|
Shares
|
Description
|
Value
|
|||
|
CLOSED-END FUNDS — 94.3%
|
|||||
|
|
Capital Markets — 94.3%
|
|
|||
|
79,337
|
abrdn Global Infrastructure
Income Fund
|
$1,543,105
|
|||
|
62,403
|
abrdn Healthcare Investors
|
949,774
|
|||
|
73,894
|
abrdn Healthcare Opportunities
Fund
|
1,352,999
|
|||
|
35,321
|
abrdn Life Sciences Investors
|
432,329
|
|||
|
31,911
|
Adams Natural Resources Fund,
Inc.
|
640,773
|
|||
|
66,318
|
Angel Oak Financial Strategies
Income Term Trust
|
858,155
|
|||
|
58,630
|
BlackRock Capital Allocation
Term Trust
|
873,001
|
|||
|
41,703
|
BlackRock Credit Allocation
Income Trust
|
447,473
|
|||
|
33,955
|
BlackRock Enhanced Large Cap
Core Fund, Inc.
|
693,021
|
|||
|
8,586
|
BlackRock Health
Sciences Trust
|
308,323
|
|||
|
23,030
|
BlackRock Multi-Sector Income
Trust
|
327,717
|
|||
|
34,633
|
BlackRock Resources &
Commodities Strategy Trust
|
319,663
|
|||
|
35,204
|
BlackRock Science &
Technology Trust
|
1,283,538
|
|||
|
12,139
|
BlackRock Utilities
Infrastructure & Power
Opportunities Trust
|
293,157
|
|||
|
37,412
|
Blackstone Strategic Credit 2027
Term Fund
|
447,073
|
|||
|
60,315
|
Brookfield Real Assets Income
Fund, Inc.
|
780,476
|
|||
|
19,194
|
Central Securities Corp.
|
891,945
|
|||
|
9,550
|
ClearBridge Energy Midstream
Opportunity Fund, Inc.
|
442,451
|
|||
|
43,665
|
Cohen & Steers Infrastructure
Fund, Inc.
|
1,144,460
|
|||
|
52,230
|
Cohen & Steers REIT and
Preferred and Income Fund,
Inc.
|
1,135,480
|
|||
|
5,737
|
DoubleLine Yield Opportunities
Fund
|
90,071
|
|||
|
36,873
|
Duff & Phelps Utility and
Infrastructure Fund, Inc.
|
452,063
|
|||
|
50,745
|
Eaton Vance Short Duration
Diversified Income Fund
|
547,539
|
|||
|
61,484
|
Eaton Vance Tax-Advantaged
Dividend Income Fund
|
1,428,888
|
|||
|
91,419
|
Eaton Vance Tax-Advantaged
Global Dividend Income Fund
|
1,830,208
|
|||
|
56,350
|
Eaton Vance Tax-Advantaged
Global Dividend
Opportunities Fund
|
1,466,790
|
|||
|
Shares
|
Description
|
Value
|
|||
|
|
|||||
|
|
Capital Markets (Continued)
|
|
|||
|
192,125
|
FS Credit Opportunities Corp.
|
$1,387,142
|
|||
|
54,161
|
Gabelli Dividend & Income
(The) Trust
|
1,345,359
|
|||
|
17,274
|
General American Investors Co.,
Inc.
|
931,587
|
|||
|
62,098
|
John Hancock Tax-Advantaged
Dividend Income Fund
|
1,431,980
|
|||
|
45,379
|
Kayne Anderson Energy
Infrastructure Fund
|
551,809
|
|||
|
144,026
|
Nuveen Credit Strategies Income
Fund
|
753,256
|
|||
|
40,291
|
Nuveen Floating Rate Income
Fund
|
333,207
|
|||
|
12,120
|
Nuveen Mortgage and Income
Fund
|
220,099
|
|||
|
35,165
|
Nuveen Multi-Asset Income
Fund
|
435,343
|
|||
|
17,810
|
Nuveen NASDAQ 100 Dynamic
Overwrite Fund
|
449,524
|
|||
|
140,384
|
Nuveen Preferred & Income
Opportunities Fund
|
1,107,630
|
|||
|
52,179
|
Nuveen Real Asset Income and
Growth Fund
|
675,196
|
|||
|
28,709
|
Nuveen Taxable Municipal
Income Fund
|
449,870
|
|||
|
52,794
|
Nuveen Variable Rate Preferred
& Income Fund
|
995,695
|
|||
|
82,581
|
PGIM Global High Yield Fund,
Inc.
|
1,092,547
|
|||
|
14,389
|
PIMCO Access Income Fund
|
216,123
|
|||
|
65,132
|
PIMCO Dynamic Income
Opportunities Fund
|
873,420
|
|||
|
34,816
|
PIMCO Dynamic Income
Strategy Fund
|
809,472
|
|||
|
24,510
|
Reaves Utility Income Fund
|
848,046
|
|||
|
24,705
|
Royce Micro-Cap Trust, Inc.
|
216,169
|
|||
|
52,241
|
Royce Small-Cap Trust, Inc.
|
776,301
|
|||
|
33,831
|
Source Capital, Inc.
|
1,439,746
|
|||
|
38,360
|
Tri-Continental Corp.
|
1,196,448
|
|||
|
20,526
|
Virtus Artificial Intelligence &
Technology Opportunities
Fund
|
485,440
|
|||
|
66,821
|
Western Asset Diversified
Income Fund
|
982,269
|
|||
|
85,715
|
Western Asset High Income
Opportunity Fund, Inc.
|
332,574
|
|||
|
102,439
|
Western Asset Inflation-Linked
Opportunities & Income Fund
|
877,902
|
|||
|
|
Total Closed-End Funds
|
42,194,626
|
|||
|
|
(Cost $42,229,324)
|
|
|||
|
Shares
|
Description
|
Value
|
|||
|
EXCHANGE-TRADED FUNDS — 3.9%
|
|||||
|
|
Capital Markets — 3.9%
|
|
|||
|
66,401
|
Invesco Variable Rate
Investment Grade ETF
|
$1,662,681
|
|||
|
5,065
|
Tortoise Essential Energy Fund
|
100,034
|
|||
|
|
Total Exchange-Traded Funds
|
1,762,715
|
|||
|
|
(Cost $1,733,475)
|
|
|||
|
MONEY MARKET FUNDS — 1.6%
|
|||||
|
703,643
|
Morgan Stanley Institutional
Liquidity Funds - Treasury
Portfolio - Institutional Class -
4.16% (a)
|
703,643
|
|||
|
|
(Cost $703,643)
|
|
|||
|
|
|||||
|
|
|||||
|
|
Total Investments — 99.8%
|
44,660,984
|
|||
|
|
(Cost $44,666,442)
|
|
|||
|
|
Net Other Assets and
Liabilities — 0.2%
|
97,759
|
|||
|
|
Net Assets — 100.0%
|
$44,758,743
|
|||
|
(a)
|
Rate shown reflects yield as of May 31, 2025.
|
|
|
Total
Value at
5/31/2025
|
Level 1
Quoted
Prices
|
Level 2
Significant
Observable
Inputs
|
Level 3
Significant
Unobservable
Inputs
|
|
Closed-End Funds*
|
$ 42,194,626
|
$ 42,194,626
|
$ —
|
$ —
|
|
Exchange-Traded
Funds*
|
1,762,715
|
1,762,715
|
—
|
—
|
|
Money Market Funds
|
703,643
|
703,643
|
—
|
—
|
|
Total Investments
|
$44,660,984
|
$44,660,984
|
$—
|
$—
|
|
*
|
See Portfolio of Investments for industry breakout.
|
|
Principal
Value
|
Description
|
Stated
Coupon
|
Stated
Maturity
|
Value
|
|
|
MUNICIPAL BONDS — 90.3%
|
|||||
|
|
Alabama — 5.1%
|
|
|||
|
$250,000
|
Black Belt Energy Gas Dist AL Gas Proj Rev Bonds Proj No 7, Ser
C-1 (Mandatory put 12/01/26)
|
4.00%
|
10/01/52
|
$249,789
|
|
|
450,000
|
Jefferson Cnty AL Swr Rev Warrants Ref Warrants
|
5.25%
|
10/01/42
|
467,820
|
|
|
|
|
717,609
|
|||
|
|
Arizona — 3.1%
|
|
|||
|
275,000
|
AZ St Indl Dev Auth Edu Rev Ref Doral Acdmy of Northern NV
Proj, Ser A (a)
|
4.00%
|
07/15/37
|
239,489
|
|
|
250,000
|
AZ St Indl Dev Auth Edu Rev Somerset Acdmy of LV Aliante &
Skye Canyon Cmps Proj, Ser A (a)
|
4.00%
|
12/15/51
|
189,624
|
|
|
|
|
429,113
|
|||
|
|
Arkansas — 0.7%
|
|
|||
|
100,000
|
AR Dev Fin Auth Envrnmntl Rev Sustainable Bond United States
Steel Corp Proj, AMT
|
5.45%
|
09/01/52
|
99,546
|
|
|
|
California — 2.9%
|
|
|||
|
225,000
|
Burbank Glendale Pasadena CA Arpt Auth Arpt Rev Sr, Ser B,
AGM, AMT
|
4.38%
|
07/01/49
|
204,106
|
|
|
250,000
|
Elk Grove CA Fin Auth Spl Tax Rev CFD #2005-1 Laguna Ridge
|
4.00%
|
09/01/50
|
206,246
|
|
|
|
|
410,352
|
|||
|
|
Colorado — 3.0%
|
|
|||
|
250,000
|
CO St Hlth Facs Auth Rev Ref Frasier Proj, Ser 2023A
|
4.00%
|
05/15/41
|
220,306
|
|
|
200,000
|
Denver City & Cnty CO Spl Facs Arpt Rev Ref United Airls Inc
Proj, AMT
|
5.00%
|
10/01/32
|
199,867
|
|
|
|
|
420,173
|
|||
|
|
Florida — 11.8%
|
|
|||
|
250,000
|
Black Creek FL CDD Spl Assmnt Expansion Area Proj
|
5.13%
|
06/15/32
|
258,157
|
|
|
275,000
|
Capital Projs Fin Auth FL Eductnl Facs Rev Kissimmee Chrt
Acdmy Proj (a)
|
6.50%
|
06/15/54
|
278,498
|
|
|
250,000
|
Charlotte Cnty FL Indl Dev Auth Util Sys Rev Town & Country
Utils Proj, Ser A, AMT (a)
|
4.00%
|
10/01/51
|
195,811
|
|
|
225,000
|
Cypress Mill CDD FL Spl Assmnt 2023 Proj
|
5.00%
|
05/01/43
|
220,119
|
|
|
250,000
|
N Sumter Cnty FL Util Dependent Dist Util Rev Sumter Wtr
Conservation Auth Proj, AGM
|
4.00%
|
10/01/41
|
236,061
|
|
|
250,000
|
Ridge at Apopka CDD FL Spl Assmnt, Ser 22
|
5.38%
|
05/01/42
|
252,594
|
|
|
250,000
|
Sawyers Landing CDD FL Spl Assmnt Rev
|
4.25%
|
05/01/53
|
203,242
|
|
|
|
|
1,644,482
|
|||
|
|
Georgia — 1.8%
|
|
|||
|
250,000
|
Main Street Nat Gas Inc GA Gas Sply Rev, Ser A (Mandatory put
12/01/29)
|
4.00%
|
09/01/52
|
247,983
|
|
|
|
Guam — 1.8%
|
|
|||
|
250,000
|
Guam Govt Busn Privilege Tax Rev Ref, Ser F
|
5.00%
|
01/01/28
|
257,347
|
|
|
|
Illinois — 3.9%
|
|
|||
|
300,000
|
Chicago IL Brd of Edu Ref, Ser B
|
5.00%
|
12/01/30
|
309,811
|
|
|
250,000
|
IL St, Ser A
|
4.00%
|
03/01/38
|
232,931
|
|
|
|
|
542,742
|
|||
|
|
Indiana — 4.1%
|
|
|||
|
250,000
|
IN St Fin Auth Hlth Fac Rev Margaret Mary Hlth Proj, Ser A
|
5.75%
|
03/01/54
|
256,852
|
|
|
300,000
|
Indianapolis IN Loc Pub Impt Bond Bank Sr Convention Ctr
Hotel, Ser E
|
6.00%
|
03/01/53
|
310,908
|
|
|
|
|
567,760
|
|||
|
Principal
Value
|
Description
|
Stated
Coupon
|
Stated
Maturity
|
Value
|
|
|
MUNICIPAL BONDS (Continued)
|
|||||
|
|
Iowa — 3.6%
|
|
|||
|
$260,000
|
Dallas Ctr IA Grimes Cmnty Sch Dist
|
3.00%
|
05/01/39
|
$214,577
|
|
|
250,000
|
IA St Fin Auth Midwstrn Disaster Area Rev Ref IA Fertilizer
Company Proj (Pre-refunded maturity 12/01/32)
|
5.00%
|
12/01/50
|
281,208
|
|
|
|
|
495,785
|
|||
|
|
Kansas — 1.8%
|
|
|||
|
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
|
255,245
|
|
|
|
Minnesota — 1.6%
|
|
|||
|
250,000
|
Rochester MN Hlthcare Facs Rev Mayo Clinic, Ser A
|
4.25%
|
11/15/50
|
229,614
|
|
|
|
Missouri — 1.6%
|
|
|||
|
250,000
|
Saint Charles Cnty MO Pub Wtr Sply Dist #2 Pub Wtr Sply Dist
No 2, COPS
|
4.00%
|
12/01/44
|
225,564
|
|
|
|
Montana — 1.4%
|
|
|||
|
250,000
|
MT St Brd of Hsg Sf Mtge Ref, Ser A-1
|
2.80%
|
12/01/39
|
197,329
|
|
|
|
New Hampshire — 2.0%
|
|
|||
|
300,000
|
NH St Busn Fin Auth Wtr Fac Rev Pennichuck Wtr Wks Inc
Proj, Ser A, AMT
|
5.38%
|
04/01/49
|
284,995
|
|
|
|
New York — 5.8%
|
|
|||
|
300,000
|
Dutchess Cnty NY Loc Dev Corp Mf Mtebs Sustainable Bonds
Tomopkins Terrace Hsg LP Proj
|
5.00%
|
10/01/40
|
307,125
|
|
|
250,000
|
NY St Transprtn Dev Corp Spl Fac Rev Sustainable Bond JFK Intl
Arpt New Terminal, AMT
|
5.25%
|
06/30/49
|
247,453
|
|
|
250,000
|
Suffolk Regl Off Track Betting Corp NY Rev
|
5.75%
|
12/01/44
|
255,922
|
|
|
|
|
810,500
|
|||
|
|
North Carolina — 1.6%
|
|
|||
|
250,000
|
NC St Med Care Commn Hlth Care Facs Rev Lutheran Svcs for the
Aging Ref, Ser A
|
4.00%
|
03/01/41
|
218,473
|
|
|
|
Ohio — 1.8%
|
|
|||
|
250,000
|
Columbus OH Regl Arpt Auth Rev Ref John Glenn Columbus Intl
Arpt, Ser A, AMT
|
5.50%
|
01/01/55
|
257,619
|
|
|
|
Oregon — 1.6%
|
|
|||
|
250,000
|
Clackamas Cnty OR Hosp Fac Auth Rev Ref Rose Villa Proj, Ser A
|
5.38%
|
11/15/55
|
229,118
|
|
|
|
Pennsylvania — 1.7%
|
|
|||
|
250,000
|
Allegheny Cnty PA Hosp Dev Auth Ref Univ Pittsburgh Med
Ctr, Ser A
|
4.00%
|
07/15/37
|
239,110
|
|
|
|
Puerto Rico — 3.4%
|
|
|||
|
250,000
|
Puerto Rico Cmwlth Restructured, Ser A1
|
4.00%
|
07/01/35
|
236,163
|
|
|
250,000
|
Puerto Rico Sales Tax Fing Corp Sales Tax Rev Restructured
Converted, Ser A-2
|
4.33%
|
07/01/40
|
233,202
|
|
|
|
|
469,365
|
|||
|
|
South Carolina — 5.7%
|
|
|||
|
250,000
|
Patriots Energy Grp Fing Agy SC Gas Sply Rev Ref Var, Ser B-1
(Mandatory put 03/01/31)
|
5.25%
|
02/01/54
|
264,913
|
|
|
280,000
|
SC St Jobs Econ Dev Auth Econ Dev Rev Ref The Woodlands at
Furman
|
4.00%
|
11/15/32
|
267,613
|
|
|
250,000
|
SC St Jobs Econ Dev Auth Hlth Facs Rev Novant Hlth Obligated
Grp, Ser A
|
5.50%
|
11/01/50
|
259,164
|
|
|
|
|
791,690
|
|||
|
Principal
Value
|
Description
|
Stated
Coupon
|
Stated
Maturity
|
Value
|
|
|
MUNICIPAL BONDS (Continued)
|
|||||
|
|
Texas — 3.5%
|
|
|||
|
$250,000
|
Georgetown TX Util Sys Rev, BAM
|
4.00%
|
08/15/49
|
$214,171
|
|
|
250,000
|
TX St Muni Gas Acq & Sply Corp IV, Ser B (Mandatory put
01/01/34)
|
5.50%
|
01/01/54
|
273,461
|
|
|
|
|
487,632
|
|||
|
|
Vermont — 2.0%
|
|
|||
|
300,000
|
VT St Econ Dev Auth Mtge Rev Ref Wake Robin Corp Proj, Ser A
|
4.00%
|
05/01/37
|
275,580
|
|
|
|
Virginia — 1.8%
|
|
|||
|
250,000
|
VA St Small Busn Fing Auth Rsdl Fac Care Rev Ref Lifespire of
VA, Ser A
|
5.50%
|
12/01/54
|
252,231
|
|
|
|
Washington — 4.0%
|
|
|||
|
300,000
|
Skagit Cnty WA Pub Hosp Dist #1
|
5.50%
|
12/01/54
|
305,044
|
|
|
250,000
|
WA St Hsg Fin Commn Nonprofit Rev Radford Court & Nordheim
Court Portfolio
|
5.50%
|
07/01/59
|
253,314
|
|
|
|
|
558,358
|
|||
|
|
Wisconsin — 7.2%
|
|
|||
|
250,000
|
Pub Fin Auth WI Chrt Sch Rev Founders of Acdmy Las Vegas
Proj, Ser A (a)
|
5.00%
|
07/01/55
|
203,141
|
|
|
250,000
|
Pub Fin Auth WI Stdt Hsg Rev Ref Cmps Real Estate Holding
Corp LLC Proj, Ser A
|
5.50%
|
06/01/55
|
246,265
|
|
|
255,000
|
Pub Fin Auth WI Stdt Hsg Rev Sr KSU Bixby Real Estate
Fdtn LLC Proj, Ser A
|
5.25%
|
06/15/55
|
253,718
|
|
|
300,000
|
Pub Fin Auth WI Tax Incr Rev Miami Worldcenter Proj, Ser A (a)
|
5.00%
|
06/01/41
|
295,432
|
|
|
|
|
998,556
|
|||
|
|
Total Municipal Bonds
|
12,613,871
|
|||
|
|
(Cost $12,661,200)
|
|
|||
|
Shares
|
Description
|
Value
|
|||
|
CLOSED-END FUNDS — 7.8%
|
|||||
|
|
Capital Markets — 7.8%
|
|
|||
|
1,619
|
BlackRock Municipal Income Quality Trust
|
16,967
|
|||
|
4,815
|
BlackRock Municipal Income Trust
|
46,176
|
|||
|
10,508
|
BlackRock Municipal Income Trust II
|
105,185
|
|||
|
2,770
|
BlackRock MuniHoldings Fund, Inc.
|
30,941
|
|||
|
4,621
|
BlackRock MuniYield Quality Fund II, Inc.
|
44,177
|
|||
|
6,499
|
BlackRock MuniYield Quality Fund III, Inc.
|
67,784
|
|||
|
1,838
|
BlackRock MuniYield Quality Fund, Inc.
|
20,255
|
|||
|
5,360
|
Eaton Vance Municipal Income Trust
|
54,940
|
|||
|
3,721
|
Invesco Municipal Trust
|
34,494
|
|||
|
7,436
|
Invesco Quality Municipal Income Trust
|
69,750
|
|||
|
7,822
|
Invesco Trust for Investment Grade Municipals
|
75,639
|
|||
|
9,457
|
Nuveen AMT-Free Municipal Credit Income Fund
|
112,727
|
|||
|
14,622
|
Nuveen AMT-Free Quality Municipal Income Fund
|
158,795
|
|||
|
6,626
|
Nuveen Municipal Credit Income Fund
|
78,717
|
|||
|
Shares
|
Description
|
Value
|
|||
|
CLOSED-END FUNDS (Continued)
|
|||||
|
|
Capital Markets (Continued)
|
|
|||
|
6,468
|
Nuveen Quality Municipal Income Fund
|
$72,700
|
|||
|
10,832
|
Western Asset Managed Municipals Fund, Inc.
|
107,345
|
|||
|
|
Total Closed-End Funds
|
1,096,592
|
|||
|
|
(Cost $1,223,149)
|
|
|||
|
|
|||||
|
|
|||||
|
|
Total Investments — 98.1%
|
13,710,463
|
|||
|
|
(Cost $13,884,349)
|
|
|||
|
|
Net Other Assets and Liabilities — 1.9%
|
259,913
|
|||
|
|
Net Assets — 100.0%
|
$13,970,376
|
|||
|
(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, 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 Fund’s 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 May 31, 2025, securities noted as such amounted to $1,657,240
or 11.9% of net assets.
|
|
Abbreviations throughout the Portfolio of Investments:
|
|
|
AGM
|
– Assured Guaranty Municipal Corp.
|
|
AMT
|
– Alternative Minimum Tax
|
|
BAM
|
– Build America Mutual
|
|
COPS
|
– Certificates of Participation
|
|
|
Total
Value at
5/31/2025
|
Level 1
Quoted
Prices
|
Level 2
Significant
Observable
Inputs
|
Level 3
Significant
Unobservable
Inputs
|
|
Municipal Bonds*
|
$12,613,871
|
$—
|
$12,613,871
|
$—
|
|
Closed-End Funds**
|
1,096,592
|
1,096,592
|
—
|
—
|
|
Total Investments
|
$13,710,463
|
$1,096,592
|
$12,613,871
|
$—
|
|
*
|
See Portfolio of Investments for state and territory breakout.
|
|
**
|
See Portfolio of Investments for industry breakout.
|
|
Shares
|
Description
|
Value
|
|||
|
EXCHANGE-TRADED FUNDS — 99.9%
|
|||||
|
|
Capital Markets (a) — 99.9%
|
|
|||
|
176,341
|
First Trust Core Investment
Grade ETF
|
$3,662,603
|
|||
|
123,634
|
First Trust Enhanced Short
Maturity ETF
|
7,393,313
|
|||
|
164,923
|
First Trust Institutional Preferred
Securities and Income ETF
|
3,084,060
|
|||
|
2,280,230
|
First Trust Limited Duration
Investment Grade Corporate
ETF
|
43,301,568
|
|||
|
878,118
|
First Trust Low Duration
Opportunities ETF
|
42,939,970
|
|||
|
216,059
|
First Trust Senior Loan Fund
|
9,895,502
|
|||
|
315,914
|
First Trust Tactical High Yield
ETF
|
13,059,885
|
|||
|
|
Total Exchange-Traded Funds
|
123,336,901
|
|||
|
|
(Cost $125,190,060)
|
|
|||
|
MONEY MARKET FUNDS — 0.1%
|
|||||
|
151,343
|
Morgan Stanley Institutional
Liquidity Funds - Treasury
Portfolio - Institutional Class -
4.16% (b)
|
151,343
|
|||
|
|
(Cost $151,343)
|
|
|||
|
|
|||||
|
|
|||||
|
|
Total Investments — 100.0%
|
123,488,244
|
|||
|
|
(Cost $125,341,403)
|
|
|||
|
|
Net Other Assets and
Liabilities — 0.0%
|
7,788
|
|||
|
|
Net Assets — 100.0%
|
$123,496,032
|
|||
|
(a)
|
Represents investments in affiliated funds.
|
|
(b)
|
Rate shown reflects yield as of May 31, 2025.
|
|
|
Total
Value at
5/31/2025
|
Level 1
Quoted
Prices
|
Level 2
Significant
Observable
Inputs
|
Level 3
Significant
Unobservable
Inputs
|
|
Exchange-Traded
Funds*
|
$ 123,336,901
|
$ 123,336,901
|
$ —
|
$ —
|
|
Money Market
Funds
|
151,343
|
151,343
|
—
|
—
|
|
Total Investments
|
$123,488,244
|
$123,488,244
|
$—
|
$—
|
|
*
|
See Portfolio of Investments for industry breakout.
|
|
Security Name
|
Shares at
5/31/2025
|
Value at
8/31/2024
|
Purchases
|
Sales
|
Change in
Unrealized
Appreciation
(Depreciation)
|
Realized
Gain
(Loss)
|
Value at
5/31/2025
|
Dividend
Income
|
|
First Trust Core
Investment Grade ETF
|
176,341
|
$—
|
$4,486,315
|
$(840,950
)
|
$10,506
|
$6,732
|
$3,662,603
|
$69,499
|
|
First Trust Emerging
Markets Local Currency
Bond ETF
|
—
|
3,894,478
|
200,252
|
(3,861,955
)
|
(136,917
)
|
(95,858
)
|
—
|
60,027
|
|
First Trust Enhanced Short
Maturity ETF
|
123,634
|
11,316,329
|
5,702,029
|
(9,622,843
)
|
(45,002
)
|
42,800
|
7,393,313
|
269,684
|
|
First Trust Institutional
Preferred Securities and
Income ETF
|
164,923
|
—
|
3,739,027
|
(659,757
)
|
764
|
4,026
|
3,084,060
|
71,563
|
|
First Trust Intermediate
Duration Investment
Grade Corporate ETF
|
—
|
—
|
5,469,689
|
(5,252,389
)
|
—
|
(217,300
)
|
—
|
56,903
|
|
First Trust Limited
Duration Investment
Grade Corporate ETF
|
2,280,230
|
53,602,679
|
13,838,186
|
(23,954,972
)
|
(567,349
)
|
383,024
|
43,301,568
|
1,528,321
|
|
First Trust Low Duration
Opportunities ETF
|
878,118
|
53,634,361
|
10,535,200
|
(21,178,154
)
|
(442,955
)
|
391,518
|
42,939,970
|
1,358,068
|
|
First Trust Senior Loan
Fund
|
216,059
|
7,552,168
|
12,270,899
|
(9,853,195
)
|
(33,270
)
|
(41,100
)
|
9,895,502
|
359,089
|
|
First Trust Tactical High
Yield ETF
|
315,914
|
15,370,965
|
12,460,848
|
(14,710,729
)
|
730,202
|
(791,401
)
|
13,059,885
|
601,030
|
|
|
|
$145,370,980
|
$68,702,445
|
$(89,934,944
)
|
$(484,021
)
|
$(317,559
)
|
$123,336,901
|
$4,374,184
|