|
|
 |
|
Holdings of the Fund as of 6/30/2025
Total Number of Holdings (excluding cash): 163
| BANK OF AMERICA CORP Variable rate |
|
06055HAH6 |
52,321,000 |
$54,317,203.11 |
3.41% |
| CREDIT AGRICOLE SA Variable rate |
|
225313AR6 |
37,600,000 |
$36,882,674.72 |
2.31% |
| ENBRIDGE INC Variable rate, due 01/15/2084 |
|
29250NBT1 |
29,131,000 |
$32,506,350.71 |
2.04% |
| TORONTO-DOMINION BANK Variable rate, due 10/31/2082 |
|
89117F8Z5 |
31,080,000 |
$32,537,869.56 |
2.04% |
| GLOBAL ATLANTIC Variable rate, due 10/15/2051 |
|
37959GAC1 |
31,357,000 |
$30,791,026.54 |
1.93% |
| US Dollar |
$USD |
|
29,930,765 |
$29,930,765.00 |
1.88% |
| CHARLES SCHWAB CORP Series H, Variable rate |
|
808513BJ3 |
30,150,000 |
$28,006,611.47 |
1.76% |
| BANK OF MONTREAL Variable rate, due 05/26/2084 |
|
06368LQ58 |
25,956,000 |
$26,866,640.30 |
1.69% |
| LLOYDS BANKING GROUP PLC Variable rate |
|
53944YAV5 |
24,180,000 |
$25,560,774.72 |
1.60% |
| BNP PARIBAS Variable rate |
|
05565A5R0 |
23,450,000 |
$24,856,273.05 |
1.56% |
| BANCO BILBAO VIZCAYA ARGENTARIA Variable rate |
|
05946KAS0 |
24,200,000 |
$24,592,242.32 |
1.54% |
| COMMERZBANK AG Variable rate |
|
D1706CKE3 |
23,400,000 |
$23,849,982.00 |
1.50% |
| WELLS FARGO & COMPANY Variable rate |
|
95002YAC7 |
22,645,000 |
$23,852,204.72 |
1.50% |
| BANCO SANTANDER SA Variable rate |
|
05971KAQ2 |
20,000,000 |
$23,374,440.00 |
1.47% |
| JPMORGAN CHASE & CO Variable rate |
|
48128BAQ4 |
22,200,000 |
$23,488,044.00 |
1.47% |
| HSBC HOLDINGS PLC Variable rate |
|
404280EJ4 |
23,150,000 |
$23,330,477.40 |
1.46% |
| THE AES CORP Variable rate, due 07/15/2055 |
|
00130HCL7 |
23,313,000 |
$22,800,308.90 |
1.43% |
| BARCLAYS PLC Variable rate |
|
06738EBX2 |
20,050,000 |
$21,081,111.35 |
1.32% |
| THE HARTFORD INSUR GRP INC Variable rate, due 02/12/2047 |
|
416515BC7 |
22,521,000 |
$20,979,445.43 |
1.32% |
| BANK OF NOVA SCOTIA Variable rate, due 10/27/2082 |
|
0641598S8 |
19,400,000 |
$20,636,148.60 |
1.30% |
| HSBC HOLDINGS PLC Variable rate |
|
404280DT3 |
19,600,000 |
$20,556,107.60 |
1.29% |
| Wells Fargo & Company, Series L, 7.500% |
WFC.L |
949746804 |
17,492 |
$20,537,881.96 |
1.29% |
| VENTURE GLOBAL LNG INC Variable rate |
|
92332YAF8 |
19,877,000 |
$19,343,278.70 |
1.21% |
| GOLDMAN SACHS GROUP INC Variable rate |
|
38141GA79 |
18,030,000 |
$19,029,348.79 |
1.19% |
| ROGERS COMMUNICATIONS INC Variable rate, due 04/15/2055 |
|
775109DH1 |
18,730,000 |
$18,994,361.58 |
1.19% |
| DOMINION ENERGY INC Variable rate, due 06/01/2054 |
|
25746UDU0 |
16,700,000 |
$17,959,714.40 |
1.13% |
| ALGONQUIN PWR & UTILITY Variable rate, due 01/18/2082 |
|
015857AH8 |
18,319,000 |
$17,884,269.97 |
1.12% |
| AMERICAN ELECTRIC POWER 6.95%, due 12/15/2054 |
|
025537BA8 |
17,060,000 |
$17,830,036.37 |
1.12% |
| BELL CANADA Variable rate, due 09/15/2055 |
|
0778FPAQ2 |
17,446,000 |
$17,739,031.22 |
1.11% |
| SEMPRA Variable rate, due 10/01/2054 |
|
816851BT5 |
18,364,000 |
$17,479,345.52 |
1.10% |
| METLIFE INC Variable rate, due 03/15/2055 |
|
59156RCQ9 |
16,500,000 |
$16,973,170.50 |
1.07% |
| ROYAL BANK OF CANADA Variable rate, due 11/24/2084 |
|
780082AT0 |
18,100,000 |
$17,059,088.91 |
1.07% |
| DEUTSCHE BANK AG Variable rate |
|
251525AX9 |
16,850,000 |
$16,815,371.57 |
1.06% |
| BNP PARIBAS Variable rate |
|
05565ASK0 |
18,000,000 |
$16,058,262.60 |
1.01% |
| ENTERGY CORP Variable rate, due 12/01/2054 |
|
29364GAQ6 |
15,000,000 |
$15,557,346.90 |
0.98% |
| ROYAL BANK OF CANADA Variable rate, due 08/24/2085 |
|
780082AV5 |
15,550,000 |
$15,600,382.00 |
0.98% |
| BANK OF NOVA SCOTIA Variable rate, due 01/27/2084 |
|
0641598V1 |
14,600,000 |
$15,519,230.60 |
0.97% |
| BANCO BILBAO VIZCAYA ARGENTARIA Variable rate |
|
05946KAM3 |
13,800,000 |
$15,264,097.20 |
0.96% |
| BARCLAYS PLC Variable rate |
|
06738EDC6 |
14,600,000 |
$14,699,177.80 |
0.92% |
| BANK OF NOVA SCOTIA Variable rate, due 04/27/2085 |
|
0641598X7 |
14,130,000 |
$14,269,703.31 |
0.90% |
| Bank of America Corporation, Series L, 7.25% |
BAC.L |
060505682 |
11,501 |
$13,950,713.00 |
0.88% |
| CENTERPOINT ENERGY INC Variable rate, due 02/15/2055 |
|
15189TBJ5 |
13,575,000 |
$14,078,116.65 |
0.88% |
| STATE STREET CORP Variable rate |
|
857477CM3 |
12,570,000 |
$13,176,716.19 |
0.83% |
| BANK OF MONTREAL Variable rate, due 11/26/2084 |
|
06368L5Q5 |
12,500,000 |
$12,799,105.50 |
0.80% |
| DOMINION ENERGY INC Variable rate, due 05/15/2055 |
|
25746UDV8 |
12,455,000 |
$12,671,380.71 |
0.80% |
| PNC FINANCIAL SERVICES Variable rate |
|
693475BF1 |
12,525,000 |
$12,792,891.71 |
0.80% |
| CITIZENS FINANCIAL GROUP Variable rate |
|
174610BD6 |
12,941,000 |
$12,601,696.17 |
0.79% |
| ENBRIDGE INC Variable rate, due 01/15/2083 |
|
29250NBP9 |
11,955,000 |
$12,636,578.46 |
0.79% |
| WELLS FARGO & COMPANY Variable rate |
|
95002YAA1 |
11,640,000 |
$12,531,007.08 |
0.79% |
| COREBRIDGE FINANCIAL INC Variable rate, due 09/15/2054 |
|
21871XAT6 |
12,355,000 |
$12,344,871.37 |
0.77% |
| SOCIETE GENERALE Variable rate |
|
83371GAA9 |
11,000,000 |
$12,032,284.00 |
0.76% |
| AIR LEASE CORP Variable rate |
|
00912XBQ6 |
11,935,000 |
$11,700,706.17 |
0.73% |
| AMERICAN EXPRESS CO Variable rate |
|
025816CH0 |
11,885,000 |
$11,637,149.02 |
0.73% |
| DUKE ENERGY CORP Variable rate, due 09/01/2054 |
|
26441CCG8 |
10,850,000 |
$11,178,890.30 |
0.70% |
| NEXTERA ENERGY CAPITAL Variable rate, due 06/15/2054 |
|
65339KDB3 |
10,794,000 |
$11,225,436.18 |
0.70% |
| PNC FINANCIAL SERVICES Variable rate |
|
693475BD6 |
11,084,000 |
$11,221,474.85 |
0.70% |
| SCENTRE GROUP TRUST 2 Variable rate, due 09/24/2080 |
|
76025LAB0 |
11,220,000 |
$11,017,633.84 |
0.69% |
| STATE STREET CORP Variable rate |
|
857477CH4 |
9,887,000 |
$10,349,632.60 |
0.65% |
| BANCO MERCANTIL DEL NORTE Variable rate |
|
05971PAB4 |
10,101,000 |
$10,005,421.31 |
0.63% |
| BNP PARIBAS Variable rate |
|
05565AM34 |
9,590,000 |
$10,110,497.25 |
0.63% |
| CNP ASSURANCES SACA Variable rate |
|
F1876NBV3 |
11,200,000 |
$10,082,898.00 |
0.63% |
| MEIJI YASUDA LIFE INSURANCE Variable rate, due 06/11/2055 |
|
585270AE1 |
10,100,000 |
$10,105,676.20 |
0.63% |
| LIBERTY MUTUAL GROUP INC 4.125%, due 12/15/2051 |
|
53079EBM5 |
9,818,000 |
$9,563,843.60 |
0.60% |
| ING GROEP NV Variable rate |
|
N4578ELV8 |
8,885,000 |
$9,457,838.17 |
0.59% |
| GOLDMAN SACHS GROUP INC Variable rate |
|
38141GA38 |
8,651,000 |
$9,207,985.98 |
0.58% |
| BANCO SANTANDER SA Variable rate |
|
05964HBH7 |
8,400,000 |
$8,894,541.60 |
0.56% |
| LAND O'LAKES INC 8% |
|
514666AK2 |
9,185,000 |
$8,840,562.50 |
0.55% |
| PNC FINANCIAL SERVICES Variable rate |
|
693475BP9 |
8,499,000 |
$8,760,149.97 |
0.55% |
| SOUTHERN CO Variable rate, due 03/15/2055 |
|
842587EB9 |
8,500,000 |
$8,767,520.50 |
0.55% |
| HSBC HOLDINGS PLC Variable rate |
|
404280FA2 |
8,500,000 |
$8,619,476.00 |
0.54% |
| CITIGROUP INC Variable rate |
|
172967MU2 |
8,445,000 |
$8,406,598.05 |
0.53% |
| NOMURA HOLDINGS INC Variable rate |
|
65535HCC1 |
8,400,000 |
$8,517,608.40 |
0.53% |
| ARES FINANCE CO 4.125%, due 06/30/2051 |
|
04018VAA1 |
8,435,000 |
$8,259,882.24 |
0.52% |
| EUSHI FINANCE INC Variable rate, due 12/15/2054 |
|
29882DAB9 |
7,930,000 |
$8,229,048.23 |
0.52% |
| CITIGROUP INC Variable rate |
|
172967MV0 |
8,195,000 |
$8,102,664.80 |
0.51% |
| LAND O'LAKES INC 7% |
|
514666AN6 |
9,646,000 |
$8,090,582.50 |
0.51% |
| NISOURCE INC Variable rate, due 03/31/2055 |
|
65473PAT2 |
8,037,000 |
$8,102,517.62 |
0.51% |
| SWEDBANK AB Variable rate |
|
W94240RW5 |
7,800,000 |
$8,184,306.00 |
0.51% |
| GOLDMAN SACHS GROUP INC Variable rate |
|
38141GB52 |
8,000,000 |
$8,030,520.00 |
0.50% |
| BANCO SANTANDER SA Variable rate |
|
05971KAP4 |
7,000,000 |
$7,745,269.00 |
0.49% |
| BBVA BANCOMER SA TEXAS 8.45%, due 06/29/2038 |
|
07336UAA1 |
7,200,000 |
$7,619,815.22 |
0.48% |
| SOCIETE GENERALE Variable rate |
|
83370RAC2 |
7,200,000 |
$7,658,776.80 |
0.48% |
| BARCLAYS PLC Variable rate |
|
06738ECN3 |
6,650,000 |
$7,402,833.20 |
0.46% |
| BNP PARIBAS Variable rate |
|
05602XDJ4 |
6,980,000 |
$7,397,906.56 |
0.46% |
| DEUTSCHE BANK AG Variable rate |
|
D18190PH1 |
7,000,000 |
$7,232,288.00 |
0.45% |
| METLIFE CAPITAL TRUST IV 8.25058%, due 12/15/2037 |
|
591560AA5 |
6,514,000 |
$7,157,244.47 |
0.45% |
| AMERICAN ELECTRIC POWER Variable rate, due 02/15/2062 |
|
025537AU5 |
7,134,000 |
$6,862,639.41 |
0.43% |
| CITIGROUP INC Variable rate |
|
17327CAV5 |
6,700,000 |
$6,859,588.10 |
0.43% |
| NATWEST GROUP PLC Variable rate |
|
639057AQ1 |
6,383,000 |
$6,901,005.98 |
0.43% |
| SEMPRA Variable rate, due 04/01/2052 |
|
816851BM0 |
7,154,000 |
$6,896,805.77 |
0.43% |
| CANADIAN IMPERIAL BANK Variable rate, due 01/28/2085 |
|
13607PNF7 |
6,519,000 |
$6,553,720.20 |
0.41% |
| LANCASHIRE HOLDINGS LTD Variable rate, due 09/18/2041 |
|
G5361WAB0 |
6,850,000 |
$6,541,994.62 |
0.41% |
| BANCO SANTANDER SA Variable rate |
|
05971KAH2 |
6,600,000 |
$6,414,727.44 |
0.40% |
| CITIGROUP INC Series DD, Variable rate |
|
172967PM7 |
6,070,000 |
$6,395,752.62 |
0.40% |
| GLOBAL ATLANTIC FIN CO Variable rate, due 10/15/2054 |
|
37959GAG2 |
6,106,000 |
$6,372,087.27 |
0.40% |
| SUMITOMO MITSUI FINL GRP Variable rate |
|
86562MDK3 |
6,200,000 |
$6,229,450.00 |
0.39% |
| ENERGY TRANSFER LP Variable rate |
|
29273VAM2 |
5,892,000 |
$6,016,698.29 |
0.38% |
| AXIS SPECIALTY FINANCE Variable rate, due 01/15/2040 |
|
05463HAC5 |
6,196,000 |
$5,943,892.75 |
0.37% |
| BARCLAYS PLC Variable rate |
|
06738EBT1 |
6,300,000 |
$5,880,041.37 |
0.37% |
| ALTAGAS LTD Variable rate, due 10/15/2054 |
|
021361AD2 |
5,800,000 |
$5,815,781.80 |
0.36% |
| BANK OF AMERICA CORP Series TT, Variable rate |
|
06055HAB9 |
5,492,000 |
$5,594,486.87 |
0.35% |
| ING GROEP NV Variable rate |
|
N4578EMC9 |
5,440,000 |
$5,542,000.00 |
0.35% |
| HSBC HOLDINGS PLC Variable rate |
|
404280EH8 |
4,620,000 |
$4,686,906.84 |
0.29% |
| NEXTERA ENERGY CAPITAL Variable rate, due 08/15/2055 |
|
65339KDF4 |
4,300,000 |
$4,406,212.11 |
0.28% |
| ASSURANT INC Variable rate, due 03/27/2048 |
|
04621XAK4 |
4,288,000 |
$4,374,068.11 |
0.27% |
| GOLDMAN SACHS GROUP INC Variable rate |
|
38141GC28 |
4,150,000 |
$4,293,126.28 |
0.27% |
| LINCOLN NATIONAL CORP Variable rate |
|
534187BR9 |
4,000,000 |
$4,367,512.00 |
0.27% |
| NIPPON LIFE INSURANCE Variable rate, due 04/30/2055 |
|
654579AP6 |
4,144,000 |
$4,292,918.78 |
0.27% |
| CAPITAL FARM CREDIT ACA Variable rate |
|
14019TAA4 |
4,200,000 |
$4,137,000.00 |
0.26% |
| CITIGROUP INC Variable rate |
|
172967PJ4 |
4,000,000 |
$4,134,328.00 |
0.26% |
| PRUDENTIAL FINANCIAL INC Variable rate, due 09/01/2052 |
|
744320BK7 |
4,175,000 |
$4,214,791.93 |
0.26% |
| JPMORGAN CHASE & CO Series KK, Variable rate |
|
48128BAN1 |
4,000,000 |
$3,945,062.32 |
0.25% |
| LIBERTY MUTUAL GROUP INC 4.30%, due 02/01/2061 |
|
53079EBL7 |
6,585,000 |
$3,990,423.41 |
0.25% |
| TRANSCANADA TRUST Variable rate, due 03/07/2082 |
|
89356BAG3 |
4,050,000 |
$3,939,067.34 |
0.25% |
| HUNTINGTON BANCSHARES Variable rate |
|
446150AV6 |
3,700,000 |
$3,670,321.00 |
0.23% |
| BANCO MERCANTIL DEL NORTE Variable rate |
|
05962GAJ8 |
3,592,000 |
$3,581,931.62 |
0.22% |
| BANCO MERCANTIL DEL NORTE Variable rate |
|
05971PAC2 |
3,400,000 |
$3,528,499.60 |
0.22% |
| BBVA BANCOMER SA TEXAS Variable rate, due 02/11/2035 |
|
072912AA6 |
3,350,000 |
$3,448,155.00 |
0.22% |
| METLIFE INC 9.25%, Cumulative Preferred, due 04/08/2038 |
|
59156RBS6 |
2,900,000 |
$3,447,061.80 |
0.22% |
| NEXTERA ENERGY CAPITAL Variable rate, due 08/15/2055 |
|
65339KDE7 |
3,371,000 |
$3,450,743.47 |
0.22% |
| SEMPRA Variable rate, due 10/01/2054 |
|
816851BS7 |
3,522,000 |
$3,560,528.11 |
0.22% |
| LAND O'LAKES INC 7.25% |
|
514666AM8 |
3,875,000 |
$3,350,747.76 |
0.21% |
| TELUS CORP Variable rate, due 10/15/2055 |
|
87971MCM3 |
3,372,000 |
$3,402,992.25 |
0.21% |
| TELUS CORP Variable rate, due 10/15/2055 |
|
87971MCL5 |
3,372,000 |
$3,392,979.57 |
0.21% |
| BANC CREDITO INVERSIONES Variable rate |
|
05890MAC7 |
3,000,000 |
$3,167,400.00 |
0.20% |
| COBANK ACB Variable rate |
|
19075QAF9 |
3,000,000 |
$3,102,189.00 |
0.19% |
| AMER AGCREDIT ACA Variable rate |
|
02369GAA3 |
3,000,000 |
$2,910,000.34 |
0.18% |
| CITIGROUP INC Variable rate |
|
172967NB3 |
2,979,000 |
$2,905,729.11 |
0.18% |
| GOLDMAN SACHS GROUP INC Variable rate |
|
38144GAE1 |
2,899,000 |
$2,857,174.68 |
0.18% |
| JPMORGAN CHASE & CO Series OO, Variable rate |
|
48128AAJ2 |
2,500,000 |
$2,588,185.00 |
0.16% |
| BNP PARIBAS Variable rate |
|
05602XJC3 |
2,300,000 |
$2,341,535.70 |
0.15% |
| KUVARE US HOLDINGS INC Variable rate, due 05/01/2051 |
|
50149XAA2 |
2,464,000 |
$2,463,115.58 |
0.15% |
| ASSURED GUARANTY MUNICIPAL HOLDINGS INC Variable rate, due 12/15/2066 |
|
31769PAB6 |
2,300,000 |
$2,130,272.76 |
0.13% |
| CREDIT SUISSE GROUP AG Variable rate |
|
225401AX6 |
18,000,000 |
$2,115,000.00 |
0.13% |
| BANCO MERCANTIL DEL NORTE Variable rate |
|
05973KAB3 |
2,000,000 |
$1,857,074.72 |
0.12% |
| CEMEX SAB DE CV Variable rate |
|
151290CC5 |
1,750,000 |
$1,770,125.00 |
0.11% |
| ASSURED GUARANTY MUNICIPAL HOLDINGS Variable rate, due 12/15/2066 |
|
U31745AA7 |
1,700,000 |
$1,574,549.43 |
0.10% |
| FARM CREDIT BK OF TEXAS Variable rate |
|
30767EAE9 |
1,500,000 |
$1,563,750.00 |
0.10% |
| CITIGROUP INC Variable rate |
|
172967PE5 |
1,300,000 |
$1,371,359.60 |
0.09% |
| BANCO MERCANTIL DEL NORTE Variable rate |
|
05971PAE8 |
1,200,000 |
$1,213,269.60 |
0.08% |
| BNP PARIBAS Variable rate |
|
05565AS20 |
1,000,000 |
$1,073,931.00 |
0.07% |
| COBANK ACB Variable rate |
|
19075QAC6 |
1,101,000 |
$1,105,648.42 |
0.07% |
| DAIRY FARMERS OF AMERICA 7.125% |
|
23385HAA7 |
1,200,000 |
$1,149,000.00 |
0.07% |
| ING GROEP NV Variable rate |
|
N4578ELM8 |
1,004,000 |
$1,037,634.00 |
0.07% |
| LAND O LAKES CAP TRST I 7.45%, Cumulative Preferred, due 03/15/2028 |
|
514665AA6 |
1,131,000 |
$1,134,965.12 |
0.07% |
| BANC CREDITO INVERSIONES Variable rate |
|
05890PAC0 |
840,000 |
$886,872.00 |
0.06% |
| CREDIT SUISSE GROUP AG Variable rate |
|
225401AL2 |
7,770,000 |
$912,975.00 |
0.06% |
| AMERICAN ELECTRIC POWER Variable rate, due 12/15/2054 |
|
025537AZ4 |
785,000 |
$817,362.41 |
0.05% |
| CREDIT SUISSE GROUP AG Variable rate |
|
225401AR9 |
6,243,000 |
$733,552.50 |
0.05% |
| FARM CREDIT BK OF TEXAS Variable rate |
|
30767EAC3 |
800,000 |
$802,000.00 |
0.05% |
| HUNTINGTON BANCSHARES Variable rate |
|
446150AT1 |
735,000 |
$748,521.27 |
0.05% |
| MORGAN STANLEY Variable rate |
|
61762VAA9 |
811,000 |
$822,707.88 |
0.05% |
| VOYA FINANCIAL INC Variable rate |
|
929089AG5 |
755,000 |
$799,069.35 |
0.05% |
| BBVA BANCOMER SA TEXAS Variable rate, due 09/13/2034 |
|
05533UAG3 |
700,000 |
$688,352.28 |
0.04% |
| COBANK ACB Variable rate |
|
19075QAE2 |
685,000 |
$693,629.63 |
0.04% |
| COMPEER FINANCIAL ACA Variable rate |
|
20453QAA0 |
650,000 |
$627,250.77 |
0.04% |
| NATWEST GROUP PLC Variable rate |
|
780097BQ3 |
686,000 |
$686,588.11 |
0.04% |
| SWEDBANK AB Variable rate |
|
W94240HF3 |
600,000 |
$627,795.90 |
0.04% |
| CREDIT SUISSE GROUP AG Variable rate |
|
225401AJ7 |
4,150,000 |
$487,625.00 |
0.03% |
| CHARLES SCHWAB CORP Series I, Variable rate |
|
808513BK0 |
400,000 |
$394,492.80 |
0.02% |
| CREDIT SUISSE GROUP AG Variable rate |
|
225436AA2 |
2,057,000 |
$241,697.50 |
0.02% |
| LAND O'LAKES INC 7.25% |
|
U51299AF9 |
400,000 |
$345,883.64 |
0.02% |
| DOMINION ENERGY INC Variable rate, due 02/01/2055 |
|
25746UDT3 |
198,000 |
$208,397.54 |
0.01% |
| INTESA SANPAOLO SPA Variable rate |
|
46115HAU1 |
200,000 |
$200,869.00 |
0.01% |
| Euro |
$EUR |
|
0 |
$0.35 |
0.00% |
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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