First Trust/Confluence Small Cap Value Fund
Portfolio of Investments
July 31, 2024 (Unaudited)
Shares | Description | Value |
COMMON STOCKS – 99.7% | ||
Automobiles – 2.8% | ||
10,953 | Winnebago Industries, Inc. | $684,782 |
Beverages – 2.7% | ||
8,028 | MGP Ingredients, Inc. | 654,683 |
Building Products – 6.3% | ||
17,122 | AZEK (The) Co., Inc. (a) | 768,607 |
51,484 | Hayward Holdings, Inc. (a) | 761,448 |
1,530,055 | ||
Capital Markets – 3.0% | ||
2,305 | Morningstar, Inc. | 732,183 |
Chemicals – 3.2% | ||
81,585 | Ecovyst, Inc. (a) | 778,321 |
Electrical Equipment – 1.7% | ||
14,140 | Allient, Inc. | 409,212 |
Energy Equipment & Services – 3.0% | ||
29,392 | Core Laboratories, Inc. | 719,810 |
Financial Services – 5.0% | ||
16,256 | Cannae Holdings, Inc. | 326,908 |
36,651 | I3 Verticals, Inc., Class A (a) | 898,316 |
1,225,224 | ||
Food Products – 6.9% | ||
5,149 | J&J Snack Foods Corp. | 868,636 |
7,779 | John B. Sanfilippo & Son, Inc. | 815,784 |
1,684,420 | ||
Ground Transportation – 3.1% | ||
39,941 | Marten Transport Ltd. | 751,290 |
Health Care Equipment & Supplies – 6.3% | ||
10,675 | CONMED Corp. | 737,002 |
2,431 | UFP Technologies, Inc. (a) | 781,785 |
1,518,787 | ||
Household Durables – 3.0% | ||
1,785 | Cavco Industries, Inc. (a) | 740,097 |
Household Products – 2.6% | ||
7,409 | Spectrum Brands Holdings, Inc. | 626,875 |
Insurance – 15.8% | ||
28,083 | Baldwin Insurance (The) Group, Inc. (a) | 1,228,350 |
7,825 | Brown & Brown, Inc. | 778,040 |
94,918 | Hagerty, Inc., Class A (a) | 1,049,793 |
11,048 | Stewart Information Services Corp. | 781,094 |
3,837,277 | ||
Shares | Description | Value |
Interactive Media & Services – 2.5% | ||
34,677 | TripAdvisor, Inc. (a) | $611,356 |
IT Services – 3.4% | ||
10,817 | Perficient, Inc. (a) | 815,710 |
Leisure Products – 1.5% | ||
38,053 | American Outdoor Brands, Inc. (a) | 354,654 |
Machinery – 13.8% | ||
43,966 | Gates Industrial Corp. PLC (a) | 817,328 |
7,230 | John Bean Technologies Corp. | 711,287 |
2,708 | Kadant, Inc. | 951,835 |
3,037 | RBC Bearings, Inc. (a) | 883,281 |
3,363,731 | ||
Personal Care Products – 3.1% | ||
19,135 | Edgewell Personal Care Co. | 749,135 |
Software – 3.9% | ||
24,415 | Sapiens International Corp., N.V. | 949,744 |
Textiles, Apparel & Luxury Goods – 2.8% | ||
26,056 | Movado Group, Inc. | 674,850 |
Water Utilities – 3.3% | ||
13,047 | SJW Group | 790,779 |
Total Common Stocks | 24,202,975 | |
(Cost $17,854,986) | ||
MONEY MARKET FUNDS – 0.4% | ||
110,788 | Dreyfus Cash Management Fund, Institutional Shares - 5.26% (b) | 110,888 |
(Cost $110,888) | ||
Total Investments – 100.1% | 24,313,863 | |
(Cost $17,965,874) | ||
Net Other Assets and Liabilities – (0.1)% | (27,913 ) | |
Net Assets – 100.0% | $24,285,950 | |
(a) | Non-income producing security. |
(b) | Rate shown reflects yield as of July 31, 2024. |
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:
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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)
July 31, 2024 (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 July 31, 2024 is as follows:
Total Value at 7/31/2024 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |
Common Stocks* | $24,202,975 | $24,202,975 | $— | $— |
Money Market Funds | 110,888 | 110,888 | — | — |
Total Investments | $24,313,863 | $24,313,863 | $— | $— |
* | See Portfolio of Investments for industry breakout. |