|
|
 |
|
Holdings of the Fund as of 11/21/2025
Total Number of Holdings (excluding cash): 147
| US Dollar |
$USD |
|
4,495,555 |
$4,495,554.65 |
4.34% |
| STRATEGY INC Convertible, 0%, due 03/01/2030 |
|
594972AT8 |
3,655,000 |
$3,225,537.50 |
3.11% |
| LUMENTUM HOLDINGS INC Convertible, 0.375%, due 03/15/2032 |
|
55024UAJ8 |
1,837,000 |
$2,916,237.50 |
2.81% |
| The Boeing Company, Convertible, 6.00%, Due 10/15/2027 |
BA.A |
097023204 |
44,225 |
$2,657,922.50 |
2.56% |
| ALIBABA GROUP HOLDING Convertible, 0.50%, due 06/01/2031 |
|
01609WBG6 |
1,201,000 |
$1,934,210.50 |
1.87% |
| NEXTERA ENERGY CAPITAL Convertible, 3%, due 03/01/2027 |
|
65339KCY4 |
1,416,000 |
$1,812,480.00 |
1.75% |
| MORGAN STANLEY FIN LLC Convertible, 0.125%, due 04/26/2030 |
|
61778KCM7 |
1,526,000 |
$1,779,850.10 |
1.72% |
| SEAGATE HDD CAYMAN Convertible, 3.50%, due 06/01/2028 |
|
81180WBL4 |
593,000 |
$1,714,526.08 |
1.65% |
| WESTERN DIGITAL CORP Convertible, 3%, due 11/15/2028 |
|
958102AT2 |
455,000 |
$1,693,965.00 |
1.63% |
| Wells Fargo & Company, Series L, 7.500% |
WFC.L |
949746804 |
1,300 |
$1,598,610.00 |
1.54% |
| MORGAN STANLEY FIN LLC Convertible, 0.125%, due 02/07/2028 |
|
61774TYE6 |
640,000 |
$1,585,248.00 |
1.53% |
| SNOWFLAKE INC Convertible, 0%, due 10/01/2027 |
|
833445AB5 |
1,015,000 |
$1,591,012.50 |
1.53% |
| LIVE NATION ENTERTAINMENT Convertible, 2.875%, due 01/15/2030 |
|
538034BB4 |
1,385,000 |
$1,396,080.00 |
1.35% |
| NEBIUS GROUP NV Convertible, 1%, due 09/15/2030 |
|
63954QAE6 |
1,376,000 |
$1,353,984.00 |
1.31% |
| MKS INC Convertible, 1.25%, due 06/01/2030 |
|
55306NAB0 |
1,123,000 |
$1,348,723.00 |
1.30% |
| WELLTOWER OP LLC Convertible, 2.75%, due 05/15/2028 |
|
95041AAB4 |
573,000 |
$1,212,468.00 |
1.17% |
| UBER TECHNOLOGIES INC Convertible, 0.875%, due 12/01/2028 |
|
90353TAM2 |
911,000 |
$1,200,698.00 |
1.16% |
| Bank of America Corporation, Series L, 7.25% |
BAC.L |
060505682 |
940 |
$1,169,538.60 |
1.13% |
| WAYFAIR INC Convertible, 3.25%, due 09/15/2027 |
|
94419LAP6 |
666,000 |
$1,157,175.00 |
1.12% |
| DATADOG INC Convertible, 0%, due 12/01/2029 |
|
23804LAC7 |
990,000 |
$1,037,520.00 |
1.00% |
| CORE SCIENTIFIC INC Convertible, 0%, due 06/15/2031 |
|
21874AAE6 |
974,000 |
$1,021,482.50 |
0.99% |
| PARSONS CORP Convertible, 2.625%, due 03/01/2029 |
|
70202LAD4 |
900,000 |
$1,010,250.00 |
0.97% |
| Albemarle Corp, Convertible, 7.25%, Due 03/01/2027 |
ALB.A |
012653200 |
19,885 |
$995,244.25 |
0.96% |
| CLOUDFLARE INC Convertible, 0%, due 08/15/2026 |
|
18915MAC1 |
862,000 |
$985,352.20 |
0.95% |
| GUIDEWIRE SOFTWARE INC Convertible, 1.25%, due 11/01/2029 |
|
40171VAC4 |
865,000 |
$980,910.00 |
0.95% |
| BLOOM ENERGY CORP Convertible, 0%, due 11/15/2030 |
|
093712AN7 |
1,131,000 |
$967,344.30 |
0.93% |
| RIOT PLATFORMS INC Convertible, 0.75%, due 01/15/2030 |
|
767292AA3 |
829,000 |
$933,454.00 |
0.90% |
| M/A-COM TECH SOLUTIONS Convertible, 0%, due 12/15/2029 |
|
55405YAC4 |
803,000 |
$919,836.50 |
0.89% |
| BrightSpring Health Services, Inc., Convertible, 6.75%, Due 02/01/2027 |
BTSGU |
10950A205 |
7,780 |
$910,104.40 |
0.88% |
| BRIDGEBIO PHARMA INC Convertible, 1.75%, due 03/01/2031 |
|
10806XAH5 |
567,000 |
$905,073.75 |
0.87% |
| RIVIAN AUTO INC Convertible, 3.625%, due 10/15/2030 |
|
76954AAD5 |
985,000 |
$904,968.75 |
0.87% |
| GUARDANT HEALTH INC Convertible, 1.25%, due 02/15/2031 |
|
40131MAD1 |
460,000 |
$859,464.00 |
0.83% |
| DOORDASH INC Convertible, 0%, due 05/15/2030 |
|
25809KAA3 |
866,000 |
$836,123.00 |
0.81% |
| CYBERARK SOFTWARE LTD Convertible, 0%, due 06/15/2030 |
|
23248VAC9 |
779,000 |
$825,350.50 |
0.80% |
| GALAXY DIGITAL HOLDINGS LP Convertible, 2.50%, due 12/01/2029 |
|
36317GAB2 |
630,000 |
$824,355.00 |
0.80% |
| IREN LTD Convertible, 0%, due 07/01/2031 |
|
46270CAE9 |
977,000 |
$816,772.00 |
0.79% |
| ON SEMICONDUCTOR CORP Convertible, 0%, due 05/01/2027 |
|
682189AS4 |
704,000 |
$786,368.00 |
0.76% |
| KKR & Co. Inc., Series D, 6.25%, Due 03/01/2028 |
KKR.D |
48251W500 |
16,120 |
$782,142.40 |
0.75% |
| Hewlett Packard Enterprise Company, Convertible, 7.625%, Due 09/01/2027 |
HPE.C |
42824C208 |
13,305 |
$767,033.25 |
0.74% |
| SOFI TECHNOLOGIES INC Convertible, 1.25%, due 03/15/2029 |
|
83406FAC6 |
280,000 |
$763,000.00 |
0.74% |
| ASCENDIS PHARMA A/S Convertible, 2.25%, due 04/01/2028 |
|
04351PAD3 |
539,000 |
$757,914.85 |
0.73% |
| GRANITE CONSTRUCTION INC Convertible, 3.25%, due 06/15/2030 |
|
387328AF4 |
518,000 |
$760,942.00 |
0.73% |
| JAZZ INVESTMENTS I LTD Convertible, 3.125%, due 09/15/2030 |
|
472145AH4 |
545,000 |
$744,197.50 |
0.72% |
| CENTRUS ENERGY CORP Convertible, 0%, due 08/15/2032 |
|
15643UAF1 |
580,000 |
$730,365.00 |
0.70% |
| Microchip Technology Incorporated, 7.50%, Due 03/15/2028 |
MCHPP |
595017302 |
14,460 |
$712,588.80 |
0.69% |
| IONIS PHARMACEUTICALS INC Convertible, 0%, due 12/01/2030 |
|
462222AG5 |
680,000 |
$708,475.01 |
0.68% |
| MP MATERIALS CORP Convertible, 3%, due 03/01/2030 |
|
553368AC5 |
262,000 |
$702,815.00 |
0.68% |
| PPL CAPITAL FUNDING INC Convertible, 2.875%, due 03/15/2028 |
|
69352PAS2 |
618,000 |
$689,533.50 |
0.67% |
| QXO, Inc., Convertible, 5.50%, Due 05/15/2028 |
QXO.B |
82846H504 |
13,960 |
$695,766.40 |
0.67% |
| EXACT SCIENCES CORP Convertible, 2%, due 03/01/2030 |
|
30063PAD7 |
500,000 |
$688,550.00 |
0.66% |
| CLOUDFLARE INC Convertible, 0%, due 06/15/2030 |
|
18915MAE7 |
641,000 |
$677,537.00 |
0.65% |
| PTC THERAPEUTICS INC Convertible, 1.50%, due 09/15/2026 |
|
69366JAD3 |
437,000 |
$668,631.85 |
0.65% |
| SNOWFLAKE INC Convertible, 0%, due 10/01/2029 |
|
833445AD1 |
414,000 |
$674,072.29 |
0.65% |
| FIRSTENERGY CORP Convertible, 3.875%, due 01/15/2031 |
|
337932AU1 |
600,000 |
$660,900.00 |
0.64% |
| HALOZYME THERAPEUTICS INC Convertible, 1%, due 08/15/2028 |
|
40637HAF6 |
484,000 |
$660,660.00 |
0.64% |
| LIBERTY MEDIA CORP Convertible, 2.25%, due 08/15/2027 |
|
531229AQ5 |
535,000 |
$655,375.00 |
0.63% |
| NUTANIX INC Convertible, 0.50%, due 12/15/2029 |
|
67059NAJ7 |
640,000 |
$636,480.00 |
0.61% |
| ROCKET LAB USA Convertible, 4.25%, due 02/01/2029 |
|
773122AA4 |
81,000 |
$635,546.25 |
0.61% |
| RUBRIK INC Convertible, 0%, due 06/15/2030 |
|
781154AC3 |
686,000 |
$635,922.00 |
0.61% |
| SOFI TECHNOLOGIES INC Convertible, 0%, due 10/15/2026 |
|
83406FAA0 |
500,000 |
$635,373.52 |
0.61% |
| WEC ENERGY GROUP INC Convertible, 4.375%, due 06/01/2027 |
|
92939UAP1 |
525,000 |
$618,056.25 |
0.60% |
| GUARDANT HEALTH INC Convertible, 0%, due 05/15/2033 |
|
40131MAE9 |
552,000 |
$613,065.00 |
0.59% |
| FLUOR CORP Convertible, 1.125%, due 08/15/2029 |
|
343412AJ1 |
525,000 |
$601,702.50 |
0.58% |
| LIGAND PHARMACEUTICALS INC Convertible, 0.75%, due 10/01/2030 |
|
53220KAG3 |
481,000 |
$574,578.55 |
0.55% |
| TRIP.COM GROUP LTD Convertible, 0.75%, due 06/15/2029 |
|
89677QAB3 |
466,000 |
$565,957.00 |
0.55% |
| The Southern Company, Series A, Convertible, 7.125%, Due 12/15/2028 |
SOMN |
842587842 |
11,310 |
$563,464.20 |
0.54% |
| ADVANCED ENERGY INDUSTRIES Convertible, 2.50%, due 09/15/2028 |
|
007973AE0 |
355,000 |
$552,380.00 |
0.53% |
| IRHYTHM TECHNOLOGIES INC Convertible, 1.50%, due 09/01/2029 |
|
450056AB2 |
391,000 |
$544,272.00 |
0.53% |
| LYFT INC Convertible, 0%, due 09/15/2030 |
|
55087PAE4 |
470,000 |
$536,270.00 |
0.52% |
| BWX TECHNOLOGIES INC Convertible, 0%, due 11/01/2030 |
|
05605HAD2 |
563,000 |
$531,472.00 |
0.51% |
| DUKE ENERGY CORP Convertible, 4.125%, due 04/15/2026 |
|
26441CBY0 |
500,000 |
$533,625.00 |
0.51% |
| COINBASE GLOBAL INC Convertible, 0.25%, due 04/01/2030 |
|
19260QAF4 |
492,000 |
$515,001.00 |
0.50% |
| CYTOKINETICS INC Convertible, 1.75%, due 10/01/2031 |
|
23282WAD2 |
418,000 |
$520,762.93 |
0.50% |
| OSI SYSTEMS INC Convertible, 0.50%, due 02/01/2031 |
|
671044AG0 |
532,000 |
$517,476.40 |
0.50% |
| SUPER MICRO COMPUTER INC Convertible, 2.25%, due 07/15/2028 |
|
86800UAC8 |
526,000 |
$514,033.50 |
0.50% |
| TERAWULF INC Convertible, 1%, due 09/01/2031 |
|
88080TAC8 |
448,000 |
$523,040.00 |
0.50% |
| VIAVI SOLUTIONS INC Convertible, 0.625%, due 03/01/2031 |
|
925550AJ4 |
398,000 |
$520,633.75 |
0.50% |
| LIFE360 INC Convertible, 0%, due 06/01/2030 |
|
532206AB5 |
444,000 |
$507,603.00 |
0.49% |
| SYNAPTICS INC Convertible, 0.75%, due 12/01/2031 |
|
87157DAH2 |
530,000 |
$510,125.00 |
0.49% |
| TEMPUS AI INC Convertible, 0.75%, due 07/15/2030 |
|
88023BAD5 |
435,000 |
$503,295.00 |
0.49% |
| VENTAS REALTY LP Convertible, 3.75%, due 06/01/2026 |
|
92277GAZ0 |
354,000 |
$512,592.00 |
0.49% |
| REPLIGEN CORP Convertible, 1%, due 12/15/2028 |
|
759916AD1 |
455,000 |
$496,405.00 |
0.48% |
| ALNYLAM PHARMACEUTICALS Convertible, 1%, due 09/15/2027 |
|
02043QAB3 |
304,000 |
$481,992.00 |
0.47% |
| ALPHATEC HOLDINGS INC Convertible, 0.75%, due 03/15/2030 |
|
02081GAC6 |
325,000 |
$485,907.50 |
0.47% |
| IMAX CORP Convertible, 0.75%, due 11/15/2030 |
|
45245EAK5 |
455,000 |
$486,281.25 |
0.47% |
| TERAWULF INC Convertible, 0%, due 05/01/2032 |
|
88080TAE4 |
566,000 |
$478,553.00 |
0.46% |
| INTERDIGITAL INC Convertible, 3.50%, due 06/01/2027 |
|
45867GAD3 |
109,000 |
$462,541.50 |
0.45% |
| AST SPACEMOBILE INC Convertible, 2%, due 01/15/2036 |
|
00217DAE0 |
585,000 |
$460,131.75 |
0.44% |
| CELCUITY INC Convertible, 2.75%, due 08/01/2031 |
|
15102KAA8 |
213,000 |
$451,389.60 |
0.44% |
| CIPHER MINING Convertible, 0%, due 10/01/2031 |
|
17253JAB2 |
396,000 |
$458,370.00 |
0.44% |
| DIGITAL REALTY TRUST LP Convertible, 1.875%, due 11/15/2029 |
|
25389JAX4 |
445,000 |
$454,567.50 |
0.44% |
| MIRUM PHARMACEUTICALS Convertible, 4%, due 05/01/2029 |
|
604749AB7 |
195,000 |
$457,606.50 |
0.44% |
| UBER TECHNOLOGIES INC Convertible, 0%, due 05/15/2028 |
|
90353TAR1 |
465,000 |
$451,282.50 |
0.44% |
| ALNYLAM PHARMACEUTICALS Convertible, 0%, due 09/15/2028 |
|
02043QAC1 |
455,000 |
$446,753.13 |
0.43% |
| EVERGY INC Convertible, 4.50%, due 12/15/2027 |
|
30034WAD8 |
350,000 |
$442,531.25 |
0.43% |
| AEROVIRONMENT INC Convertible, 0%, due 07/15/2030 |
|
008073AA6 |
377,000 |
$434,115.50 |
0.42% |
| Apollo Global Management, Inc., 6.75%, Due 07/31/2026 |
APO.A |
03769M304 |
6,415 |
$437,053.95 |
0.42% |
| BURLINGTON STORES INC Convertible, 1.25%, due 12/15/2027 |
|
122017AD8 |
287,000 |
$436,240.00 |
0.42% |
| CENTERPOINT ENERGY INC Convertible, 3%, due 08/01/2028 |
|
15189TBQ9 |
425,000 |
$433,903.75 |
0.42% |
| COINBASE GLOBAL INC Convertible, 0%, due 10/01/2032 |
|
19260QAJ6 |
471,000 |
$430,494.00 |
0.42% |
| MERIT MEDICAL SYSTEMS INC Convertible, 3%, due 02/01/2029 |
|
589889AA2 |
358,000 |
$431,047.34 |
0.42% |
| BOX INC Convertible, 1.50%, due 09/15/2029 |
|
10316TAD6 |
435,000 |
$427,822.50 |
0.41% |
| GALAXY DIGITAL HOLDINGS LP Convertible, 0.50%, due 05/01/2031 |
|
36317GAC0 |
550,000 |
$421,162.50 |
0.41% |
| Ares Management Corporation, Convertible, Series B, 6.75%, Due 10/01/2027 |
ARES.B |
03990B309 |
8,685 |
$411,582.15 |
0.40% |
| COGENT BIOSCIENCES INC Convertible, 1.625%, due 11/15/2031 |
|
19240QAA0 |
356,000 |
$409,578.00 |
0.40% |
| DIGITALOCEAN HOLDINGS Convertible, 0%, due 12/01/2026 |
|
25402DAB8 |
435,000 |
$418,796.25 |
0.40% |
| NOVA LTD Convertible, 0%, due 09/15/2030 |
|
66982MAA2 |
365,000 |
$409,895.00 |
0.40% |
| ODDITY FINANCE LLC Convertible, 0%, due 06/15/2030 |
|
67579RAA8 |
500,000 |
$414,125.00 |
0.40% |
| CLEANSPARK INC Convertible, 0%, due 02/15/2032 |
|
18452BAD2 |
541,000 |
$400,475.25 |
0.39% |
| EQUINOX GOLD CORP Convertible, 4.75%, due 10/15/2028 |
|
29446YAC0 |
198,000 |
$403,227.00 |
0.39% |
| AFFIRM HOLDINGS INC Convertible, 0.75%, due 12/15/2029 |
|
00827BAC0 |
371,000 |
$381,499.30 |
0.37% |
| PLANET LABS PBC Convertible, 0.50%, due 10/15/2030 |
|
72703XAA4 |
304,000 |
$369,170.00 |
0.36% |
| SOLARIS ENERGY INFRASTRURE Convertible, 0.25%, due 10/01/2031 |
|
83419XAB4 |
367,000 |
$375,670.38 |
0.36% |
| ARRAY TECHNOLOGIES INC Convertible, 2.875%, due 07/01/2031 |
|
04271TAC4 |
304,000 |
$363,062.04 |
0.35% |
| LYFT INC Convertible, 0.625%, due 03/01/2029 |
|
55087PAD6 |
300,000 |
$364,605.00 |
0.35% |
| EOS ENERGY ENTERPRISES INC Convertible, 1.75%, due 12/01/2031 |
|
29415CAC5 |
353,000 |
$349,293.50 |
0.34% |
| GAMESTOP CORP Convertible, 0%, due 04/01/2030 |
|
36467WAD1 |
360,000 |
$351,000.00 |
0.34% |
| INTEGER HOLDINGS CORP Convertible, 1.875%, due 03/15/2030 |
|
45826HAC3 |
400,000 |
$352,200.00 |
0.34% |
| ZSCALER INC. Convertible, 0%, due 07/15/2028 |
|
98980GAC6 |
365,000 |
$355,692.50 |
0.34% |
| DIGITALOCEAN HOLDINGS Convertible, 0%, due 08/15/2030 |
|
25402DAC6 |
260,000 |
$341,224.00 |
0.33% |
| WISDOMTREE INC Convertible, 4.625%, due 08/15/2030 |
|
97717PAJ3 |
338,000 |
$338,169.00 |
0.33% |
| MARA HOLDINGS INC Convertible, 0%, due 03/01/2030 |
|
565788AE6 |
415,000 |
$336,565.00 |
0.32% |
| NCL CORPORATION LTD Convertible, 0.75%, due 09/15/2030 |
|
62886HBW0 |
368,000 |
$327,060.00 |
0.32% |
| COHU INC Convertible, 1.50%, due 01/15/2031 |
|
192576AA4 |
289,000 |
$312,235.60 |
0.30% |
| COMMVAULT SYSTEMS INC Convertible, 0%, due 09/15/2030 |
|
204166AA0 |
365,000 |
$315,177.50 |
0.30% |
| MORGAN STANLEY FIN LLC 1%, due 11/23/2027 |
|
61774H2L1 |
164,000 |
$308,479.08 |
0.30% |
| NCL CORPORATION LTD Convertible, 0.875%, due 04/15/2030 |
|
62886HBS9 |
314,000 |
$315,373.75 |
0.30% |
| SEMTECH CORP Convertible, 1.625%, due 11/01/2027 |
|
816850AF8 |
166,000 |
$296,891.00 |
0.29% |
| UNITY SOFTWARE INC Convertible, 0%, due 03/15/2030 |
|
91332UAG6 |
225,000 |
$297,281.25 |
0.29% |
| LIVE NATION ENTERTAINMENT Convertible, 2.875%, due 10/15/2031 |
|
538034BD0 |
298,000 |
$283,487.40 |
0.27% |
| MIRION TECHNOLOGIES INC Convertible, 0%, due 10/01/2031 |
|
60471AAC5 |
257,000 |
$279,005.63 |
0.27% |
| ORMAT TECHNOLOGIES INC Convertible, 2.50%, due 07/15/2027 |
|
686688AB8 |
212,000 |
$281,165.00 |
0.27% |
| SEMTECH CORP Convertible, 0%, due 10/15/2030 |
|
816850AJ0 |
285,000 |
$280,297.50 |
0.27% |
| ALLIANT ENERGY CORP Convertible, 3.875%, due 03/15/2026 |
|
018802AC2 |
251,000 |
$272,209.50 |
0.26% |
| GLOBAL PAYMENTS INC Convertible, 1.50%, due 03/01/2031 |
|
37940XAU6 |
300,000 |
$267,450.00 |
0.26% |
| LIBERTY MEDIA CORP Convertible, 2.375%, due 09/30/2053 |
|
531229AR3 |
203,000 |
$274,253.00 |
0.26% |
| SOUTHERN CO Convertible, 4.50%, due 06/15/2027 |
|
842587DZ7 |
250,000 |
$271,000.00 |
0.26% |
| IMPINJ INC Convertible, 0%, due 09/15/2029 |
|
453204AE9 |
268,000 |
$261,300.00 |
0.25% |
| BLACKSKY TECHNOLOGY INC Convertible, 8.25%, due 08/01/2033 |
|
09263BAA6 |
251,000 |
$246,858.50 |
0.24% |
| NORTHERN OIL & GAS INC Convertible, 3.625%, due 04/15/2029 |
|
665531AJ8 |
260,000 |
$249,015.00 |
0.24% |
| SPOTIFY USA INC Convertible, 0%, due 03/15/2026 |
|
84921RAB6 |
218,000 |
$253,098.00 |
0.24% |
| NIO INC Convertible, 4.625%, due 10/15/2030 |
|
62914VAK2 |
265,000 |
$238,632.50 |
0.23% |
| SUPER MICRO COMPUTER INC Convertible, 0%, due 06/15/2030 |
|
86800UAE4 |
268,000 |
$239,860.00 |
0.23% |
| ITRON INC Convertible, 0%, due 03/15/2026 |
|
465741AN6 |
200,000 |
$198,900.00 |
0.19% |
| HIMS & HERS HEALTH Convertible, 0%, due 05/15/2030 |
|
433000AA4 |
195,000 |
$171,892.50 |
0.17% |
| Shift4 Payments, Inc., Convertible, 6.00%, Due 05/01/2028 |
FOUR.A |
82452J307 |
2,100 |
$179,907.00 |
0.17% |
| APPLIED DIGITAL CORP Convertible, 2.75%, due 06/01/2030 |
|
038169AA6 |
70,000 |
$163,632.00 |
0.16% |
| PELOTON INTERACTIVE INC Convertible, 5.50%, due 12/01/2029 |
|
70614WAD2 |
97,000 |
$167,325.00 |
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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