|
|
 |
|
Holdings of the Fund as of 11/7/2025
Total Number of Holdings (excluding cash): 148
| US Dollar |
$USD |
|
4,422,294 |
$4,422,293.64 |
4.04% |
| STRATEGY INC Convertible, 0%, due 03/01/2030 |
|
594972AT8 |
4,170,000 |
$3,938,565.00 |
3.60% |
| The Boeing Company, Convertible, 6.00%, Due 10/15/2027 |
BA.A |
097023204 |
44,225 |
$2,816,248.00 |
2.57% |
| LUMENTUM HOLDINGS INC Convertible, 0.375%, due 03/15/2032 |
|
55024UAJ8 |
1,837,000 |
$2,773,870.00 |
2.53% |
| ALIBABA GROUP HOLDING Convertible, 0.50%, due 06/01/2031 |
|
01609WBG6 |
1,201,000 |
$2,081,333.00 |
1.90% |
| SEAGATE HDD CAYMAN Convertible, 3.50%, due 06/01/2028 |
|
81180WBL4 |
593,000 |
$2,014,643.38 |
1.84% |
| WESTERN DIGITAL CORP Convertible, 3%, due 11/15/2028 |
|
958102AT2 |
455,000 |
$1,984,937.50 |
1.81% |
| NEXTERA ENERGY CAPITAL Convertible, 3%, due 03/01/2027 |
|
65339KCY4 |
1,416,000 |
$1,816,020.00 |
1.66% |
| MORGAN STANLEY FIN LLC Convertible, 0.125%, due 04/26/2030 |
|
61778KCM7 |
1,526,000 |
$1,810,980.50 |
1.65% |
| SNOWFLAKE INC Convertible, 0%, due 10/01/2027 |
|
833445AB5 |
1,015,000 |
$1,751,890.00 |
1.60% |
| MORGAN STANLEY FIN LLC Convertible, 0.125%, due 02/07/2028 |
|
61774TYE6 |
640,000 |
$1,678,201.60 |
1.53% |
| Wells Fargo & Company, Series L, 7.500% |
WFC.L |
949746804 |
1,300 |
$1,612,650.00 |
1.47% |
| LIVE NATION ENTERTAINMENT Convertible, 2.875%, due 01/15/2030 |
|
538034BB4 |
1,385,000 |
$1,437,630.00 |
1.31% |
| MKS INC Convertible, 1.25%, due 06/01/2030 |
|
55306NAB0 |
1,123,000 |
$1,418,910.50 |
1.30% |
| CORE SCIENTIFIC INC Convertible, 0%, due 06/15/2031 |
|
21874AAE6 |
1,145,000 |
$1,396,900.00 |
1.28% |
| NEBIUS GROUP NV Convertible, 1%, due 09/15/2030 |
|
63954QAE6 |
1,127,000 |
$1,304,502.50 |
1.19% |
| UBER TECHNOLOGIES INC Convertible, 0.875%, due 12/01/2028 |
|
90353TAM2 |
911,000 |
$1,283,143.50 |
1.17% |
| Bank of America Corporation, Series L, 7.25% |
BAC.L |
060505682 |
940 |
$1,183,460.00 |
1.08% |
| BLOOM ENERGY CORP Convertible, 0%, due 11/15/2030 |
|
093712AN7 |
1,131,000 |
$1,173,978.00 |
1.07% |
| WAYFAIR INC Convertible, 3.25%, due 09/15/2027 |
|
94419LAP6 |
666,000 |
$1,176,065.90 |
1.07% |
| RIOT PLATFORMS INC Convertible, 0.75%, due 01/15/2030 |
|
767292AA3 |
829,000 |
$1,148,579.50 |
1.05% |
| WELLTOWER OP LLC Convertible, 2.75%, due 05/15/2028 |
|
95041AAB4 |
573,000 |
$1,148,005.50 |
1.05% |
| DATADOG INC Convertible, 0%, due 12/01/2029 |
|
23804LAC7 |
990,000 |
$1,143,450.00 |
1.04% |
| CLOUDFLARE INC Convertible, 0%, due 08/15/2026 |
|
18915MAC1 |
862,000 |
$1,127,927.00 |
1.03% |
| ROCKET LAB USA Convertible, 4.25%, due 02/01/2029 |
|
773122AA4 |
103,000 |
$1,036,051.25 |
0.95% |
| PARSONS CORP Convertible, 2.625%, due 03/01/2029 |
|
70202LAD4 |
900,000 |
$1,032,300.00 |
0.94% |
| GALAXY DIGITAL HOLDINGS LP Convertible, 2.50%, due 12/01/2029 |
|
36317GAB2 |
630,000 |
$1,014,930.00 |
0.93% |
| GUIDEWIRE SOFTWARE INC Convertible, 1.25%, due 11/01/2029 |
|
40171VAC4 |
865,000 |
$986,532.50 |
0.90% |
| OSI SYSTEMS INC Convertible, 2.25%, due 08/01/2029 |
|
671044AF2 |
609,000 |
$977,597.25 |
0.89% |
| M/A-COM TECH SOLUTIONS Convertible, 0%, due 12/15/2029 |
|
55405YAC4 |
803,000 |
$960,789.50 |
0.88% |
| RIVIAN AUTO INC Convertible, 3.625%, due 10/15/2030 |
|
76954AAD5 |
985,000 |
$910,509.39 |
0.83% |
| CYBERARK SOFTWARE LTD Convertible, 0%, due 06/15/2030 |
|
23248VAC9 |
779,000 |
$891,565.50 |
0.81% |
| BrightSpring Health Services, Inc., Convertible, 6.75%, Due 02/01/2027 |
BTSGU |
10950A205 |
7,780 |
$875,444.50 |
0.80% |
| Hewlett Packard Enterprise Company, Convertible, 7.625%, Due 09/01/2027 |
HPE.C |
42824C208 |
13,305 |
$873,074.10 |
0.80% |
| DOORDASH INC Convertible, 0%, due 05/15/2030 |
|
25809KAA3 |
866,000 |
$861,670.00 |
0.79% |
| BRIDGEBIO PHARMA INC Convertible, 1.75%, due 03/01/2031 |
|
10806XAH5 |
567,000 |
$849,791.25 |
0.78% |
| CENTRUS ENERGY CORP Convertible, 0%, due 08/15/2032 |
|
15643UAF1 |
580,000 |
$859,125.00 |
0.78% |
| SOFI TECHNOLOGIES INC Convertible, 1.25%, due 03/15/2029 |
|
83406FAC6 |
280,000 |
$847,997.30 |
0.77% |
| GUARDANT HEALTH INC Convertible, 1.25%, due 02/15/2031 |
|
40131MAD1 |
460,000 |
$806,242.00 |
0.74% |
| KKR & Co. Inc., Series D, 6.25%, Due 03/01/2028 |
KKR.D |
48251W500 |
16,120 |
$811,642.00 |
0.74% |
| ON SEMICONDUCTOR CORP Convertible, 0%, due 05/01/2027 |
|
682189AS4 |
704,000 |
$797,632.00 |
0.73% |
| Microchip Technology Incorporated, 7.50%, Due 03/15/2028 |
MCHPP |
595017302 |
14,460 |
$768,259.80 |
0.70% |
| CLOUDFLARE INC Convertible, 0%, due 06/15/2030 |
|
18915MAE7 |
641,000 |
$760,546.50 |
0.69% |
| MP MATERIALS CORP Convertible, 3%, due 03/01/2030 |
|
553368AC5 |
262,000 |
$741,460.00 |
0.68% |
| ASCENDIS PHARMA A/S Convertible, 2.25%, due 04/01/2028 |
|
04351PAD3 |
539,000 |
$731,072.65 |
0.67% |
| GRANITE CONSTRUCTION INC Convertible, 3.25%, due 06/15/2030 |
|
387328AF4 |
518,000 |
$733,488.00 |
0.67% |
| SNOWFLAKE INC Convertible, 0%, due 10/01/2029 |
|
833445AD1 |
414,000 |
$737,955.00 |
0.67% |
| TERAWULF INC Convertible, 1%, due 09/01/2031 |
|
88080TAC8 |
513,000 |
$712,749.39 |
0.65% |
| LIBERTY MEDIA CORP Convertible, 2.25%, due 08/15/2027 |
|
531229AQ5 |
535,000 |
$696,035.00 |
0.64% |
| NUTANIX INC Convertible, 0.50%, due 12/15/2029 |
|
67059NAJ7 |
640,000 |
$698,048.00 |
0.64% |
| PPL CAPITAL FUNDING INC Convertible, 2.875%, due 03/15/2028 |
|
69352PAS2 |
618,000 |
$701,275.50 |
0.64% |
| QXO, Inc., Convertible, 5.50%, Due 05/15/2028 |
QXO.B |
82846H504 |
13,960 |
$694,370.40 |
0.63% |
| SOFI TECHNOLOGIES INC Convertible, 0%, due 10/15/2026 |
|
83406FAA0 |
500,000 |
$683,875.00 |
0.62% |
| FIRSTENERGY CORP Convertible, 3.875%, due 01/15/2031 |
|
337932AU1 |
600,000 |
$654,600.00 |
0.60% |
| RUBRIK INC Convertible, 0%, due 06/15/2030 |
|
781154AC3 |
686,000 |
$656,159.00 |
0.60% |
| FLUOR CORP Convertible, 1.125%, due 08/15/2029 |
|
343412AJ1 |
525,000 |
$648,375.00 |
0.59% |
| HALOZYME THERAPEUTICS INC Convertible, 1%, due 08/15/2028 |
|
40637HAF6 |
484,000 |
$648,802.00 |
0.59% |
| JAZZ INVESTMENTS I LTD Convertible, 3.125%, due 09/15/2030 |
|
472145AH4 |
545,000 |
$648,822.50 |
0.59% |
| LIBERTY MEDIA CORP Convertible, 2.375%, due 09/30/2053 |
|
531229AR3 |
440,000 |
$628,980.00 |
0.57% |
| PTC THERAPEUTICS INC Convertible, 1.50%, due 09/15/2026 |
|
69366JAD3 |
437,000 |
$622,178.75 |
0.57% |
| WEC ENERGY GROUP INC Convertible, 4.375%, due 06/01/2027 |
|
92939UAP1 |
525,000 |
$622,518.75 |
0.57% |
| IREN LTD Convertible, 0%, due 07/01/2031 |
|
46270CAE9 |
575,000 |
$616,112.50 |
0.56% |
| CIPHER MINING Convertible, 0%, due 10/01/2031 |
|
17253JAB2 |
396,000 |
$606,375.00 |
0.55% |
| ADVANCED ENERGY INDUSTRIES Convertible, 2.50%, due 09/15/2028 |
|
007973AE0 |
355,000 |
$596,462.74 |
0.54% |
| COINBASE GLOBAL INC Convertible, 0.25%, due 04/01/2030 |
|
19260QAF4 |
492,000 |
$588,801.00 |
0.54% |
| LIFE360 INC Convertible, 0%, due 06/01/2030 |
|
532206AB5 |
444,000 |
$586,413.00 |
0.54% |
| GUARDANT HEALTH INC Convertible, 0%, due 05/15/2033 |
|
40131MAE9 |
552,000 |
$584,430.00 |
0.53% |
| IREN LTD Convertible, 3.50%, due 12/15/2029 |
|
46270CAC3 |
123,000 |
$578,961.00 |
0.53% |
| LIGAND PHARMACEUTICALS INC Convertible, 0.75%, due 10/01/2030 |
|
53220KAG3 |
481,000 |
$584,583.35 |
0.53% |
| BWX TECHNOLOGIES INC Convertible, 0%, due 11/01/2030 |
|
05605HAD2 |
563,000 |
$566,426.99 |
0.52% |
| EXACT SCIENCES CORP Convertible, 2%, due 03/01/2030 |
|
30063PAD7 |
500,000 |
$566,250.00 |
0.52% |
| LYFT INC Convertible, 0%, due 09/15/2030 |
|
55087PAE4 |
470,000 |
$571,990.00 |
0.52% |
| Southern Co, Series A, 7.125%, Due 12/15/2028 |
STHNU |
842587842 |
11,310 |
$566,631.00 |
0.52% |
| TRIP.COM GROUP LTD Convertible, 0.75%, due 06/15/2029 |
|
89677QAB3 |
466,000 |
$569,452.00 |
0.52% |
| Albemarle Corp, Convertible, 7.25%, Due 03/01/2027 |
ALB.A |
012653200 |
12,605 |
$557,393.10 |
0.51% |
| AST SPACEMOBILE INC Convertible, 2%, due 01/15/2036 |
|
00217DAE0 |
585,000 |
$560,459.25 |
0.51% |
| SUPER MICRO COMPUTER INC Convertible, 2.25%, due 07/15/2028 |
|
86800UAC8 |
526,000 |
$554,377.70 |
0.51% |
| TERAWULF INC Convertible, 0%, due 05/01/2032 |
|
88080TAE4 |
566,000 |
$555,529.00 |
0.51% |
| VIAVI SOLUTIONS INC Convertible, 0.625%, due 03/01/2031 |
|
925550AJ4 |
398,000 |
$563,170.00 |
0.51% |
| DUKE ENERGY CORP Convertible, 4.125%, due 04/15/2026 |
|
26441CBY0 |
500,000 |
$535,375.00 |
0.49% |
| IRHYTHM TECHNOLOGIES INC Convertible, 1.50%, due 09/01/2029 |
|
450056AB2 |
391,000 |
$540,362.00 |
0.49% |
| INTERDIGITAL INC Convertible, 3.50%, due 06/01/2027 |
|
45867GAD3 |
109,000 |
$522,709.50 |
0.48% |
| SYNAPTICS INC Convertible, 0.75%, due 12/01/2031 |
|
87157DAH2 |
530,000 |
$519,135.00 |
0.47% |
| TEMPUS AI INC Convertible, 0.75%, due 07/15/2030 |
|
88023BAD5 |
435,000 |
$511,995.00 |
0.47% |
| BITDEER TECHNOLOGIES GRP Convertible, 4.875%, due 07/01/2031 |
|
09175RAD2 |
298,000 |
$504,551.25 |
0.46% |
| CYTOKINETICS INC Convertible, 1.75%, due 10/01/2031 |
|
23282WAD2 |
418,000 |
$501,182.00 |
0.46% |
| GALAXY DIGITAL HOLDINGS LP Convertible, 0.50%, due 05/01/2031 |
|
36317GAC0 |
550,000 |
$507,512.50 |
0.46% |
| AEROVIRONMENT INC Convertible, 0%, due 07/15/2030 |
|
008073AA6 |
377,000 |
$488,969.00 |
0.45% |
| ALNYLAM PHARMACEUTICALS Convertible, 1%, due 09/15/2027 |
|
02043QAB3 |
304,000 |
$488,224.00 |
0.45% |
| COINBASE GLOBAL INC Convertible, 0%, due 10/01/2032 |
|
19260QAJ6 |
471,000 |
$492,901.50 |
0.45% |
| VENTAS REALTY LP Convertible, 3.75%, due 06/01/2026 |
|
92277GAZ0 |
354,000 |
$493,476.00 |
0.45% |
| ALPHATEC HOLDINGS INC Convertible, 0.75%, due 03/15/2030 |
|
02081GAC6 |
325,000 |
$479,342.50 |
0.44% |
| REPLIGEN CORP Convertible, 1%, due 12/15/2028 |
|
759916AD1 |
455,000 |
$476,612.50 |
0.44% |
| DIGITAL REALTY TRUST LP Convertible, 1.875%, due 11/15/2029 |
|
25389JAX4 |
445,000 |
$468,718.50 |
0.43% |
| IMAX CORP Convertible, 0.75%, due 11/15/2030 |
|
45245EAK5 |
455,000 |
$467,398.75 |
0.43% |
| UBER TECHNOLOGIES INC Convertible, 0%, due 05/15/2028 |
|
90353TAR1 |
465,000 |
$466,627.50 |
0.43% |
| ALNYLAM PHARMACEUTICALS Convertible, 0%, due 09/15/2028 |
|
02043QAC1 |
455,000 |
$450,450.00 |
0.41% |
| Apollo Global Management, Inc., 6.75%, Due 07/31/2026 |
APO.A |
03769M304 |
6,415 |
$444,816.10 |
0.41% |
| BOX INC Convertible, 1.50%, due 09/15/2029 |
|
10316TAD6 |
435,000 |
$434,565.00 |
0.40% |
| CENTERPOINT ENERGY INC Convertible, 3%, due 08/01/2028 |
|
15189TBQ9 |
425,000 |
$433,606.25 |
0.40% |
| EVERGY INC Convertible, 4.50%, due 12/15/2027 |
|
30034WAD8 |
350,000 |
$439,206.25 |
0.40% |
| MIRUM PHARMACEUTICALS Convertible, 4%, due 05/01/2029 |
|
604749AB7 |
195,000 |
$439,530.00 |
0.40% |
| NOVA LTD Convertible, 0%, due 09/15/2030 |
|
66982MAA2 |
365,000 |
$434,715.00 |
0.40% |
| Ares Management Corporation, Convertible, Series B, 6.75%, Due 10/01/2027 |
ARES.B |
03990B309 |
8,685 |
$423,393.75 |
0.39% |
| MERIT MEDICAL SYSTEMS INC Convertible, 3%, due 02/01/2029 |
|
589889AA2 |
358,000 |
$431,569.00 |
0.39% |
| SOLARIS ENERGY INFRASTRURE Convertible, 0.25%, due 10/01/2031 |
|
83419XAB4 |
367,000 |
$423,563.88 |
0.39% |
| BURLINGTON STORES INC Convertible, 1.25%, due 12/15/2027 |
|
122017AD8 |
287,000 |
$419,020.00 |
0.38% |
| DIGITALOCEAN HOLDINGS Convertible, 0%, due 12/01/2026 |
|
25402DAB8 |
435,000 |
$415,533.75 |
0.38% |
| ODDITY FINANCE LLC Convertible, 0%, due 06/15/2030 |
|
67579RAA8 |
500,000 |
$421,125.00 |
0.38% |
| AFFIRM HOLDINGS INC Convertible, 0.75%, due 12/15/2029 |
|
00827BAC0 |
371,000 |
$409,584.00 |
0.37% |
| ARRAY TECHNOLOGIES INC Convertible, 2.875%, due 07/01/2031 |
|
04271TAC4 |
304,000 |
$407,512.00 |
0.37% |
| MARA HOLDINGS INC Convertible, 0%, due 03/01/2030 |
|
565788AE6 |
415,000 |
$400,475.00 |
0.37% |
| PLANET LABS PBC Convertible, 0.50%, due 10/15/2030 |
|
72703XAA4 |
304,000 |
$410,400.00 |
0.37% |
| EQUINOX GOLD CORP Convertible, 4.75%, due 10/15/2028 |
|
29446YAC0 |
198,000 |
$397,089.00 |
0.36% |
| LYFT INC Convertible, 0.625%, due 03/01/2029 |
|
55087PAD6 |
300,000 |
$389,175.00 |
0.36% |
| CELCUITY INC Convertible, 2.75%, due 08/01/2031 |
|
15102KAA8 |
213,000 |
$372,132.30 |
0.34% |
| DIGITALOCEAN HOLDINGS Convertible, 0%, due 08/15/2030 |
|
25402DAC6 |
260,000 |
$373,178.00 |
0.34% |
| ZSCALER INC. Convertible, 0%, due 07/15/2028 |
|
98980GAC6 |
365,000 |
$372,847.50 |
0.34% |
| GAMESTOP CORP Convertible, 0%, due 04/01/2030 |
|
36467WAD1 |
360,000 |
$363,420.00 |
0.33% |
| INTEGER HOLDINGS CORP Convertible, 1.875%, due 03/15/2030 |
|
45826HAC3 |
400,000 |
$352,000.00 |
0.32% |
| WISDOMTREE INC Convertible, 4.625%, due 08/15/2030 |
|
97717PAJ3 |
338,000 |
$345,774.00 |
0.32% |
| COHU INC Convertible, 1.50%, due 01/15/2031 |
|
192576AA4 |
289,000 |
$326,549.77 |
0.30% |
| MORGAN STANLEY FIN LLC 1%, due 11/23/2027 |
|
61774H2L1 |
164,000 |
$323,640.88 |
0.30% |
| NCL CORPORATION LTD Convertible, 0.75%, due 09/15/2030 |
|
62886HBW0 |
368,000 |
$333,270.00 |
0.30% |
| SEMTECH CORP Convertible, 1.625%, due 11/01/2027 |
|
816850AF8 |
166,000 |
$330,340.00 |
0.30% |
| COMMVAULT SYSTEMS INC Convertible, 0%, due 09/15/2030 |
|
204166AA0 |
365,000 |
$321,747.50 |
0.29% |
| NCL CORPORATION LTD Convertible, 0.875%, due 04/15/2030 |
|
62886HBS9 |
314,000 |
$323,027.50 |
0.29% |
| MIRION TECHNOLOGIES INC Convertible, 0%, due 10/01/2031 |
|
60471AAC5 |
257,000 |
$306,793.75 |
0.28% |
| UNITY SOFTWARE INC Convertible, 0%, due 03/15/2030 |
|
91332UAG6 |
225,000 |
$305,156.25 |
0.28% |
| GDS HOLDINGS LIMITED Convertible, 2.25%, due 06/01/2032 |
|
36165LAC2 |
234,000 |
$298,291.50 |
0.27% |
| SEMTECH CORP Convertible, 0%, due 10/15/2030 |
|
816850AJ0 |
285,000 |
$297,255.00 |
0.27% |
| LIVE NATION ENTERTAINMENT Convertible, 2.875%, due 10/15/2031 |
|
538034BD0 |
298,000 |
$289,298.40 |
0.26% |
| ORMAT TECHNOLOGIES INC Convertible, 2.50%, due 07/15/2027 |
|
686688AB8 |
212,000 |
$286,889.00 |
0.26% |
| ALLIANT ENERGY CORP Convertible, 3.875%, due 03/15/2026 |
|
018802AC2 |
251,000 |
$269,574.00 |
0.25% |
| EOS ENERGY ENTERPRISES INC Convertible, 6.75%, due 06/15/2030 |
|
29415CAA9 |
72,000 |
$271,656.00 |
0.25% |
| GLOBAL PAYMENTS INC Convertible, 1.50%, due 03/01/2031 |
|
37940XAU6 |
300,000 |
$269,400.00 |
0.25% |
| SOUTHERN CO Convertible, 4.50%, due 06/15/2027 |
|
842587DZ7 |
250,000 |
$273,750.00 |
0.25% |
| BIT DIGITAL INC Convertible, 4%, due 10/01/2030 |
|
G1144AAA3 |
232,000 |
$265,823.28 |
0.24% |
| IMPINJ INC Convertible, 0%, due 09/15/2029 |
|
453204AE9 |
268,000 |
$267,062.00 |
0.24% |
| NIO INC Convertible, 4.625%, due 10/15/2030 |
|
62914VAK2 |
265,000 |
$262,085.00 |
0.24% |
| SPOTIFY USA INC Convertible, 0%, due 03/15/2026 |
|
84921RAB6 |
218,000 |
$265,415.00 |
0.24% |
| SUPER MICRO COMPUTER INC Convertible, 0%, due 06/15/2030 |
|
86800UAE4 |
268,000 |
$266,526.00 |
0.24% |
| BLACKSKY TECHNOLOGY INC Convertible, 8.25%, due 08/01/2033 |
|
09263BAA6 |
251,000 |
$255,769.00 |
0.23% |
| NORTHERN OIL & GAS INC Convertible, 3.625%, due 04/15/2029 |
|
665531AJ8 |
260,000 |
$251,875.00 |
0.23% |
| APPLIED DIGITAL CORP Convertible, 2.75%, due 06/01/2030 |
|
038169AA6 |
70,000 |
$231,350.00 |
0.21% |
| ITRON INC Convertible, 0%, due 03/15/2026 |
|
465741AN6 |
200,000 |
$201,300.00 |
0.18% |
| PELOTON INTERACTIVE INC Convertible, 5.50%, due 12/01/2029 |
|
70614WAD2 |
97,000 |
$192,060.00 |
0.18% |
| HIMS & HERS HEALTH Convertible, 0%, due 05/15/2030 |
|
433000AA4 |
195,000 |
$187,395.00 |
0.17% |
| Shift4 Payments, Inc., Convertible, 6.00%, Due 05/01/2028 |
FOUR.A |
82452J307 |
2,100 |
$174,846.00 |
0.16% |
Holdings are subject to change.
The holdings information set forth above for the date indicated reflects creation and redemption transactions from the prior business day and may differ from the holdings information currently available from the Fund's custodian and accounting agent. With respect to the market value of the Fund's holdings set forth above, the pricing sources are generally third party vendors. The Fund ultimately relies on pricing information provided by the Fund's accounting agent.
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The information presented is not intended to constitute an investment recommendation for, or advice to, any specific person. By providing this information, First Trust is not undertaking to give advice in any fiduciary capacity within the meaning of ERISA, the Internal Revenue Code or any other regulatory framework. Financial professionals are responsible for evaluating investment risks independently and for exercising independent judgment in determining whether investments are appropriate for their clients.
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