First Trust/Confluence Small Cap Value Fund
Portfolio of Investments
July 31, 2022 (Unaudited)
| Shares | Description | Value | ||
| COMMON STOCKS – 93.4% | ||||
| Air Freight & Logistics – 3.9% | ||||
| 12,422 | Forward Air Corp. | $1,303,440 | ||
| Automobiles – 3.2% | ||||
| 17,708 | Winnebago Industries, Inc. | 1,069,032 | ||
| Banks – 6.0% | ||||
| 29,918 | Bank of Marin Bancorp. | 978,917 | ||
| 32,872 | Veritex Holdings, Inc. | 1,017,060 | ||
| 1,995,977 | ||||
| Beverages – 2.4% | ||||
| 7,750 | MGP Ingredients, Inc. | 815,145 | ||
| Building Products – 5.1% | ||||
| 33,570 | AZEK (The) Co., Inc. (a) | 694,228 | ||
| 85,935 | Hayward Holdings, Inc. (a) | 1,002,861 | ||
| 1,697,089 | ||||
| Capital Markets – 3.7% | ||||
| 4,810 | Morningstar, Inc. | 1,228,233 | ||
| Chemicals – 2.2% | ||||
| 33,556 | Mativ, Inc. | 733,199 | ||
| Commercial Services & Supplies – 2.3% | ||||
| 54,292 | Healthcare Services Group, Inc. | 778,547 | ||
| Diversified Consumer Services – 3.6% | ||||
| 44,379 | Frontdoor, Inc. (a) | 1,188,026 | ||
| Diversified Financial Services – 3.1% | ||||
| 48,376 | Cannae Holdings, Inc. (a) | 1,021,217 | ||
| Electrical Equipment – 3.7% | ||||
| 45,757 | Allied Motion Technologies, Inc. | 1,232,694 | ||
| Electronic Equipment, Instruments & Components – 2.0% | ||||
| 20,345 | FARO Technologies, Inc. (a) | 661,619 | ||
| Energy Equipment & Services – 3.0% | ||||
| 52,837 | Core Laboratories N.V. | 1,000,733 | ||
| Food Products – 3.9% | ||||
| 9,458 | J&J Snack Foods Corp. | 1,281,654 | ||
| Gas Utilities – 3.0% | ||||
| 18,320 | Northwest Natural Holding Co. | 983,234 | ||
| Hotels, Restaurants & Leisure – 0.8% | ||||
| 4,959 | Nathan’s Famous, Inc. | 272,695 | ||
| Insurance – 6.2% | ||||
| 16,043 | Brown & Brown, Inc. | 1,044,399 | ||
| Shares | Description | Value | ||
| Insurance (Continued) | ||||
| 37,401 | BRP Group, Inc., Class A (a) | $1,031,146 | ||
| 2,075,545 | ||||
| IT Services – 5.6% | ||||
| 43,680 | I3 Verticals, Inc., Class A (a) | 1,185,039 | ||
| 6,495 | Perficient, Inc. (a) | 685,352 | ||
| 1,870,391 | ||||
| Leisure Products – 1.2% | ||||
| 50,705 | American Outdoor Brands, Inc. (a) | 400,570 | ||
| Machinery – 10.8% | ||||
| 8,181 | John Bean Technologies Corp. | 918,808 | ||
| 5,630 | Kadant, Inc. | 1,147,676 | ||
| 6,518 | RBC Bearings, Inc. (a) | 1,538,248 | ||
| 3,604,732 | ||||
| Personal Products – 3.7% | ||||
| 30,800 | Edgewell Personal Care Co. | 1,225,224 | ||
| Real Estate Management & Development – 3.9% | ||||
| 51,572 | RE/MAX Holdings, Inc., Class A | 1,306,834 | ||
| Road & Rail – 3.8% | ||||
| 58,323 | Marten Transport Ltd. | 1,257,444 | ||
| Textiles, Apparel & Luxury Goods – 2.8% | ||||
| 27,002 | Movado Group, Inc. | 917,528 | ||
| Water Utilities – 3.5% | ||||
| 17,700 | SJW Group | 1,162,182 | ||
| Total Common Stocks | 31,082,984 | |||
| (Cost $28,681,501) | ||||
| REAL ESTATE INVESTMENT TRUSTS – 5.9% | ||||
| Equity Real Estate Investment Trusts – 5.9% | ||||
| 43,760 | Gladstone Commercial Corp. | 916,772 | ||
| 27,553 | Rayonier, Inc. | 1,040,126 | ||
| Total Real Estate Investment Trusts | 1,956,898 | |||
| (Cost $1,462,250) | ||||
| Total Investments – 99.3% | 33,039,882 | |||
| (Cost $30,143,751) | ||||
| Net Other Assets and Liabilities – 0.7% | 225,413 | |||
| Net Assets – 100.0% | $33,265,295 | |||
| (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)
July 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 July 31, 2022 is as follows:
| Total Value at 7/31/2022 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |
| Common Stocks* | $ 31,082,984 | $ 31,082,984 | $ — | $ — |
| Real Estate Investment Trusts* | 1,956,898 | 1,956,898 | — | — |
| Total Investments | $ 33,039,882 | $ 33,039,882 | $— | $— |
| * | See Portfolio of Investments for industry breakout. |