,746 | |||
5,872 | Global Unichip Corp. (TWD) (c) | 243,873 | |||
6,558 | International Games System Co. Ltd. (TWD) (c) | 200,552 |
Shares | Description | Value | |||
COMMON STOCKS (a) (b) (Continued) | |||||
Taiwan (Continued) | |||||
6,763 | Jentech Precision Industrial Co., Ltd. (TWD) (c) | $201,216 | |||
19,519 | MediaTek, Inc. (TWD) (c) | 588,521 | |||
23,358 | Micro-Star International Co., Ltd. (TWD) (c) | 113,653 | |||
16,950 | Nan Ya Printed Circuit Board Corp. (TWD) (c) | 96,513 | |||
80,020 | Ruentex Industries Ltd. (TWD) (c) | 147,571 | |||
23,994 | Sino-American Silicon Products, Inc. (TWD) (c) | 142,855 | |||
130,475 | Taiwan Semiconductor Manufacturing Co., Ltd. (TWD) (c) | 3,124,063 | |||
2,805 | Taiwan Semiconductor Manufacturing Co., Ltd., ADR | 385,239 | |||
22,595 | Tripod Technology Corp. (TWD) (c) | 135,541 | |||
62,810 | Unimicron Technology Corp. (TWD) (c) | 347,341 | |||
80,743 | Wan Hai Lines Ltd. (TWD) (c) | 125,415 | |||
1,827 | Wiwynn Corp. (TWD) (c) | 129,971 | |||
83,470 | WPG Holdings Ltd. (TWD) (c) | 225,438 | |||
96,319 | Yang Ming Marine Transport Corp. (TWD) (c) | 153,993 | |||
7,176,576 |
Shares | Description | Value | |||
Turkey — 1.4% | |||||
85,657 | Aksa Enerji Uretim A/S (TRY) | $101,721 | |||
66,858 | Enerjisa Enerji A/S (TRY) (c) (d) (f) | 140,153 | |||
61,772 | Haci Omer Sabanci Holding A/S (TRY) (c) | 176,336 | |||
418,210 | |||||
Total Common Stocks | 30,822,212 | ||||
(Cost $27,146,579) | |||||
MONEY MARKET FUNDS — 0.1% | |||||
32,451 | Dreyfus Government Cash Management Fund, Institutional Shares - 5.19% (i) | 32,451 | |||
(Cost $32,451) | |||||
Total Investments — 99.8% | 30,854,663 | ||||
(Cost $27,179,030) | |||||
Net Other Assets and Liabilities — 0.2% | 55,692 | ||||
Net Assets — 100.0% | $30,910,355 |
Settlement Date | Counterparty | Amount Purchased | Amount Sold | Purchase Value as of 4/30/2024 | Sale Value as of 4/30/2024 | Unrealized Appreciation (Depreciation) | ||
05/31/2024 | SG | USD | 3,372,165 | TWD | 110,000,000 | $3,372,165 | $3,390,535 | $(18,370 ) |
(a) | Portfolio securities are categorized based upon their country of incorporation. For a breakdown of the portfolio securities by sector, please see the Fund Performance Overview. |
(b) | Securities are issued in U.S. dollars unless otherwise indicated in the security description. |
(c) | 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, 2024, securities noted as such are valued at $25,348,707 or 82.0% 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. |
(d) | This security 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. This security is not restricted on the foreign exchange where it trades freely without any additional registration. |
(e) | Non-income producing security. |
(f) | This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the 1933 Act. |
(g) | 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. |
(h) | This security’s value was determined using significant unobservable inputs (see Note 2A - Portfolio Valuation in the Notes to Financial Statements). |
(i) | Rate shown reflects yield as of April 30, 2024. |
Abbreviations throughout the Portfolio of Investments: | |
ADR | – American Depositary Receipt |
BRL | – Brazilian Real |
CLP | – Chilean Peso |
EUR | – Euro |
HKD | – Hong Kong Dollar |
IDR | – Indonesian Rupiah |
ILS | – Israeli Shekel |
INR | – Indian Rupee |
KRW | – South Korean Won |
MXN | – Mexican Peso |
MYR | – Malaysian Ringgit |
PHP | – Philippine Peso |
PLN | – Polish Zloty |
RUB | – Russian Ruble |
SAR | – Saudi Riyal |
SG | – Societe Generale |
SGD | – Singapore Dollar |
TRY | – Turkish Lira |
TWD | – New Taiwan Dollar |
USD | – United States Dollar |
ZAR | – South African Rand |
Currency Exposure Diversification | % of Total Investments‡ |
INR | 23.3% |
USD | 15.9 |
HKD | 13.2 |
TWD | 11.6 |
KRW | 10.6 |
BRL | 7.3 |
CLP | 2.6 |
PLN | 2.1 |
MYR | 2.0 |
ZAR | 1.9 |
SAR | 1.5 |
EUR | 1.5 |
PHP | 1.4 |
TRY | 1.4 |
ILS | 1.2 |
MXN | 1.0 |
IDR | 0.8 |
SGD | 0.7 |
RUB | 0.0‡‡ |
Total | 100.0% |
‡ | The weightings include the impact of currency forwards. |
‡‡ | Investments are valued at $0. |
Valuation Inputs
ASSETS TABLE | ||||
Total Value at 4/30/2024 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |
Common Stocks: | ||||
Brazil | $ 3,171,456 | $ 3,171,456 | $ — | $ — |
Cayman Islands | 3,192,412 | 33,673 | 3,158,739 | — |
Chile | 958,160 | 958,160 | — | — |
Greece | 463,686 | 132,522 | 331,164 | — |
Malaysia | 630,781 | 123,868 | 506,913 | — |
Mexico | 315,863 | 315,863 | — | — |
Russia | —** | — | — | —** |
South Africa | 596,397 | 251,003 | 345,394 | — |
Taiwan | 7,176,576 | 385,239 | 6,791,337 | — |
Turkey | 418,210 | 101,721 | 316,489 | — |
Other Country Categories* | 13,898,671 | — | 13,898,671 | — |
Money Market Funds | 32,451 | 32,451 | — | — |
Total Investments | $30,854,663 | $5,505,956 | $25,348,707 | $—** |
LIABILITIES TABLE | ||||
Total Value at 4/30/2024 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |
Forward Foreign Currency Contracts | $ (18,370) | $ — | $ (18,370) | $ — |
* | See Portfolio of Investments for country breakout. |
** | Investments are valued at $0. |
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 | $122,139,370 | $9,495,876 | $30,854,663 |
Cash | — | — | 67,795 |
Foreign currency, at value | 95,514 | 895 | 221,413 |
Receivables: | |||
Dividends | 676,905 | 17,934 | 54,828 |
Reclaims | 475,856 | 73,644 | 2,134 |
Investment securities sold | — | — | 288,240 |
Capital shares sold | — | — | 11,285 |
Total Assets | 123,387,645 | 9,588,349 | 31,500,358 |
LIABILITIES: | |||
Unrealized depreciation on forward foreign currency contracts | — | — | 18,370 |
Payables: | |||
Investment advisory fees | 85,920 | 6,554 | 28,394 |
Capital shares redeemed | — | — | 195,406 |
Deferred foreign capital gains tax | — | — | 347,833 |
Other liabilities | — | 111,332 | — |
Total Liabilities | 85,920 | 117,886 | 590,003 |
NET ASSETS | $123,301,725 | $9,470,463 | $30,910,355 |
NET ASSETS consist of: | |||
Paid-in capital | $189,448,040 | $30,711,161 | $50,726,631 |
Par value | 19,674 | 1,500 | 5,000 |
Accumulated distributable earnings (loss) | (66,165,989) | (21,242,198) | (19,821,276) |
NET ASSETS | $123,301,725 | $9,470,463 | $30,910,355 |
NET ASSET VALUE, per share | $62.67 | $63.14 | $61.82 |
Number of shares outstanding (unlimited number of shares authorized, par value $0.01 per share) | 1,967,387 | 150,002 | 500,002 |
Investments, at cost | $107,699,099 | $9,345,411 | $27,179,030 |
Foreign currency, at cost (proceeds) | $95,483 | $893 | $221,391 |
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 | $2,682,761 | $180,041 | $561,069 |
Foreign withholding tax | (122,668) | (139,401) | (62,117) |
Total investment income | 2,560,093 | 40,640 | 498,952 |
EXPENSES: | |||
Investment advisory fees | 514,389 | 38,846 | 166,978 |
Total expenses | 514,389 | 38,846 | 166,978 |
NET INVESTMENT INCOME (LOSS) | 2,045,704 | 1,794 | 331,974 |
NET REALIZED AND UNREALIZED GAIN (LOSS): | |||
Net realized gain (loss) on: | |||
Investments | 16,165 | (7,539) | 491,664 |
In-kind redemptions | 876,019 | — | 72,569 |
Forward foreign currency contracts | — | — | 71,126 |
Foreign currency transactions | (11,562) | (214) | (40,925) |
Foreign capital gains tax | — | — | (4,018) |
Net realized gain (loss) | 880,622 | (7,753) | 590,416 |
Net change in unrealized appreciation (depreciation) on: | |||
Investments | 16,422,974 | 1,138,390 | 5,335,543 |
Forward foreign currency contracts | — | — | (8,798) |
Foreign currency translation | (1,720) | 1,456 | 1,181 |
Deferred foreign capital gains tax | — | — | (287,306) |
Net change in unrealized appreciation (depreciation) | 16,421,254 | 1,139,846 | 5,040,620 |
NET REALIZED AND UNREALIZED GAIN (LOSS) | 17,301,876 | 1,132,093 | 5,631,036 |
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $19,347,580 | $1,133,887 | $5,963,010 |
First Trust RiverFront Dynamic Developed International ETF (RFDI) | First Trust RiverFront Dynamic Europe ETF (RFEU) | |||
Six Months Ended 4/30/2024 (Unaudited) | Year Ended 10/31/2023 | Six Months Ended 4/30/2024 (Unaudited) | Year Ended 10/31/2023 | |
OPERATIONS: | ||||
Net investment income (loss) | $2,045,704 | $4,250,048 | $1,794 | $447,267 |
Net realized gain (loss) | 880,622 | 3,331,304 | (7,753) | (944,698) |
Net change in unrealized appreciation (depreciation) | 16,421,254 | 8,651,148 | 1,139,846 | 1,856,638 |
Net increase (decrease) in net assets resulting from operations | 19,347,580 | 16,232,500 | 1,133,887 | 1,359,207 |
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||
Investment operations | (843,654) | (4,142,877) | (46,816) | (456,021) |
SHAREHOLDER TRANSACTIONS: | ||||
Proceeds from shares sold | — | — | — | — |
Cost of shares redeemed | (6,191,172) | (22,247,859) | — | (11,332,405) |
Net increase (decrease) in net assets resulting from shareholder transactions | (6,191,172) | (22,247,859) | — | (11,332,405) |
Total increase (decrease) in net assets | 12,312,754 | (10,158,236) | 1,087,071 | (10,429,219) |
NET ASSETS: | ||||
Beginning of period | 110,988,971 | 121,147,207 | 8,383,392 | 18,812,611 |
End of period | $123,301,725 | $110,988,971 | $9,470,463 | $8,383,392 |
CHANGES IN SHARES OUTSTANDING: | ||||
Shares outstanding, beginning of period | 2,067,387 | 2,467,387 | 150,002 | 350,002 |
Shares sold | — | — | — | — |
Shares redeemed | (100,000) | (400,000) | — | (200,000) |
Shares outstanding, end of period | 1,967,387 | 2,067,387 | 150,002 | 150,002 |
First Trust RiverFront Dynamic Emerging Markets ETF (RFEM) | |
Six Months Ended 4/30/2024 (Unaudited) | Year Ended 10/31/2023 |
$331,974 | $1,516,245 |
590,416 | (1,147,525) |
5,040,620 | 3,853,240 |
5,963,010 | 4,221,960 |
(376,261) | (1,664,765) |
— | 5,558,285 |
(6,167,863) | (5,232,255) |
(6,167,863) | 326,030 |
(581,114) | 2,883,225 |
31,491,469 | 28,608,244 |
$30,910,355 | $31,491,469 |
600,002 | 600,002 |
— | 100,000 |
(100,000) | (100,000) |
500,002 | 600,002 |
Six Months Ended 4/30/2024 (Unaudited) | Year Ended October 31, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | ||
Net asset value, beginning of period | $53.69 | $49.10 | $72.52 | $54.60 | $57.70 | $55.84 |
Income from investment operations: | ||||||
Net investment income (loss) | 1.00 (a) | 1.92 (a) | 2.23 | 1.21 | 0.85 | 1.54 |
Net realized and unrealized gain (loss) | 8.39 | 4.54 | (22.22 ) | 17.89 | (2.84 ) | 1.81 |
Total from investment operations | 9.39 | 6.46 | (19.99 ) | 19.10 | (1.99 ) | 3.35 |
Distributions paid to shareholders from: | ||||||
Net investment income | (0.41 ) | (1.87 ) | (3.43 ) | (1.18 ) | (1.11 ) | (1.49 ) |
Net asset value, end of period | $62.67 | $53.69 | $49.10 | $72.52 | $54.60 | $57.70 |
Total return (b) | 17.52 % | 13.03 % | (28.21 )% | 35.11 % | (3.45 )% | 6.12 % |
Ratios to average net assets/supplemental data: | ||||||
Net assets, end of period (in 000’s) | $123,302 | $110,989 | $121,147 | $175,317 | $131,049 | $245,234 |
Ratio of total expenses to average net assets | 0.83 % (c) | 0.83 % | 0.83 % | 0.83 % | 0.83 % | 0.83 % |
Ratio of net investment income (loss) to average net assets | 3.30 % (c) | 3.45 % | 3.61 % | 1.79 % | 1.43 % | 2.51 % |
Portfolio turnover rate (d) | 0 % | 81 % | 95 % | 45 % | 96 % | 87 % |
(a) | Based on average shares outstanding. |
(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 4/30/2024 (Unaudited) | Year Ended October 31, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | ||
Net asset value, beginning of period | $55.89 | $53.75 | $76.55 | $55.76 | $59.49 | $57.23 |
Income from investment operations: | ||||||
Net investment income (loss) | 0.01 (a) | 2.83 (a) | 2.04 | 0.98 | 0.96 | 1.78 |
Net realized and unrealized gain (loss) | 7.55 | 2.35 | (22.71 ) | 21.31 | (3.50 ) | 2.20 |
Total from investment operations | 7.56 | 5.18 | (20.67 ) | 22.29 | (2.54 ) | 3.98 |
Distributions paid to shareholders from: | ||||||
Net investment income | (0.31 ) | (3.04 ) | (2.13 ) | (1.50 ) | (1.19 ) | (1.72 ) |
Net asset value, end of period | $63.14 | $55.89 | $53.75 | $76.55 | $55.76 | $59.49 |
Total return (b) | 13.53 % | 9.47 % | (27.33 )% | 40.20 % | (4.22 )% | 7.01 % |
Ratios to average net assets/supplemental data: | ||||||
Net assets, end of period (in 000’s) | $9,470 | $8,383 | $18,813 | $22,966 | $16,729 | $38,666 |
Ratio of total expenses to average net assets | 0.83 % (c) | 0.83 % | 0.83 % | 0.83 % | 0.83 % | 0.83 % |
Ratio of net investment income (loss) to average net assets | 0.04 % (c) | 4.78 % | 3.15 % | 1.29 % | 1.59 % | 2.77 % |
Portfolio turnover rate (d) | 1 % | 68 % | 71 % | 50 % | 87 % | 81 % |
(a) | Based on average shares outstanding. |
(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 4/30/2024 (Unaudited) | Year Ended October 31, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | ||
Net asset value, beginning of period | $52.49 | $47.68 | $67.67 | $61.57 | $60.76 | $56.40 |
Income from investment operations: | ||||||
Net investment income (loss) | 0.56 (a) | 2.48 (a) | 3.48 | 1.61 | 1.10 | 1.79 |
Net realized and unrealized gain (loss) | 9.40 | 5.10 | (20.11 ) | 5.85 | 1.81 | 3.94 |
Total from investment operations | 9.96 | 7.58 | (16.63 ) | 7.46 | 2.91 | 5.73 |
Distributions paid to shareholders from: | ||||||
Net investment income | (0.63 ) | (2.77 ) | (3.36 ) | (1.36 ) | (1.73 ) | (1.37 ) |
Return of capital | — | — | — | — | (0.37 ) | — |
Total distributions | (0.63 ) | (2.77 ) | (3.36 ) | (1.36 ) | (2.10 ) | (1.37 ) |
Net asset value, end of period | $61.82 | $52.49 | $47.68 | $67.67 | $61.57 | $60.76 |
Total return (b) | 19.02 % | 16.00 % | (24.97 )% | 12.01 % | 4.74 % | 10.32 % |
Ratios to average net assets/supplemental data: | ||||||
Net assets, end of period (in 000’s) | $30,910 | $31,491 | $28,608 | $47,372 | $46,178 | $72,917 |
Ratio of total expenses to average net assets | 0.95 % (c) | 0.95 % | 0.95 % | 0.95 % | 0.95 % | 0.95 % |
Ratio of net investment income (loss) to average net assets | 1.89 % (c) | 4.63 % | 5.47 % | 2.19 % | 1.92 % | 2.60 % |
Portfolio turnover rate (d) | 0 % | 90 % | 75 % | 32 % | 89 % | 116 % |
(a) | Based on average shares outstanding. |
(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. |
First Trust RiverFront Dynamic Developed International ETF – (ticker “RFDI”) |
First Trust RiverFront Dynamic Europe ETF – (ticker “RFEU”) |
First Trust RiverFront Dynamic Emerging Markets ETF – (ticker “RFEM”) |
Distributions paid from Ordinary Income | Distributions paid from Capital Gains | Distributions paid from Return of Capital | |
First Trust RiverFront Dynamic Developed International ETF | $4,142,877 | $— | $— |
First Trust RiverFront Dynamic Europe ETF | 456,021 | — | — |
First Trust RiverFront Dynamic Emerging Markets ETF | 1,664,765 | — | — |
Undistributed Ordinary Income | Accumulated Capital and Other Gain (Loss) | Net Unrealized Appreciation (Depreciation) | |
First Trust RiverFront Dynamic Developed International ETF | $— | $(82,297,648 ) | $(2,886,928 ) |
First Trust RiverFront Dynamic Europe ETF | — | (21,297,780 ) | (1,031,489 ) |
First Trust RiverFront Dynamic Emerging Markets ETF | 239,837 | (23,720,171 ) | (1,927,691 ) |
Non-Expiring Capital Loss Carryforwards | |
First Trust RiverFront Dynamic Developed International ETF | $82,297,648 |
First Trust RiverFront Dynamic Europe ETF | 21,297,780 |
First Trust RiverFront Dynamic Emerging Markets ETF | 23,720,171 |
Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation (Depreciation) | |
First Trust RiverFront Dynamic Developed International ETF | $107,699,099 | $20,661,194 | $(6,220,923 ) | $14,440,271 |
First Trust RiverFront Dynamic Europe ETF | 9,345,411 | 1,296,544 | (1,146,079 ) | 150,465 |
First Trust RiverFront Dynamic Emerging Markets ETF | 27,179,030 | 6,122,628 | (2,465,365 ) | 3,657,263 |
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 % |
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 | $30,792 | $30,767 |
First Trust RiverFront Dynamic Europe ETF | 110,809 | 93,138 |
First Trust RiverFront Dynamic Emerging Markets ETF | 97,794 | 4,752,997 |
Purchases | Sales | |
First Trust RiverFront Dynamic Developed International ETF | $— | $6,121,442 |
First Trust RiverFront Dynamic Europe ETF | — | — |
First Trust RiverFront Dynamic Emerging Markets ETF | — | 1,774,050 |
Asset Derivatives | Liability Derivatives | ||||
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 | $18,370 |
Statements of Operations Location | RFDI | RFEU | RFEM |
Currency Risk Exposure | |||
Net realized gain (loss) on forward foreign currency contracts | $— | $— | $71,126 |
Net change in unrealized appreciation (depreciation) on forward foreign currency contracts | — | — | (8,798 ) |
Opened | Closed | |
First Trust RiverFront Dynamic Developed International ETF | $— | $— |
First Trust RiverFront Dynamic Europe ETF | — | — |
First Trust RiverFront Dynamic Emerging Markets ETF | 15,470,548 | 15,028,221 |
120 East Liberty Drive, Suite 400
Wheaton, IL 60187
1214 East Cary Street
Richmond, VA 23219
FUND ACCOUNTANT &
TRANSFER AGENT
240 Greenwich Street
New York, NY 10286
PUBLIC ACCOUNTING FIRM
111 South Wacker Drive
Chicago, IL 60606
320 South Canal Street
Chicago, IL 60606
(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 [18]. Recovery of Erroneously Awarded Compensation.
Not applicable.
Item 14. 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 8, 2024 |
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 8, 2024 |
By (Signature and Title)* | /s/ Derek D. Maltbie | |
Derek D. Maltbie, Treasurer, Chief Financial Officer and Chief Accounting Officer (principal financial officer) |
Date: | July 8, 2024 |
* Print the name and title of each signing officer under his or her signature.