First Trust/Confluence Small Cap Value Fund
Portfolio of Investments
January 31, 2022 (Unaudited)
Shares | Description | Value | ||
COMMON STOCKS – 92.4% | ||||
Air Freight & Logistics – 3.2% | ||||
12,422 | Forward Air Corp. | $1,320,459 | ||
Automobiles – 3.5% | ||||
22,109 | Winnebago Industries, Inc. | 1,426,473 | ||
Banks – 6.6% | ||||
29,918 | Bank of Marin Bancorp. | 1,115,642 | ||
40,072 | Veritex Holdings, Inc. | 1,608,891 | ||
2,724,533 | ||||
Capital Markets – 3.9% | ||||
5,506 | Morningstar, Inc. | 1,582,479 | ||
Commercial Services & Supplies – 2.4% | ||||
54,292 | Healthcare Services Group, Inc. | 987,571 | ||
Diversified Consumer Services – 3.9% | ||||
44,379 | Frontdoor, Inc. (a) | 1,610,958 | ||
Diversified Financial Services – 3.5% | ||||
48,376 | Cannae Holdings, Inc. (a) | 1,444,991 | ||
Electrical Equipment – 7.2% | ||||
45,757 | Allied Motion Technologies, Inc. | 1,640,388 | ||
77,011 | Thermon Group Holdings, Inc. (a) | 1,320,739 | ||
2,961,127 | ||||
Electronic Equipment, Instruments & Components – 2.7% | ||||
20,345 | FARO Technologies, Inc. (a) | 1,104,937 | ||
Energy Equipment & Services – 3.9% | ||||
59,507 | Core Laboratories N.V. | 1,587,052 | ||
Food Products – 3.5% | ||||
9,458 | J&J Snack Foods Corp. | 1,434,684 | ||
Gas Utilities – 3.2% | ||||
28,090 | Northwest Natural Holding Co. | 1,329,780 | ||
Health Care Equipment & Supplies – 1.7% | ||||
30,319 | Natus Medical, Inc. (a) | 698,550 | ||
Hotels, Restaurants & Leisure – 1.1% | ||||
8,459 | Nathan’s Famous, Inc. | 455,771 | ||
Insurance – 7.2% | ||||
27,440 | Brown & Brown, Inc. | 1,818,723 | ||
37,401 | BRP Group, Inc., Class A (a) | 1,141,479 | ||
2,960,202 |
Shares | Description | Value | ||
IT Services – 4.1% | ||||
43,680 | I3 Verticals, Inc., Class A (a) | $1,010,755 | ||
6,495 | Perficient, Inc. (a) | 680,806 | ||
1,691,561 | ||||
Leisure Products – 2.0% | ||||
50,705 | American Outdoor Brands, Inc. (a) | 840,689 | ||
Machinery – 8.9% | ||||
8,181 | John Bean Technologies Corp. | 1,104,435 | ||
5,630 | Kadant, Inc. | 1,176,557 | ||
7,701 | RBC Bearings, Inc. (a) | 1,389,800 | ||
3,670,792 | ||||
Paper & Forest Products – 2.8% | ||||
24,710 | Neenah, Inc. | 1,139,131 | ||
Personal Products – 3.4% | ||||
30,800 | Edgewell Personal Care Co. | 1,410,640 | ||
Real Estate Management & Development – 3.7% | ||||
51,572 | RE/MAX Holdings, Inc., Class A | 1,534,783 | ||
Road & Rail – 4.0% | ||||
97,970 | Marten Transport Ltd. | 1,635,119 | ||
Textiles, Apparel & Luxury Goods – 2.4% | ||||
27,002 | Movado Group, Inc. | 1,000,964 | ||
Water Utilities – 3.6% | ||||
21,513 | SJW Group | 1,481,385 | ||
Total Common Stocks | 38,034,631 | |||
(Cost $31,444,162) | ||||
REAL ESTATE INVESTMENT TRUSTS – 7.3% | ||||
Equity Real Estate Investment Trusts – 7.3% | ||||
61,208 | Gladstone Commercial Corp. | 1,419,414 | ||
43,088 | Rayonier, Inc. | 1,574,435 | ||
Total Real Estate Investment Trusts | 2,993,849 | |||
(Cost $2,201,708) | ||||
Total Investments – 99.7% | 41,028,480 | |||
(Cost $33,645,870) | ||||
Net Other Assets and Liabilities – 0.3% | 141,954 | |||
Net Assets – 100.0% | $41,170,434 |
(a) | Non-income producing security. |
Valuation Inputs
The Fund is subject to fair value accounting standards that define fair value, establish the framework for measuring fair value and
First Trust/Confluence Small Cap Value Fund
Portfolio of Investments (Continued)
January 31, 2022 (Unaudited)
provide a three-level hierarchy for fair valuation based upon the inputs to the valuation as of the measurement date. The three levels of the fair value hierarchy are as follows:
• | Level 1 – Level 1 inputs are quoted prices in active markets for identical investments. |
• | Level 2 – Level 2 inputs are observable inputs, either directly or indirectly. (Quoted prices for similar investments, valuations based on interest rates and yield curves, or valuations derived from observable market data.) |
• | Level 3 – Level 3 inputs are unobservable inputs that may reflect the reporting entity’s own assumptions about the assumptions that market participants would use in pricing the investment. |
The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in those investments.
A summary of the inputs used to value the Fund’s investments as of January 31, 2022 is as follows:
Total Value at 1/31/2022 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |
Common Stocks* | $ 38,034,631 | $ 38,034,631 | $ — | $ — |
Real Estate Investment Trusts* | 2,993,849 | 2,993,849 | — | — |
Total Investments | $ 41,028,480 | $ 41,028,480 | $— | $— |
* | See Portfolio of Investments for industry breakout. |