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1 |
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2 |
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5 |
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8 |
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9 |
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24 |
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25 |
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26 |
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27 |
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28 |
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35 |
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36 |
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42 |
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44 |
Performance | ||||||
Average Annual Total Returns | Cumulative Total Returns | |||||
1
Year Ended 7/31/23 |
5
Years Ended 7/31/23 |
Inception (11/1/17) to 7/31/23 |
5
Years Ended 7/31/23 |
Inception (11/1/17) to 7/31/23 | ||
Fund Performance | ||||||
NAV | -0.44% | 2.02% | 2.27% | 10.53% | 13.77% | |
Market Price | -0.41% | 2.03% | 2.28% | 10.55% | 13.81% | |
Index Performance | ||||||
Bloomberg Municipal Bond Index | 0.93% | 1.87% | 1.72% | 9.69% | 10.27% | |
Blended Benchmark(1) | 1.59% | 2.69% | 2.73% | 14.17% | 16.73% |
(1) | The Blended Benchmark consists of the following two indexes: 50% of the Bloomberg High Yield 10-Year Municipal Index (8-12 years) which is comprised of bonds with a final maturity between 8 and 12 years that are part of the Bloomberg Municipal Bond High Yield Index; and 50% of the Bloomberg Revenue 10-Year Municipal Index (8-12 years), which is comprised of revenue bonds that have a final maturity between 8 and 12 years that are part of the Bloomberg Municipal Bond Index. Indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the index performance shown. Indexes are unmanaged and an investor cannot invest directly in an index. The Blended Benchmark returns are calculated by using the monthly return of the two indices during each period shown above. At the beginning of each month the two indices are rebalanced to a 50-50 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) | 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. |
• | Over the past year, U.S. Treasury rates increased all along the yield curve and municipal interest rates followed U.S. Treasury yields higher. During the 12-month period ended July 31, 2023, 5-Year and 10-Year U.S. Treasury yields increased by approximately 150 basis points (“bps”) and 133 bps, respectively, to 4.17% and 3.96%. As a reminder, the price of a bond moves inversely to a given change in yield, so higher yields resulted in lower U.S. Treasury bond prices. |
• | Large industry-wide mutual fund and exchange-traded fund (“ETF”) outflows resulted in funds selling municipal bonds to meet redemptions which put additional pressure on municipal bond prices. According to data from the Investment Company Institute, annual fund flows for the 12-month period ended July 31, 2023, were -$55.0 billion (outflow of over $55 billion). |
• | New issue municipal bond supply has been lower year-to-date compared to figures from a year ago. Through July 31, 2023, year-to-date issuance was approximately $204.4 billion, down approximately 17% compared to the $246.6 billion issued for the same period a year ago. However, J.P. Morgan noted that new issue supply inside of 10 years to maturity increased slightly compared to the same period a year ago. |
• | According to data from Bloomberg, municipal credit spreads tightened year-to-date. From December 30, 2022 through July 31, 2023, for municipal bonds rated AA, A, and BBB, credit spreads decreased approximately 4 bps, 15 bps, and 21 bps, respectively. |
• | Looking at the AAA municipal yield curve as prepared by Refinitiv Lipper, year-to-date, 5-Year and 10-Year municipal yields increased by 19 bps and decreased by 11 bps, to 2.66% and 2.57%, respectively. |
• | Years to Maturity: During the period, the portfolio yield curve and effective duration positions were significant reasons the Fund underperformed relative to the Blended Benchmark. In terms of the Fund’s allocation in years to a bond’s final maturity date, the Fund’s allocation to bonds with a final stated maturity date of 18+ years was the largest single contributor to the Fund’s underperformance relative to the Blended Benchmark. In addition, the Fund’s allocation and/or selection of bonds with 10-12 years to maturity, 16-18 years to maturity, and 0-2 years to maturity detracted from Fund performance. The Fund’s allocation to bonds with a stated maturity of 8-10 years was a positive contributor to the Fund’s performance relative to the Blended Benchmark. |
• | Effective Duration: Focusing on the Fund’s effective duration allocations, the Fund’s selection of bonds with an effective duration of 10+ years was the largest single contributor to the Fund’s underperformance relative to the Blended Benchmark. The Fund’s selection and allocation of bonds with an effective duration of 0-2 years and selection of bonds with an effective duration of 7-10 years also detracted from Fund performance during the period. |
• | Credit Rating: Regarding the Fund’s credit rating allocation relative to its Blended Benchmark, the Fund’s selection of non-rated high yield bonds was the largest single contributor to the Fund’s underperformance. The Fund’s selection of bonds in the BB, BBB, and A credit rating categories were detractors to Fund performance. Finally, the Fund’s allocation and selection of bonds rated single B was a positive contributor to Fund performance. |
• | Sector/Industry: In terms of the Fund’s allocation to municipal bond sectors, the Fund’s selection of bonds in the special tax, health care, and charter school sectors were the largest detractors to Fund performance relative to the Blended Benchmark. The Fund’s allocation and selection of bonds in the lease sector was a modest positive contributor to Fund performance relative to the Blended Benchmark. |
• | Distribution Rate: The distribution of $0.1545 paid on July 31, 2023 represents a tax-exempt annualized distribution rate of 3.94% based on the Fund’s closing market price of $47.00 on July 31, 2023. During the period, the Fund’s distribution rate increased six times. The Fund’s distribution rate is not constant and is subject to change over time based on the performance of the Fund. |
Beginning Account Value February 1, 2023 |
Ending Account Value July 31, 2023 |
Annualized Expense Ratio Based on the Six-Month Period |
Expenses Paid During the Six-Month Period (a) | |
First Trust Municipal High Income ETF (FMHI) | ||||
Actual | $1,000.00 | $1,005.70 | 0.70% | $3.48 |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.32 | 0.70% | $3.51 |
(a) | Expenses are equal to the annualized expense ratios as indicated in the table multiplied by the average account value over the period (February 1, 2023 through July 31, 2023), multiplied by 181/365 (to reflect the six-month period). |
Principal Value |
Description | Stated Coupon |
Stated Maturity |
Value | ||||
MUNICIPAL BONDS – 98.0% | ||||||||
Alabama – 2.0% | ||||||||
$2,000,000 |
Black Belt Energy Gas Dist AL Gas Proj Rev Proj
No. 6, Ser B (Mandatory put 12/01/26)
|
4.00% | 10/01/52 | $1,980,404 | ||||
530,000 |
Black Belt Energy Gas Dist AL Gas Proj Rev, Ser
C-1 (Mandatory put 6/01/29)
|
5.25% | 02/01/53 | 556,676 | ||||
1,340,000 |
Black Belt Energy Gas Dist AL Gas Proj Rev, Ser F
(Mandatory put 12/01/28)
|
5.50% | 11/01/53 | 1,413,573 | ||||
1,000,000 |
Energy SE AL A Cooperative Dist Energy Sply Rev,
Ser A-1 (Mandatory put 01/01/31)
|
5.50% | 11/01/53 | 1,076,847 | ||||
2,425,000 |
SE Energy Auth AL Cmdy Sply Rev Proj #1, Ser A
(Mandatory put 10/01/28)
|
4.00% | 11/01/51 | 2,389,101 | ||||
800,000 |
SE Energy Auth AL Cmdy Sply Rev Proj #4, Ser B-1
(Mandatory put 08/01/28)
|
5.00% | 05/01/53 | 825,653 | ||||
8,242,254 | ||||||||
Arizona – 3.3% | ||||||||
1,790,000 |
AZ St Indl Dev Auth Edu Rev Acads of Math &
Science Proj (a)
|
5.00% | 07/01/39 | 1,736,411 | ||||
750,000 |
AZ St Indl Dev Auth Edu Rev Doral Acdmy NV Fire
Mesa & Red Rock Cmps Proj, Ser A
|
5.00% | 07/15/39 | 734,926 | ||||
500,000 |
AZ St Indl Dev Auth Edu Rev Doral Acdmy NV
Pebble, Ser A (a)
|
5.00% | 07/15/40 | 486,386 | ||||
400,000 |
AZ St Indl Dev Auth Edu Rev Lone Mountain Cmps
Proj, Ser A (a)
|
5.00% | 12/15/39 | 378,984 | ||||
1,000,000 |
AZ St Indl Dev Auth Edu Rev Pinecrest Acdmy
Horizon Inspirada & St Rose Cmps, Ser A (a)
|
5.75% | 07/15/38 | 1,012,660 | ||||
1,055,000 |
AZ St Indl Dev Auth Edu Rev Ref Basis Sch Projs,
Ser D (a)
|
4.00% | 07/01/27 | 1,021,882 | ||||
290,000 |
AZ St Indl Dev Auth Edu Rev Ref Doral Acdmy of
Northern NV Proj, Ser A (a)
|
4.00% | 07/15/41 | 237,876 | ||||
1,000,000 |
AZ St Indl Dev Auth Edu Rev Ref Doral Acdmy of
Northern NV Proj, Ser A (a)
|
4.00% | 07/15/51 | 745,730 | ||||
1,740,000 |
AZ St Indl Dev Auth Edu Rev Somerset Acdmy of LV
Aliante & Skye Canyon Cmps Proj, Ser A (a)
|
4.00% | 12/15/41 | 1,402,366 | ||||
1,000,000 |
AZ St Indl Dev Auth Edu Rev Somerset Acdmy of LV
Aliante & Skye Canyon Cmps Proj, Ser A (a)
|
4.00% | 12/15/51 | 731,068 | ||||
500,000 |
Glendale AZ Indl Dev Auth Sr Living Facs Rev
Royal Oaks Inspirata Pointe Proj, Ser A
|
5.00% | 05/15/41 | 462,731 | ||||
1,035,000 |
Maricopa Cnty AZ Indl Dev Auth Edu Rev Ref Legacy
Trad Schs Proj Auth, Ser B (a)
|
5.00% | 07/01/49 | 940,338 | ||||
1,000,000 |
Maricopa Cnty AZ Indl Dev Auth Edu Rev Ref Legacy
Trad Schs Proj Auth, Ser B (a)
|
5.00% | 07/01/54 | 888,184 | ||||
2,000,000 |
Phoenix AZ Indl Dev Auth Hotel Rev Sr Falcon
Properties LLC Proj, Ser A (a)
|
4.00% | 12/01/51 | 1,538,174 | ||||
100,000 |
Phoenix AZ Indl Dev Auth Stdt Hsg Rev Ref
Downtown Phoenix Stdt Hsg LLC AZ St Univ Proj, Ser A
|
5.00% | 07/01/27 | 103,586 | ||||
1,000,000 |
Pima Cnty AZ Indl Dev Auth Sr Living Rev La
Posada at Pusch Ridge Proj, Ser A (a)
|
6.75% | 11/15/42 | 1,012,925 | ||||
13,434,227 | ||||||||
Arkansas – 1.5% | ||||||||
3,000,000 |
AR Dev Fin Auth Envrnmntl Rev Green Bond United
States Steel Corp Proj, AMT
|
5.45% | 09/01/52 | 2,999,851 | ||||
1,000,000 |
AR Dev Fin Auth Envrnmntl Rev Green Bond US Steel
Corp Proj, AMT
|
5.70% | 05/01/53 | 1,014,889 | ||||
2,000,000 |
AR St Dev Fin Auth Indl Dev Rev Green Bonds Hybar
Steel Proj, Ser A, AMT (a)
|
6.88% | 07/01/48 | 2,071,764 | ||||
6,086,504 |
Principal Value |
Description | Stated Coupon |
Stated Maturity |
Value | ||||
MUNICIPAL BONDS (Continued) | ||||||||
California – 6.2% | ||||||||
$2,500,000 |
CA Cmnty Choice Fing Auth Clean Energy Proj Rev
Green Bonds, Ser D (Mandatory put 11/01/28)
|
5.50% | 05/01/54 | $2,638,421 | ||||
250,000 |
CA Pub Fin Auth Sr Living Rev Enso Vlg Proj Green
Bond, Ser A (a)
|
5.00% | 11/15/46 | 225,783 | ||||
250,000 |
CA Pub Fin Auth Sr Living Rev Enso Vlg Proj Green
Bond, Ser A (a)
|
5.00% | 11/15/51 | 220,450 | ||||
250,000 |
CA Sch Fin Auth Sch Fac Rev Ref Value Schs, Ser A
(a)
|
5.25% | 07/01/48 | 252,604 | ||||
1,050,000 |
CA St Muni Fin Auth Chrt Sch Rev Palmdale
Aerospace Acdmy Proj, Ser A (a)
|
5.00% | 07/01/38 | 1,028,348 | ||||
450,000 |
CA St Muni Fin Auth Chrt Sch Rev, Ser A (a)
|
5.50% | 06/01/38 | 451,013 | ||||
2,000,000 |
CA St Muni Fin Auth Rev CA Baptist Univ, Ser A
(a)
|
5.00% | 11/01/46 | 1,943,611 | ||||
205,000 |
CA St Muni Fin Auth Rev Ref Eisenhower Med Ctr,
Ser A
|
5.00% | 07/01/32 | 214,655 | ||||
1,250,000 |
CA St Muni Fin Auth Rev Ref HumanGood Oblig Grp,
Ser A
|
5.00% | 10/01/44 | 1,274,079 | ||||
1,000,000 |
CA St Muni Fin Auth Spl Fac Rev United Airls Inc
Proj, AMT
|
4.00% | 07/15/29 | 992,663 | ||||
1,250,000 |
CA St Poll Control Fing Auth Wtr Furnishing Rev
Plant Bonds, AMT (a)
|
5.00% | 07/01/37 | 1,250,298 | ||||
2,000,000 |
CA St Poll Control Fing Auth Wtr Furnishing Rev
Plant Bonds, AMT (a)
|
5.00% | 11/21/45 | 1,990,058 | ||||
1,000,000 |
CA St Sch Fin Auth Chrt Sch Rev Ref Classical
Academies Oceanside Proj, Ser A (a)
|
5.00% | 10/01/42 | 1,005,846 | ||||
550,000 |
CA Stwd Cmntys Dev Auth Rev Loma Linda Univ Med
Ctr, Ser A (a)
|
5.00% | 12/01/33 | 560,610 | ||||
1,500,000 |
CSCDA Cmnty Impt Auth CA Essential Hsg Rev the
Link Glendale Social Bonds, Ser A-2 (a)
|
4.00% | 07/01/56 | 1,053,386 | ||||
500,000 |
CSCDA Cmnty Impt Auth CA Essential Hsg Rev Union
S Bay Social Bonds, Ser A-2 (a)
|
4.00% | 07/01/56 | 367,862 | ||||
1,000,000 |
Golden St Tobacco Securitization Corp CA Tobacco
Stlmt Ref, Tobacco Stlmt Asset Backed Bonds, Ser A-1
|
5.00% | 06/01/51 | 1,042,097 | ||||
300,000 |
Morongo Band of Mission Indians CA Rev Ref, Ser B
(a)
|
5.00% | 10/01/42 | 296,013 | ||||
450,000 |
Palm Desert CA Spl Tax Ref Univ Park
|
4.00% | 09/01/41 | 410,770 | ||||
400,000 |
Roseville CA Spl Tax Svsp Westpark Federico Cmnty
Facs Dt No. 1
|
4.00% | 09/01/41 | 366,957 | ||||
850,000 |
Roseville CA Spl Tax The Ranch at Sierra Vista
Cmnty Facs Dt No. 1
|
5.00% | 09/01/48 | 857,491 | ||||
1,100,000 |
Roseville CA Spl Tax The Ranch at Sierra Vista
Cmnty Facs Dt No. 1
|
5.00% | 09/01/53 | 1,105,111 | ||||
1,000,000 |
San Diego Cnty CA Regl Arpt Auth Arpt Rev Subord,
Ser B, AMT
|
5.00% | 07/01/46 | 1,045,165 | ||||
2,000,000 |
San Francisco CA City & Cnty Arpts Commn Intl
Arpt Rev, Ser A, AMT
|
5.00% | 05/01/44 | 2,071,541 | ||||
1,000,000 |
San Francisco City & Cnty CA Cmnty Facs Dist
#2016-1, Ser 2021
|
4.00% | 09/01/46 | 887,848 | ||||
1,615,000 |
San Luis Obispo Cnty CA Fing Auth Lease Rev
Multiple Capital Projs Ref, Ser A
|
5.25% | 11/15/42 | 1,794,153 | ||||
25,346,833 | ||||||||
Colorado – 7.5% | ||||||||
1,125,000 |
Allison Vly Met Dist #2 CO Ref
|
4.70% | 12/01/47 | 926,546 | ||||
1,000,000 |
Baseline Met Dist #1 CO Spl Rev, Ser A
|
5.00% | 12/01/51 | 891,857 | ||||
525,000 |
Brighton Crossing Met Dist #6 CO, Ser A
|
5.00% | 12/01/35 | 500,323 | ||||
1,000,000 |
Cascade Ridge Met Dist CO
|
5.00% | 12/01/51 | 838,096 | ||||
515,000 |
Chambers Highpoint Met Dist #2 CO
|
5.00% | 12/01/41 | 461,861 | ||||
750,000 |
CO St Eductnl & Cultural Facs Auth Rev Ref
& Impt Chrt Sch Skyview Acdmy Proj (a)
|
5.50% | 07/01/49 | 741,788 | ||||
1,000,000 |
CO St Eductnl & Cultural Facs Auth Rev Ref
& Impt Chrt Sch Univ Lab Bldg Corp (a)
|
5.00% | 12/15/45 | 1,009,454 |
Principal Value |
Description | Stated Coupon |
Stated Maturity |
Value | ||||
MUNICIPAL BONDS (Continued) | ||||||||
Colorado (Continued) | ||||||||
$2,000,000 |
CO St Hlth Facs Auth Hosp Rev Aberdeen Ridge, Ser
A (b)
|
5.00% | 05/15/58 | $1,458,491 | ||||
1,400,000 |
CO St Hlth Facs Auth Rev Ref Christian Living
Neighborhoods Proj
|
5.00% | 01/01/37 | 1,272,173 | ||||
950,000 |
CO St Hlth Facs Auth Rev Ref Commonspirit Hlth,
Ser A-1
|
4.00% | 08/01/39 | 918,719 | ||||
670,000 |
CO St Hlth Facs Auth Rev Ref Frasier Proj, Ser
2023A
|
4.00% | 05/15/35 | 606,378 | ||||
1,125,000 |
CO St Hlth Facs Auth Rev Ref Frasier Proj, Ser
2023A
|
4.00% | 05/15/41 | 930,517 | ||||
625,000 |
CO St Hlth Facs Auth Rev Sr Living Ralston Creek
Arvada Proj, Ser A (b) (c)
|
5.25% | 11/01/32 | 300,000 | ||||
1,120,000 |
Denver City & Cnty CO Arpt Rev Ref, Ser D,
AMT
|
5.75% | 11/15/40 | 1,283,418 | ||||
1,100,000 |
Denver City & Cnty CO Arpt Rev Ref, Ser D,
AMT
|
5.75% | 11/15/45 | 1,242,370 | ||||
1,220,000 |
Denver City & Cnty CO Arpt Rev, Ser A,
AMT
|
5.00% | 11/15/41 | 1,301,878 | ||||
500,000 |
Denver CO Intl Busn Ctr CO Met Dist #1 Subord,
Ser B
|
6.00% | 12/01/48 | 499,953 | ||||
1,700,000 |
Elbert & Hwy 86 CO Comml Spl Rev & Tax
Supported Ref Sr Bonds, Ser A (a)
|
5.00% | 12/01/41 | 1,541,613 | ||||
1,510,000 |
Elbert & Hwy 86 CO Comml Spl Rev & Tax
Supported Ref Sr Bonds, Ser A (a)
|
5.00% | 12/01/51 | 1,269,523 | ||||
1,500,000 |
Four Corners Busn Impt Dist CO Ltd Tax
Supported
|
6.00% | 12/01/52 | 1,382,857 | ||||
1,000,000 |
Grandview Reserve Met Dist #3 CO Sr Bonds, Ser
A
|
6.25% | 12/01/52 | 948,565 | ||||
500,000 |
Independence Met Dist #3 CO, Ser A
|
6.25% | 12/01/49 | 462,324 | ||||
575,000 |
Jefferson Ctr CO Met Dist #1 Spl Rev, Ser
A-2
|
4.13% | 12/01/40 | 486,541 | ||||
1,000,000 |
Meridian Ranch Met Dist 2018 Subdistrict CO
|
6.75% | 12/01/52 | 991,045 | ||||
2,000,000 |
Mirabelle Met Dist #2 CO Sr, Ser A
|
5.00% | 12/01/49 | 1,790,147 | ||||
905,000 |
Mountain Brook Met Dist CO
|
4.50% | 12/01/41 | 731,841 | ||||
500,000 |
Murphy Creek Met Dist #5 CO Sr Bonds, Ser A
|
6.00% | 12/01/52 | 488,490 | ||||
500,000 |
Peak Met Dist #1 CO, Ser A (a)
|
4.00% | 12/01/35 | 428,209 | ||||
1,000,000 |
Peak Met Dist #1 CO, Ser A (a)
|
5.00% | 12/01/41 | 923,864 | ||||
1,500,000 |
Prairie Ctr CO Met Dist #3 Ltd Property Tax
Supported Pri Ref, Ser A (a)
|
5.00% | 12/15/41 | 1,483,392 | ||||
500,000 |
Prairie Ctr Met Dist #7 CO
|
4.13% | 12/15/36 | 443,413 | ||||
785,000 |
Siena Lake Met Dist CO
|
3.25% | 12/01/31 | 666,864 | ||||
500,000 |
Siena Lake Met Dist CO
|
4.00% | 12/01/51 | 371,610 | ||||
500,000 |
Trails at Crowfoot Met Dist #3 CO Sr Ser, Ser
A
|
5.00% | 12/01/39 | 480,538 | ||||
700,000 |
W Meadow Met Dist CO Ref Sr Bonds, Ser A
(a)
|
6.00% | 12/01/38 | 719,312 | ||||
30,793,970 | ||||||||
Connecticut – 2.4% | ||||||||
250,000 |
Bridgeport CT, Ser A, BAM
|
5.00% | 02/01/31 | 276,191 | ||||
2,000,000 |
CT St Hlth & Eductnl Facs Auth Rev Covenant
Home Inc, Ser B
|
5.00% | 12/01/40 | 1,996,606 | ||||
2,725,000 |
CT St Hlth & Eductnl Facs Auth Rev Trinity
Hlth Corp
|
5.00% | 12/01/45 | 2,776,476 | ||||
800,000 |
CT St Hlth & Eductnl Facs Auth Rev, Ser
A
|
4.00% | 07/01/37 | 782,374 | ||||
1,250,000 |
CT St Spl Tax Oblig Rev, Ser A
|
5.00% | 05/01/41 | 1,376,918 | ||||
2,500,000 |
Harbor Point CT Infra Impt Dist Spl Oblig Rev Ref
Harbor Point Proj Ltd (a)
|
5.00% | 04/01/39 | 2,507,294 | ||||
9,715,859 | ||||||||
Delaware – 0.1% | ||||||||
415,000 |
Millsboro DE Spl Oblig Ref Plantation Lakes Spl
Dev Dist (a)
|
5.00% | 07/01/28 | 417,862 | ||||
Florida – 13.8% | ||||||||
500,000 |
Alachua Cnty FL Hlth Facs Auth CCRC Ref Oak
Hammock at The Univ of FL Inc Proj
|
4.00% | 10/01/40 | 397,842 | ||||
1,000,000 |
Ave Maria FL Stewardship Cmnty Dist Capital Impt
Rev Phase 4 Master Impt Proj (a) (d)
|
5.25% | 05/01/43 | 996,393 | ||||
485,000 |
Babcock Ranch Cmnty Indep Spl Dist FL Spl Assmnt
Rev Proj, Ser 2021
|
4.00% | 05/01/52 | 381,272 |
Principal Value |
Description | Stated Coupon |
Stated Maturity |
Value | ||||
MUNICIPAL BONDS (Continued) | ||||||||
Florida (Continued) | ||||||||
$1,000,000 |
Berry Bay CDD FL Spl Assmnt Rev Assmnt Area
One
|
3.63% | 05/01/41 | $806,812 | ||||
735,000 |
Bridgewater N Cmnty Dev Dist FL Capital Impt
Rev
|
4.00% | 05/01/42 | 626,975 | ||||
1,000,000 |
Broward Cnty FL Indl Dev Rev Var FL Pwr &
Light Co Proj, Ser A, AMT (e)
|
4.65% | 12/01/48 | 1,000,000 | ||||
895,000 |
Capital Trust Agy FL Eductnl Facs Rev Academir
Chrt Schs Inc Proj, Ser A (a)
|
4.00% | 07/01/41 | 722,964 | ||||
525,000 |
Capital Trust Agy FL Eductnl Facs Rev Academir
Chrt Schs Inc Proj, Ser A (a)
|
4.00% | 07/01/51 | 384,143 | ||||
200,000 |
Capital Trust Agy FL Eductnl Facs Rev Liza
Jackson Preparatory Sch Inc Proj, Ser A
|
4.00% | 08/01/30 | 197,401 | ||||
1,070,000 |
Capital Trust Agy FL Eductnl Facs Rev Liza
Jackson Preparatory Sch Inc Proj, Ser A
|
5.00% | 08/01/40 | 1,074,752 | ||||
750,000 |
Charlotte Cnty FL Indl Dev Auth Util Sys Rev Town
& Country Utils Proj, Ser A, AMT (a)
|
4.00% | 10/01/41 | 658,511 | ||||
1,000,000 |
Charlotte Cnty FL Indl Dev Auth Util Sys Rev Town
& Country Utils Proj, Ser A, AMT (a)
|
4.00% | 10/01/51 | 825,855 | ||||
595,000 |
Coco Palms FL CDD Spl Assmnt
|
4.50% | 05/01/32 | 590,947 | ||||
1,000,000 |
Coco Palms FL CDD Spl Assmnt
|
5.00% | 05/01/46 | 957,962 | ||||
1,500,000 |
Connerton E CDD FL Spl Assmnt Area One
|
5.25% | 06/15/43 | 1,520,669 | ||||
600,000 |
Cypress Bluff CDD FL Spl Assmnt Del Web Proj, Ser
A (a)
|
3.63% | 05/01/40 | 487,567 | ||||
2,650,000 |
Edgewater E CDD FL Spl Assmnt Rev Assmnt Area
Two
|
4.00% | 05/01/42 | 2,254,287 | ||||
3,470,000 |
Epperson N CDD FL Capital Impt Rev Assmnt Area
#2
|
4.00% | 05/01/51 | 2,741,460 | ||||
1,250,000 |
Fallschase Cmnty Dev Dist FL Spl Assmnt
|
3.38% | 05/01/41 | 976,567 | ||||
1,385,000 |
FL St Dev Fin Corp Eductnl Facs Rev Ref Global
Outreach Chrt Acdmy Proj, Ser A (a)
|
4.00% | 06/30/56 | 974,128 | ||||
2,000,000 |
FL St Dev Fin Corp Sol Wst Disp Rev Var Waste Pro
USA Inc Proj, AMT (Mandatory put 07/01/26) (a)
|
6.13% | 07/01/32 | 2,014,673 | ||||
1,005,000 |
FL St Dev Fin Corp Sr Living Rev Ref Mayflower
Retmnt Cmnty Proj, Ser A (a)
|
4.00% | 06/01/41 | 729,179 | ||||
500,000 |
Forest Lake Cmnty Dev Dist FL Spl Assmnt Area 1
Proj (a)
|
4.00% | 05/01/40 | 460,253 | ||||
1,060,000 |
Gulfstream Polo Cmnty Dev Dist FL Spl Assmnt
Phase 2 Proj
|
4.38% | 11/01/49 | 929,961 | ||||
1,000,000 |
Hills Minneola Cmnty Dev Dist FL Spl Assmnt Rev S
Parcel Assmnt Area (a)
|
4.00% | 05/01/40 | 865,939 | ||||
750,000 |
Lakewood Ranch FL Stewardship Dist Spl Assmnt Rev
N E Sector Proj Phase 1A
|
5.00% | 05/01/38 | 753,073 | ||||
1,325,000 |
Lakewood Ranch FL Stewardship Dist Spl Assmnt Rev
Stewardship Dist Azario Proj
|
4.00% | 05/01/50 | 1,054,097 | ||||
2,575,000 |
Lee Cnty FL Indl Dev Auth Hlthcr Facs Rev Shell
Point Waterside Hlth Proj
|
5.00% | 11/15/49 | 2,411,231 | ||||
1,500,000 |
LTC Ranch West Rsdl Cmnty Dev Dist Spl Assmnt Rev
Assmnt Area One Proj, Ser A
|
4.00% | 05/01/52 | 1,177,611 | ||||
2,570,000 |
Miami-Dade Cnty FL Aviation Rev Ref, Ser A,
AMT
|
5.00% | 10/01/38 | 2,590,509 | ||||
1,000,000 |
Miami-Dade Cnty FL Seaport Rev Ref Sr Bonds, Ser
A, AMT
|
5.00% | 10/01/36 | 1,082,283 | ||||
2,245,000 |
Miami-Dade Cnty FL Wtr & Swr Rev Sub
|
5.00% | 10/01/46 | 2,375,947 | ||||
1,250,000 |
Mirada II Cmnty Dev Dist FL Cap Impt Rev
|
4.00% | 05/01/51 | 981,519 | ||||
1,520,000 |
N Park Isle Cmnty Dev Dist FL Spl Assmnt Rev
Assmnt Area One
|
4.50% | 05/01/40 | 1,408,192 | ||||
1,000,000 |
N Springs FL Impt Dist Parkland Bay Assmt Area
(a)
|
4.88% | 05/01/38 | 981,003 | ||||
1,300,000 |
Old Hickory CDD FL Spl Assmnt Spl Asmt
|
4.00% | 06/15/40 | 1,143,476 | ||||
465,000 |
Parkland Preserve CDD FL Spl Assmnt Rev, Ser
A
|
5.25% | 05/01/39 | 469,703 | ||||
1,000,000 |
Pine Isle Cmnty Dev Dist FL Spl Assmnt 2021 Proj
(a)
|
3.25% | 12/15/41 | 799,525 | ||||
1,000,000 |
Polk Cnty FL Indl Dev Auth Mineral Dev LLC
Secondary Phosphate Tailings Recovery Proj (a)
|
5.88% | 01/01/33 | 1,009,655 | ||||
1,710,000 |
Reunion E FL CDD Spl Assmnt, Ser 2021
|
4.00% | 05/01/51 | 1,383,386 | ||||
770,000 |
Rivington CDD FL Spl Assmnt Rev Assmnt Area
|
3.38% | 05/01/31 | 698,257 |
Principal Value |
Description | Stated Coupon |
Stated Maturity |
Value | ||||
MUNICIPAL BONDS (Continued) | ||||||||
Florida (Continued) | ||||||||
$500,000 |
Saint Johns Cnty FL Indl Dev Auth Sr Living Rev
Ref Vicar’s Landing Proj, Ser A
|
4.00% | 12/15/36 | $428,776 | ||||
750,000 |
Saint Johns Cnty FL Indl Dev Auth Sr Living Rev
Ref Vicar’s Landing Proj, Ser A
|
4.00% | 12/15/41 | 595,737 | ||||
1,000,000 |
Saint Lucie Cnty FL Sol Wst Disp Ref FL Pwr &
Light Co Pj (e)
|
4.65% | 05/01/24 | 1,000,000 | ||||
2,055,000 |
Sawyers Landing CDD FL Spl Assmnt Rev
|
4.13% | 05/01/41 | 1,760,732 | ||||
250,000 |
SE Overtown Park W Cmnty Redev Agy FL Tax, Ser
A-1 (a)
|
5.00% | 03/01/30 | 251,575 | ||||
490,000 |
Shell Point Cmnty Dev Dist FL Spl Assmnt
(a)
|
5.25% | 11/01/39 | 494,357 | ||||
1,000,000 |
Shingle Creek At Bronson CDD FL Spl Assmnt
|
3.50% | 06/15/41 | 789,116 | ||||
750,000 |
Six Mile Creek FL CDD Capital Impt Rev Assmnt
Area 3 Phase 1
|
4.00% | 05/01/51 | 592,534 | ||||
2,580,000 |
Stillwater CDD FL Sp Assmnt Spl Assmt 2021 Proj
(a)
|
3.50% | 06/15/41 | 2,045,191 | ||||
835,000 |
Triple Creek FL CDD Spl Assmnt Villages Q&R
Proj (a)
|
4.00% | 11/01/51 | 660,752 | ||||
1,055,000 |
Trout Creek CDD FL Capital Impt Rev
|
4.00% | 05/01/51 | 810,905 | ||||
230,000 |
Villamar CDD FL Spl Assmnt
|
4.00% | 05/01/29 | 226,008 | ||||
2,000,000 |
Westview S CDD FL Spl Assmnt Area One 2023 Proj
Area
|
5.38% | 05/01/43 | 1,984,282 | ||||
1,190,000 |
Wildblue CDD FL Spl Assmnt (a)
|
4.25% | 06/15/39 | 1,065,231 | ||||
56,601,175 | ||||||||
Georgia – 3.3% | ||||||||
1,000,000 |
Atlanta GA Arpt Passenger Fac Charge Rev Arpt Rev
Subord, Ser D, AMT
|
4.00% | 07/01/37 | 992,531 | ||||
1,000,000 |
Bartow Cnty GA Dev Auth Solidwaste Disp Fac Rev
Var GA Pwr Co Plant Bowen Proj, AMT (e)
|
4.80% | 11/01/62 | 1,000,000 | ||||
4,000,000 |
Burke Cnty GA Dev Auth Poll Control Rev Adj GA
Pwr Co Plant Vogtle Proj Remk (e)
|
4.78% | 11/01/52 | 4,000,000 | ||||
55,000 |
Fulton Cnty GA Rsdl Care Facs Elderly Auth Retmnt
Fac Rev Ref Lenbrook Sq Fdtn Inc
|
5.00% | 07/01/31 | 55,338 | ||||
1,500,000 |
Fulton Cnty GA Rsdl Care Facs Elderly Auth Retmnt
Fac Rev Ref Lenbrook Sq Fdtn Inc
|
5.00% | 07/01/42 | 1,414,114 | ||||
500,000 |
Geo L Smith II GA Congress Ctr Auth Convention
Ctr Hotel Second Tier, Ser B (a)
|
5.00% | 01/01/36 | 473,076 | ||||
1,750,000 |
Main Street Nat Gas Inc GA Gas Sply Rev, Ser A
(Mandatory put 12/01/29)
|
4.00% | 09/01/52 | 1,720,381 | ||||
1,285,000 |
Main Street Nat Gas Inc GA Gas Sply Rev, Ser C
(Mandatory put 09/01/26)
|
4.00% | 03/01/50 | 1,278,557 | ||||
1,000,000 |
Main Street Nat Gas Inc GA Gas Sply Rev, Ser C
(Mandatory put 09/01/30)
|
5.00% | 09/01/53 | 1,051,797 | ||||
1,000,000 |
Main Street Nat Gas Inc GA Gas Sply Rev, Ser C
(Mandatory put 12/01/28)
|
4.00% | 05/01/52 | 987,791 | ||||
350,000 |
Muni Elec Auth of GA Plant Vogtle Units 3&4
Proj J, Ser A, AGM
|
5.00% | 07/01/30 | 391,126 | ||||
13,364,711 | ||||||||
Guam – 0.1% | ||||||||
250,000 |
Guam Govt Busn Privilege Tax Rev Ref, Ser D
|
5.00% | 11/15/35 | 252,023 | ||||
155,000 |
Guam Govt Wtrwks Auth Wtr & Wstwtr Sys Rev,
Ser A
|
5.00% | 01/01/50 | 157,490 | ||||
409,513 | ||||||||
Idaho – 0.6% | ||||||||
1,000,000 |
ID Falls ID Auditorium Dist Annual Approp Ctfs,
COPS (a)
|
5.25% | 05/15/51 | 957,667 | ||||
1,265,000 |
ID St Hlth Facs Auth Rev Ref Madison Memorial
Hosp
|
5.00% | 09/01/30 | 1,284,563 | ||||
2,242,230 | ||||||||
Illinois – 3.2% | ||||||||
300,000 |
Chicago IL Brd of Edu Ref Dedicated, Ser C
|
5.00% | 12/01/30 | 307,533 | ||||
3,500,000 |
Chicago IL Brd of Edu Ref, Ser B
|
5.00% | 12/01/30 | 3,697,512 |
Principal Value |
Description | Stated Coupon |
Stated Maturity |
Value | ||||
MUNICIPAL BONDS (Continued) | ||||||||
Illinois (Continued) | ||||||||
$1,000,000 |
Chicago IL Brd of Edu, Ser A
|
5.00% | 12/01/35 | $1,040,375 | ||||
750,000 |
Chicago IL Chicago Wks, Ser A
|
5.50% | 01/01/40 | 819,035 | ||||
400,000 |
Chicago IL O’Hare Intl Arpt Rev Ref Sr Lien, Ser
A, AMT
|
5.00% | 01/01/37 | 420,783 | ||||
400,000 |
Chicago IL Ref 2003B Remk
|
5.25% | 01/01/29 | 407,174 | ||||
515,000 |
Chicago IL Ref, Ser C, CABS
|
(f) | 01/01/25 | 485,757 | ||||
65,000 |
Hillside IL Tax Incr Rev Ref
|
5.00% | 01/01/24 | 65,135 | ||||
100,000 |
IL St
|
5.00% | 04/01/24 | 100,888 | ||||
250,000 |
IL St
|
5.50% | 05/01/26 | 263,442 | ||||
200,000 |
IL St
|
5.00% | 06/01/27 | 208,461 | ||||
250,000 |
IL St Fin Auth Chrt Sch Rev Ref & Impt
Chicago Intl Chrt Sch Proj
|
5.00% | 12/01/30 | 258,488 | ||||
250,000 |
IL St Fin Auth Chrt Sch Rev Ref & Impt
Chicago Intl Chrt Sch Proj
|
5.00% | 12/01/31 | 258,174 | ||||
100,000 |
IL St Fin Auth Stdt Hsg & Acad Fac Rev Chf
Chicago LLC Univ IL Chicago Proj, Ser A
|
5.00% | 02/15/26 | 100,684 | ||||
300,000 |
IL St Fin Auth Stdt Hsg & Acad Fac Rev Chf
Chicago LLC Univ IL Chicago Proj, Ser A
|
5.00% | 02/15/27 | 303,674 | ||||
145,000 |
IL St Fin Auth Stdt Hsg & Acad Fac Rev Chf
Chicago LLC Univ IL Chicago Proj, Ser A
|
5.00% | 02/15/28 | 147,218 | ||||
2,000,000 |
IL St, Ser C
|
5.00% | 11/01/29 | 2,128,206 | ||||
545,000 |
IL St, Ser D
|
5.00% | 11/01/24 | 554,441 | ||||
1,660,000 |
Lincolnwood IL Tax Incr Allocation Rev Nts Dist
1860 Dev Proj, Ser A, COPS (a)
|
4.82% | 01/01/41 | 1,524,700 | ||||
13,091,680 | ||||||||
Indiana – 1.7% | ||||||||
250,000 |
Fort Wayne IN Mf Hsg Rev Silver Birch at Cook
Road (a)
|
5.30% | 01/01/32 | 219,818 | ||||
2,000,000 |
IN Fin Auth Midwestern Disaster Relief Rev OH Vly
Elec Corp Proj Remk, Ser A
|
4.25% | 11/01/30 | 2,015,445 | ||||
1,360,000 |
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 | 1,363,779 | ||||
750,000 |
IN St Fin Auth Hosp Rev Reid Hlth, AGM
|
5.00% | 01/01/41 | 802,446 | ||||
1,275,000 |
IN St Fin Auth Rev BHI Sr Living, Ser A
(Pre-refunded maturity 11/15/23)
|
5.88% | 11/15/41 | 1,282,492 | ||||
200,000 |
IN St Fin Auth Rev Eductnl Facs Rock Creek Cmnty
Acdmy Proj, Ser A (g)
|
5.25% | 07/01/28 | 198,710 | ||||
595,000 |
Plainfield IN Mf Hsg Rev Glasswater Creek
Proj
|
5.38% | 09/01/38 | 480,532 | ||||
600,000 |
Terre Haute IN Mf Hsg Rev Silver Birch of Terre
Haute Proj
|
5.10% | 01/01/32 | 518,393 | ||||
6,881,615 | ||||||||
Iowa – 0.8% | ||||||||
3,000,000 |
IA St Fin Auth Midwstrn Disaster Area Rev Ref IA
Fertilizer Company Proj
|
5.00% | 12/01/50 | 3,035,498 | ||||
300,000 |
IA St Fin Auth Midwstrn Disaster Area Rev Ref IA
Fertilizer Company Proj (Mandatory put 12/01/42)
|
5.00% | 12/01/50 | 306,261 | ||||
3,341,759 | ||||||||
Kansas – 0.5% | ||||||||
500,000 |
Goddard KS Sales Tax Spl Oblg Rev Ref Olympic
Park Star Bond Proj
|
3.60% | 06/01/30 | 474,331 | ||||
175,000 |
Shawnee Cnty KS Pub Bldg Commn Rev Corrections
and Parks & Rec Projs
|
5.50% | 09/01/34 | 208,045 | ||||
1,250,000 |
Wyandotte Cnty KS Kansas City Unif Govt Spl Oblg
Rev Ref Vlg E Proj Areas 2B 3 5 (a)
|
5.75% | 09/01/39 | 1,214,225 | ||||
1,896,601 |
Principal Value |
Description | Stated Coupon |
Stated Maturity |
Value | ||||
MUNICIPAL BONDS (Continued) | ||||||||
Kentucky – 2.6% | ||||||||
$2,000,000 |
Boyle Cnty KY Eductnl Facs Rev Ref Centre Clg,
Ser A
|
5.25% | 06/01/43 | $2,160,748 | ||||
875,000 |
Henderson KY Exempt Facs Rev Pratt Paper LLC
Proj, Ser A, AMT (a)
|
4.45% | 01/01/42 | 846,744 | ||||
1,000,000 |
KY St Econ Dev Fin Auth Ref Owensboro Hlth, Ser
A
|
5.00% | 06/01/41 | 993,865 | ||||
230,000 |
KY St Univ KY St Univ Proj, COPS, BAM
|
4.00% | 11/01/41 | 228,620 | ||||
1,000,000 |
Louisville & Jefferson Cnty KY Met Govt Hlth
Sys Rev Norton Hlthcare Inc, Ser A
|
4.00% | 10/01/39 | 969,059 | ||||
5,600,000 |
Meade Cnty KY Indl Bldg Rev Var Nucor Steel
Brandenburg Proj Green Bond, Ser B-1 (e)
|
5.40% | 08/01/61 | 5,600,000 | ||||
10,799,036 | ||||||||
Louisiana – 1.2% | ||||||||
1,500,000 |
LA St Loc Govt Envrnmntl Facs & Cmnty Dev
Auth Rev Ref Westlake Chemical Corp Proj Remk
|
3.50% | 11/01/32 | 1,450,331 | ||||
200,000 |
Monroe LA Wtr Rev, BAM
|
5.00% | 11/01/32 | 219,697 | ||||
1,000,000 |
Saint James Parish LA Rev NuStar Logistics LP
Proj Remk, Ser 2010 (a)
|
6.35% | 07/01/40 | 1,079,619 | ||||
500,000 |
Saint James Parish LA Rev Var NuStar Logistics LP
Proj Remk, Ser 2010B (Mandatory put 06/01/30) (a)
|
6.10% | 12/01/40 | 538,641 | ||||
1,500,000 |
Saint John the Baptist Parish LA Rev Ref Var
Marathon Oil Corp Proj Remk, Ser A-1 (Mandatory put 07/01/26)
|
4.05% | 06/01/37 | 1,491,408 | ||||
4,779,696 | ||||||||
Maryland – 0.9% | ||||||||
1,020,000 |
Baltimore MD Spl Oblig Ref E Baltimore Rsrch Park
Proj, Ser A
|
5.00% | 09/01/38 | 1,023,514 | ||||
175,000 |
Baltimore MD Spl Oblig Ref Sr Lien Harbor Point
Proj, Ser A (a)
|
2.95% | 06/01/27 | 164,992 | ||||
185,000 |
Baltimore MD Spl Oblig Ref Sr Lien Harbor Point
Proj, Ser A (a)
|
3.05% | 06/01/28 | 171,554 | ||||
200,000 |
Baltimore MD Spl Oblig Ref Sr Lien Harbor Point
Proj, Ser A (a)
|
3.15% | 06/01/29 | 183,300 | ||||
190,000 |
Baltimore MD Spl Oblig Ref Sr Lien Harbor Point
Proj, Ser A (a)
|
3.20% | 06/01/30 | 172,127 | ||||
900,000 |
Frederick Cnty MD Tax Incr & Spl Tax Ref
Jefferson Technology Park Proj, Ser B (a)
|
4.63% | 07/01/43 | 873,172 | ||||
1,000,000 |
MD St Econ Dev Corp Stdt Hsg Rev Morgan St Univ
Proj, Ser A
|
5.38% | 07/01/38 | 1,091,240 | ||||
3,679,899 | ||||||||
Massachusetts – 1.2% | ||||||||
2,000,000 |
MA St Bay Transprtn Auth Sales Tax Rev Sr, Ser
A
|
5.00% | 07/01/45 | 2,042,647 | ||||
500,000 |
MA St Dev Fin Agy Rev Linden Ponds Inc Fac
(a)
|
5.00% | 11/15/28 | 516,290 | ||||
500,000 |
MA St Dev Fin Agy Rev Ref Boston Med Ctr
Sustainability Bonds, Ser G
|
5.25% | 07/01/48 | 528,570 | ||||
1,020,000 |
MA St Dev Fin Agy Rev Ref Salem Cmnty Corp
|
5.13% | 01/01/40 | 933,540 | ||||
1,000,000 |
MA St Dev Fin Agy Rev Umass Dartmouth Stdt Hsg
Proj
|
5.00% | 10/01/48 | 920,737 | ||||
4,941,784 | ||||||||
Michigan – 1.3% | ||||||||
300,000 |
Detroit MI Downtown Dev Auth Tax Incr Rev Ref
Catalyst Dev Proj, Ser A, AGM
|
5.00% | 07/01/31 | 303,159 | ||||
100,000 |
Detroit MI Social Bonds, Ser A
|
5.00% | 04/01/46 | 100,692 | ||||
2,000,000 |
Detroit MI Social Bonds, Ser A
|
5.00% | 04/01/50 | 2,003,124 | ||||
2,000,000 |
MI St Fin Auth Rev Henry Ford Hlth Sys, Ser
A
|
5.00% | 11/15/48 | 2,069,489 | ||||
1,000,000 |
MI St Strategic Fund Ltd Oblg Rev Var Green Bond
Recycled Brd Machine Proj, AMT (Mandatory put 10/01/26)
|
4.00% | 10/01/61 | 994,671 | ||||
5,471,135 | ||||||||
Minnesota – 0.7% | ||||||||
150,000 |
Minneapolis MN Stdt Hsg Rev Riverton Cmnty Hsg
Proj (a)
|
3.80% | 08/01/27 | 144,128 |
Principal Value |
Description | Stated Coupon |
Stated Maturity |
Value | ||||
MUNICIPAL BONDS (Continued) | ||||||||
Minnesota (Continued) | ||||||||
$1,300,000 |
Saint Paul MN Hsg & Redev Auth Chrt Sch Lease
Rev Ref Hgr Ground Acdmy Proj
|
4.25% | 12/01/32 | $1,285,141 | ||||
105,000 |
Saint Paul MN Hsg & Redev Auth Chrt Sch Lease
Rev Ref, Ser A
|
5.00% | 12/01/30 | 105,767 | ||||
850,000 |
Woodbury MN Chrt Sch Lease Rev Woodbury
Leadership Proj, Ser A
|
4.00% | 07/01/41 | 676,846 | ||||
660,000 |
Woodbury MN Chrt Sch Lease Rev Woodbury
Leadership Proj, Ser A
|
4.00% | 07/01/51 | 478,691 | ||||
2,690,573 | ||||||||
Mississippi – 1.3% | ||||||||
3,000,000 |
MS St Busn Fin Corp Sol Wst Disp Rev Adj MS Pwr
Co Proj Remk, AMT (e)
|
4.90% | 07/01/25 | 3,000,000 | ||||
2,500,000 |
MS St Busn Fin Corp Sol Wst Disp Rev Adj MS Pwr
Co Proj Remk, AMT (e)
|
4.90% | 05/01/28 | 2,500,000 | ||||
5,500,000 | ||||||||
Missouri – 1.0% | ||||||||
550,000 |
MO St Hlth & Eductnl Facs Auth Lutheran Sr
Svc Projs Svcs Projs, Ser A
|
5.00% | 02/01/29 | 553,626 | ||||
1,000,000 |
MO St Hlth & Eductnl Facs Auth Lutheran Sr
Svc Projs Svcs Projs, Ser A
|
5.00% | 02/01/42 | 964,904 | ||||
80,000 |
MO St Hlth & Eductnl Facs Auth Lutheran Sr
Svcs
|
5.00% | 02/01/35 | 79,861 | ||||
550,000 |
MO St Hlth & Eductnl Facs Auth Lutheran Sr
Svcs Projs
|
4.00% | 02/01/32 | 511,578 | ||||
10,000 |
MO St Hlth & Eductnl Facs Auth Med Rsrch
Lutheran Svcs, Ser A
|
5.00% | 02/01/29 | 10,054 | ||||
2,000,000 |
Taney Cnty MO Indl Dev Auth Sales Tax Rev Big
Cedar Infra Proj (a)
|
6.00% | 10/01/49 | 1,978,977 | ||||
4,099,000 | ||||||||
Nebraska – 0.4% | ||||||||
1,425,000 |
Centrl Plains Energy Proj NE Gas Proj Rev Proj
No. 4 (Mandatory put 01/01/24)
|
5.00% | 03/01/50 | 1,429,684 | ||||
Nevada – 0.6% | ||||||||
775,000 |
Henderson NV Loc Impt Dists Rainbow Canyon Phase
II Roject
|
5.00% | 03/01/38 | 773,381 | ||||
1,000,000 |
Henderson NV Loc Impt Dists Rainbow Canyon Phase
II Roject
|
5.25% | 03/01/48 | 986,359 | ||||
190,000 |
N Las Vegas NV Loc Impt Vly Vista Spl Impt Dist
#64
|
4.00% | 06/01/29 | 184,991 | ||||
700,000 |
NV Dept of Busn & Ind NV Doral Acdmy, Ser
A
|
5.00% | 07/15/37 | 696,797 | ||||
2,641,528 | ||||||||
New Hampshire – 0.4% | ||||||||
2,000,000 |
Natl Fin Auth NH Rev Ref Green Bond, Ser B, AMT
(Mandatory put 07/02/40) (a)
|
3.75% | 07/01/45 | 1,565,404 | ||||
New Jersey – 0.4% | ||||||||
100,000 |
NJ St Econ Dev Auth Spl Fac Rev Ref Port Newark
Container Terminal LLC Proj, AMT
|
5.00% | 10/01/25 | 101,819 | ||||
430,000 |
NJ St Hgr Edu Asst Auth Stdt Loan Rev, Ser 1A,
AMT
|
4.00% | 12/01/30 | 425,331 | ||||
560,000 |
NJ St Transprtn Trust Fund Auth Fun Auth
Transprtn Prog Bonds, Ser CC
|
5.25% | 06/15/41 | 619,203 | ||||
500,000 |
NJ St Transprtn Trust Fund Auth Ref Transprtn
Sys, Ser A
|
5.00% | 12/15/30 | 544,988 | ||||
1,691,341 | ||||||||
New Mexico – 0.3% | ||||||||
535,000 |
Winrock Town Ctr NM Tax Incr Dev Dist #1 Ref Sr
Lien (a)
|
3.75% | 05/01/28 | 506,584 | ||||
500,000 |
Winrock Town Ctr NM Tax Incr Dev Dist #1 Ref Sr
Lien (a)
|
4.00% | 05/01/33 | 443,918 |
Principal Value |
Description | Stated Coupon |
Stated Maturity |
Value | ||||
MUNICIPAL BONDS (Continued) | ||||||||
New Mexico (Continued) | ||||||||
$500,000 |
Winrock Town Ctr NM Tax Incr Dev Dist #1 Ref Sr
Lien (a)
|
4.25% | 05/01/40 | $421,626 | ||||
1,372,128 | ||||||||
New York – 5.4% | ||||||||
1,000,000 |
Build NYC Res Corp NY Rev Social Bond Kipp NYC
Pub Sch Facs Canal W Proj
|
5.25% | 07/01/52 | 1,017,224 | ||||
950,000 |
Nassau Cnty NY Loc Econ Asst Corp Edl Rev
Roosevelt Children Acdmy Chrt Sch Proj, Ser A
|
5.00% | 07/01/43 | 972,899 | ||||
3,000,000 |
New York City NY Indl Dev Agy Rev Liberty 123
Wash Proj Remk (e)
|
5.25% | 10/01/42 | 3,000,000 | ||||
2,000,000 |
New York City NY Muni Wtr Fin Auth Wtr & Swr
Sys Rev Adjustable 2nd General Resolution Fiscal 2014, Ser AA-2 (e)
|
4.65% | 06/15/50 | 2,000,000 | ||||
595,000 |
New York City NY Muni Wtr Fin Auth Wtr & Swr
Sys Rev Ref 2nd Gen Resolution Fiscal 2018 Block 4, Ser AA
|
5.00% | 06/15/38 | 632,212 | ||||
2,625,000 |
New York City NY Transitional Fin Auth Rev Future
Tax Secured Subord Bonds, Ser C-1
|
4.00% | 02/01/42 | 2,598,226 | ||||
2,000,000 |
NY NY, Ser B, Subser B-1
|
5.25% | 10/01/41 | 2,275,293 | ||||
1,925,000 |
NY St Dorm Auth St Personal Income Tax Rev Ref,
Ser A
|
3.00% | 03/15/42 | 1,602,610 | ||||
500,000 |
NY St Transprtn Dev Corp Exempt Fac Rev NY St
Thruway Srvc Areas Proj, AMT
|
4.00% | 10/31/46 | 439,228 | ||||
1,000,000 |
NY St Transprtn Dev Corp Spl Fac Rev Ref American
Airls Inc John F Kennedy Intl Arpt Proj, AMT
|
5.00% | 08/01/31 | 1,001,086 | ||||
1,865,000 |
NY St Transprtn Dev Corp Spl Fac Rev Ref John F.
Kennedy Intl Arpt Proj, AMT
|
5.25% | 08/01/31 | 1,937,198 | ||||
500,000 |
Oyster Bay NY, Ser A, AGM
|
2.00% | 03/01/35 | 422,542 | ||||
2,810,000 |
Tsasc Inc NY Tsasc Inc Rev Ref Turbo Sub, Ser
B
|
5.00% | 06/01/48 | 2,631,529 | ||||
100,000 |
Westchester Cnty NY Loc Dev Corp Rev Ref Miriam
Osborn Memorial Home Assn Proj
|
5.00% | 07/01/34 | 105,038 | ||||
1,000,000 |
Westchester Cnty NY Loc Dev Corp Rev Ref Pur Sr
Learning Cmnty Inc Proj, Ser A (a)
|
5.00% | 07/01/56 | 783,906 | ||||
460,000 |
Westchester NY Tobacco Asset Securitization Ref
Sr, Ser B
|
5.00% | 06/01/41 | 470,370 | ||||
21,889,361 | ||||||||
North Carolina – 2.0% | ||||||||
3,300,000 |
NC St Med Care Commn Hlth Care Facs Rev Lutheran
Svcs For The Aging Ref, Ser A
|
4.00% | 03/01/41 | 2,561,782 | ||||
500,000 |
NC St Med Care Commn Hlth Care Facs Rev Ref
Pennybyrn at Maryfield
|
5.00% | 10/01/30 | 497,292 | ||||
1,940,000 |
NC St Med Care Commn Retmnt Facs Rev Pennybyrn at
Maryfield Proj, Ser A
|
5.00% | 10/01/45 | 1,716,729 | ||||
2,850,000 |
NC St Med Care Commn Retmnt Facs Rev Ref
Southminster Inc
|
5.00% | 10/01/37 | 2,670,834 | ||||
715,000 |
NC St Med Care Commn Retmnt Facs Rev The Forest
at Duke Proj
|
4.00% | 09/01/46 | 580,545 | ||||
8,027,182 | ||||||||
North Dakota – 0.1% | ||||||||
520,000 |
Horace ND Ref
|
3.00% | 05/01/36 | 435,433 | ||||
Ohio – 3.8% | ||||||||
1,000,000 |
Brunswick OH City Sch Dist, BAM
|
5.25% | 12/01/53 | 1,086,744 | ||||
6,360,000 |
Buckeye OH Tobacco Stlmt Fing Auth Ref Sr, Ser
B-2, Class 2
|
5.00% | 06/01/55 | 5,920,160 | ||||
1,000,000 |
Cleveland Cuyahoga Cnty OH Port Auth Tax Incr
Fing Rev Ref Sr Flats E Bank Proj, Ser A (a)
|
4.00% | 12/01/55 | 853,235 | ||||
1,000,000 |
Cleveland OH, Ser A
|
5.00% | 12/01/44 | 1,088,575 |
Principal Value |
Description | Stated Coupon |
Stated Maturity |
Value | ||||
MUNICIPAL BONDS (Continued) | ||||||||
Ohio (Continued) | ||||||||
$3,000,000 |
OH St Air Quality Dev Auth Exempt Facs Rev AMG
Vanadium Proj, AMT (a)
|
5.00% | 07/01/49 | $2,755,250 | ||||
1,000,000 |
OH St Hgr Eductnl Fac Commn Ref Rev Judson Oblig
Grp 2020 Proj, Ser A
|
5.00% | 12/01/45 | 903,940 | ||||
2,535,000 |
OH St Hosp Rev Ref Var Univ Hosps Hlth Sys Inc,
Ser C (e)
|
4.50% | 01/15/51 | 2,535,000 | ||||
490,000 |
Port of Gtr Cincinnati Dev Auth OH Rev (a)
|
3.75% | 12/01/31 | 432,374 | ||||
15,575,278 | ||||||||
Oklahoma – 0.9% | ||||||||
2,500,000 |
OK St Dev Fin Auth Sr OK Proton Ctr, Ser A1
(a)
|
7.25% | 09/01/51 | 2,563,725 | ||||
1,165,000 |
Tulsa Cnty OK Indl Auth Sr Living Cmnty Rev Ref
Montereau Inc Proj
|
5.25% | 11/15/37 | 1,170,224 | ||||
3,733,949 | ||||||||
Oregon – 1.2% | ||||||||
290,000 |
Clackamas Cnty OR Hosp Fac Auth Rev Mary’s Woods
at Marylhurst Inc Proj, Ser A
|
5.00% | 05/15/26 | 287,234 | ||||
1,000,000 |
Clackamas Cnty OR Hosp Fac Auth Rev Ref Rose
Villa Proj, Ser A
|
5.13% | 11/15/40 | 949,865 | ||||
2,250,000 |
Clackamas Cnty OR Hosp Fac Auth Rev Ref Rose
Villa Proj, Ser A
|
5.38% | 11/15/55 | 2,080,206 | ||||
500,000 |
OR St Facs Auth Rev Legacy Hlth Proj, Ser A
|
4.13% | 06/01/52 | 470,825 | ||||
500,000 |
Salem OR Hosp Fac Auth Rev Capital Manor
Proj
|
5.00% | 05/15/38 | 489,418 | ||||
750,000 |
Union Cnty OR Hosp Fac Auth Grande Ronde
Hosp
|
5.00% | 07/01/42 | 760,251 | ||||
5,037,799 | ||||||||
Pennsylvania – 2.7% | ||||||||
300,000 |
Allegheny Cnty PA Hosp Dev Auth Ref Allegheny
Hlth Network Obligted Grp Issue, Ser A
|
5.00% | 04/01/32 | 317,193 | ||||
1,855,000 |
Allegheny Cnty PA Hosp Dev Auth Ref Allegheny
Hlth Network Obligted Grp Issue, Ser A
|
5.00% | 04/01/47 | 1,871,406 | ||||
500,000 |
Allegheny Cnty PA Indl Dev Auth Envrnmtl Impt Rev
Ref United States Steel Corp Proj
|
4.88% | 11/01/24 | 503,604 | ||||
1,030,000 |
Berks Cnty PA Muni Auth Univ Rev Alvernia Univ
Proj
|
5.00% | 10/01/39 | 982,668 | ||||
100,000 |
Chester Cnty PA Indl Dev Auth Renaissance Acdmy
Chrt Sch
|
5.00% | 10/01/34 | 99,671 | ||||
250,000 |
Lancaster Cnty PA Hosp Auth Hlthcare Facs Rev
Moravian Manors Inc Proj, Ser A
|
5.00% | 06/15/28 | 246,802 | ||||
1,110,000 |
Lancaster Cnty PA Hosp Auth Hlthcare Facs Rev
Moravian Manors Inc Proj, Ser A
|
5.00% | 06/15/38 | 1,016,036 | ||||
250,000 |
Latrobe PA Indl Dev Auth Univ Rev Ref Seton Hill
Univ
|
4.00% | 03/01/38 | 220,172 | ||||
1,200,000 |
Latrobe PA Indl Dev Auth Univ Rev Ref Seton Hill
Univ
|
4.00% | 03/01/46 | 966,207 | ||||
1,655,000 |
Montgomery Cnty PA Indl Dev Auth Exempt Facs Rev
Var Constellation Energy Genration LLC Proj Ref, Ser C, AMT (Mandatory Put
04/03/28)
|
4.45% | 10/01/34 | 1,684,942 | ||||
1,250,000 |
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 | 1,408,668 | ||||
10,000 |
PA St Turnpike Commn Turnpike Rev Ref Sub, Ser
B
|
5.00% | 06/01/39 | 10,282 | ||||
1,000,000 |
Philadelphia PA Arpt Rev Ref Priv Activity, AGM,
AMT
|
4.00% | 07/01/38 | 980,663 | ||||
850,000 |
Philadelphia PA Auth For Indl Dev Chrt Sch Rev
Philadelphia E&T Chrt High Sch, Ser A
|
4.00% | 06/01/56 | 623,578 | ||||
215,000 |
Philadelphia PA Auth for Indl Dev Revs Kipp
Philadelphia Chrt Sch Proj, Ser A
|
5.00% | 04/01/36 | 210,642 | ||||
125,000 |
W Cornwall Twp PA Muni Auth Ref Lebanon Vly
Brethren Home Proj, Ser A
|
4.00% | 11/15/41 | 101,173 | ||||
11,243,707 |
Principal Value |
Description | Stated Coupon |
Stated Maturity |
Value | ||||
MUNICIPAL BONDS (Continued) | ||||||||
Puerto Rico – 3.5% | ||||||||
$1,000,000 |
Puerto Rico Cmwlth Hwy & Transprtn Auth
Restructured Toll Restructured, Ser A, CABS
|
5.00% | 07/01/62 | $985,000 | ||||
2,000,000 |
Puerto Rico Cmwlth Hwy & Transprtn Auth
Restructured Toll Restructured, Ser B, CABS
|
(f) | 07/01/32 | 1,274,700 | ||||
2,900,000 |
Puerto Rico Cmwlth Restructured, Ser A1
|
4.00% | 07/01/33 | 2,758,182 | ||||
2,500,000 |
Puerto Rico Cmwlth Restructured, Ser A1
|
4.00% | 07/01/35 | 2,315,745 | ||||
2,000,000 |
Puerto Rico Cmwlth Restructured, Ser A1
|
4.00% | 07/01/41 | 1,722,391 | ||||
1,559,000 |
Puerto Rico Sales Tax Fing Corp Sales Tax Rev
Restructured, Ser A-1
|
4.50% | 07/01/34 | 1,549,647 | ||||
2,294,000 |
Puerto Rico Sales Tax Fing Corp Sales Tax Rev
Restructured, Ser A-1
|
4.55% | 07/01/40 | 2,223,344 | ||||
1,500,000 |
Puerto Rico Sales Tax Fing Corp Sales Tax Rev
Restructured, Ser A-2
|
4.33% | 07/01/40 | 1,415,752 | ||||
14,244,761 | ||||||||
South Carolina – 0.6% | ||||||||
425,000 |
Berkeley Cnty SC Assmnt Rev Nexton Impt
Dist
|
4.00% | 11/01/30 | 402,622 | ||||
230,000 |
Lancaster Cnty SC Assmnt Rev Ref Walnut Creek
Impt Dist, Ser A-1
|
5.00% | 12/01/31 | 230,090 | ||||
245,000 |
SC St Jobs Econ Dev Auth Econ Dev Rev Ref The
Woodlands at Furman
|
4.00% | 11/15/32 | 223,886 | ||||
1,045,000 |
SC St Jobs Econ Dev Auth Econ Dev Rev Ref The
Woodlands at Furman
|
5.25% | 11/15/47 | 962,875 | ||||
865,000 |
SC St Jobs Econ Dev Auth Econ Dev Rev Woodlands
at Furman Proj, Ser A
|
5.00% | 11/15/42 | 783,359 | ||||
2,602,832 | ||||||||
Tennessee – 1.1% | ||||||||
1,200,000 |
Chattanooga TN Hlth Eductnl & Hsg Fac Brd Rev
Ref Commonspirit Hlth, Ser A-1
|
4.00% | 08/01/37 | 1,180,859 | ||||
25,000 |
Chattanooga TN Hlth Eductnl & Hsg Fac Brd Rev
Ref Stdt Hsg CDFI Phase I
|
5.00% | 10/01/23 | 25,026 | ||||
1,000,000 |
Memphis TN Hlth Eductnl & Hsg Fac Brd Mf Hsg
Rev Var Memphis Towers Apts Proj Remk
|
3.40% | 12/01/23 | 996,166 | ||||
2,500,000 |
TN St Energy Acq Corp Gas Rev (Mandatory put
11/01/25)
|
4.00% | 11/01/49 | 2,486,771 | ||||
4,688,822 | ||||||||
Texas – 6.4% | ||||||||
1,200,000 |
Arlington TX Hgr Edu Fin Corp Edu Rev Ref Legacy
Trad Schs TX Proj, Ser A
|
4.00% | 02/15/31 | 1,066,906 | ||||
1,645,000 |
Arlington TX Hgr Edu Fin Corp Edu Rev Ref Legacy
Trad Schs TX Proj, Ser A
|
4.13% | 02/15/41 | 1,248,214 | ||||
2,000,000 |
Austin TX Arpt Sys Rev, Ser B, AMT
|
5.00% | 11/15/46 | 2,016,748 | ||||
556,000 |
Crandall TX Spl Assmnt Rev Cartwright Ranch Pub
Impt Dt Impt Area #1 Proj (a)
|
4.25% | 09/15/41 | 490,023 | ||||
500,000 |
Harris Cnty TX Indl Dev Corp Var Ref Energy
Transfer Proj (Mandatory put 06/01/33)
|
4.05% | 11/01/50 | 503,777 | ||||
2,500,000 |
Houston TX Arpt Sys Rev Ref Subord Lien, Ser A,
AGM, AMT
|
5.25% | 07/01/48 | 2,696,729 | ||||
1,000,000 |
Houston TX Arpt Sys Rev Ref United Airls Inc Arpt
Impt Proj, Ser C, AMT
|
5.00% | 07/15/27 | 1,011,298 | ||||
1,250,000 |
Houston TX Arpt Sys Rev Ref United Airls Inc
Terminal E Proj, Ser A, AMT
|
5.00% | 07/01/27 | 1,263,864 | ||||
1,085,000 |
Houston TX Arpt Sys Rev United Airlines Inc
Terminal E Proj, Ser A, AMT
|
4.00% | 07/01/41 | 969,402 |
Principal Value |
Description | Stated Coupon |
Stated Maturity |
Value | ||||
MUNICIPAL BONDS (Continued) | ||||||||
Texas (Continued) | ||||||||
$1,065,000 |
Houston TX Arpt Sys Rev United Airls Inc Terminal
Impt Proj, Ser B-1, AMT
|
4.00% | 07/15/41 | $951,393 | ||||
450,000 |
Justin TX Spl Assmnt Rev Timberbrook Pub Imp Dt
#1 Imp Area #2 Proj (a)
|
3.38% | 09/01/41 | 356,738 | ||||
690,000 |
Kyle TX Spl Assmnt Rev 6 Creeks Pub Impt Dist
Area #4 (a)
|
4.50% | 09/01/33 | 688,316 | ||||
250,000 |
Kyle TX Spl Assmnt Rev 6 Creeks Pub Impt Dist
Impt Area #1 (a)
|
4.13% | 09/01/29 | 244,012 | ||||
500,000 |
Kyle TX Spl Assmnt Rev 6 Creeks Pub Impt Dist
Impt Area #1 (a)
|
4.63% | 09/01/39 | 477,779 | ||||
225,000 |
La Vernia TX Hgr Edu Fin Corp Edu Rev Meridian
World Sch (a)
|
4.35% | 08/15/25 | 226,906 | ||||
1,000,000 |
Liberty Hill TX Spl Assmnt Rev Butler Farms Pub
Imp Dt Areas #1 and 2 Proj (a)
|
3.38% | 09/01/42 | 762,626 | ||||
1,350,000 |
Liberty Hill TX Spl Assmnt Rev Butler Farms Pub
Imp Dt Areas #1 and 2 Proj (a)
|
4.00% | 09/01/52 | 1,057,753 | ||||
1,410,000 |
Matagorda Cnty TX Nav Dist #1 Ref AEP Tex Centrl
Company Proj, Ser B-2 Remk
|
4.00% | 06/01/30 | 1,404,896 | ||||
300,000 |
New Hope Cultural Ed Facs Fin Corp TX Retmnt Fac
Rev Ref Longhorn Vlg Proj
|
5.00% | 01/01/37 | 281,549 | ||||
285,000 |
New Hope Cultural Edu Facs Fin Corp TX Retmnt Fac
Rev Ref Longhorn Vlg Proj
|
5.00% | 01/01/32 | 275,490 | ||||
600,000 |
Newark Hgr Edu Fin Corp TX Edu Rev Hughen Ctr Inc
Proj, Ser A
|
5.00% | 08/15/42 | 650,369 | ||||
2,750,000 |
North Parkway Muni Mgmt Dist #1 TX Spl Assmnt Rev
Major Impts Proj (a)
|
5.00% | 09/15/51 | 2,530,129 | ||||
1,100,000 |
Princeton TX Spl Assmnt Rev Whitewing Trails Pub
Impr Dist #2 Phase 2 Proj Rev (a)
|
5.13% | 09/01/43 | 1,091,098 | ||||
1,550,000 |
Princeton TX Spl Assmnt Rev Winchester Pub Impr
Dist #2 Proj (a)
|
5.13% | 09/01/42 | 1,527,361 | ||||
223,000 |
Rowlett TX Spl Assmnt Rev Trails at Cottonwood
Creek Pub Imp Dist Major Imp Area Proj (a)
|
3.75% | 09/15/31 | 206,036 | ||||
500,000 |
Rowlett TX Spl Assmnt Rev Trails at Cottonwood
Creek Pub Imp Dist Major Imp Area Proj (a)
|
4.13% | 09/15/41 | 440,637 | ||||
765,000 |
Rowlett TX Spl Assmnt Rev Trails at Cottonwood
Creek Pub Imp Dist Major Imp Area Proj (a)
|
4.25% | 09/15/51 | 647,721 | ||||
1,000,000 |
Tarrant Cnty TX Cultural Edu Facs Fin Corp Hosp
Rev Methodist Hosp of Dallas Proj
|
4.00% | 10/01/41 | 986,981 | ||||
250,000 |
TX St Transprtn Commn Central TX Turnpike Sys Rev
Ref, Ser B
|
5.00% | 08/15/37 | 252,523 | ||||
26,327,274 | ||||||||
Utah – 3.2% | ||||||||
3,000,000 |
Black Desert Pub Infra Dist Sr Bonds, Ser A
(a)
|
4.00% | 03/01/51 | 2,284,811 | ||||
500,000 |
Downtown E Streetcar Swr Pub Infra Dist Sr Lien,
Ser A (a)
|
5.75% | 03/01/42 | 500,251 | ||||
1,000,000 |
Med Sch Cmps Pub Infra Dist UT, Ser A (a)
|
5.25% | 02/01/40 | 874,290 | ||||
1,000,000 |
Mida Golf & Equestrian Ctr Pub Infra Dist UT
Ltd (a)
|
4.25% | 06/01/41 | 771,240 | ||||
3,000,000 |
Mida Golf & Equestrian Ctr Pub Infra Dist UT
Ltd (a)
|
4.63% | 06/01/57 | 2,112,461 | ||||
3,000,000 |
Military Installation Dev Auth UT Tax Allocation
Rev, Ser A-2
|
4.00% | 06/01/52 | 2,224,372 | ||||
500,000 |
Red Bridge Pub Infra Dist #1 UT Sr Infra Dist,
Ser 1-A (a)
|
4.13% | 02/01/41 | 392,865 | ||||
1,500,000 |
Red Bridge Pub Infra Dist #1 UT Sr Infra Dist,
Ser 1-A (a)
|
4.38% | 02/01/51 | 1,134,436 | ||||
475,000 |
UT St Chrt Sch Fin Auth Chrt Sch Rev Mountain W
Montessori Acdmy Proj, Ser A (a)
|
5.00% | 06/15/39 | 456,357 | ||||
675,000 |
UT St Chrt Sch Fin Auth Chrt Sch Rev Wallace
Stegner Acdmy Proj, Ser A (a)
|
5.00% | 06/15/39 | 624,044 | ||||
1,605,000 |
UT St Chrt Sch Fin Auth Chrt Sch Rev Wallace
Stegner Acdmy, Ser A (a)
|
5.63% | 06/15/42 | 1,564,834 | ||||
12,939,961 |
Principal Value |
Description | Stated Coupon |
Stated Maturity |
Value | ||||
MUNICIPAL BONDS (Continued) | ||||||||
Virginia – 1.7% | ||||||||
$2,250,000 |
Botetourt Cnty VA Rsdl Care Fac Rev Ref Glebe
Inc, Ser A
|
6.00% | 07/01/44 | $2,231,339 | ||||
1,000,000 |
Henrico Cnty VA Econ Dev Auth Rsdl Care Fac Rev
Westminster Cantebury Richmond, Ser A
|
5.00% | 10/01/42 | 1,028,138 | ||||
2,000,000 |
VA Small Busn Fing Auth Priv Activity Rev Sr
Transform 66 P3 Proj, AMT
|
5.00% | 12/31/49 | 2,021,837 | ||||
750,000 |
VA St Small Busn Fing Auth Rsdl Fac Care Rev Ref
Lifespire of VA
|
4.00% | 12/01/31 | 721,121 | ||||
1,000,000 |
Virginia Beach VA Dev Auth Rsdl Care Fac Rev Ref
Westminster Canterbury on Chesapeake Bay
|
5.00% | 09/01/29 | 1,004,409 | ||||
7,006,844 | ||||||||
Washington – 1.5% | ||||||||
560,000 |
Kalispel Tribe of Indians Priority Dist WA Rev,
Ser A (a)
|
5.00% | 01/01/32 | 575,658 | ||||
2,000,000 |
Port of Seattle WA Rev Ref Intermediate Lein Priv
Activity, Ser C, AMT
|
5.00% | 08/01/46 | 2,093,956 | ||||
1,000,000 |
Port of Seattle WA Rev Ref Intermediate Lien Priv
Activity, Ser C, AMT
|
5.00% | 08/01/39 | 1,061,784 | ||||
875,000 |
WA St Hgr Edu Facs Auth Seattle Univ Proj
Rev
|
4.00% | 05/01/45 | 830,747 | ||||
710,000 |
WA St Hsg Fin Commn Nonprofit Rev Spokane Int
Acad Proj, Ser A (a)
|
5.00% | 07/01/50 | 658,585 | ||||
968,350 |
WA St Hsg Fin Commn Social Ctf, Ser A-1
|
3.50% | 12/20/35 | 895,291 | ||||
6,116,021 | ||||||||
West Virginia – 0.9% | ||||||||
750,000 |
Monongalia Cnty WV Commn TX Incr Rev Ref Dev Dist
#4 Univ Twn Centre, Ser A (a)
|
5.00% | 06/01/33 | 768,714 | ||||
500,000 |
Monongalia Cnty WV Commn TX Incr Rev Ref Dev Dist
#4 Univ Twn Centre, Ser A (a)
|
5.75% | 06/01/43 | 526,423 | ||||
2,000,000 |
S Charleston WV Spl Dist Excise Tax Ref S
Charleston Park Place Proj, Ser A (a)
|
4.50% | 06/01/50 | 1,549,018 | ||||
1,000,000 |
WV St Econ Dev Auth Sol Wst Disp Facs Var Sr Arch
Res Proj, AMT (Mandatory put 07/01/25)
|
5.00% | 07/01/45 | 1,001,713 | ||||
3,845,868 | ||||||||
Wisconsin – 3.4% | ||||||||
445,000 |
Pub Fin Auth WI Chrt Sch Rev Eno River Acdmy
Proj, Ser A (a)
|
4.00% | 06/15/30 | 425,612 | ||||
810,000 |
Pub Fin Auth WI Chrt Sch Rev Eno River Acdmy
Proj, Ser A (a)
|
5.00% | 06/15/40 | 776,967 | ||||
685,000 |
Pub Fin Auth WI Chrt Sch Rev Eno River Acdmy
Proj, Ser A (a)
|
5.00% | 06/15/54 | 614,759 | ||||
475,000 |
Pub Fin Auth WI Chrt Sch Rev Founders of Acdmy
Las Vegas Proj, Ser A (a)
|
4.00% | 07/01/30 | 439,104 | ||||
405,000 |
Pub Fin Auth WI Chrt Sch Rev Ltd American Prep
Acdmy Las Vegas Proj, Ser A (a)
|
4.20% | 07/15/27 | 389,848 | ||||
375,000 |
Pub Fin Auth WI Chrt Sch Rev Ltd American Prep
Acdmy Las Vegas Proj, Ser A (a)
|
5.13% | 07/15/37 | 361,414 | ||||
250,000 |
Pub Fin Auth WI Edu Rev Coral Acdmy Science Las
Vegas, Ser A
|
5.00% | 07/01/45 | 249,263 | ||||
200,000 |
Pub Fin Auth WI Edu Rev Ref Mountain Island Chrt
Sch Ltd
|
5.00% | 07/01/52 | 192,957 | ||||
160,000 |
Pub Fin Auth WI Eductnl Rev Piedmont Cmnty Chrt
Sch
|
5.00% | 06/15/27 | 163,345 | ||||
1,500,000 |
Pub Fin Auth WI Hosp Rev Ref Carson Vly Med Ctr,
Ser A
|
4.00% | 12/01/41 | 1,288,521 | ||||
1,000,000 |
Pub Fin Auth WI Hotel Rev Sr Lien Grand Hyatt San
Antonio Hotel Acq Proj, Ser A
|
5.00% | 02/01/42 | 1,018,777 | ||||
1,335,000 |
Pub Fin Auth WI Retmnt Cmntys Rev Acts Retmnt
Life Cmntys Inc Oblig Grp, Ser A
|
5.00% | 11/15/41 | 1,289,877 | ||||
2,000,000 |
Pub Fin Auth WI Rev Sr Proton Intl AR LLC, Ser A
(a)
|
6.85% | 01/01/51 | 1,501,072 | ||||
1,000,000 |
Pub Fin Auth WI Rev Unrefunded Roseman Univ Hlth
Sciences Proj (a)
|
4.00% | 04/01/42 | 838,666 |
Principal Value |
Description | Stated Coupon |
Stated Maturity |
Value | ||||
MUNICIPAL BONDS (Continued) | ||||||||
Wisconsin (Continued) | ||||||||
$1,275,000 |
Pub Fin Auth WI Sr Living Rev Ref Mary’s Woods at
Marylhurst Proj, Ser A (a)
|
5.00% | 05/15/32 | $1,224,936 | ||||
1,900,000 |
Pub Fin Auth WI Stdt Hsg Rev NC A&T Real
Estate Fdtn LLC Proj, Ser B
|
5.00% | 06/01/44 | 1,851,869 | ||||
1,000,000 |
WI St Hlth & Eductnl Facs Auth Rev Bellin
Memorial Hosp Inc, Ser A
|
5.50% | 12/01/52 | 1,082,779 | ||||
13,709,766 | ||||||||
Wyoming – 0.3% | ||||||||
1,000,000 |
Consol Muni Elec Pwr Sys WY Jt Pwrs Brd Sys Jt
Pwrs Brd Ref Electrical Sys Proj
|
5.25% | 06/01/40 | 1,100,438 |
Total Investments – 98.0%
|
401,053,297 | ||
(Cost $414,464,751) | |||
Net Other Assets and Liabilities – 2.0%
|
8,274,267 | ||
Net Assets – 100.0%
|
$409,327,564 |
Futures Contracts | Position | Number
of Contracts |
Expiration Date |
Notional Value |
Unrealized Appreciation (Depreciation)/ Value | |||||
10-Year U.S. Treasury Notes | Short | 91 | Sep 2023 | $ (10,137,969) | $21,922 | |||||
Ultra 10-Year U.S. Treasury Notes | Short | 92 | Sep 2023 | (10,762,562) | 108,660 | |||||
$(20,900,531) | $130,582 |
(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 July 31, 2023, securities noted as such amounted to $105,818,387 or 25.9% of net assets. |
(b) | Pursuant to procedures adopted by the Trust’s Board of Trustees, this security has been determined to be illiquid by the Advisor. |
(c) | This issuer is in default and interest is not being accrued by the Fund. |
(d) | When-issued security. The interest rate shown reflects the rate in effect at July 31, 2023. Interest will begin accruing on the security’s first settlement date. |
(e) | Variable Rate Demand bond. Interest rate is reset periodically by the agent based on current market conditions. |
(f) | Zero coupon bond. |
(g) | This security, sold within the terms of a private placement memorandum, is exempt from registration upon resale under Rule 144A of the 1933 Act, and may be resold in transactions exempt from registration, normally to qualified institutional buyers (see Note 2C - Restricted Securities in the Notes to Financial Statements). |
Abbreviations throughout the Portfolio of Investments: | |
AGM | Assured Guaranty Municipal Corp. |
AMT | Alternative Minimum Tax |
BAM | Build America Mutual |
CABS | Capital Appreciation Bonds |
COPS | Certificates of Participation |
Total Value at 7/31/2023 |
Level
1 Quoted Prices |
Level
2 Significant Observable Inputs |
Level
3 Significant Unobservable Inputs | |
Municipal Bonds*
|
$ 401,053,297 | $ — | $ 401,053,297 | $ — |
Futures Contracts**
|
130,582 | 130,582 | — | — |
Total
|
$ 401,183,879 | $ 130,582 | $ 401,053,297 | $— |
* | 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
|
$ 401,053,297 |
Cash
|
1,060,677 |
Cash segregated as collateral for open futures
contracts
|
439,600 |
Receivables: | |
Fund shares sold
|
4,706,411 |
Interest
|
4,058,992 |
Investment securities sold
|
222,816 |
Miscellaneous
|
7,625 |
Total Assets
|
411,549,418 |
LIABILITIES: | |
Payables: | |
Investment securities purchased
|
1,973,630 |
Investment advisory fees
|
233,912 |
Variation margin
|
14,312 |
Total Liabilities
|
2,221,854 |
NET ASSETS
|
$409,327,564 |
NET ASSETS consist of: | |
Paid-in capital
|
$ 456,705,794 |
Par value
|
87,000 |
Accumulated distributable earnings (loss)
|
(47,465,230) |
NET ASSETS
|
$409,327,564 |
NET ASSET VALUE, per share
|
$47.05 |
Number of shares outstanding (unlimited number of
shares authorized, par value $0.01 per share)
|
8,700,002 |
Investments, at cost
|
$414,464,751 |
INVESTMENT INCOME: | ||
Interest
|
$ 15,006,589 | |
Other
|
18,000 | |
Total investment income
|
15,024,589 | |
EXPENSES: | ||
Investment advisory fees
|
2,321,932 | |
Total expenses
|
2,321,932 | |
Fees waived by the investment advisor
|
(155,286) | |
Net expenses
|
2,166,646 | |
NET INVESTMENT INCOME (LOSS)
|
12,857,943 | |
NET REALIZED AND UNREALIZED GAIN (LOSS): | ||
Net realized gain (loss) on: | ||
Investments
|
(16,034,892) | |
Futures contracts
|
1,373,309 | |
Net realized gain (loss)
|
(14,661,583) | |
Net change in unrealized appreciation (depreciation) on: | ||
Investments
|
(256,896) | |
Futures contracts
|
726,895 | |
Net change in unrealized appreciation
(depreciation)
|
469,999 | |
NET REALIZED AND UNREALIZED GAIN (LOSS)
|
(14,191,584) | |
NET INCREASE (DECREASE) IN NET ASSETS RESULTING
FROM OPERATIONS
|
$(1,333,641) |
Year Ended 7/31/2023 |
Year Ended 7/31/2022 | ||
OPERATIONS: | |||
Net investment income (loss)
|
$ 12,857,943 | $ 9,675,790 | |
Net realized gain (loss)
|
(14,661,583) | (17,058,308) | |
Net change in unrealized appreciation
(depreciation)
|
469,999 | (32,136,292) | |
Net increase (decrease) in net assets resulting
from operations
|
(1,333,641) | (39,518,810) | |
DISTRIBUTIONS TO SHAREHOLDERS FROM: | |||
Investment operations
|
(12,644,552) | (9,560,177) | |
Return of capital
|
(178,777) | (505,451) | |
Total distributions to shareholders
|
(12,823,329) | (10,065,628) | |
SHAREHOLDER TRANSACTIONS: | |||
Proceeds from shares sold
|
198,607,434 | 234,880,882 | |
Cost of shares redeemed
|
(114,077,874) | (129,802,313) | |
Net increase (decrease) in net assets resulting
from shareholder transactions
|
84,529,560 | 105,078,569 | |
Total increase (decrease) in net assets
|
70,372,590 | 55,494,131 | |
NET ASSETS: | |||
Beginning of period
|
338,954,974 | 283,460,843 | |
End of period
|
$ 409,327,564 | $ 338,954,974 | |
CHANGES IN SHARES OUTSTANDING: | |||
Shares outstanding, beginning of period
|
6,900,002 | 5,000,002 | |
Shares sold
|
4,250,000 | 4,450,000 | |
Shares redeemed
|
(2,450,000) | (2,550,000) | |
Shares outstanding, end of period
|
8,700,002 | 6,900,002 |
Year Ended July 31, | |||||||||
2023 | 2022 | 2021 | 2020 | 2019 | |||||
Net asset value, beginning of period
|
$ 49.12 | $ 56.69 | $ 51.93 | $ 52.48 | $ 50.32 | ||||
Income from investment operations: | |||||||||
Net investment income (loss)
|
1.82 (a) | 1.50 | 1.59 | 1.64 | 1.69 | ||||
Net realized and unrealized gain (loss)
|
(2.08) | (7.50) | 4.83 (b) | (0.48) | 2.27 | ||||
Total from investment operations
|
(0.26) | (6.00) | 6.42 | 1.16 | 3.96 | ||||
Distributions paid to shareholders from: | |||||||||
Net investment income
|
(1.78) | (1.49) | (1.59) | (1.62) | (1.67) | ||||
Return of capital
|
(0.03) | (0.08) | (0.07) | (0.09) | (0.13) | ||||
Total distributions
|
(1.81) | (1.57) | (1.66) | (1.71) | (1.80) | ||||
Net asset value, end of period
|
$47.05 | $49.12 | $56.69 | $51.93 | $52.48 | ||||
Total return
(c)
|
(0.44)% | (10.74)% | 12.57% (b) | 2.25% | 8.05% | ||||
Ratios to average net assets/supplemental data: | |||||||||
Net assets, end of period (in 000’s)
|
$ 409,328 | $ 338,955 | $ 283,461 | $ 111,650 | $ 62,979 | ||||
Ratio of total expenses to average net
assets
|
0.70% | 0.70% | 0.70% | 0.70% | 0.70% | ||||
Ratio of net expenses to average net assets
|
0.65% | 0.55% | 0.55% | 0.55% | 0.55% | ||||
Ratio of net investment income (loss) to average
net assets
|
3.88% | 2.87% | 3.00% | 3.22% | 3.44% | ||||
Portfolio turnover rate (d)
|
69% | 79% | 19% | 89% | 71% |
(a) | Based on average shares outstanding. |
(b) | The Fund received a reimbursement from the advisor in the amount of $469 in connection with a trade error, which represents less than $0.01 per share. Since the advisor reimbursed the Fund, there was no effect on the Fund’s total return. |
(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. The total returns would have been lower if certain fees had not been waived by the investment advisor. |
(d) | Portfolio turnover is calculated for the time period presented and is not annualized for periods of less than a year and does not include securities received or delivered from processing creations or redemptions and in-kind transactions. |
1) | benchmark yields; |
2) | reported trades; |
3) | broker/dealer quotes; |
4) | issuer spreads; |
5) | benchmark securities; |
6) | bids and offers; and |
7) | reference data including market research publications. |
1) | the credit conditions in the relevant market and changes thereto; |
2) | the liquidity conditions in the relevant market and changes thereto; |
3) | the interest rate conditions in the relevant market and changes thereto (such as significant changes in interest rates); |
4) | issuer-specific conditions (such as significant credit deterioration); and |
5) | any other market-based data the Advisor’s Pricing Committee considers relevant. In this regard, the Advisor’s Pricing Committee may use last-obtained market-based data to assist it when valuing portfolio securities using amortized cost. |
1) | the fundamental business data relating to the issuer; |
2) | an evaluation of the forces which influence the market in which these securities are purchased and sold; |
3) | the type, size and cost of the security; |
4) | the financial statements of the issuer; |
5) | the credit quality and cash flow of the issuer, based on the Advisor’s or external analysis; |
6) | the information as to any transactions in or offers for the security; |
7) | the price and extent of public trading in similar securities (or equity securities) of the issuer/borrower, or comparable companies; |
8) | the coupon payments; |
9) | the quality, value and salability of collateral, if any, securing the security; and |
10) | other relevant factors. |
• | Level 1 – Level 1 inputs are quoted prices in active markets for identical investments. An active market is a market in which transactions for the investment occur with sufficient frequency and volume to provide pricing information on an ongoing basis. |
• | Level 2 – Level 2 inputs are observable inputs, either directly or indirectly, and include the following: |
o | Quoted prices for similar investments in active markets. |
o | Quoted prices for identical or similar investments in markets that are non-active. A non-active market is a market where there are few transactions for the investment, the prices are not current, or price quotations vary substantially either over time or among market makers, or in which little information is released publicly. |
o | Inputs other than quoted prices that are observable for the investment (for example, interest rates and yield curves observable at commonly quoted intervals, volatilities, prepayment speeds, loss severities, credit risks, and default rates). |
o | Inputs that are derived principally from or corroborated by observable market data by correlation or other means. |
• | Level 3 – Level 3 inputs are unobservable inputs. Unobservable inputs may reflect the reporting entity’s own assumptions about the assumptions that market participants would use in pricing the investment. |
Security | Acquisition Date |
Principal Value |
Current Price | Carrying Cost |
Value | %
of Net Assets |
IN St Fin Auth Rev Eductnl Facs Rock Creek Cmnty Acdmy Proj, Ser A, 5.25%, 07/01/28 | 08/31/18 | $200,000 | $99.36 | $201,282 | $198,710 | 0.05% |
Distributions paid from: | 2023 | 2022 |
Ordinary income
|
$122,735 | $19,097 |
Capital gains
|
— | — |
Tax-exempt income
|
12,521,817 | 9,541,080 |
Return of capital
|
178,777 | 505,451 |
Undistributed ordinary income
|
$— |
Accumulated capital and other gain (loss)
|
(33,632,415) |
Net unrealized appreciation (depreciation)
|
(13,832,815) |
Accumulated Net Investment Income (Loss) |
Accumulated Net Realized Gain (Loss) on Investments |
Paid-in Capital | ||
$(47,011) | $47,011 | $— |
Tax Cost | Gross Unrealized Appreciation |
Gross Unrealized (Depreciation) |
Net
Unrealized Appreciation (Depreciation) | |||
$415,016,694 | $4,928,454 | $(18,761,269) | $(13,832,815) |
Breakpoints | |||||||
Fund net assets up to and including $2.5 billion | 0.7000% | ||||||
Fund net assets greater than $2.5 billion up to and including $5 billion | 0.6825% | ||||||
Fund net assets greater than $5 billion up to and including $7.5 billion | 0.6650% | ||||||
Fund net assets greater than $7.5 billion up to and including $10 billion | 0.6475% | ||||||
Fund net assets greater than $10 billion | 0.6300% |
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* |
$ 130,582 | Unrealized
depreciation on futures contracts* |
$ – |
Statement of Operations Location | |
Interest Rate Risk Exposure | |
Net realized gain (loss) on futures contracts | $1,373,309 |
Net change in unrealized appreciation (depreciation) on futures contracts | 726,895 |
Federal and State Income Tax | Percentages | |
Tax-Exempt Interest Dividends | 99.03% | |
Alternative Minimum Tax (AMT) | 15.09% |
NOT FDIC INSURED | NOT BANK GUARANTEED | MAY LOSE VALUE |
Name, Year of Birth and Position with the Trust | Term of Office and Year First Elected or Appointed | Principal
Occupations During Past 5 Years |
Number of Portfolios in the First Trust Fund Complex Overseen by Trustee | Other Trusteeships or Directorships Held by Trustee During Past 5 Years |
INDEPENDENT TRUSTEES | ||||
Richard
E. Erickson, Trustee (1951) |
• Indefinite
Term • Since Inception |
Physician, Edward-Elmhurst Medical Group; Physician and Officer, Wheaton Orthopedics (1990 to 2021) | 238 | None |
Thomas
R. Kadlec, Trustee (1957) |
• Indefinite
Term • Since Inception |
Retired; President, ADM Investor Services, Inc. (Futures Commission Merchant) (2010 to July 2022) | 238 | Director, National Futures Association and ADMIS Singapore Ltd.; Formerly, Director of ADM Investor Services, Inc., ADM Investor Services International, ADMIS Hong Kong Ltd., and Futures Industry Association |
Denise
M. Keefe, Trustee (1964) |
• Indefinite
Term • Since 2021 |
Executive Vice President, Advocate Aurora Health and President, Advocate Aurora Continuing Health Division (Integrated Healthcare System) | 238 | Director and Board Chair of Advocate Home Health Services, Advocate Home Care Products and Advocate Hospice; Director and Board Chair of Aurora At Home (since 2018); Director of Advocate Physician Partners Accountable Care Organization; Director of RML Long Term Acute Care Hospitals; Director of Senior Helpers (since 2021); and Director of MobileHelp (since 2022) |
Robert
F. Keith, Trustee (1956) |
• Indefinite
Term • Since Inception |
President, Hibs Enterprises (Financial and Management Consulting) | 238 | Formerly, Director of Trust Company of Illinois |
Niel
B. Nielson, Trustee (1954) |
• Indefinite
Term • Since Inception |
Senior Advisor (2018 to Present), Managing Director and Chief Operating Officer (2015 to 2018), Pelita Harapan Educational Foundation (Educational Products and Services) | 238 | None |
INTERESTED TRUSTEE | ||||
James
A. Bowen(1),
Trustee and Chairman of the Board (1955) |
• Indefinite
Term • Since Inception |
Chief Executive Officer, First Trust Advisors L.P. and First Trust Portfolios L.P.; Chairman of the Board of Directors, BondWave LLC (Software Development Company) and Stonebridge Advisors LLC (Investment Advisor) | 238 | None |
(1) | Mr. Bowen is deemed an “interested person” of the Trust due to his position as CEO of First Trust Advisors L.P., investment advisor of the Trust. |
Name and Year of Birth | Position and Offices with Trust | Term of Office and Length of Service | Principal
Occupations During Past 5 Years |
OFFICERS(2) | |||
James
M. Dykas (1966) |
President and Chief Executive Officer | • Indefinite
Term • Since 2016 |
Managing Director and Chief Financial Officer, First Trust Advisors L.P. and First Trust Portfolios L.P.; Chief Financial Officer, BondWave LLC (Software Development Company) and Stonebridge Advisors LLC (Investment Advisor) |
Derek
D. Maltbie (1972) |
Treasurer, Chief Financial Officer and Chief Accounting Officer | • Indefinite
Term • Since 2023 |
Senior Vice President, First Trust Advisors L.P. and First Trust Portfolios L.P., July 2021 to present. Previously, Vice President, First Trust Advisors L.P. and First Trust Portfolios L.P., 2014 to 2021. |
W.
Scott Jardine (1960) |
Secretary and Chief Legal Officer | • Indefinite
Term • Since Inception |
General Counsel, First Trust Advisors L.P. and First Trust Portfolios L.P.; Secretary and General Counsel, BondWave LLC; Secretary, Stonebridge Advisors LLC |
Daniel
J. Lindquist (1970) |
Vice President | • Indefinite
Term • Since Inception |
Managing Director, First Trust Advisors L.P. and First Trust Portfolios L.P. |
Kristi
A. Maher (1966) |
Chief Compliance Officer and Assistant Secretary | • Indefinite
Term • Since Inception |
Deputy General Counsel, First Trust Advisors L.P. and First Trust Portfolios L.P. |
Roger
F. Testin (1966) |
Vice President | • Indefinite
Term • Since Inception |
Senior Vice President, First Trust Advisors L.P. and First Trust Portfolios L.P. |
Stan
Ueland (1970) |
Vice President | • Indefinite
Term • Since Inception |
Senior Vice President, First Trust Advisors L.P. and First Trust Portfolios L.P. |
(2) | The term “officer” means the president, vice president, secretary, treasurer, controller or any other officer who performs a policy making function. |
• | Information we receive from you and your broker-dealer, investment professional or financial representative through interviews, applications, agreements or other forms; |
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• | In order to provide you with products and services and to effect transactions that you request or authorize, we may disclose your personal information as described above to unaffiliated financial service providers and other companies that perform administrative or other services on our behalf, such as transfer agents, custodians and trustees, or that assist us in the distribution of investor materials such as trustees, banks, financial representatives, proxy services, solicitors and printers. |
• | We may release information we have about you if you direct us to do so, if we are compelled by law to do so, or in other legally limited circumstances (for example to protect your account from fraud). |