First Trust/Confluence Small Cap Value Fund
Portfolio of Investments
July 31, 2023 (Unaudited)
Shares | Description | Value | ||
COMMON STOCKS – 93.9% | ||||
Air Freight & Logistics – 3.0% | ||||
6,747 | Forward Air Corp. | $801,813 | ||
Automobiles – 3.7% | ||||
14,208 | Winnebago Industries, Inc. | 977,510 | ||
Beverages – 3.3% | ||||
7,750 | MGP Ingredients, Inc. | 883,577 | ||
Building Products – 6.5% | ||||
25,581 | AZEK (The) Co., Inc. (a) | 798,127 | ||
69,935 | Hayward Holdings, Inc. (a) | 934,332 | ||
1,732,459 | ||||
Capital Markets – 3.1% | ||||
3,560 | Morningstar, Inc. | 820,509 | ||
Chemicals – 3.0% | ||||
66,237 | Ecovyst, Inc. (a) | 814,053 | ||
Electrical Equipment – 3.3% | ||||
22,425 | Allied Motion Technologies, Inc. | 872,333 | ||
Energy Equipment & Services – 3.7% | ||||
37,837 | Core Laboratories, Inc. | 983,384 | ||
Financial Services – 5.5% | ||||
27,876 | Cannae Holdings, Inc. (a) | 568,113 | ||
35,380 | I3 Verticals, Inc., Class A (a) | 884,854 | ||
1,452,967 | ||||
Food Products – 4.3% | ||||
5,558 | J&J Snack Foods Corp. | 891,058 | ||
2,404 | John B. Sanfilippo & Son, Inc. | 261,820 | ||
1,152,878 | ||||
Gas Utilities – 2.9% | ||||
18,320 | Northwest Natural Holding Co. | 787,210 | ||
Ground Transportation – 3.3% | ||||
38,555 | Marten Transport Ltd. | 873,656 | ||
Household Durables – 1.0% | ||||
892 | Cavco Industries, Inc. (a) | 263,720 | ||
Household Products – 4.5% | ||||
15,202 | Spectrum Brands Holdings, Inc. | 1,191,989 | ||
Insurance – 14.4% | ||||
16,043 | Brown & Brown, Inc. | 1,130,229 | ||
37,401 | BRP Group, Inc., Class A (a) | 931,659 | ||
91,625 | Hagerty, Inc., Class A (a) | 809,049 | ||
20,450 | Stewart Information Services Corp. | 963,809 | ||
3,834,746 | ||||
IT Services – 2.9% | ||||
12,009 | Perficient, Inc. (a) | 766,054 |
Shares | Description | Value | ||
Leisure Products – 2.0% | ||||
55,162 | American Outdoor Brands, Inc. (a) | $524,039 | ||
Machinery – 13.7% | ||||
61,406 | Gates Industrial Corp. PLC (a) | 836,350 | ||
8,181 | John Bean Technologies Corp. | 1,011,253 | ||
4,530 | Kadant, Inc. | 1,009,511 | ||
3,527 | RBC Bearings, Inc. (a) | 797,278 | ||
3,654,392 | ||||
Personal Care Products – 3.0% | ||||
20,080 | Edgewell Personal Care Co. | 791,353 | ||
Real Estate Management & Development – 1.3% | ||||
17,400 | RE/MAX Holdings, Inc., Class A | 342,954 | ||
Textiles, Apparel & Luxury Goods – 2.7% | ||||
25,152 | Movado Group, Inc. | 721,862 | ||
Water Utilities – 2.8% | ||||
10,514 | SJW Group | 740,816 | ||
Total Common Stocks | 24,984,274 | |||
(Cost $19,653,855) | ||||
REAL ESTATE INVESTMENT TRUSTS – 1.2% | ||||
Specialized REITs – 1.2% | ||||
9,653 | Rayonier, Inc. | 319,708 | ||
(Cost $239,212) | ||||
Total Investments – 95.1% | 25,303,982 | |||
(Cost $19,893,067) | ||||
Net Other Assets and Liabilities – 4.9% | 1,316,780 | |||
Net Assets – 100.0% | $26,620,762 |
(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. |
• | 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.) |
First Trust/Confluence Small Cap Value Fund
Portfolio of Investments (Continued)
July 31, 2023 (Unaudited)
• | 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, 2023 is as follows:
Total Value at 7/31/2023 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |
Common Stocks* | $ 24,984,274 | $ 24,984,274 | $ — | $ — |
Real Estate Investment Trusts* | 319,708 | 319,708 | — | — |
Total Investments | $ 25,303,982 | $ 25,303,982 | $— | $— |
* | See Portfolio of Investments for industry breakout. |