First Trust/Confluence Small Cap Value Fund
Portfolio of Investments
January 31, 2023 (Unaudited)
| Shares | Description | Value | ||
| COMMON STOCKS – 94.8% | ||||
| Air Freight & Logistics – 3.0% | ||||
| 8,022 | Forward Air Corp. | $865,173 | ||
| Automobiles – 3.1% | ||||
| 14,208 | Winnebago Industries, Inc. | 904,765 | ||
| Banks – 5.3% | ||||
| 24,918 | Bank of Marin Bancorp. | 759,251 | ||
| 27,772 | Veritex Holdings, Inc. | 781,782 | ||
| 1,541,033 | ||||
| Beverages – 2.6% | ||||
| 7,750 | MGP Ingredients, Inc. | 755,935 | ||
| Building Products – 8.7% | ||||
| 48,986 | AZEK (The) Co., Inc. (a) | 1,182,032 | ||
| 101,935 | Hayward Holdings, Inc. (a) | 1,375,103 | ||
| 2,557,135 | ||||
| Capital Markets – 2.9% | ||||
| 3,560 | Morningstar, Inc. | 864,653 | ||
| Chemicals – 1.8% | ||||
| 18,934 | Mativ Holdings, Inc. | 521,821 | ||
| Diversified Consumer Services – 2.5% | ||||
| 26,579 | Frontdoor, Inc. (a) | 722,417 | ||
| Diversified Financial Services – 2.3% | ||||
| 27,876 | Cannae Holdings, Inc. (a) | 681,289 | ||
| Electrical Equipment – 3.1% | ||||
| 22,425 | Allied Motion Technologies, Inc. | 911,352 | ||
| Electronic Equipment, Instruments & Components – 1.1% | ||||
| 11,454 | FARO Technologies, Inc. (a) | 314,756 | ||
| Energy Equipment & Services – 3.3% | ||||
| 37,837 | Core Laboratories N.V. | 968,627 | ||
| Food Products – 2.7% | ||||
| 5,558 | J&J Snack Foods Corp. | 796,461 | ||
| Gas Utilities – 3.1% | ||||
| 18,320 | Northwest Natural Holding Co. | 918,565 | ||
| Household Products – 4.8% | ||||
| 20,798 | Spectrum Brands Holdings, Inc. | 1,411,768 | ||
| Insurance – 11.4% | ||||
| 16,043 | Brown & Brown, Inc. | 939,478 | ||
| 37,401 | BRP Group, Inc., Class A (a) | 1,071,539 | ||
| 91,625 | Hagerty, Inc., Class A (a) | 880,516 | ||
| 9,587 | Stewart Information Services Corp. | 457,971 | ||
| 3,349,504 | ||||
| Shares | Description | Value | ||
| IT Services – 6.5% | ||||
| 35,380 | I3 Verticals, Inc., Class A (a) | $1,023,190 | ||
| 12,009 | Perficient, Inc. (a) | 890,347 | ||
| 1,913,537 | ||||
| Leisure Products – 2.0% | ||||
| 55,162 | American Outdoor Brands, Inc. (a) | 578,098 | ||
| Machinery – 11.6% | ||||
| 52,963 | Gates Industrial Corp. PLC (a) | 699,642 | ||
| 8,181 | John Bean Technologies Corp. | 914,063 | ||
| 4,530 | Kadant, Inc. | 923,078 | ||
| 3,527 | RBC Bearings, Inc. (a) | 860,482 | ||
| 3,397,265 | ||||
| Personal Products – 2.9% | ||||
| 20,080 | Edgewell Personal Care Co. | 860,629 | ||
| Real Estate Management & Development – 1.4% | ||||
| 17,400 | RE/MAX Holdings, Inc., Class A | 396,894 | ||
| Road & Rail – 2.9% | ||||
| 38,555 | Marten Transport Ltd. | 851,680 | ||
| Textiles, Apparel & Luxury Goods – 3.0% | ||||
| 25,152 | Movado Group, Inc. | 889,375 | ||
| Water Utilities – 2.8% | ||||
| 10,514 | SJW Group | 813,889 | ||
| Total Common Stocks | 27,786,621 | |||
| (Cost $22,452,497) | ||||
| REAL ESTATE INVESTMENT TRUSTS – 1.2% | ||||
| Equity Real Estate Investment Trusts – 1.2% | ||||
| 9,653 | Rayonier, Inc. | 351,273 | ||
| (Cost $239,212) | ||||
| Total Investments – 96.0% | 28,137,894 | |||
| (Cost $22,691,709) | ||||
| Net Other Assets and Liabilities – 4.0% | 1,179,714 | |||
| Net Assets – 100.0% | $29,317,608 | |||
| (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 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. |
First Trust/Confluence Small Cap Value Fund
Portfolio of Investments (Continued)
January 31, 2023 (Unaudited)
| • | 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, 2023 is as follows:
| Total Value at 1/31/2023 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |
| Common Stocks* | $ 27,786,621 | $ 27,786,621 | $ — | $ — |
| Real Estate Investment Trusts* | 351,273 | 351,273 | — | — |
| Total Investments | $ 28,137,894 | $ 28,137,894 | $— | $— |
| * | See Portfolio of Investments for industry breakout. |