|
 |
|
Holdings of the Fund as of 4/25/2025
Total Number of Holdings (excluding cash): 165
BANK OF AMERICA CORP Series TT, Variable rate |
|
06055HAB9 |
56,437,000 |
$56,410,261.28 |
3.81% |
CREDIT AGRICOLE SA Variable rate |
|
225313AR6 |
34,600,000 |
$33,006,600.80 |
2.23% |
TORONTO-DOMINION BANK Variable rate, due 10/31/2082 |
|
89117F8Z5 |
31,080,000 |
$32,160,216.48 |
2.17% |
ENBRIDGE INC Variable rate, due 01/15/2084 |
|
29250NBT1 |
26,050,000 |
$28,023,860.60 |
1.89% |
LLOYDS BANKING GROUP PLC Variable rate |
|
53944YAV5 |
24,180,000 |
$24,790,061.40 |
1.67% |
BNP PARIBAS Variable rate |
|
05565A5R0 |
23,450,000 |
$24,528,864.15 |
1.66% |
GLOBAL ATLANTIC Variable rate, due 10/15/2051 |
|
37959GAC1 |
25,534,000 |
$24,228,664.91 |
1.64% |
BANK OF MONTREAL Variable rate, due 05/26/2084 |
|
06368LQ58 |
22,956,000 |
$23,377,541.03 |
1.58% |
COMMERZBANK AG Variable rate |
|
D1706CKE3 |
23,400,000 |
$23,150,439.00 |
1.56% |
WELLS FARGO & COMPANY Variable rate |
|
95002YAC7 |
22,645,000 |
$23,080,088.12 |
1.56% |
JPMORGAN CHASE & CO Variable rate |
|
48128BAQ4 |
22,200,000 |
$23,011,454.40 |
1.55% |
BANCO SANTANDER SA Variable rate |
|
05971KAQ2 |
20,000,000 |
$22,773,100.00 |
1.54% |
HSBC HOLDINGS PLC Variable rate |
|
404280EJ4 |
23,150,000 |
$22,630,090.36 |
1.53% |
BARCLAYS PLC Variable rate |
|
06738EBX2 |
20,050,000 |
$20,566,347.65 |
1.39% |
THE HARTFORD INSUR GRP INC Variable rate, due 02/12/2047 |
|
416515BC7 |
22,521,000 |
$20,528,689.19 |
1.39% |
Wells Fargo & Company, Series L, 7.500% |
WFC.L |
949746804 |
17,492 |
$20,618,695.00 |
1.39% |
HSBC HOLDINGS PLC Variable rate |
|
404280DT3 |
19,600,000 |
$20,453,815.20 |
1.38% |
BANK OF NOVA SCOTIA Variable rate, due 10/27/2082 |
|
0641598S8 |
19,400,000 |
$20,082,721.50 |
1.36% |
CHARLES SCHWAB CORP Series H, Variable rate |
|
808513BJ3 |
23,150,000 |
$20,185,179.50 |
1.36% |
THE AES CORP Variable rate, due 07/15/2055 |
|
00130HCL7 |
19,955,000 |
$18,657,685.54 |
1.26% |
VENTURE GLOBAL LNG INC Variable rate |
|
92332YAF8 |
19,877,000 |
$17,658,591.25 |
1.19% |
ALGONQUIN PWR & UTILITY Variable rate, due 01/18/2082 |
|
015857AH8 |
18,559,000 |
$17,401,538.26 |
1.18% |
DOMINION ENERGY INC Variable rate, due 06/01/2054 |
|
25746UDU0 |
16,700,000 |
$17,448,009.70 |
1.18% |
AMERICAN ELECTRIC POWER 6.95%, due 12/15/2054 |
|
025537BA8 |
17,060,000 |
$17,353,807.32 |
1.17% |
BELL CANADA Variable rate, due 09/15/2055 |
|
0778FPAQ2 |
17,446,000 |
$17,357,520.87 |
1.17% |
SEMPRA Variable rate, due 10/01/2054 |
|
816851BT5 |
18,364,000 |
$16,851,046.42 |
1.14% |
DEUTSCHE BANK AG Variable rate |
|
251525AX9 |
16,850,000 |
$16,579,304.75 |
1.12% |
ROYAL BANK OF CANADA Variable rate, due 11/24/2084 |
|
780082AT0 |
18,100,000 |
$16,642,378.04 |
1.12% |
GOLDMAN SACHS GROUP INC Variable rate |
|
38141GA79 |
16,155,000 |
$16,464,613.81 |
1.11% |
METLIFE INC Variable rate, due 03/15/2055 |
|
59156RCQ9 |
16,500,000 |
$16,398,285.75 |
1.11% |
ENERGY TRANSFER LP Variable rate |
|
29273VAM2 |
15,900,000 |
$15,754,187.78 |
1.06% |
BNP PARIBAS Variable rate |
|
05565ASK0 |
18,000,000 |
$15,315,726.60 |
1.03% |
ENTERGY CORP Variable rate, due 12/01/2054 |
|
29364GAQ6 |
15,000,000 |
$15,091,650.00 |
1.02% |
BANCO BILBAO VIZCAYA ARGENTARIA Variable rate |
|
05946KAM3 |
13,800,000 |
$14,932,635.00 |
1.01% |
BANK OF NOVA SCOTIA Variable rate, due 01/27/2084 |
|
0641598V1 |
14,600,000 |
$14,931,566.00 |
1.01% |
BANCO BILBAO VIZCAYA ARGENTARIA Variable rate |
|
05946KAS0 |
14,600,000 |
$14,396,759.24 |
0.97% |
BARCLAYS PLC Variable rate |
|
06738EDC6 |
14,600,000 |
$14,103,096.30 |
0.95% |
LIBERTY MUTUAL GROUP INC 4.125%, due 12/15/2051 |
|
53079EBM5 |
14,818,000 |
$13,944,024.43 |
0.94% |
Bank of America Corporation, Series L, 7.25% |
BAC.L |
060505682 |
11,636 |
$13,730,480.00 |
0.93% |
CENTERPOINT ENERGY INC Variable rate, due 02/15/2055 |
|
15189TBJ5 |
13,575,000 |
$13,591,342.94 |
0.92% |
COREBRIDGE FINANCIAL INC Variable rate, due 12/15/2052 |
|
21871XAP4 |
12,665,000 |
$12,824,678.79 |
0.87% |
PNC FINANCIAL SERVICES Variable rate |
|
693475BF1 |
12,525,000 |
$12,531,131.11 |
0.85% |
ROGERS COMMUNICATIONS INC Variable rate, due 04/15/2055 |
|
775109DH1 |
12,700,000 |
$12,634,869.45 |
0.85% |
STATE STREET CORP Variable rate |
|
857477CM3 |
12,570,000 |
$12,626,363.88 |
0.85% |
BANK OF MONTREAL Variable rate, due 11/26/2084 |
|
06368L5Q5 |
12,500,000 |
$12,350,302.50 |
0.83% |
NEXTERA ENERGY CAPITAL Variable rate, due 06/15/2054 |
|
65339KDB3 |
12,094,000 |
$12,274,333.63 |
0.83% |
ROYAL BANK OF CANADA Variable rate, due 05/02/2084 |
|
780082AR4 |
12,000,000 |
$12,298,884.00 |
0.83% |
WELLS FARGO & COMPANY Variable rate |
|
95002YAA1 |
11,640,000 |
$12,305,482.08 |
0.83% |
CITIZENS FINANCIAL GROUP Variable rate |
|
174610BD6 |
12,941,000 |
$12,149,855.85 |
0.82% |
ENBRIDGE INC Variable rate, due 01/15/2083 |
|
29250NBP9 |
11,955,000 |
$12,204,417.16 |
0.82% |
COREBRIDGE FINANCIAL INC Variable rate, due 09/15/2054 |
|
21871XAT6 |
12,355,000 |
$11,880,930.99 |
0.80% |
SOCIETE GENERALE Variable rate |
|
83371GAA9 |
11,000,000 |
$11,765,897.00 |
0.79% |
AMERICAN EXPRESS CO Variable rate |
|
025816CH0 |
11,885,000 |
$11,443,222.67 |
0.77% |
AIR LEASE CORP Variable rate |
|
00912XBQ6 |
11,935,000 |
$11,130,737.35 |
0.75% |
DUKE ENERGY CORP Variable rate, due 09/01/2054 |
|
26441CCG8 |
10,850,000 |
$10,884,665.75 |
0.74% |
PNC FINANCIAL SERVICES Variable rate |
|
693475BD6 |
11,084,000 |
$11,000,251.51 |
0.74% |
SCENTRE GROUP TRUST 2 Variable rate, due 09/24/2080 |
|
76025LAB0 |
11,220,000 |
$10,981,430.26 |
0.74% |
BNP PARIBAS Variable rate |
|
05565AM34 |
9,590,000 |
$9,865,702.91 |
0.67% |
STATE STREET CORP Variable rate |
|
857477CH4 |
9,887,000 |
$9,917,975.97 |
0.67% |
BANCO MERCANTIL DEL NORTE Variable rate |
|
05971PAB4 |
10,101,000 |
$9,760,319.53 |
0.66% |
CNP ASSURANCES SACA Variable rate |
|
F1876NBV3 |
11,200,000 |
$9,597,280.00 |
0.65% |
DOMINION ENERGY INC Variable rate, due 05/15/2055 |
|
25746UDV8 |
9,316,000 |
$9,228,332.72 |
0.62% |
ING GROEP NV Variable rate |
|
N4578ELV8 |
8,885,000 |
$9,207,929.78 |
0.62% |
GOLDMAN SACHS GROUP INC Variable rate |
|
38141GA38 |
8,651,000 |
$8,972,393.30 |
0.61% |
MEIJI YASUDA LIFE INSURANCE Variable rate, due 06/11/2055 |
|
585270AE1 |
8,800,000 |
$8,670,577.52 |
0.59% |
SOUTHERN CO Variable rate, due 03/15/2055 |
|
842587EB9 |
8,500,000 |
$8,709,576.00 |
0.59% |
BANCO SANTANDER SA Variable rate |
|
05964HBH7 |
8,400,000 |
$8,629,908.00 |
0.58% |
PNC FINANCIAL SERVICES Variable rate |
|
693475BP9 |
8,499,000 |
$8,381,659.41 |
0.57% |
BANK OF NOVA SCOTIA Variable rate, due 04/27/2085 |
|
0641598X7 |
8,400,000 |
$8,273,593.10 |
0.56% |
CITIGROUP INC Variable rate |
|
172967MU2 |
8,445,000 |
$8,268,355.09 |
0.56% |
ARES FINANCE CO 4.125%, due 06/30/2051 |
|
04018VAA1 |
8,435,000 |
$8,160,824.54 |
0.55% |
CITIGROUP INC Variable rate |
|
172967MV0 |
8,195,000 |
$8,005,006.30 |
0.54% |
EUSHI FINANCE INC Variable rate, due 12/15/2054 |
|
29882DAB9 |
7,930,000 |
$8,010,180.31 |
0.54% |
SWEDBANK AB Variable rate |
|
W94240RW5 |
7,800,000 |
$8,001,006.00 |
0.54% |
HSBC HOLDINGS PLC Variable rate |
|
404280EH8 |
7,900,000 |
$7,830,564.53 |
0.53% |
NISOURCE INC Variable rate, due 03/31/2055 |
|
65473PAT2 |
8,037,000 |
$7,858,345.53 |
0.53% |
BANCO SANTANDER SA Variable rate |
|
05971KAP4 |
7,000,000 |
$7,665,686.00 |
0.52% |
GOLDMAN SACHS GROUP INC Variable rate |
|
38141GB52 |
8,000,000 |
$7,601,364.80 |
0.51% |
SOCIETE GENERALE Variable rate |
|
83370RAC2 |
7,200,000 |
$7,571,692.80 |
0.51% |
BBVA BANCOMER SA TEXAS 8.45%, due 06/29/2038 |
|
07336UAA1 |
7,200,000 |
$7,460,823.74 |
0.50% |
LAND O'LAKES INC 8% |
|
514666AK2 |
7,935,000 |
$7,354,411.92 |
0.50% |
BARCLAYS PLC Variable rate |
|
06738ECN3 |
6,650,000 |
$7,253,660.40 |
0.49% |
METLIFE CAPITAL TRUST IV 7.875, Cumulative Preferred, due 12/15/2037 |
|
591560AA5 |
6,514,000 |
$7,067,377.33 |
0.48% |
TRANSCANADA TRUST Variable rate, due 03/07/2082 |
|
89356BAG3 |
7,650,000 |
$7,076,437.43 |
0.48% |
AMERICAN ELECTRIC POWER Variable rate, due 02/15/2062 |
|
025537AU5 |
7,134,000 |
$6,723,368.39 |
0.45% |
CITIGROUP INC Variable rate |
|
17327CAV5 |
6,700,000 |
$6,638,921.13 |
0.45% |
SEMPRA Variable rate, due 04/01/2052 |
|
816851BM0 |
7,154,000 |
$6,591,880.17 |
0.45% |
LANCASHIRE HOLDINGS LTD Variable rate, due 09/18/2041 |
|
G5361WAB0 |
6,850,000 |
$6,317,437.23 |
0.43% |
US Dollar |
$USD |
|
6,422,141 |
$6,422,140.65 |
0.43% |
BANCO SANTANDER SA Variable rate |
|
05971KAH2 |
6,600,000 |
$6,263,361.79 |
0.42% |
GLOBAL ATLANTIC FIN CO Variable rate, due 10/15/2054 |
|
37959GAG2 |
6,106,000 |
$6,207,145.89 |
0.42% |
CITIGROUP INC Series DD, Variable rate |
|
172967PM7 |
6,070,000 |
$6,069,491.33 |
0.41% |
ROGERS COMMUNICATIONS INC Variable rate, due 04/15/2055 |
|
775109DG3 |
6,000,000 |
$6,037,246.38 |
0.41% |
SUMITOMO MITSUI FINL GRP Variable rate |
|
86562MDK3 |
6,200,000 |
$6,046,308.82 |
0.41% |
AXIS SPECIALTY FINANCE Variable rate, due 01/15/2040 |
|
05463HAC5 |
6,196,000 |
$5,830,592.63 |
0.39% |
LAND O'LAKES INC 7% |
|
514666AN6 |
7,146,000 |
$5,753,644.78 |
0.39% |
ALTAGAS LTD Variable rate, due 10/15/2054 |
|
021361AD2 |
5,800,000 |
$5,691,838.70 |
0.38% |
BARCLAYS PLC Variable rate |
|
06738EBT1 |
6,300,000 |
$5,663,478.24 |
0.38% |
CANADIAN IMPERIAL BANK Variable rate, due 01/28/2085 |
|
13607PNF7 |
5,783,000 |
$5,595,701.70 |
0.38% |
ING GROEP NV Variable rate |
|
N4578EMC9 |
5,440,000 |
$5,412,800.00 |
0.37% |
ASSURANT INC Variable rate, due 03/27/2048 |
|
04621XAK4 |
4,288,000 |
$4,276,480.60 |
0.29% |
LINCOLN NATIONAL CORP Variable rate |
|
534187BR9 |
4,000,000 |
$4,269,352.00 |
0.29% |
NATWEST GROUP PLC Variable rate |
|
639057AQ1 |
4,183,000 |
$4,350,709.02 |
0.29% |
NEXTERA ENERGY CAPITAL Variable rate, due 08/15/2055 |
|
65339KDF4 |
4,300,000 |
$4,359,335.70 |
0.29% |
CAPITAL FARM CREDIT ACA Variable rate |
|
14019TAA4 |
4,200,000 |
$4,116,001.60 |
0.28% |
GOLDMAN SACHS GROUP INC Variable rate |
|
38141GC28 |
4,150,000 |
$4,126,182.32 |
0.28% |
LIBERTY MUTUAL GROUP INC 4.30%, due 02/01/2061 |
|
53079EBL7 |
6,585,000 |
$4,097,173.43 |
0.28% |
NIPPON LIFE INSURANCE Variable rate, due 04/30/2055 |
|
654579AP6 |
4,144,000 |
$4,198,584.77 |
0.28% |
PRUDENTIAL FINANCIAL INC Variable rate, due 09/01/2052 |
|
744320BK7 |
4,175,000 |
$4,150,380.98 |
0.28% |
CITIGROUP INC Variable rate |
|
172967PJ4 |
4,000,000 |
$4,000,014.80 |
0.27% |
BNP PARIBAS Variable rate |
|
05602XDJ4 |
3,700,000 |
$3,816,487.10 |
0.26% |
JPMORGAN CHASE & CO Series KK, Variable rate |
|
48128BAN1 |
4,000,000 |
$3,898,677.20 |
0.26% |
BANCO MERCANTIL DEL NORTE Variable rate |
|
05962GAJ8 |
3,592,000 |
$3,548,949.16 |
0.24% |
DOMINION ENERGY INC Variable rate, due 02/01/2055 |
|
25746UDT3 |
3,388,000 |
$3,495,262.15 |
0.24% |
HUNTINGTON BANCSHARES Variable rate |
|
446150AV6 |
3,700,000 |
$3,541,908.99 |
0.24% |
BANCO MERCANTIL DEL NORTE Variable rate |
|
05971PAC2 |
3,400,000 |
$3,440,317.20 |
0.23% |
BBVA BANCOMER SA TEXAS Variable rate, due 02/11/2035 |
|
072912AA6 |
3,350,000 |
$3,358,375.00 |
0.23% |
METLIFE INC 9.25%, Cumulative Preferred, due 04/08/2038 |
|
59156RBS6 |
2,900,000 |
$3,401,059.10 |
0.23% |
NEXTERA ENERGY CAPITAL Variable rate, due 08/15/2055 |
|
65339KDE7 |
3,371,000 |
$3,400,782.86 |
0.23% |
SEMPRA Variable rate, due 10/01/2054 |
|
816851BS7 |
3,522,000 |
$3,436,296.01 |
0.23% |
LAND O'LAKES INC 7.25% |
|
514666AM8 |
3,875,000 |
$3,298,593.75 |
0.22% |
BANC CREDITO INVERSIONES Variable rate |
|
05890MAC7 |
3,000,000 |
$3,115,524.27 |
0.21% |
COBANK ACB Variable rate |
|
19075QAF9 |
3,000,000 |
$3,047,487.00 |
0.21% |
ENBRIDGE INC Variable rate, due 07/15/2080 |
|
29250NBC8 |
3,214,000 |
$3,087,199.03 |
0.21% |
AMER AGCREDIT ACA Variable rate |
|
02369GAA3 |
3,000,000 |
$2,812,500.00 |
0.19% |
CITIGROUP INC Variable rate |
|
172967NB3 |
2,979,000 |
$2,849,774.25 |
0.19% |
GOLDMAN SACHS GROUP INC Variable rate |
|
38144GAE1 |
2,899,000 |
$2,793,473.21 |
0.19% |
THE AES CORP Variable rate, due 01/15/2055 |
|
00130HCK9 |
2,630,000 |
$2,607,790.44 |
0.18% |
JPMORGAN CHASE & CO Series OO, Variable rate |
|
48128AAJ2 |
2,500,000 |
$2,519,255.40 |
0.17% |
KUVARE US HOLDINGS INC Variable rate, due 05/01/2051 |
|
50149XAA2 |
2,464,000 |
$2,463,114.34 |
0.17% |
BNP PARIBAS Variable rate |
|
05602XJC3 |
2,300,000 |
$2,267,701.79 |
0.15% |
ASSURED GUARANTY MUNICIPAL HOLDINGS INC Variable rate, due 12/15/2066 |
|
31769PAB6 |
2,300,000 |
$2,111,251.60 |
0.14% |
BANCO MERCANTIL DEL NORTE Variable rate |
|
05973KAB3 |
2,000,000 |
$1,777,893.80 |
0.12% |
ASSURED GUARANTY MUNICIPAL HOLDINGS Variable rate, due 12/15/2066 |
|
U31745AA7 |
1,700,000 |
$1,560,490.32 |
0.11% |
FARM CREDIT BK OF TEXAS Variable rate |
|
30767EAE9 |
1,500,000 |
$1,558,023.00 |
0.11% |
CREDIT SUISSE GROUP AG Variable rate |
|
225401AX6 |
18,000,000 |
$1,440,000.00 |
0.10% |
CITIGROUP INC Variable rate |
|
172967PE5 |
1,300,000 |
$1,332,468.32 |
0.09% |
BANCO MERCANTIL DEL NORTE Variable rate |
|
05971PAE8 |
1,200,000 |
$1,193,073.84 |
0.08% |
DAIRY FARMERS OF AMERICA 7.125% |
|
23385HAA7 |
1,200,000 |
$1,140,000.00 |
0.08% |
LAND O LAKES CAP TRST I 7.45%, Cumulative Preferred, due 03/15/2028 |
|
514665AA6 |
1,131,000 |
$1,119,760.01 |
0.08% |
STANDARD CHARTERED PLC Variable rate |
|
853254DA5 |
1,170,000 |
$1,175,411.79 |
0.08% |
BNP PARIBAS Variable rate |
|
05565AS20 |
1,000,000 |
$1,055,324.00 |
0.07% |
COBANK ACB Variable rate |
|
19075QAC6 |
1,101,000 |
$1,095,345.92 |
0.07% |
CORESTATES CAPTL III Variable rate, due 02/15/2027 |
|
21869MAA5 |
1,000,000 |
$986,907.29 |
0.07% |
ING GROEP NV Variable rate |
|
N4578ELM8 |
1,004,000 |
$1,017,805.00 |
0.07% |
BANC CREDITO INVERSIONES Variable rate |
|
05890PAC0 |
840,000 |
$872,346.80 |
0.06% |
AMERICAN ELECTRIC POWER Variable rate, due 12/15/2054 |
|
025537AZ4 |
785,000 |
$796,175.26 |
0.05% |
COBANK ACB Variable rate |
|
19075QAE2 |
685,000 |
$683,132.42 |
0.05% |
FARM CREDIT BK OF TEXAS Variable rate |
|
30767EAC3 |
800,000 |
$784,000.00 |
0.05% |
HUNTINGTON BANCSHARES Variable rate |
|
446150AT1 |
735,000 |
$726,497.30 |
0.05% |
MORGAN STANLEY Variable rate |
|
61762VAA9 |
811,000 |
$790,633.52 |
0.05% |
NATWEST GROUP PLC Variable rate |
|
780097BQ3 |
686,000 |
$686,321.80 |
0.05% |
VOYA FINANCIAL INC Variable rate |
|
929089AG5 |
755,000 |
$774,261.56 |
0.05% |
BBVA BANCOMER SA TEXAS Variable rate, due 09/13/2034 |
|
05533UAG3 |
700,000 |
$664,506.57 |
0.04% |
COMPEER FINANCIAL ACA Variable rate |
|
20453QAA0 |
650,000 |
$627,250.39 |
0.04% |
CREDIT SUISSE GROUP AG Variable rate |
|
225401AL2 |
7,770,000 |
$621,600.00 |
0.04% |
SWEDBANK AB Variable rate |
|
W94240HF3 |
600,000 |
$615,642.00 |
0.04% |
CHARLES SCHWAB CORP Series I, Variable rate |
|
808513BK0 |
400,000 |
$387,356.16 |
0.03% |
CREDIT SUISSE GROUP AG Variable rate |
|
225401AR9 |
6,243,000 |
$499,440.00 |
0.03% |
CREDIT SUISSE GROUP AG Variable rate |
|
225401AJ7 |
4,150,000 |
$332,000.00 |
0.02% |
LAND O'LAKES INC 7.25% |
|
U51299AF9 |
400,000 |
$340,500.00 |
0.02% |
BANK OF AMERICA CORP Series RR, Variable rate |
|
060505GB4 |
200,000 |
$191,931.36 |
0.01% |
CREDIT SUISSE GROUP AG Variable rate |
|
225436AA2 |
2,057,000 |
$164,560.00 |
0.01% |
ENERGY TRANSFER LP Series F, Variable rate |
|
29273VAL4 |
100,000 |
$100,357.55 |
0.01% |
INTESA SANPAOLO SPA Variable rate |
|
46115HAU1 |
200,000 |
$201,060.23 |
0.01% |
CITIGROUP INC Series P, Variable rate |
|
172967JM4 |
4,000 |
$3,996.08 |
0.00% |
Euro |
$EUR |
|
0 |
$0.34 |
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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