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| Name | Symbol | Market | Type |
|---|---|---|---|
| First Trust Materials AlphaDEX Fund | AMEX:FXZ | AMEX | Exchange Traded Fund |
| Price Change | % Change | Price | High Price | Low Price | Open Price | Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 56.76 | 0 | 09:00:00 |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT
COMPANIES
Investment Company Act file number 811-22019
First Trust Exchange-Traded AlphaDEX(R) Fund
(Exact name of registrant as specified in charter)
W. Scott Jardine, Esq.
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ss. 3507.
ITEM 1. REPORT TO STOCKHOLDERS.
The registrant's semi-annual report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 is as follows:
First Trust Consumer Discretionary AlphaDEX(R) Fund (FXD) First Trust Consumer Staples AlphaDEX(R) Fund (FXG) First Trust Energy AlphaDEX(R) Fund (FXN) First Trust Financials AlphaDEX(R) Fund (FXO) First Trust Health Care AlphaDEX(R) Fund (FXH) First Trust Industrials/Producer Durables AlphaDEX(R) Fund (FXR) First Trust Materials AlphaDEX(R) Fund (FXZ) First Trust Technology AlphaDEX(R) Fund (FXL) First Trust Utilities AlphaDEX(R) Fund (FXU)
AlphaDEX(R)
FAMILY OF ETFS
AlphaDEX(R) is a registered trademark of First Trust Portfolios L.P.
FIRST TRUST EXCHANGE-TRADED ALPHADEX(R) FUND
SECTOR FUNDS
SEMI-ANNUAL REPORT
JANUARY 31, 2020
Shareholder Letter........................................................... 2
Market Overview.............................................................. 3
Fund Performance Overview
First Trust Consumer Discretionary AlphaDEX(R) Fund (FXD).............. 4
First Trust Consumer Staples AlphaDEX(R) Fund (FXG).................... 6
First Trust Energy AlphaDEX(R) Fund (FXN).............................. 8
First Trust Financials AlphaDEX(R) Fund (FXO).......................... 10
First Trust Health Care AlphaDEX(R) Fund (FXH)......................... 12
First Trust Industrials/Producer Durables AlphaDEX(R) Fund (FXR)....... 14
First Trust Materials AlphaDEX(R) Fund (FXZ)........................... 16
First Trust Technology AlphaDEX(R) Fund (FXL).......................... 18
First Trust Utilities AlphaDEX(R) Fund (FXU)........................... 20
Notes to Fund Performance Overview........................................... 22
Understanding Your Fund Expenses............................................. 23
Portfolio of Investments
First Trust Consumer Discretionary AlphaDEX(R) Fund (FXD).............. 25
First Trust Consumer Staples AlphaDEX(R) Fund (FXG).................... 28
First Trust Energy AlphaDEX(R) Fund (FXN).............................. 29
First Trust Financials AlphaDEX(R) Fund (FXO).......................... 30
First Trust Health Care AlphaDEX(R) Fund (FXH)......................... 34
First Trust Industrials/Producer Durables AlphaDEX(R) Fund (FXR)....... 36
First Trust Materials AlphaDEX(R) Fund (FXZ)........................... 39
First Trust Technology AlphaDEX(R) Fund (FXL).......................... 41
First Trust Utilities AlphaDEX(R) Fund (FXU)........................... 44
Statements of Assets and Liabilities......................................... 46
Statements of Operations..................................................... 48
Statements of Changes in Net Assets.......................................... 50
Financial Highlights......................................................... 54
Notes to Financial Statements................................................ 59
Additional Information....................................................... 66
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CAUTION REGARDING FORWARD-LOOKING STATEMENTS
This report contains certain forward-looking statements within the meaning of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended. Forward-looking statements include statements regarding the goals, beliefs, plans or current expectations of First Trust Advisors L.P. ("First Trust" or the "Advisor") and its representatives, taking into account the information currently available to them. Forward-looking statements include all statements that do not relate solely to current or historical fact. For example, forward-looking statements include the use of words such as "anticipate," "estimate," "intend," "expect," "believe," "plan," "may," "should," "would" or other words that convey uncertainty of future events or outcomes.
Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of any series of First Trust Exchange-Traded AlphaDEX(R) Fund (the "Trust") described in this report (each such series is referred to as a "Fund" and collectively, as the "Funds") to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. When evaluating the information included in this report, you are cautioned not to place undue reliance on these forward-looking statements, which reflect the judgment of the Advisor and its representatives only as of the date hereof. We undertake no obligation to publicly revise or update these forward-looking statements to reflect events and circumstances that arise after the date hereof.
PERFORMANCE AND RISK DISCLOSURE
There is no assurance that any Fund described in this report will achieve its investment objective. Each Fund is subject to market risk, which is the possibility that the market values of securities owned by the Fund will decline and that the value of the Fund shares may therefore be less than what you paid for them. Accordingly, you can lose money investing in a Fund. See "Risk Considerations" in the Additional Information section of this report for a discussion of other risks of investing in the Funds.
Performance data quoted represents past performance, which is no guarantee of future results, and current performance may be lower or higher than the figures shown. For the most recent month-end performance figures, please visit www.ftportfolios.com or speak with your financial advisor. Investment returns, net asset value and share price will fluctuate and Fund shares, when sold, may be worth more or less than their original cost.
The Advisor may also periodically provide additional information on Fund performance on each Fund's webpage at www.ftportfolios.com.
HOW TO READ THIS REPORT
This report contains information that may help you evaluate your investment. It includes details about each Fund and presents data and analysis that provide insight into each Fund's performance and investment approach.
By reading the market overview by Robert F. Carey, Chief Market Strategist of the Advisor, you may obtain an understanding of how the market environment affected the performance of each Fund. The statistical information that follows may help you understand each Fund's performance compared to that of relevant market benchmarks.
It is important to keep in mind that the opinions expressed by personnel of the Advisor are just that: informed opinions. They should not be considered to be promises or advice. The opinions, like the statistics, cover the period through the date on the cover of this report. The material risks of investing in each Fund are spelled out in its prospectus, statement of additional information, and other Fund regulatory filings.
FIRST TRUST EXCHANGE-TRADED ALPHADEX(R) FUND
SEMI-ANNUAL LETTER FROM THE CHAIRMAN AND CEO
JANUARY 31, 2020
Dear Shareholders:
First Trust is pleased to provide you with the semi-annual report for the Sector Funds of the First Trust Exchange-Traded AlphaDEX(R) Fund (the "Funds"), which contains detailed information about the Funds for the six months ended January 31, 2020.
We are now two decades into this millennium and while it has clearly not been smooth sailing for the securities markets or the economy, it has been relatively prosperous for those investors willing to stay the course. We have always been a proponent of buy-and-hold investing and believe in the merits of investing for the long haul, including the implementation of such basic strategies as diversification and asset allocation.
From December 31, 1999 through December 31, 2019, the S&P 500(R) Index posted an
average annual total return of 6.05%, according to Bloomberg. Over that same
period, the ICE BofA 7-10 Year U.S. Treasury Index generated an average annual
total return of 5.56%. These two asset classes are positioned at opposite ends
of the risk spectrum. Historically speaking, stocks have tended to outperform
government bonds in the U.S. by close to a 2 to 1 annual margin. For comparative
purposes, from 1926 through 2019, the S&P 500(R) Index posted an average annual
total return of 10.20%, compared to 5.56% for long-term government bonds,
according to Morningstar/Ibbotson Associates. The returns from this millennium
show that the S&P 500(R) Index lagged its historical average by more than four
percentage points per year, while government bonds performed in line with their
average. Remember, investors endured two severe bear markets in stocks between
2000 and 2009. This is one of the reasons we believe that, despite the S&P
500(R) Index setting new highs, equities are currently undervalued.
Over the six-month period ended January 31, 2020, the S&P 500(R) Index was up 9.31% on a total return basis, which is a strong showing for just half a year. The two top-performing sectors by far were Information Technology and Utilities, according to Bloomberg. These two sectors make for an interesting pair in that one is growth-oriented, while the other is more defensive in nature, with a better than average dividend yield. The combination of the strength of the U.S. labor market, short-term interest rates and U.S. Treasury yields hovering around 1.50% to 2.00%, as of January 31, 2020, relatively modest inflation with the Consumer Price Index at 2.50% on a trailing 12-month basis and a favorable U.S. corporate tax structure helps foster a climate of opportunity for investors, in our opinion. We continue to urge investors to stay the course.
One caveat moving forward is the outbreak of the respiratory disease designated as COVID-19 that has caused significant volatility and declines in global financial markets which have caused losses for investors. The impact of this COVID-19 pandemic may be short term or may last for an extended period of time and in either case could result in a substantial downturn or recession. We are continuing to monitor these events.
Thank you for giving First Trust the opportunity to play a role in your financial future. We value our relationship with you and will report on the Funds again in six months.
Sincerely,
/s/ James A. Bowen James A. Bowen Chairman of the Board of Trustees Chief Executive Officer of First Trust Advisors L.P. |
FIRST TRUST EXCHANGE-TRADED ALPHADEX(R) FUND
SEMI-ANNUAL REPORT
JANUARY 31, 2020
ROBERT F. CAREY, CFA
SENIOR VICE PRESIDENT AND CHIEF MARKET STRATEGIST
FIRST TRUST ADVISORS L.P.
Mr. Carey is responsible for the overall management of research and analysis of the First Trust product line. Mr. Carey has over 27 years of experience as an Equity and Fixed-Income Analyst and is a recipient of the Chartered Financial Analyst ("CFA") designation. He is a graduate of the University of Illinois at Champaign-Urbana with a B.S. in Physics. He is also a member of the Investment Analysts Society of Chicago and the CFA Institute. Mr. Carey has appeared as a guest on such programs as Bloomberg TV, CNBC, and WBBM Radio, and has been quoted by several publications, including The Wall Street Journal, The Wall Street Reporter, Bloomberg News Service, and Registered Rep.
STATE OF THE U.S. ECONOMY
The Trump Administration's efforts to persuade some of the U.S.'s most important economic partners to renegotiate standing trade agreements began in earnest in March 2018, when President Donald J. Trump initiated the first round of tariffs on imported steel and aluminum. This somewhat heavy-handed approach has been operational for 22 months and counting. Some progress, however, has been made. The U.S. and China signed "Phase One" of a broader trade pact on January 15, 2020. President Trump signed the United States-Mexico-Canada Agreement into law on January 29, 2020, which updated the North American Free Trade Agreement. Progress notwithstanding, we believe that the ongoing trade conflict, particularly with China, has negatively impacted economic growth rates in the U.S. to such an extent that the Federal Reserve (the "Fed") felt compelled to intercede in the matter.
Six months ago, the Fed chose to reverse course with respect to its monetary policy. President Trump had been urging the Fed to cut rates for some time. For those who may not follow the Fed closely, after holding its federal funds target rate (upper bound) at an artificially low 0.25% for seven years (December 2008-December 2015) to help stimulate U.S. economic activity, the Fed spent the better part of the next four years (December 2015-July 2019) increasing its benchmark lending rate in an effort to normalize it. Over that period, the Fed increased the rate from 0.25% to 2.50%. To lend some perspective, the average federal funds target rate (upper bound) was 2.93% for the 30-year period ended January 31, 2020, so the Fed came close to achieving its goal of normalizing it, according to data from Bloomberg. From the end of July 2019 through the end of November 2019, however, the Fed initiated three rate cuts that dropped it from 2.50% to 1.75%, where it still stands.
As previously noted, one of the by-products of the escalation in the use of tariffs by all parties involved has been a slowdown in economic growth, particularly in the U.S. The annualized U.S. real gross domestic product ("GDP") growth rate in the second quarter of 2018 (when new tariffs were introduced) was 3.5%. In 2019, the first, second, third and fourth quarters generated annualized GDP growth rates of 3.1%, 2.0%, 2.1% and 2.1%, respectively, according to data from the Bureau of Economic Analysis. The past three quarters fell below the 2.3% average for the current U.S. economic recovery, which has run from July 2009 to the present, according to the National Bureau of Economic Research. The silver lining in this story, in our opinion, is that the stock and bond markets have continued to perform well despite the slowdown in economic activity.
ETFGI, an independent research and consultancy firm, reported that total assets invested in exchange-traded funds ("ETFs") and related exchange-traded products ("ETPs") listed globally stood at an all-time high of $6.37 trillion in January 2020, up from $5.16 trillion a year ago, according to its own release. Total assets of U.S. listed ETFs/ETPs stood at an all-time high of $4.44 trillion, up from $3.63 trillion a year ago.
SECTOR/EQUITY INVESTING
One barometer for gauging investors' appetites for equities is tracking money flows in and out of open-end mutual funds and ETFs. The flows are reported over time on a rolling 12-month basis. For the 12-month period ended January 31, 2020, U.S. Equity funds/ETFs reported estimated net outflows totaling $58.71 billion, according to data from Morningstar. As has been the case in recent years, investors favored passive funds over actively managed funds. Passive U.S. Equity funds/ETFs reported estimated net inflows totaling $175.19 billion, compared to estimated net outflows totaling $233.90 billion for actively managed U.S. Equity funds/ETFs.
In our view, investors have shied away from Sector funds and ETFs over the past year. For the 12-month period ended January 31, 2020, Sector Equity funds/ETFs reported estimated net outflows totaling $19.85 billion. Passive Sector Equity funds/ETFs, however, reported estimated net inflows totaling $9.06 billion, compared to estimated net outflows totaling $28.91 billion for actively managed Sector Equity funds/ETFs.
For the six-month period ended January 31, 2020, 10 of the 11 major sectors that comprise the S&P 500(R) Index (the "Index") generated positive total returns, according to Bloomberg. The Index posted a total return of 9.31% over the period. Three of the 11 sectors outperformed the broader index during the same period. Those three sectors were Information Technology (+18.95%), Utilities (+17.82%) and Health Care (+10.52%), according to Bloomberg. The sector that posted the lone negative total return for the same period was Energy, which was down 10.51%.
One caveat moving forward is the outbreak of the respiratory disease designated as COVID-19 that has caused significant volatility and declines in global financial markets which have caused losses for investors. The impact of this COVID-19 pandemic may be short term or may last for an extended period of time and in either case could result in a substantial downturn or recession. We are continuing to monitor these events.
FIRST TRUST CONSUMER DISCRETIONARY ALPHADEX(R) FUND (FXD)
The First Trust Consumer Discretionary AlphaDEX(R) Fund (the "Fund") seeks investment results that correspond generally to the price and yield (before the Fund's fees and expenses) of an equity index called the StrataQuant(R) Consumer Discretionary Index (the "Consumer Discretionary Index"). The Fund will normally invest at least 90% of its net assets (including investment borrowings) in common stocks that comprise the Consumer Discretionary Index. The shares of the Fund are listed and trade on the NYSE Arca, Inc. (the "NYSE Arca" or the "Exchange") under the ticker symbol "FXD."
The Consumer Discretionary Index is a modified equal-dollar weighted index designed by ICE Data Indices, LLC or its affiliates ("IDI") to objectively identify and select stocks from the Russell 1000(R) Index in the consumer discretionary sector that may generate positive alpha relative to traditional passive-style indices through the use of the AlphaDEX(R) selection methodology. Alpha is an indication of how much an investment outperforms or underperforms on a risk-adjusted basis relative to its benchmark. IDI constructs the Consumer Discretionary Index using the Russell Global Sectors (the "RGS") sector scheme to determine a stock's sector membership.
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PERFORMANCE
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AVERAGE ANNUAL TOTAL RETURNS CUMULATIVE TOTAL RETURNS
6 Months 1 Year 5 Years 10 Years Inception 5 Years 10 Years Inception
Ended Ended Ended Ended (5/8/07) Ended Ended (5/8/07)
1/31/20 1/31/20 1/31/20 1/31/20 to 1/31/20 1/31/20 1/31/20 to 1/31/20
FUND PERFORMANCE
NAV 0.99% 7.84% 5.70% 12.48% 7.14% 31.97% 224.04% 140.69%
Market Price 0.97% 7.78% 5.70% 12.47% 7.14% 31.94% 223.96% 140.63%
INDEX PERFORMANCE
StrataQuant(R) Consumer Discretionary
Index 1.36% 8.61% 6.39% 13.25% 7.91% 36.31% 247.09% 163.50%
Russell 1000(R) Index 9.01% 21.39% 12.13% 13.97% 8.47% 77.25% 269.78% 181.46%
S&P 500(R) Consumer Discretionary
Index 4.67% 16.73% 13.97% 17.59% 11.26% 92.26% 405.67% 289.17%
Russell 1000(R) Consumer
Discretionary Index(1) 5.69% 18.85% 13.49% 17.15% N/A 88.27% 387.08% N/A
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(See Notes to Fund Performance Overview on page 22.)
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% OF TOTAL
SECTOR CLASSIFICATION LONG-TERM INVESTMENTS
----------------------------------------------------------
Consumer Discretionary 76.66%
Communication Services 16.79
Industrials 3.28
Consumer Staples 1.77
Information Technology 1.20
Health Care 0.30
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Total 100.00%
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% OF TOTAL
TOP TEN HOLDINGS LONG-TERM INVESTMENTS
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Tesla, Inc. 2.35%
Lennar Corp., Class A 1.80
Toll Brothers, Inc. 1.69
Tempur Sealy International, Inc. 1.59
Lululemon Athletica, Inc. 1.56
Gap (The), Inc. 1.49
Foot Locker, Inc. 1.47
Mohawk Industries, Inc. 1.46
Best Buy Co., Inc. 1.46
Macy's, Inc. 1.42
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Total 16.29%
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(1) On or about September 18, 2008, Russell Investment Group ("Russell") began calculating its Russell U.S. Indices using an enhanced Russell sector scheme, the RGS. The RGS and the former U.S. sector scheme ran in tandem until June 30, 2009, when Russell officially transitioned to the RGS and ceased calculating its indices using the U.S. sector scheme. In addition to the implementation of the RGS, Russell changed the name of the Russell 1000(R) Consumer Discretionary and Services Index to the Russell 1000(R) Consumer Discretionary Index. Consequently, performance data is not available for all the periods shown in the table for the Russell 1000(R) Consumer Discretionary Index because performance data does not exist for each of the entire periods using solely the U.S. sector scheme, or alternatively, using solely the RGS.
StrataQuant(R) and StrataQuant(R) Consumer Discretionary Index ("Index") are service/trademarks of ICE Data Indices, LLC or its affiliates ("IDI") and have been licensed for use by First Trust in connection with the Fund. The Fund is not sponsored, endorsed, sold or promoted by IDI and IDI makes no representations or warranties regarding the advisability of investing in the Fund or as to the result to be obtained by any person from use of the Index in connection with the trading of the Fund. IDI and its third party suppliers accept no liability in connection with use of the Index or the Fund. See the prospectus for a full copy of the disclaimer.
FIRST TRUST CONSUMER DISCRETIONARY ALPHADEX(R) FUND (FXD) (CONTINUED)
PERFORMANCE OF A $10,000 INITIAL INVESTMENT
JULY 31, 2009 - JANUARY 31, 2020
First Trust
Consumer Discretionary StrataQuant(R) Consumer Russell 1000(R) S&P 500(R) Consumer Russell 1000(R) Consumer
AlphaDEX(R) Fund Discretionary Index Index Discretionary Index Discretionary Index
7/31/09 $10,000 $10,000 $10,000 $10,000 $10,000
1/31/10 11,458 11,502 11,027 11,545 11,471
7/31/10 12,508 12,604 11,450 12,614 12,380
1/31/11 15,402 15,576 13,599 15,076 14,937
7/31/11 16,854 17,122 13,819 16,209 15,907
1/31/12 16,505 16,847 14,135 17,058 16,686
7/31/12 16,339 16,702 14,918 18,136 17,897
1/31/13 19,526 20,041 16,543 21,094 20,901
7/31/13 23,228 23,924 18,831 25,155 24,704
1/31/14 24,587 25,424 20,221 26,865 26,407
7/31/14 26,102 27,082 22,045 28,348 27,780
1/31/15 28,135 29,289 23,003 30,361 29,674
7/31/15 30,420 31,779 24,522 35,061 33,544
1/31/16 26,447 27,711 22,587 32,722 30,877
7/31/16 29,711 31,222 25,708 36,298 34,487
1/31/17 29,719 31,335 27,287 38,113 35,942
7/31/17 31,223 33,027 29,808 41,345 39,252
1/31/18 36,812 39,067 34,336 49,164 46,679
7/31/18 35,649 37,946 34,631 51,062 47,528
1/31/19 34,433 36,755 33,589 50,005 47,005
7/31/19 36,764 39,386 37,404 55,775 52,862
1/31/20 37,128 39,922 40,774 58,380 55,870
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Performance figures assume reinvestment of all distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. An index is a statistical composite that tracks a specified financial market or sector. Unlike the Fund, the indices do not actually hold a portfolio of securities and therefore do not incur the expenses incurred by the Fund. These expenses negatively impact the performance of the Fund. The Fund's past performance does not predict future performance.
FREQUENCY DISTRIBUTION OF DISCOUNTS AND PREMIUMS
BID/ASK MIDPOINT VS. NAV AS OF JANUARY 31, 2020
The following Frequency Distribution of Discounts and Premiums charts are provided to show the frequency at which the bid/ask midpoint price for the Fund was at a discount or premium to the daily NAV. The following tables are for comparative purposes only and represent the period August 1, 2014 through January 31, 2020. Shareholders may pay more than NAV when they buy Fund shares and receive less than NAV when they sell those shares because shares are bought and sold at current market price. Data presented represents past performance and cannot be used to predict future results.
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NUMBER OF DAYS BID/ASK MIDPOINT AT/ABOVE NAV
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FOR THE PERIOD 0.00%-0.49% 0.50%-0.99% 1.00%-1.99% >=2.00%
8/1/14 - 7/31/15 200 0 0 0
8/1/15 - 7/31/16 146 0 0 0
8/1/16 - 7/31/17 102 0 0 0
8/1/17 - 7/31/18 119 0 0 0
8/1/18 - 7/31/19 158 2 0 0
8/1/19 - 1/31/20 63 0 0 0
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NUMBER OF DAYS BID/ASK MIDPOINT BELOW NAV
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FOR THE PERIOD 0.00%-0.49% 0.50%-0.99% 1.00%-1.99% >=2.00%
8/1/14 - 7/31/15 52 0 0 0
8/1/15 - 7/31/16 105 0 0 0
8/1/16 - 7/31/17 150 0 0 0
8/1/17 - 7/31/18 132 0 1 0
8/1/18 - 7/31/19 89 2 0 0
8/1/19 - 1/31/20 64 0 0 0
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FIRST TRUST CONSUMER STAPLES ALPHADEX(R) FUND (FXG)
The First Trust Consumer Staples AlphaDEX(R) Fund (the "Fund") seeks investment results that correspond generally to the price and yield (before the Fund's fees and expenses) of an equity index called the StrataQuant(R) Consumer Staples Index (the "Consumer Staples Index"). The Fund will normally invest at least 90% of its net assets (including investment borrowings) in common stocks that comprise the Consumer Staples Index. The shares of the Fund are listed and trade on the NYSE Arca under the ticker symbol "FXG."
The Consumer Staples Index is a modified equal-dollar weighted index designed by IDI to objectively identify and select stocks from the Russell 1000(R) Index in the consumer staples sector that may generate positive alpha relative to traditional passive-style indices through the use of the AlphaDEX(R) selection methodology. Alpha is an indication of how much an investment outperforms or underperforms on a risk-adjusted basis relative to its benchmark. IDI constructs the Consumer Staples Index using the RGS sector scheme to determine a stock's sector membership.
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PERFORMANCE
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AVERAGE ANNUAL TOTAL RETURNS CUMULATIVE TOTAL RETURNS
6 Months 1 Year 5 Years 10 Years Inception 5 Years 10 Years Inception
Ended Ended Ended Ended (5/8/07) Ended Ended (5/8/07)
1/31/20 1/31/20 1/31/20 1/31/20 to 1/31/20 1/31/20 1/31/20 to 1/31/20
FUND PERFORMANCE
NAV 5.26% 7.99% 4.15% 12.10% 8.61% 22.57% 213.27% 186.11%
Market Price 5.17% 7.92% 4.14% 12.09% 8.60% 22.47% 213.08% 185.91%
INDEX PERFORMANCE
StrataQuant(R) Consumer Staples Index 5.64% 8.78% 4.85% 12.93% 9.40% 26.70% 237.27% 214.02%
Russell 1000(R) Index 9.01% 21.39% 12.13% 13.97% 8.47% 77.25% 269.78% 181.46%
S&P 500(R) Consumer Staples Index 7.55% 21.75% 8.63% 12.29% 9.89% 51.25% 218.71% 232.33%
Russell 1000(R) Consumer Staples
Index(1) 7.90% 18.03% 7.28% 11.91% N/A 42.13% 208.09% N/A
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(See Notes to Fund Performance Overview on page 22.)
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% OF TOTAL
SECTOR CLASSIFICATION LONG-TERM INVESTMENTS
----------------------------------------------------------
Consumer Staples 94.38%
Health Care 3.66
Materials 1.96
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Total 100.00%
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% OF TOTAL
TOP TEN HOLDINGS LONG-TERM INVESTMENTS
----------------------------------------------------------
Campbell Soup Co. 4.90%
Sysco Corp. 4.81
Ingredion, Inc. 4.74
Kroger (The) Co. 4.64
Tyson Foods, Inc., Class A 4.54
Walgreens Boots Alliance, Inc. 4.32
Lamb Weston Holdings, Inc. 4.25
Molson Coors Beverage Co., Class B 4.13
Pilgrim's Pride Corp. 3.99
J.M. Smucker (The) Co. 3.99
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Total 44.31%
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(1) On or about September 18, 2 008, Russell began calculating its Russell U.S. Indices using an enhanced Russell sector scheme, the RGS. The RGS and the former U.S. sector scheme ran in tandem until June 30, 2009, when Russell officially transitioned to the RGS and ceased calculating its indices using the U.S. sector scheme. Consequently, performance data is not available for all the periods shown in the table for the Russell 1000(R) Consumer Staples Index because performance data does not exist for each of the entire periods using solely the U.S. sector scheme, or alternatively, using solely the RGS.
StrataQuant(R) and StrataQuant(R) Consumer Staples Index ("Index") are service/trademarks of ICE Data Indices, LLC or its affiliates ("IDI") and have been licensed for use by First Trust in connection with the Fund. The Fund is not sponsored, endorsed, sold or promoted by IDI and IDI makes no representations or warranties regarding the advisability of investing in the Fund or as to the result to be obtained by any person from use of the Index in connection with the trading of the Fund. IDI and its third party suppliers accept no liability in connection with use of the Index or the Fund. See the prospectus for a full copy of the disclaimer.
FIRST TRUST CONSUMER STAPLES ALPHADEX(R) FUND (FXG) (CONTINUED)
PERFORMANCE OF A $10,000 INITIAL INVESTMENT
JULY 31, 2009 - JANUARY 31, 2020
First Trust Consumer Staples StrataQuant(R) Consumer Russell 1000(R) S&P 500(R) Consumer Russell 1000(R) Consumer
AlphaDEX(R) Fund Staples Index Index Staples Index Staples Index
7/31/09 $10,000 $10,000 $10,000 $10,000 $10,000
1/31/10 10,819 10,855 11,027 10,876 10,850
7/31/10 11,597 11,679 11,450 11,334 11,385
1/31/11 12,982 13,132 13,599 12,351 12,396
7/31/11 15,216 15,448 13,819 13,341 13,668
1/31/12 14,701 14,985 14,135 14,087 14,242
7/31/12 14,754 15,144 14,918 15,965 15,946
1/31/13 17,187 17,704 16,543 16,766 16,934
7/31/13 21,230 21,968 18,831 18,986 19,242
1/31/14 22,000 22,846 20,221 18,955 19,317
7/31/14 24,445 25,483 22,045 20,337 20,933
1/31/15 27,652 28,895 23,003 22,918 23,521
7/31/15 30,091 31,545 24,522 24,261 25,313
1/31/16 28,818 30,289 22,587 24,863 25,824
7/31/16 32,858 34,651 25,708 27,093 28,213
1/31/17 30,758 32,540 27,287 26,462 27,643
7/31/17 31,770 33,722 29,808 28,285 29,247
1/31/18 34,449 36,686 34,336 30,013 30,162
7/31/18 31,941 34,147 34,631 28,119 28,132
1/31/19 31,391 33,652 33,589 28,476 28,321
7/31/19 32,204 34,655 37,404 32,235 30,980
1/31/20 33,898 36,610 40,774 34,669 33,427
|
Performance figures assume reinvestment of all distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. An index is a statistical composite that tracks a specified financial market or sector. Unlike the Fund, the indices do not actually hold a portfolio of securities and therefore do not incur the expenses incurred by the Fund. These expenses negatively impact the performance of the Fund. The Fund's past performance does not predict future performance.
FREQUENCY DISTRIBUTION OF DISCOUNTS AND PREMIUMS
BID/ASK MIDPOINT VS. NAV AS OF JANUARY 31, 2020
The following Frequency Distribution of Discounts and Premiums charts are provided to show the frequency at which the bid/ask midpoint price for the Fund was at a discount or premium to the daily NAV. The following tables are for comparative purposes only and represent the period August 1, 2014 through January 31, 2020. Shareholders may pay more than NAV when they buy Fund shares and receive less than NAV when they sell those shares because shares are bought and sold at current market price. Data presented represents past performance and cannot be used to predict future results.
--------------------------------------------------------------------------------
NUMBER OF DAYS BID/ASK MIDPOINT AT/ABOVE NAV
--------------------------------------------------------------------------------
FOR THE PERIOD 0.00%-0.49% 0.50%-0.99% 1.00%-1.99% >=2.00%
8/1/14 - 7/31/15 204 0 0 0
8/1/15 - 7/31/16 164 0 0 0
8/1/16 - 7/31/17 118 0 0 0
8/1/17 - 7/31/18 58 0 0 1
8/1/18 - 7/31/19 114 1 0 0
8/1/19 - 1/31/20 55 0 0 0
--------------------------------------------------------------------------------
NUMBER OF DAYS BID/ASK MIDPOINT BELOW NAV
--------------------------------------------------------------------------------
FOR THE PERIOD 0.00%-0.49% 0.50%-0.99% 1.00%-1.99% >=2.00%
8/1/14 - 7/31/15 48 0 0 0
8/1/15 - 7/31/16 87 0 0 0
8/1/16 - 7/31/17 134 0 0 0
8/1/17 - 7/31/18 193 0 0 0
8/1/18 - 7/31/19 135 1 0 0
8/1/19 - 1/31/20 72 0 0 0
|
FIRST TRUST ENERGY ALPHADEX(R) FUND (FXN)
The First Trust Energy AlphaDEX(R) Fund (the "Fund") seeks investment results that correspond generally to the price and yield (before the Fund's fees and expenses) of an equity index called the StrataQuant(R) Energy Index (the "Energy Index"). The Fund will normally invest at least 90% of its net assets (including investment borrowings) in common stocks that comprise the Energy Index. The shares of the Fund are listed and trade on the NYSE Arca under the ticker symbol "FXN."
The Energy Index is a modified equal-dollar weighted index designed by IDI to objectively identify and select stocks from the Russell 1000(R) Index in the energy sector that may generate positive alpha relative to traditional passive-style indices through the use of the AlphaDEX(R) selection methodology. Alpha is an indication of how much an investment outperforms or underperforms on a risk-adjusted basis relative to its benchmark. IDI constructs the Energy Index using the RGS sector scheme to determine a stock's sector membership.
-----------------------------------------------------------------------------------------------------------------------------------
PERFORMANCE
-----------------------------------------------------------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURNS CUMULATIVE TOTAL RETURNS
6 Months 1 Year 5 Years 10 Years Inception 5 Years 10 Years Inception
Ended Ended Ended Ended (5/8/07) Ended Ended (5/8/07)
1/31/20 1/31/20 1/31/20 1/31/20 to 1/31/20 1/31/20 1/31/20 to 1/31/20
FUND PERFORMANCE
NAV -17.61% -32.01% -13.87% -4.59% -5.29% -52.60% -37.47% -49.94%
Market Price -17.53% -31.96% -13.88% -4.59% -5.29% -52.63% -37.47% -49.95%
INDEX PERFORMANCE
StrataQuant(R) Energy Index -17.24% -31.47% -13.41% -4.01% -4.70% -51.32% -33.57% -45.85%
Russell 1000(R) Index 9.01% 21.39% 12.13% 13.97% 8.47% 77.25% 269.78% 181.46%
S&P 500(R) Energy Index -10.51% -10.51% -3.18% 2.59% 0.87% -14.91% 29.08% 11.73%
Russell 1000(R) Energy Index(1) -10.64% -11.76% -4.06% 1.95% N/A -18.70% 21.27% N/A
-----------------------------------------------------------------------------------------------------------------------------------
|
(See Notes to Fund Performance Overview on page 22.)
----------------------------------------------------------
% OF TOTAL
SECTOR CLASSIFICATION LONG-TERM INVESTMENTS
----------------------------------------------------------
Energy 100.00%
-------
Total 100.00%
=======
----------------------------------------------------------
% OF TOTAL
TOP TEN HOLDINGS LONG-TERM INVESTMENTS
----------------------------------------------------------
ConocoPhillips 5.21%
HollyFrontier Corp. 5.05
WPX Energy, Inc. 4.96
Concho Resources, Inc. 4.93
Marathon Oil Corp. 4.77
Devon Energy Corp. 4.77
Cimarex Energy Co. 4.77
Chevron Corp. 4.05
EOG Resources, Inc. 3.97
Phillips 66 3.74
-------
Total 46.22%
=======
-----------------------------
|
(1) On or about September 18, 2008, Russell began calculating its Russell U.S. Indices using an enhanced Russell sector scheme, the RGS. The RGS and the former U.S. sector scheme ran in tandem until June 30, 2009, when Russell officially transitioned to the RGS and ceased calculating its indices using the U.S. sector scheme. In addition to the implementation of the RGS, Russell combined the Russell 1000(R) Integrated Oils Index and the Russell 1000(R) Other Energy Index into one index, the Russell 1000(R) Energy Index. Consequently, performance data is not available for all the periods shown in the table for the Russell 1000(R) Energy Index because this index did not exist until on or about September 18, 2008.
StrataQuant(R) and StrataQuant(R) Energy Index ("Index") are service/trademarks of ICE Data Indices, LLC or its affiliates ("IDI") and have been licensed for use by First Trust in connection with the Fund. The Fund is not sponsored, endorsed, sold or promoted by IDI and IDI makes no representations or warranties regarding the advisability of investing in the Fund or as to the result to be obtained by any person from use of the Index in connection with the trading of the Fund. IDI and its third party suppliers accept no liability in connection with use of the Index or the Fund. See the prospectus for a full copy of the disclaimer.
FIRST TRUST ENERGY ALPHADEX(R) FUND (FXN) (CONTINUED)
PERFORMANCE OF A $10,000 INITIAL INVESTMENT
JULY 31, 2009 - JANUARY 31, 2020
First Trust Energy StrataQuant(R) Russell 1000(R) S&P 500(R) Russell 1000(R)
AlphaDEX(R) Fund Energy Index Index Energy Index Energy Index
7/31/09 $10,000 $10,000 $10,000 $10,000 $10,000
1/31/10 11,660 11,705 11,027 10,637 10,688
7/31/10 11,827 11,918 11,450 10,569 10,628
1/31/11 16,637 16,826 13,599 14,400 14,524
7/31/11 17,585 17,856 13,819 15,051 15,172
1/31/12 14,726 15,008 14,135 14,262 14,229
7/31/12 13,804 14,124 14,918 14,295 14,162
1/31/13 16,428 16,876 16,543 15,820 15,714
7/31/13 17,064 17,578 18,831 16,956 16,833
1/31/14 18,060 18,672 20,221 17,228 17,186
7/31/14 21,380 22,173 22,045 20,082 20,115
1/31/15 15,381 15,973 23,003 16,138 15,941
7/31/15 13,129 13,648 24,522 14,923 14,734
1/31/16 10,121 10,522 22,587 12,970 12,536
7/31/16 11,465 11,940 25,708 15,228 14,638
1/31/17 12,702 13,279 27,287 16,420 15,818
7/31/17 10,893 11,431 29,808 15,256 14,570
1/31/18 12,170 12,824 34,336 17,503 16,710
7/31/18 13,775 14,567 34,631 18,264 17,596
1/31/19 10,721 11,346 33,589 15,344 14,687
7/31/19 8,847 9,397 37,404 15,344 14,505
1/31/20 7,289 7,777 40,774 13,731 12,962
|
Performance figures assume reinvestment of all distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. An index is a statistical composite that tracks a specified financial market or sector. Unlike the Fund, the indices do not actually hold a portfolio of securities and therefore do not incur the expenses incurred by the Fund. These expenses negatively impact the performance of the Fund. The Fund's past performance does not predict future performance.
FREQUENCY DISTRIBUTION OF DISCOUNTS AND PREMIUMS
BID/ASK MIDPOINT VS. NAV AS OF JANUARY 31, 2020
The following Frequency Distribution of Discounts and Premiums charts are provided to show the frequency at which the bid/ask midpoint price for the Fund was at a discount or premium to the daily NAV. The following tables are for comparative purposes only and represent the period August 1, 2014 through January 31, 2020. Shareholders may pay more than NAV when they buy Fund shares and receive less than NAV when they sell those shares because shares are bought and sold at current market price. Data presented represents past performance and cannot be used to predict future results.
--------------------------------------------------------------------------------
NUMBER OF DAYS BID/ASK MIDPOINT AT/ABOVE NAV
--------------------------------------------------------------------------------
FOR THE PERIOD 0.00%-0.49% 0.50%-0.99% 1.00%-1.99% >=2.00%
8/1/14 - 7/31/15 161 1 0 0
8/1/15 - 7/31/16 151 0 0 0
8/1/16 - 7/31/17 141 0 0 0
8/1/17 - 7/31/18 91 0 0 1
8/1/18 - 7/31/19 92 3 2 0
8/1/19 - 1/31/20 40 0 0 0
--------------------------------------------------------------------------------
NUMBER OF DAYS BID/ASK MIDPOINT BELOW NAV
--------------------------------------------------------------------------------
FOR THE PERIOD 0.00%-0.49% 0.50%-0.99% 1.00%-1.99% >=2.00%
8/1/14 - 7/31/15 90 0 0 0
8/1/15 - 7/31/16 100 0 0 0
8/1/16 - 7/31/17 111 0 0 0
8/1/17 - 7/31/18 160 0 0 0
8/1/18 - 7/31/19 151 2 1 0
8/1/19 - 1/31/20 87 0 0 0
|
FIRST TRUST FINANCIALS ALPHADEX(R) FUND (FXO)
The First Trust Financials AlphaDEX(R) Fund (the "Fund") seeks investment results that correspond generally to the price and yield (before the Fund's fees and expenses) of an equity index called the StrataQuant(R) Financials Index (the "Financials Index"). The Fund will normally invest at least 90% of its net assets (including investment borrowings) in common stocks that comprise the Financials Index. The shares of the Fund are listed and trade on the NYSE Arca under the ticker symbol "FXO."
The Financials Index is a modified equal-dollar weighted index designed by IDI to objectively identify and select stocks from the Russell 1000(R) Index in the financial services sector that may generate positive alpha relative to traditional passive-style indices through the use of the AlphaDEX(R) selection methodology. Alpha is an indication of how much an investment outperforms or underperforms on a risk-adjusted basis relative to its benchmark. IDI constructs the Financials Index using the RGS sector scheme to determine a stock's sector membership.
-----------------------------------------------------------------------------------------------------------------------------------
PERFORMANCE
-----------------------------------------------------------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURNS CUMULATIVE TOTAL RETURNS
6 Months 1 Year 5 Years 10 Years Inception 5 Years 10 Years Inception
Ended Ended Ended Ended (5/8/07) Ended Ended (5/8/07)
1/31/20 1/31/20 1/31/20 1/31/20 to 1/31/20 1/31/20 1/31/20 to 1/31/20
FUND PERFORMANCE
NAV 3.23% 12.44% 10.00% 12.31% 5.81% 61.02% 219.33% 105.31%
Market Price 3.23% 12.40% 9.99% 12.31% 5.81% 60.94% 219.33% 105.29%
INDEX PERFORMANCE
StrataQuant(R) Financials Index 3.60% 13.26% 10.74% 13.14% 6.66% 66.55% 243.63% 127.42%
Russell 1000(R) Index 9.01% 21.39% 12.13% 13.97% 8.47% 77.25% 269.78% 181.46%
S&P 500(R) Financials Index 7.16% 18.26% 12.18% 12.12% 1.97% 77.66% 213.96% 28.13%
Russell 1000(R) Financial Services
Index(1) 7.66% 22.07% 13.07% 13.02% N/A 84.79% 240.04% N/A
-----------------------------------------------------------------------------------------------------------------------------------
|
(See Notes to Fund Performance Overview on page 22.)
----------------------------------------------------------
% OF TOTAL
SECTOR CLASSIFICATION LONG-TERM INVESTMENTS
----------------------------------------------------------
Financials 78.35%
Real Estate 14.66
Information Technology 6.23
Industrials 0.59
Consumer Discretionary 0.17
-------
Total 100.00%
=======
----------------------------------------------------------
% OF TOTAL
TOP TEN HOLDINGS LONG-TERM INVESTMENTS
----------------------------------------------------------
SLM Corp. 1.12%
Santander Consumer USA Holdings, Inc. 1.04
Fair Isaac Corp. 0.98
First American Financial Corp. 0.97
Ally Financial, Inc. 0.96
Janus Henderson Group PLC 0.95
Fiserv, Inc. 0.94
Evercore, Inc., Class A 0.94
Jefferies Financial Group, Inc. 0.93
Old Republic International Corp. 0.92
-------
Total 9.75%
=======
-----------------------------
|
(1) On or about September 18, 2008, Russell began calculating its Russell U.S. Indices using an enhanced Russell sector scheme, the RGS. The RGS and the former U.S. sector scheme ran in tandem until June 30, 2009, when Russell officially transitioned to the RGS and ceased calculating its indices using the U.S. sector scheme. Consequently, performance data is not available for all the periods shown in the table for the Russell 1000(R) Financial Services Index because performance data does not exist for each of the entire periods using solely the U.S. sector scheme, or alternatively, using solely the RGS.
StrataQuant(R) and StrataQuant(R) Financials Index ("Index") are service/trademarks of ICE Data Indices, LLC or its affiliates ("IDI") and have been licensed for use by First Trust in connection with the Fund. The Fund is not sponsored, endorsed, sold or promoted by IDI and IDI makes no representations or warranties regarding the advisability of investing in the Fund or as to the result to be obtained by any person from use of the Index in connection with the trading of the Fund. IDI and its third party suppliers accept no liability in connection with use of the Index or the Fund. See the prospectus for a full copy of the disclaimer.
FIRST TRUST FINANCIALS ALPHADEX(R) FUND (FXO) (CONTINUED)
PERFORMANCE OF A $10,000 INITIAL INVESTMENT
JULY 31, 2009 - JANUARY 31, 2020
First Trust Financials StrataQuant(R) Russell 1000(R) S&P 500(R) Russell 1000(R) Financial
AlphaDEX(R) Fund Financials Index Index Financials Index Services Index
7/31/09 $10,000 $10,000 $10,000 $10,000 $10,000
1/31/10 11,880 11,924 11,027 10,992 11,079
7/31/10 12,668 12,767 11,450 11,455 11,512
1/31/11 14,593 14,771 13,599 12,855 12,941
7/31/11 13,966 14,194 13,819 11,680 12,048
1/31/12 14,082 14,376 14,135 11,210 11,752
7/31/12 14,604 14,966 14,918 11,810 12,504
1/31/13 17,307 17,812 16,543 14,153 14,781
7/31/13 20,364 21,035 18,831 16,821 17,320
1/31/14 21,519 22,312 20,221 17,458 18,144
7/31/14 22,595 23,513 22,045 18,740 19,385
1/31/15 23,560 24,604 23,003 19,427 20,388
7/31/15 25,845 27,086 24,522 21,438 22,477
1/31/16 22,795 23,955 22,587 18,731 19,928
7/31/16 25,902 27,323 25,708 20,630 22,164
1/31/17 29,547 31,274 27,287 25,292 25,467
7/31/17 32,117 34,098 29,808 27,434 27,835
1/31/18 35,595 37,927 34,336 32,828 32,311
7/31/18 35,670 38,136 34,631 31,131 31,869
1/31/19 33,740 36,179 33,589 29,185 30,861
7/31/19 36,752 39,550 37,404 32,206 34,994
1/31/20 37,939 40,974 40,774 34,512 37,675
|
Performance figures assume reinvestment of all distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. An index is a statistical composite that tracks a specified financial market or sector. Unlike the Fund, the indices do not actually hold a portfolio of securities and therefore do not incur the expenses incurred by the Fund. These expenses negatively impact the performance of the Fund. The Fund's past performance does not predict future performance.
FREQUENCY DISTRIBUTION OF DISCOUNTS AND PREMIUMS
BID/ASK MIDPOINT VS. NAV AS OF JANUARY 31, 2020
The following Frequency Distribution of Discounts and Premiums charts are provided to show the frequency at which the bid/ask midpoint price for the Fund was at a discount or premium to the daily NAV. The following tables are for comparative purposes only and represent the period August 1, 2014 through January 31, 2020. Shareholders may pay more than NAV when they buy Fund shares and receive less than NAV when they sell those shares because shares are bought and sold at current market price. Data presented represents past performance and cannot be used to predict future results.
--------------------------------------------------------------------------------
NUMBER OF DAYS BID/ASK MIDPOINT AT/ABOVE NAV
--------------------------------------------------------------------------------
FOR THE PERIOD 0.00%-0.49% 0.50%-0.99% 1.00%-1.99% >=2.00%
8/1/14 - 7/31/15 200 0 0 0
8/1/15 - 7/31/16 151 0 0 0
8/1/16 - 7/31/17 152 0 0 0
8/1/17 - 7/31/18 139 0 0 1
8/1/18 - 7/31/19 120 3 0 0
8/1/19 - 1/31/20 85 0 0 0
--------------------------------------------------------------------------------
NUMBER OF DAYS BID/ASK MIDPOINT BELOW NAV
--------------------------------------------------------------------------------
FOR THE PERIOD 0.00%-0.49% 0.50%-0.99% 1.00%-1.99% >=2.00%
8/1/14 - 7/31/15 52 0 0 0
8/1/15 - 7/31/16 100 0 0 0
8/1/16 - 7/31/17 100 0 0 0
8/1/17 - 7/31/18 112 0 0 1
8/1/18 - 7/31/19 125 1 1 1
8/1/19 - 1/31/20 42 0 0 0
|
FIRST TRUST HEALTH CARE ALPHADEX(R) FUND (FXH)
The First Trust Health Care AlphaDEX(R) Fund (the "Fund") seeks investment results that correspond generally to the price and yield (before the Fund's fees and expenses) of an equity index called the StrataQuant(R) Health Care Index (the "Health Care Index"). The Fund will normally invest at least 90% of its net assets (including investment borrowings) in common stocks that comprise the Health Care Index. The shares of the Fund are listed and trade on the NYSE Arca under the ticker symbol "FXH."
The Health Care Index is a modified equal-dollar weighted index designed by IDI to objectively identify and select stocks from the Russell 1000(R) Index in the health care sector that may generate positive alpha relative to traditional passive-style indices through the use of the AlphaDEX(R) selection methodology. Alpha is an indication of how much an investment outperforms or underperforms on a risk-adjusted basis relative to its benchmark. IDI constructs the Health Care Index using the RGS sector scheme to determine a stock's sector membership.
-----------------------------------------------------------------------------------------------------------------------------------
PERFORMANCE
-----------------------------------------------------------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURNS CUMULATIVE TOTAL RETURNS
6 Months 1 Year 5 Years 10 Years Inception 5 Years 10 Years Inception
Ended Ended Ended Ended (5/8/07) Ended Ended (5/8/07)
1/31/20 1/31/20 1/31/20 1/31/20 to 1/31/20 1/31/20 1/31/20 to 1/31/20
FUND PERFORMANCE
NAV 6.53% 10.70% 6.21% 14.50% 11.85% 35.14% 287.18% 316.21%
Market Price 6.51% 10.67% 6.20% 14.49% 11.85% 35.06% 287.08% 316.11%
INDEX PERFORMANCE
StrataQuant(R) Health Care Index 6.89% 11.50% 6.91% 15.29% 12.66% 39.67% 314.85% 356.07%
Russell 1000(R) Index 9.01% 21.39% 12.13% 13.97% 8.47% 77.25% 269.78% 181.46%
S&P 500(R) Health Care Index 10.52% 12.11% 9.44% 14.38% 10.25% 56.97% 283.39% 246.65%
Russell 1000(R) Health Care Index(1) 9.69% 12.37% 9.56% 14.86% N/A 57.86% 299.55% N/A
-----------------------------------------------------------------------------------------------------------------------------------
|
(See Notes to Fund Performance Overview on page 22.)
----------------------------------------------------------
% OF TOTAL
SECTOR CLASSIFICATION LONG-TERM INVESTMENTS
----------------------------------------------------------
Health Care 100.00%
-------
Total 100.00%
=======
----------------------------------------------------------
% OF TOTAL
TOP TEN HOLDINGS LONG-TERM INVESTMENTS
----------------------------------------------------------
Centene Corp. 3.74%
DexCom, Inc. 2.51
Envista Holdings Corp. 2.28
Alnylam Pharmaceuticals, Inc. 2.27
Exelixis, Inc. 2.23
Jazz Pharmaceuticals PLC 2.19
Horizon Therapeutics PLC 2.17
Seattle Genetics, Inc. 2.16
Cigna Corp. 2.14
Neurocrine Biosciences, Inc. 2.12
-------
Total 23.81%
=======
-----------------------------
|
(1) On or about September 18, 2008, Russell began calculating its Russell U.S. Indices using an enhanced Russell sector scheme, the RGS. The RGS and the former U.S. sector scheme ran in tandem until June 30, 2009, when Russell officially transitioned to the RGS and ceased calculating its indices using the U.S. sector scheme. Consequently, performance data is not available for all the periods shown in the table for the Russell 1000(R) Health Care Index because performance data does not exist for each of the entire periods using solely the U.S. sector scheme, or alternatively, using solely the RGS.
StrataQuant(R) and StrataQuant(R) Health Care Index ("Index") are service/trademarks of ICE Data Indices, LLC or its affiliates ("IDI") and have been licensed for use by First Trust in connection with the Fund. The Fund is not sponsored, endorsed, sold or promoted by IDI and IDI makes no representations or warranties regarding the advisability of investing in the Fund or as to the result to be obtained by any person from use of the Index in connection with the trading of the Fund. IDI and its third party suppliers accept no liability in connection with use of the Index or the Fund. See the prospectus for a full copy of the disclaimer.
FIRST TRUST HEALTH CARE ALPHADEX(R) FUND (FXH) (CONTINUED)
PERFORMANCE OF A $10,000 INITIAL INVESTMENT
JULY 31, 2009 - JANUARY 31, 2020
First Trust Health Care StrataQuant(R) Russell 1000(R) S&P 500(R) Health Russell 1000(R)
AlphaDEX(R) Fund Health Care Index Index Care Index Health Care Index
7/31/09 $10,000 $10,000 $10,000 $10,000 $10,000
1/31/10 12,174 12,213 11,027 11,339 11,355
7/31/10 12,208 12,296 11,450 10,431 10,534
1/31/11 14,938 15,111 13,599 11,670 11,931
7/31/11 16,197 16,448 13,819 12,718 12,974
1/31/12 16,242 16,563 14,135 13,496 13,705
7/31/12 17,035 17,406 14,918 14,680 14,946
1/31/13 20,234 20,755 16,543 16,585 16,993
7/31/13 24,273 25,002 18,831 19,911 20,492
1/31/14 28,504 29,459 20,221 22,035 22,804
7/31/14 30,288 31,395 22,045 24,177 24,943
1/31/15 34,883 36,273 23,003 27,695 28,739
7/31/15 39,693 41,432 24,522 30,814 32,245
1/31/16 30,568 31,993 22,587 27,024 27,763
7/31/16 35,089 36,840 25,708 30,818 31,786
1/31/17 33,938 35,732 27,287 29,096 30,174
7/31/17 38,149 40,302 29,808 33,285 34,465
1/31/18 42,266 44,795 34,336 37,050 38,304
7/31/18 43,783 46,565 34,631 37,717 39,293
1/31/19 42,588 45,438 33,589 38,777 40,369
7/31/19 44,246 47,401 37,404 39,331 41,358
1/31/20 47,135 50,667 40,774 43,469 45,366
|
Performance figures assume reinvestment of all distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. An index is a statistical composite that tracks a specified financial market or sector. Unlike the Fund, the indices do not actually hold a portfolio of securities and therefore do not incur the expenses incurred by the Fund. These expenses negatively impact the performance of the Fund. The Fund's past performance does not predict future performance.
FREQUENCY DISTRIBUTION OF DISCOUNTS AND PREMIUMS
BID/ASK MIDPOINT VS. NAV AS OF JANUARY 31, 2020
The following Frequency Distribution of Discounts and Premiums charts are provided to show the frequency at which the bid/ask midpoint price for the Fund was at a discount or premium to the daily NAV. The following tables are for comparative purposes only and represent the period August 1, 2014 through January 31, 2020. Shareholders may pay more than NAV when they buy Fund shares and receive less than NAV when they sell those shares because shares are bought and sold at current market price. Data presented represents past performance and cannot be used to predict future results.
--------------------------------------------------------------------------------
NUMBER OF DAYS BID/ASK MIDPOINT AT/ABOVE NAV
--------------------------------------------------------------------------------
FOR THE PERIOD 0.00%-0.49% 0.50%-0.99% 1.00%-1.99% >=2.00%
8/1/14 - 7/31/15 220 0 0 0
8/1/15 - 7/31/16 136 0 0 0
8/1/16 - 7/31/17 146 0 0 0
8/1/17 - 7/31/18 93 0 0 0
8/1/18 - 7/31/19 147 3 0 0
8/1/19 - 1/31/20 76 0 0 0
--------------------------------------------------------------------------------
NUMBER OF DAYS BID/ASK MIDPOINT BELOW NAV
--------------------------------------------------------------------------------
FOR THE PERIOD 0.00%-0.49% 0.50%-0.99% 1.00%-1.99% >=2.00%
8/1/14 - 7/31/15 32 0 0 0
8/1/15 - 7/31/16 115 0 0 0
8/1/16 - 7/31/17 106 0 0 0
8/1/17 - 7/31/18 158 0 0 1
8/1/18 - 7/31/19 98 3 0 0
8/1/19 - 1/31/20 51 0 0 0
|
FIRST TRUST INDUSTRIALS/PRODUCER DURABLES ALPHADEX(R) FUND (FXR)
The First Trust Industrials/Producer Durables AlphaDEX(R) Fund (the "Fund") seeks investment results that correspond generally to the price and yield (before the Fund's fees and expenses) of an equity index called the StrataQuant(R) Industrials Index (the "Industrials Index"). The Fund will normally invest at least 90% of its net assets (including investment borrowings) in common stocks that comprise the Industrials Index. The shares of the Fund are listed and trade on the NYSE Arca under the ticker symbol "FXR."
The Industrials Index is a modified equal-dollar weighted index designed by IDI to objectively identify and select stocks from the Russell 1000(R) Index in the industrials and producer durables sectors that may generate positive alpha relative to traditional passive-style indices through the use of the AlphaDEX(R) selection methodology. Alpha is an indication of how much an investment outperforms or underperforms on a risk-adjusted basis relative to its benchmark. IDI constructs the Industrials Index using the RGS sector scheme to determine a stock's sector membership.
-----------------------------------------------------------------------------------------------------------------------------------
PERFORMANCE
-----------------------------------------------------------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURNS CUMULATIVE TOTAL RETURNS
6 Months 1 Year 5 Years 10 Years Inception 5 Years 10 Years Inception
Ended Ended Ended Ended (5/8/07) Ended Ended (5/8/07)
1/31/20 1/31/20 1/31/20 1/31/20 to 1/31/20 1/31/20 1/31/20 to 1/31/20
FUND PERFORMANCE
NAV 4.22% 15.89% 9.33% 12.88% 7.22% 56.21% 235.75% 142.89%
Market Price 4.24% 15.96% 9.32% 12.87% 7.22% 56.12% 235.68% 142.85%
INDEX PERFORMANCE
StrataQuant(R) Industrials Index 4.57% 16.69% 10.06% 13.68% 7.99% 61.47% 260.49% 166.19%
Russell 1000(R) Index 9.01% 21.39% 12.13% 13.97% 8.47% 77.25% 269.78% 181.46%
S&P 500(R) Industrials Index 5.40% 15.59% 10.19% 13.53% 7.97% 62.48% 255.68% 165.48%
Russell 1000(R) Producer Durables
Index(1) 5.17% 16.40% 10.92% 14.05% N/A 67.94% 272.37% N/A
-----------------------------------------------------------------------------------------------------------------------------------
|
(See Notes to Fund Performance Overview on page 22.)
----------------------------------------------------------
% OF TOTAL
SECTOR CLASSIFICATION LONG-TERM INVESTMENTS
----------------------------------------------------------
Industrials 87.27%
Information Technology 11.58
Materials 1.15
-------
Total 100.00%
=======
----------------------------------------------------------
% OF TOTAL
TOP TEN HOLDINGS LONG-TERM INVESTMENTS
----------------------------------------------------------
Paylocity Holding Corp. 2.24%
JetBlue Airways Corp. 2.02
Knight-Swift Transportation Holdings, Inc. 1.98
Textron, Inc. 1.97
Southwest Airlines Co. 1.94
Raytheon Co. 1.92
Carlisle Cos., Inc. 1.84
Xerox Holdings Corp. 1.84
Delta Air Lines, Inc. 1.82
PACCAR, Inc. 1.79
-------
Total 19.36%
=======
-----------------------------
|
(1) On or about September 18, 2008, Russell began calculating its Russell U.S. Indices using an enhanced Russell sector scheme, the RGS. The RGS and the former U.S. sector scheme ran in tandem until June 30, 2009, when Russell officially transitioned to the RGS and ceased calculating its indices using the U.S. sector scheme. Consequently, performance data is not available for all the periods shown in the table for the Russell 1000(R) Producer Durables Index because performance data does not exist for each of the entire periods using solely the U.S. sector scheme, or alternatively, using solely the RGS.
StrataQuant(R) and StrataQuant(R) Industrials Index ("Index") are service/trademarks of ICE Data Indices, LLC or its affiliates ("IDI") and have been licensed for use by First Trust in connection with the Fund. The Fund is not sponsored, endorsed, sold or promoted by IDI and IDI makes no representations or warranties regarding the advisability of investing in the Fund or as to the result to be obtained by any person from use of the Index in connection with the trading of the Fund. IDI and its third party suppliers accept no liability in connection with use of the Index or the Fund. See the prospectus for a full copy of the disclaimer.
FIRST TRUST INDUSTRIALS/PRODUCER DURABLES ALPHADEX(R) FUND (FXR) (CONTINUED)
PERFORMANCE OF A $10,000 INITIAL INVESTMENT
JULY 31, 2009 - JANUARY 31, 2020
First Trust Industrials/ Russell 1000(R)
Producer Durables StrataQuant(R) Russell 1000(R) S&P 500(R) Producer Durables
AlphaDEX(R) Fund Industrials Index Index Industrials Index Index
7/31/09 $10,000 $10,000 $10,000 $10,000 $10,000
1/31/10 11,895 11,945 11,027 11,624 11,574
7/31/10 12,916 13,019 11,450 12,868 12,736
1/31/11 15,909 16,102 13,599 15,544 15,544
7/31/11 15,200 15,435 13,819 14,977 14,991
1/31/12 15,703 16,022 14,135 15,849 15,763
7/31/12 15,091 15,451 14,918 15,972 15,799
1/31/13 18,015 18,515 16,543 18,055 18,117
7/31/13 20,813 21,467 18,831 20,552 20,710
1/31/14 24,006 24,860 20,221 22,965 23,213
7/31/14 25,482 26,489 22,045 23,989 24,232
1/31/15 25,568 26,669 23,003 25,445 25,665
7/31/15 25,814 26,986 24,522 25,646 26,103
1/31/16 21,426 22,461 22,587 24,259 24,378
7/31/16 25,599 26,937 25,708 28,329 28,371
1/31/17 29,920 31,662 27,287 31,021 31,336
7/31/17 31,437 33,378 29,808 33,515 33,999
1/31/18 37,442 39,887 34,336 38,984 39,963
7/31/18 36,963 39,500 34,631 37,869 39,052
1/31/19 34,460 36,904 33,589 35,767 37,029
7/31/19 38,320 41,178 37,404 39,226 40,980
1/31/20 39,937 43,060 40,774 41,344 43,098
|
Performance figures assume reinvestment of all distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. An index is a statistical composite that tracks a specified financial market or sector. Unlike the Fund, the indices do not actually hold a portfolio of securities and therefore do not incur the expenses incurred by the Fund. These expenses negatively impact the performance of the Fund. The Fund's past performance does not predict future performance.
FREQUENCY DISTRIBUTION OF DISCOUNTS AND PREMIUMS
BID/ASK MIDPOINT VS. NAV AS OF JANUARY 31, 2020
The following Frequency Distribution of Discounts and Premiums charts are provided to show the frequency at which the bid/ask midpoint price for the Fund was at a discount or premium to the daily NAV. The following tables are for comparative purposes only and represent the period August 1, 2014 through January 31, 2020. Shareholders may pay more than NAV when they buy Fund shares and receive less than NAV when they sell those shares because shares are bought and sold at current market price. Data presented represents past performance and cannot be used to predict future results.
--------------------------------------------------------------------------------
NUMBER OF DAYS BID/ASK MIDPOINT AT/ABOVE NAV
--------------------------------------------------------------------------------
FOR THE PERIOD 0.00%-0.49% 0.50%-0.99% 1.00%-1.99% >=2.00%
8/1/14 - 7/31/15 167 0 0 0
8/1/15 - 7/31/16 153 0 0 0
8/1/16 - 7/31/17 172 0 0 0
8/1/17 - 7/31/18 146 0 0 0
8/1/18 - 7/31/19 142 3 0 1
8/1/19 - 1/31/20 69 0 0 0
--------------------------------------------------------------------------------
NUMBER OF DAYS BID/ASK MIDPOINT BELOW NAV
--------------------------------------------------------------------------------
FOR THE PERIOD 0.00%-0.49% 0.50%-0.99% 1.00%-1.99% >=2.00%
8/1/14 - 7/31/15 85 0 0 0
8/1/15 - 7/31/16 98 0 0 0
8/1/16 - 7/31/17 80 0 0 0
8/1/17 - 7/31/18 105 0 1 0
8/1/18 - 7/31/19 103 2 0 0
8/1/19 - 1/31/20 58 0 0 0
|
FIRST TRUST MATERIALS ALPHADEX(R) FUND (FXZ)
The First Trust Materials AlphaDEX(R) Fund (the "Fund") seeks investment results that correspond generally to the price and yield (before the Fund's fees and expenses) of an equity index called the StrataQuant(R) Materials Index (the "Materials Index"). The Fund will normally invest at least 90% of its net assets (including investment borrowings) in common stocks that comprise the Materials Index. The shares of the Fund are listed and trade on the NYSE Arca under the ticker symbol "FXZ."
The Materials Index is a modified equal-dollar weighted index designed by IDI to objectively identify and select stocks from the Russell 1000(R) Index in the materials and processing sector that may generate positive alpha relative to traditional passive-style indices through the use of the AlphaDEX(R) selection methodology. Alpha is an indication of how much an investment outperforms or underperforms on a risk-adjusted basis relative to its benchmark. IDI constructs the Materials Index using the RGS sector scheme to determine a stock's sector membership.
-----------------------------------------------------------------------------------------------------------------------------------
PERFORMANCE
-----------------------------------------------------------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURNS CUMULATIVE TOTAL RETURNS
6 Months 1 Year 5 Years 10 Years Inception 5 Years 10 Years Inception
Ended Ended Ended Ended (5/8/07) Ended Ended (5/8/07)
1/31/20 1/31/20 1/31/20 1/31/20 to 1/31/20 1/31/20 1/31/20 to 1/31/20
FUND PERFORMANCE
NAV -2.82% 0.89% 5.69% 9.02% 6.38% 31.86% 137.15% 119.71%
Market Price -2.79% 0.87% 5.67% 9.01% 6.37% 31.74% 136.89% 119.59%
INDEX PERFORMANCE
StrataQuant(R) Materials Index -2.43% 1.70% 6.44% 9.81% 7.17% 36.60% 154.99% 141.44%
Russell 1000(R) Index 9.01% 21.39% 12.13% 13.97% 8.47% 77.25% 269.78% 181.46%
S&P 500(R) Materials Index 0.06% 10.80% 6.11% 9.42% 5.34% 34.55% 145.93% 94.02%
Russell 1000(R) Materials and
Processing Index(1) 0.44% 10.96% 7.06% 10.29% N/A 40.66% 166.30% N/A
-----------------------------------------------------------------------------------------------------------------------------------
|
(See Notes to Fund Performance Overview on page 22.)
----------------------------------------------------------
% OF TOTAL
SECTOR CLASSIFICATION LONG-TERM INVESTMENTS
----------------------------------------------------------
Materials 81.61%
Industrials 16.22
Utilities 2.17
-------
Total 100.00%
=======
----------------------------------------------------------
% OF TOTAL
TOP TEN HOLDINGS LONG-TERM INVESTMENTS
----------------------------------------------------------
Newmont Corp. 3.76%
Crown Holdings, Inc. 3.70
Reliance Steel & Aluminum Co. 3.48
Owens Corning 3.37
Scotts Miracle-Gro (The) Co. 3.35
Domtar Corp. 3.30
WestRock Co. 3.30
Albemarle Corp. 3.19
Steel Dynamics, Inc. 3.18
Nucor Corp. 3.06
-------
Total 33.69%
=======
-----------------------------
|
(1) On or about September 18, 2008, Russell began calculating its Russell U.S. Indices using an enhanced Russell sector scheme, the RGS. The RGS and the former U.S. sector scheme ran in tandem until June 30, 2009, when Russell officially transitioned to the RGS and ceased calculating its indices using the U.S. sector scheme. Consequently, performance data is not available for all the periods shown in the table for the Russell 1000(R) Materials and Processing Index because performance data does not exist for each of the entire periods using solely the U.S. sector scheme, or alternatively, using solely the RGS.
StrataQuant(R) and StrataQuant(R) Materials Index ("Index") are service/trademarks of ICE Data Indices, LLC or its affiliates ("IDI") and have been licensed for use by First Trust in connection with the Fund. The Fund is not sponsored, endorsed, sold or promoted by IDI and IDI makes no representations or warranties regarding the advisability of investing in the Fund or as to the result to be obtained by any person from use of the Index in connection with the trading of the Fund. IDI and its third party suppliers accept no liability in connection with use of the Index or the Fund. See the prospectus for a full copy of the disclaimer.
FIRST TRUST MATERIALS ALPHADEX(R) FUND (FXZ) (CONTINUED)
PERFORMANCE OF A $10,000 INITIAL INVESTMENT
JULY 31, 2009 - JANUARY 31, 2020
Russell 1000(R)
First Trust Materials StrataQuant(R) Russell 1000(R) S&P 500(R) Materials and
AlphaDEX(R) Fund Materials Index Index Materials Index Processing Index
7/31/09 $10,000 $10,000 $10,000 $10,000 $10,000
1/31/10 11,857 11,910 11,027 10,521 10,738
7/31/10 13,272 13,356 11,450 11,268 11,657
1/31/11 16,299 16,466 13,599 14,060 14,604
7/31/11 16,341 16,580 13,819 14,097 14,810
1/31/12 16,145 16,467 14,135 14,115 14,982
7/31/12 15,561 15,932 14,918 13,363 14,243
1/31/13 18,903 19,440 16,543 15,160 16,422
7/31/13 19,513 20,140 18,831 15,866 17,271
1/31/14 21,883 22,676 20,221 17,494 18,976
7/31/14 22,973 23,885 22,045 19,534 20,711
1/31/15 21,326 22,232 23,003 19,228 20,330
7/31/15 21,970 22,988 24,522 18,706 19,943
1/31/16 18,809 19,737 22,587 16,058 17,414
7/31/16 24,931 26,260 25,708 20,278 22,141
1/31/17 27,578 29,144 27,287 21,922 24,127
7/31/17 28,425 30,143 29,808 23,233 25,529
1/31/18 33,513 35,672 34,336 27,020 29,557
7/31/18 32,176 34,370 34,631 25,891 28,469
1/31/19 27,871 29,857 33,589 23,346 25,600
7/31/19 28,933 31,125 37,404 25,859 28,471
1/31/20 28,117 30,369 40,774 25,875 28,596
|
Performance figures assume reinvestment of all distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. An index is a statistical composite that tracks a specified financial market or sector. Unlike the Fund, the indices do not actually hold a portfolio of securities and therefore do not incur the expenses incurred by the Fund. These expenses negatively impact the performance of the Fund. The Fund's past performance does not predict future performance.
FREQUENCY DISTRIBUTION OF DISCOUNTS AND PREMIUMS
BID/ASK MIDPOINT VS. NAV AS OF JANUARY 31, 2020
The following Frequency Distribution of Discounts and Premiums charts are provided to show the frequency at which the bid/ask midpoint price for the Fund was at a discount or premium to the daily NAV. The following tables are for comparative purposes only and represent the period August 1, 2014 through January 31, 2020. Shareholders may pay more than NAV when they buy Fund shares and receive less than NAV when they sell those shares because shares are bought and sold at current market price. Data presented represents past performance and cannot be used to predict future results.
--------------------------------------------------------------------------------
NUMBER OF DAYS BID/ASK MIDPOINT AT/ABOVE NAV
--------------------------------------------------------------------------------
FOR THE PERIOD 0.00%-0.49% 0.50%-0.99% 1.00%-1.99% >=2.00%
8/1/14 - 7/31/15 163 0 0 0
8/1/15 - 7/31/16 147 0 0 0
8/1/16 - 7/31/17 162 0 0 0
8/1/17 - 7/31/18 114 0 0 0
8/1/18 - 7/31/19 76 4 0 0
8/1/19 - 1/31/20 45 0 0 0
--------------------------------------------------------------------------------
NUMBER OF DAYS BID/ASK MIDPOINT BELOW NAV
--------------------------------------------------------------------------------
FOR THE PERIOD 0.00%-0.49% 0.50%-0.99% 1.00%-1.99% >=2.00%
8/1/14 - 7/31/15 89 0 0 0
8/1/15 - 7/31/16 104 0 0 0
8/1/16 - 7/31/17 90 0 0 0
8/1/17 - 7/31/18 137 0 0 1
8/1/18 - 7/31/19 169 2 0 0
8/1/19 - 1/31/20 82 0 0 0
|
FIRST TRUST TECHNOLOGY ALPHADEX(R) FUND (FXL)
The First Trust Technology AlphaDEX(R) Fund (the "Fund") seeks investment results that correspond generally to the price and yield (before the Fund's fees and expenses) of an equity index called the StrataQuant(R) Technology Index (the "Technology Index"). The Fund will normally invest at least 90% of its net assets (including investment borrowings) in common stocks that comprise the Technology Index. The shares of the Fund are listed and trade on the NYSE Arca under the ticker symbol "FXL."
The Technology Index is a modified equal-dollar weighted index designed by IDI to objectively identify and select stocks from the Russell 1000(R) Index in the technology sector that may generate positive alpha relative to traditional passive-style indices through the use of the AlphaDEX(R) selection methodology. Alpha is an indication of how much an investment outperforms or underperforms on a risk-adjusted basis relative to its benchmark. IDI constructs the Technology Index using the RGS sector scheme to determine a stock's sector membership.
-----------------------------------------------------------------------------------------------------------------------------------
PERFORMANCE
-----------------------------------------------------------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURNS CUMULATIVE TOTAL RETURNS
6 Months 1 Year 5 Years 10 Years Inception 5 Years 10 Years Inception
Ended Ended Ended Ended (5/8/07) Ended Ended (5/8/07)
1/31/20 1/31/20 1/31/20 1/31/20 to 1/31/20 1/31/20 1/31/20 to 1/31/20
FUND PERFORMANCE
NAV 6.03% 24.77% 17.68% 16.57% 11.09% 125.73% 363.11% 281.84%
Market Price 5.98% 24.70% 17.68% 16.56% 11.09% 125.73% 362.98% 281.73%
INDEX PERFORMANCE
StrataQuant(R) Technology Index 6.45% 25.67% 18.31% 17.33% 11.89% 131.80% 394.55% 318.28%
Russell 1000(R) Index 9.01% 21.39% 12.13% 13.97% 8.47% 77.25% 269.78% 181.46%
S&P 500(R) Information Technology
Index 18.95% 46.07% 22.09% 19.00% 13.83% 171.28% 469.38% 420.51%
Russell 1000(R) Technology Index(1) 17.96% 40.60% 20.91% 18.12% N/A 158.40% 428.59% N/A
-----------------------------------------------------------------------------------------------------------------------------------
|
(See Notes to Fund Performance Overview on page 22.)
----------------------------------------------------------
% OF TOTAL
SECTOR CLASSIFICATION LONG-TERM INVESTMENTS
----------------------------------------------------------
Information Technology 89.08%
Communication Services 8.44
Industrials 2.48
-------
Total 100.00%
=======
----------------------------------------------------------
% OF TOTAL
TOP TEN HOLDINGS LONG-TERM INVESTMENTS
----------------------------------------------------------
RingCentral, Inc., Class A 2.00%
Paycom Software, Inc. 1.97
Fortinet, Inc. 1.77
Ceridian HCM Holding, Inc. 1.77
Tyler Technologies, Inc. 1.77
EPAM Systems, Inc. 1.76
Intel Corp. 1.75
ANSYS, Inc. 1.75
DocuSign, Inc. 1.74
Splunk, Inc. 1.70
-------
Total 17.98%
=======
-----------------------------
|
(1) On or about September 18, 2008, Russell began calculating its Russell U.S. Indices using an enhanced Russell sector scheme, the RGS. The RGS and the former U.S. sector scheme ran in tandem until June 30, 2009, when Russell officially transitioned to the RGS and ceased calculating its indices using the U.S. sector scheme. Consequently, performance data is not available for all the periods shown in the table for the Russell 1000(R) Technology Index because performance data does not exist for each of the entire periods using solely the U.S. sector scheme, or alternatively, using solely the RGS.
StrataQuant(R) and StrataQuant(R) Technology Index ("Index") are service/trademarks of ICE Data Indices, LLC or its affiliates ("IDI") and have been licensed for use by First Trust in connection with the Fund. The Fund is not sponsored, endorsed, sold or promoted by IDI and IDI makes no representations or warranties regarding the advisability of investing in the Fund or as to the result to be obtained by any person from use of the Index in connection with the trading of the Fund. IDI and its third party suppliers accept no liability in connection with use of the Index or the Fund. See the prospectus for a full copy of the disclaimer.
FIRST TRUST TECHNOLOGY ALPHADEX(R) FUND (FXL) (CONTINUED)
PERFORMANCE OF A $10,000 INITIAL INVESTMENT
JULY 31, 2009 - JANUARY 31, 2020
First Trust Technology StrataQuant(R) Russell 1000(R) S&P 500(R) Information Russell 1000(R)
AlphaDEX(R) Fund Technology Index Index Technology Index Technology Index
7/31/09 $10,000 $10,000 $10,000 $10,000 $10,000
1/31/10 11,396 11,434 11,027 10,863 10,881
7/31/10 12,522 12,614 11,450 11,371 11,499
1/31/11 16,402 16,592 13,599 13,624 13,870
7/31/11 15,076 15,315 13,819 13,555 13,659
1/31/12 15,268 15,578 14,135 14,407 14,494
7/31/12 14,502 14,852 14,918 15,323 15,100
1/31/13 15,877 16,327 16,543 15,579 15,199
7/31/13 18,061 18,646 18,831 17,030 16,586
1/31/14 20,796 21,556 20,221 19,244 18,841
7/31/14 22,141 23,031 22,045 21,818 21,436
1/31/15 23,379 24,394 23,003 22,798 22,261
7/31/15 24,515 25,662 24,522 24,606 23,750
1/31/16 21,284 22,355 22,587 23,902 22,781
7/31/16 24,617 25,943 25,708 27,012 25,920
1/31/17 28,009 29,504 27,287 29,856 28,790
7/31/17 32,180 34,001 29,808 34,974 33,523
1/31/18 39,655 42,042 34,336 42,727 40,814
7/31/18 40,401 42,975 34,631 44,932 42,847
1/31/19 42,296 44,995 33,589 42,340 40,914
7/31/19 49,775 53,119 37,404 52,003 48,757
1/31/20 52,777 56,546 40,774 61,858 57,513
|
Performance figures assume reinvestment of all distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. An index is a statistical composite that tracks a specified financial market or sector. Unlike the Fund, the indices do not actually hold a portfolio of securities and therefore do not incur the expenses incurred by the Fund. These expenses negatively impact the performance of the Fund. The Fund's past performance does not predict future performance.
FREQUENCY DISTRIBUTION OF DISCOUNTS AND PREMIUMS
BID/ASK MIDPOINT VS. NAV AS OF JANUARY 31, 2020
The following Frequency Distribution of Discounts and Premiums charts are provided to show the frequency at which the bid/ask midpoint price for the Fund was at a discount or premium to the daily NAV. The following tables are for comparative purposes only and represent the period August 1, 2014 through January 31, 2020. Shareholders may pay more than NAV when they buy Fund shares and receive less than NAV when they sell those shares because shares are bought and sold at current market price. Data presented represents past performance and cannot be used to predict future results.
--------------------------------------------------------------------------------
NUMBER OF DAYS BID/ASK MIDPOINT AT/ABOVE NAV
--------------------------------------------------------------------------------
FOR THE PERIOD 0.00%-0.49% 0.50%-0.99% 1.00%-1.99% >=2.00%
8/1/14 - 7/31/15 177 0 0 0
8/1/15 - 7/31/16 140 0 0 0
8/1/16 - 7/31/17 168 0 0 0
8/1/17 - 7/31/18 180 1 0 0
8/1/18 - 7/31/19 162 4 0 0
8/1/19 - 1/31/20 83 0 0 0
--------------------------------------------------------------------------------
NUMBER OF DAYS BID/ASK MIDPOINT BELOW NAV
--------------------------------------------------------------------------------
FOR THE PERIOD 0.00%-0.49% 0.50%-0.99% 1.00%-1.99% >=2.00%
8/1/14 - 7/31/15 75 0 0 0
8/1/15 - 7/31/16 111 0 0 0
8/1/16 - 7/31/17 84 0 0 0
8/1/17 - 7/31/18 71 0 0 0
8/1/18 - 7/31/19 82 3 0 0
8/1/19 - 1/31/20 44 0 0 0
|
FIRST TRUST UTILITIES ALPHADEX(R) FUND (FXU)
The First Trust Utilities AlphaDEX(R) Fund (the "Fund") seeks investment results that correspond generally to the price and yield (before the Fund's fees and expenses) of an equity index called the StrataQuant(R) Utilities Index (the "Utilities Index"). The Fund will normally invest at least 90% of its net assets (including investment borrowings) in common stocks that comprise the Utilities Index. The shares of the Fund are listed and trade on the NYSE Arca under the ticker symbol "FXU."
The Utilities Index is a modified equal-dollar weighted index designed by IDI to objectively identify and select stocks from the Russell 1000(R) Index in the utilities sector that may generate positive alpha relative to traditional passive-style indices through the use of the AlphaDEX(R) selection methodology. Alpha is an indication of how much an investment outperforms or underperforms on a risk-adjusted basis relative to its benchmark. IDI constructs the Utilities Index using the RGS sector scheme to determine a stock's sector membership.
-----------------------------------------------------------------------------------------------------------------------------------
PERFORMANCE
-----------------------------------------------------------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURNS CUMULATIVE TOTAL RETURNS
6 Months 1 Year 5 Years 10 Years Inception 5 Years 10 Years Inception
Ended Ended Ended Ended (5/8/07) Ended Ended (5/8/07)
1/31/20 1/31/20 1/31/20 1/31/20 to 1/31/20 1/31/20 1/31/20 to 1/31/20
FUND PERFORMANCE
NAV 4.52% 9.83% 6.58% 10.54% 6.34% 37.50% 172.27% 118.71%
Market Price 4.56% 9.83% 6.58% 10.54% 6.34% 37.50% 172.45% 118.68%
INDEX PERFORMANCE
StrataQuant(R) Utilities Index 4.84% 10.37% 7.29% 11.40% 7.19% 42.17% 194.27% 142.15%
Russell 1000(R) Index 9.01% 21.39% 12.13% 13.97% 8.47% 77.25% 269.78% 181.46%
S&P 500(R) Utilities Index 17.82% 30.29% 11.20% 13.10% 7.99% 69.99% 242.40% 166.24%
Russell 1000(R) Utilities Index(1) 14.40% 25.47% 10.10% 12.17% N/A 61.78% 215.39% N/A
-----------------------------------------------------------------------------------------------------------------------------------
|
(See Notes to Fund Performance Overview on page 22.)
----------------------------------------------------------
% OF TOTAL
SECTOR CLASSIFICATION LONG-TERM INVESTMENTS
----------------------------------------------------------
Utilities 74.86%
Communication Services 25.14
-------
Total 100.00%
=======
----------------------------------------------------------
% OF TOTAL
TOP TEN HOLDINGS LONG-TERM INVESTMENTS
----------------------------------------------------------
Exelon Corp. 5.77%
GCI Liberty, Inc., Class A 5.71
Vistra Energy Corp. 5.41
Telephone & Data Systems, Inc. 4.93
National Fuel Gas Co. 4.80
AT&T, Inc. 4.74
Southern (The) Co. 4.19
Pinnacle West Capital Corp. 4.12
Duke Energy Corp. 4.06
Avangrid, Inc. 3.94
-------
Total 47.67%
=======
-----------------------------
|
(1) On or about September 18, 2008, Russell began calculating its Russell U.S. Indices using an enhanced Russell sector scheme, the RGS. The RGS and the former U.S. sector scheme ran in tandem until June 30, 2009, when Russell officially transitioned to the RGS and ceased calculating its indices using the U.S. sector scheme. Consequently, performance data is not available for all the periods shown in the table for the Russell 1000(R) Utilities Index because performance data does not exist for each of the entire periods using solely the U.S. sector scheme, or alternatively, using solely the RGS.
StrataQuant(R) and StrataQuant(R) Utilities Index ("Index") are service/trademarks of ICE Data Indices, LLC or its affiliates ("IDI") and have been licensed for use by First Trust in connection with the Fund. The Fund is not sponsored, endorsed, sold or promoted by IDI and IDI makes no representations or warranties regarding the advisability of investing in the Fund or as to the result to be obtained by any person from use of the Index in connection with the trading of the Fund. IDI and its third party suppliers accept no liability in connection with use of the Index or the Fund. See the prospectus for a full copy of the disclaimer.
FIRST TRUST UTILITIES ALPHADEX(R) FUND (FXU) (CONTINUED)
PERFORMANCE OF A $10,000 INITIAL INVESTMENT
JULY 31, 2009 - JANUARY 31, 2020
First Trust Utilities StrataQuant(R) Russell 1000(R) S&P 500(R) Russell 1000(R)
AlphaDEX(R) Fund Utilities Index Index Utilities Index Utilities Index
7/31/09 $10,000 $10,000 $10,000 $10,000 $10,000
1/31/10 10,796 10,838 11,027 10,420 10,194
7/31/10 11,580 11,673 11,450 10,947 10,900
1/31/11 12,899 13,053 13,599 11,693 12,108
7/31/11 13,551 13,770 13,819 12,490 12,806
1/31/12 13,451 13,723 14,135 13,358 13,232
7/31/12 14,452 14,810 14,918 14,900 15,515
1/31/13 15,049 15,475 16,543 14,725 15,394
7/31/13 16,751 17,378 18,831 16,093 16,859
1/31/14 17,227 17,948 20,221 16,374 16,970
7/31/14 18,943 19,815 22,045 17,584 18,506
1/31/15 21,377 22,431 23,003 20,989 19,877
7/31/15 20,035 21,092 24,522 19,421 19,261
1/31/16 20,243 21,391 22,587 20,470 20,392
7/31/16 24,573 26,074 25,708 23,909 24,013
1/31/17 24,755 26,358 27,287 22,970 23,250
7/31/17 25,451 27,185 29,808 25,273 24,226
1/31/18 24,056 25,777 34,336 24,652 24,333
7/31/18 25,172 27,082 34,631 25,988 24,503
1/31/19 26,760 28,893 33,589 27,383 25,635
7/31/19 28,123 30,420 37,404 30,282 28,104
1/31/20 29,394 31,892 40,774 35,678 32,151
|
Performance figures assume reinvestment of all distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. An index is a statistical composite that tracks a specified financial market or sector. Unlike the Fund, the indices do not actually hold a portfolio of securities and therefore do not incur the expenses incurred by the Fund. These expenses negatively impact the performance of the Fund. The Fund's past performance does not predict future performance.
FREQUENCY DISTRIBUTION OF DISCOUNTS AND PREMIUMS
BID/ASK MIDPOINT VS. NAV AS OF JANUARY 31, 2020
The following Frequency Distribution of Discounts and Premiums charts are provided to show the frequency at which the bid/ask midpoint price for the Fund was at a discount or premium to the daily NAV. The following tables are for comparative purposes only and represent the period August 1, 2014 through January 31, 2020. Shareholders may pay more than NAV when they buy Fund shares and receive less than NAV when they sell those shares because shares are bought and sold at current market price. Data presented represents past performance and cannot be used to predict future results.
--------------------------------------------------------------------------------
NUMBER OF DAYS BID/ASK MIDPOINT AT/ABOVE NAV
--------------------------------------------------------------------------------
FOR THE PERIOD 0.00%-0.49% 0.50%-0.99% 1.00%-1.99% >=2.00%
8/1/14 - 7/31/15 136 0 0 0
8/1/15 - 7/31/16 173 0 0 0
8/1/16 - 7/31/17 119 0 0 0
8/1/17 - 7/31/18 73 0 0 0
8/1/18 - 7/31/19 158 4 0 0
8/1/19 - 1/31/20 73 0 0 0
--------------------------------------------------------------------------------
NUMBER OF DAYS BID/ASK MIDPOINT BELOW NAV
--------------------------------------------------------------------------------
FOR THE PERIOD 0.00%-0.49% 0.50%-0.99% 1.00%-1.99% >=2.00%
8/1/14 - 7/31/15 116 0 0 0
8/1/15 - 7/31/16 78 0 0 0
8/1/16 - 7/31/17 133 0 0 0
8/1/17 - 7/31/18 178 0 0 1
8/1/18 - 7/31/19 88 1 0 0
8/1/19 - 1/31/20 54 0 0 0
|
Total returns for the periods since inception are calculated from the inception date of each Fund. "Average Annual Total Returns" represent the average annual change in value of an investment over the periods indicated. "Cumulative Total Returns" represent the total change in value of an investment over the periods indicated. The total returns would have been lower if certain fees had not been waived and expenses reimbursed by the Advisor.
Each Fund's per share net asset value ("NAV") is the value of one share of the Fund and is computed by dividing the value of all assets of the Fund (including accrued interest and dividends), less all liabilities (including accrued expenses and dividends declared but unpaid), by the total number of outstanding shares. The price used to calculate market return ("Market Price") is determined by using the midpoint between the highest bid and the lowest offer on the stock exchange on which shares of the Fund are listed for trading as of the time that the Fund's NAV is calculated. Since shares of each Fund did not trade in the secondary market until after the Fund's inception, for the period May 8, 2007 (inception) to May 10, 2007 (the first day of secondary market trading) the NAV of each Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that all distributions have been reinvested in each Fund at NAV and Market Price, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike each Fund, the indices do not actually hold a portfolio of securities and therefore do not incur the expenses incurred by each Fund. These expenses negatively impact the performance of each Fund. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower. The total returns presented reflect the reinvestment of dividends on securities in the indices. The returns presented do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. The investment return and principal value of shares of each Fund will vary with changes in market conditions. Shares of each Fund may be worth more or less than their original cost when they are redeemed or sold in the market. Each Fund's past performance is no guarantee of future performance.
FIRST TRUST EXCHANGE-TRADED ALPHADEX(R) FUND
SECTOR FUNDS
UNDERSTANDING YOUR FUND EXPENSES
JANUARY 31, 2020 (UNAUDITED)
As a shareholder of First Trust Consumer Discretionary AlphaDEX(R) Fund, First Trust Consumer Staples AlphaDEX(R) Fund, First Trust Energy AlphaDEX(R) Fund, First Trust Financials AlphaDEX(R) Fund, First Trust Health Care AlphaDEX(R) Fund, First Trust Industrials/Producer Durables AlphaDEX(R) Fund, First Trust Materials AlphaDEX(R) Fund, First Trust Technology AlphaDEX(R) Fund or First Trust Utilities AlphaDEX(R) Fund (each a "Fund" and collectively, the "Funds"), you incur two types of costs: (1) transaction costs; and (2) ongoing costs, including management fees, distribution and/or service fees, if any, and other Fund expenses. This Example is intended to help you understand your ongoing costs of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held through the six-month period ended January 31, 2020.
ACTUAL EXPENSES
The first line in the following table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During the Six-Month Period" to estimate the expenses you paid on your account during this six-month period.
HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES
The second line in the following table provides information about hypothetical account values and hypothetical expenses based on each Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not each Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs such as brokerage commissions. Therefore, the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
-------------------------------------------------------------------------------------------------------------------------
ANNUALIZED
EXPENSE RATIO EXPENSES PAID
BEGINNING ENDING BASED ON THE DURING THE
ACCOUNT VALUE ACCOUNT VALUE SIX-MONTH SIX-MONTH
AUGUST 1, 2019 JANUARY 31, 2020 PERIOD PERIOD (a)
-------------------------------------------------------------------------------------------------------------------------
FIRST TRUST CONSUMER DISCRETIONARY ALPHADEX(R) FUND (FXD)
Actual $1,000.00 $1,009.90 0.64% $3.23
Hypothetical (5% return before expenses) $1,000.00 $1,021.92 0.64% $3.25
FIRST TRUST CONSUMER STAPLES ALPHADEX(R) FUND (FXG)
Actual $1,000.00 $1,052.60 0.63% $3.25
Hypothetical (5% return before expenses) $1,000.00 $1,021.97 0.63% $3.20
FIRST TRUST ENERGY ALPHADEX(R) FUND (FXN)
Actual $1,000.00 $ 823.90 0.67% $3.07
Hypothetical (5% return before expenses) $1,000.00 $1,021.77 0.67% $3.40
FIRST TRUST FINANCIALS ALPHADEX(R) FUND (FXO)
Actual $1,000.00 $1,032.30 0.61% $3.12
Hypothetical (5% return before expenses) $1,000.00 $1,022.07 0.61% $3.10
FIRST TRUST HEALTH CARE ALPHADEX(R) FUND (FXH)
Actual $1,000.00 $1,065.30 0.61% $3.17
Hypothetical (5% return before expenses) $1,000.00 $1,022.07 0.61% $3.10
|
FIRST TRUST EXCHANGE-TRADED ALPHADEX(R) FUND
SECTOR FUNDS
UNDERSTANDING YOUR FUND EXPENSES (CONTINUED)
JANUARY 31, 2020 (UNAUDITED)
-------------------------------------------------------------------------------------------------------------------------
ANNUALIZED
EXPENSE RATIO EXPENSES PAID
BEGINNING ENDING BASED ON THE DURING THE
ACCOUNT VALUE ACCOUNT VALUE SIX-MONTH SIX-MONTH
AUGUST 1, 2019 JANUARY 31, 2020 PERIOD PERIOD (a)
-------------------------------------------------------------------------------------------------------------------------
FIRST TRUST INDUSTRIALS/PRODUCER DURABLES ALPHADEX(R) FUND (FXR)
Actual $1,000.00 $1,042.20 0.63% $3.23
Hypothetical (5% return before expenses) $1,000.00 $1,021.97 0.63% $3.20
FIRST TRUST MATERIALS ALPHADEX(R) FUND (FXZ)
Actual $1,000.00 $ 971.80 0.66% $3.27
Hypothetical (5% return before expenses) $1,000.00 $1,021.82 0.66% $3.35
FIRST TRUST TECHNOLOGY ALPHADEX(R) FUND (FXL)
Actual $1,000.00 $1,060.30 0.61% $3.16
Hypothetical (5% return before expenses) $1,000.00 $1,022.07 0.61% $3.10
FIRST TRUST UTILITIES ALPHADEX(R) FUND (FXU)
Actual $1,000.00 $1,045.20 0.62% $3.19
Hypothetical (5% return before expenses) $1,000.00 $1,022.02 0.62% $3.15
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(a) Expenses are equal to the annualized expense ratio as indicated in the table multiplied by the average account value over the period (August 1, 2019 through January 31, 2020), multiplied by 184/366 (to reflect the six-month period).
FIRST TRUST CONSUMER DISCRETIONARY ALPHADEX(R) FUND (FXD)
PORTFOLIO OF INVESTMENTS
JANUARY 31, 2020 (UNAUDITED)
28,421 Aptiv PLC $ 2,409,817
103,681 BorgWarner, Inc. 3,555,221
93,118 Gentex Corp. 2,772,123
221,683 Goodyear Tire & Rubber
(The) Co. 2,910,698
32,786 Lear Corp. 4,038,579
---------------
15,686,438
---------------
AUTOMOBILES -- 5.7%
290,177 Ford Motor Co. 2,559,361
122,890 General Motors Co. 4,103,297
46,363 Harley-Davidson, Inc. 1,548,524
10,755 Tesla, Inc. (a) 6,996,881
23,213 Thor Industries, Inc. 1,869,111
---------------
17,077,174
---------------
BUILDING PRODUCTS -- 1.2%
52,777 Fortune Brands Home &
Security, Inc. 3,626,308
---------------
COMMERCIAL SERVICES & SUPPLIES
-- 0.9%
123,848 KAR Auction Services, Inc. 2,603,285
---------------
DISTRIBUTORS -- 2.2%
8,118 Genuine Parts Co. 759,601
125,983 LKQ Corp. (a) 4,117,755
8,121 Pool Corp. 1,780,935
---------------
6,658,291
---------------
DIVERSIFIED CONSUMER SERVICES
-- 2.3%
5,401 Graham Holdings Co., Class B 2,966,337
28,168 Grand Canyon Education,
Inc. (a) 2,204,991
73,430 H&R Block, Inc. 1,703,576
---------------
6,874,904
---------------
ENTERTAINMENT -- 3.9%
50,932 Cinemark Holdings, Inc. 1,604,867
37,755 Live Nation Entertainment,
Inc. (a) 2,573,381
2,670 Netflix, Inc. (a) 921,390
33,593 Roku, Inc. (a) 4,063,074
11,531 Spotify Technology S.A. (a) 1,629,330
5,961 Walt Disney (The) Co. 824,466
---------------
11,616,508
---------------
FOOD & STAPLES RETAILING -- 1.2%
9,182 Costco Wholesale Corp. 2,805,285
7,253 Walmart, Inc. 830,396
---------------
3,635,681
---------------
HEALTH CARE PROVIDERS & SERVICES
-- 0.3%
12,925 Henry Schein, Inc. (a) 891,049
---------------
HOTELS, RESTAURANTS & LEISURE
-- 15.5%
19,863 Aramark 876,753
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
HOTELS, RESTAURANTS & LEISURE
(CONTINUED)
88,485 Carnival Corp. $ 3,851,752
2,060 Chipotle Mexican Grill, Inc. (a) 1,785,526
26,095 Choice Hotels International,
Inc. 2,614,719
2,939 Domino's Pizza, Inc. 828,063
232,049 Extended Stay America, Inc. 2,998,073
50,134 Hilton Grand Vacations, Inc. (a) 1,599,776
31,090 Hilton Worldwide Holdings, Inc. 3,351,502
30,077 Hyatt Hotels Corp., Class A 2,542,709
115,169 International Game Technology
PLC 1,553,630
24,977 Las Vegas Sands Corp. 1,631,248
11,387 Marriott International, Inc.,
Class A 1,594,863
135,187 MGM Resorts International 4,198,908
59,035 Norwegian Cruise Line
Holdings Ltd. (a) 3,179,035
23,086 Planet Fitness, Inc.,
Class A (a) 1,865,118
25,826 Royal Caribbean Cruises Ltd. 3,023,708
19,113 Six Flags Entertainment Corp. 728,779
121,505 Wendy's (The) Co. 2,633,013
54,897 Wyndham Hotels & Resorts, Inc. 3,138,461
12,411 Wynn Resorts Ltd. 1,565,772
17,957 Yum China Holdings, Inc. 773,408
---------------
46,334,816
---------------
HOUSEHOLD DURABLES -- 11.5%
65,372 D.R. Horton, Inc. 3,870,022
8,838 Garmin Ltd. 856,844
16,957 Leggett & Platt, Inc. 806,984
80,623 Lennar Corp., Class A 5,350,142
32,976 Mohawk Industries, Inc. (a) 4,342,280
456 NVR, Inc. (a) 1,740,538
88,870 PulteGroup, Inc. 3,968,045
51,664 Tempur Sealy International,
Inc. (a) 4,733,456
113,838 Toll Brothers, Inc. 5,049,854
23,369 Whirlpool Corp. 3,415,847
---------------
34,134,012
---------------
INTERACTIVE MEDIA & SERVICES
-- 0.3%
28,378 TripAdvisor, Inc. 775,287
---------------
INTERNET & DIRECT MARKETING
RETAIL -- 0.6%
471 Amazon.com, Inc. (a) 946,107
102,266 Qurate Retail, Inc.,
Series A (a) 872,329
---------------
1,818,436
---------------
LEISURE PRODUCTS -- 2.0%
199,160 Mattel, Inc. (a) (b) 2,913,711
33,909 Polaris, Inc. 3,114,202
---------------
6,027,913
---------------
MACHINERY -- 0.3%
6,367 WABCO Holdings, Inc. (a) 863,684
---------------
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See Notes to Financial Statements Page 25
FIRST TRUST CONSUMER DISCRETIONARY ALPHADEX(R) FUND (FXD)
PORTFOLIO OF INVESTMENTS (CONTINUED)
JANUARY 31, 2020 (UNAUDITED)
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
COMMON STOCKS (CONTINUED)
MEDIA -- 12.6%
31,533 Altice USA, Inc., Class A (a) $ 862,743
1,816 Cable One, Inc. 3,094,518
7,107 Charter Communications, Inc.,
Class A (a) 3,677,588
60,011 Comcast Corp., Class A 2,591,875
105,321 Discovery, Inc., Class A (a) 3,081,692
97,212 DISH Network Corp.,
Class A (a) 3,573,513
72,802 Fox Corp., Class A 2,699,498
37,324 Interpublic Group of Cos. (The),
Inc. 847,255
55,619 John Wiley & Sons, Inc.,
Class A 2,426,101
26,793 New York Times (The) Co.,
Class A 857,644
60,967 News Corp., Class A 830,371
29,406 Nexstar Media Group, Inc.,
Class A 3,562,537
10,636 Omnicom Group, Inc. 800,997
80,942 Sinclair Broadcast Group, Inc.,
Class A 2,421,785
377,433 Sirius XM Holdings, Inc. 2,668,451
107,167 ViacomCBS, Inc., Class B 3,657,610
---------------
37,654,178
---------------
MULTILINE RETAIL -- 5.1%
11,050 Dollar General Corp. 1,695,180
88,280 Kohl's Corp. 3,773,970
264,575 Macy's, Inc. 4,219,971
42,128 Nordstrom, Inc. 1,552,838
35,082 Target Corp. 3,884,981
---------------
15,126,940
---------------
PERSONAL PRODUCTS -- 0.5%
8,347 Estee Lauder (The) Cos., Inc.,
Class A 1,629,001
---------------
ROAD & RAIL -- 0.9%
7,186 AMERCO 2,667,946
---------------
SOFTWARE -- 1.2%
13,273 Trade Desk (The), Inc.,
Class A (a) 3,572,826
---------------
SPECIALTY RETAIL -- 17.2%
5,386 Advance Auto Parts, Inc. 709,605
70,904 AutoNation, Inc. (a) 3,009,166
1,442 AutoZone, Inc. (a) 1,525,578
51,226 Best Buy Co., Inc. 4,338,330
15,127 Burlington Stores, Inc. (a) 3,289,669
9,830 CarMax, Inc. (a) 953,903
48,858 Carvana Co. (a) (b) 3,871,997
54,530 Dick's Sporting Goods, Inc. 2,411,862
6,745 Five Below, Inc. (a) 763,669
67,869 Floor & Decor Holdings, Inc.,
Class A (a) 3,346,620
115,357 Foot Locker, Inc. 4,380,105
254,396 Gap (The), Inc. 4,429,034
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
SPECIALTY RETAIL (CONTINUED)
14,398 Lowe's Cos., Inc. $ 1,673,624
3,931 O'Reilly Automotive, Inc. (a) 1,596,379
68,666 Penske Automotive Group, Inc. 3,225,242
14,811 Ross Stores, Inc. 1,661,646
44,192 TJX (The) Cos., Inc. 2,609,096
161,966 Urban Outfitters, Inc. (a) 4,146,330
46,951 Williams-Sonoma, Inc. 3,290,326
---------------
51,232,181
---------------
TEXTILES, APPAREL & LUXURY GOODS
-- 9.2%
70,740 Capri Holdings Ltd. (a) 2,119,370
24,683 Carter's, Inc. 2,618,126
8,602 Columbia Sportswear Co. 807,900
181,732 Hanesbrands, Inc. 2,500,632
19,411 Lululemon Athletica, Inc. (a) 4,646,799
17,021 NIKE, Inc., Class B 1,639,122
32,798 PVH Corp. 2,859,002
14,713 Ralph Lauren Corp. 1,669,926
104,141 Skechers U.S.A., Inc.,
Class A (a) 3,893,832
127,858 Tapestry, Inc. 3,294,901
17,304 VF Corp. 1,435,713
---------------
27,485,323
---------------
TOTAL COMMON STOCKS
-- 99.9% 297,992,181
(Cost $291,032,201) ---------------
MONEY MARKET FUNDS -- 0.1%
30,377 Goldman Sachs Financial Square
Treasury Obligations Fund -
Institutional Class
1.46% (c) (d) 30,377
346,247 Morgan Stanley Institutional
Liquidity Funds - Treasury
Portfolio - Institutional
Class - 1.45% (c) 346,247
---------------
TOTAL MONEY MARKET FUNDS
-- 0.1% 376,624
(Cost $376,624) ---------------
PRINCIPAL
VALUE DESCRIPTION VALUE
---------------------------------------------------------------
REPURCHASE AGREEMENTS -- 0.1%
$ 140,055 BNP Paribas S.A., 1.56% (c),
dated 01/31/20, due 02/03/20,
with a maturity value of
$140,073. Collateralized by
U.S. Treasury Note, interest
rate of 2.125%, due 08/15/21.
The value of the collateral
including accrued interest
is $143,009. (d) 140,055
(Cost $140,055) ---------------
|
Page 26 See Notes to Financial Statements
FIRST TRUST CONSUMER DISCRETIONARY ALPHADEX(R) FUND (FXD)
PORTFOLIO OF INVESTMENTS (CONTINUED)
JANUARY 31, 2020 (UNAUDITED)
DESCRIPTION VALUE
---------------------------------------------------------------
TOTAL INVESTMENTS -- 100.1% $ 298,508,860
(Cost $291,548,880) (e)
NET OTHER ASSETS AND
LIABILITIES -- (0.1)% (351,960)
---------------
NET ASSETS -- 100.0% $ 298,156,900
===============
(a) Non-income producing security.
|
(b) All or a portion of this security is on loan (see Note 2D - Securities Lending in the Notes to Financial Statements). The aggregate value of such securities is $166,688 and the total value of the collateral held by the Fund is $170,432.
(c) Rate shown reflects yield as of January 31, 2020.
(d) This security serves as collateral for securities on loan.
(e) Aggregate cost for financial reporting purposes approximates the aggregate cost for federal income tax es. As of January 31, 2020, the aggregate gross unrealized appreciation for all investments in which there was an excess of value over tax cost was $31,666,638 and the aggregate gross unrealized depreciation for all investments in which there was an excess of tax cost over value was $24,706,658. The net unrealized appreciation was $6,959,980.
VALUATION INPUTS
A summary of the inputs used to value the Fund's investments as of January 31, 2020 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
LEVEL 2 LEVEL 3
LEVEL 1 SIGNIFICANT SIGNIFICANT
QUOTED OBSERVABLE UNOBSERVABLE
PRICES INPUTS INPUTS
---------------------------------------------
Common Stocks* $ 297,992,181 $ -- $ --
Money Market
Funds 376,624 -- --
Repurchase
Agreements -- 140,055 --
---------------------------------------------
Total Investments $ 298,368,805 $ 140,055 $ --
=============================================
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* See Portfolio of Investments for industry breakout.
The Fund's loaned securities were all subject to an enforceable Securities Lending Agency Agreement. Securities lent in accordance with the Securities Lending Agency Agreement on a gross basis were as follows:
Total gross amount presented on the
Statements of Assets and Liabilities(1) $ 166,688
Non-cash Collateral(2) (166,688)
---------------
Net Amount $ --
===============
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(1) The amount presented on the Statements of Assets and Liabilities, which is included in "Investments, at value", is not offset and is shown on a gross basis.
(2) At January 31, 2020, the value of the collateral received from each borrower exceeded the value of the related securities loaned. This amount is disclosed on the Portfolio of Investments.
The Fund's investments in repurchase agreements were all subject to an enforceable Master Repurchase Agreement. Repurchase Agreements on a gross basis were as follows:
Total gross amount presented on the
Statements of Assets and Liabilities(3) $ 140,055
Non-cash Collateral(4) (140,055)
---------------
Net Amount $ --
===============
(3) The amount is included in "Investments, at value" on the Statements of
Assets and Liabilities.
|
(4) At January 31, 2020, the value of the collateral received from each seller exceeded the value of the repurchase agreements.
See Notes to Financial Statements Page 27
FIRST TRUST CONSUMER STAPLES ALPHADEX(R) FUND (FXG)
PORTFOLIO OF INVESTMENTS
JANUARY 31, 2020 (UNAUDITED)
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
COMMON STOCKS -- 99.9%
BEVERAGES -- 12.0%
141,982 Brown-Forman Corp., Class B $ 9,603,662
96,698 Keurig Dr Pepper, Inc. 2,758,794
237,429 Molson Coors Beverage Co.,
Class B 13,196,304
44,050 Monster Beverage Corp. (a) 2,933,730
70,228 PepsiCo, Inc. 9,973,781
---------------
38,466,271
---------------
CHEMICALS -- 2.0%
216,467 Corteva, Inc. 6,260,226
---------------
FOOD & STAPLES RETAILING
-- 22.9%
60,368 Casey's General Stores, Inc. 9,710,797
551,804 Kroger (The) Co. 14,821,455
661,366 Sprouts Farmers Market, Inc. (a) 10,337,151
187,008 Sysco Corp. 15,360,837
229,126 US Foods Holding Corp. (a) 9,203,991
271,316 Walgreens Boots Alliance, Inc. 13,796,419
---------------
73,230,650
---------------
FOOD PRODUCTS -- 47.8%
276,106 Archer-Daniels-Midland Co. 12,358,504
323,690 Campbell Soup Co. 15,663,359
186,877 Conagra Brands, Inc. 6,151,991
294,331 Flowers Foods, Inc. 6,336,946
179,204 General Mills, Inc. 9,358,033
19,047 Hershey (The) Co. 2,955,523
141,846 Hormel Foods Corp. 6,703,642
172,102 Ingredion, Inc. 15,144,976
122,900 J.M. Smucker (The) Co. 12,733,669
138,780 Kellogg Co. 9,466,184
148,756 Lamb Weston Holdings, Inc. 13,582,910
16,494 McCormick & Co., Inc. 2,694,625
174,258 Mondelez International, Inc.,
Class A 9,998,924
488,975 Pilgrim's Pride Corp. (a) 12,737,799
25,661 Post Holdings, Inc. (a) 2,683,371
175,713 Tyson Foods, Inc., Class A 14,519,165
---------------
153,089,621
---------------
HEALTH CARE PROVIDERS & SERVICES
-- 3.7%
172,262 CVS Health Corp. 11,682,809
---------------
HOUSEHOLD PRODUCTS -- 4.7%
18,233 Clorox (The) Co. 2,868,233
40,668 Colgate-Palmolive Co. 3,000,485
20,352 Kimberly-Clark Corp. 2,915,221
51,231 Procter & Gamble (The) Co. 6,384,407
---------------
15,168,346
---------------
PERSONAL PRODUCTS -- 4.8%
134,229 Herbalife Nutrition Ltd. (a) 5,214,796
312,286 Nu Skin Enterprises, Inc.,
Class A 10,177,401
---------------
15,392,197
---------------
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
TOBACCO -- 2.0%
75,200 Philip Morris International,
Inc. $ 6,219,040
---------------
TOTAL COMMON STOCKS
-- 99.9% 319,509,160
(Cost $317,018,306) ---------------
MONEY MARKET FUNDS -- 0.1%
403,404 Morgan Stanley Institutional
Liquidity Funds - Treasury
Portfolio - Institutional
Class - 1.45% (b) 403,404
(Cost $403,404) ---------------
TOTAL INVESTMENTS -- 100.0% 319,912,564
(Cost $317,421,710) (c)
NET OTHER ASSETS AND
LIABILITIES -- 0.0% 82,274
---------------
NET ASSETS -- 100.0% $ 319,994,838
===============
|
(a) Non-income producing security.
(b) Rate shown reflects yield as of January 31, 2020.
(c) Aggregate cost for financial reporting purposes approximates the aggregate cost for federal income tax purposes. As of January 31, 2020, the aggregate gross unrealized appreciation for all investments in which there was an excess of value over tax cost was $18,377,743 and the aggregate gross unrealized depreciation for all investments in which there was an excess of tax cost over value was $15,886,889. The net unrealized appreciation was $2,490,854.
VALUATION INPUTS
A summary of the inputs used to value the Fund's investments as of January 31, 2020 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
LEVEL 2 LEVEL 3
LEVEL 1 SIGNIFICANT SIGNIFICANT
QUOTED OBSERVABLE UNOBSERVABLE
PRICES INPUTS INPUTS
---------------------------------------------
Common Stocks* $ 319,509,160 $ -- $ --
Money Market
Funds 403,404 -- --
---------------------------------------------
Total Investments $ 319,912,564 $ -- $ --
=============================================
|
* See Portfolio of Investments for industry breakout.
Page 28 See Notes to Financial Statements
FIRST TRUST ENERGY ALPHADEX(R) FUND (FXN)
PORTFOLIO OF INVESTMENTS
JANUARY 31, 2020 (UNAUDITED)
-- 6.6%
25,771 Apergy Corp. (a) $ 666,438
33,970 Baker Hughes Co. 735,790
71,156 Halliburton Co. 1,551,912
19,160 Helmerich & Payne, Inc. 776,938
165,824 Patterson-UTI Energy, Inc. 1,316,643
---------------
5,047,721
---------------
OIL, GAS & CONSUMABLE FUELS
-- 93.3%
916,376 Antero Resources Corp. (a) 1,695,295
34,015 Apache Corp. 933,371
200,015 Cabot Oil & Gas Corp. 2,818,211
565,292 Centennial Resource
Development, Inc.,
Class A (a) 1,842,852
4,217,821 Chesapeake Energy Corp. (a) 2,158,681
28,896 Chevron Corp. 3,095,917
82,930 Cimarex Energy Co. 3,639,798
49,710 Concho Resources, Inc. 3,767,024
66,934 ConocoPhillips 3,977,888
76,143 Continental Resources, Inc. 2,072,612
167,606 Devon Energy Corp. 3,640,402
37,497 Diamondback Energy, Inc. 2,789,777
41,578 EOG Resources, Inc. 3,031,452
159,739 EQT Corp. 966,421
37,431 Exxon Mobil Corp. 2,325,214
13,034 Hess Corp. 737,333
85,839 HollyFrontier Corp. 3,855,888
82,249 Kinder Morgan, Inc. 1,716,537
305,455 Kosmos Energy Ltd. 1,560,875
320,526 Marathon Oil Corp. 3,644,381
43,342 Marathon Petroleum Corp. 2,362,139
129,935 Murphy Oil Corp. 2,723,438
35,042 Noble Energy, Inc. 692,780
42,252 Occidental Petroleum Corp. 1,678,249
138,115 Parsley Energy, Inc., Class A 2,298,234
27,756 PBF Energy, Inc., Class A 757,739
31,252 Phillips 66 2,855,495
11,506 Pioneer Natural Resources Co. 1,553,310
27,890 Valero Energy Corp. 2,351,406
316,799 WPX Energy, Inc. (a) 3,785,748
---------------
71,328,467
---------------
TOTAL COMMON STOCKS
-- 99.9% 76,376,188
(Cost $114,328,265) ---------------
MONEY MARKET FUNDS -- 0.2%
160,753 Morgan Stanley Institutional
Liquidity Funds - Treasury
Portfolio - Institutional
Class - 1.45% (b) 160,753
(Cost $160,753) ---------------
DESCRIPTION VALUE
---------------------------------------------------------------
TOTAL INVESTMENTS -- 100.1% $ 76,536,941
(Cost $114,489,018) (c)
NET OTHER ASSETS AND
LIABILITIES -- (0.1)% (47,301)
---------------
NET ASSETS -- 100.0% $ 76,489,640
===============
|
(a) Non-income producing security.
(b) Rate shown reflects yield as of January 31, 2020.
(c) Aggregate cost for financial reporting purposes approximates the aggregate cost for federal income tax purposes. As of January 31, 2020, the aggregate gross unrealized appreciation for all investments in which there was an excess of value over tax cost was $62,985 and the aggregate gross unrealized depreciation for all investments in which there was an excess of tax cost over value was $38,015,062. The net unrealized depreciation was $37,952,077.
VALUATION INPUTS
A summary of the inputs used to value the Fund's investments as of January 31, 2020 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
LEVEL 2 LEVEL 3
LEVEL 1 SIGNIFICANT SIGNIFICANT
QUOTED OBSERVABLE UNOBSERVABLE
PRICES INPUTS INPUTS
---------------------------------------------
Common Stocks* $ 76,376,188 $ -- $ --
Money Market
Funds 160,753 -- --
---------------------------------------------
Total Investments $ 76,536,941 $ -- $ --
=============================================
|
* See Portfolio of Investments for industry breakout.
See Notes to Financial Statements Page 29
FIRST TRUST FINANCIALS ALPHADEX(R) FUND (FXO)
PORTFOLIO OF INVESTMENTS
JANUARY 31, 2020 (UNAUDITED)
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
COMMON STOCKS -- 99.9%
BANKS -- 24.9%
648,101 Associated Banc-Corp. $ 12,916,653
304,179 Bank of America Corp. 9,986,197
585,319 Bank OZK 15,908,970
293,027 BankUnited, Inc. 9,669,891
122,574 BOK Financial Corp. 9,671,089
391,304 CIT Group, Inc. 17,886,506
178,799 Citigroup, Inc. 13,304,434
351,743 Citizens Financial Group, Inc. 13,112,979
199,084 Comerica, Inc. 12,175,977
52,565 Commerce Bancshares, Inc. 3,556,548
73,041 Cullen/Frost Bankers, Inc. 6,512,336
293,309 East West Bancorp, Inc. 13,445,285
1,124,736 F.N.B. Corp. 13,125,669
464,676 Fifth Third Bancorp 13,220,032
20,130 First Citizens BancShares, Inc.,
Class A 10,604,887
247,561 First Hawaiian, Inc. 7,194,123
646,927 First Horizon National Corp. 10,350,832
152,021 First Republic Bank 16,856,088
947,225 Huntington Bancshares, Inc. 12,853,843
51,236 JPMorgan Chase & Co. 6,781,597
352,872 KeyCorp 6,602,235
63,114 M&T Bank Corp. 10,635,971
466,562 PacWest Bancorp 16,352,998
633,912 People's United Financial, Inc. 9,774,923
167,395 Pinnacle Financial Partners,
Inc. 9,886,349
67,111 PNC Financial Services Group
(The), Inc. 9,969,339
243,132 Popular, Inc. 13,605,667
99,348 Prosperity Bancshares, Inc. 6,974,230
832,409 Regions Financial Corp. 12,960,608
104,564 Signature Bank 14,836,586
677,616 Sterling Bancorp 13,552,320
71,126 SVB Financial Group (a) 17,093,712
364,392 Synovus Financial Corp. 12,761,008
251,613 Texas Capital Bancshares,
Inc. (a) 13,828,650
190,218 Truist Financial Corp. 9,809,542
120,459 U.S. Bancorp 6,410,828
807,017 Umpqua Holdings Corp. 13,638,587
133,848 Webster Financial Corp. 6,004,421
265,508 Wells Fargo & Co. 12,462,945
313,248 Western Alliance Bancorp 17,300,687
151,100 Wintrust Financial Corp. 9,561,608
275,117 Zions Bancorp N.A. 12,515,072
---------------
485,672,222
---------------
CAPITAL MARKETS -- 16.3%
85,752 Ameriprise Financial, Inc. 14,184,238
283,810 Bank of New York Mellon
(The) Corp. 12,709,012
7,103 BlackRock, Inc. 3,745,767
29,759 Cboe Global Markets, Inc. 3,666,904
225,257 Charles Schwab (The) Corp. 10,260,456
236,126 E*TRADE Financial Corp. 10,063,690
229,452 Eaton Vance Corp. 10,497,429
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
CAPITAL MARKETS (CONTINUED)
238,833 Evercore, Inc., Class A $ 18,299,384
13,312 FactSet Research Systems, Inc. 3,808,696
687,267 Franklin Resources, Inc. 17,387,855
62,121 Goldman Sachs Group (The),
Inc. 14,769,268
794,446 Invesco Ltd. 13,743,916
730,277 Janus Henderson Group PLC 18,454,100
178,731 Lazard Ltd., Class A 7,499,553
193,550 LPL Financial Holdings, Inc. 17,831,762
47,096 MarketAxess Holdings, Inc. 16,680,461
45,126 Moody's Corp. 11,587,906
279,425 Morgan Stanley 14,602,751
23,601 Morningstar, Inc. 3,702,761
41,496 MSCI, Inc. 11,859,557
67,225 Northern Trust Corp. 6,575,277
119,754 Raymond James Financial, Inc. 10,949,108
39,236 S&P Global, Inc. 11,524,790
163,611 SEI Investments Co. 10,677,254
135,441 State Street Corp. 10,243,403
117,237 T. Rowe Price Group, Inc. 15,654,657
215,557 TD Ameritrade Holding Corp. 10,234,646
446,657 Virtu Financial, Inc., Class A 7,454,705
---------------
318,669,306
---------------
CONSUMER FINANCE -- 8.1%
584,267 Ally Financial, Inc. 18,714,072
57,374 American Express Co. 7,451,161
173,502 Capital One Financial Corp. 17,315,500
32,295 Credit Acceptance Corp. (a) 13,853,909
126,303 Discover Financial Services 9,489,144
1,044,163 Navient Corp. 15,015,064
423,612 OneMain Holdings, Inc. 17,948,440
764,022 Santander Consumer USA
Holdings, Inc. (b) 20,338,266
2,003,953 SLM Corp. 21,883,167
495,841 Synchrony Financial 16,070,207
---------------
158,078,930
---------------
DIVERSIFIED FINANCIAL SERVICES
-- 2.9%
47,299 Berkshire Hathaway, Inc.,
Class B (a) 10,615,315
432,332 Equitable Holdings, Inc. 10,384,615
835,529 Jefferies Financial Group, Inc. 18,080,847
292,802 Voya Financial, Inc. 17,489,063
---------------
56,569,840
---------------
EQUITY REAL ESTATE INVESTMENT
TRUSTS -- 12.7%
136,248 American Homes 4 Rent,
Class A 3,723,658
15,539 American Tower Corp. 3,601,008
101,856 Americold Realty Trust 3,510,976
439,510 Apple Hospitality REIT, Inc. 6,601,440
17,032 AvalonBay Communities, Inc. 3,690,664
453,468 Brandywine Realty Trust 7,083,170
165,248 Brixmor Property Group, Inc. 3,298,350
243,097 Corporate Office Properties
Trust 7,236,998
|
Page 30 See Notes to Financial Statements
FIRST TRUST FINANCIALS ALPHADEX(R) FUND (FXO)
PORTFOLIO OF INVESTMENTS (CONTINUED)
JANUARY 31, 2020 (UNAUDITED)
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
COMMON STOCKS (CONTINUED)
EQUITY REAL ESTATE INVESTMENT
TRUSTS (CONTINUED)
25,123 Crown Castle International
Corp. $ 3,764,430
103,001 Duke Realty Corp. 3,739,966
50,551 EPR Properties 3,607,825
12,238 Equinix, Inc. 7,217,116
543,868 Equity Commonwealth 17,833,432
101,464 Equity LifeStyle Properties,
Inc. 7,381,506
207,198 Healthpeak Properties, Inc. 7,457,056
962,543 Host Hotels & Resorts, Inc. 15,727,953
112,048 Iron Mountain, Inc. 3,541,837
172,430 Kimco Realty Corp. 3,284,792
80,012 Lamar Advertising Co., Class A 7,425,914
98,937 Life Storage, Inc. 11,197,690
169,163 Medical Properties Trust, Inc. 3,746,960
84,324 Omega Healthcare Investors,
Inc. 3,537,392
266,298 Outfront Media, Inc. 7,919,703
276,079 Park Hotels & Resorts, Inc. 6,057,173
16,770 Public Storage 3,752,455
14,816 SBA Communications Corp. 3,697,481
146,775 Service Properties Trust 3,167,405
1,273,551 SITE Centers Corp. 16,186,833
145,222 Spirit Realty Capital, Inc. 7,664,817
95,893 STORE Capital Corp. 3,763,800
47,583 Sun Communities, Inc. 7,716,535
114,862 Taubman Centers, Inc. 3,034,654
419,303 VICI Properties, Inc. 11,237,320
268,499 Vornado Realty Trust 17,659,179
457,237 Weingarten Realty Investors 13,305,597
43,666 Welltower, Inc. 3,707,680
---------------
247,080,765
---------------
HOTELS, RESTAURANTS & LEISURE
-- 0.2%
69,088 Wyndham Destinations, Inc. 3,352,841
---------------
INSURANCE -- 23.3%
202,518 Aflac, Inc. 10,443,853
13,401 Alleghany Corp. (a) 10,689,442
95,267 Allstate (The) Corp. 11,292,950
65,135 American Financial Group, Inc. 7,086,037
347,852 American International Group,
Inc. 17,483,042
17,147 Aon PLC 3,776,627
333,039 Arch Capital Group Ltd. (a) 14,707,002
75,000 Arthur J. Gallagher & Co. 7,692,750
291,397 Assured Guaranty Ltd. 13,357,638
379,655 Athene Holding Ltd., Class A (a) 16,537,772
60,076 Axis Capital Holdings Ltd. 3,859,883
455,141 Brighthouse Financial, Inc. (a) 17,704,985
361,807 Brown & Brown, Inc. 16,245,134
45,881 Chubb Ltd. 6,973,453
67,926 Cincinnati Financial Corp. 7,128,834
21,514 Erie Indemnity Co., Class A 3,582,081
25,798 Everest Re Group Ltd. 7,134,953
314,978 Fidelity National Financial,
Inc. 15,355,177
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
INSURANCE (CONTINUED)
306,158 First American Financial Corp. $ 18,975,673
67,860 Globe Life, Inc. 7,075,084
52,259 Hanover Insurance Group
(The), Inc. 7,242,052
235,051 Hartford Financial Services
Group (The), Inc. 13,933,823
230,388 Kemper Corp. 17,145,475
121,034 Lincoln National Corp. 6,593,932
68,030 Loews Corp. 3,500,144
3,121 Markel Corp. (a) 3,660,839
96,161 Marsh & McLennan Cos., Inc. 10,756,569
293,128 Mercury General Corp. 14,389,654
350,309 MetLife, Inc. 17,413,860
798,175 Old Republic International Corp. 17,998,846
54,705 Primerica, Inc. 6,485,825
194,782 Principal Financial Group, Inc. 10,313,707
147,993 Progressive (The) Corp. 11,941,555
152,380 Prudential Financial, Inc. 13,875,723
65,697 Reinsurance Group of America,
Inc. 9,463,653
72,868 RenaissanceRe Holdings Ltd. 13,804,114
104,303 Travelers (The) Cos., Inc. 13,728,361
612,317 Unum Group 16,342,741
103,361 W.R. Berkley Corp. 7,600,134
16,003 White Mountains Insurance
Group Ltd. 17,878,872
17,683 Willis Towers Watson PLC 3,736,241
---------------
454,908,490
---------------
IT SERVICES -- 5.2%
95,481 Alliance Data Systems Corp. 9,814,492
45,331 Euronet Worldwide, Inc. (a) 7,145,979
51,352 Fidelity National Information
Services, Inc. 7,377,228
154,414 Fiserv, Inc. (a) 18,315,045
12,414 FleetCor Technologies, Inc. (a) 3,913,265
58,680 Global Payments, Inc. 11,469,006
24,513 Jack Henry & Associates, Inc. 3,665,674
35,881 Mastercard, Inc., Class A 11,336,243
38,011 Visa, Inc., Class A 7,563,049
533,389 Western Union (The) Co. 14,348,164
34,097 WEX, Inc. (a) 7,396,321
---------------
102,344,466
---------------
MORTGAGE REAL ESTATE INVESTMENT
TRUSTS -- 1.3%
173,688 Chimera Investment Corp. 3,682,186
1,867,215 MFA Financial, Inc. 14,564,277
221,668 New Residential Investment
Corp. 3,710,722
143,649 Starwood Property Trust, Inc. 3,686,033
---------------
25,643,218
---------------
PROFESSIONAL SERVICES -- 0.6%
125,137 TransUnion 11,475,063
---------------
REAL ESTATE MANAGEMENT &
DEVELOPMENT -- 2.0%
291,325 CBRE Group, Inc., Class A (a) 17,785,391
|
See Notes to Financial Statements Page 31
FIRST TRUST FINANCIALS ALPHADEX(R) FUND (FXO)
PORTFOLIO OF INVESTMENTS (CONTINUED)
JANUARY 31, 2020 (UNAUDITED)
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
COMMON STOCKS (CONTINUED)
REAL ESTATE MANAGEMENT &
DEVELOPMENT (CONTINUED)
28,161 Howard Hughes (The) Corp. (a) $ 3,426,631
102,561 Jones Lang LaSalle, Inc. 17,416,909
---------------
38,628,931
---------------
SOFTWARE -- 1.0%
47,656 Fair Isaac Corp. (a) 19,175,821
---------------
THRIFTS & MORTGAGE FINANCE
-- 1.4%
11,768 LendingTree, Inc. (a) 3,662,201
1,260,073 MGIC Investment Corp. 17,376,407
594,185 New York Community Bancorp,
Inc. 6,571,686
---------------
27,610,294
---------------
TOTAL COMMON STOCKS
-- 99.9% 1,949,210,187
(Cost $1,855,935,925) ---------------
MONEY MARKET FUNDS -- 0.2%
2,919,473 Goldman Sachs Financial Square
Treasury Obligations Fund -
Institutional Class -
1.46% (c) (d) 2,919,473
1,142,721 Morgan Stanley Institutional
Liquidity Funds - Treasury
Portfolio - Institutional
Class - 1.45% (c) 1,142,721
---------------
TOTAL MONEY MARKET FUNDS
-- 0.2% 4,062,194
(Cost $4,062,194) ---------------
PRINCIPAL
VALUE DESCRIPTION VALUE
---------------------------------------------------------------
REPURCHASE AGREEMENTS -- 0.7%
$ 13,460,527 BNP Paribas S.A., 1.56% (c),
dated 01/31/20, due 02/03/20,
with a maturity value of
$13,462,277. Collateralized
by U.S. Treasury Note,
interest rate of 2.125%, due
08/15/21. The value of the
collateral including accrued
interest is
$13,744,387. (d) 13,460,527
(Cost $13,460,527) ---------------
TOTAL INVESTMENTS -- 100.8% 1,966,732,908
(Cost $1,873,458,646) (e)
NET OTHER ASSETS AND
LIABILITIES -- (0.8)% (16,245,263)
---------------
NET ASSETS -- 100.0% $ 1,950,487,645
===============
|
(a) Non-income producing security.
(b) All or a portion of this security is on loan (see Note 2D - Securities Lending in the Notes to Financial Statements). The aggregate value of such securities is $15,972,000 and the total value of the collateral held by the Fund is $16,380,000.
(c) Rate shown reflects yield as of January 31, 2020.
(d) This security serves as collateral for securities on loan.
(e) Aggregate cost for financial reporting purposes approximates the aggregate cost for federal income tax purposes. As of January 31, 2020, the aggregate gross unrealized appreciation for all investments in which there was an excess of value over tax cost was $141,711,133 and the aggregate gross unrealized depreciation for all investments in which there was an excess of tax cost over value was $48,436,871. The net unrealized appreciation was $93,274,262.
VALUATION INPUTS
A summary of the inputs used to value the Fund's investments as of January 31, 2020 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
LEVEL 2 LEVEL 3
LEVEL 1 SIGNIFICANT SIGNIFICANT
QUOTED OBSERVABLE UNOBSERVABLE
PRICES INPUTS INPUTS
---------------------------------------------
Common Stocks* $1,949,210,187 $ -- $ --
Money Market
Funds 4,062,194 -- --
Repurchase
Agreements -- 13,460,527 --
---------------------------------------------
Total Investments $1,953,272,381 $ 13,460,527 $ --
=============================================
|
* See Portfolio of Investments for industry breakout.
Page 32 See Notes to Financial Statements
FIRST TRUST FINANCIALS ALPHADEX(R) FUND (FXO)
PORTFOLIO OF INVESTMENTS (CONTINUED)
JANUARY 31, 2020 (UNAUDITED)
The Fund's loaned securities were all subject to an enforceable Securities Lending Agency Agreement. Securities lent in accordance with the Securities Lending Agency Agreement on a gross basis were as follows:
Total gross amount presented on the
Statements of Assets and Liabilities(1) $ 15,972,000
Non-cash Collateral(2) (15,972,000)
---------------
Net Amount $ --
===============
|
(1) The amount presented on the Statements of Assets and Liabilities, which is included in "Investments, at value", is not offset and is shown on a gross basis.
(2) At January 31, 2020, the value of the collateral received from each borrower exceeded the value of the related securities loaned. This amount is disclosed on the Portfolio of Investments.
The Fund's investments in repurchase agreements were all subject to an enforceable Master Repurchase Agreement. Repurchase Agreements on a gross basis were as follows:
Total gross amount presented on the
Statements of Assets and Liabilities(3) $ 13,460,527
Non-cash Collateral(4) (13,460,527)
---------------
Net Amount $ --
===============
(3) The amount is included in "Investments, at value" on the Statements of
Assets and Liabilities.
|
(4) At January 31, 2020, the value of the collateral received from each seller exceeded the value of the repurchase agreements.
See Notes to Financial Statements Page 33
FIRST TRUST HEALTH CARE ALPHADEX(R) FUND (FXH)
PORTFOLIO OF INVESTMENTS
JANUARY 31, 2020 (UNAUDITED)
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
COMMON STOCKS -- 99.8%
BIOTECHNOLOGY -- 21.1%
113,932 AbbVie, Inc. $ 9,230,771
99,026 Agios Pharmaceuticals, Inc. (a) 4,825,537
233,184 Alexion Pharmaceuticals,
Inc. (a) 23,176,158
218,971 Alnylam Pharmaceuticals,
Inc. (a) 25,135,681
58,843 Amgen, Inc. 12,713,030
84,989 Biogen, Inc. (a) 22,849,293
51,130 Exact Sciences Corp. (a) 4,769,406
1,431,260 Exelixis, Inc. (a) 24,617,672
72,768 Gilead Sciences, Inc. 4,598,938
162,455 Incyte Corp. (a) 11,870,587
241,745 Moderna, Inc. (a) 4,958,190
234,616 Neurocrine Biosciences, Inc. (a) 23,480,369
37,780 Regeneron Pharmaceuticals,
Inc. (a) 12,767,373
36,643 Sarepta Therapeutics, Inc. (a) 4,249,122
220,713 Seattle Genetics, Inc. (a) 23,923,082
92,144 Vertex Pharmaceuticals, Inc. (a) 20,921,295
---------------
234,086,504
---------------
HEALTH CARE EQUIPMENT &
SUPPLIES -- 25.4%
50,836 Align Technology, Inc. (a) 13,069,936
120,636 Baxter International, Inc. 10,763,144
17,386 Becton, Dickinson and Co. 4,784,279
104,568 Boston Scientific Corp. (a) 4,378,262
14,717 Cooper (The) Cos., Inc. 5,105,180
65,726 Danaher Corp. 10,573,342
115,292 DexCom, Inc. (a) 27,756,549
86,480 Edwards Lifesciences Corp. (a) 19,013,493
850,837 Envista Holdings Corp. (a) 25,176,267
88,853 Hill-Rom Holdings, Inc. 9,461,956
90,567 Hologic, Inc. (a) 4,847,146
25,270 ICU Medical, Inc. (a) 4,611,017
117,845 Insulet Corp. (a) 22,866,644
17,064 Intuitive Surgical, Inc. (a) 9,552,086
63,821 Masimo Corp. (a) 10,887,863
41,678 Medtronic PLC 4,811,308
86,355 Penumbra, Inc. (a) 15,151,848
130,186 ResMed, Inc. 20,695,668
66,182 STERIS PLC 9,972,965
22,524 Stryker Corp. 4,745,807
37,683 Teleflex, Inc. 13,999,611
99,891 Varian Medical Systems, Inc. (a) 14,041,678
94,363 West Pharmaceutical Services,
Inc. 14,715,910
---------------
280,981,959
---------------
HEALTH CARE PROVIDERS & SERVICES
-- 27.2%
118,648 AmerisourceBergen Corp. 10,151,523
6,799 Anthem, Inc. 17,720,439
658,192 Centene Corp. (a) 41,341,040
45,930 Chemed Corp. 21,451,147
123,326 Cigna Corp. 23,725,456
134,446 DaVita, Inc. (a) 10,738,202
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
HEALTH CARE PROVIDERS & SERVICES
(CONTINUED)
204,787 Encompass Health Corp. $ 15,774,743
181,542 Guardant Health, Inc. (a) 13,804,454
136,494 HCA Healthcare, Inc. 18,945,367
68,805 Humana, Inc. 23,134,993
83,854 Laboratory Corp. of America
Holdings (a) 14,707,992
72,929 McKesson Corp. 10,400,405
148,685 Molina Healthcare, Inc. (a) 18,283,794
124,829 Premier, Inc., Class A (a) 4,340,304
132,836 Quest Diagnostics, Inc. 14,700,960
85,785 UnitedHealth Group, Inc. 23,372,123
140,631 Universal Health Services, Inc.,
Class B 19,281,916
---------------
301,874,858
---------------
HEALTH CARE TECHNOLOGY -- 0.4%
64,431 Cerner Corp. 4,628,079
---------------
LIFE SCIENCES TOOLS & SERVICES
-- 10.3%
118,246 Agilent Technologies, Inc. 9,762,390
27,261 Bio-Rad Laboratories, Inc.,
Class A (a) 9,839,040
64,624 Bio-Techne Corp. 13,569,101
395,822 Bruker Corp. 19,581,314
132,070 Charles River Laboratories
International, Inc. (a) 20,415,381
30,604 IQVIA Holdings, Inc. (a) 4,751,271
103,887 PerkinElmer, Inc. 9,607,470
127,626 PRA Health Sciences, Inc. (a) 12,929,790
43,665 Thermo Fisher Scientific, Inc. 13,675,441
---------------
114,131,198
---------------
PHARMACEUTICALS -- 15.4%
314,302 Bristol-Myers Squibb Co. 19,785,311
76,753 Eli Lilly & Co. 10,717,789
696,654 Horizon Therapeutics PLC (a) 24,027,597
168,937 Jazz Pharmaceuticals PLC (a) 24,217,119
32,416 Johnson & Johnson 4,825,770
110,912 Merck & Co., Inc. 9,476,321
1,003,735 Mylan N.V. (a) 21,500,004
390,536 Perrigo Co. PLC 22,276,173
514,933 Pfizer, Inc. 19,176,105
107,182 Zoetis, Inc. 14,384,896
---------------
170,387,085
---------------
TOTAL COMMON STOCKS
-- 99.8% 1,106,089,683
(Cost $1,025,570,117) ---------------
|
Page 34 See Notes to Financial Statements
FIRST TRUST HEALTH CARE ALPHADEX(R) FUND (FXH)
PORTFOLIO OF INVESTMENTS (CONTINUED)
JANUARY 31, 2020 (UNAUDITED)
2,357,806 Morgan Stanley Institutional
Liquidity Funds - Treasury
Portfolio - Institutional
Class - 1.45% (b) $ 2,357,806
(Cost $2,357,806) ---------------
TOTAL INVESTMENTS -- 100.0% 1,108,447,489
(Cost $1,027,927,923) (c)
NET OTHER ASSETS AND
LIABILITIES -- (0.0)% (408,519)
---------------
NET ASSETS -- 100.0% $ 1,108,038,970
===============
|
(a) Non-income producing security.
(b) Rate shown reflects yield as of January 31, 2020.
(c) Aggregate cost for financial reporting purposes approximates the aggregate cost for federal income tax purposes. As of January 31, 2020, the aggregate gross unrealized appreciation for all investments in which there was an excess of value over tax cost was $110,971,310 and the aggregate gross unrealized depreciation for all investments in which there was an excess of tax cost over value was $30,451,744. The net unrealized appreciation was $80,519,566.
VALUATION INPUTS
A summary of the inputs used to value the Fund's investments as of January 31, 2020 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
LEVEL 2 LEVEL 3
LEVEL 1 SIGNIFICANT SIGNIFICANT
QUOTED OBSERVABLE UNOBSERVABLE
PRICES INPUTS INPUTS
---------------------------------------------
Common Stocks* $1,106,089,683 $ -- $ --
Money Market
Funds 2,357,806 -- --
---------------------------------------------
Total Investments $1,108,447,489 $ -- $ --
=============================================
|
* See Portfolio of Investments for industry breakout.
See Notes to Financial Statements Page 35
FIRST TRUST INDUSTRIALS/PRODUCER DURABLES ALPHADEX(R) FUND (FXR)
PORTFOLIO OF INVESTMENTS
JANUARY 31, 2020 (UNAUDITED)
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
COMMON STOCKS -- 99.7%
AEROSPACE & DEFENSE -- 12.5%
57,839 BWX Technologies, Inc. $ 3,677,982
16,989 Curtiss-Wright Corp. 2,470,710
13,573 General Dynamics Corp. 2,381,247
19,084 Huntington Ingalls Industries,
Inc. 4,980,924
6,147 Lockheed Martin Corp. 2,631,654
3,297 Northrop Grumman Corp. 1,234,957
27,235 Raytheon Co. 6,017,301
49,265 Spirit AeroSystems Holdings,
Inc., Class A 3,217,990
134,177 Textron, Inc. 6,162,750
8,548 TransDigm Group, Inc. 5,498,757
7,571 United Technologies Corp. 1,137,164
---------------
39,411,436
---------------
AIR FREIGHT & LOGISTICS -- 3.1%
30,610 C.H. Robinson Worldwide, Inc. 2,210,654
14,532 Expeditors International of
Washington, Inc. 1,061,417
7,500 FedEx Corp. 1,084,800
60,068 XPO Logistics, Inc. (a) 5,341,247
---------------
9,698,118
---------------
AIRLINES -- 9.2%
70,664 Alaska Air Group, Inc. 4,564,188
10,492 Copa Holdings S.A., Class A 1,027,796
102,329 Delta Air Lines, Inc. 5,703,819
319,674 JetBlue Airways Corp. (a) 6,339,135
110,862 Southwest Airlines Co. 6,095,193
67,934 United Airlines Holdings,
Inc. (a) 5,081,463
---------------
28,811,594
---------------
BUILDING PRODUCTS -- 3.2%
50,247 A.O. Smith Corp. 2,145,045
28,829 Allegion PLC 3,728,166
27,851 Johnson Controls International
PLC 1,098,722
300,968 Resideo Technologies, Inc. (a) 3,063,854
---------------
10,035,787
---------------
COMMERCIAL SERVICES & SUPPLIES
-- 3.1%
301,855 ADT, Inc. (b) 1,871,501
4,216 Cintas Corp. 1,176,137
52,644 Copart, Inc. (a) 5,341,260
12,652 Republic Services, Inc. 1,202,573
---------------
9,591,471
---------------
CONSTRUCTION & ENGINEERING
-- 1.5%
117,599 Quanta Services, Inc. 4,604,001
---------------
CONTAINERS & PACKAGING -- 1.1%
27,446 Avery Dennison Corp. 3,602,013
---------------
ELECTRICAL EQUIPMENT -- 9.0%
23,999 AMETEK, Inc. 2,331,503
37,908 Eaton Corp. PLC 3,581,169
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
ELECTRICAL EQUIPMENT (CONTINUED)
31,389 Emerson Electric Co. $ 2,248,394
32,388 Hubbell, Inc. 4,638,933
140,365 nVent Electric PLC 3,495,089
69,901 Regal Beloit Corp. 5,484,432
17,716 Rockwell Automation, Inc. 3,395,449
66,653 Sensata Technologies Holding
PLC (a) 3,150,687
---------------
28,325,656
---------------
ELECTRONIC EQUIPMENT,
INSTRUMENTS & COMPONENTS
-- 3.5%
21,777 FLIR Systems, Inc. 1,122,387
34,984 Keysight Technologies, Inc. (a) 3,253,162
5,929 Littelfuse, Inc. 1,048,899
23,427 Zebra Technologies Corp.,
Class A (a) 5,599,522
---------------
11,023,970
---------------
INDUSTRIAL CONGLOMERATES -- 2.5%
6,427 3M Co. 1,019,708
36,975 Carlisle Cos., Inc. 5,776,604
6,405 Honeywell International, Inc. 1,109,474
---------------
7,905,786
---------------
IT SERVICES -- 4.0%
17,053 Accenture PLC, Class A 3,499,446
50,479 Booz Allen Hamilton Holding
Corp. 3,939,381
113,526 Genpact Ltd. 5,025,796
---------------
12,464,623
---------------
MACHINERY -- 20.7%
46,480 AGCO Corp. 3,260,107
24,313 Caterpillar, Inc. 3,193,513
41,566 Crane Co. 3,552,230
33,439 Cummins, Inc. 5,349,237
6,543 Deere & Co. 1,037,589
41,542 Donaldson Co., Inc. 2,153,953
41,537 Dover Corp. 4,728,987
13,327 Illinois Tool Works, Inc. 2,331,958
32,388 ITT, Inc. 2,172,587
11,722 Lincoln Electric Holdings, Inc. 1,045,368
6,962 Nordson Corp. 1,175,603
63,226 Oshkosh Corp. 5,439,965
75,655 PACCAR, Inc. 5,614,358
11,631 Parker-Hannifin Corp. 2,276,070
24,719 Pentair PLC 1,061,187
28,260 Snap-on, Inc. 4,511,144
60,092 Toro (The) Co. 4,808,562
216,137 Trinity Industries, Inc. 4,394,065
30,768 Westinghouse Air Brake
Technologies Corp. 2,272,525
40,419 Woodward, Inc. 4,701,134
---------------
65,080,142
---------------
MARINE -- 0.3%
12,663 Kirby Corp. (a) 928,071
---------------
|
Page 36 See Notes to Financial Statements
FIRST TRUST INDUSTRIALS/PRODUCER DURABLES ALPHADEX(R) FUND (FXR)
PORTFOLIO OF INVESTMENTS (CONTINUED)
JANUARY 31, 2020 (UNAUDITED)
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
COMMON STOCKS (CONTINUED)
PROFESSIONAL SERVICES -- 2.5%
1,896 CoStar Group, Inc. (a) $ 1,238,069
49,303 ManpowerGroup, Inc. 4,510,731
37,905 Robert Half International, Inc. 2,204,934
---------------
7,953,734
---------------
ROAD & RAIL -- 10.3%
33,082 CSX Corp. 2,525,480
30,746 J.B. Hunt Transport Services,
Inc. 3,318,416
7,402 Kansas City Southern 1,248,643
166,971 Knight-Swift Transportation
Holdings, Inc. 6,191,285
21,392 Landstar System, Inc. 2,369,164
12,331 Norfolk Southern Corp. 2,567,437
25,228 Old Dominion Freight Line, Inc. 4,950,490
88,151 Ryder System, Inc. 4,206,566
219,406 Schneider National, Inc.,
Class B 4,886,172
---------------
32,263,653
---------------
SOFTWARE -- 2.2%
49,532 Paylocity Holding Corp. (a) 7,028,096
---------------
TECHNOLOGY HARDWARE, STORAGE
& PERIPHERALS -- 1.8%
162,308 Xerox Holdings Corp. 5,773,296
---------------
TRADING COMPANIES
& DISTRIBUTORS -- 8.4%
125,930 Air Lease Corp. 5,407,434
89,274 HD Supply Holdings, Inc. (a) 3,637,023
65,246 MSC Industrial Direct Co., Inc.,
Class A 4,441,295
35,883 United Rentals, Inc. (a) 4,868,964
10,607 W.W. Grainger, Inc. 3,210,421
100,761 WESCO International, Inc. (a) 4,877,840
---------------
26,442,977
---------------
TRANSPORTATION INFRASTRUCTURE
-- 0.8%
55,875 Macquarie Infrastructure Corp. 2,464,646
---------------
TOTAL COMMON STOCKS
-- 99.7% 313,409,070
(Cost $306,259,800) ---------------
MONEY MARKET FUNDS -- 0.3%
314,734 Goldman Sachs Financial Square
Treasury Obligations Fund -
Institutional Class -
1.46% (c) (d) 314,734
609,115 Morgan Stanley Institutional
Liquidity Funds - Treasury
Portfolio - Institutional
Class - 1.45% (c) 609,115
---------------
TOTAL MONEY MARKET FUNDS
-- 0.3% 923,849
(Cost $923,849) ---------------
PRINCIPAL
VALUE DESCRIPTION VALUE
---------------------------------------------------------------
REPURCHASE AGREEMENTS -- 0.5%
$ 1,451,115 BNP Paribas S.A., 1.56% (c),
dated 01/31/20, due 02/03/20,
with a maturity value of
$1,451,303. Collateralized by
U.S. Treasury Note, interest
rate of 2.125%, due 08/15/21.
The value of the collateral
including accrued interest
is $1,481,716. (d) $ 1,451,115
(Cost $1,451,115) ---------------
TOTAL INVESTMENTS -- 100.5% 315,784,034
(Cost $308,634,764) (e)
NET OTHER ASSETS AND
LIABILITIES -- (0.5)% (1,599,315)
---------------
NET ASSETS -- 100.0% $ 314,184,719
===============
|
(a) Non-income producing security.
(b) All or a portion of this security is on loan (see Note 2D - Securities Lending in the Notes to Financial Statements). The aggregate value of such securities is $1,684,348 and the total value of the collateral held by the Fund is $1,765,849.
(c) Rate shown reflects yield as of January 31, 2020.
(d) This security serves as collateral for securities on loan.
(e) Aggregate cost for financial reporting purposes approximates the aggregate cost for federal income tax purposes. As of January 31, 2020, the aggregate gross unrealized appreciation for all investments in which there was an excess of value over tax cost was $21,856,738 and the aggregate gross unrealized depreciation for all investments in which there was an excess of tax cost over value was $14,707,468. The net unrealized appreciation was $7,149,270.
VALUATION INPUTS
A summary of the inputs used to value the Fund's investments as of January 31, 2020 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
LEVEL 2 LEVEL 3
LEVEL 1 SIGNIFICANT SIGNIFICANT
QUOTED OBSERVABLE UNOBSERVABLE
PRICES INPUTS INPUTS
---------------------------------------------
Common Stocks* $ 313,409,070 $ -- $ --
Money Market
Funds 923,849 -- --
Repurchase
Agreements -- 1,451,115 --
---------------------------------------------
Total Investments $ 314,332,919 $ 1,451,115 $ --
=============================================
|
* See Portfolio of Investments for industry breakout.
See Notes to Financial Statements Page 37
FIRST TRUST INDUSTRIALS/PRODUCER DURABLES ALPHADEX(R) FUND (FXR)
PORTFOLIO OF INVESTMENTS (CONTINUED)
JANUARY 31, 2020 (UNAUDITED)
The Fund's loaned securities were all subject to an enforceable Securities Lending Agency Agreement. Securities lent in accordance with the Securities Lending Agency Agreement on a gross basis were as follows:
Total gross amount presented on the
Statements of Assets and Liabilities(1) $ 1,684,348
Non-cash Collateral(2) (1,684,348)
---------------
Net Amount $ --
===============
|
(1) The amount presented on the Statements of Assets and Liabilities, which is included in "Investments, at value", is not offset and is shown on a gross basis.
(2) At January 31, 2020, the value of the collateral received from each borrower exceeded the value of the related securities loaned. This amount is disclosed on the Portfolio of Investments.
The Fund's investments in repurchase agreements were all subject to an enforceable Master Repurchase Agreement. Repurchase Agreements on a gross basis were as follows:
Total gross amount presented on the
Statements of Assets and Liabilities(3) $ 1,451,115
Non-cash Collateral(4) (1,451,115)
---------------
Net Amount $ --
===============
(3) The amount is included in "Investments, at value" on the Statements of
Assets and Liabilities.
|
(4) At January 31, 2020, the value of the collateral received from each seller exceeded the value of the repurchase agreements.
Page 38 See Notes to Financial Statements
FIRST TRUST MATERIALS ALPHADEX(R) FUND (FXZ)
PORTFOLIO OF INVESTMENTS
JANUARY 31, 2020 (UNAUDITED)
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
COMMON STOCKS -- 99.9%
AEROSPACE & DEFENSE -- 1.5%
19,701 Hexcel Corp. $ 1,462,208
---------------
BUILDING PRODUCTS -- 3.4%
55,450 Owens Corning 3,354,171
---------------
CHEMICALS -- 38.9%
3,073 Air Products and Chemicals, Inc. 733,556
39,553 Albemarle Corp. 3,175,315
9,435 Ashland Global Holdings, Inc. 698,001
60,789 Cabot Corp. 2,422,442
11,733 Celanese Corp. 1,214,366
30,257 CF Industries Holdings, Inc. 1,218,752
159,691 Chemours (The) Co. 2,214,914
26,390 Dow, Inc. 1,215,787
36,447 Eastman Chemical Co. 2,597,578
61,832 Element Solutions, Inc. (a) 723,434
7,235 FMC Corp. 691,594
59,786 Huntsman Corp. 1,229,200
6,781 Linde PLC 1,377,425
38,218 LyondellBasell Industries N.V.,
Class A 2,975,653
100,120 Mosaic (The) Co. 1,986,381
1,487 NewMarket Corp. 653,715
167,467 Olin Corp. 2,490,234
10,823 PPG Industries, Inc. 1,297,028
28,224 RPM International, Inc. 2,014,347
27,206 Scotts Miracle-Gro (The) Co. 3,339,264
3,711 Sherwin-Williams (The) Co. 2,066,990
41,177 Westlake Chemical Corp. 2,520,032
---------------
38,856,008
---------------
CONSTRUCTION & ENGINEERING
-- 0.7%
4,824 Valmont Industries, Inc. 685,297
---------------
CONSTRUCTION MATERIALS -- 2.8%
7,750 Martin Marietta Materials, Inc. 2,044,450
5,015 Vulcan Materials Co. 710,274
---------------
2,754,724
---------------
CONTAINERS & PACKAGING
-- 18.9%
6,244 AptarGroup, Inc. 721,245
30,416 Berry Global Group, Inc. (a) 1,293,288
49,778 Crown Holdings, Inc. (a) 3,685,065
130,123 Graphic Packaging Holding Co. 2,033,823
47,050 International Paper Co. 1,915,876
25,793 Packaging Corp. of America 2,469,680
46,471 Silgan Holdings, Inc. 1,434,095
35,103 Sonoco Products Co. 2,005,785
84,155 WestRock Co. 3,282,045
---------------
18,840,902
---------------
ELECTRICAL EQUIPMENT -- 4.5%
20,931 Acuity Brands, Inc. 2,467,137
186,452 GrafTech International Ltd. 2,000,630
---------------
4,467,767
---------------
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
MACHINERY -- 4.1%
10,868 Ingersoll-Rand PLC $ 1,447,944
51,302 Timken (The) Co. 2,694,894
---------------
4,142,838
---------------
METALS & MINING -- 17.6%
55,047 Freeport-McMoRan, Inc. 611,022
83,106 Newmont Corp. 3,744,756
64,162 Nucor Corp. 3,047,054
30,154 Reliance Steel & Aluminum Co. 3,461,679
16,999 Southern Copper Corp. 640,522
106,083 Steel Dynamics, Inc. 3,169,760
316,473 United States Steel Corp. (b) 2,870,410
---------------
17,545,203
---------------
MULTI-UTILITIES -- 2.2%
72,927 MDU Resources Group, Inc. 2,159,369
---------------
PAPER & FOREST PRODUCTS -- 3.3%
94,428 Domtar Corp. 3,287,983
---------------
TRADING COMPANIES
& DISTRIBUTORS -- 2.0%
58,635 Fastenal Co. 2,045,189
---------------
TOTAL COMMON STOCKS
-- 99.9% 99,601,659
(Cost $115,211,837) ---------------
MONEY MARKET FUNDS -- 0.7%
496,371 Goldman Sachs Financial Square
Treasury Obligations Fund -
Institutional Class -
1.46% (c) (d) 496,371
207,942 Morgan Stanley Institutional
Liquidity Funds - Treasury
Portfolio - Institutional
Class - 1.45% (c) 207,942
---------------
TOTAL MONEY MARKET FUNDS
-- 0.7% 704,313
(Cost $704,313) ---------------
PRINCIPAL
VALUE DESCRIPTION VALUE
---------------------------------------------------------------
REPURCHASE AGREEMENTS -- 2.3%
$ 2,288,571 BNP Paribas S.A., 1.56% (c),
dated 01/31/20, due 02/03/20,
with a maturity value of
$2,288,868. Collateralized by
U.S. Treasury Note, interest
rate of 2.125%, due 08/15/21.
The value of the collateral
including accrued interest is
$2,336,832. (d) 2,288,571
(Cost $2,288,571) ---------------
TOTAL INVESTMENTS -- 102.9% 102,594,543
(Cost $118,204,721) (e)
NET OTHER ASSETS AND
LIABILITIES -- (2.9)% (2,847,334)
---------------
NET ASSETS -- 100.0% $ 99,747,209
===============
|
See Notes to Financial Statements Page 39
FIRST TRUST MATERIALS ALPHADEX(R) FUND (FXZ) PORTFOLIO OF INVESTMENTS (CONTINUED) JANUARY 31, 2020 (UNAUDITED) |
(a) Non-income producing security.
(b) All or a portion of this security is on loan (see Note 2D - Securities Lending in the Notes to Financial Statements). The aggregate value of such securities is $2,630,400 and the total value of the collateral held by the Fund is $2,784,942.
(c) Rate shown reflects yield as of January 31, 2020.
(d) This security serves as collateral for securities on loan.
(e) Aggregate cost for financial reporting purposes approximates the aggregate cost for federal income tax purposes. As of January 31, 2020, the aggregate gross unrealized appreciation for all investments in which there was an excess of value over tax cost was $3,689,568 and the aggregate gross unrealized depreciation for all investments in which there was an excess of tax cost over value was $19,299,746. The net unrealized depreciation was $15,610,178.
VALUATION INPUTS
A summary of the inputs used to value the Fund's investments as of January 31, 2020 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
LEVEL 2 LEVEL 3
LEVEL 1 SIGNIFICANT SIGNIFICANT
QUOTED OBSERVABLE UNOBSERVABLE
PRICES INPUTS INPUTS
---------------------------------------------
Common Stocks* $ 99,601,659 $ -- $ --
Money Market
Funds 704,313 -- --
Repurchase
Agreements -- 2,288,571 --
---------------------------------------------
Total Investments $ 100,305,972 $ 2,288,571 $ --
=============================================
|
* See Portfolio of Investments for industry breakout.
The Fund's loaned securities were all subject to an enforceable Securities Lending Agency Agreement. Securities lent in accordance with the Securities Lending Agency Agreement on a gross basis were as follows:
Total gross amount presented on the
Statements of Assets and Liabilities(1) $ 2,630,400
Non-cash Collateral(2) (2,630,400)
---------------
Net Amount $ --
===============
|
(1) The amount presented on the Statements of Assets and Liabilities, which is included in "Investments, at value", is not offset and is shown on a gross basis.
(2) At January 31, 2020, the value of the collateral received from each borrower exceeded the value of the related securities loaned. This amount is disclosed on the Portfolio of Investments.
The Fund's investments in repurchase agreements were all subject to an enforceable Master Repurchase Agreement. Repurchase Agreements on a gross basis were as follows:
Total gross amount presented on the
Statements of Assets and Liabilities(3) $ 2,288,571
Non-cash Collateral(4) (2,288,571)
---------------
Net Amount $ --
===============
(3) The amount is included in "Investments, at value" on the Statements of
Assets and Liabilities.
|
(4) At January 31, 2020, the value of the collateral received from each seller exceeded the value of the repurchase agreements.
Page 40 See Notes to Financial Statements
FIRST TRUST TECHNOLOGY ALPHADEX(R) FUND (FXL)
PORTFOLIO OF INVESTMENTS
JANUARY 31, 2020 (UNAUDITED)
120,505 L3Harris Technologies, Inc. $ 26,671,372
---------------
COMMUNICATIONS EQUIPMENT
-- 4.7%
372,369 Ciena Corp. (a) 15,144,247
174,780 EchoStar Corp., Class A (a) 6,974,596
170,745 F5 Networks, Inc. (a) 20,851,379
968,114 Juniper Networks, Inc. 22,208,535
46,977 Motorola Solutions, Inc. 8,314,929
210,292 Ubiquiti, Inc. 34,365,919
103,418 ViaSat, Inc. (a) 6,582,556
---------------
114,442,161
---------------
ELECTRONIC EQUIPMENT,
INSTRUMENTS & COMPONENTS
-- 9.6%
220,314 Amphenol Corp., Class A 21,914,633
561,845 Avnet, Inc. 20,501,724
278,223 CDW Corp. 36,294,190
283,662 Cognex Corp. 14,458,252
1,092,162 Corning, Inc. 29,149,804
346,580 Dolby Laboratories, Inc.,
Class A 24,031,857
109,692 IPG Photonics Corp. (a) 14,004,378
961,555 Jabil, Inc. 37,394,874
246,839 SYNNEX Corp. 34,004,541
---------------
231,754,253
---------------
ENTERTAINMENT -- 3.2%
267,528 Activision Blizzard, Inc. 15,645,037
295,721 Electronic Arts, Inc. (a) 31,914,210
61,828 Take-Two Interactive Software,
Inc. (a) 7,706,242
3,896,189 Zynga, Inc., Class A (a) 23,455,058
---------------
78,720,547
---------------
INTERACTIVE MEDIA & SERVICES
-- 5.2%
17,834 Alphabet, Inc., Class C (a) 25,578,058
154,897 Facebook, Inc., Class A (a) 31,275,253
127,627 IAC/InterActiveCorp (a) 31,088,661
483,999 Match Group, Inc. (a) (b) 37,858,402
---------------
125,800,374
---------------
IT SERVICES -- 10.6%
184,029 Akamai Technologies, Inc. (a) 17,179,107
330,305 Amdocs Ltd. 23,765,445
117,396 Black Knight, Inc. (a) 7,856,140
63,589 CACI International, Inc.,
Class A (a) 17,006,242
512,622 Cognizant Technology Solutions
Corp., Class A 31,464,738
422,889 DXC Technology Co. 13,481,701
187,316 EPAM Systems, Inc. (a) 42,734,272
49,123 Gartner, Inc. (a) 7,897,996
118,594 International Business Machines
Corp. 17,045,516
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
IT SERVICES (CONTINUED)
162,391 Leidos Holdings, Inc. $ 16,315,424
120,784 MongoDB, Inc. (a) 19,797,706
206,680 Okta, Inc. (a) 26,465,374
708,398 Sabre Corp. 15,258,893
---------------
256,268,554
---------------
PROFESSIONAL SERVICES -- 1.4%
421,936 IHS Markit Ltd. (a) 33,273,873
---------------
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT -- 22.6%
693,261 Advanced Micro Devices,
Inc. (a) 32,583,267
63,698 Analog Devices, Inc. 6,990,856
520,854 Applied Materials, Inc. 30,204,323
50,303 Broadcom, Inc. 15,350,464
1,022,061 Cypress Semiconductor Corp. 23,844,683
634,714 Entegris, Inc. 32,852,797
664,011 Intel Corp. 42,450,223
223,051 KLA Corp. 36,968,473
108,730 Lam Research Corp. 32,424,373
258,435 Maxim Integrated Products, Inc. 15,537,112
379,499 Microchip Technology, Inc. 36,993,563
738,959 Micron Technology, Inc. (a) 39,231,333
68,811 MKS Instruments, Inc. 7,212,769
178,591 Monolithic Power Systems, Inc. 30,569,421
101,336 NVIDIA Corp. 23,958,871
978,041 ON Semiconductor Corp. (a) 22,641,649
65,126 Qorvo, Inc. (a) 6,894,238
180,170 QUALCOMM, Inc. 15,370,303
263,014 Skyworks Solutions, Inc. 29,760,034
582,800 Teradyne, Inc. 38,458,972
154,281 Universal Display Corp. 27,179,684
---------------
547,477,408
---------------
SOFTWARE -- 35.2%
96,397 Adobe, Inc. (a) 33,848,843
75,643 Alteryx, Inc., Class A (a) 10,549,929
455,052 Anaplan, Inc. (a) 26,206,445
154,388 ANSYS, Inc. (a) 42,353,260
62,596 Aspen Technology, Inc. (a) 7,447,672
173,294 Autodesk, Inc. (a) 34,112,924
325,525 Avalara, Inc. (a) 27,715,199
109,138 Cadence Design Systems,
Inc. (a) 7,869,941
138,436 CDK Global, Inc. 7,431,244
585,462 Ceridian HCM Holding, Inc. (a) 42,908,510
68,259 Citrix Systems, Inc. 8,274,356
217,389 Coupa Software, Inc. (a) 35,032,237
536,246 DocuSign, Inc. (a) 42,100,673
961,672 FireEye, Inc. (a) 15,367,519
372,247 Fortinet, Inc. (a) 42,942,414
47,759 HubSpot, Inc. (a) 8,641,513
28,899 Intuit, Inc. 8,102,702
185,402 LogMeIn, Inc. 15,939,010
199,328 Manhattan Associates, Inc. (a) 17,034,571
201,605 Microsoft Corp. 34,319,219
424,551 Nuance Communications,
Inc. (a) 8,032,505
|
See Notes to Financial Statements Page 41
FIRST TRUST TECHNOLOGY ALPHADEX(R) FUND (FXL)
PORTFOLIO OF INVESTMENTS (CONTINUED)
JANUARY 31, 2020 (UNAUDITED)
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
COMMON STOCKS (CONTINUED)
SOFTWARE (CONTINUED)
242,154 Nutanix, Inc., Class A (a) $ 7,862,740
103,113 Palo Alto Networks, Inc. (a) 24,208,870
150,104 Paycom Software, Inc. (a) 47,757,089
299,366 Pegasystems, Inc. 25,808,343
65,950 Proofpoint, Inc. (a) 8,099,320
235,615 RingCentral, Inc., Class A (a) 48,437,732
97,740 salesforce.com, Inc. (a) 17,818,979
84,459 ServiceNow, Inc. (a) 28,566,568
530,826 Smartsheet, Inc., Class A (a) 25,734,444
265,347 Splunk, Inc. (a) 41,197,775
517,800 SS&C Technologies Holdings,
Inc. 32,626,578
114,199 Synopsys, Inc. (a) 16,845,494
132,460 Tyler Technologies, Inc. (a) 42,874,653
98,782 Zendesk, Inc. (a) 8,534,765
---------------
852,604,036
---------------
TECHNOLOGY HARDWARE, STORAGE
& PERIPHERALS -- 6.4%
108,268 Apple, Inc. 33,510,028
147,301 Dell Technologies, Inc.,
Class C (a) 7,183,870
2,505,745 Hewlett Packard Enterprise Co. 34,905,028
1,160,324 HP, Inc. 24,738,108
1,130,294 NCR Corp. (a) 38,113,514
929,074 Pure Storage, Inc., Class A (a) 16,537,517
---------------
154,988,065
---------------
TOTAL COMMON STOCKS
-- 100.0% 2,422,000,643
(Cost $2,096,445,579) ---------------
MONEY MARKET FUNDS -- 0.4%
6,420,738 Goldman Sachs Financial Square
Treasury Obligations Fund -
Institutional Class -
1.46% (c) (d) 6,420,738
1,795,107 Morgan Stanley Institutional
Liquidity Funds - Treasury
Portfolio - Institutional
Class - 1.45% (c) 1,795,107
---------------
TOTAL MONEY MARKET FUNDS
-- 0.4% 8,215,845
(Cost $8,215,845) ---------------
PRINCIPAL
VALUE DESCRIPTION VALUE
---------------------------------------------------------------
REPURCHASE AGREEMENTS -- 1.2%
$ 29,603,467 BNP Paribas S.A., 1.56% (c),
dated 01/31/20, due 02/03/20,
with a maturity value of
$29,607,315. Collateralized
by U.S. Treasury Note,
interest rate of 2.125%, due
08/15/21. The value of the
collateral including accrued
interest is
$30,227,753. (d) $ 29,603,467
(Cost $29,603,467) ---------------
TOTAL INVESTMENTS -- 101.6% 2,459,819,955
(Cost $2,134,264,891) (e)
NET OTHER ASSETS AND
LIABILITIES -- (1.6)% (37,771,213)
---------------
NET ASSETS -- 100.0% $ 2,422,048,742
===============
|
(a) Non-income producing security.
(b) All or a portion of this security is on loan (see Note 2D - Securities Lending in the Notes to Financial Statements). The aggregate value of such securities is $34,072,554 and the total value of the collateral held by the Fund is $36,024,205.
(c) Rate shown reflects yield as of January 31, 2020.
(d) This security serves as collateral for securities on loan.
(e) Aggregate cost for financial reporting purposes approximates the aggregate cost for federal income tax purposes. As of January 31, 2020, the aggregate gross unrealized appreciation for all investments in which there was an excess of value over tax cost was $356,073,685 and the aggregate gross unrealized depreciation for all investments in which there was an excess of tax cost over value was $30,518,621. The net unrealized appreciation was $325,555,064.
VALUATION INPUTS
A summary of the inputs used to value the Fund's investments as of January 31, 2020 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
LEVEL 2 LEVEL 3
LEVEL 1 SIGNIFICANT SIGNIFICANT
QUOTED OBSERVABLE UNOBSERVABLE
PRICES INPUTS INPUTS
---------------------------------------------
Common Stocks* $2,422,000,643 $ -- $ --
Money Market
Funds 8,215,845 -- --
Repurchase
Agreements -- 29,603,467 --
---------------------------------------------
Total Investments $2,430,216,488 $ 29,603,467 $ --
=============================================
|
* See Portfolio of Investments for industry breakout.
Page 42 See Notes to Financial Statements
FIRST TRUST TECHNOLOGY ALPHADEX(R) FUND (FXL)
PORTFOLIO OF INVESTMENTS (CONTINUED)
JANUARY 31, 2020 (UNAUDITED)
The Fund's loaned securities were all subject to an enforceable Securities Lending Agency Agreement. Securities lent in accordance with the Securities Lending Agency Agreement on a gross basis were as follows:
Total gross amount presented on the
Statements of Assets and Liabilities(1) $ 34,072,554
Non-cash Collateral(2) (34,072,554)
---------------
Net Amount $ --
===============
|
(1) The amount presented on the Statements of Assets and Liabilities, which is included in "Investments, at value", is not offset and is shown on a gross basis.
(2) At January 31, 2020, the value of the collateral received from each borrower exceeded the value of the related securities loaned. This amount is disclosed on the Portfolio of Investments.
The Fund's investments in repurchase agreements were all subject to an enforceable Master Repurchase Agreement. Repurchase Agreements on a gross basis were as follows:
Total gross amount presented on the
Statements of Assets and Liabilities(3) $ 29,603,467
Non-cash Collateral(4) (29,603,467)
---------------
Net Amount $ --
===============
(3) The amount is included in "Investments, at value" on the Statements of
Assets and Liabilities.
|
(4) At January 31, 2020, the value of the collateral received from each seller exceeded the value of the repurchase agreements.
See Notes to Financial Statements Page 43
FIRST TRUST UTILITIES ALPHADEX(R) FUND (FXU)
PORTFOLIO OF INVESTMENTS
JANUARY 31, 2020 (UNAUDITED)
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
COMMON STOCKS -- 99.0%
DIVERSIFIED TELECOMMUNICATION
SERVICES -- 13.1%
1,558,867 AT&T, Inc. $ 58,644,577
964,024 GCI Liberty, Inc., Class A (a) 70,547,276
572,092 Verizon Communications, Inc. 34,005,148
---------------
163,197,001
---------------
ELECTRIC UTILITIES -- 42.8%
213,974 Alliant Energy Corp. 12,701,497
247,777 American Electric Power Co.,
Inc. 25,823,319
915,463 Avangrid, Inc. 48,757,559
513,492 Duke Energy Corp. 50,132,224
195,472 Entergy Corp. 25,708,477
539,663 Evergy, Inc. 38,942,082
137,638 Eversource Energy 12,723,257
1,498,159 Exelon Corp. 71,297,387
240,919 FirstEnergy Corp. 12,236,276
249,871 Hawaiian Electric Industries,
Inc. 12,221,191
109,627 IDACORP, Inc. 12,299,053
789,891 OGE Energy Corp. 36,216,502
520,795 Pinnacle West Capital Corp. 50,876,464
1,305,330 PPL Corp. 47,239,893
735,246 Southern (The) Co. 51,761,318
368,838 Xcel Energy, Inc. 25,519,901
---------------
534,456,400
---------------
GAS UTILITIES -- 7.6%
209,347 Atmos Energy Corp. 24,499,879
1,374,592 National Fuel Gas Co. 59,368,629
259,271 UGI Corp. 10,783,081
---------------
94,651,589
---------------
INDEPENDENT POWER AND
RENEWABLE ELECTRICITY
PRODUCERS -- 5.3%
2,970,910 Vistra Energy Corp. 66,904,893
---------------
MULTI-UTILITIES -- 18.4%
304,915 Ameren Corp. 25,018,276
1,288,101 CenterPoint Energy, Inc. 34,108,914
388,265 Consolidated Edison, Inc. 36,496,910
180,311 DTE Energy Co. 23,911,042
1,261,725 NiSource, Inc. 36,981,160
594,859 Public Service Enterprise Group,
Inc. 35,215,653
154,594 Sempra Energy 24,833,980
126,952 WEC Energy Group, Inc. 12,681,235
---------------
229,247,170
---------------
WIRELESS TELECOMMUNICATION
SERVICES -- 11.8%
8,989,473 Sprint Corp. (a) (b) 39,283,997
2,685,858 Telephone & Data Systems, Inc. 60,915,259
597,234 T-Mobile US, Inc. (a) 47,294,961
---------------
147,494,217
---------------
TOTAL COMMON STOCKS
-- 99.0% 1,235,951,270
(Cost $1,193,576,704) ---------------
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
MONEY MARKET FUNDS -- 1.6%
1,396,069 Goldman Sachs Financial Square
Treasury Obligations Fund -
Institutional Class -
1.46% (c) (d) $ 1,396,069
19,002,068 Morgan Stanley Institutional
Liquidity Funds - Treasury
Portfolio - Institutional
Class - 1.45% (c) 19,002,068
---------------
TOTAL MONEY MARKET FUNDS
-- 1.6% 20,398,137
(Cost $20,398,137) ---------------
PRINCIPAL
VALUE DESCRIPTION VALUE
---------------------------------------------------------------
REPURCHASE AGREEMENTS -- 0.5%
$ 6,436,721 BNP Paribas S.A., 1.56% (c),
dated 01/31/20, due 02/03/20,
with a maturity value of
$6,437,557. Collateralized by
U.S. Treasury Note, interest
rate of 2.125%, due 08/15/21.
The value of the collateral
including accrued interest is
$6,572,460. (d) 6,436,721
(Cost $6,436,721) ---------------
TOTAL INVESTMENTS -- 101.1% 1,262,786,128
(Cost $1,220,411,562) (e)
NET OTHER ASSETS AND
LIABILITIES -- (1.1)% (14,355,555)
---------------
NET ASSETS -- 100.0% $ 1,248,430,573
===============
|
(a) Non-income producing security.
(b) All or a portion of this security is on loan (see Note 2D - Securities Lending in the Notes to Financial Statements). The aggregate value of such securities is $7,311,010 and the total value of the collateral held by the Fund is $7,832,790.
(c) Rate shown reflects yield as of January 31, 2020.
(d) This security serves as collateral for securities on loan.
(e) Aggregate cost for financial reporting purposes approximates the aggregate cost for federal income tax purposes. As of January 31, 2020, the aggregate gross unrealized appreciation for all investments in which there was an excess of value over tax cost was $97,877,291 and the aggregate gross unrealized depreciation for all investments in which there was an excess of tax cost over value was $55,502,725. The net unrealized appreciation was $42,374,566.
Page 44 See Notes to Financial Statements
FIRST TRUST UTILITIES ALPHADEX(R) FUND (FXU)
PORTFOLIO OF INVESTMENTS (CONTINUED)
JANUARY 31, 2020 (UNAUDITED)
VALUATION INPUTS
A summary of the inputs used to value the Fund's investments as of January 31, 2020 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
LEVEL 2 LEVEL 3
LEVEL 1 SIGNIFICANT SIGNIFICANT
QUOTED OBSERVABLE UNOBSERVABLE
PRICES INPUTS INPUTS
---------------------------------------------
Common Stocks* $1,235,951,270 $ -- $ --
Money Market
Funds 20,398,137 -- --
Repurchase
Agreements -- 6,436,721 --
---------------------------------------------
Total Investments $1,256,349,407 $ 6,436,721 $ --
=============================================
|
* See Portfolio of Investments for industry breakout.
The Fund's loaned securities were all subject to an enforceable Securities Lending Agency Agreement. Securities lent in accordance with the Securities Lending Agency Agreement on a gross basis were as follows:
Total gross amount presented on the
Statements of Assets and Liabilities(1) $ 7,311,010
Non-cash Collateral(2) (7,311,010)
---------------
Net Amount $ --
===============
|
(1) The amount presented on the Statements of Assets and Liabilities, which is included in "Investments, at value", is not offset and is shown on a gross basis.
(2) At January 31, 2020, the value of the collateral received from each borrower exceeded the value of the related securities loaned. This amount is disclosed on the Portfolio of Investments.
The Fund's investments in repurchase agreements were all subject to an enforceable Master Repurchase Agreement. Repurchase Agreements on a gross basis were as follows:
Total gross amount presented on the
Statements of Assets and Liabilities(3) $ 6,436,721
Non-cash Collateral(4) (6,436,721)
---------------
Net Amount $ --
===============
(3) The amount is included in "Investments, at value" on the Statements of
Assets and Liabilities.
|
(4) At January 31, 2020, the value of the collateral received from each seller exceeded the value of the repurchase agreements.
See Notes to Financial Statements Page 45
FIRST TRUST EXCHANGE-TRADED ALPHADEX(R) FUND
SECTOR FUNDS
STATEMENTS OF ASSETS AND LIABILITIES
JANUARY 31, 2020 (UNAUDITED)
FIRST TRUST FIRST TRUST
CONSUMER CONSUMER FIRST TRUST
DISCRETIONARY STAPLES ENERGY
ALPHADEX(R) FUND ALPHADEX(R) FUND ALPHADEX(R) FUND
(FXD) (FXG) (FXN)
-------------------- -------------------- --------------------
ASSETS:
Investments, at value.............................................. $ 298,508,860 $ 319,912,564 $ 76,536,941
Receivables:
Investment securities sold................................... -- -- 882,948
Dividends.................................................... 120,786 381,157 55,957
Securities lending income.................................... 157 -- 302
Prepaid expenses................................................... 2,484 2,682 1,139
-------------- -------------- --------------
Total Assets................................................. 298,632,287 320,296,403 77,477,287
-------------- -------------- --------------
LIABILITIES:
Payables:
Investment securities purchased.............................. -- -- --
Capital shares redeemed...................................... -- -- 884,100
Collateral for securities on loan............................ 170,432 -- --
Investment advisory fees..................................... 137,325 141,965 38,022
Licensing fees............................................... 47,447 46,331 13,133
Shareholder reporting fees................................... 21,618 18,743 12,342
Audit and tax fees........................................... 14,449 14,449 14,449
Trustees' fees............................................... 637 626 612
Other liabilities.................................................. 83,479 79,451 24,989
-------------- -------------- --------------
Total Liabilities............................................ 475,387 301,565 987,647
-------------- -------------- --------------
NET ASSETS......................................................... $ 298,156,900 $ 319,994,838 $ 76,489,640
============== ============== ==============
NET ASSETS CONSIST OF:
Paid-in capital.................................................... $ 687,863,962 $ 562,729,130 $ 531,230,381
Par value.......................................................... 68,500 67,000 86,500
Accumulated distributable earnings (loss).......................... (389,775,562) (242,801,292) (454,827,241)
-------------- -------------- --------------
NET ASSETS......................................................... $ 298,156,900 $ 319,994,838 $ 76,489,640
============== ============== ==============
NET ASSET VALUE, per share......................................... $ 43.53 $ 47.76 $ 8.84
============== ============== ==============
Number of shares outstanding (unlimited number of shares
authorized, par value $0.01 per share).......................... 6,850,002 6,700,002 8,650,002
============== ============== ==============
Investments, at cost............................................... $ 291,548,880 $ 317,421,710 $ 114,489,018
============== ============== ==============
Securities on loan, at value....................................... $ 166,688 $ -- $ --
============== ============== ==============
|
Page 46 See Notes to Financial Statements
FIRST TRUST
FIRST TRUST FIRST TRUST INDUSTRIALS/ FIRST TRUST FIRST TRUST FIRST TRUST
FINANCIALS HEALTH CARE PRODUCER DURABLES MATERIALS TECHNOLOGY UTILITIES
ALPHADEX(R) FUND ALPHADEX(R) FUND ALPHADEX(R) FUND ALPHADEX(R) FUND ALPHADEX(R) FUND ALPHADEX(R) FUND
(FXO) (FXH) (FXR) (FXZ) (FXL) (FXU)
-------------------- -------------------- -------------------- -------------------- -------------------- --------------------
$1,966,732,908 $1,108,447,489 $ 315,784,034 $ 102,594,543 $2,459,819,955 $1,262,786,128
-- -- -- -- -- --
1,666,700 527,560 471,608 65,754 52,643 1,645,223
-- 12,240 1,524 629 101,144 120
12,572 8,000 3,706 1,018 16,233 8,597
-------------- -------------- -------------- -------------- -------------- --------------
1,968,412,180 1,108,995,289 316,260,872 102,661,944 2,459,989,975 1,264,440,068
-------------- -------------- -------------- -------------- -------------- --------------
-- -- -- -- -- 7,142,250
-- -- -- -- -- --
16,380,000 -- 1,765,849 2,784,942 36,024,205 7,832,790
842,628 491,240 142,360 48,526 1,056,897 529,122
257,749 151,364 50,540 18,552 313,466 171,478
44,640 51,760 18,784 13,051 77,641 49,987
14,449 14,449 14,449 14,449 14,449 14,449
826 696 638 619 782 691
384,243 246,810 83,533 34,596 453,793 268,728
-------------- -------------- -------------- -------------- -------------- --------------
17,924,535 956,319 2,076,153 2,914,735 37,941,233 16,009,495
-------------- -------------- -------------- -------------- -------------- --------------
$1,950,487,645 $1,108,038,970 $ 314,184,719 $ 99,747,209 $2,422,048,742 $1,248,430,573
============== ============== ============== ============== ============== ==============
$1,943,374,375 $1,671,567,131 $ 472,898,664 $ 240,984,950 $2,314,140,040 $1,312,439,744
591,500 134,000 71,500 27,000 330,050 420,000
6,521,770 (563,662,161) (158,785,445) (141,264,741) 107,578,652 (64,429,171)
-------------- -------------- -------------- -------------- -------------- --------------
$1,950,487,645 $1,108,038,970 $ 314,184,719 $ 99,747,209 $2,422,048,742 $1,248,430,573
============== ============== ============== ============== ============== ==============
$ 32.98 $ 82.69 $ 43.94 $ 36.94 $ 73.38 $ 29.72
============== ============== ============== ============== ============== ==============
59,150,002 13,400,002 7,150,002 2,700,002 33,005,000 42,000,002
============== ============== ============== ============== ============== ==============
$1,873,458,646 $1,027,927,923 $ 308,634,764 $ 118,204,721 $2,134,264,891 $1,220,411,562
============== ============== ============== ============== ============== ==============
$ 15,972,000 $ -- $ 1,684,348 $ 2,630,400 $ 34,072,554 $ 7,311,010
============== ============== ============== ============== ============== ==============
|
See Notes to Financial Statements Page 47
FIRST TRUST EXCHANGE-TRADED ALPHADEX(R) FUND
SECTOR FUNDS
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED JANUARY 31, 2020 (UNAUDITED)
FIRST TRUST FIRST TRUST
CONSUMER CONSUMER FIRST TRUST
DISCRETIONARY STAPLES ENERGY
ALPHADEX(R) FUND ALPHADEX(R) FUND ALPHADEX(R) FUND
(FXD) (FXG) (FXN)
-------------------- -------------------- --------------------
INVESTMENT INCOME:
Dividends.......................................................... $ 2,868,239 $ 4,277,785 $ 1,207,300
Securities lending income (net of fees)............................ 8,555 -- 27,056
Foreign withholding tax............................................ -- -- --
-------------- -------------- --------------
Total investment income...................................... 2,876,794 4,277,785 1,234,356
-------------- -------------- --------------
EXPENSES:
Investment advisory fees........................................... 873,656 871,860 238,593
Accounting and administration fees................................. 88,182 87,824 24,511
Licensing fees..................................................... 69,892 69,749 19,087
Shareholder reporting fees......................................... 26,509 20,080 9,558
Custodian fees..................................................... 19,645 17,011 5,380
Audit and tax fees................................................. 12,038 12,038 12,038
Transfer agent fees................................................ 8,737 8,719 2,386
Listing fees....................................................... 4,793 4,793 4,793
Trustees' fees and expenses........................................ 3,713 3,708 3,603
Legal fees......................................................... 2,778 3,657 (2,009)
Registration and filing fees....................................... 50 50 50
Other expenses..................................................... 3,583 3,065 1,431
-------------- -------------- --------------
Total expenses............................................... 1,113,576 1,102,554 319,421
-------------- -------------- --------------
NET INVESTMENT INCOME (LOSS)....................................... 1,763,218 3,175,231 914,935
-------------- -------------- --------------
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments.................................................. (6,068,614) (9,169,412) (15,154,304)
In-kind redemptions.......................................... 18,572,538 17,216,258 (2,813,863)
-------------- -------------- --------------
Net realized gain (loss)........................................... 12,503,924 8,046,846 (17,968,167)
-------------- -------------- --------------
Net change in unrealized appreciation (depreciation) on
investments..................................................... (10,079,755) 6,876,631 (2,760,237)
-------------- -------------- --------------
NET REALIZED AND UNREALIZED GAIN (LOSS)............................ 2,424,169 14,923,477 (20,728,404)
-------------- -------------- --------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING
FROM OPERATIONS................................................. $ 4,187,387 $ 18,098,708 $ (19,813,469)
============== ============== ==============
|
Page 48 See Notes to Financial Statements
FIRST TRUST
FIRST TRUST FIRST TRUST INDUSTRIALS/ FIRST TRUST FIRST TRUST FIRST TRUST
FINANCIALS HEALTH CARE PRODUCER DURABLES MATERIALS TECHNOLOGY UTILITIES
ALPHADEX(R) FUND ALPHADEX(R) FUND ALPHADEX(R) FUND ALPHADEX(R) FUND ALPHADEX(R) FUND ALPHADEX(R) FUND
(FXO) (FXH) (FXR) (FXZ) (FXL) (FXU)
-------------------- -------------------- -------------------- -------------------- -------------------- --------------------
$ 24,266,899 $ 3,649,158 $ 3,646,081 $ 1,687,679 $ 8,495,509 $ 18,530,797
35 24,861 15,880 10,548 367,020 120
(12,551) -- -- -- (22,153) --
-------------- -------------- -------------- -------------- -------------- --------------
24,254,383 3,674,019 3,661,961 1,698,227 8,840,376 18,530,917
-------------- -------------- -------------- -------------- -------------- --------------
4,157,423 2,780,628 855,782 340,285 5,770,149 3,227,747
383,289 273,445 86,333 34,721 512,565 309,131
332,594 222,450 68,463 27,223 461,612 258,220
47,041 33,022 20,880 15,435 95,761 75,430
82,271 38,255 19,674 7,262 91,008 54,588
12,038 12,038 12,038 12,038 12,038 12,038
33,216 26,471 8,558 3,403 41,419 28,707
6,049 6,049 4,793 4,793 6,050 4,793
4,269 3,834 3,707 3,639 4,361 4,159
9,964 9,076 (5,773) 226 27,114 20,441
50 50 50 50 50 50
11,133 11,711 774 1,292 17,504 9,909
-------------- -------------- -------------- -------------- -------------- --------------
5,079,337 3,417,029 1,075,279 450,367 7,039,631 4,005,213
-------------- -------------- -------------- -------------- -------------- --------------
19,175,046 256,990 2,586,682 1,247,860 1,800,745 14,525,704
-------------- -------------- -------------- -------------- -------------- --------------
(11,855,595) (22,010,262) 2,169,658 (5,789,956) (56,260,575) (19,570,868)
42,155,935 25,588,487 11,483,994 4,436,490 149,049,521 36,955,308
-------------- -------------- -------------- -------------- -------------- --------------
30,300,340 3,578,225 13,653,652 (1,353,466) 92,788,946 17,384,440
-------------- -------------- -------------- -------------- -------------- --------------
13,531,929 60,166,154 (3,197,392) (3,769,100) 33,926,544 24,485,711
-------------- -------------- -------------- -------------- -------------- --------------
43,832,269 63,744,379 10,456,260 (5,122,566) 126,715,490 41,870,151
-------------- -------------- -------------- -------------- -------------- --------------
$ 63,007,315 $ 64,001,369 $ 13,042,942 $ (3,874,706) $ 128,516,235 $ 56,395,855
============== ============== ============== ============== ============== ==============
|
See Notes to Financial Statements Page 49
FIRST TRUST EXCHANGE-TRADED ALPHADEX(R) FUND
SECTOR FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
FIRST TRUST FIRST TRUST
CONSUMER DISCRETIONARY CONSUMER STAPLES
ALPHADEX(R) FUND ALPHADEX(R) FUND
(FXD) (FXG)
---------------------------------- ----------------------------------
Six Months Ended Six Months Ended
1/31/2020 Year Ended 1/31/2020 Year Ended
(Unaudited) 7/31/2019 (Unaudited) 7/31/2019
---------------- ---------------- ---------------- ----------------
OPERATIONS:
Net investment income (loss)................................ $ 1,763,218 $ 3,231,559 $ 3,175,231 $ 5,043,876
Net realized gain (loss).................................... 12,503,924 3,394,989 8,046,846 (16,244,507)
Net change in unrealized appreciation (depreciation)........ (10,079,755) (4,579,483) 6,876,631 12,583,208
-------------- -------------- -------------- --------------
Net increase (decrease) in net assets resulting
from operations.......................................... 4,187,387 2,047,065 18,098,708 1,382,577
-------------- -------------- -------------- --------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Investment operations....................................... (2,475,756) (2,816,656) (3,168,591) (8,074,707)
-------------- -------------- -------------- --------------
SHAREHOLDER TRANSACTIONS:
Proceeds from shares sold................................... 33,358,566 118,936,453 93,234,029 124,804,864
Cost of shares redeemed..................................... (121,029,844) (143,392,949) (117,961,487) (157,963,843)
-------------- -------------- -------------- --------------
Net increase (decrease) in net assets resulting
from shareholder transactions............................ (87,671,278) (24,456,496) (24,727,458) (33,158,979)
-------------- -------------- -------------- --------------
Total increase (decrease) in net assets..................... (85,959,647) (25,226,087) (9,797,341) (39,851,109)
NET ASSETS:
Beginning of period......................................... 384,116,547 409,342,634 329,792,179 369,643,288
-------------- -------------- -------------- --------------
End of period............................................... $ 298,156,900 $ 384,116,547 $ 319,994,838 $ 329,792,179
============== ============== ============== ==============
CHANGES IN SHARES OUTSTANDING:
Shares outstanding, beginning of period..................... 8,850,002 9,650,002 7,200,002 7,950,002
Shares sold................................................. 800,000 2,800,000 1,950,000 2,700,000
Shares redeemed............................................. (2,800,000) (3,600,000) (2,450,000) (3,450,000)
-------------- -------------- -------------- --------------
Shares outstanding, end of period........................... 6,850,002 8,850,002 6,700,002 7,200,002
============== ============== ============== ==============
|
Page 50 See Notes to Financial Statements
FIRST TRUST FIRST TRUST FIRST TRUST
ENERGY FINANCIALS HEALTH CARE
ALPHADEX(R) FUND ALPHADEX(R) FUND ALPHADEX(R) FUND
(FXN) (FXO) (FXH)
---------------------------------- ---------------------------------- ----------------------------------
Six Months Ended Six Months Ended Six Months Ended
1/31/2020 Year Ended 1/31/2020 Year Ended 1/31/2020 Year Ended
(Unaudited) 7/31/2019 (Unaudited) 7/31/2019 (Unaudited) 7/31/2019
---------------- ---------------- ---------------- ---------------- ---------------- ----------------
$ 914,935 $ 3,078,942 $ 19,175,046 $ 21,435,515 $ 256,990 $ (1,754,398)
(17,968,167) (69,838,515) 30,300,340 19,615,164 3,578,225 63,840,386
(2,760,237) (64,441,284) 13,531,929 (26,430,170) 60,166,154 (151,566,044)
-------------- -------------- -------------- -------------- -------------- --------------
(19,813,469) (131,200,857) 63,007,315 14,620,509 64,001,369 (89,480,056)
-------------- -------------- -------------- -------------- -------------- --------------
(1,416,016) (2,654,300) (23,673,531) (20,256,006) -- --
-------------- -------------- -------------- -------------- -------------- --------------
11,294,905 156,076,566 1,168,606,992 74,828,025 77,857,853 1,723,952,631
(35,949,285) (337,620,739) (245,805,783) (333,749,514) (217,560,224) (1,514,477,381)
-------------- -------------- -------------- -------------- -------------- --------------
(24,654,380) (181,544,173) 922,801,209 (258,921,489) (139,702,371) 209,475,250
-------------- -------------- -------------- -------------- -------------- --------------
(45,883,865) (315,399,330) 962,134,993 (264,556,986) (75,701,002) 119,995,194
122,373,505 437,772,835 988,352,652 1,252,909,638 1,183,739,972 1,063,744,778
-------------- -------------- -------------- -------------- -------------- --------------
$ 76,489,640 $ 122,373,505 $1,950,487,645 $ 988,352,652 $1,108,038,970 $1,183,739,972
============== ============== ============== ============== ============== ==============
11,250,002 25,600,002 30,550,002 39,100,002 15,250,002 13,850,002
1,100,000 10,400,000 36,300,000 2,450,000 950,000 22,250,000
(3,700,000) (24,750,000) (7,700,000) (11,000,000) (2,800,000) (20,850,000)
-------------- -------------- -------------- -------------- -------------- --------------
8,650,002 11,250,002 59,150,002 30,550,002 13,400,002 15,250,002
============== ============== ============== ============== ============== ==============
|
See Notes to Financial Statements Page 51
FIRST TRUST EXCHANGE-TRADED ALPHADEX(R) FUND
SECTOR FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
FIRST TRUST FIRST TRUST
INDUSTRIALS/PRODUCER DURABLES MATERIALS
ALPHADEX(R) FUND ALPHADEX(R) FUND
(FXR) (FXZ)
---------------------------------- ----------------------------------
Six Months Ended Six Months Ended
1/31/2020 Year Ended 1/31/2020 Year Ended
(Unaudited) 7/31/2019 (Unaudited) 7/31/2019
---------------- ---------------- ---------------- ----------------
OPERATIONS:
Net investment income (loss)................................ $ 2,586,682 $ 5,164,553 $ 1,247,860 $ 2,267,112
Net realized gain (loss).................................... 13,653,652 21,656,111 (1,353,466) (9,024,903)
Net change in unrealized appreciation (depreciation)........ (3,197,392) (132,608,865) (3,769,100) (29,969,693)
-------------- -------------- -------------- --------------
Net increase (decrease) in net assets resulting.............
from operations.......................................... 13,042,942 (105,788,201) (3,874,706) (36,727,484)
-------------- -------------- -------------- --------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Investment operations....................................... (2,603,751) (4,745,501) (1,649,716) (2,117,421)
-------------- -------------- -------------- --------------
SHAREHOLDER TRANSACTIONS:
Proceeds from shares sold................................... 42,734,021 706,888,586 29,812,108 64,963,487
Cost of shares redeemed..................................... (117,161,093) (1,797,275,535) (91,909,674) (172,775,616)
-------------- -------------- -------------- --------------
Net increase (decrease) in net assets resulting
from shareholder transactions............................ (74,427,072) (1,090,386,949) (62,097,566) (107,812,129)
-------------- -------------- -------------- --------------
Total increase (decrease) in net assets..................... (63,987,881) (1,200,920,651) (67,621,988) (146,657,034)
NET ASSETS:
Beginning of period......................................... 378,172,600 1,579,093,251 167,369,197 314,026,231
-------------- -------------- -------------- --------------
End of period............................................... $ 314,184,719 $ 378,172,600 $ 99,747,209 $ 167,369,197
============== ============== ============== ==============
CHANGES IN SHARES OUTSTANDING:
Shares outstanding, beginning of period..................... 8,900,002 38,250,002 4,350,002 7,250,002
Shares sold................................................. 1,000,000 17,350,000 800,000 1,650,000
Shares redeemed............................................. (2,750,000) (46,700,000) (2,450,000) (4,550,000)
-------------- -------------- -------------- --------------
Shares outstanding, end of period........................... 7,150,002 8,900,002 2,700,002 4,350,002
============== ============== ============== ==============
|
Page 52 See Notes to Financial Statements
FIRST TRUST FIRST TRUST
TECHNOLOGY UTILITIES
ALPHADEX(R) FUND ALPHADEX(R) FUND
(FXL) (FXU)
---------------------------------- ----------------------------------
Six Months Ended Six Months Ended
1/31/2020 Year Ended 1/31/2020 Year Ended
(Unaudited) 7/31/2019 (Unaudited) 7/31/2019
---------------- ---------------- ---------------- ----------------
$ 1,800,745 $ 10,428,716 $ 14,525,704 $ 13,712,237
92,788,946 243,984,837 17,384,440 26,261,291
33,926,544 157,909,622 24,485,711 25,589,904
-------------- -------------- -------------- --------------
128,516,235 412,323,175 56,395,855 65,563,432
-------------- -------------- -------------- --------------
(3,703,979) (9,561,020) (19,650,601) (10,275,866)
-------------- -------------- -------------- --------------
562,464,981 1,756,769,650 237,961,360 1,503,287,322
(660,575,449) (1,760,385,574) (375,817,467) (517,573,676)
-------------- -------------- -------------- --------------
(98,110,468) (3,615,924) (137,856,107) 985,713,646
-------------- -------------- -------------- --------------
26,701,788 399,146,231 (101,110,853) 1,041,001,212
2,395,346,954 1,996,200,723 1,349,541,426 308,540,214
-------------- -------------- -------------- --------------
$2,422,048,742 $2,395,346,954 $1,248,430,573 $1,349,541,426
============== ============== ============== ==============
34,555,000 35,305,000 46,750,002 11,700,002
7,750,000 27,100,000 8,200,000 53,150,000
(9,300,000) (27,850,000) (12,950,000) (18,100,000)
-------------- -------------- -------------- --------------
33,005,000 34,555,000 42,000,002 46,750,002
============== ============== ============== ==============
|
See Notes to Financial Statements Page 53
FIRST TRUST EXCHANGE-TRADED ALPHADEX(R) FUND
SECTOR FUNDS
FINANCIAL HIGHLIGHTS
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
FIRST TRUST CONSUMER DISCRETIONARY ALPHADEX(R) FUND (FXD)
SIX MONTHS ENDED YEAR ENDED JULY 31,
1/31/2020 --------------------------------------------------------------
(UNAUDITED) 2019 2018 2017 2016 2015
---------------- ---------- ---------- ---------- ---------- ----------
Net asset value, beginning of period $ 43.40 $ 42.42 $ 37.53 $ 36.06 $ 37.29 $ 32.24
---------- ---------- ---------- ---------- ---------- ----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss) 0.23 0.37 0.43 0.34 0.53 0.30
Net realized and unrealized gain (loss) 0.21 0.93 4.88 1.48 (1.43) 5.03
---------- ---------- ---------- ---------- ---------- ----------
Total from investment operations 0.44 1.30 5.31 1.82 (0.90) 5.33
---------- ---------- ---------- ---------- ---------- ----------
DISTRIBUTIONS PAID TO SHAREHOLDERS FROM:
Net investment income (0.31) (0.32) (0.42) (0.35) (0.33) (0.28)
---------- ---------- ---------- ---------- ---------- ----------
Net asset value, end of period $ 43.53 $ 43.40 $ 42.42 $ 37.53 $ 36.06 $ 37.29
========== ========== ========== ========== ========== ==========
TOTAL RETURN (a) 0.99% 3.13% 14.17% 5.10% (2.34)% 16.54%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's) $ 298,157 $ 384,117 $ 409,343 $ 407,197 $1,766,902 $2,559,671
RATIOS TO AVERAGE NET ASSETS:
Ratio of total expenses to average net
assets 0.64% (b) 0.64% 0.64% 0.63% 0.61% 0.63%
Ratio of net expenses to average net
assets 0.64% (b) 0.64% 0.64% 0.63% 0.61% 0.63%
Ratio of net investment income (loss) to
average net assets 1.01% (b) 0.90% 1.03% 0.79% 1.39% 0.91%
Portfolio turnover rate (c) 40% 97% 101% 93% 103% 131%
|
FIRST TRUST CONSUMER STAPLES ALPHADEX(R) FUND (FXG)
SIX MONTHS ENDED YEAR ENDED JULY 31,
1/31/2020 --------------------------------------------------------------
(UNAUDITED) 2019 2018 2017 2016 2015
---------------- ---------- ---------- ---------- ---------- ----------
Net asset value, beginning of period $ 45.80 $ 46.50 $ 46.84 $ 49.06 $ 45.69 $ 37.71
---------- ---------- ---------- ---------- ---------- ----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss) 0.47 0.70 1.00 0.56 0.76 0.72
Net realized and unrealized gain (loss) 1.95 (0.32) (0.74) (2.20) 3.38 7.95
---------- ---------- ---------- ---------- ---------- ----------
Total from investment operations 2.42 0.38 0.26 (1.64) 4.14 8.67
---------- ---------- ---------- ---------- ---------- ----------
DISTRIBUTIONS PAID TO SHAREHOLDERS FROM:
Net investment income (0.46) (1.08) (0.60) (0.58) (0.77) (0.69)
---------- ---------- ---------- ---------- ---------- ----------
Net asset value, end of period $ 47.76 $ 45.80 $ 46.50 $ 46.84 $ 49.06 $ 45.69
========== ========== ========== ========== ========== ==========
TOTAL RETURN (a) 5.26% 0.83% 0.53% (3.31)% 9.19% 23.09%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's) $ 319,995 $ 329,792 $ 369,643 $ 461,376 $2,558,300 $2,894,359
RATIOS TO AVERAGE NET ASSETS:
Ratio of total expenses to average net
assets 0.63% (b) 0.64% 0.64% 0.62% 0.61% 0.62%
Ratio of net expenses to average net
assets 0.63% (b) 0.64% 0.64% 0.62% 0.61% 0.62%
Ratio of net investment income (loss) to
average net assets 1.82% (b) 1.51% 2.09% 0.94% 1.60% 1.75%
Portfolio turnover rate (c) 51% 90% 107% 100% 102% 87%
|
(a) Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all distributions at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return is calculated for the time period presented and is not annualized for periods of less than a year.
(b) Annualized.
(c) Portfolio turnover is calculated for the time period presented and is not annualized for periods of less than a year and does not include securities received or delivered from processing creations or redemptions and in-kind transactions.
Page 54 See Notes to Financial Statements
FIRST TRUST EXCHANGE-TRADED ALPHADEX(R) FUND
SECTOR FUNDS
FINANCIAL HIGHLIGHTS (CONTINUED)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
FIRST TRUST ENERGY ALPHADEX(R) FUND (FXN)
SIX MONTHS ENDED YEAR ENDED JULY 31,
1/31/2020 --------------------------------------------------------------
(UNAUDITED) 2019 2018 2017 2016 2015
---------------- ---------- ---------- ---------- ---------- ----------
Net asset value, beginning of period $ 10.88 $ 17.10 $ 13.66 $ 14.54 $ 16.93 $ 28.07
---------- ---------- ---------- ---------- ---------- ----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss) 0.10 0.16 0.12 0.14 0.22 0.40
Net realized and unrealized gain (loss) (2.00) (6.25) 3.47 (0.85) (2.37) (11.14)
---------- ---------- ---------- ---------- ---------- ----------
Total from investment operations (1.90) (6.09) 3.59 (0.71) (2.15) (10.74)
---------- ---------- ---------- ---------- ---------- ----------
DISTRIBUTIONS PAID TO SHAREHOLDERS FROM:
Net investment income (0.14) (0.13) (0.15) (0.17) (0.24) (0.40)
---------- ---------- ---------- ---------- ---------- ----------
Net asset value, end of period $ 8.84 $ 10.88 $ 17.10 $ 13.66 $ 14.54 $ 16.93
========== ========== ========== ========== ========== ==========
TOTAL RETURN (a) (17.61)% (35.77)% 26.45% (4.99)% (12.67)% (38.59)%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's) $ 76,490 $ 122,374 $ 437,773 $ 249,296 $1,458,077 $ 346,292
RATIOS TO AVERAGE NET ASSETS:
Ratio of total expenses to average net
assets 0.67% (b) 0.65% 0.63% 0.63% 0.62% 0.64%
Ratio of net expenses to average net
assets 0.67% (b) 0.65% 0.63% 0.63% 0.62% 0.64%
Ratio of net investment income (loss) to
average net assets 1.92% (b) 1.17% 0.68% 1.03% 1.40% 1.68%
Portfolio turnover rate (c) 37% 99% 108% 55% 112% 97%
|
FIRST TRUST FINANCIALS ALPHADEX(R) FUND (FXO)
SIX MONTHS ENDED YEAR ENDED JULY 31,
1/31/2020 --------------------------------------------------------------
(UNAUDITED) 2019 2018 2017 2016 2015
---------------- ---------- ---------- ---------- ---------- ----------
Net asset value, beginning of period $ 32.35 $ 32.04 $ 29.39 $ 24.09 $ 24.43 $ 21.64
---------- ---------- ---------- ---------- ---------- ----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss) 0.25 0.65 0.62 0.44 0.39 0.30
Net realized and unrealized gain (loss) 0.80 0.25 2.61 5.30 (0.36) 2.79
---------- ---------- ---------- ---------- ---------- ----------
Total from investment operations 1.05 0.90 3.23 5.74 0.03 3.09
---------- ---------- ---------- ---------- ---------- ----------
DISTRIBUTIONS PAID TO SHAREHOLDERS FROM:
Net investment income (0.42) (0.59) (0.58) (0.44) (0.37) (0.30)
---------- ---------- ---------- ---------- ---------- ----------
Net asset value, end of period $ 32.98 $ 32.35 $ 32.04 $ 29.39 $ 24.09 $ 24.43
========== ========== ========== ========== ========== ==========
TOTAL RETURN (a) 3.23% 3.03% 11.06% 24.00% 0.22% 14.39%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's) $1,950,488 $ 988,353 $1,252,910 $1,121,234 $ 710,692 $1,074,976
RATIOS TO AVERAGE NET ASSETS:
Ratio of total expenses to average net
assets 0.61% (b) 0.63% 0.63% 0.63% 0.64% 0.64%
Ratio of net expenses to average net
assets 0.61% (b) 0.63% 0.63% 0.63% 0.64% 0.64%
Ratio of net investment income (loss) to
average net assets 2.31% (b) 2.06% 1.99% 1.72% 1.72% 1.59%
Portfolio turnover rate (c) 42% 81% 70% 80% 75% 80%
|
(a) Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all distributions at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return is calculated for the time period presented and is not annualized for periods of less than a year.
(b) Annualized.
(c) Portfolio turnover is calculated for the time period presented and is not annualized for periods of less than a year and does not include securities received or delivered from processing creations or redemptions and in-kind transactions.
See Notes to Financial Statements Page 55
FIRST TRUST EXCHANGE-TRADED ALPHADEX(R) FUND
SECTOR FUNDS
FINANCIAL HIGHLIGHTS (CONTINUED)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
FIRST TRUST HEALTH CARE ALPHADEX(R) FUND (FXH)
SIX MONTHS ENDED YEAR ENDED JULY 31,
1/31/2020 -------------------------------------------------------------------
(UNAUDITED) 2019 2018 2017 2016 2015
---------------- ---------- ---------- ---------- ---------- ----------
Net asset value, beginning of period $ 77.62 $ 76.80 $ 66.92 $ 61.55 $ 69.63 $ 53.13
---------- ---------- ---------- ---------- ---------- ----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss) 0.01 (0.11) (0.02) (0.03) 0.00 (a)(b) (0.05)
Net realized and unrealized gain (loss) 5.06 0.93 9.90 5.40 (8.08) 16.55
---------- ---------- ---------- ---------- ---------- ----------
Total from investment operations 5.07 0.82 9.88 5.37 (8.08) 16.50
---------- ---------- ---------- ---------- ---------- ----------
DISTRIBUTIONS PAID TO SHAREHOLDERS FROM:
Net investment income -- -- -- -- -- --
---------- ---------- ---------- ---------- ---------- ----------
Net asset value, end of period $ 82.69 $ 77.62 $ 76.80 $ 66.92 $ 61.55 $ 69.63
========== ========== ========== ========== ========== ==========
TOTAL RETURN (c) 6.53% 1.07% 14.76% 8.72% (11.60)% 31.06%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's) $1,108,039 $1,183,740 $1,063,745 $1,067,382 $1,147,893 $4,233,585
RATIOS TO AVERAGE NET ASSETS:
Ratio of total expenses to average net
assets 0.61% (d) 0.62% 0.63% 0.62% 0.61% 0.62%
Ratio of net expenses to average net
assets 0.61% (d) 0.62% 0.63% 0.62% 0.61% 0.62%
Ratio of net investment income (loss) to
average net assets 0.05% (d) (0.11)% (0.03)% (0.05)% 0.01% (0.10)%
Portfolio turnover rate (e) 53% 123% 107% 112% 118% 125%
|
FIRST TRUST INDUSTRIALS/PRODUCER DURABLES ALPHADEX(R) FUND (FXR)
SIX MONTHS ENDED YEAR ENDED JULY 31,
1/31/2020 --------------------------------------------------------------
(UNAUDITED) 2019 2018 2017 2016 2015
---------------- ---------- ---------- ---------- ---------- ----------
Net asset value, beginning of period $ 42.49 $ 41.28 $ 35.36 $ 28.94 $ 29.46 $ 29.27
---------- ---------- ---------- ---------- ---------- ----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss) 0.35 0.30 0.28 0.17 0.24 0.13
Net realized and unrealized gain (loss) 1.43 1.17 5.92 6.42 (0.51) 0.26
---------- ---------- ---------- ---------- ---------- ----------
Total from investment operations 1.78 1.47 6.20 6.59 (0.27) 0.39
---------- ---------- ---------- ---------- ---------- ----------
DISTRIBUTIONS PAID TO SHAREHOLDERS FROM:
Net investment income (0.33) (0.26) (0.28) (0.17) (0.25) (0.20)
---------- ---------- ---------- ---------- ---------- ----------
Net asset value, end of period $ 43.94 $ 42.49 $ 41.28 $ 35.36 $ 28.94 $ 29.46
========== ========== ========== ========== ========== ==========
TOTAL RETURN (c) 4.22% 3.67% 17.57% 22.81% (0.82)% 1.30%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's) $ 314,185 $ 378,173 $1,579,093 $1,444,369 $ 159,169 $ 380,087
RATIOS TO AVERAGE NET ASSETS:
Ratio of total expenses to average net
assets 0.63% (d) 0.63% 0.62% 0.63% 0.66% 0.63%
Ratio of net expenses to average net
assets 0.63% (d) 0.63% 0.62% 0.63% 0.66% 0.63%
Ratio of net investment income (loss) to
average net assets 1.51% (d) 0.71% 0.70% 0.53% 0.93% 0.55%
Portfolio turnover rate (e) 38% 79% 91% 101% 103% 105%
|
(a) Based on average shares outstanding.
(b) Amount is less than $0.01.
(c) Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all distributions at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return is calculated for the time period presented and is not annualized for periods of less than a year.
(d) Annualized.
(e) Portfolio turnover is calculated for the time period presented and is not annualized for periods of less than a year and does not include securities received or delivered from processing creations or redemptions and in-kind transactions.
Page 56 See Notes to Financial Statements
FIRST TRUST EXCHANGE-TRADED ALPHADEX(R) FUND
SECTOR FUNDS
FINANCIAL HIGHLIGHTS (CONTINUED)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
FIRST TRUST MATERIALS ALPHADEX(R) FUND (FXZ)
SIX MONTHS ENDED YEAR ENDED JULY 31,
1/31/2020 --------------------------------------------------------------
(UNAUDITED) 2019 2018 2017 2016 2015
---------------- ---------- ---------- ---------- ---------- ----------
Net asset value, beginning of period $ 38.48 $ 43.31 $ 38.63 $ 34.32 $ 30.68 $ 32.55
---------- ---------- ---------- ---------- ---------- ----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss) 0.38 0.50 0.40 0.48 0.41 0.47
Net realized and unrealized gain (loss) (1.45) (4.88) 4.69 4.30 3.65 (1.88)
---------- ---------- ---------- ---------- ---------- ----------
Total from investment operations (1.07) (4.38) 5.09 4.78 4.06 (1.41)
---------- ---------- ---------- ---------- ---------- ----------
DISTRIBUTIONS PAID TO SHAREHOLDERS FROM:
Net investment income (0.47) (0.45) (0.41) (0.47) (0.42) (0.46)
---------- ---------- ---------- ---------- ---------- ----------
Net asset value, end of period $ 36.94 $ 38.48 $ 43.31 $ 38.63 $ 34.32 $ 30.68
========== ========== ========== ========== ========== ==========
TOTAL RETURN (a) (2.82)% (10.08)% 13.20% 14.01% 13.48% (4.36)%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's) $ 99,747 $ 167,369 $ 314,026 $ 260,726 $ 250,558 $ 156,470
RATIOS TO AVERAGE NET ASSETS:
Ratio of total expenses to average net
assets 0.66% (b) 0.65% 0.64% 0.65% 0.66% 0.64%
Ratio of net expenses to average net
assets 0.66% (b) 0.65% 0.64% 0.65% 0.66% 0.64%
Ratio of net investment income (loss) to
average net assets 1.83% (b) 1.27% 0.92% 1.40% 1.26% 1.25%
Portfolio turnover rate (c) 38% 82% 92% 84% 113% 104%
|
FIRST TRUST TECHNOLOGY ALPHADEX(R) FUND (FXL)
SIX MONTHS ENDED YEAR ENDED JULY 31,
1/31/2020 --------------------------------------------------------------
(UNAUDITED) 2019 2018 2017 2016 2015
---------------- ---------- ---------- ---------- ---------- ----------
Net asset value, beginning of period $ 69.32 $ 56.54 $ 45.12 $ 34.84 $ 34.98 $ 31.74
---------- ---------- ---------- ---------- ---------- ----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss) 0.05 0.31 0.09 0.32 0.27 0.14
Net realized and unrealized gain (loss) 4.12 12.75 11.43 10.32 (0.14) 3.26
---------- ---------- ---------- ---------- ---------- ----------
Total from investment operations 4.17 13.06 11.52 10.64 0.13 3.40
---------- ---------- ---------- ---------- ---------- ----------
DISTRIBUTIONS PAID TO SHAREHOLDERS FROM:
Net investment income (0.11) (0.28) (0.10) (0.36) (0.27) (0.16)
---------- ---------- ---------- ---------- ---------- ----------
Net asset value, end of period $ 73.38 $ 69.32 $ 56.54 $ 45.12 $ 34.84 $ 34.98
========== ========== ========== ========== ========== ==========
TOTAL RETURN (a) 6.03% 23.20% 25.55% 30.72% 0.42% 10.72%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's) $2,422,049 $2,395,347 $1,996,201 $ 607,101 $ 491,478 $ 900,971
RATIOS TO AVERAGE NET ASSETS:
Ratio of total expenses to average net
assets 0.61% (b) 0.61% 0.63% 0.63% 0.63% 0.63%
Ratio of net expenses to average net
assets 0.61% (b) 0.61% 0.63% 0.63% 0.63% 0.63%
Ratio of net investment income (loss) to
average net assets 0.16% (b) 0.50% 0.17% 0.82% 0.82% 0.53%
Portfolio turnover rate (c) 53% 91% 127% 115% 109% 91%
|
(a) Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all distributions at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return is calculated for the time period presented and is not annualized for periods of less than a year.
(b) Annualized.
(c) Portfolio turnover is calculated for the time period presented and is not annualized for periods of less than a year and does not include securities received or delivered from processing creations or redemptions and in-kind transactions.
See Notes to Financial Statements Page 57
FIRST TRUST EXCHANGE-TRADED ALPHADEX(R) FUND
SECTOR FUNDS
FINANCIAL HIGHLIGHTS (CONTINUED)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
FIRST TRUST UTILITIES ALPHADEX(R) FUND (FXU)
SIX MONTHS ENDED YEAR ENDED JULY 31,
1/31/2020 --------------------------------------------------------------
(UNAUDITED) 2019 2018 2017 2016 2015
---------------- ---------- ---------- ---------- ---------- ----------
Net asset value, beginning of period $ 28.87 $ 26.37 $ 27.64 $ 27.46 $ 23.06 $ 22.59
---------- ---------- ---------- ---------- ---------- ----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss) 0.34 0.63 0.98 0.76 0.73 0.83
Net realized and unrealized gain (loss) 0.96 2.43 (1.30) 0.19 4.38 0.47
---------- ---------- ---------- ---------- ---------- ----------
Total from investment operations 1.30 3.06 (0.32) 0.95 5.11 1.30
---------- ---------- ---------- ---------- ---------- ----------
DISTRIBUTIONS PAID TO SHAREHOLDERS FROM:
Net investment income (0.45) (0.56) (0.95) (0.77) (0.71) (0.83)
---------- ---------- ---------- ---------- ---------- ----------
Net asset value, end of period $ 29.72 $ 28.87 $ 26.37 $ 27.64 $ 27.46 $ 23.06
========== ========== ========== ========== ========== ==========
TOTAL RETURN (a) 4.52% 11.71% (1.09)% 3.57% 22.66% 5.77%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's) $1,248,431 $1,349,541 $ 308,540 $1,350,332 $1,831,298 $ 132,568
RATIOS TO AVERAGE NET ASSETS:
Ratio of total expenses to average net
assets 0.62% (b) 0.63% 0.63% 0.62% 0.62% 0.69%
Ratio of net expenses to average net
assets 0.62% (b) 0.63% 0.63% 0.62% 0.62% 0.69%
Ratio of net investment income (loss) to
average net assets 2.25% (b) 2.23% 2.67% 2.74% 2.79% 2.58%
Portfolio turnover rate (c) 25% 60% 76% 57% 71% 94%
|
(a) Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all distributions at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return is calculated for the time period presented and is not annualized for periods of less than a year.
(b) Annualized.
(c) Portfolio turnover is calculated for the time period presented and is not annualized for periods of less than a year and does not include securities received or delivered from processing creations or redemptions and in-kind transactions.
Page 58 See Notes to Financial Statements
FIRST TRUST EXCHANGE-TRADED ALPHADEX(R) FUND
SECTOR FUNDS
JANUARY 31, 2020 (UNAUDITED)
1. ORGANIZATION
First Trust Exchange-Traded AlphaDEX(R) Fund (the "Trust") is an open-end management investment company organized as a Massachusetts business trust on December 6, 2006, and is registered with the Securities and Exchange Commission under the Investment Company Act of 1940, as amended (the "1940 Act").
The Trust currently consists of twenty-one exchange-traded funds considered either a Sector Fund or a Style Fund. This report covers the nine Sector Funds listed below. The shares of each Sector Fund are listed and traded on NYSE Arca, Inc.
First Trust Consumer Discretionary AlphaDEX(R) Fund - (ticker "FXD") First Trust Consumer Staples AlphaDEX(R) Fund - (ticker "FXG") First Trust Energy AlphaDEX(R) Fund - (ticker "FXN") First Trust Financials AlphaDEX(R) Fund - (ticker "FXO") First Trust Health Care AlphaDEX(R) Fund - (ticker "FXH") First Trust Industrials/Producer Durables AlphaDEX(R) Fund - (ticker "FXR") First Trust Materials AlphaDEX(R) Fund - (ticker "FXZ") First Trust Technology AlphaDEX(R) Fund - (ticker "FXL") First Trust Utilities AlphaDEX(R) Fund - (ticker "FXU")
Each fund represents a separate series of shares of beneficial interest in the Trust (each a "Fund" and collectively, the "Funds"). Unlike conventional mutual funds, each Fund issues and redeems shares on a continuous basis, at net asset value ("NAV"), only in large specified blocks consisting of 50,000 shares called a "Creation Unit." Each Fund's Creation Units are generally issued and redeemed in-kind for securities in which a Fund invests, and in certain circumstances, for cash, and only to and from broker-dealers and large institutional investors that have entered into participation agreements. Except when aggregated in Creation Units, each Fund's shares are not redeemable securities. The investment objective of each Fund is to seek investment results that correspond generally to the price and yield (before the Fund's fees and expenses) of the following indices:
FUND INDEX First Trust Consumer Discretionary AlphaDEX(R) Fund StrataQuant(R) Consumer Discretionary Index(1) First Trust Consumer Staples AlphaDEX(R) Fund StrataQuant(R) Consumer Staples Index(1) First Trust Energy AlphaDEX(R) Fund StrataQuant(R) Energy Index(1) First Trust Financials AlphaDEX(R) Fund StrataQuant(R) Financials Index(1) First Trust Health Care AlphaDEX(R) Fund StrataQuant(R) Health Care Index(1) First Trust Industrials/Producer Durables AlphaDEX(R) Fund StrataQuant(R) Industrials Index(1) First Trust Materials AlphaDEX(R) Fund StrataQuant(R) Materials Index(1) First Trust Technology AlphaDEX(R) Fund StrataQuant(R) Technology Index(1) First Trust Utilities AlphaDEX(R) Fund StrataQuant(R) Utilities Index(1) |
(1) This index is developed, maintained and sponsored by ICE Data Indices, LLC or its affiliates ("IDI"), and licensed to First Trust Portfolios L.P. ("FTP"), the distributor of the Trust, by IDI. IDI is a successor-in-interest to previous entities that maintained the index in NYSE Group, Inc. and American Stock Exchange LLC.
2. SIGNIFICANT ACCOUNTING POLICIES
The Funds are each considered an investment company and follow accounting and reporting guidance under Financial Accounting Standards Board Accounting Standards Codification Topic 946, "Financial Services-Investment Companies." The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of the financial statements. The preparation of the financial statements in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.
A. PORTFOLIO VALUATION
Each Fund's NAV is determined daily as of the close of regular trading on the New York Stock Exchange ("NYSE"), normally 4:00 p.m. Eastern time, on each day the NYSE is open for trading. If the NYSE closes early on a valuation day, the NAV is determined as of that time. Each Fund's NAV is calculated by dividing the value of all assets of each Fund (including accrued interest and dividends), less all liabilities (including accrued expenses and dividends declared but unpaid), by the total number of shares outstanding.
Each Fund's investments are valued daily at market value or, in the absence of market value with respect to any portfolio securities, at fair value. Market value prices represent last sale or official closing prices from a national or foreign exchange (i.e., a regulated market) and are primarily obtained from third-party pricing services. Fair value prices represent any prices not
FIRST TRUST EXCHANGE-TRADED ALPHADEX(R) FUND
SECTOR FUNDS
JANUARY 31, 2020 (UNAUDITED)
considered market value prices and are either obtained from a third-party pricing service or are determined by the Pricing Committee of the Funds' investment advisor, First Trust Advisors L.P. ("First Trust" or the "Advisor"), in accordance with valuation procedures adopted by the Trust's Board of Trustees, and in accordance with provisions of the 1940 Act. Investments valued by the Advisor's Pricing Committee, if any, are footnoted as such in the footnotes to the Portfolio of Investments. Each Fund's investments are valued as follows:
Common stocks and other equity securities listed on any national or foreign exchange (excluding The Nasdaq Stock Market LLC ("Nasdaq") and the London Stock Exchange Alternative Investment Market ("AIM")) are valued at the last sale price on the exchange on which they are principally traded or, for Nasdaq and AIM securities, the official closing price. Securities traded on more than one securities exchange are valued at the last sale price or official closing price, as applicable, at the close of the securities exchange representing the principal market for such securities.
Shares of open-end funds are valued at fair value which is based on NAV per share.
Securities traded in an over-the-counter market are fair valued at the mean of their most recent bid and asked price, if available, and otherwise at their closing bid price.
Overnight repurchase agreements are valued at amortized cost when it represents the best estimate of fair value.
Certain securities may not be able to be priced by pre-established pricing methods. Such securities may be valued by the Trust's Board of Trustees or its delegate, the Advisor's Pricing Committee, at fair value. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933, as amended) for which a third-party pricing service is unable to provide a market price; securities whose trading has been formally suspended; a security whose market or fair value price is not available from a pre-established pricing source; a security with respect to which an event has occurred that is likely to materially affect the value of the security after the market has closed but before the calculation of a Fund's NAV or make it difficult or impossible to obtain a reliable market quotation; and a security whose price, as provided by the third-party pricing service, does not reflect the security's fair value. As a general principle, the current fair value of a security would appear to be the amount which the owner might reasonably expect to receive for the security upon its current sale. When fair value prices are used, generally they will differ from market quotations or official closing prices on the applicable exchanges. A variety of factors may be considered in determining the fair value of such securities, including, but not limited to, the following:
1) the type of security;
2) the size of the holding;
3) the initial cost of the security;
4) transactions in comparable securities;
5) price quotes from dealers and/or third-party pricing services;
6) relationships among various securities;
7) information obtained by contacting the issuer, analysts, or the appropriate stock exchange;
8) an analysis of the issuer's financial statements; and
9) the existence of merger proposals or tender offers that might affect the value of the security.
In addition, differences between the prices used to calculate a Fund's NAV and the prices used by such Fund's corresponding index could result in a difference between a Fund's performance and the performance of its underlying index.
The Funds are 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:
o Level 1 - Level 1 inputs are quoted prices in active markets for identical investments. An active market is a market in which transactions for the investment occur with sufficient frequency and volume to provide pricing information on an ongoing basis.
o Level 2 - Level 2 inputs are observable inputs, either directly or indirectly, and include the following:
o Quoted prices for similar investments in active markets.
o Quoted prices for identical or similar investments in markets that are non-active. A non-active market is a market where there are few transactions for the investment, the prices are not current, or price quotations vary substantially either over time or among market makers, or in which little information is released publicly.
o Inputs other than quoted prices that are observable for the investment (for example, interest rates and yield curves observable at commonly quoted intervals, volatilities, prepayment speeds, loss severities, credit risks, and default rates).
o Inputs that are derived principally from or corroborated by observable market data by correlation or other means.
o Level 3 - Level 3 inputs are unobservable inputs. Unobservable inputs may reflect the reporting entity's own assumptions about the assumptions that market participants would use in pricing the investment.
FIRST TRUST EXCHANGE-TRADED ALPHADEX(R) FUND
SECTOR FUNDS
JANUARY 31, 2020 (UNAUDITED)
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 each Fund's investments as of January 31, 2020, is included with each Fund's Portfolio of Investments.
B. SECURITIES TRANSACTIONS AND INVESTMENT INCOME
Securities transactions are recorded as of the trade date. Realized gains and losses from securities transactions are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date. Interest income, if any, is recorded on the accrual basis.
Withholding taxes and tax reclaims on foreign dividends have been provided for in accordance with each Fund's understanding of the applicable country's tax rules and rates.
Distributions received from a Fund's investments in real estate investment trusts ("REITs") may be comprised of return of capital, capital gains and income. The actual character of the amounts received during the year is not known until after the REITs' fiscal year end. A Fund records the character of distributions received from the REITs during the year based on estimates available. The characterization of distributions received by a Fund may be subsequently revised based on information received from the REITs after their tax reporting periods conclude.
C. OFFSETTING ON THE STATEMENTS OF ASSETS AND LIABILITIES
Offsetting Assets and Liabilities require entities to disclose both gross and net information about instruments and transactions eligible for offset on the Statements of Assets and Liabilities, and disclose instruments and transactions subject to master netting or similar agreements. These disclosure requirements are intended to help investors and other financial statement users better assess the effect or potential effect of offsetting arrangements on a fund's financial position. The transactions subject to offsetting disclosures are derivative instruments, repurchase agreements and reverse repurchase agreements, and securities borrowing and securities lending transactions.
This disclosure, if applicable, is included within each Fund's Portfolio of Investments under the heading "Offsetting Assets and Liabilities." For financial reporting purposes, the Funds do not offset financial assets and financial liabilities that are subject to master netting arrangements ("MNAs") or similar agreements on the Statements of Assets and Liabilities. MNAs provide the right, in the event of default (including bankruptcy and insolvency), for the non-defaulting counterparty to liquidate the collateral and calculate the net exposure to the defaulting party or request additional collateral.
D. SECURITIES LENDING
The Funds may lend securities representing up to 33 1/3% of the value of their total assets to broker-dealers, banks and other institutions to generate additional income. When a Fund loans its portfolio securities, it will receive, at the inception of each loan, collateral equal to at least 102% (for domestic securities) or 105% (for international securities) of the market value of the loaned securities. The collateral amount is valued at the beginning of each business day and is compared to the market value of the loaned securities from the prior business day to determine if additional collateral is required. If additional collateral is required, a request is sent to the borrower. Securities lending involves the risk that the Fund may lose money because the borrower of the Fund's loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of (i) a decline in the value of the collateral provided for the loaned securities, (ii) a decline in the value of any investments made with cash collateral or (iii) an increase in the value of the loaned securities if the borrower does not increase the collateral accordingly and the borrower fails to return the securities. These events could also trigger adverse tax consequences for the Funds.
Under the Funds' Securities Lending Agency Agreement, the securities lending agent will generally bear the risk that a borrower may default on its obligation to return loaned securities. Brown Brothers Harriman & Co. ("BBH") acts as the Funds' securities lending agent and is responsible for executing the lending of the portfolio securities to creditworthy borrowers. The Funds, however, will be responsible for the risks associated with the investment of cash collateral. A Fund may lose money on its investment of cash collateral, which may affect its ability to repay the collateral to the borrower without the use of other Fund assets. Each Fund that engages in securities lending receives compensation (net of any rebate and securities lending agent fees) for lending its securities. Compensation can be in the form of fees received from the securities lending agent or dividends or interest earned from the investment of cash collateral. The fees received from the securities lending agent are accrued daily. The dividend and interest earned on the securities loaned is accounted for in the same manner as other dividend and interest income. At January 31, 2020, all the Funds except FXG, FXN and FXH had securities in the securities lending program. During the six months ended January 31, 2020, all the Funds except for FXG participated in the securities lending program.
In the event of a default by a borrower with respect to any loan, BBH will exercise any and all remedies provided under the applicable borrower agreement to make the Funds whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If, despite such efforts by BBH to exercise these remedies, a Fund sustains losses as a result of a borrower's default, BBH will indemnify the Fund by purchasing replacement securities at its own expense, or paying the Fund an amount equal to the market value of the replacement securities, subject to certain limitations which are set forth in detail in the Securities Lending Agency Agreement between the Trust on behalf of the Funds and BBH.
FIRST TRUST EXCHANGE-TRADED ALPHADEX(R) FUND
SECTOR FUNDS
JANUARY 31, 2020 (UNAUDITED)
E. REPURCHASE AGREEMENTS
Repurchase agreements involve the purchase of securities subject to the seller's agreement to repurchase the securities at a mutually agreed upon date and price, under the terms of a Master Repurchase Agreement ("MRA"). During the term of a repurchase agreement, the value of the underlying securities held as collateral on behalf of a Fund, including accrued interest, is required to exceed the value of the repurchase agreement, including accrued interest. The underlying securities for all repurchase agreements are held at the Funds' custodian or designated sub-custodians under tri-party repurchase agreements.
MRAs govern transactions between a Fund and select counterparties. The MRAs maintain provisions for, among other things, initiation, income payments, events of default, and maintenance of collateral for repurchase agreements.
Repurchase agreements received for lending securities are collateralized by U.S. Treasury securities. The U.S. Treasury securities are held in a joint custody account at BBH on behalf of the Funds participating in the securities lending program. In the event the counterparty defaults on the repurchase agreement, the U.S. Treasury securities can either be maintained as part of a Fund's portfolio or sold for cash. A Fund could suffer a loss to the extent that the proceeds from the sale of the underlying collateral held by the Fund are less than the repurchase price and the Fund's costs associated with the delay and enforcement of the MRA.
While the Funds may invest in repurchase agreements, any repurchase agreements held by the Funds during the six months ended January 31, 2020, were received as collateral for lending securities.
F. DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Dividends from net investment income of each Fund, if any, are declared and paid quarterly, or as the Board of Trustees may determine from time to time. Distributions of net realized gains earned by each Fund, if any, are distributed at least annually.
Distributions from net investment income and realized capital gains are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. Certain capital accounts in the financial statements are periodically adjusted for permanent differences in order to reflect their tax character. These permanent differences are primarily due to the varying treatment of income and gain/loss on significantly modified portfolio securities held by the Funds and have no impact on net assets or NAV per share. Temporary differences, which arise from recognizing certain items of income, expense and gain/loss in different periods for financial statement and tax purposes, will reverse at some time in the future.
The tax character of distributions paid by each Fund during the fiscal year ended July 31, 2019 was as follows:
Distributions paid from Distributions paid from Distributions paid from
Ordinary Income Capital Gains Return of Capital
----------------------- ----------------------- -----------------------
First Trust Consumer Discretionary AlphaDEX(R) Fund $ 2,816,656 $ -- $ --
First Trust Consumer Staples AlphaDEX(R) Fund 8,074,707 -- --
First Trust Energy AlphaDEX(R) Fund 2,654,300 -- --
First Trust Financials AlphaDEX(R) Fund 20,256,006 -- --
First Trust Health Care AlphaDEX(R) Fund -- -- --
First Trust Industrials/Producer Durables AlphaDEX(R) Fund 4,745,501 -- --
First Trust Materials AlphaDEX(R) Fund 2,117,421 -- --
First Trust Technology AlphaDEX(R) Fund 9,561,020 -- --
First Trust Utilities AlphaDEX(R) Fund 10,275,866 -- --
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As of July 31, 2019, the components of distributable earnings on a tax basis for each Fund were as follows:
Accumulated
Undistributed Capital and Net Unrealized
Ordinary Other Appreciation
Income Gain (Loss) (Depreciation)
----------------------- ----------------------- -----------------------
First Trust Consumer Discretionary AlphaDEX(R) Fund $ 822,880 $ (406,217,694) $ 13,907,621
First Trust Consumer Staples AlphaDEX(R) Fund 388,154 (251,074,340) (7,045,223)
First Trust Energy AlphaDEX(R) Fund 523,346 (398,105,937) (36,015,165)
First Trust Financials AlphaDEX(R) Fund 5,862,971 (109,975,947) 71,300,962
First Trust Health Care AlphaDEX(R) Fund (889,570) (642,555,476) 15,781,516
First Trust Industrials/Producer Durables AlphaDEX(R) Fund 839,513 (176,424,314) 6,360,165
First Trust Materials AlphaDEX(R) Fund 382,280 (121,904,863) (14,217,736)
First Trust Technology AlphaDEX(R) Fund 898,220 (278,906,713) 260,774,889
First Trust Utilities AlphaDEX(R) Fund 6,412,239 (119,875,543) 12,288,879
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FIRST TRUST EXCHANGE-TRADED ALPHADEX(R) FUND
SECTOR FUNDS
JANUARY 31, 2020 (UNAUDITED)
G. INCOME TAXES
Each Fund intends to continue to qualify as a regulated investment company by complying with the requirements under Subchapter M of the Internal Revenue Code of 1986, as amended, which includes distributing substantially all of its net investment income and net realized gains to shareholders. Accordingly, no provision has been made for federal and state income taxes. However, due to the timing and amount of distributions, each Fund may be subject to an excise tax of 4% of the amount by which approximately 98% of each Fund's taxable income exceeds the distributions from such taxable income for the calendar year.
The Funds are subject to accounting standards that establish a minimum threshold for recognizing, and a system for measuring, the benefits of a tax position taken or expected to be taken in a tax return. Taxable years ending 2016, 2017, 2018, and 2019 remain open to federal and state audit. As of January 31, 2020, management has evaluated the application of these standards to the Funds, and has determined that no provision for income tax is required in the Funds' financial statements for uncertain tax positions.
Under the Regulated Investment Company Modernization Act of 2010 (the "Act"), net capital losses arising in taxable years beginning after December 22, 2010, may be carried forward indefinitely, and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for up to eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses. At July 31, 2019, the Funds had post-enactment net capital losses for federal income tax purposes as shown in the following table. To the extent that these loss carryforwards are used to offset future capital gains, it is probable that the capital gains so offset will not be distributed to Fund shareholders. The Funds are subject to certain limitations, under U.S. tax rules, on the use of capital loss carryforwards and net unrealized built-in losses. These limitations apply when there has been a 50% change in ownership.
Post-Enactment -
No Expiration
-----------------------
First Trust Consumer Discretionary AlphaDEX(R) Fund $ 406,217,694
First Trust Consumer Staples AlphaDEX(R) Fund 251,074,340
First Trust Energy AlphaDEX(R) Fund 398,105,937
First Trust Financials AlphaDEX(R) Fund 109,975,947
First Trust Health Care AlphaDEX(R) Fund 642,555,476
First Trust Industrials/Producer Durables AlphaDEX(R) Fund 176,424,314
First Trust Materials AlphaDEX(R) Fund 121,904,863
First Trust Technology AlphaDEX(R) Fund 278,906,713
First Trust Utilities AlphaDEX(R) Fund 119,875,543
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Certain losses realized during the current fiscal year may be deferred and treated as occurring on the first day of the following fiscal year for federal income tax purposes. For the fiscal year ended July 31, 2019, the following Fund listed below incurred and elected to defer net ordinary losses as follows:
Qualified Late Year Losses
---------------------------------
Ordinary Losses Capital Losses
--------------- ---------------
First Trust Health Care AlphaDEX(R) Fund $ 889,570 $ --
|
H. EXPENSES
Expenses that are directly related to one of the Funds are charged directly to the respective Fund. General expenses of the Trust are allocated to all the Funds based upon the net assets of each Fund.
FTP has entered into licensing agreements with IDI for each of the Funds. The license agreements allow for the use by FTP of certain trademarks and trade names of IDI. The Funds and First Trust are sub-licensees to the license agreement. The Funds are required to pay licensing fees, which are shown on the Statements of Operations.
3. INVESTMENT ADVISORY FEE, AFFILIATED TRANSACTIONS AND OTHER FEE ARRANGEMENTS
First Trust, the investment advisor to the Funds, is a limited partnership with one limited partner, Grace Partners of DuPage L.P., and one general partner, The Charger Corporation. The Charger Corporation is an Illinois corporation controlled by James A. Bowen, Chief Executive Officer of First Trust. First Trust is responsible for the selection and ongoing monitoring of the securities in each Fund's portfolio, managing the Fund's business affairs and providing certain administrative services necessary for the management of the Funds.
For these services, First Trust is paid an annual management fee of 0.50% of each Fund's average daily net assets. The Trust and First Trust have entered into an Expense Reimbursement, Fee Waiver and Recovery Agreement ("Recovery Agreement") in which First Trust has agreed to waive fees and/or reimburse Fund expenses to the extent that the operating expenses of each Fund (excluding
FIRST TRUST EXCHANGE-TRADED ALPHADEX(R) FUND
SECTOR FUNDS
JANUARY 31, 2020 (UNAUDITED)
interest expense, brokerage commissions and other trading expenses, acquired fund fees and expenses, taxes and extraordinary expenses) exceed 0.70% of average daily net assets per year (the "Expense Cap"). The Expense Cap will be in effect until at least November 30, 2020.
Expenses reimbursed and fees waived by First Trust under the Recovery Agreement are subject to recovery by First Trust for up to three years from the date the fee or expense was incurred, but no reimbursement payment will be made by a Fund if it results in the Fund exceeding (i) the applicable expense limitation in place for the most recent fiscal year for which such expense limitation was in place, (ii) the applicable expense limitation in place at the time the fees were waived, or (iii) the current expense limitation. These amounts would be included in "Expenses previously waived or reimbursed" on the Statements of Operations.
For the six months ended January 31, 2020, there were no fees waived or expenses reimbursed by First Trust for the Funds. As of January 31, 2020, none of the Funds had previously waived fees or expenses reimbursed that are subject to recovery.
The Trust has multiple service agreements with The Bank of New York Mellon ("BNYM"). Under the service agreements, BNYM performs custodial, fund accounting, certain administrative services, and transfer agency services for each Fund. As custodian, BNYM is responsible for custody of each Fund's assets. As fund accountant and administrator, BNYM is responsible for maintaining the books and records of each Fund's securities and cash. As transfer agent, BNYM is responsible for maintaining shareholder records for each Fund. BNYM is a subsidiary of The Bank of New York Mellon Corporation, a financial holding company.
Each Trustee who is not an officer or employee of First Trust, any sub-advisor or any of their affiliates ("Independent Trustees") is paid a fixed annual retainer that is allocated equally among each fund in the First Trust Fund Complex. Each Independent Trustee is also paid an annual per fund fee that varies based on whether the fund is a closed-end or other actively managed fund, a defined-outcome fund or is an index fund.
Additionally, the Lead Independent Trustee and the Chairmen of the Audit Committee, Nominating and Governance Committee and Valuation Committee are paid annual fees to serve in such capacities, with such compensation allocated pro rata among each fund in the First Trust Fund Complex based on net assets. Independent Trustees are reimbursed for travel and out-of-pocket expenses in connection with all meetings. The Lead Independent Trustee and Committee Chairmen rotate every three years. The officers and "Interested" Trustee receive no compensation from the Trust for acting in such capacities.
4. PURCHASES AND SALES OF SECURITIES
For the six months ended January 31, 2020, the cost of purchases and proceeds from sales of investments for each Fund, excluding short-term investments and in-kind transactions, were as follows:
Purchases Sales
--------------- ---------------
First Trust Consumer Discretionary AlphaDEX(R) Fund $ 137,710,831 $ 138,549,935
First Trust Consumer Staples AlphaDEX(R) Fund 174,985,093 175,205,278
First Trust Energy AlphaDEX(R) Fund 35,398,400 35,983,528
First Trust Financials AlphaDEX(R) Fund 678,934,587 677,952,029
First Trust Health Care AlphaDEX(R) Fund 585,151,000 587,162,659
First Trust Industrials/Producer Durables AlphaDEX(R) Fund 130,736,671 131,480,210
First Trust Materials AlphaDEX(R) Fund 51,851,303 52,470,501
First Trust Technology AlphaDEX(R) Fund 1,230,114,436 1,232,332,753
First Trust Utilities AlphaDEX(R) Fund 317,598,991 316,063,535
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For the six months ended January 31, 2020, the cost of in-kind purchases and proceeds from in-kind sales for each Fund were as follows:
Purchases Sales
--------------- ---------------
First Trust Consumer Discretionary AlphaDEX(R) Fund $ 33,331,319 $ 120,890,107
First Trust Consumer Staples AlphaDEX(R) Fund 93,139,597 117,699,769
First Trust Energy AlphaDEX(R) Fund 11,250,678 35,857,335
First Trust Financials AlphaDEX(R) Fund 1,161,574,159 243,039,134
First Trust Health Care AlphaDEX(R) Fund 77,784,074 217,364,334
First Trust Industrials/Producer Durables AlphaDEX(R) Fund 42,677,624 116,983,956
First Trust Materials AlphaDEX(R) Fund 29,775,656 91,758,142
First Trust Technology AlphaDEX(R) Fund 562,450,718 660,801,522
First Trust Utilities AlphaDEX(R) Fund 235,570,236 373,907,882
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FIRST TRUST EXCHANGE-TRADED ALPHADEX(R) FUND
SECTOR FUNDS
JANUARY 31, 2020 (UNAUDITED)
5. CREATION, REDEMPTION AND TRANSACTION FEES
Shares are created and redeemed by each Fund only in Creation Unit size aggregations of 50,000 shares in transactions with broker-dealers or large institutional investors that have entered into a participation agreement (an "Authorized Participant"). Such transactions are generally permitted on an in-kind basis, with a balancing cash component to equate the transaction to the daily NAV per Share of each Fund on the transaction date times the number of Shares in a Creation Unit. Authorized Participants purchasing Creation Units must pay to BNYM, as transfer agent, a standard creation transaction fee (the "Creation Transaction Fee"), which is based on the number of different securities in a Creation Unit of each Fund. The Creation Transaction Fee is applicable to each purchase transaction regardless of the number of Creation Units purchased in the transaction. An additional variable fee of up to three times the Creation Transaction Fee may be charged to approximate additional expenses incurred by a Fund with respect to transactions effected outside of the clearing process (i.e., through a DTC Participant) or to the extent that cash is used in lieu of securities to purchase Creation Units. The Creation Transaction Fee may increase or decrease with changes in each Fund's portfolio. The price for each Creation Unit will equal the daily NAV per Share of a Fund on the transaction date times the number of Shares in a Creation Unit plus the fees described above and, if applicable, any transfer taxes.
Authorized Participants redeeming Creation Units must pay to BNYM, as transfer agent, a standard redemption transaction fee (the "Redemption Transaction Fee"), which is based on the number of different securities in a Creation Unit of each Fund. The Redemption Transaction Fee is applicable to each redemption transaction regardless of the number of Creation Units redeemed in the transaction. An additional variable fee of up to three times the Redemption Transaction Fee may be charged to approximate additional expenses incurred by a Fund with respect to redemptions effected outside of the clearing process or to the extent that redemptions are for cash. The Redemption Transaction Fee may increase or decrease with changes in each Fund's portfolio. Each Fund reserves the right to effect redemptions in cash. A shareholder may request cash redemption in lieu of securities; however, a Fund may, in its discretion, reject any such request.
6. DISTRIBUTION PLAN
The Board of Trustees adopted a Distribution and Service Plan pursuant to Rule 12b-1 under the 1940 Act. In accordance with the Rule 12b-1 plan, the Funds are authorized to pay an amount up to 0.25% of their average daily net assets each year to reimburse FTP, the distributor of the Funds, for amounts expended to finance activities primarily intended to result in the sale of Creation Units or the provision of investor services. FTP may also use this amount to compensate securities dealers or other persons that are Authorized Participants for providing distribution assistance, including broker-dealer and shareholder support and educational and promotional services.
No 12b-1 fees are currently paid by the Funds, and pursuant to a contractual arrangement, no 12b-1 fees will be paid any time before November 30, 2020.
7. INDEMNIFICATION
The Trust, on behalf of the Funds, has a variety of indemnification obligations under contracts with its service providers. The Trust's maximum exposure under these arrangements is unknown. However, the Trust has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.
8. SUBSEQUENT EVENTS
Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were issued, and has determined that there were no subsequent events requiring recognition or disclosure in the financial statements that have not already been disclosed.
FIRST TRUST EXCHANGE-TRADED ALPHADEX(R) FUND
SECTOR FUNDS
JANUARY 31, 2020 (UNAUDITED)
PROXY VOTING POLICIES AND PROCEDURES
A description of the policies and procedures that the Trust uses to determine how to vote proxies and information on how each Fund voted proxies relating to its portfolio securities during the most recent 12-month period ended June 30 is available (1) without charge, upon request, by calling (800) 988-5891; (2) on each Fund's website at www.ftportfolios.com; and (3) on the Securities and Exchange Commission's ("SEC") website at www.sec.gov.
PORTFOLIO HOLDINGS
Each Fund files portfolio holdings information for each month in a fiscal quarter within 60 days after the end of the relevant fiscal quarter on Form N-PORT. Portfolio holdings information for the third month of each fiscal quarter will be publicly available on the SEC's website at www.sec.gov. Each Fund's complete schedule of portfolio holdings for the second and fourth quarters of each fiscal year is included in the semi-annual and annual reports to shareholders, respectively, and is filed with the SEC on Form N-CSR. The semi-annual and annual report for each Fund is available to investors within 60 days after the period to which it relates. Each Fund's Forms N-PORT and Forms N-CSR are available on the SEC's website listed above.
RISK CONSIDERATIONS
RISKS ARE INHERENT IN ALL INVESTING. CERTAIN GENERAL RISKS THAT MAY BE APPLICABLE TO A FUND ARE IDENTIFIED BELOW, BUT NOT ALL OF THE MATERIAL RISKS RELEVANT TO EACH FUND ARE INCLUDED IN THIS REPORT AND NOT ALL OF THE RISKS BELOW APPLY TO EACH FUND. THE MATERIAL RISKS OF INVESTING IN EACH FUND ARE SPELLED OUT IN ITS PROSPECTUS, STATEMENT OF ADDITIONAL INFORMATION AND OTHER REGULATORY FILINGS. BEFORE INVESTING, YOU SHOULD CONSIDER EACH FUND'S INVESTMENT OBJECTIVE, RISKS, CHARGES AND EXPENSES, AND READ EACH FUND'S PROSPECTUS AND STATEMENT OF ADDITIONAL INFORMATION CAREFULLY. YOU CAN DOWNLOAD EACH FUND'S PROSPECTUS AT WWW.FTPORTFOLIOS.COM OR CONTACT FIRST TRUST PORTFOLIOS L.P. AT (800) 621-1675 TO REQUEST A PROSPECTUS, WHICH CONTAINS THIS AND OTHER INFORMATION ABOUT EACH FUND.
CONCENTRATION RISK. To the extent that a fund is able to invest a large percentage of its assets in a single asset class or the securities of issuers within the same country, state, region, industry or sector, an adverse economic, business or political development may affect the value of the fund's investments more than if the fund were more broadly diversified. A fund that tracks an index will be concentrated to the extent the fund's corresponding index is concentrated. A concentration makes a fund more susceptible to any single occurrence and may subject the fund to greater market risk than a fund that is not concentrated.
CREDIT RISK. Credit risk is the risk that an issuer of a security will be unable or unwilling to make dividend, interest and/or principal payments when due and the related risk that the value of a security may decline because of concerns about the issuer's ability to make such payments.
CYBER SECURITY RISK. The funds are susceptible to potential operational risks through breaches in cyber security. A breach in cyber security refers to both intentional and unintentional events that may cause a fund to lose proprietary information, suffer data corruption or lose operational capacity. Such events could cause a fund to incur regulatory penalties, reputational damage, additional compliance costs associated with corrective measures and/or financial loss. In addition, cyber security breaches of a fund's third-party service providers, such as its administrator, transfer agent, custodian, or sub-advisor, as applicable, or issuers in which the fund invests, can also subject a fund to many of the same risks associated with direct cyber security breaches.
DERIVATIVES RISK. To the extent a fund uses derivative instruments such as futures contracts, options contracts and swaps, the fund may experience losses because of adverse movements in the price or value of the underlying asset, index or rate, which may be magnified by certain features of the derivative. These risks are heightened when a fund's portfolio managers use derivatives to enhance the fund's return or as a substitute for a position or security, rather than solely to hedge (or offset) the risk of a position or security held by the fund.
EQUITY SECURITIES RISK. To the extent a fund invests in equity securities, the value of the fund's shares will fluctuate with changes in the value of the equity securities. Equity securities prices fluctuate for several reasons, including changes in investors' perceptions of the financial condition of an issuer or the general condition of the relevant stock market, such as market volatility, or when political or economic events affecting the issuers occur. In addition, common stock prices may be particularly sensitive to rising interest rates, as the cost of capital rises and borrowing costs increase. Equity securities may decline significantly in price over short or extended periods of time, and such declines may occur in the equity market as a whole, or they may occur in only a particular country, company, industry or sector of the market.
FIRST TRUST EXCHANGE-TRADED ALPHADEX(R) FUND
SECTOR FUNDS
JANUARY 31, 2020 (UNAUDITED)
ETF RISK. The shares of an ETF trade like common stock and represent an interest in a portfolio of securities. The risks of owning an ETF generally reflect the risks of owning the underlying securities, although lack of liquidity in an ETF could result in it being more volatile and ETFs have management fees that increase their costs. Shares of an ETF trade on an exchange at market prices rather than net asset value, which may cause the shares to trade at a price greater than net asset value (premium) or less than net asset value (discount). In times of market stress, decisions by market makers to reduce or step away from their role of providing a market for an ETF's shares, or decisions by an ETF's authorized participants that they are unable or unwilling to proceed with creation and/or redemption orders of an ETF's shares, could result in shares of the ETF trading at a discount to net asset value and in greater than normal intraday bid-ask spreads.
FIXED INCOME SECURITIES RISK. To the extent a fund invests in fixed income securities, the fund will be subject to credit risk, income risk, interest rate risk, liquidity risk and prepayment risk. Income risk is the risk that income from a fund's fixed income investments could decline during periods of falling interest rates. Interest rate risk is the risk that the value of a fund's fixed income securities will decline because of rising interest rates. Liquidity risk is the risk that a security cannot be purchased or sold at the time desired, or cannot be purchased or sold without adversely affecting the price. Prepayment risk is the risk that the securities will be redeemed or prepaid by the issuer, resulting in lower interest payments received by the fund. In addition to these risks, high yield securities, or "junk" bonds, are subject to greater market fluctuations and risk of loss than securities with higher ratings, and the market for high yield securities is generally smaller and less liquid than that for investment grade securities.
INDEX CONSTITUENT RISK. Certain funds may be a constituent of one or more indices. As a result, such a fund may be included in one or more index-tracking exchange-traded funds or mutual funds. Being a component security of such a vehicle could greatly affect the trading activity involving a fund, the size of the fund and the market volatility of the fund. Inclusion in an index could significantly increase demand for the fund and removal from an index could result in outsized selling activity in a relatively short period of time. As a result, a fund's net asset value could be negatively impacted and the fund's market price may be significantly below its net asset value during certain periods.
INDEX PROVIDER RISK. To the extent a fund seeks to track an index, it is subject to Index Provider Risk. There is no assurance that the Index Provider will compile the Index accurately, or that the Index will be determined, maintained, constructed, reconstituted, rebalanced, composed, calculated or disseminated accurately. To correct any such error, the Index Provider may carry out an unscheduled rebalance or other modification of the Index constituents or weightings, which may increase the fund's costs. The Index Provider does not provide any representation or warranty in relation to the quality, accuracy or completeness of data in the Index, and it does not guarantee that the Index will be calculated in accordance with its stated methodology. Losses or costs associated with any Index Provider errors generally will be borne by the fund and its shareholders.
INVESTMENT COMPANIES RISK. To the extent a fund invests in the securities of other investment vehicles, the fund will incur additional fees and expenses that would not be present in a direct investment in those investment vehicles. Furthermore, the fund's investment performance and risks are directly related to the investment performance and risks of the investment vehicles in which the fund invests.
LIBOR RISK. To the extent a fund invests in floating or variable rate obligations that use the London Interbank Offered Rate ("LIBOR") as a reference interest rate, it is subject to LIBOR Risk. In 2017, the United Kingdom's Financial Conduct Authority announced that LIBOR will cease to be available for use after 2021. The unavailability or replacement of LIBOR may affect the value, liquidity or return on certain fund investments and may result in costs incurred in connection with closing out positions and entering into new trades. Any potential effects of the transition away from LIBOR on the fund or on certain instruments in which the fund invests can be difficult to ascertain, and they may vary depending on a variety of factors. Any such effects of the transition away from LIBOR, as well as other unforeseen effects, could result in losses to the fund.
MANAGEMENT RISK. To the extent that a fund is actively managed, it is subject to management risk. In managing an actively-managed fund's investment portfolio, the fund's portfolio managers will apply investment techniques and risk analyses that may not have the desired result. There can be no guarantee that a fund will meet its investment objective.
FIRST TRUST EXCHANGE-TRADED ALPHADEX(R) FUND
SECTOR FUNDS
JANUARY 31, 2020 (UNAUDITED)
MARKET RISK. Securities held by a fund, as well as shares of a fund itself, are subject to market fluctuations caused by factors such as general economic conditions, political events, regulatory or market developments, changes in interest rates and perceived trends in securities prices. Shares of a fund could decline in value or underperform other investments as a result of the risk of loss associated with these market fluctuations. In addition, local, regional or global events such as war, acts of terrorism, spread of infectious diseases or other public health issues, recessions, or other events could have a significant negative impact on a fund and its investments. Such events may affect certain geographic regions, countries, sectors and industries more significantly than others. The outbreak of the respiratory disease designated as COVID-19 in December 2019 has caused significant volatility and declines in global financial markets, which have caused losses for investors. The impact of this COVID-19 pandemic may be short term or may last for an extended period of time, and in either case could result in a substantial economic downturn or recession.
NON-U.S. SECURITIES RISK. To the extent a fund invests in non-U.S. securities, it is subject to additional risks not associated with securities of domestic issuers. Non-U.S. securities are subject to higher volatility than securities of domestic issuers due to: possible adverse political, social or economic developments; restrictions on foreign investment or exchange of securities; lack of liquidity; currency exchange rates; excessive taxation; government seizure of assets; different legal or accounting standards; and less government supervision and regulation of exchanges in foreign countries. Investments in non-U.S. securities may involve higher costs than investments in U.S. securities, including higher transaction and custody costs, as well as additional taxes imposed by non-U.S. governments. These risks may be heightened for securities of companies located, or with significant operations, in emerging market countries.
PASSIVE INVESTMENT RISK. To the extent a fund seeks to track an index, the fund will invest in the securities included in, or representative of, the index regardless of their investment merit. A fund generally will not attempt to take defensive positions in declining markets.
NOT FDIC INSURED NOT BANK GUARANTEED MAY LOSE VALUE
FIRST TRUST
FIRST TRUST EXCHANGE-TRADED ALPHADEX(R) FUND
SECTOR FUNDS
INVESTMENT ADVISOR
First Trust Advisors L.P.
120 East Liberty Drive, Suite 400
Wheaton, IL 60187
ADMINISTRATOR, CUSTODIAN,
FUND ACCOUNTANT &
TRANSFER AGENT
The Bank of New York Mellon
240 Greenwich Street
New York, NY 10286
INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM
Deloitte & Touche LLP
111 S. Wacker Drive
Chicago, IL 60606
LEGAL COUNSEL
Chapman and Cutler LLP
111 W. Monroe Street
Chicago, IL 60603
[BLANK BACK COVER]
First Trust Large Cap Core AlphaDEX(R) Fund (FEX) First Trust Mid Cap Core AlphaDEX(R) Fund (FNX) First Trust Small Cap Core AlphaDEX(R) Fund (FYX) First Trust Large Cap Value AlphaDEX(R) Fund (FTA) First Trust Large Cap Growth AlphaDEX(R) Fund (FTC) First Trust Multi Cap Value AlphaDEX(R) Fund (FAB) First Trust Multi Cap Growth AlphaDEX(R) Fund (FAD) First Trust Mid Cap Value AlphaDEX(R) Fund (FNK) First Trust Mid Cap Growth AlphaDEX(R) Fund (FNY) First Trust Small Cap Value AlphaDEX(R) Fund (FYT) First Trust Small Cap Growth AlphaDEX(R) Fund (FYC) First Trust Mega Cap AlphaDEX(R) Fund (FMK)
AlphaDEX(R)
FAMILY OF ETFS
FIRST TRUST EXCHANGE-TRADED ALPHADEX(R) FUND
STYLE FUNDS
SEMI-ANNUAL REPORT
JANUARY 31, 2020
Shareholder Letter......................................................... 2
Market Overview............................................................ 3
Fund Performance Overview
First Trust Large Cap Core AlphaDEX(R) Fund (FEX).................... 4
First Trust Mid Cap Core AlphaDEX(R) Fund (FNX)...................... 6
First Trust Small Cap Core AlphaDEX(R) Fund (FYX).................... 8
First Trust Large Cap Value AlphaDEX(R) Fund (FTA)................... 10
First Trust Large Cap Growth AlphaDEX(R) Fund (FTC).................. 12
First Trust Multi Cap Value AlphaDEX(R) Fund (FAB)................... 14
First Trust Multi Cap Growth AlphaDEX(R) Fund (FAD).................. 16
First Trust Mid Cap Value AlphaDEX(R) Fund (FNK)..................... 18
First Trust Mid Cap Growth AlphaDEX(R) Fund (FNY).................... 20
First Trust Small Cap Value AlphaDEX(R) Fund (FYT)................... 22
First Trust Small Cap Growth AlphaDEX(R) Fund (FYC).................. 24
First Trust Mega Cap AlphaDEX(R) Fund (FMK).......................... 26
Notes to Fund Performance Overview......................................... 28
Understanding Your Fund Expenses........................................... 29
Portfolio of Investments
First Trust Large Cap Core AlphaDEX(R) Fund (FEX).................... 31
First Trust Mid Cap Core AlphaDEX(R) Fund (FNX)...................... 38
First Trust Small Cap Core AlphaDEX(R) Fund (FYX).................... 46
First Trust Large Cap Value AlphaDEX(R) Fund (FTA)................... 55
First Trust Large Cap Growth AlphaDEX(R) Fund (FTC).................. 59
First Trust Multi Cap Value AlphaDEX(R) Fund (FAB)................... 63
First Trust Multi Cap Growth AlphaDEX(R) Fund (FAD).................. 73
First Trust Mid Cap Value AlphaDEX(R) Fund (FNK)..................... 83
First Trust Mid Cap Growth AlphaDEX(R) Fund (FNY).................... 88
First Trust Small Cap Value AlphaDEX(R) Fund (FYT)................... 93
First Trust Small Cap Growth AlphaDEX(R) Fund (FYC).................. 98
First Trust Mega Cap AlphaDEX(R) Fund (FMK).......................... 104
Statements of Assets and Liabilities....................................... 106
Statements of Operations................................................... 109
Statements of Changes in Net Assets........................................ 112
Financial Highlights....................................................... 116
Notes to Financial Statements.............................................. 123
Additional Information..................................................... 132
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CAUTION REGARDING FORWARD-LOOKING STATEMENTS
This report contains certain forward-looking statements within the meaning of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended. Forward-looking statements include statements regarding the goals, beliefs, plans or current expectations of First Trust Advisors L.P. ("First Trust" or the "Advisor") and its representatives, taking into account the information currently available to them. Forward-looking statements include all statements that do not relate solely to current or historical fact. For example, forward-looking statements include the use of words such as "anticipate," "estimate," "intend," "expect," "believe," "plan," "may," "should," "would" or other words that convey uncertainty of future events or outcomes.
Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of any series of First Trust Exchange-Traded AlphaDEX(R) Fund (the "Trust") described in this report (each such series is referred to as a "Fund" and collectively, as the "Funds") to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. When evaluating the information included in this report, you are cautioned not to place undue reliance on these forward-looking statements, which reflect the judgment of the Advisor and its representatives only as of the date hereof. We undertake no obligation to publicly revise or update these forward-looking statements to reflect events and circumstances that arise after the date hereof.
PERFORMANCE AND RISK DISCLOSURE
There is no assurance that any Fund described in this report will achieve its investment objective. Each Fund is subject to market risk, which is the possibility that the market values of securities owned by the Fund will decline and that the value of the Fund shares may therefore be less than what you paid for them. Accordingly, you can lose money investing in a Fund. See "Risk Considerations" in the Additional Information Section of this report for a discussion of other risks in investing in the Funds.
Performance data quoted represents past performance, which is no guarantee of future results, and current performance may be lower or higher than the figures shown. For the most recent month-end performance figures, please visit www.ftportfolios.com or speak with your financial advisor. Investment returns, net asset value and share price will fluctuate and Fund shares, when sold, may be worth more or less than their original cost.
The Advisor may also periodically provide additional information on Fund performance on each Fund's webpage at www.ftportfolios.com.
HOW TO READ THIS REPORT
This report contains information that may help you evaluate your investment. It includes details about each Fund and presents data and analysis that provide insight into each Fund's performance and investment approach.
By reading the market overview by Robert F. Carey, Chief Market Strategist of the Advisor, you may obtain an understanding of how the market environment affected the performance of each Fund. The statistical information that follows may help you understand each Fund's performance compared to that of relevant market benchmarks.
It is important to keep in mind that the opinions expressed by personnel of the Advisor are just that: informed opinions. They should not be considered to be promises or advice. The opinions, like the statistics, cover the period through the date on the cover of this report. The material risks of investing in each Fund are spelled out in its prospectus, statement of additional information, and other Fund regulatory filings.
FIRST TRUST EXCHANGE-TRADED ALPHADEX(R) FUND
SEMI-ANNUAL LETTER FROM THE CHAIRMAN AND CEO
JANUARY 31, 2020
Dear Shareholders:
First Trust is pleased to provide you with the semi-annual report for the Style Funds of the First Trust Exchange-Traded AlphaDEX(R) Fund (the "Funds"), which contains detailed information about the Funds for the six months ended January 31, 2020.
We are now two decades into this millennium and while it has clearly not been smooth sailing for the securities markets or the economy, it has been relatively prosperous for those investors willing to stay the course. We have always been a proponent of buy-and-hold investing and believe in the merits of investing for the long haul, including the implementation of such basic strategies as diversification and asset allocation.
From December 31, 1999 through December 31, 2019, the S&P 500(R) Index posted an
average annual total return of 6.05%, according to Bloomberg. Over that same
period, the ICE BofA 7-10 Year U.S. Treasury Index generated an average annual
total return of 5.56%. These two asset classes are positioned at opposite ends
of the risk spectrum. Historically speaking, stocks have tended to outperform
government bonds in the U.S. by close to a 2 to 1 annual margin. For comparative
purposes, from 1926 through 2019, the S&P 500(R) Index posted an average annual
total return of 10.20%, compared to 5.56% for long-term government bonds,
according to Morningstar/Ibbotson Associates. The returns from this millennium
show that the S&P 500(R) Index lagged its historical average by more than four
percentage points per year, while government bonds performed in line with their
average. Remember, investors endured two severe bear markets in stocks between
2000 and 2009. This is one of the reasons we believe that, despite the S&P
500(R) Index setting new highs, equities are currently undervalued.
Over the six-month period ended January 31, 2020, the S&P 500(R) Index was up 9.31% on a total return basis, which is a strong showing for just half a year. The two top-performing sectors by far were Information Technology and Utilities, according to Bloomberg. These two sectors make for an interesting pair in that one is growth-oriented, while the other is more defensive in nature, with a better than average dividend yield. The combination of the strength of the U.S. labor market, short-term interest rates and U.S. Treasury yields hovering around 1.50% to 2.00%, as of January 31, 2020, relatively modest inflation with the Consumer Price Index at 2.50% on a trailing 12-month basis and a favorable U.S. corporate tax structure helps foster a climate of opportunity for investors, in our opinion. We continue to urge investors to stay the course.
One caveat moving forward is the outbreak of the respiratory disease designated as COVID-19 that has caused significant volatility and declines in global financial markets which have caused losses for investors. The impact of this COVID-19 pandemic may be short term or may last for an extended period of time and in either case could result in a substantial downturn or recession. We are continuing to monitor these events.
Thank you for giving First Trust the opportunity to play a role in your financial future. We value our relationship with you and will report on the Funds again in six months.
Sincerely,
/s/ James A. Bowen James A. Bowen Chairman of the Board of Trustees Chief Executive Officer of First Trust Advisors L.P. |
FIRST TRUST EXCHANGE-TRADED ALPHADEX(R) FUND
SEMI-ANNUAL REPORT
JANUARY 31, 2020
ROBERT F. CAREY, CFA
SENIOR VICE PRESIDENT AND CHIEF MARKET STRATEGIST
FIRST TRUST ADVISORS L.P.
Mr. Carey is responsible for the overall management of research and analysis of the First Trust product line. Mr. Carey has over 27 years of experience as an Equity and Fixed-Income Analyst and is a recipient of the Chartered Financial Analyst ("CFA") designation. He is a graduate of the University of Illinois at Champaign-Urbana with a B.S. in Physics. He is also a member of the Investment Analysts Society of Chicago and the CFA Institute. Mr. Carey has appeared as a guest on such programs as Bloomberg TV, CNBC, and WBBM Radio, and has been quoted by several publications, including The Wall Street Journal, The Wall Street Reporter, Bloomberg News Service, and Registered Rep.
STATE OF THE U.S./GLOBAL ECONOMY
The Trump Administration's efforts to persuade some of the U.S.'s most important economic partners to renegotiate standing trade agreements began in earnest in March 2018, when President Donald J. Trump initiated the first round of tariffs on imported steel and aluminum. This somewhat heavy-handed approach has been operational for 22 months and counting. Some progress, however, has been made. The U.S. and China signed the first phase of a broader trade pact on January 15, 2020. President Trump signed the United States-Mexico-Canada Agreement into law on January 29, 2020, which updated the North American Free Trade Agreement. Progress notwithstanding, we believe that the ongoing trade conflict, particularly with China, has negatively impacted economic growth rates in the U.S. to such an extent that the Federal Reserve (the "Fed") felt compelled to intercede in the matter.
Six months ago, the Fed chose to reverse course with respect to its monetary policy. President Trump had been urging the Fed to cut rates for some time. For those who may not follow the Fed closely, after holding its federal funds target rate (upper bound) at an artificially low 0.25% for seven years (December 2008-December 2015) to help stimulate U.S. economic activity, the Fed spent the better part of the next four years (December 2015-July 2019) increasing its benchmark lending rate in an effort to normalize it. Over that period, the Fed increased the rate from 0.25% to 2.50%. To lend some perspective, the average federal funds target rate (upper bound) was 2.93% for the 30-year period ended January 31, 2020, so the Fed came close to achieving its goal of normalizing it, according to data from Bloomberg. From the end of July 2019 through the end of November 2019, however, the Fed initiated three rate cuts that dropped it from 2.50% to 1.75%, where it still stands.
As previously noted, one of the by-products of the escalation in the use of tariffs by all parties involved has been a slowdown in economic growth, particularly in the U.S. The annualized U.S. real gross domestic product ("GDP") growth rate in the second quarter of 2018 (when new tariffs were introduced) was 3.5%. In 2019, the first, second, third and fourth quarters generated annualized GDP growth rates of 3.1%, 2.0%, 2.1% and 2.1%, respectively, according to data from the Bureau of Economic Analysis. The past three quarters fell below the 2.3% average for the current U.S. economic recovery, which has run from July 2009 to the present, according to the National Bureau of Economic Research. The silver lining in this story, in our opinion, is that the stock and bond markets have continued to perform well despite the slowdown in economic activity.
ETFGI, an independent research and consultancy firm, reported that total assets invested in exchange-traded funds ("ETFs") and related exchange-traded products ("ETPs") listed globally stood at an all-time high of $6.37 trillion in January 2020, up from $5.16 trillion a year ago, according to its own release. Total assets of U.S. listed ETFs/ETPs stood at an all-time high of $4.44 trillion for the same period, up from $3.63 trillion a year ago.
STYLE/EQUITY INVESTING
One barometer for gauging investors' appetites for equities is tracking money flows in and out of open-end mutual funds and ETFs. The flows are reported over time on a rolling 12-month basis. For the 12-month period ended January 31, 2020, U.S. Equity funds/ETFs reported estimated net outflows totaling $58.71 billion, according to data from Morningstar. As has been the case in recent years, investors are favoring passive funds over actively managed funds. Passive U.S. Equity funds/ETFs reported estimated net inflows totaling $175.19 billion, compared to estimated net outflows totaling $233.90 billion for actively managed U.S. Equity funds/ETFs for the same period.
For the 12-month period ended January 31, 2020, U.S. Large Blend, U.S. Large Growth and U.S. Large Value equity funds/ETFs reported estimated net flows totaling $116.55 billion, -$70.74 billion and -$14.96 billion, respectively, according to Morningstar. U.S. Mid-Cap Blend, U.S. Mid-Cap Growth and U.S. Mid-Cap Value equity funds/ETFs reported estimated net flows totaling -$2.16 billion, -$10.49 billion and -$16.15 billion, respectively, for the same period. U.S. Small Blend, U.S. Small Growth and U.S. Small Value equity funds/ETFs reported estimated net flows totaling -$8.16 billion, -$7.64 billion and -$2.99 billion, respectively, for the same period. The only style/market cap that reported net inflows for the 12-month period ended January 31, 2020 was Large-Cap Blend.
For the six-month period ended January 31, 2020, the S&P 500(R) Index posted a total return of 9.31%, according to Bloomberg. Growth stocks outperformed value stocks for the same period. The S&P 500(R) Growth Index posted a total return of 10.30%, compared to 8.16% for the S&P 500(R) Value Index, for the same period. The S&P MidCap 400(R) Index posted a total return of 2.95% for the same period. Growth stocks outperformed value stocks during the period. The S&P MidCap 400(R) Growth Index posted a total return of 3.50%, compared to 2.28% for the S&P MidCap 400(R) Value Index, during the period. The S&P SmallCap 600(R) Index posted a total return of 2.54% for the same period. Growth stocks outperformed value stocks for the same period. The S&P SmallCap 600(R) Growth Index posted a total return of 3.74%, compared to 1.18% for the S&P SmallCap 600(R) Value Index, for the same period.
One caveat moving forward is the outbreak of the respiratory disease designated as COVID-19 that has caused significant volatility and declines in global financial markets which have caused losses for investors. The impact of this COVID-19 pandemic may be short term or may last for an extended period of time and in either case could result in a substantial downturn or recession. We are continuing to monitor these events.
FIRST TRUST LARGE CAP CORE ALPHADEX(R) FUND (FEX)
The First Trust Large Cap Core AlphaDEX(R) Fund (the "Fund") seeks investment results that correspond generally to the price and yield (before the Fund's fees and expenses) of an equity index called the Nasdaq AlphaDEX(R) Large Cap Core Index (the "Index"). The Fund will normally invest at least 90% of its net assets (including investment borrowings) in common stocks that comprise the Index. The shares of the Fund are listed and trade on The Nasdaq Stock Market LLC under the ticker symbol "FEX."
The Index employs the AlphaDEX(R) stock selection methodology which uses fundamental growth and value factors to objectively select stocks from the Nasdaq US 500 Large Cap Index that may generate positive alpha relative to traditional passive indices. The Index is a modified equal-dollar weighted index where higher ranked stocks receive a higher weight within the Index.
-----------------------------------------------------------------------------------------------------------------------------------
PERFORMANCE
-----------------------------------------------------------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURNS CUMULATIVE TOTAL RETURNS
6 Months 1 Year 5 Years 10 Years Inception 5 Years 10 Years Inception
Ended Ended Ended Ended (5/8/07) Ended Ended (5/8/07)
1/31/20 1/31/20 1/31/20 1/31/20 to 1/31/20 1/31/20 1/31/20 to 1/31/20
FUND PERFORMANCE
NAV 3.98% 13.70% 8.91% 12.59% 7.44% 53.24% 227.20% 149.25%
Market Price 3.95% 13.63% 8.89% 12.58% 7.43% 53.11% 226.99% 149.13%
INDEX PERFORMANCE
Nasdaq AlphaDEX(R) Large Cap
Core Index(1) 4.33% 14.47% N/A N/A N/A N/A N/A N/A
Nasdaq US 500 Large Cap Index(1) 9.53% 22.42% N/A N/A N/A N/A N/A N/A
S&P 500(R) Index 9.31% 21.68% 12.37% 13.97% 8.43% 79.17% 269.82% 180.18%
-----------------------------------------------------------------------------------------------------------------------------------
|
(1) Performance data is not available for all the periods shown in the table for the index because performance data does not exist for some of the entire periods.
(See Notes to Fund Performance Overview on page 28.)
----------------------------------------------------------
% OF TOTAL
SECTOR CLASSIFICATION LONG-TERM INVESTMENTS
----------------------------------------------------------
Information Technology 18.27%
Financials 17.80
Industrials 12.16
Health Care 10.78
Consumer Discretionary 10.20
Communication Services 7.22
Utilities 6.39
Energy 5.48
Materials 4.40
Consumer Staples 4.21
Real Estate 3.09
-------
Total 100.00%
=======
----------------------------------------------------------
% OF TOTAL
TOP TEN HOLDINGS LONG-TERM INVESTMENTS
----------------------------------------------------------
Tesla, Inc. 0.70%
RingCentral, Inc., Class A 0.55
Paycom Software, Inc. 0.54
Lennar Corp., Class A 0.54
TransDigm Group, Inc. 0.52
D.R. Horton, Inc. 0.51
Copart, Inc. 0.50
DexCom, Inc. 0.50
T. Rowe Price Group, Inc. 0.50
Fortinet, Inc. 0.49
-------
Total 5.35%
=======
-----------------------------
|
Nasdaq(R) and the Index are registered trademarks and service marks of Nasdaq, Inc. (together with its affiliates hereinafter referred to as the "Corporations") and are licensed for use by First Trust. AlphaDEX(R) is a registered trademark owned by First Trust that has been licensed to Nasdaq, Inc. for use in the name of the Index. The Fund has not been passed on by the Corporations as to its legality or suitability. The Fund is not issued, endorsed, sold or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUND.
FIRST TRUST LARGE CAP CORE ALPHADEX(R) FUND (FEX) (CONTINUED)
PERFORMANCE OF A $10,000 INITIAL INVESTMENT
JULY 31, 2009 - JANUARY 31, 2020
First Trust Large Cap Core S&P 500(R)
AlphaDEX(R) Fund Index
7/09 $10,000 $10,000
1/10 11,351 10,987
7/10 12,226 11,384
1/11 14,550 13,425
7/11 14,738 13,621
1/12 14,846 13,990
7/12 15,062 14,864
1/13 17,319 16,337
7/13 19,792 18,580
1/14 21,272 19,853
7/14 23,321 21,727
1/15 24,235 22,677
7/15 25,110 24,162
1/16 22,481 22,526
7/16 26,013 25,520
1/17 27,862 27,041
7/17 30,350 29,613
1/18 34,742 34,182
7/18 34,514 34,421
1/19 32,663 33,390
7/19 35,717 37,171
1/20 37,141 40,632
|
Performance figures assume reinvestment of all distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. An index is a statistical composite that tracks a specified financial market or sector. Unlike the Fund, the index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by the Fund. These expenses negatively impact the performance of the Fund. The Fund's past performance does not predict future performance.
FREQUENCY DISTRIBUTION OF DISCOUNTS AND PREMIUMS
BID/ASK MIDPOINT VS. NAV AS OF JANUARY 31, 2020
The following Frequency Distribution of Discounts and Premiums charts are provided to show the frequency at which the bid/ask midpoint price for the Fund was at a discount or premium to the daily NAV. The following tables are for comparative purposes only and represent the period August 1, 2014 through January 31, 2020. Shareholders may pay more than NAV when they buy Fund shares and receive less than NAV when they sell those shares because shares are bought and sold at current market price. Data presented represents past performance and cannot be used to predict future results.
--------------------------------------------------------------------------------
NUMBER OF DAYS BID/ASK MIDPOINT AT/ABOVE NAV
--------------------------------------------------------------------------------
FOR THE PERIOD 0.00%-0.49% 0.50%-0.99% 1.00%-1.99% >=2.00%
8/1/14 - 7/31/15 201 0 0 0
8/1/15 - 7/31/16 148 0 0 0
8/1/16 - 7/31/17 156 0 0 0
8/1/17 - 7/31/18 139 0 0 0
8/1/18 - 7/31/19 123 3 0 0
8/1/19 - 1/31/20 21 0 0 0
--------------------------------------------------------------------------------
NUMBER OF DAYS BID/ASK MIDPOINT BELOW NAV
--------------------------------------------------------------------------------
FOR THE PERIOD 0.00%-0.49% 0.50%-0.99% 1.00%-1.99% >=2.00%
8/1/14 - 7/31/15 51 0 0 0
8/1/15 - 7/31/16 103 0 0 0
8/1/16 - 7/31/17 96 0 0 0
8/1/17 - 7/31/18 113 0 0 0
8/1/18 - 7/31/19 122 3 0 0
8/1/19 - 1/31/20 106 0 0 0
|
FIRST TRUST MID CAP CORE ALPHADEX(R) FUND (FNX)
The First Trust Mid Cap Core AlphaDEX(R) Fund (the "Fund") seeks investment results that correspond generally to the price and yield (before the Fund's fees and expenses) of an equity index called the Nasdaq AlphaDEX(R) Mid Cap Core Index (the "Index"). The Fund will normally invest at least 90% of its net assets (including investment borrowings) in common stocks that comprise the Index. The shares of the Fund are listed and trade on The Nasdaq Stock Market LLC under the ticker symbol "FNX."
The Index employs the AlphaDEX(R) stock selection methodology which uses fundamental growth and value factors to objectively select stocks from the Nasdaq US 600 Mid Cap Index that may generate positive alpha relative to traditional passive indices. The Index is a modified equal-dollar weighted index where higher ranked stocks receive a higher weight within the Index.
-----------------------------------------------------------------------------------------------------------------------------------
PERFORMANCE
-----------------------------------------------------------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURNS CUMULATIVE TOTAL RETURNS
6 Months 1 Year 5 Years 10 Years Inception 5 Years 10 Years Inception
Ended Ended Ended Ended (5/8/07) Ended Ended (5/8/07)
1/31/20 1/31/20 1/31/20 1/31/20 to 1/31/20 1/31/20 1/31/20 to 1/31/20
FUND PERFORMANCE
NAV 1.74% 9.52% 7.67% 11.87% 7.83% 44.73% 207.13% 161.02%
Market Price 1.81% 9.51% 7.65% 11.86% 7.82% 44.60% 206.84% 160.99%
INDEX PERFORMANCE
Nasdaq AlphaDEX(R) Mid Cap Core
Index(1) 2.07% 10.23% N/A N/A N/A N/A N/A N/A
Nasdaq US 600 Mid Cap Index(1) 3.16% 12.57% N/A N/A N/A N/A N/A N/A
S&P MidCap 400(R) Index 2.95% 11.27% 8.70% 12.79% 8.23% 51.75% 233.26% 173.78%
-----------------------------------------------------------------------------------------------------------------------------------
|
(1) Performance data is not available for all the periods shown in the table for the index because performance data does not exist for some of the entire periods.
(See Notes to Fund Performance Overview on page 28.)
----------------------------------------------------------
% OF TOTAL
SECTOR CLASSIFICATION LONG-TERM INVESTMENTS
----------------------------------------------------------
Financials 21.15%
Industrials 16.77
Consumer Discretionary 15.94
Information Technology 13.27
Health Care 9.83
Materials 5.56
Real Estate 5.37
Communication Services 4.35
Utilities 3.35
Energy 2.79
Consumer Staples 1.62
-------
Total 100.00%
=======
----------------------------------------------------------
% OF TOTAL
TOP TEN HOLDINGS LONG-TERM INVESTMENTS
----------------------------------------------------------
Teladoc Health, Inc. 0.46%
Enphase Energy, Inc. 0.46
Paylocity Holding Corp. 0.45
PulteGroup, Inc. 0.44
Santander Consumer USA Holdings, Inc. 0.43
Toll Brothers, Inc. 0.43
TopBuild Corp. 0.42
Albemarle Corp. 0.42
Five9, Inc. 0.42
FTI Consulting, Inc. 0.41
-------
Total 4.34%
=======
-----------------------------
|
Nasdaq(R) and the Index are registered trademarks and service marks of Nasdaq, Inc. (together with its affiliates hereinafter referred to as the "Corporations") and are licensed for use by First Trust. AlphaDEX(R) is a registered trademark owned by First Trust that has been licensed to Nasdaq, Inc. for use in the name of the Index. The Fund has not been passed on by the Corporations as to its legality or suitability. The Fund is not issued, endorsed, sold or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUND.
FIRST TRUST MID CAP CORE ALPHADEX(R) FUND (FNX) (CONTINUED)
PERFORMANCE OF A $10,000 INITIAL INVESTMENT
JULY 31, 2009 - JANUARY 31, 2020
First Trust Mid Cap S&P MidCap
Core AlphaDEX(R) Fund 400(R) Index
7/09 $10,000 $10,000
1/10 11,403 11,273
7/10 12,393 12,282
1/11 15,215 15,044
7/11 15,689 15,446
1/12 15,940 15,450
7/12 15,794 15,631
1/13 18,441 18,318
7/13 20,960 20,789
1/14 22,890 22,324
7/14 23,787 23,469
1/15 24,197 24,753
7/15 25,106 26,119
1/16 21,607 23,094
7/16 25,297 27,563
1/17 27,670 30,060
7/17 28,992 31,611
1/18 33,005 35,354
7/18 34,012 36,201
1/19 31,977 33,762
7/19 34,426 36,490
1/20 35,022 37,568
|
Performance figures assume reinvestment of all distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. An index is a statistical composite that tracks a specified financial market or sector. Unlike the Fund, the index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by the Fund. These expenses negatively impact the performance of the Fund. The Fund's past performance does not predict future performance.
FREQUENCY DISTRIBUTION OF DISCOUNTS AND PREMIUMS
BID/ASK MIDPOINT VS. NAV AS OF JANUARY 31, 2020
The following Frequency Distribution of Discounts and Premiums charts are provided to show the frequency at which the bid/ask midpoint price for the Fund was at a discount or premium to the daily NAV. The following tables are for comparative purposes only and represent the period August 1, 2014 through January 31, 2020. Shareholders may pay more than NAV when they buy Fund shares and receive less than NAV when they sell those shares because shares are bought and sold at current market price. Data presented represents past performance and cannot be used to predict future results.
--------------------------------------------------------------------------------
NUMBER OF DAYS BID/ASK MIDPOINT AT/ABOVE NAV
--------------------------------------------------------------------------------
FOR THE PERIOD 0.00%-0.49% 0.50%-0.99% 1.00%-1.99% >=2.00%
8/1/14 - 7/31/15 176 0 0 0
8/1/15 - 7/31/16 138 0 0 0
8/1/16 - 7/31/17 158 0 0 0
8/1/17 - 7/31/18 150 0 0 0
8/1/18 - 7/31/19 143 3 0 0
8/1/19 - 1/31/20 48 0 0 0
--------------------------------------------------------------------------------
NUMBER OF DAYS BID/ASK MIDPOINT BELOW NAV
--------------------------------------------------------------------------------
FOR THE PERIOD 0.00%-0.49% 0.50%-0.99% 1.00%-1.99% >=2.00%
8/1/14 - 7/31/15 76 0 0 0
8/1/15 - 7/31/16 113 0 0 0
8/1/16 - 7/31/17 94 0 0 0
8/1/17 - 7/31/18 100 1 1 0
8/1/18 - 7/31/19 101 4 0 0
8/1/19 - 1/31/20 79 0 0 0
|
FIRST TRUST SMALL CAP CORE ALPHADEX(R) FUND (FYX)
The First Trust Small Cap Core AlphaDEX(R) Fund (the "Fund") seeks investment results that correspond generally to the price and yield (before the Fund's fees and expenses) of an equity index called the Nasdaq AlphaDEX(R) Small Cap Core Index (the "Index"). The Fund will normally invest at least 90% of its net assets (including investment borrowings) in common stocks that comprise the Index. The shares of the Fund are listed and trade on The Nasdaq Stock Market LLC under the ticker symbol "FYX."
The Index employs the AlphaDEX(R) stock selection methodology which uses fundamental growth and value factors to objectively select stocks from the Nasdaq US 700 Small Cap Index that may generate positive alpha relative to traditional passive indices. The Index is a modified equal-dollar weighted index where higher ranked stocks receive a higher weight within the Index.
-----------------------------------------------------------------------------------------------------------------------------------
PERFORMANCE
-----------------------------------------------------------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURNS CUMULATIVE TOTAL RETURNS
6 Months 1 Year 5 Years 10 Years Inception 5 Years 10 Years Inception
Ended Ended Ended Ended (5/8/07) Ended Ended (5/8/07)
1/31/20 1/31/20 1/31/20 1/31/20 to 1/31/20 1/31/20 1/31/20 to 1/31/20
FUND PERFORMANCE
NAV 0.34% 2.94% 6.53% 11.07% 6.50% 37.19% 185.82% 123.09%
Market Price 0.34% 2.91% 6.51% 11.05% 6.50% 37.09% 185.24% 123.02%
INDEX PERFORMANCE
Nasdaq AlphaDEX(R) Small Cap Core
Index(1) 0.66% 3.63% N/A N/A N/A N/A N/A N/A
Nasdaq US 700 Small Cap Index(1) 2.45% 7.43% N/A N/A N/A N/A N/A N/A
S&P SmallCap 600(R) Index 2.54% 6.57% 9.45% 13.28% 8.06% 57.07% 248.00% 168.38%
-----------------------------------------------------------------------------------------------------------------------------------
|
(1) Performance data is not available for all the periods shown in the table for the index because performance data does not exist for some of the entire periods.
(See Notes to Fund Performance Overview on page 28.)
----------------------------------------------------------
% OF TOTAL
SECTOR CLASSIFICATION LONG-TERM INVESTMENTS
----------------------------------------------------------
Industrials 22.01%
Financials 18.08
Consumer Discretionary 15.40
Information Technology 11.04
Health Care 9.83
Real Estate 6.35
Materials 5.68
Energy 5.49
Consumer Staples 3.87
Communication Services 1.91
Utilities 0.34
-------
Total 100.00%
=======
----------------------------------------------------------
% OF TOTAL
TOP TEN HOLDINGS LONG-TERM INVESTMENTS
----------------------------------------------------------
Acceleron Pharma, Inc. 0.46%
Green Dot Corp., Class A 0.43
Taylor Morrison Home Corp. 0.40
Meritage Homes Corp. 0.39
Redfin Corp. 0.39
M/I Homes, Inc. 0.38
M.D.C. Holdings, Inc. 0.37
NeoGenomics, Inc. 0.37
eHealth, Inc. 0.37
Perficient, Inc. 0.36
-------
Total 3.92%
=======
----------------------------
|
Nasdaq(R) and the Index are registered trademarks and service marks of Nasdaq, Inc. (together with its affiliates hereinafter referred to as the "Corporations") and are licensed for use by First Trust. AlphaDEX(R) is a registered trademark owned by First Trust that has been licensed to Nasdaq, Inc. for use in the name of the Index. The Fund has not been passed on by the Corporations as to its legality or suitability. The Fund is not issued, endorsed, sold or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUND.
FIRST TRUST SMALL CAP CORE ALPHADEX(R) FUND (FYX) (CONTINUED)
PERFORMANCE OF A $10,000 INITIAL INVESTMENT
JULY 31, 2009 - JANUARY 31, 2020
First Trust Small Cap S&P SmallCap
Core AlphaDEX(R) Fund 600(R) Index
7/09 $10,000 $10,000
1/10 11,180 10,923
7/10 12,063 11,917
1/11 14,477 14,302
7/11 14,984 14,864
1/12 15,588 15,375
7/12 15,196 15,458
1/13 17,681 17,752
7/13 20,756 20,834
1/14 22,777 22,800
7/14 22,759 23,133
1/15 23,294 24,204
7/15 24,002 25,903
1/16 20,534 23,070
7/16 24,530 27,446
1/17 27,208 30,992
7/17 28,463 32,294
1/18 31,608 36,124
7/18 34,071 39,753
1/19 31,046 35,672
7/19 31,847 37,070
1/20 31,955 38,012
|
Performance figures assume reinvestment of all distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. An index is a statistical composite that tracks a specified financial market or sector. Unlike the Fund, the index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by the Fund. These expenses negatively impact the performance of the Fund. The Fund's past performance does not predict future performance.
FREQUENCY DISTRIBUTION OF DISCOUNTS AND PREMIUMS
BID/ASK MIDPOINT VS. NAV AS OF JANUARY 31, 2020
The following Frequency Distribution of Discounts and Premiums charts are provided to show the frequency at which the bid/ask midpoint price for the Fund was at a discount or premium to the daily NAV. The following tables are for comparative purposes only and represent the period August 1, 2014 through January 31, 2020. Shareholders may pay more than NAV when they buy Fund shares and receive less than NAV when they sell those shares because shares are bought and sold at current market price. Data presented represents past performance and cannot be used to predict future results.
--------------------------------------------------------------------------------
NUMBER OF DAYS BID/ASK MIDPOINT AT/ABOVE NAV
--------------------------------------------------------------------------------
FOR THE PERIOD 0.00%-0.49% 0.50%-0.99% 1.00%-1.99% >=2.00%
8/1/14 - 7/31/15 189 0 0 0
8/1/15 - 7/31/16 94 0 0 0
8/1/16 - 7/31/17 129 0 0 0
8/1/17 - 7/31/18 153 0 0 0
8/1/18 - 7/31/19 146 4 0 0
8/1/19 - 1/31/20 34 0 0 0
--------------------------------------------------------------------------------
NUMBER OF DAYS BID/ASK MIDPOINT BELOW NAV
--------------------------------------------------------------------------------
FOR THE PERIOD 0.00%-0.49% 0.50%-0.99% 1.00%-1.99% >=2.00%
8/1/14 - 7/31/15 63 0 0 0
8/1/15 - 7/31/16 157 0 0 0
8/1/16 - 7/31/17 123 0 0 0
8/1/17 - 7/31/18 98 1 0 0
8/1/18 - 7/31/19 99 2 0 0
8/1/19 - 1/31/20 93 0 0 0
|
FIRST TRUST LARGE CAP VALUE ALPHADEX(R) FUND (FTA)
The First Trust Large Cap Value AlphaDEX(R) Fund (the "Fund") seeks investment results that correspond generally to the price and yield (before the Fund's fees and expenses) of an equity index called the Nasdaq AlphaDEX(R) Large Cap Value Index (the "Index"). The Fund will normally invest at least 90% of its net assets (including investment borrowings) in common stocks that comprise the Index. The shares of the Fund are listed and trade on The Nasdaq Stock Market LLC under the ticker symbol "FTA."
The Index employs the AlphaDEX(R) stock selection methodology which uses fundamental growth and value factors to objectively select stocks from the Nasdaq US 500 Large Cap Value Index that may generate positive alpha relative to traditional passive indices. The Index is a modified equal-dollar weighted index where higher ranked stocks receive a higher weight within the Index.
-----------------------------------------------------------------------------------------------------------------------------------
PERFORMANCE
-----------------------------------------------------------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURNS CUMULATIVE TOTAL RETURNS
6 Months 1 Year 5 Years 10 Years Inception 5 Years 10 Years Inception
Ended Ended Ended Ended (5/8/07) Ended Ended (5/8/07)
1/31/20 1/31/20 1/31/20 1/31/20 to 1/31/20 1/31/20 1/31/20 to 1/31/20
FUND PERFORMANCE
NAV 3.75% 8.61% 6.95% 11.25% 6.59% 39.90% 190.33% 125.46%
Market Price 3.73% 8.55% 6.93% 11.25% 6.59% 39.82% 190.42% 125.32%
INDEX PERFORMANCE
Nasdaq AlphaDEX(R) Large Cap
Value Index(1) 4.10% 9.33% N/A N/A N/A N/A N/A N/A
Nasdaq US 500 Large Cap Value
Index(1) 8.43% 18.35% N/A N/A N/A N/A N/A N/A
S&P 500(R) Index 9.31% 21.68% 12.37% 13.97% 8.43% 79.17% 269.82% 180.18%
S&P 500(R) Value Index 8.16% 18.30% 9.93% 12.09% 6.16% 60.54% 213.00% 114.07%
-----------------------------------------------------------------------------------------------------------------------------------
|
(1) Performance data is not available for all the periods shown in the table for the index because performance data does not exist for some of the entire periods.
(See Notes to Fund Performance Overview on page 28.)
----------------------------------------------------------
% OF TOTAL
SECTOR CLASSIFICATION LONG-TERM INVESTMENTS
----------------------------------------------------------
Financials 26.81%
Industrials 10.28
Utilities 9.81
Energy 9.79
Consumer Discretionary 8.23
Health Care 7.96
Information Technology 7.84
Materials 6.13
Communication Services 5.84
Consumer Staples 5.17
Real Estate 2.14
-------
Total 100.00%
=======
----------------------------------------------------------
% OF TOTAL
TOP TEN HOLDINGS LONG-TERM INVESTMENTS
----------------------------------------------------------
Lennar Corp., Class A 1.12%
D.R. Horton, Inc. 1.06
Ally Financial, Inc. 0.99
Exelon Corp. 0.99
Newmont Corp. 0.98
Textron, Inc. 0.97
Southwest Airlines Co. 0.96
Fox Corp., Class A 0.95
Vornado Realty Trust 0.94
Micron Technology, Inc. 0.93
-------
Total 9.89%
=======
-----------------------------
|
Nasdaq(R) and the Index are registered trademarks and service marks of Nasdaq, Inc. (together with its affiliates hereinafter referred to as the "Corporations") and are licensed for use by First Trust. AlphaDEX(R) is a registered trademark owned by First Trust that has been licensed to Nasdaq, Inc. for use in the name of the Index. The Fund has not been passed on by the Corporations as to its legality or suitability. The Fund is not issued, endorsed, sold or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUND.
FIRST TRUST LARGE CAP VALUE ALPHADEX(R) FUND (FTA) (CONTINUED)
PERFORMANCE OF A $10,000 INITIAL INVESTMENT
JULY 31, 2009 - JANUARY 31, 2020
First Trust Large Cap S&P 500(R) S&P 500(R)
Value AlphaDEX(R) Fund Index Value Index
7/09 $10,000 $10,000 $10,000
1/10 11,658 10,987 11,108
7/10 12,353 11,384 11,497
1/11 14,544 13,425 13,471
7/11 14,613 13,621 13,242
1/12 15,121 13,990 13,623
7/12 15,337 14,864 14,266
1/13 17,951 16,337 16,275
7/13 20,421 18,580 18,589
1/14 21,564 19,853 19,362
7/14 23,986 21,727 21,244
1/15 24,190 22,677 21,657
7/15 23,917 24,162 22,646
1/16 21,063 22,526 20,880
7/16 24,619 25,520 23,955
1/17 28,184 27,041 25,941
7/17 30,365 29,613 27,392
1/18 33,881 34,182 30,963
7/18 32,831 34,421 30,248
1/19 31,157 33,388 29,389
7/19 32,618 37,168 32,146
1/20 33,847 40,632 34,768
|
Performance figures assume reinvestment of all distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. An index is a statistical composite that tracks a specified financial market or sector. Unlike the Fund, the indices do not actually hold a portfolio of securities and therefore do not incur the expenses incurred by the Fund. These expenses negatively impact the performance of the Fund. The Fund's past performance does not predict future performance.
FREQUENCY DISTRIBUTION OF DISCOUNTS AND PREMIUMS
BID/ASK MIDPOINT VS. NAV AS OF JANUARY 31, 2020
The following Frequency Distribution of Discounts and Premiums charts are provided to show the frequency at which the bid/ask midpoint price for the Fund was at a discount or premium to the daily NAV. The following tables are for comparative purposes only and represent the period August 1, 2014 through January 31, 2020. Shareholders may pay more than NAV when they buy Fund shares and receive less than NAV when they sell those shares because shares are bought and sold at current market price. Data presented represents past performance and cannot be used to predict future results.
--------------------------------------------------------------------------------
NUMBER OF DAYS BID/ASK MIDPOINT AT/ABOVE NAV
--------------------------------------------------------------------------------
FOR THE PERIOD 0.00%-0.49% 0.50%-0.99% 1.00%-1.99% >=2.00%
8/1/14 - 7/31/15 197 0 0 0
8/1/15 - 7/31/16 115 0 0 0
8/1/16 - 7/31/17 134 0 0 0
8/1/17 - 7/31/18 134 0 0 0
8/1/18 - 7/31/19 143 3 0 0
8/1/19 - 1/31/20 49 0 0 0
--------------------------------------------------------------------------------
NUMBER OF DAYS BID/ASK MIDPOINT BELOW NAV
--------------------------------------------------------------------------------
FOR THE PERIOD 0.00%-0.49% 0.50%-0.99% 1.00%-1.99% >=2.00%
8/1/14 - 7/31/15 55 0 0 0
8/1/15 - 7/31/16 136 0 0 0
8/1/16 - 7/31/17 118 0 0 0
8/1/17 - 7/31/18 118 0 0 0
8/1/18 - 7/31/19 103 2 0 0
8/1/19 - 1/31/20 78 0 0 0
|
FIRST TRUST LARGE CAP GROWTH ALPHADEX(R) FUND (FTC)
The First Trust Large Cap Growth AlphaDEX(R) Fund (the "Fund") seeks investment results that correspond generally to the price and yield (before the Fund's fees and expenses) of an equity index called the Nasdaq AlphaDEX(R) Large Cap Growth Index (the "Index"). The Fund will normally invest at least 90% of its net assets (including investment borrowings) in common stocks that comprise the Index. The shares of the Fund are listed and trade on The Nasdaq Stock Market LLC under the ticker symbol "FTC."
The Index employs the AlphaDEX(R) stock selection methodology which uses fundamental growth and value factors to objectively select stocks from the Nasdaq US 500 Large Cap Growth Index that may generate positive alpha relative to traditional passive indices. The Index is a modified equal-dollar weighted index where higher ranked stocks receive a higher weight within the Index.
-----------------------------------------------------------------------------------------------------------------------------------
PERFORMANCE
-----------------------------------------------------------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURNS CUMULATIVE TOTAL RETURNS
6 Months 1 Year 5 Years 10 Years Inception 5 Years 10 Years Inception
Ended Ended Ended Ended (5/8/07) Ended Ended (5/8/07)
1/31/20 1/31/20 1/31/20 1/31/20 to 1/31/20 1/31/20 1/31/20 to 1/31/20
FUND PERFORMANCE
NAV 4.45% 19.32% 10.77% 13.77% 8.04% 66.74% 263.19% 167.76%
Market Price 4.40% 19.39% 10.75% 13.76% 8.04% 66.62% 263.09% 167.67%
INDEX PERFORMANCE
Nasdaq AlphaDEX(R) Large Cap
Growth Index(1) 4.80% 20.12% N/A N/A N/A N/A N/A N/A
Nasdaq US 500 Large Cap Growth
Index(1) 10.65% 26.04% N/A N/A N/A N/A N/A N/A
S&P 500(R) Index 9.31% 21.68% 12.37% 13.97% 8.43% 79.17% 269.82% 180.18%
S&P 500(R) Growth Index 10.30% 24.74% 14.41% 15.64% 10.50% 96.03% 327.74% 256.75%
-----------------------------------------------------------------------------------------------------------------------------------
|
(1) Performance data is not available for all the periods shown in the table for the index because performance data does not exist for some of the entire periods.
(See Notes to Fund Performance Overview on page 28.)
----------------------------------------------------------
% OF TOTAL
SECTOR CLASSIFICATION LONG-TERM INVESTMENTS
----------------------------------------------------------
Information Technology 30.65%
Industrials 14.41
Health Care 12.51
Consumer Discretionary 12.05
Communication Services 9.51
Financials 7.80
Real Estate 3.80
Consumer Staples 3.54
Utilities 2.44
Materials 2.20
Energy 1.09
-------
Total 100.00%
=======
----------------------------------------------------------
% OF TOTAL
TOP TEN HOLDINGS LONG-TERM INVESTMENTS
----------------------------------------------------------
Tesla, Inc. 1.37%
RingCentral, Inc., Class A 1.08
Paycom Software, Inc. 1.06
TransDigm Group, Inc. 1.01
Brown & Brown, Inc. 1.00
Copart, Inc. 0.98
DexCom, Inc. 0.97
Fortinet, Inc. 0.95
EPAM Systems, Inc. 0.95
Fair Isaac Corp. 0.95
-------
Total 10.32%
=======
-----------------------------
|
Nasdaq(R) and the Index are registered trademarks and service marks of Nasdaq, Inc. (together with its affiliates hereinafter referred to as the "Corporations") and are licensed for use by First Trust. AlphaDEX(R) is a registered trademark owned by First Trust that has been licensed to Nasdaq, Inc. for use in the name of the Index. The Fund has not been passed on by the Corporations as to its legality or suitability. The Fund is not issued, endorsed, sold or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUND.
FIRST TRUST LARGE CAP GROWTH ALPHADEX(R) FUND (FTC) (CONTINUED)
PERFORMANCE OF A $10,000 INITIAL INVESTMENT
JULY 31, 2009 - JANUARY 31, 2020
First Trust Large Cap S&P 500(R) S&P 500(R)
Growth AlphaDEX(R) Fund Index Growth Index
7/09 $10,000 $10,000 $10,000
1/10 10,954 10,987 10,867
7/10 12,020 11,384 11,271
1/11 14,545 13,425 13,383
7/11 14,836 13,621 13,992
1/12 14,373 13,990 14,362
7/12 14,556 14,864 15,445
1/13 16,300 16,337 16,432
7/13 18,694 18,580 18,610
1/14 20,530 19,853 20,367
7/14 22,223 21,727 22,237
1/15 23,861 22,677 23,709
7/15 26,073 24,162 25,682
1/16 23,888 22,526 24,161
7/16 27,108 25,520 27,039
1/17 26,802 27,041 28,012
7/17 29,573 29,613 31,629
1/18 34,852 34,182 37,167
7/18 35,542 34,421 38,464
1/19 33,342 33,390 37,266
7/19 38,086 37,171 42,139
1/20 39,784 40,632 46,482
|
Performance figures assume reinvestment of all distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. An index is a statistical composite that tracks a specified financial market or sector. Unlike the Fund, the indices do not actually hold a portfolio of securities and therefore do not incur the expenses incurred by the Fund. These expenses negatively impact the performance of the Fund. The Fund's past performance does not predict future performance.
FREQUENCY DISTRIBUTION OF DISCOUNTS AND PREMIUMS
BID/ASK MIDPOINT VS. NAV AS OF JANUARY 31, 2020
The following Frequency Distribution of Discounts and Premiums charts are provided to show the frequency at which the bid/ask midpoint price for the Fund was at a discount or premium to the daily NAV. The following tables are for comparative purposes only and represent the period August 1, 2014 through January 31, 2020. Shareholders may pay more than NAV when they buy Fund shares and receive less than NAV when they sell those shares because shares are bought and sold at current market price. Data presented represents past performance and cannot be used to predict future results.
--------------------------------------------------------------------------------
NUMBER OF DAYS BID/ASK MIDPOINT AT/ABOVE NAV
--------------------------------------------------------------------------------
FOR THE PERIOD 0.00%-0.49% 0.50%-0.99% 1.00%-1.99% >=2.00%
8/1/14 - 7/31/15 206 0 0 0
8/1/15 - 7/31/16 182 0 0 0
8/1/16 - 7/31/17 146 0 0 0
8/1/17 - 7/31/18 158 0 0 0
8/1/18 - 7/31/19 163 3 0 0
8/1/19 - 1/31/20 74 0 0 0
--------------------------------------------------------------------------------
NUMBER OF DAYS BID/ASK MIDPOINT BELOW NAV
--------------------------------------------------------------------------------
FOR THE PERIOD 0.00%-0.49% 0.50%-0.99% 1.00%-1.99% >=2.00%
8/1/14 - 7/31/15 46 0 0 0
8/1/15 - 7/31/16 69 0 0 0
8/1/16 - 7/31/17 106 0 0 0
8/1/17 - 7/31/18 94 0 0 0
8/1/18 - 7/31/19 82 3 0 0
8/1/19 - 1/31/20 53 0 0 0
|
FIRST TRUST MULTI CAP VALUE ALPHADEX(R) FUND (FAB)
The First Trust Multi Cap Value AlphaDEX(R) Fund (the "Fund") seeks investment results that correspond generally to the price and yield (before the Fund's fees and expenses) of an equity index called the Nasdaq AlphaDEX(R) Multi Cap Value Index (the "Index"). The Fund will normally invest at least 90% of its net assets (including investment borrowings) in common stocks that comprise the Index. The shares of the Fund are listed and trade on The Nasdaq Stock Market LLC under the ticker symbol "FAB."
The Index employs the AlphaDEX(R) stock selection methodology which uses fundamental growth and value factors to objectively select value stocks from the Nasdaq US 500 Large Cap Index, Nasdaq US 600 Mid Cap Index, and Nasdaq US 700 Small Cap Index (together, the "Nasdaq US Multi Cap Value Index") that may generate positive alpha relative to traditional passive indices. The Index is a modified equal-dollar weighted index where higher ranked stocks receive a higher weight within the Index.
-----------------------------------------------------------------------------------------------------------------------------------
PERFORMANCE
-----------------------------------------------------------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURNS CUMULATIVE TOTAL RETURNS
6 Months 1 Year 5 Years 10 Years Inception 5 Years 10 Years Inception
Ended Ended Ended Ended (5/8/07) Ended Ended (5/8/07)
1/31/20 1/31/20 1/31/20 1/31/20 to 1/31/20 1/31/20 1/31/20 to 1/31/20
FUND PERFORMANCE
NAV 2.16% 4.82% 5.60% 10.57% 6.42% 31.34% 173.02% 120.77%
Market Price 2.18% 4.74% 5.60% 10.56% 6.41% 31.30% 172.93% 120.59%
INDEX PERFORMANCE
Nasdaq AlphaDEX(R) Multi Cap
Value Index(1) 2.55% 5.62% N/A N/A N/A N/A N/A N/A
Nasdaq US Multi Cap Value Index(1) 7.51% 16.61% N/A N/A N/A N/A N/A N/A
S&P Composite 1500(R) Index 8.72% 20.56% 12.05% 13.90% 8.43% 76.60% 267.44% 180.34%
S&P Composite 1500(R) Value Index 7.57% 17.17% 9.73% 12.10% 6.29% 59.05% 213.32% 117.49%
-----------------------------------------------------------------------------------------------------------------------------------
|
(1) Performance data is not available for all the periods shown in the table for the index because performance data does not exist for some of the entire periods.
(See Notes to Fund Performance Overview on page 28.)
----------------------------------------------------------
% OF TOTAL
SECTOR CLASSIFICATION LONG-TERM INVESTMENTS
----------------------------------------------------------
Financials 25.91%
Industrials 15.06
Consumer Discretionary 13.72
Energy 8.29
Materials 7.16
Information Technology 6.79
Utilities 6.13
Health Care 4.83
Communication Services 4.31
Consumer Staples 3.94
Real Estate 3.86
-------
Total 100.00%
=======
----------------------------------------------------------
% OF TOTAL
TOP TEN HOLDINGS LONG-TERM INVESTMENTS
----------------------------------------------------------
Lennar Corp., Class A 0.57%
D.R. Horton, Inc. 0.54
Ally Financial, Inc. 0.50
Exelon Corp. 0.50
Newmont Corp. 0.50
Textron, Inc. 0.49
Southwest Airlines Co. 0.49
Fox Corp., Class A 0.48
Vornado Realty Trust 0.47
Micron Technology, Inc. 0.47
-------
Total 5.01%
=======
-----------------------------
|
Nasdaq(R) and the Index are registered trademarks and service marks of Nasdaq, Inc. (together with its affiliates hereinafter referred to as the "Corporations") and are licensed for use by First Trust. AlphaDEX(R) is a registered trademark owned by First Trust that has been licensed to Nasdaq, Inc. for use in the name of the Index. The Fund has not been passed on by the Corporations as to its legality or suitability. The Fund is not issued, endorsed, sold or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUND.
FIRST TRUST MULTI CAP VALUE ALPHADEX(R) FUND (FAB) (CONTINUED)
PERFORMANCE OF A $10,000 INITIAL INVESTMENT
JULY 31, 2009 - JANUARY 31, 2020
First Trust Multi Cap S&P Composite S&P Composite 1500(R)
Value AlphaDEX(R) Fund 1500(R) Index Value Index
7/09 $10,000 $10,000 $10,000
1/10 11,611 11,007 11,128
7/10 12,365 11,474 11,571
1/11 14,760 13,583 13,593
7/11 14,854 13,808 13,394
1/12 15,506 14,155 13,774
7/12 15,393 14,950 14,355
1/13 18,148 16,544 16,438
7/13 20,923 18,833 18,804
1/14 22,415 20,150 19,663
7/14 24,141 21,923 21,478
1/15 24,138 22,903 21,923
7/15 23,962 24,389 22,878
1/16 20,689 22,614 21,014
7/16 24,436 25,755 24,256
1/17 27,942 27,406 26,371
7/17 29,191 29,878 27,761
1/18 32,289 34,380 31,290
7/18 32,196 34,753 30,784
1/19 30,245 33,544 29,756
7/19 31,031 37,201 32,412
1/20 31,704 40,446 34,865
|
Performance figures assume reinvestment of all distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. An index is a statistical composite that tracks a specified financial market or sector. Unlike the Fund, the indices do not actually hold a portfolio of securities and therefore do not incur the expenses incurred by the Fund. These expenses negatively impact the performance of the Fund. The Fund's past performance does not predict future performance.
FREQUENCY DISTRIBUTION OF DISCOUNTS AND PREMIUMS
BID/ASK MIDPOINT VS. NAV AS OF JANUARY 31, 2020
The following Frequency Distribution of Discounts and Premiums charts are provided to show the frequency at which the bid/ask midpoint price for the Fund was at a discount or premium to the daily NAV. The following tables are for comparative purposes only and represent the period August 1, 2014 through January 31, 2020. Shareholders may pay more than NAV when they buy Fund shares and receive less than NAV when they sell those shares because shares are bought and sold at current market price. Data presented represents past performance and cannot be used to predict future results.
--------------------------------------------------------------------------------
NUMBER OF DAYS BID/ASK MIDPOINT AT/ABOVE NAV
--------------------------------------------------------------------------------
FOR THE PERIOD 0.00%-0.49% 0.50%-0.99% 1.00%-1.99% >=2.00%
8/1/14 - 7/31/15 132 0 0 0
8/1/15 - 7/31/16 109 0 0 0
8/1/16 - 7/31/17 97 0 0 0
8/1/17 - 7/31/18 81 0 0 0
8/1/18 - 7/31/19 99 3 0 0
8/1/19 - 1/31/20 37 0 0 0
--------------------------------------------------------------------------------
NUMBER OF DAYS BID/ASK MIDPOINT BELOW NAV
--------------------------------------------------------------------------------
FOR THE PERIOD 0.00%-0.49% 0.50%-0.99% 1.00%-1.99% >=2.00%
8/1/14 - 7/31/15 120 0 0 0
8/1/15 - 7/31/16 142 0 0 0
8/1/16 - 7/31/17 155 0 0 0
8/1/17 - 7/31/18 171 0 0 0
8/1/18 - 7/31/19 148 1 0 0
8/1/19 - 1/31/20 89 0 1 0
|
FIRST TRUST MULTI CAP GROWTH ALPHADEX(R) FUND (FAD)
The First Trust Multi Cap Growth AlphaDEX(R) Fund (the "Fund") seeks investment results that correspond generally to the price and yield (before the Fund's fees and expenses) of an equity index called the Nasdaq AlphaDEX(R) Multi Cap Growth Index (the "Index"). The Fund will normally invest at least 90% of its net assets (including investment borrowings) in common stocks that comprise the Index. The shares of the Fund are listed and trade on The Nasdaq Stock Market LLC under the ticker symbol "FAD."
The Index employs the AlphaDEX(R) stock selection methodology which uses fundamental growth and value factors to objectively select stocks from the Nasdaq US 500 Large Cap Index, Nasdaq US 600 Mid Cap Index and Nasdaq US 700 Small Cap Index (together the "Nasdaq US Multi Cap Growth Index") that may generate positive alpha relative to traditional passive indices. The Index is a modified equal-dollar weighted index where higher ranked stocks receive a higher weight within the Index.
-----------------------------------------------------------------------------------------------------------------------------------
PERFORMANCE
-----------------------------------------------------------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURNS CUMULATIVE TOTAL RETURNS
6 Months 1 Year 5 Years 10 Years Inception 5 Years 10 Years Inception
Ended Ended Ended Ended (5/8/07) Ended Ended (5/8/07)
1/31/20 1/31/20 1/31/20 1/31/20 to 1/31/20 1/31/20 1/31/20 to 1/31/20
FUND PERFORMANCE
NAV 3.14% 16.04% 10.64% 13.56% 8.19% 65.76% 256.61% 172.51%
Market Price 3.17% 15.98% 10.62% 13.56% 8.19% 65.62% 256.69% 172.33%
INDEX PERFORMANCE
Nasdaq AlphaDEX(R) Multi Cap
Growth Index(1) 3.49% 16.87% N/A N/A N/A N/A N/A N/A
Nasdaq US Multi Cap Growth
Index(1) 9.86% 24.83% N/A N/A N/A N/A N/A N/A
S&P Composite 1500(R) Index 8.72% 20.56% 12.05% 13.90% 8.43% 76.60% 267.44% 180.34%
S&P Composite 1500(R) Growth
Index 9.71% 23.64% 13.99% 15.50% 10.41% 92.45% 322.54% 252.83%
-----------------------------------------------------------------------------------------------------------------------------------
|
(1) Performance data is not available for all the periods shown in the table for the index because performance data does not exist for some of the entire periods.
(See Notes to Fund Performance Overview on page 28.)
----------------------------------------------------------
% OF TOTAL
SECTOR CLASSIFICATION LONG-TERM INVESTMENTS
----------------------------------------------------------
Information Technology 25.20%
Health Care 16.46
Industrials 15.23
Consumer Discretionary 12.04
Financials 10.79
Communication Services 7.04
Real Estate 4.82
Consumer Staples 2.98
Materials 2.29
Utilities 2.08
Energy 1.07
-------
Total 100.00%
=======
----------------------------------------------------------
% OF TOTAL
TOP TEN HOLDINGS LONG-TERM INVESTMENTS
----------------------------------------------------------
Tesla, Inc. 0.69%
RingCentral, Inc., Class A 0.54
Paycom Software, Inc. 0.54
TransDigm Group, Inc. 0.51
Brown & Brown, Inc. 0.51
Copart, Inc. 0.50
DexCom, Inc. 0.49
Fortinet, Inc. 0.48
EPAM Systems, Inc. 0.48
Fair Isaac Corp. 0.48
-------
Total 5.22%
=======
-----------------------------
|
Nasdaq(R) and the Index are registered trademarks and service marks of Nasdaq, Inc. (together with its affiliates hereinafter referred to as the "Corporations") and are licensed for use by First Trust. AlphaDEX(R) is a registered trademark owned by First Trust that has been licensed to Nasdaq, Inc. for use in the name of the Index. The Fund has not been passed on by the Corporations as to its legality or suitability. The Fund is not issued, endorsed, sold or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUND.
FIRST TRUST MULTI CAP GROWTH ALPHADEX(R) FUND (FAD) (CONTINUED)
PERFORMANCE OF A $10,000 INITIAL INVESTMENT
JULY 31, 2009 - JANUARY 31, 2020
First Trust Multi Cap S&P Composite S&P Composite
Growth AlphaDEX(R) Fund 1500(R) Index 1500(R) Growth Index
7/09 $10,000 $10,000 $10,000
1/10 10,977 11,007 10,888
7/10 12,065 11,474 11,377
1/11 14,683 13,583 13,577
7/11 15,291 13,808 14,222
1/12 14,994 14,155 14,546
7/12 15,123 14,950 15,538
1/13 17,027 16,544 16,684
7/13 19,358 18,833 18,902
1/14 21,344 20,150 20,666
7/14 22,192 21,923 22,402
1/15 23,616 22,903 23,903
7/15 25,716 24,389 25,913
1/16 23,034 22,614 24,216
7/16 26,399 25,755 27,226
1/17 26,900 27,406 28,323
7/17 29,526 29,878 31,801
1/18 34,525 34,380 37,252
7/18 36,261 34,755 38,593
1/19 33,730 33,546 37,208
7/19 37,950 37,202 41,933
1/20 39,145 40,444 46,007
|
Performance figures assume reinvestment of all distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. An index is a statistical composite that tracks a specified financial market or sector. Unlike the Fund, the indices do not actually hold a portfolio of securities and therefore do not incur the expenses incurred by the Fund. These expenses negatively impact the performance of the Fund. The Fund's past performance does not predict future performance.
FREQUENCY DISTRIBUTION OF DISCOUNTS AND PREMIUMS
BID/ASK MIDPOINT VS. NAV AS OF JANUARY 31, 2020
The following Frequency Distribution of Discounts and Premiums charts are provided to show the frequency at which the bid/ask midpoint price for the Fund was at a discount or premium to the daily NAV. The following tables are for comparative purposes only and represent the period August 1, 2014 through January 31, 2020. Shareholders may pay more than NAV when they buy Fund shares and receive less than NAV when they sell those shares because shares are bought and sold at current market price. Data presented represents past performance and cannot be used to predict future results.
--------------------------------------------------------------------------------
NUMBER OF DAYS BID/ASK MIDPOINT AT/ABOVE NAV
--------------------------------------------------------------------------------
FOR THE PERIOD 0.00%-0.49% 0.50%-0.99% 1.00%-1.99% >=2.00%
8/1/14 - 7/31/15 162 0 0 0
8/1/15 - 7/31/16 106 0 0 0
8/1/16 - 7/31/17 156 0 0 0
8/1/17 - 7/31/18 171 0 0 0
8/1/18 - 7/31/19 92 4 0 0
8/1/19 - 1/31/20 16 0 0 0
--------------------------------------------------------------------------------
NUMBER OF DAYS BID/ASK MIDPOINT BELOW NAV
--------------------------------------------------------------------------------
FOR THE PERIOD 0.00%-0.49% 0.50%-0.99% 1.00%-1.99% >=2.00%
8/1/14 - 7/31/15 90 0 0 0
8/1/15 - 7/31/16 145 0 0 0
8/1/16 - 7/31/17 96 0 0 0
8/1/17 - 7/31/18 81 0 0 0
8/1/18 - 7/31/19 152 3 0 0
8/1/19 - 1/31/20 111 0 0 0
|
FIRST TRUST MID CAP VALUE ALPHADEX(R) FUND (FNK)
The First Trust Mid Cap Value AlphaDEX(R) Fund (the "Fund") seeks investment results that correspond generally to the price and yield (before the Fund's fees and expenses) of an equity index called the Nasdaq AlphaDEX(R) Mid Cap Value Index (the "Index"). The Fund will normally invest at least 90% of its net assets (including investment borrowings) in common stocks that comprise the Index. The shares of the Fund are listed and trade on The Nasdaq Stock Market LLC under the ticker symbol "FNK."
The Index employs the AlphaDEX(R) stock selection methodology which uses fundamental growth and value factors to objectively select stocks from the Nasdaq US 600 Mid Cap Value Index that may generate positive alpha relative to traditional passive indices. The Index is a modified equal-dollar weighted index where higher ranked stocks receive a higher weight within the Index.
-----------------------------------------------------------------------------------------------------------------------------------
PERFORMANCE
-----------------------------------------------------------------------------------------------------------------------------------
AVERAGE ANNUAL CUMULATIVE
TOTAL RETURNS TOTAL RETURNS
6 Months 1 Year 5 Years Inception 5 Years Inception
Ended Ended Ended (4/19/11) Ended (4/19/11)
1/31/20 1/31/20 1/31/20 to 1/31/20 1/31/20 to 1/31/20
FUND PERFORMANCE
NAV -0.19% 1.30% 4.60% 7.60% 25.22% 90.40%
Market Price -0.17% 1.27% 4.60% 7.60% 25.22% 90.34%
INDEX PERFORMANCE
Nasdaq AlphaDEX(R) Mid Cap Value
Index(1) 0.21% 2.13% N/A N/A N/A N/A
Nasdaq US 600 Mid Cap Value Index(1) 1.62% 7.04% N/A N/A N/A N/A
S&P MidCap 400(R) Value Index 2.28% 8.21% 7.82% 9.97% 45.69% 130.44%
-----------------------------------------------------------------------------------------------------------------------------------
|
(1) Performance data is not available for all the periods shown in the table for the index because performance data does not exist for some of the entire periods.
(See Notes to Fund Performance Overview on page 28.)
----------------------------------------------------------
% OF TOTAL
SECTOR CLASSIFICATION LONG-TERM INVESTMENTS
----------------------------------------------------------
Financials 29.66%
Consumer Discretionary 18.71
Industrials 17.74
Materials 8.43
Real Estate 5.35
Energy 5.13
Information Technology 4.90
Utilities 3.87
Communication Services 2.88
Health Care 1.72
Consumer Staples 1.61
-------
Total 100.00%
=======
----------------------------------------------------------
% OF TOTAL
TOP TEN HOLDINGS LONG-TERM INVESTMENTS
----------------------------------------------------------
Santander Consumer USA Holdings, Inc. 0.89%
Toll Brothers, Inc. 0.88
JetBlue Airways Corp. 0.83
Spirit Airlines, Inc. 0.80
CIT Group, Inc. 0.79
Equity Commonwealth 0.78
Brighthouse Financial, Inc. 0.78
National General Holdings Corp. 0.77
Gap (The), Inc. 0.77
SLM Corp. 0.77
-------
Total 8.06%
=======
-----------------------------
|
Nasdaq(R) and the Index are registered trademarks and service marks of Nasdaq, Inc. (together with its affiliates hereinafter referred to as the "Corporations") and are licensed for use by First Trust. AlphaDEX(R) is a registered trademark owned by First Trust that has been licensed to Nasdaq, Inc. for use in the name of the Index. The Fund has not been passed on by the Corporations as to its legality or suitability. The Fund is not issued, endorsed, sold or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUND.
FIRST TRUST MID CAP VALUE ALPHADEX(R) FUND (FNK) (CONTINUED)
PERFORMANCE OF A $10,000 INITIAL INVESTMENT
APRIL 19, 2011 - JANUARY 31, 2020
First Trust Mid Cap S&P MidCap 400(R)
Value AlphaDEX(R) Fund Value Index
4/11 $10,000 $10,000
7/11 9,625 9,581
1/12 9,982 9,720
7/12 9,935 9,869
1/13 11,765 11,640
7/13 13,549 13,358
1/14 14,657 14,305
7/14 15,487 15,311
1/15 15,205 15,816
7/15 15,351 16,204
1/16 13,091 14,376
7/16 15,539 17,468
1/17 17,704 19,524
7/17 17,984 20,073
1/18 19,750 21,915
7/18 19,925 22,582
1/19 18,796 21,295
7/19 19,078 22,530
1/20 19,040 23,044
|
Performance figures assume reinvestment of all distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. An index is a statistical composite that tracks a specified financial market or sector. Unlike the Fund, the index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by the Fund. These expenses negatively impact the performance of the Fund. The Fund's past performance does not predict future performance.
FREQUENCY DISTRIBUTION OF DISCOUNTS AND PREMIUMS
BID/ASK MIDPOINT VS. NAV AS OF JANUARY 31, 2020
The following Frequency Distribution of Discounts and Premiums charts are provided to show the frequency at which the bid/ask midpoint price for the Fund was at a discount or premium to the daily NAV. The following tables are for comparative purposes only and represent the period August 1, 2014 through January 31, 2020. Shareholders may pay more than NAV when they buy Fund shares and receive less than NAV when they sell those shares because shares are bought and sold at current market price. Data presented represents past performance and cannot be used to predict future results.
--------------------------------------------------------------------------------
NUMBER OF DAYS BID/ASK MIDPOINT AT/ABOVE NAV
--------------------------------------------------------------------------------
FOR THE PERIOD 0.00%-0.49% 0.50%-0.99% 1.00%-1.99% >=2.00%
8/1/14 - 7/31/15 188 0 0 0
8/1/15 - 7/31/16 140 0 0 0
8/1/16 - 7/31/17 173 0 0 0
8/1/17 - 7/31/18 125 0 0 0
8/1/18 - 7/31/19 131 4 0 0
8/1/19 - 1/31/20 39 0 0 0
--------------------------------------------------------------------------------
NUMBER OF DAYS BID/ASK MIDPOINT BELOW NAV
--------------------------------------------------------------------------------
FOR THE PERIOD 0.00%-0.49% 0.50%-0.99% 1.00%-1.99% >=2.00%
8/1/14 - 7/31/15 64 0 0 0
8/1/15 - 7/31/16 111 0 0 0
8/1/16 - 7/31/17 79 0 0 0
8/1/17 - 7/31/18 127 0 0 0
8/1/18 - 7/31/19 113 2 1 0
8/1/19 - 1/31/20 88 0 0 0
|
FIRST TRUST MID CAP GROWTH ALPHADEX(R) FUND (FNY)
The First Trust Mid Cap Growth AlphaDEX(R) Fund (the "Fund") seeks investment results that correspond generally to the price and yield (before the Fund's fees and expenses) of an equity index called the Nasdaq AlphaDEX(R) Mid Cap Growth Index (the "Index"). The Fund will normally invest at least 90% of its net assets (including investment borrowings) in common stocks that comprise the Index. The shares of the Fund are listed and trade on The Nasdaq Stock Market LLC under the ticker symbol "FNY."
The Index employs the AlphaDEX(R) stock selection methodology which uses fundamental growth and value factors to objectively select stocks from the Nasdaq US 600 Mid Cap Growth Index that may generate positive alpha relative to traditional passive indices. The Index is a modified equal-dollar weighted index where higher ranked stocks receive a higher weight within the Index.
-----------------------------------------------------------------------------------------------------------------------------------
PERFORMANCE
-----------------------------------------------------------------------------------------------------------------------------------
AVERAGE ANNUAL CUMULATIVE
TOTAL RETURNS TOTAL RETURNS
6 Months 1 Year 5 Years Inception 5 Years Inception
Ended Ended Ended (4/19/11) Ended (4/19/11)
1/31/20 1/31/20 1/31/20 to 1/31/20 1/31/20 to 1/31/20
FUND PERFORMANCE
NAV 3.77% 18.14% 10.90% 10.77% 67.77% 145.70%
Market Price 3.79% 18.20% 10.87% 10.78% 67.52% 145.75%
INDEX PERFORMANCE
Nasdaq AlphaDEX(R) Mid Cap Growth
Index(1) 4.15% 19.03% N/A N/A N/A N/A
Nasdaq US 600 Mid Cap Growth Index(1) 4.71% 18.20% N/A N/A N/A N/A
S&P MidCap 400(R) Growth Index 3.50% 14.14% 9.33% 10.52% 56.19% 140.75%
-----------------------------------------------------------------------------------------------------------------------------------
|
(1) Performance data is not available for all the periods shown in the table for the index because performance data does not exist for some of the entire periods.
(See Notes to Fund Performance Overview on page 28.)
----------------------------------------------------------
% OF TOTAL
SECTOR CLASSIFICATION LONG-TERM INVESTMENTS
----------------------------------------------------------
Information Technology 23.03%
Health Care 20.27
Industrials 14.21
Consumer Discretionary 13.60
Financials 10.58
Communication Services 6.59
Real Estate 5.26
Materials 2.53
Utilities 1.88
Consumer Staples 1.66
Energy 0.39
-------
Total 100.00%
=======
----------------------------------------------------------
% OF TOTAL
TOP TEN HOLDINGS LONG-TERM INVESTMENTS
----------------------------------------------------------
Teladoc Health, Inc. 0.89%
Enphase Energy, Inc. 0.89
Paylocity Holding Corp. 0.86
TopBuild Corp. 0.82
Five9, Inc. 0.80
FTI Consulting, Inc. 0.80
DocuSign, Inc. 0.78
LHC Group, Inc. 0.78
Amedisys, Inc. 0.78
Churchill Downs, Inc. 0.77
-------
Total 8.17%
=======
----------------------------
|
Nasdaq(R) and the Index are registered trademarks and service marks of Nasdaq, Inc. (together with its affiliates hereinafter referred to as the "Corporations") and are licensed for use by First Trust. AlphaDEX(R) is a registered trademark owned by First Trust that has been licensed to Nasdaq, Inc. for use in the name of the Index. The Fund has not been passed on by the Corporations as to its legality or suitability. The Fund is not issued, endorsed, sold or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUND.
FIRST TRUST MID CAP GROWTH ALPHADEX(R) FUND (FNY) (CONTINUED)
PERFORMANCE OF A $10,000 INITIAL INVESTMENT
APRIL 19, 2011 - JANUARY 31, 2020
First Trust Mid Cap S&P MidCap 400(R)
Growth AlphaDEX(R) Fund Growth Index
4/11 $10,000 $10,000
7/11 9,881 9,910
1/12 9,804 9,779
7/12 9,673 9,861
1/13 11,050 11,485
7/13 12,290 12,894
1/14 13,612 13,883
7/14 13,824 14,345
1/15 14,646 15,414
7/15 15,748 16,711
1/16 13,744 14,724
7/16 15,753 17,266
1/17 16,331 18,295
7/17 17,791 19,634
1/18 21,047 22,457
7/18 22,251 22,846
1/19 20,796 21,092
7/19 23,678 23,261
1/20 24,570 24,075
|
Performance figures assume reinvestment of all distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. An index is a statistical composite that tracks a specified financial market or sector. Unlike the Fund, the index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by the Fund. These expenses negatively impact the performance of the Fund. The Fund's past performance does not predict future performance.
FREQUENCY DISTRIBUTION OF DISCOUNTS AND PREMIUMS
BID/ASK MIDPOINT VS. NAV AS OF JANUARY 31, 2020
The following Frequency Distribution of Discounts and Premiums charts are provided to show the frequency at which the bid/ask midpoint price for the Fund was at a discount or premium to the daily NAV. The following tables are for comparative purposes only and represent the period August 1, 2014 through January 31, 2020. Shareholders may pay more than NAV when they buy Fund shares and receive less than NAV when they sell those shares because shares are bought and sold at current market price. Data presented represents past performance and cannot be used to predict future results.
--------------------------------------------------------------------------------
NUMBER OF DAYS BID/ASK MIDPOINT AT/ABOVE NAV
--------------------------------------------------------------------------------
FOR THE PERIOD 0.00%-0.49% 0.50%-0.99% 1.00%-1.99% >=2.00%
8/1/14 - 7/31/15 192 0 0 0
8/1/15 - 7/31/16 106 0 0 0
8/1/16 - 7/31/17 178 0 0 0
8/1/17 - 7/31/18 208 0 0 0
8/1/18 - 7/31/19 140 4 0 0
8/1/19 - 1/31/20 54 0 0 0
--------------------------------------------------------------------------------
NUMBER OF DAYS BID/ASK MIDPOINT BELOW NAV
--------------------------------------------------------------------------------
FOR THE PERIOD 0.00%-0.49% 0.50%-0.99% 1.00%-1.99% >=2.00%
8/1/14 - 7/31/15 60 0 0 0
8/1/15 - 7/31/16 145 0 0 0
8/1/16 - 7/31/17 74 0 0 0
8/1/17 - 7/31/18 44 0 0 0
8/1/18 - 7/31/19 105 2 0 0
8/1/19 - 1/31/20 73 0 0 0
|
FIRST TRUST SMALL CAP VALUE ALPHADEX(R) FUND (FYT)
The First Trust Small Cap Value AlphaDEX(R) Fund (the "Fund") seeks investment results that correspond generally to the price and yield (before the Fund's fees and expenses) of an equity index called the Nasdaq AlphaDEX(R) Small Cap Value Index (the "Index"). The Fund will normally invest at least 90% of its net assets (including investment borrowings) in common stocks that comprise the Index. The shares of the Fund are listed and trade on The Nasdaq Stock Market LLC under the ticker symbol "FYT."
The Index employs the AlphaDEX(R) stock selection methodology which uses fundamental growth and value factors to objectively select stocks from the Nasdaq US 700 Small Cap Value Index which may generate positive alpha relative to traditional passive indices. The Index is a modified equal-dollar weighted index where higher ranked stocks receive a higher weight within the Index.
-----------------------------------------------------------------------------------------------------------------------------------
PERFORMANCE
-----------------------------------------------------------------------------------------------------------------------------------
AVERAGE ANNUAL CUMULATIVE
TOTAL RETURNS TOTAL RETURNS
6 Months 1 Year 5 Years Inception 5 Years Inception
Ended Ended Ended (4/19/11) Ended (4/19/11)
1/31/20 1/31/20 1/31/20 to 1/31/20 1/31/20 to 1/31/20
FUND PERFORMANCE
NAV 1.74% 0.92% 3.70% 7.70% 19.94% 91.85%
Market Price 2.15% 1.24% 3.77% 7.74% 20.32% 92.46%
INDEX PERFORMANCE
Nasdaq AlphaDEX(R) Small Cap Value
Index(1) 2.15% 1.76% N/A N/A N/A N/A
Nasdaq US 700 Small Cap Value Index(1) 1.52% 3.96% N/A N/A N/A N/A
S&P SmallCap 600(R) Value Index 1.18% 3.77% 7.98% 10.33% 46.82% 137.17%
-----------------------------------------------------------------------------------------------------------------------------------
|
(1) Performance data is not available for all the periods shown in the table for the index because performance data does not exist for some of the entire periods.
(See Notes to Fund Performance Overview on page 28.)
----------------------------------------------------------
% OF TOTAL
SECTOR CLASSIFICATION LONG-TERM INVESTMENTS
----------------------------------------------------------
Industrials 23.38%
Consumer Discretionary 20.29
Financials 17.77
Energy 9.28
Materials 7.87
Information Technology 6.99
Real Estate 6.01
Consumer Staples 4.35
Communication Services 2.57
Health Care 1.49
-------
Total 100.00%
=======
----------------------------------------------------------
% OF TOTAL
TOP TEN HOLDINGS LONG-TERM INVESTMENTS
----------------------------------------------------------
Green Dot Corp., Class A 0.90%
Taylor Morrison Home Corp. 0.83
Meritage Homes Corp. 0.81
M/I Homes, Inc. 0.79
TRI Pointe Group, Inc. 0.73
Enova International, Inc. 0.73
Employers Holdings, Inc. 0.72
AVX Corp. 0.69
Adtalem Global Education, Inc. 0.69
Arcosa, Inc. 0.69
-------
Total 7.58%
=======
-----------------------------
|
Nasdaq(R) and the Index are registered trademarks and service marks of Nasdaq, Inc. (together with its affiliates hereinafter referred to as the "Corporations") and are licensed for use by First Trust. AlphaDEX(R) is a registered trademark owned by First Trust that has been licensed to Nasdaq, Inc. for use in the name of the Index. The Fund has not been passed on by the Corporations as to its legality or suitability. The Fund is not issued, endorsed, sold or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUND.
FIRST TRUST SMALL CAP VALUE ALPHADEX(R) FUND (FYT) (CONTINUED)
PERFORMANCE OF A $10,000 INITIAL INVESTMENT
APRIL 19, 2011 - JANUARY 31, 2020
First Trust Small Cap S&P SmallCap 600(R)
Value AlphaDEX(R) Fund Value Index
4/11 $10,000 $10,000
7/11 9,930 9,813
1/12 10,692 10,331
7/12 10,005 10,231
1/13 11,945 11,945
7/13 14,241 14,054
1/14 15,577 15,278
7/14 15,931 15,723
1/15 15,996 16,154
7/15 15,630 16,701
1/16 13,090 14,973
7/16 15,754 18,195
1/17 18,060 20,662
7/17 18,181 21,216
1/18 19,883 23,634
7/18 20,883 25,612
1/19 19,012 22,856
7/19 18,859 23,442
1/20 19,185 23,717
|
Performance figures assume reinvestment of all distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. An index is a statistical composite that tracks a specified financial market or sector. Unlike the Fund, the index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by the Fund. These expenses negatively impact the performance of the Fund. The Fund's past performance does not predict future performance.
FREQUENCY DISTRIBUTION OF DISCOUNTS AND PREMIUMS
BID/ASK MIDPOINT VS. NAV AS OF JANUARY 31, 2020
The following Frequency Distribution of Discounts and Premiums charts are provided to show the frequency at which the bid/ask midpoint price for the Fund was at a discount or premium to the daily NAV. The following tables are for comparative purposes only and represent the period August 1, 2014 through January 31, 2020. Shareholders may pay more than NAV when they buy Fund shares and receive less than NAV when they sell those shares because shares are bought and sold at current market price. Data presented represents past performance and cannot be used to predict future results.
--------------------------------------------------------------------------------
NUMBER OF DAYS BID/ASK MIDPOINT AT/ABOVE NAV
--------------------------------------------------------------------------------
FOR THE PERIOD 0.00%-0.49% 0.50%-0.99% 1.00%-1.99% >=2.00%
8/1/14 - 7/31/15 164 0 0 0
8/1/15 - 7/31/16 100 0 0 0
8/1/16 - 7/31/17 125 0 0 0
8/1/17 - 7/31/18 132 0 0 0
8/1/18 - 7/31/19 136 3 0 0
8/1/19 - 1/31/20 62 0 0 0
--------------------------------------------------------------------------------
NUMBER OF DAYS BID/ASK MIDPOINT BELOW NAV
--------------------------------------------------------------------------------
FOR THE PERIOD 0.00%-0.49% 0.50%-0.99% 1.00%-1.99% >=2.00%
8/1/14 - 7/31/15 88 0 0 0
8/1/15 - 7/31/16 151 0 0 0
8/1/16 - 7/31/17 127 0 0 0
8/1/17 - 7/31/18 119 1 0 0
8/1/18 - 7/31/19 111 1 0 0
8/1/19 - 1/31/20 64 1 0 0
|
FIRST TRUST SMALL CAP GROWTH ALPHADEX(R) FUND (FYC)
The First Trust Small Cap Growth AlphaDEX(R) Fund (the "Fund") seeks investment results that correspond generally to the price and yield (before the Fund's fees and expenses) of an equity index called the Nasdaq AlphaDEX(R) Small Cap Growth Index (the "Index"). The Fund will normally invest at least 90% of its net assets (including investment borrowing) in common stocks that comprise the Index. The shares of the Fund are listed and trade on The Nasdaq Stock Market LLC under the ticker symbol "FYC."
The Index employs the AlphaDEX(R) stock selection methodology which uses fundamental growth and value factors to objectively select stocks from the Nasdaq US 700 Small Cap Growth Index which may generate positive alpha relative to traditional passive indices. The Index is a modified equal-dollar weighted index where higher ranked stocks receive a higher weight within the Index.
-----------------------------------------------------------------------------------------------------------------------------------
PERFORMANCE
-----------------------------------------------------------------------------------------------------------------------------------
AVERAGE ANNUAL CUMULATIVE
TOTAL RETURNS TOTAL RETURNS
6 Months 1 Year 5 Years Inception 5 Years Inception
Ended Ended Ended (4/19/11) Ended (4/19/11)
1/31/20 1/31/20 1/31/20 to 1/31/20 1/31/20 to 1/31/20
FUND PERFORMANCE
NAV -1.15% 5.14% 9.80% 10.14% 59.62% 133.64%
Market Price -1.15% 5.07% 9.80% 10.13% 59.60% 133.54%
INDEX PERFORMANCE
Nasdaq AlphaDEX(R) Small Cap Growth
Index(1) -0.80% 5.92% N/A N/A N/A N/A
Nasdaq US 700 Small Cap Growth Index(1) 3.45% 11.17% N/A N/A N/A N/A
S&P SmallCap 600(R) Growth Index 3.74% 9.26% 10.91% 11.95% 67.80% 169.70%
-----------------------------------------------------------------------------------------------------------------------------------
|
(1) Performance data is not available for all the periods shown in the table for the index because performance data does not exist for some of the entire periods.
(See Notes to Fund Performance Overview on page 28.)
----------------------------------------------------------
% OF TOTAL
SECTOR CLASSIFICATION LONG-TERM INVESTMENTS
----------------------------------------------------------
Health Care 20.83%
Industrials 18.93
Financials 18.85
Information Technology 14.42
Consumer Discretionary 9.64
Real Estate 6.77
Consumer Staples 3.55
Materials 2.15
Energy 2.08
Utilities 1.44
Communication Services 1.34
-------
Total 100.00%
=======
----------------------------------------------------------
% OF TOTAL
TOP TEN HOLDINGS LONG-TERM INVESTMENTS
----------------------------------------------------------
Acceleron Pharma, Inc. 0.89%
Momenta Pharmaceuticals, Inc. 0.76
Redfin Corp. 0.75
Nevro Corp. 0.73
NeoGenomics, Inc. 0.72
eHealth, Inc. 0.71
Cannae Holdings, Inc. 0.71
SeaWorld Entertainment, Inc. 0.71
Perficient, Inc. 0.70
Installed Building Products, Inc. 0.70
-------
Total 7.38%
=======
-----------------------------
|
Nasdaq(R) and the Index are registered trademarks and service marks of Nasdaq, Inc. (together with its affiliates hereinafter referred to as the "Corporations") and are licensed for use by First Trust. AlphaDEX(R) is a registered trademark owned by First Trust that has been licensed to Nasdaq, Inc. for use in the name of the Index. The Fund has not been passed on by the Corporations as to its legality or suitability. The Fund is not issued, endorsed, sold or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUND.
FIRST TRUST SMALL CAP GROWTH ALPHADEX(R) FUND (FYC) (CONTINUED)
PERFORMANCE OF A $10,000 INITIAL INVESTMENT
APRIL 19, 2011 - JANUARY 31, 2020
First Trust Small Cap S&P SmallCap 600(R)
Growth AlphaDEX(R) Fund Growth Index
4/11 $10,000 $10,000
7/11 9,920 9,982
1/12 9,826 10,155
7/12 10,157 10,362
1/13 11,338 11,710
7/13 13,014 13,710
1/14 14,413 15,107
7/14 13,992 15,093
1/15 14,637 16,071
7/15 16,115 17,778
1/16 14,186 15,737
7/16 16,685 18,361
1/17 17,809 20,597
7/17 19,540 21,757
1/18 22,008 24,431
7/18 24,592 27,311
1/19 22,219 24,686
7/19 23,630 25,997
1/20 23,364 26,970
|
Performance figures assume reinvestment of all distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. An index is a statistical composite that tracks a specified financial market or sector. Unlike the Fund, the index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by the Fund. These expenses negatively impact the performance of the Fund. The Fund's past performance does not predict future performance.
FREQUENCY DISTRIBUTION OF DISCOUNTS AND PREMIUMS
BID/ASK MIDPOINT VS. NAV AS OF JANUARY 31, 2020
The following Frequency Distribution of Discounts and Premiums charts are provided to show the frequency at which the bid/ask midpoint price for the Fund was at a discount or premium to the daily NAV. The following tables are for comparative purposes only and represent the period August 1, 2014 through January 31, 2020. Shareholders may pay more than NAV when they buy Fund shares and receive less than NAV when they sell those shares because shares are bought and sold at current market price. Data presented represents past performance and cannot be used to predict future results.
--------------------------------------------------------------------------------
NUMBER OF DAYS BID/ASK MIDPOINT AT/ABOVE NAV
--------------------------------------------------------------------------------
FOR THE PERIOD 0.00%-0.49% 0.50%-0.99% 1.00%-1.99% >=2.00%
8/1/14 - 7/31/15 209 0 0 0
8/1/15 - 7/31/16 141 0 0 0
8/1/16 - 7/31/17 175 0 0 0
8/1/17 - 7/31/18 159 0 0 0
8/1/18 - 7/31/19 71 5 0 0
8/1/19 - 1/31/20 26 0 0 0
--------------------------------------------------------------------------------
NUMBER OF DAYS BID/ASK MIDPOINT BELOW NAV
--------------------------------------------------------------------------------
FOR THE PERIOD 0.00%-0.49% 0.50%-0.99% 1.00%-1.99% >=2.00%
8/1/14 - 7/31/15 43 0 0 0
8/1/15 - 7/31/16 110 0 0 0
8/1/16 - 7/31/17 77 0 0 0
8/1/17 - 7/31/18 92 1 0 0
8/1/18 - 7/31/19 172 3 0 0
8/1/19 - 1/31/20 101 0 0 0
|
FIRST TRUST MEGA CAP ALPHADEX(R) FUND (FMK)
The First Trust Mega Cap AlphaDEX(R) Fund (the "Fund") seeks investment results that correspond generally to the price and yield (before the Fund's fees and expenses) of an equity index called the Nasdaq AlphaDEX(R) Mega Cap Index (the "Index"). The Fund will normally invest at least 90% of its net assets (including investment borrowings) in common stocks that comprise the Index. The shares of the Fund are listed and trade on The Nasdaq Stock Market LLC under the ticker symbol "FMK."
The Index employs the AlphaDEX(R) stock selection methodology which uses fundamental growth and value factors to objectively select mega cap stocks from the Nasdaq US 500 Large Cap Index that may generate positive alpha relative to traditional passive indices. The Index is a modified equal-dollar weighted index where higher ranked stocks receive a higher weight within the Index.
-----------------------------------------------------------------------------------------------------------------------------------
PERFORMANCE
-----------------------------------------------------------------------------------------------------------------------------------
AVERAGE ANNUAL CUMULATIVE
TOTAL RETURNS TOTAL RETURNS
6 Months 1 Year 5 Years Inception 5 Years Inception
Ended Ended Ended (5/11/11) Ended (5/11/11)
1/31/20 1/31/20 1/31/20 to 1/31/20 1/31/20 to 1/31/20
FUND PERFORMANCE
NAV 6.23% 13.13% 9.64% 9.27% 58.42% 116.71%
Market Price 6.18% 12.91% 9.61% 9.26% 58.24% 116.53%
INDEX PERFORMANCE
Nasdaq AlphaDEX(R) Mega Cap
Index(1) 6.63% 14.00% N/A N/A N/A N/A
Nasdaq US 500 Large Cap Index(1) 9.53% 22.42% N/A N/A N/A N/A
S&P 100(R) Index 10.99% 23.94% 13.02% 13.20% 84.40% 195.02%
-----------------------------------------------------------------------------------------------------------------------------------
|
(1) Performance data is not available for all the periods shown in the table for the index because performance data does not exist for some of the entire periods.
(See Notes to Fund Performance Overview on page 28.)
----------------------------------------------------------
% OF TOTAL
SECTOR CLASSIFICATION LONG-TERM INVESTMENTS
----------------------------------------------------------
Financials 20.57%
Communication Services 18.12
Information Technology 13.86
Consumer Discretionary 12.65
Health Care 12.53
Energy 8.44
Industrials 5.31
Utilities 4.38
Consumer Staples 4.14
-------
Total 100.00%
=======
----------------------------------------------------------
% OF TOTAL
TOP TEN HOLDINGS LONG-TERM INVESTMENTS
----------------------------------------------------------
Tesla, Inc. 5.22%
Intel Corp. 3.59
Charter Communications, Inc., Class A 3.58
T-Mobile US, Inc. 3.39
Pfizer, Inc. 3.19
JPMorgan Chase & Co. 3.19
Citigroup, Inc. 3.13
ConocoPhillips 3.07
Chevron Corp. 2.98
Target Corp. 2.90
-------
Total 34.24%
=======
-----------------------------
|
Nasdaq(R) and the Index are registered trademarks and service marks of Nasdaq, Inc. (together with its affiliates hereinafter referred to as the "Corporations") and are licensed for use by First Trust. AlphaDEX(R) is a registered trademark owned by First Trust that has been licensed to Nasdaq, Inc. for use in the name of the Index. The Fund has not been passed on by the Corporations as to its legality or suitability. The Fund is not issued, endorsed, sold or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUND.
FIRST TRUST MEGA CAP ALPHADEX(R) FUND (FMK) (CONTINUED)
PERFORMANCE OF A $10,000 INITIAL INVESTMENT
MAY 11, 2011 - JANUARY 31, 2020
First Trust Mega S&P 100(R)
Cap AlphaDEX(R) Fund Index
5/11 $10,000 $10,000
7/11 9,612 9,761
1/12 9,571 10,120
7/12 9,248 10,960
1/13 10,467 11,784
7/13 11,969 13,341
1/14 12,545 14,108
7/14 13,829 15,520
1/15 13,679 15,998
7/15 14,699 17,202
1/16 13,304 16,228
7/16 14,726 18,190
1/17 15,712 19,216
7/17 17,097 21,066
1/18 20,050 24,464
7/18 19,759 24,536
1/19 19,156 23,803
7/19 20,400 26,581
1/20 21,671 29,502
|
Performance figures assume reinvestment of all distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. An index is a statistical composite that tracks a specified financial market or sector. Unlike the Fund, the index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by the Fund. These expenses negatively impact the performance of the Fund. The Fund's past performance does not predict future performance.
FREQUENCY DISTRIBUTION OF DISCOUNTS AND PREMIUMS
BID/ASK MIDPOINT VS. NAV AS OF JANUARY 31, 2020
The following Frequency Distribution of Discounts and Premiums charts are provided to show the frequency at which the bid/ask midpoint price for the Fund was at a discount or premium to the daily NAV. The following tables are for comparative purposes only and represent the period August 1, 2014 through January 31, 2020. Shareholders may pay more than NAV when they buy Fund shares and receive less than NAV when they sell those shares because shares are bought and sold at current market price. Data presented represents past performance and cannot be used to predict future results.
--------------------------------------------------------------------------------
NUMBER OF DAYS BID/ASK MIDPOINT AT/ABOVE NAV
--------------------------------------------------------------------------------
FOR THE PERIOD 0.00%-0.49% 0.50%-0.99% 1.00%-1.99% >=2.00%
8/1/14 - 7/31/15 166 0 0 0
8/1/15 - 7/31/16 145 0 0 0
8/1/16 - 7/31/17 85 0 0 0
8/1/17 - 7/31/18 136 0 0 0
8/1/18 - 7/31/19 197 5 0 0
8/1/19 - 1/31/20 26 0 0 0
--------------------------------------------------------------------------------
NUMBER OF DAYS BID/ASK MIDPOINT BELOW NAV
--------------------------------------------------------------------------------
FOR THE PERIOD 0.00%-0.49% 0.50%-0.99% 1.00%-1.99% >=2.00%
8/1/14 - 7/31/15 86 0 0 0
8/1/15 - 7/31/16 106 0 0 0
8/1/16 - 7/31/17 167 0 0 0
8/1/17 - 7/31/18 116 0 0 0
8/1/18 - 7/31/19 46 2 1 0
8/1/19 - 1/31/20 101 0 0 0
|
Total returns for the periods since inception are calculated from the inception date of each Fund. "Average Annual Total Returns" represent the average annual change in value of an investment over the periods indicated. "Cumulative Total Returns" represent the total change in value of an investment over the periods indicated. For certain Funds the total returns would have been lower if certain fees had not been waived and expenses reimbursed by the Advisor.
Each Fund's per share net asset value ("NAV") is the value of one share of the Fund and is computed by dividing the value of all assets of the Fund (including accrued interest and dividends), less all liabilities (including accrued expenses and dividends declared but unpaid), by the total number of outstanding shares. The price used to calculate market return ("Market Price") is determined by using the midpoint between the highest bid and the lowest offer on the stock exchange on which shares of the Fund are listed for trading as of the time that the Fund's NAV is calculated. Since shares of each Fund did not trade in the secondary market until after the Fund's inception, for the period from inception to the first day of secondary market trading in shares of the Fund, the NAV of each Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that all distributions have been reinvested in each Fund at NAV and Market Price, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike each Fund, the indices do not actually hold a portfolio of securities and therefore do not incur the expenses incurred by each Fund. These expenses negatively impact the performance of each Fund. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower. The total returns presented reflect the reinvestment of dividends on securities in the indices. The returns presented do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. The investment return and principal value of shares of each Fund will vary with changes in market conditions. Shares of each Fund may be worth more or less than their original cost when they are redeemed or sold in the market. Each Fund's past performance is no guarantee of future performance.
FIRST TRUST EXCHANGE-TRADED ALPHADEX(R) FUND
STYLE FUNDS
UNDERSTANDING YOUR FUND EXPENSES
JANUARY 31, 2020 (UNAUDITED)
As a shareholder of First Trust Large Cap Core AlphaDEX(R) Fund, First Trust Mid
Cap Core AlphaDEX(R) Fund, First Trust Small Cap Core AlphaDEX(R) Fund, First
Trust Large Cap Value AlphaDEX(R) Fund, First Trust Large Cap Growth AlphaDEX(R)
Fund, First Trust Multi Cap Value AlphaDEX(R) Fund, First Trust Multi Cap Growth
AlphaDEX(R) Fund, First Trust Mid Cap Value AlphaDEX(R) Fund, First Trust Mid
Cap Growth AlphaDEX(R) Fund, First Trust Small Cap Value AlphaDEX(R) Fund, First
Trust Small Cap Growth AlphaDEX(R) Fund or First Trust Mega Cap AlphaDEX(R) Fund
(each a "Fund" and collectively, the "Funds"), you incur two types of costs: (1)
transaction costs; and (2) ongoing costs, including management fees,
distribution and/or service fees, if any, and other Fund expenses. This Example
is intended to help you understand your ongoing costs of investing in the Funds
and to compare these costs with the ongoing costs of investing in other funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held through the six-month period ended January 31, 2020.
ACTUAL EXPENSES
The first line in the following table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During the Six-Month Period" to estimate the expenses you paid on your account during this six-month period.
HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES
The second line in the following table provides information about hypothetical account values and hypothetical expenses based on each Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not each Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs such as brokerage commissions. Therefore, the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
-------------------------------------------------------------------------------------------------------------------------
ANNUALIZED
EXPENSE RATIO EXPENSES PAID
BEGINNING ENDING BASED ON THE DURING THE
ACCOUNT VALUE ACCOUNT VALUE SIX-MONTH SIX-MONTH
AUGUST 1, 2019 JANUARY 31, 2020 PERIOD (a) PERIOD (b)
-------------------------------------------------------------------------------------------------------------------------
FIRST TRUST LARGE CAP CORE ALPHADEX(R) FUND (FEX)
Actual $1,000.00 $1,039.80 0.59% $3.03
Hypothetical (5% return before expenses) $1,000.00 $1,022.17 0.59% $3.00
FIRST TRUST MID CAP CORE ALPHADEX(R) FUND (FNX)
Actual $1,000.00 $1,017.40 0.60% $3.04
Hypothetical (5% return before expenses) $1,000.00 $1,022.12 0.60% $3.05
FIRST TRUST SMALL CAP CORE ALPHADEX(R) FUND (FYX)
Actual $1,000.00 $1,003.40 0.62% $3.12
Hypothetical (5% return before expenses) $1,000.00 $1,022.02 0.62% $3.15
FIRST TRUST LARGE CAP VALUE ALPHADEX(R) FUND (FTA)
Actual $1,000.00 $1,037.50 0.60% $3.07
Hypothetical (5% return before expenses) $1,000.00 $1,022.12 0.60% $3.05
FIRST TRUST LARGE CAP GROWTH ALPHADEX(R) FUND (FTC)
Actual $1,000.00 $1,044.50 0.60% $3.08
Hypothetical (5% return before expenses) $1,000.00 $1,022.12 0.60% $3.05
|
FIRST TRUST EXCHANGE-TRADED ALPHADEX(R) FUND
STYLE FUNDS
UNDERSTANDING YOUR FUND EXPENSES (CONTINUED)
JANUARY 31, 2020 (UNAUDITED)
-------------------------------------------------------------------------------------------------------------------------
ANNUALIZED
EXPENSE RATIO EXPENSES PAID
BEGINNING ENDING BASED ON THE DURING THE
ACCOUNT VALUE ACCOUNT VALUE SIX-MONTH SIX-MONTH
AUGUST 1, 2019 JANUARY 31, 2020 PERIOD (a) PERIOD (b)
-------------------------------------------------------------------------------------------------------------------------
FIRST TRUST MULTI CAP VALUE ALPHADEX(R) FUND (FAB)
Actual $1,000.00 $1,021.60 0.70% $3.56
Hypothetical (5% return before expenses) $1,000.00 $1,021.62 0.70% $3.56
FIRST TRUST MULTI CAP GROWTH ALPHADEX(R) FUND (FAD)
Actual $1,000.00 $1,031.40 0.63% $3.22
Hypothetical (5% return before expenses) $1,000.00 $1,021.97 0.63% $3.20
FIRST TRUST MID CAP VALUE ALPHADEX(R) FUND (FNK)
Actual $1,000.00 $998.10 0.70% $3.52
Hypothetical (5% return before expenses) $1,000.00 $1,021.62 0.70% $3.56
FIRST TRUST MID CAP GROWTH ALPHADEX(R) FUND (FNY)
Actual $1,000.00 $1,037.70 0.70% $3.59
Hypothetical (5% return before expenses) $1,000.00 $1,021.62 0.70% $3.56
FIRST TRUST SMALL CAP VALUE ALPHADEX(R) FUND (FYT)
Actual $1,000.00 $1,017.40 0.70% $3.55
Hypothetical (5% return before expenses) $1,000.00 $1,021.62 0.70% $3.56
FIRST TRUST SMALL CAP GROWTH ALPHADEX(R) FUND (FYC)
Actual $1,000.00 $988.50 0.70% $3.50
Hypothetical (5% return before expenses) $1,000.00 $1,021.62 0.70% $3.56
FIRST TRUST MEGA CAP ALPHADEX(R) FUND (FMK)
Actual $1,000.00 $1,062.30 0.70% $3.63
Hypothetical (5% return before expenses) $1,000.00 $1,021.62 0.70% $3.56
|
(a) These expense ratios reflect expense caps for certain Funds. See Note 3 in Notes to Financial Statements.
(b) Expenses are equal to the annualized expense ratio as indicated in the table multiplied by the average account value over the period (August 1, 2019 through January 31, 2020), multiplied by 184/366 (to reflect the six-month period).
FIRST TRUST LARGE CAP CORE ALPHADEX(R) FUND (FEX)
PORTFOLIO OF INVESTMENTS
JANUARY 31, 2020 (UNAUDITED)
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
COMMON STOCKS -- 100.0%
AEROSPACE & DEFENSE -- 2.6%
38,901 Arconic, Inc. $ 1,165,085
20,362 General Dynamics Corp. 3,572,309
12,100 L3Harris Technologies, Inc. 2,678,093
6,148 Lockheed Martin Corp. 2,632,082
10,441 Northrop Grumman Corp. 3,910,885
13,817 Teledyne Technologies, Inc. (a) 5,044,034
134,191 Textron, Inc. 6,163,393
10,688 TransDigm Group, Inc. 6,875,377
15,985 United Technologies Corp. 2,400,947
---------------
34,442,205
---------------
AIR FREIGHT & LOGISTICS -- 0.8%
61,226 C.H. Robinson Worldwide, Inc. 4,421,742
46,026 Expeditors International of
Washington, Inc. 3,361,739
15,833 FedEx Corp. 2,290,085
10,224 United Parcel Service, Inc.,
Class B 1,058,388
---------------
11,131,954
---------------
AIRLINES -- 1.4%
41,735 American Airlines Group, Inc. 1,120,167
102,341 Delta Air Lines, Inc. 5,704,487
110,873 Southwest Airlines Co. 6,095,798
67,941 United Airlines Holdings,
Inc. (a) 5,081,987
---------------
18,002,439
---------------
AUTO COMPONENTS -- 0.2%
25,207 Aptiv PLC 2,137,301
---------------
AUTOMOBILES -- 1.2%
128,707 Ford Motor Co. 1,135,196
163,523 General Motors Co. 5,460,033
14,305 Tesla, Inc. (a) 9,306,404
---------------
15,901,633
---------------
BANKS -- 4.2%
101,959 Bank of America Corp. 3,347,314
59,932 Citigroup, Inc. 4,459,540
117,900 Citizens Financial Group, Inc. 4,395,312
66,731 Comerica, Inc. 4,081,268
155,756 Fifth Third Bancorp 4,431,258
317,503 Huntington Bancshares, Inc. 4,308,516
25,761 JPMorgan Chase & Co. 3,409,726
236,557 KeyCorp 4,425,981
21,154 M&T Bank Corp. 3,564,872
22,496 PNC Financial Services Group
(The), Inc. 3,341,781
279,017 Regions Financial Corp. 4,344,295
14,303 SVB Financial Group (a) 3,437,440
60,567 U.S. Bancorp 3,223,376
88,994 Wells Fargo & Co. 4,177,378
---------------
54,948,057
---------------
BEVERAGES -- 0.6%
35,412 Brown-Forman Corp., Class B 2,395,268
66,622 Molson Coors Beverage Co.,
Class B 3,702,851
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
BEVERAGES (CONTINUED)
18,834 Monster Beverage Corp. (a) $ 1,254,344
---------------
7,352,463
---------------
BIOTECHNOLOGY -- 2.1%
9,931 Amgen, Inc. 2,145,592
20,169 Biogen, Inc. (a) 5,422,436
12,944 Exact Sciences Corp. (a) 1,207,416
18,419 Gilead Sciences, Inc. 1,164,081
27,416 Incyte Corp. (a) 2,003,287
12,751 Regeneron Pharmaceuticals,
Inc. (a) 4,309,073
9,276 Sarepta Therapeutics, Inc. (a) 1,075,645
52,379 Seattle Genetics, Inc. (a) 5,677,360
21,867 Vertex Pharmaceuticals, Inc. (a) 4,964,902
---------------
27,969,792
---------------
BUILDING PRODUCTS -- 0.5%
38,445 Allegion PLC 4,971,707
24,942 Masco Corp. 1,185,244
---------------
6,156,951
---------------
CAPITAL MARKETS -- 5.2%
14,370 Ameriprise Financial, Inc. 2,376,942
95,131 Bank of New York Mellon (The)
Corp. 4,259,966
2,380 BlackRock, Inc. 1,255,093
42,796 Blackstone Group (The), Inc.,
Class A 2,613,552
9,975 Cboe Global Markets, Inc. 1,229,120
25,168 Charles Schwab (The) Corp. 1,146,402
105,531 E*TRADE Financial Corp. 4,497,731
230,366 Franklin Resources, Inc. 5,828,260
20,825 Goldman Sachs Group (The),
Inc. 4,951,144
12,629 MarketAxess Holdings, Inc. 4,472,939
15,124 Moody's Corp. 3,883,692
93,661 Morgan Stanley 4,894,724
13,908 MSCI, Inc. 3,974,906
22,352 Nasdaq, Inc. 2,603,114
22,535 Northern Trust Corp. 2,204,148
53,521 Raymond James Financial, Inc. 4,893,425
13,150 S&P Global, Inc. 3,862,550
45,397 State Street Corp. 3,433,375
49,121 T. Rowe Price Group, Inc. 6,559,127
---------------
68,940,210
---------------
CHEMICALS -- 2.8%
29,165 Celanese Corp. 3,018,577
100,292 CF Industries Holdings, Inc. 4,039,762
74,578 DuPont de Nemours, Inc. 3,816,902
75,508 Eastman Chemical Co. 5,381,455
59,957 FMC Corp. 5,731,290
9,279 International Flavors &
Fragrances, Inc. (b) 1,216,570
63,346 LyondellBasell Industries N.V.,
Class A 4,932,120
221,253 Mosaic (The) Co. 4,389,660
8,966 PPG Industries, Inc. 1,074,485
6,154 Sherwin-Williams (The) Co. 3,427,716
---------------
37,028,537
---------------
|
See Notes to Financial Statements Page 31
FIRST TRUST LARGE CAP CORE ALPHADEX(R) FUND (FEX)
PORTFOLIO OF INVESTMENTS (CONTINUED)
JANUARY 31, 2020 (UNAUDITED)
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
COMMON STOCKS (CONTINUED)
COMMERCIAL SERVICES & SUPPLIES
-- 0.8%
13,345 Cintas Corp. $ 3,722,855
65,811 Copart, Inc. (a) 6,677,184
---------------
10,400,039
---------------
CONSTRUCTION MATERIALS -- 0.3%
8,560 Martin Marietta Materials, Inc. 2,258,128
16,627 Vulcan Materials Co. 2,354,882
---------------
4,613,010
---------------
CONSUMER FINANCE -- 1.8%
195,841 Ally Financial, Inc. 6,272,787
19,230 American Express Co. 2,497,400
58,156 Capital One Financial Corp. 5,803,969
56,449 Discover Financial Services 4,241,013
166,201 Synchrony Financial 5,386,575
---------------
24,201,744
---------------
CONTAINERS & PACKAGING -- 0.3%
103,973 International Paper Co. 4,233,781
---------------
DISTRIBUTORS -- 0.2%
22,536 Genuine Parts Co. 2,108,693
---------------
DIVERSIFIED FINANCIAL SERVICES
-- 0.7%
21,139 Berkshire Hathaway, Inc.,
Class B (a) 4,744,226
193,217 Equitable Holdings, Inc. 4,641,072
---------------
9,385,298
---------------
DIVERSIFIED TELECOMMUNICATION
SERVICES -- 0.8%
153,145 AT&T, Inc. 5,761,315
77,980 Verizon Communications, Inc. 4,635,131
---------------
10,396,446
---------------
ELECTRIC UTILITIES -- 3.5%
65,623 Alliant Energy Corp. 3,895,381
52,493 Duke Energy Corp. 5,124,891
15,873 Edison International 1,215,078
29,975 Entergy Corp. 3,942,312
36,780 Evergy, Inc. 2,654,045
28,141 Eversource Energy 2,601,354
131,277 Exelon Corp. 6,247,472
49,259 FirstEnergy Corp. 2,501,865
4,943 NextEra Energy, Inc. 1,325,713
53,240 Pinnacle West Capital Corp. 5,201,016
133,444 PPL Corp. 4,829,338
37,582 Southern (The) Co. 2,645,773
56,558 Xcel Energy, Inc. 3,913,248
---------------
46,097,486
---------------
ELECTRICAL EQUIPMENT -- 0.9%
36,003 AMETEK, Inc. 3,497,692
50,549 Eaton Corp. PLC 4,775,364
47,088 Emerson Electric Co. 3,372,913
---------------
11,645,969
---------------
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
ELECTRONIC EQUIPMENT,
INSTRUMENTS & COMPONENTS
-- 2.2%
33,179 Amphenol Corp., Class A $ 3,300,315
41,900 CDW Corp. 5,465,855
205,596 Corning, Inc. 5,487,357
34,988 Keysight Technologies, Inc. (a) 3,253,534
49,957 TE Connectivity Ltd. 4,605,037
28,712 Trimble, Inc. (a) 1,220,834
23,429 Zebra Technologies Corp.,
Class A (a) 5,600,000
---------------
28,932,932
---------------
ENERGY EQUIPMENT & SERVICES
-- 0.6%
93,404 Baker Hughes Co. 2,023,131
244,581 Halliburton Co. 5,334,311
---------------
7,357,442
---------------
ENTERTAINMENT -- 1.5%
60,433 Activision Blizzard, Inc. 3,534,122
55,668 Electronic Arts, Inc. (a) 6,007,690
52,082 Liberty Media Corp.-Liberty
Formula One, Class C (a) 2,436,917
50,245 Live Nation Entertainment,
Inc. (a) 3,424,699
7,398 Netflix, Inc. (a) 2,552,976
9,776 Take-Two Interactive Software,
Inc. (a) 1,218,481
8,276 Walt Disney (The) Co. 1,144,653
---------------
20,319,538
---------------
EQUITY REAL ESTATE INVESTMENT
TRUSTS -- 2.8%
14,815 Alexandria Real Estate Equities,
Inc. 2,417,808
10,418 American Tower Corp. 2,414,267
8,683 Boston Properties, Inc. 1,244,708
8,421 Crown Castle International
Corp. 1,261,803
9,996 Digital Realty Trust, Inc. 1,229,408
34,526 Duke Realty Corp. 1,253,639
4,102 Equinix, Inc. 2,419,073
34,010 Equity LifeStyle Properties, Inc. 2,474,228
322,636 Host Hotels & Resorts, Inc. 5,271,872
39,938 Invitation Homes, Inc. 1,256,849
9,077 Mid-America Apartment
Communities, Inc. 1,245,455
40,284 Prologis, Inc. 3,741,578
4,966 SBA Communications Corp. 1,239,315
15,948 Sun Communities, Inc. 2,586,287
46,849 VICI Properties, Inc. 1,255,553
89,998 Vornado Realty Trust 5,919,168
---------------
37,231,011
---------------
FOOD & STAPLES RETAILING -- 1.0%
165,159 Kroger (The) Co. 4,436,171
13,992 Sysco Corp. 1,149,303
101,509 Walgreens Boots Alliance, Inc. 5,161,732
20,143 Walmart, Inc. 2,306,172
---------------
13,053,378
---------------
|
Page 32 See Notes to Financial Statements
FIRST TRUST LARGE CAP CORE ALPHADEX(R) FUND (FEX)
PORTFOLIO OF INVESTMENTS (CONTINUED)
JANUARY 31, 2020 (UNAUDITED)
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
COMMON STOCKS (CONTINUED)
FOOD PRODUCTS -- 2.1%
103,299 Archer-Daniels-Midland Co. $ 4,623,663
104,877 Conagra Brands, Inc. 3,452,551
67,045 General Mills, Inc. 3,501,090
53,070 Hormel Foods Corp. 2,508,088
45,980 J.M. Smucker (The) Co. 4,763,988
55,655 Lamb Weston Holdings, Inc. 5,081,858
52,592 Tyson Foods, Inc., Class A 4,345,677
---------------
28,276,915
---------------
GAS UTILITIES -- 0.3%
32,101 Atmos Energy Corp. 3,756,780
---------------
HEALTH CARE EQUIPMENT
& SUPPLIES -- 2.5%
12,870 Align Technology, Inc. (a) 3,308,877
26,470 Boston Scientific Corp. (a) 1,108,299
7,799 Danaher Corp. 1,254,625
21,153 DENTSPLY SIRONA, Inc. 1,184,568
27,361 DexCom, Inc. (a) 6,587,161
15,393 Edwards Lifesciences Corp. (a) 3,384,305
22,927 Hologic, Inc. (a) 1,227,053
4,049 Intuitive Surgical, Inc. (a) 2,266,549
10,552 Medtronic PLC 1,218,123
15,449 ResMed, Inc. 2,455,927
9,539 Teleflex, Inc. 3,543,834
16,858 Varian Medical Systems, Inc. (a) 2,369,729
23,887 West Pharmaceutical Services,
Inc. 3,725,178
---------------
33,634,228
---------------
HEALTH CARE PROVIDERS & SERVICES
-- 3.4%
14,079 AmerisourceBergen Corp. 1,204,599
11,889 Anthem, Inc. 3,153,914
57,118 Centene Corp. (a) 3,587,582
23,413 Cigna Corp. 4,504,193
64,448 CVS Health Corp. 4,370,863
31,907 DaVita, Inc. (a) 2,548,412
16,196 HCA Healthcare, Inc. 2,248,005
53,821 Henry Schein, Inc. (a) 3,710,420
9,797 Humana, Inc. 3,294,143
28,304 Laboratory Corp. of America
Holdings (a) 4,964,522
44,836 Quest Diagnostics, Inc. 4,962,000
8,142 UnitedHealth Group, Inc. 2,218,288
33,374 Universal Health Services, Inc.,
Class B 4,575,909
---------------
45,342,850
---------------
HEALTH CARE TECHNOLOGY -- 0.1%
16,311 Cerner Corp. 1,171,619
---------------
HOTELS, RESTAURANTS & LEISURE
-- 3.6%
117,742 Carnival Corp. 5,125,309
4,291 Chipotle Mexican Grill, Inc. (a) 3,719,267
32,941 Darden Restaurants, Inc. 3,835,321
8,148 Domino's Pizza, Inc. 2,295,699
53,963 Hilton Worldwide Holdings, Inc. 5,817,211
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
HOTELS, RESTAURANTS & LEISURE
(CONTINUED)
17,337 Las Vegas Sands Corp. $ 1,132,280
23,714 Marriott International, Inc.,
Class A 3,321,383
35,977 MGM Resorts International 1,117,446
102,462 Norwegian Cruise Line
Holdings Ltd. (a) 5,517,579
44,828 Royal Caribbean Cruises Ltd. 5,248,462
27,228 Starbucks Corp. 2,309,751
4,991 Vail Resorts, Inc. 1,170,439
34,478 Wynn Resorts Ltd. 4,349,745
49,862 Yum China Holdings, Inc. 2,147,556
---------------
47,107,448
---------------
HOUSEHOLD DURABLES -- 1.7%
113,458 D.R. Horton, Inc. 6,716,714
49,076 Garmin Ltd. 4,757,918
107,276 Lennar Corp., Class A 7,118,835
944 NVR, Inc. (a) 3,603,220
---------------
22,196,687
---------------
HOUSEHOLD PRODUCTS -- 0.3%
8,702 Kimberly-Clark Corp. 1,246,475
19,168 Procter & Gamble (The) Co. 2,388,716
---------------
3,635,191
---------------
INDEPENDENT POWER AND
RENEWABLE ELECTRICITY
PRODUCERS -- 0.3%
120,300 AES Corp. 2,389,158
52,065 Vistra Energy Corp. 1,172,504
---------------
3,561,662
---------------
INDUSTRIAL CONGLOMERATES -- 0.4%
13,569 3M Co. 2,152,858
107,257 General Electric Co. 1,335,350
13,525 Honeywell International, Inc. 2,342,800
---------------
5,831,008
---------------
INSURANCE -- 5.9%
67,882 Aflac, Inc. 3,500,675
42,578 Allstate (The) Corp. 5,047,196
93,279 American International Group,
Inc. 4,688,203
111,632 Arch Capital Group Ltd. (a) 4,929,669
12,570 Arthur J. Gallagher & Co. 1,289,305
121,275 Brown & Brown, Inc. 5,445,247
15,380 Chubb Ltd. 2,337,606
4,325 Everest Re Group Ltd. 1,196,165
105,578 Fidelity National Financial, Inc. 5,146,928
34,120 Globe Life, Inc. 3,557,351
78,788 Hartford Financial Services
Group (The), Inc. 4,670,553
60,853 Lincoln National Corp. 3,315,271
22,804 Loews Corp. 1,173,266
1,047 Markel Corp. (a) 1,228,100
32,232 Marsh & McLennan Cos., Inc. 3,605,472
117,419 MetLife, Inc. 5,836,898
87,053 Principal Financial Group, Inc. 4,609,456
16,535 Progressive (The) Corp. 1,334,209
|
See Notes to Financial Statements Page 33
FIRST TRUST LARGE CAP CORE ALPHADEX(R) FUND (FEX)
PORTFOLIO OF INVESTMENTS (CONTINUED)
JANUARY 31, 2020 (UNAUDITED)
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
COMMON STOCKS (CONTINUED)
INSURANCE (CONTINUED)
51,078 Prudential Financial, Inc. $ 4,651,163
22,023 Reinsurance Group of America,
Inc. 3,172,413
34,960 Travelers (The) Cos., Inc. 4,601,435
34,645 W.R. Berkley Corp. 2,547,447
---------------
77,884,028
---------------
INTERACTIVE MEDIA & SERVICES
-- 1.7%
2,682 Alphabet, Inc., Class A (a) 3,842,716
23,328 Facebook, Inc., Class A (a) 4,710,157
19,221 IAC/InterActiveCorp (a) 4,682,043
219,900 Snap, Inc., Class A (a) 4,041,762
104,221 Zillow Group, Inc., Class C (a) 4,816,052
---------------
22,092,730
---------------
INTERNET & DIRECT MARKETING
RETAIL -- 0.7%
1,296 Amazon.com, Inc. (a) 2,603,301
587 Booking Holdings, Inc. (a) 1,074,533
99,445 eBay, Inc. 3,337,374
22,137 Expedia Group, Inc. 2,400,758
---------------
9,415,966
---------------
IT SERVICES -- 4.1%
17,054 Accenture PLC, Class A 3,499,651
13,856 Akamai Technologies, Inc. (a) 1,293,458
67,312 Booz Allen Hamilton Holding
Corp. 5,253,029
96,499 Cognizant Technology Solutions
Corp., Class A 5,923,109
95,529 DXC Technology Co. 3,045,465
28,210 EPAM Systems, Inc. (a) 6,435,829
20,704 Fiserv, Inc. (a) 2,455,701
4,160 FleetCor Technologies, Inc. (a) 1,311,357
7,767 Gartner, Inc. (a) 1,248,778
13,113 Global Payments, Inc. 2,562,936
26,790 International Business Machines
Corp. 3,850,527
24,650 Jack Henry & Associates, Inc. 3,686,161
24,456 Leidos Holdings, Inc. 2,457,094
12,027 Mastercard, Inc., Class A 3,799,810
31,126 Okta, Inc. (a) 3,985,684
14,072 Paychex, Inc. 1,206,955
12,740 Visa, Inc., Class A 2,534,878
---------------
54,550,422
---------------
LIFE SCIENCES TOOLS & SERVICES
-- 0.9%
28,062 Agilent Technologies, Inc. 2,316,799
7,746 IQVIA Holdings, Inc. (a) 1,202,566
1,509 Mettler-Toledo International,
Inc. (a) 1,142,585
12,326 PerkinElmer, Inc. 1,139,908
11,052 Thermo Fisher Scientific, Inc. 3,461,376
10,246 Waters Corp. (a) 2,292,952
---------------
11,556,186
---------------
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
MACHINERY -- 2.1%
24,315 Caterpillar, Inc. $ 3,193,775
33,443 Cummins, Inc. 5,349,877
6,907 Deere & Co. 1,095,312
20,770 Dover Corp. 2,364,664
19,991 Illinois Tool Works, Inc. 3,498,025
27,016 Ingersoll-Rand PLC 3,599,342
75,663 PACCAR, Inc. 5,614,951
11,632 Parker-Hannifin Corp. 2,276,266
7,223 Stanley Black & Decker, Inc. 1,150,841
---------------
28,143,053
---------------
MEDIA -- 2.9%
175,126 Altice USA, Inc., Class A (a) 4,791,447
12,337 Charter Communications, Inc.,
Class A (a) 6,383,904
106,470 Comcast Corp., Class A 4,598,439
182,801 Discovery, Inc., Class A (a) 5,348,757
161,449 Fox Corp., Class A 5,986,529
19,037 Liberty Broadband Corp.,
Class C (a) 2,530,589
29,548 Omnicom Group, Inc. 2,225,260
837,050 Sirius XM Holdings, Inc. 5,917,944
---------------
37,782,869
---------------
METALS & MINING -- 0.9%
91,235 Freeport-McMoRan, Inc. 1,012,708
137,743 Newmont Corp. 6,206,700
106,341 Nucor Corp. 5,050,134
---------------
12,269,542
---------------
MULTILINE RETAIL -- 0.5%
23,021 Dollar General Corp. 3,531,652
28,007 Target Corp. 3,101,495
---------------
6,633,147
---------------
MULTI-UTILITIES -- 2.3%
46,757 Ameren Corp. 3,836,412
175,575 CenterPoint Energy, Inc. 4,649,226
38,097 CMS Energy Corp. 2,610,025
52,923 Consolidated Edison, Inc. 4,974,762
14,453 Dominion Energy, Inc. 1,239,345
27,649 DTE Energy Co. 3,666,534
171,979 NiSource, Inc. 5,040,705
31,608 Sempra Energy 5,077,509
---------------
31,094,518
---------------
OIL, GAS & CONSUMABLE FUELS
-- 4.9%
49,663 Chevron Corp. 5,320,894
68,345 Concho Resources, Inc. 5,179,184
92,034 ConocoPhillips 5,469,581
174,487 Continental Resources, Inc. 4,749,536
230,455 Devon Energy Corp. 5,005,483
71,453 EOG Resources, Inc. 5,209,638
85,768 Exxon Mobil Corp. 5,327,908
35,831 Hess Corp. 2,026,960
440,715 Marathon Oil Corp. 5,010,930
99,335 Marathon Petroleum Corp. 5,413,758
144,564 Noble Energy, Inc. 2,858,030
15,819 ONEOK, Inc. 1,184,369
|
Page 34 See Notes to Financial Statements
FIRST TRUST LARGE CAP CORE ALPHADEX(R) FUND (FEX)
PORTFOLIO OF INVESTMENTS (CONTINUED)
JANUARY 31, 2020 (UNAUDITED)
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
COMMON STOCKS (CONTINUED)
OIL, GAS & CONSUMABLE FUELS
(CONTINUED)
53,720 Phillips 66 $ 4,908,396
7,907 Pioneer Natural Resources Co. 1,067,445
63,908 Valero Energy Corp. 5,388,083
50,463 Williams (The) Cos., Inc. 1,044,079
---------------
65,164,274
---------------
PERSONAL PRODUCTS -- 0.2%
11,590 Estee Lauder (The) Cos., Inc.,
Class A 2,261,904
---------------
PHARMACEUTICALS -- 1.7%
18,648 Bristol-Myers Squibb Co. 1,173,891
18,214 Eli Lilly & Co. 2,543,403
16,410 Johnson & Johnson 2,442,957
26,321 Merck & Co., Inc. 2,248,866
238,204 Mylan N.V. (a) 5,102,330
152,755 Pfizer, Inc. 5,688,596
27,132 Zoetis, Inc. 3,641,386
---------------
22,841,429
---------------
PROFESSIONAL SERVICES -- 0.5%
4,000 CoStar Group, Inc. (a) 2,611,960
41,946 TransUnion 3,846,448
---------------
6,458,408
---------------
REAL ESTATE MANAGEMENT
& DEVELOPMENT -- 0.3%
58,589 CBRE Group, Inc., Class A (a) 3,576,858
---------------
ROAD & RAIL -- 1.2%
30,750 J.B. Hunt Transport Services,
Inc. 3,318,847
23,445 Kansas City Southern 3,954,937
6,166 Norfolk Southern Corp. 1,283,823
31,537 Old Dominion Freight Line, Inc. 6,188,506
6,621 Union Pacific Corp. 1,187,940
---------------
15,934,053
---------------
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT -- 4.5%
104,404 Advanced Micro Devices,
Inc. (a) 4,906,988
39,219 Applied Materials, Inc. 2,274,310
7,577 Broadcom, Inc. 2,312,197
99,998 Intel Corp. 6,392,872
33,591 KLA Corp. 5,567,372
8,187 Lam Research Corp. 2,441,445
45,067 Marvell Technology Group Ltd. 1,083,411
57,151 Microchip Technology, Inc. 5,571,080
111,285 Micron Technology, Inc. (a) 5,908,121
15,261 NVIDIA Corp. 3,608,158
67,832 QUALCOMM, Inc. 5,786,748
39,608 Skyworks Solutions, Inc. 4,481,645
87,768 Teradyne, Inc. 5,791,810
23,235 Universal Display Corp. 4,093,310
---------------
60,219,467
---------------
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
SOFTWARE -- 6.2%
14,518 Adobe, Inc. (a) $ 5,097,851
23,251 ANSYS, Inc. (a) 6,378,447
26,099 Autodesk, Inc. (a) 5,137,588
17,257 Cadence Design Systems,
Inc. (a) 1,244,402
10,793 Citrix Systems, Inc. 1,308,327
15,973 Fair Isaac Corp. (a) 6,427,216
56,060 Fortinet, Inc. (a) 6,467,082
22,771 Microsoft Corp. 3,876,307
93,807 NortonLifeLock, Inc. 2,665,995
15,528 Palo Alto Networks, Inc. (a) 3,645,664
22,605 Paycom Software, Inc. (a) 7,192,007
35,483 RingCentral, Inc., Class A (a) 7,294,595
7,359 salesforce.com, Inc. (a) 1,341,619
12,719 ServiceNow, Inc. (a) 4,301,947
39,960 Splunk, Inc. (a) 6,204,190
77,980 SS&C Technologies Holdings,
Inc. 4,913,520
17,197 Synopsys, Inc. (a) 2,536,729
23,037 Trade Desk (The), Inc.,
Class A (a) 6,201,100
---------------
82,234,586
---------------
SPECIALTY RETAIL -- 2.1%
14,948 Advance Auto Parts, Inc. 1,969,399
4,019 AutoZone, Inc. (a) 4,251,941
54,532 Best Buy Co., Inc. 4,618,315
26,248 Burlington Stores, Inc. (a) 5,708,153
27,306 CarMax, Inc. (a) 2,649,774
5,481 Home Depot (The), Inc. 1,250,216
10,926 O'Reilly Automotive, Inc. (a) 4,437,049
10,281 Ross Stores, Inc. 1,153,425
19,605 TJX (The) Cos., Inc. 1,157,479
12,810 Tractor Supply Co. 1,190,690
---------------
28,386,441
---------------
TECHNOLOGY HARDWARE, STORAGE
& PERIPHERALS -- 1.2%
4,076 Apple, Inc. 1,261,563
46,584 Dell Technologies, Inc.,
Class C (a) 2,271,902
377,359 Hewlett Packard Enterprise Co. 5,256,611
116,494 HP, Inc. 2,483,652
38,458 NetApp, Inc. 2,053,657
40,236 Seagate Technology PLC 2,293,049
---------------
15,620,434
---------------
TEXTILES, APPAREL & LUXURY GOODS
-- 0.1%
12,010 VF Corp. 996,470
---------------
TOBACCO -- 0.1%
14,067 Philip Morris International, Inc. 1,163,341
---------------
TRADING COMPANIES
& DISTRIBUTORS -- 0.9%
129,579 Fastenal Co. 4,519,716
35,886 United Rentals, Inc. (a) 4,869,371
10,606 W.W. Grainger, Inc. 3,210,118
---------------
12,599,205
---------------
|
See Notes to Financial Statements Page 35
FIRST TRUST LARGE CAP CORE ALPHADEX(R) FUND (FEX)
PORTFOLIO OF INVESTMENTS (CONTINUED)
JANUARY 31, 2020 (UNAUDITED)
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
COMMON STOCKS (CONTINUED)
WIRELESS TELECOMMUNICATION
SERVICES -- 0.4%
61,054 T-Mobile US, Inc. (a) $ 4,834,866
---------------
TOTAL COMMON STOCKS
-- 100.0% 1,322,216,894
(Cost $1,216,313,529) ---------------
MONEY MARKET FUNDS -- 0.1%
198,401 Goldman Sachs Financial Square
Treasury Obligations Fund -
Institutional Class -
1.46% (c) (d) 198,401
1,700,025 Morgan Stanley Institutional
Liquidity Funds - Treasury
Portfolio - Institutional
Class - 1.45% (c) 1,700,025
---------------
TOTAL MONEY MARKET FUNDS
-- 0.1% 1,898,426
(Cost $1,898,426) ---------------
PRINCIPAL
VALUE DESCRIPTION VALUE
---------------------------------------------------------------
REPURCHASE AGREEMENTS -- 0.1%
$ 914,749 BNP Paribas S.A., 1.56% (c),
dated 01/31/20, due 02/03/20,
with a maturity value of
$914,868. Collateralized by
U.S. Treasury Note, interest
rate of 2.125%, due 08/15/21.
The value of the collateral
including accrued interest
is $934,039. (d) 914,749
(Cost $914,749) ---------------
TOTAL INVESTMENTS -- 100.2% 1,325,030,069
(Cost $1,219,126,704) (e)
NET OTHER ASSETS AND
LIABILITIES -- (0.2)% (2,201,637)
---------------
NET ASSETS -- 100.0% $ 1,322,828,432
===============
|
(a) Non-income producing security.
(b) All or a portion of this security is on loan (see Note 2D - Securities Lending in the Notes to Financial Statements). The aggregate value of such securities is $1,075,102 and the total value of the collateral held by the Fund is $1,113,150.
(c) Rate shown reflects yield as of January 31, 2020.
(d) This security serves as collateral for securities on loan.
(e) Aggregate cost for financial reporting purposes approximates the aggregate cost for federal income tax purposes. As of January 31, 2020, the aggregate gross unrealized appreciation for all investments in which there was an excess of value over tax cost was $139,905,105 and the aggregate gross unrealized depreciation for all investments in which there was an excess of tax cost over value was $34,001,740. The net unrealized appreciation was $105,903,365.
VALUATION INPUTS
A summary of the inputs used to value the Fund's investments as of January 31, 2020 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
LEVEL 2 LEVEL 3
LEVEL 1 SIGNIFICANT SIGNIFICANT
QUOTED OBSERVABLE UNOBSERVABLE
PRICES INPUTS INPUTS
---------------------------------------------
Common Stocks* $1,322,216,894 $ -- $ --
Money Market
Funds 1,898,426 -- --
Repurchase
Agreements -- 914,749 --
---------------------------------------------
Total Investments $1,324,115,320 $ 914,749 $ --
=============================================
|
* See Portfolio of Investments for industry breakout.
Page 36 See Notes to Financial Statements
FIRST TRUST LARGE CAP CORE ALPHADEX(R) FUND (FEX)
PORTFOLIO OF INVESTMENTS (CONTINUED)
JANUARY 31, 2020 (UNAUDITED)
The Fund's loaned securities were all subject to an enforceable Securities Lending Agency Agreement. Securities lent in accordance with the Securities Lending Agency Agreement on a gross basis were as follows:
Total gross amount presented on the
Statements of Assets and Liabilities(1) $ 1,075,102
Non-cash Collateral(2) (1,075,102)
---------------
Net Amount $ --
===============
|
(1) The amount presented on the Statements of Assets and Liabilities, which is included in "Investments, at value", is not offset and is shown on a gross basis.
(2) At January 31, 2020, the value of the collateral received from each borrower exceeded the value of the related securities loaned. This amount is disclosed on the Portfolio of Investments.
The Fund's investments in repurchase agreements were all subject to an enforceable Master Repurchase Agreement. Repurchase Agreements on a gross basis were as follows:
Total gross amount presented on the
Statements of Assets and Liabilities(3) $ 914,749
Non-cash Collateral(4) (914,749)
---------------
Net Amount $ --
===============
(3) The amount is included in "Investments, at value" on the Statements of
Assets and Liabilities.
|
(4) At January 31, 2020, the value of the collateral received from each seller exceeded the value of the repurchase agreements.
See Notes to Financial Statements Page 37
FIRST TRUST MID CAP CORE ALPHADEX(R) FUND (FNX)
PORTFOLIO OF INVESTMENTS
JANUARY 31, 2020 (UNAUDITED)
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
COMMON STOCKS -- 99.9%
AEROSPACE & DEFENSE -- 1.0%
35,733 Axon Enterprise, Inc. (a) $ 2,744,652
10,545 BWX Technologies, Inc. 670,557
9,293 Curtiss-Wright Corp. 1,351,481
5,220 Huntington Ingalls Industries,
Inc. 1,362,420
35,929 Spirit AeroSystems Holdings,
Inc., Class A 2,346,882
---------------
8,475,992
---------------
AIR FREIGHT & LOGISTICS -- 0.3%
24,640 XPO Logistics, Inc. (a) 2,190,989
---------------
AIRLINES -- 1.5%
48,311 Alaska Air Group, Inc. 3,120,407
174,841 JetBlue Airways Corp. (a) 3,467,097
50,641 SkyWest, Inc. 2,793,864
81,197 Spirit Airlines, Inc. (a) 3,334,761
---------------
12,716,129
---------------
AUTO COMPONENTS -- 1.3%
75,451 BorgWarner, Inc. 2,587,215
9,408 Fox Factory Holding Corp. (a) 619,234
67,764 Gentex Corp. 2,017,334
210,420 Goodyear Tire & Rubber (The)
Co. 2,762,815
23,855 Lear Corp. 2,938,459
---------------
10,925,057
---------------
AUTOMOBILES -- 0.5%
52,806 Harley-Davidson, Inc. 1,763,720
26,436 Thor Industries, Inc. 2,128,627
---------------
3,892,347
---------------
BANKS -- 9.1%
30,777 Ameris Bancorp 1,236,928
118,804 Associated Banc-Corp. 2,367,764
34,866 Atlantic Union Bankshares Corp. 1,174,636
41,681 BancorpSouth Bank 1,190,826
20,635 Bank of Hawaii Corp. 1,848,896
107,295 Bank OZK 2,916,278
53,716 BankUnited, Inc. 1,772,628
22,470 BOK Financial Corp. 1,772,883
51,611 Cathay General Bancorp 1,861,093
78,617 CenterState Bank Corp. 1,773,600
71,730 CIT Group, Inc. 3,278,778
32,179 Columbia Banking System, Inc. 1,245,327
9,637 Commerce Bancshares, Inc. 652,039
9,227 Community Bank System, Inc. 611,473
13,389 Cullen/Frost Bankers, Inc. 1,193,763
30,335 CVB Financial Corp. 630,058
53,768 East West Bancorp, Inc. 2,464,725
206,177 F.N.B. Corp. 2,406,086
3,690 First Citizens BancShares, Inc.,
Class A 1,943,966
18,651 First Financial Bankshares, Inc. 625,182
68,071 First Hawaiian, Inc. 1,978,143
118,589 First Horizon National Corp. 1,897,424
112,669 Fulton Financial Corp. 1,855,658
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
BANKS (CONTINUED)
28,466 Glacier Bancorp, Inc. $ 1,206,104
44,756 Hancock Whitney Corp. 1,778,603
99,891 Home BancShares, Inc. 1,909,916
109,882 Investors Bancorp, Inc. 1,327,924
107,372 Old National Bancorp 1,923,033
85,524 PacWest Bancorp 2,997,616
116,204 People's United Financial, Inc. 1,791,866
40,912 Pinnacle Financial Partners,
Inc. 2,416,263
44,568 Popular, Inc. 2,494,025
9,107 Prosperity Bancshares, Inc. 639,311
19,166 Signature Bank 2,719,464
15,092 South State Corp. 1,141,106
62,106 Sterling Bancorp 1,242,120
50,098 Synovus Financial Corp. 1,754,432
13,989 TCF Financial Corp. 591,455
19,074 UMB Financial Corp. 1,267,658
147,936 Umpqua Holdings Corp. 2,500,118
33,865 United Bankshares, Inc. 1,161,570
171,514 Valley National Bancorp 1,806,042
24,534 Webster Financial Corp. 1,100,595
22,969 Western Alliance Bancorp 1,268,578
27,697 Wintrust Financial Corp. 1,752,666
50,432 Zions Bancorp N.A. 2,294,152
---------------
77,782,771
---------------
BEVERAGES -- 0.1%
3,466 Boston Beer (The) Co., Inc.,
Class A (a) 1,235,213
---------------
BIOTECHNOLOGY -- 2.5%
76,508 ACADIA Pharmaceuticals,
Inc. (a) 3,055,730
13,710 Agios Pharmaceuticals, Inc. (a) 668,088
28,421 Alnylam Pharmaceuticals,
Inc. (a) 3,262,447
67,210 Amicus Therapeutics, Inc. (a) 594,136
14,413 Arena Pharmaceuticals, Inc. (a) 658,530
51,602 Arrowhead Pharmaceuticals,
Inc. (a) 2,162,640
53,741 CRISPR Therapeutics AG (a) 2,791,845
15,261 FibroGen, Inc. (a) 638,673
61,871 Immunomedics, Inc. (a) 1,148,944
15,241 Mirati Therapeutics, Inc. (a) 1,323,376
33,467 Moderna, Inc. (a) 686,408
30,449 Neurocrine Biosciences, Inc. (a) 3,047,336
27,258 PTC Therapeutics, Inc. (a) 1,403,787
---------------
21,441,940
---------------
BUILDING PRODUCTS -- 1.1%
27,480 A.O. Smith Corp. 1,173,121
6,965 Armstrong World Industries, Inc. 698,799
20,037 Fortune Brands Home &
Security, Inc. 1,376,742
50,262 Owens Corning 3,040,348
16,318 Simpson Manufacturing Co.,
Inc. 1,349,009
14,566 Trex Co., Inc. (a) 1,430,964
---------------
9,068,983
---------------
|
Page 38 See Notes to Financial Statements
FIRST TRUST MID CAP CORE ALPHADEX(R) FUND (FNX)
PORTFOLIO OF INVESTMENTS (CONTINUED)
JANUARY 31, 2020 (UNAUDITED)
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
COMMON STOCKS (CONTINUED)
CAPITAL MARKETS -- 2.5%
91,707 Ares Management Corp.,
Class A $ 3,306,954
42,062 Eaton Vance Corp. 1,924,336
43,782 Evercore, Inc., Class A 3,354,577
20,087 Federated Investors, Inc.,
Class B 727,752
145,630 Invesco Ltd. 2,519,399
32,764 Lazard Ltd., Class A 1,374,777
35,482 LPL Financial Holdings, Inc. 3,268,957
4,326 Morningstar, Inc. 678,706
29,991 SEI Investments Co. 1,957,213
43,172 Stifel Financial Corp. 2,792,797
---------------
21,905,468
---------------
CHEMICALS -- 2.8%
44,811 Albemarle Corp. 3,597,427
42,769 Ashland Global Holdings, Inc. 3,164,051
21,534 Axalta Coating Systems Ltd. (a) 620,395
144,746 Chemours (The) Co. 2,007,627
108,380 Huntsman Corp. 2,228,293
2,691 NewMarket Corp. 1,183,017
189,741 Olin Corp. 2,821,449
24,661 Scotts Miracle-Gro (The) Co. 3,026,891
29,714 Sensient Technologies Corp. 1,775,411
30,576 Valvoline, Inc. 644,542
46,659 Westlake Chemical Corp. 2,855,531
---------------
23,924,634
---------------
COMMERCIAL SERVICES & SUPPLIES
-- 2.2%
17,359 ABM Industries, Inc. 662,072
412,743 ADT, Inc. (b) 2,559,007
28,877 Brink's (The) Co. 2,431,155
5,206 Cimpress PLC (a) (b) 622,794
38,171 Clean Harbors, Inc. (a) 3,138,420
120,169 KAR Auction Services, Inc. 2,525,952
15,540 MSA Safety, Inc. 2,107,224
22,794 Tetra Tech, Inc. 1,951,166
12,965 UniFirst Corp. 2,643,952
---------------
18,641,742
---------------
COMMUNICATIONS EQUIPMENT
-- 1.3%
46,001 Ciena Corp. (a) 1,870,861
9,377 F5 Networks, Inc. (a) 1,145,119
79,733 Juniper Networks, Inc. 1,829,075
41,275 Lumentum Holdings, Inc. (a) 3,127,407
17,319 Ubiquiti, Inc. 2,830,271
8,942 ViaSat, Inc. (a) 569,158
---------------
11,371,891
---------------
CONSTRUCTION & ENGINEERING
-- 1.1%
30,342 EMCOR Group, Inc. 2,493,202
40,812 MasTec, Inc. (a) 2,356,893
80,398 Quanta Services, Inc. 3,147,582
8,740 Valmont Industries, Inc. 1,241,604
---------------
9,239,281
---------------
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
CONSUMER FINANCE -- 1.5%
191,408 Navient Corp. $ 2,752,447
77,654 OneMain Holdings, Inc. 3,290,200
140,054 Santander Consumer USA
Holdings, Inc. 3,728,237
293,879 SLM Corp. 3,209,159
---------------
12,980,043
---------------
CONTAINERS & PACKAGING -- 1.9%
41,354 Berry Global Group, Inc. (a) 1,758,372
45,120 Crown Holdings, Inc. (a) 3,340,233
117,949 Graphic Packaging Holding Co. 1,843,543
23,380 Packaging Corp. of America 2,238,635
63,186 Silgan Holdings, Inc. 1,949,920
31,820 Sonoco Products Co. 1,818,195
76,276 WestRock Co. 2,974,764
---------------
15,923,662
---------------
DISTRIBUTORS -- 0.4%
36,674 LKQ Corp. (a) 1,198,689
9,246 Pool Corp. 2,027,648
---------------
3,226,337
---------------
DIVERSIFIED CONSUMER SERVICES
-- 0.9%
34,534 Chegg, Inc. (a) 1,423,837
5,122 Graham Holdings Co., Class B 2,813,105
83,638 H&R Block, Inc. 1,940,401
12,358 Strategic Education, Inc. 2,005,580
---------------
8,182,923
---------------
DIVERSIFIED FINANCIAL SERVICES
-- 0.5%
91,896 Jefferies Financial Group, Inc. 1,988,629
32,205 Voya Financial, Inc. 1,923,605
---------------
3,912,234
---------------
DIVERSIFIED TELECOMMUNICATION
SERVICES -- 0.6%
29,842 Cogent Communications
Holdings, Inc. 2,116,693
36,959 GCI Liberty, Inc., Class A (a) 2,704,660
26,567 Iridium Communications,
Inc. (a) 678,787
---------------
5,500,140
---------------
ELECTRIC UTILITIES -- 1.0%
32,259 ALLETE, Inc. 2,692,981
27,938 Hawaiian Electric Industries,
Inc. 1,366,448
12,260 IDACORP, Inc. 1,375,449
46,935 Portland General Electric Co. 2,886,503
---------------
8,321,381
---------------
ELECTRICAL EQUIPMENT -- 1.6%
18,974 Acuity Brands, Inc. 2,236,465
26,243 EnerSys 1,888,446
32,540 Generac Holdings, Inc. (a) 3,370,819
56,334 GrafTech International Ltd. 604,464
17,712 Hubbell, Inc. 2,536,890
38,232 Regal Beloit Corp. 2,999,683
---------------
13,636,767
---------------
|
See Notes to Financial Statements Page 39
FIRST TRUST MID CAP CORE ALPHADEX(R) FUND (FNX)
PORTFOLIO OF INVESTMENTS (CONTINUED)
JANUARY 31, 2020 (UNAUDITED)
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
COMMON STOCKS (CONTINUED)
ELECTRONIC EQUIPMENT,
INSTRUMENTS & COMPONENTS
-- 1.4%
61,697 Avnet, Inc. $ 2,251,323
23,361 Cognex Corp. 1,190,710
19,029 Dolby Laboratories, Inc.,
Class A 1,319,471
25,144 FLIR Systems, Inc. 1,295,922
9,034 IPG Photonics Corp. (a) 1,153,371
31,677 Jabil, Inc. 1,231,918
3,422 Littelfuse, Inc. 605,386
20,330 SYNNEX Corp. 2,800,661
---------------
11,848,762
---------------
ENERGY EQUIPMENT & SERVICES
-- 0.2%
43,228 Helmerich & Payne, Inc. 1,752,895
---------------
ENTERTAINMENT -- 0.8%
58,015 Cinemark Holdings, Inc. 1,828,053
2,226 Madison Square Garden (The)
Co., Class A (a) 659,319
24,444 Roku, Inc. (a) 2,956,502
213,924 Zynga, Inc., Class A (a) 1,287,822
---------------
6,731,696
---------------
EQUITY REAL ESTATE INVESTMENT
TRUSTS -- 5.0%
24,977 American Homes 4 Rent,
Class A 682,621
201,420 Apple Hospitality REIT, Inc. 3,025,328
90,877 Brixmor Property Group, Inc. 1,813,905
22,281 Corporate Office Properties
Trust 663,305
15,889 Cousins Properties, Inc. 650,337
14,911 Douglas Emmett, Inc. 618,806
4,935 EastGroup Properties, Inc. 671,505
99,696 Equity Commonwealth 3,269,032
31,541 First Industrial Realty Trust,
Inc. 1,346,801
45,618 Gaming and Leisure Properties,
Inc. 2,155,679
26,767 Highwoods Properties, Inc. 1,341,294
17,387 Hudson Pacific Properties, Inc. 631,844
15,605 Kilroy Realty Corp. 1,288,505
14,668 Lamar Advertising Co., Class A 1,361,337
72,951 Macerich (The) Co. (b) 1,627,537
31,010 Medical Properties Trust, Inc. 686,872
48,815 Outfront Media, Inc. 1,451,758
141,080 Paramount Group, Inc. 1,983,585
101,215 Park Hotels & Resorts, Inc. 2,220,657
48,834 Pebblebrook Hotel Trust 1,158,342
28,669 Rexford Industrial Realty, Inc. 1,381,559
147,767 RLJ Lodging Trust 2,299,255
22,661 Ryman Hospitality Properties,
Inc. 1,926,865
30,674 Sabra Health Care REIT, Inc. 659,491
107,622 Service Properties Trust 2,322,483
14,250 SL Green Realty Corp. 1,311,570
17,578 STORE Capital Corp. 689,937
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
EQUITY REAL ESTATE INVESTMENT
TRUSTS (CONTINUED)
235,133 Sunstone Hotel Investors, Inc. $ 2,981,486
12,090 Terreno Realty Corp. 692,273
---------------
42,913,969
---------------
FOOD & STAPLES RETAILING -- 0.3%
28,786 BJ's Wholesale Club Holdings,
Inc. (a) 590,689
4,117 Casey's General Stores, Inc. 662,261
31,254 US Foods Holding Corp. (a) 1,255,473
---------------
2,508,423
---------------
FOOD PRODUCTS -- 1.0%
69,936 Darling Ingredients, Inc. (a) 1,897,364
60,221 Flowers Foods, Inc. 1,296,558
28,172 Ingredion, Inc. 2,479,136
3,551 J&J Snack Foods Corp. 588,898
4,088 Lancaster Colony Corp. 632,209
40,019 Pilgrim's Pride Corp. (a) 1,042,495
3,715 Sanderson Farms, Inc. 511,518
---------------
8,448,178
---------------
GAS UTILITIES -- 0.9%
70,328 National Fuel Gas Co. 3,037,466
29,375 New Jersey Resources Corp. 1,213,775
19,850 South Jersey Industries, Inc. 611,380
23,571 Spire, Inc. 1,987,507
28,990 UGI Corp. 1,205,694
---------------
8,055,822
---------------
HEALTH CARE EQUIPMENT
& SUPPLIES -- 1.9%
44,472 Globus Medical, Inc.,
Class A (a) 2,324,996
11,533 Hill-Rom Holdings, Inc. 1,228,149
15,294 Insulet Corp. (a) 2,967,648
4,141 Masimo Corp. (a) 706,455
38,840 Novocure Ltd. (a) 3,163,906
33,856 NuVasive, Inc. (a) 2,610,975
11,955 Penumbra, Inc. (a) 2,097,624
21,963 Tandem Diabetes Care, Inc. (a) 1,670,067
---------------
16,769,820
---------------
HEALTH CARE PROVIDERS & SERVICES
-- 1.9%
19,609 Amedisys, Inc. (a) 3,460,792
4,472 Chemed Corp. 2,088,603
9,450 Encompass Health Corp. 727,934
14,429 Ensign Group (The), Inc. 652,191
25,132 Guardant Health, Inc. (a) 1,911,037
26,513 HealthEquity, Inc. (a) 1,751,449
23,760 LHC Group, Inc. (a) 3,463,020
19,297 Molina Healthcare, Inc. (a) 2,372,952
---------------
16,427,978
---------------
HEALTH CARE TECHNOLOGY -- 0.5%
8,010 Omnicell, Inc. (a) 651,053
39,096 Teladoc Health, Inc. (a) 3,976,454
---------------
4,627,507
---------------
|
Page 40 See Notes to Financial Statements
FIRST TRUST MID CAP CORE ALPHADEX(R) FUND (FNX)
PORTFOLIO OF INVESTMENTS (CONTINUED)
JANUARY 31, 2020 (UNAUDITED)
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
COMMON STOCKS (CONTINUED)
HOTELS, RESTAURANTS & LEISURE
-- 3.4%
30,166 Aramark $ 1,331,527
65,592 Boyd Gaming Corp. 1,957,921
18,986 Choice Hotels International,
Inc. 1,902,397
23,855 Churchill Downs, Inc. 3,444,185
12,774 Cracker Barrel Old Country
Store, Inc. 1,953,528
54,880 Eldorado Resorts, Inc. (a) (b) 3,280,727
76,140 Hilton Grand Vacations, Inc. (a) 2,429,627
29,187 Hyatt Hotels Corp., Class A 2,467,469
5,084 Marriott Vacations Worldwide
Corp. 611,300
26,296 Planet Fitness, Inc.,
Class A (a) 2,124,454
23,247 Texas Roadhouse, Inc. 1,452,938
117,896 Wendy's (The) Co. 2,554,806
12,663 Wyndham Destinations, Inc. 614,535
52,109 Wyndham Hotels & Resorts, Inc. 2,979,072
---------------
29,104,486
---------------
HOUSEHOLD DURABLES -- 2.7%
14,563 Helen of Troy Ltd. (a) 2,753,135
12,878 Leggett & Platt, Inc. 612,864
24,000 Mohawk Industries, Inc. (a) 3,160,320
84,356 PulteGroup, Inc. 3,766,496
37,596 Tempur Sealy International,
Inc. (a) 3,444,546
82,840 Toll Brothers, Inc. 3,674,782
31,753 TopBuild Corp. (a) 3,636,036
17,748 Whirlpool Corp. 2,594,225
---------------
23,642,404
---------------
INDEPENDENT POWER AND
RENEWABLE ELECTRICITY
PRODUCERS -- 0.4%
16,470 NRG Energy, Inc. 607,578
17,568 Ormat Technologies, Inc. 1,392,440
85,069 TerraForm Power, Inc., Class A 1,538,898
---------------
3,538,916
---------------
INDUSTRIAL CONGLOMERATES -- 0.4%
20,224 Carlisle Cos., Inc. 3,159,596
---------------
INSURANCE -- 5.0%
11,940 American Financial Group, Inc. 1,298,953
22,251 American National Insurance
Co. 2,451,170
4,995 Assurant, Inc. 652,147
53,416 Assured Guaranty Ltd. 2,448,589
69,596 Athene Holding Ltd., Class A (a) 3,031,602
11,013 Axis Capital Holdings Ltd. 707,585
83,432 Brighthouse Financial, Inc. (a) 3,245,505
15,822 Enstar Group Ltd. (a) 3,089,878
56,123 First American Financial Corp. 3,478,504
9,580 Hanover Insurance Group
(The), Inc. 1,327,596
16,894 Kemper Corp. 1,257,251
53,735 Mercury General Corp. 2,637,851
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
INSURANCE (CONTINUED)
148,102 National General Holdings
Corp. $ 3,224,181
117,051 Old Republic International Corp. 2,639,500
10,028 Primerica, Inc. 1,188,920
13,358 RenaissanceRe Holdings Ltd. 2,530,540
30,126 Selective Insurance Group, Inc. 1,995,848
112,245 Unum Group 2,995,819
2,346 White Mountains Insurance
Group Ltd. 2,620,998
---------------
42,822,437
---------------
INTERACTIVE MEDIA & SERVICES
-- 0.5%
18,609 Cargurus, Inc. (a) 663,411
31,888 Match Group, Inc. (a) (b) 2,494,279
43,094 TripAdvisor, Inc. 1,177,328
---------------
4,335,018
---------------
INTERNET & DIRECT MARKETING
RETAIL -- 0.2%
155,306 Qurate Retail, Inc.,
Series A (a) 1,324,760
---------------
IT SERVICES -- 2.3%
10,151 Black Knight, Inc. (a) 679,305
5,238 CACI International, Inc.,
Class A (a) 1,400,851
4,154 Euronet Worldwide, Inc. (a) 654,837
62,094 Genpact Ltd. 2,748,901
42,925 KBR, Inc. 1,167,560
68,089 LiveRamp Holdings, Inc. (a) 2,739,901
26,400 MAXIMUS, Inc. 1,894,200
9,947 MongoDB, Inc. (a) 1,630,413
74,277 Perspecta, Inc. 2,084,955
7,522 Science Applications
International Corp. 660,206
97,775 Western Union (The) Co. 2,630,148
6,249 WEX, Inc. (a) 1,355,533
---------------
19,646,810
---------------
LEISURE PRODUCTS -- 0.5%
12,873 Polaris, Inc. 1,182,256
94,106 YETI Holdings, Inc. (a) (b) 3,421,694
---------------
4,603,950
---------------
LIFE SCIENCES TOOLS & SERVICES
-- 1.7%
5,307 Bio-Rad Laboratories, Inc.,
Class A (a) 1,915,402
2,983 Bio-Techne Corp. 626,340
38,529 Bruker Corp. 1,906,030
17,141 Charles River Laboratories
International, Inc. (a) 2,649,656
31,149 Medpace Holdings, Inc. (a) 2,664,797
17,670 PRA Health Sciences, Inc. (a) 1,790,148
21,231 Repligen Corp. (a) 2,131,380
11,007 Syneos Health, Inc. (a) 675,390
---------------
14,359,143
---------------
|
See Notes to Financial Statements Page 41
FIRST TRUST MID CAP CORE ALPHADEX(R) FUND (FNX)
PORTFOLIO OF INVESTMENTS (CONTINUED)
JANUARY 31, 2020 (UNAUDITED)
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
COMMON STOCKS (CONTINUED)
MACHINERY -- 3.7%
33,896 AGCO Corp. $ 2,377,465
13,546 Allison Transmission Holdings,
Inc. 598,733
30,313 Crane Co. 2,590,549
34,082 Donaldson Co., Inc. 1,767,152
13,152 Flowserve Corp. 613,935
53,541 Gardner Denver Holdings,
Inc. (a) 1,890,533
12,587 Graco, Inc. 668,999
17,712 ITT, Inc. 1,188,121
17,433 John Bean Technologies Corp. 1,969,755
13,537 Lincoln Electric Holdings, Inc. 1,207,230
22,619 Navistar International Corp. (a) 828,308
8,040 Nordson Corp. 1,357,634
34,580 Oshkosh Corp. 2,975,263
60,203 Rexnord Corp. (a) 1,965,628
15,458 Snap-on, Inc. 2,467,561
46,499 Timken (The) Co. 2,442,593
32,865 Toro (The) Co. 2,629,857
22,107 Woodward, Inc. 2,571,265
---------------
32,110,581
---------------
MARINE -- 0.1%
14,623 Kirby Corp. (a) 1,071,720
---------------
MEDIA -- 2.1%
1,760 Cable One, Inc. 2,999,093
73,820 DISH Network Corp.,
Class A (a) 2,713,623
85,016 Interpublic Group of Cos. (The),
Inc. 1,929,863
134,556 Liberty Latin America Ltd.,
Class C (a) 2,267,269
40,697 New York Times (The) Co.,
Class A 1,302,711
22,330 Nexstar Media Group, Inc.,
Class A 2,705,280
19,636 Sinclair Broadcast Group, Inc.,
Class A 587,509
196,108 TEGNA, Inc. 3,314,225
---------------
17,819,573
---------------
METALS & MINING -- 0.8%
77,931 Cleveland-Cliffs, Inc. (b) 547,076
27,330 Reliance Steel & Aluminum Co. 3,137,484
5,354 Royal Gold, Inc. 617,423
96,153 Steel Dynamics, Inc. 2,873,052
---------------
7,175,035
---------------
MORTGAGE REAL ESTATE INVESTMENT
TRUSTS -- 1.2%
143,162 Apollo Commercial Real Estate
Finance, Inc. 2,617,001
17,588 Blackstone Mortgage Trust, Inc.,
Class A 671,862
31,840 Chimera Investment Corp. 675,008
342,279 MFA Financial, Inc. 2,669,776
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
MORTGAGE REAL ESTATE INVESTMENT
TRUSTS (CONTINUED)
40,632 New Residential Investment
Corp. $ 680,180
26,331 Starwood Property Trust, Inc. 675,653
179,100 Two Harbors Investment Corp. 2,733,066
---------------
10,722,546
---------------
MULTILINE RETAIL -- 0.9%
64,241 Kohl's Corp. 2,746,303
192,533 Macy's, Inc. 3,070,901
47,979 Nordstrom, Inc. 1,768,506
---------------
7,585,710
---------------
MULTI-UTILITIES -- 1.0%
54,449 Avista Corp. 2,768,731
88,134 MDU Resources Group, Inc. 2,609,648
36,534 NorthWestern Corp. 2,812,022
---------------
8,190,401
---------------
OIL, GAS & CONSUMABLE FUELS
-- 2.6%
76,740 Apache Corp. 2,105,746
3,964,457 Chesapeake Energy Corp. (a) 2,029,009
62,354 Cimarex Energy Co. 2,736,717
97,616 Delek US Holdings, Inc. 2,680,535
240,223 EQT Corp. 1,453,349
64,543 HollyFrontier Corp. 2,899,272
122,128 Murphy Oil Corp. 2,559,803
69,234 Parsley Energy, Inc., Class A 1,152,054
41,735 PBF Energy, Inc., Class A 1,139,365
16,032 Targa Resources Corp. 585,168
238,214 WPX Energy, Inc. (a) 2,846,657
---------------
22,187,675
---------------
PAPER & FOREST PRODUCTS -- 0.1%
22,064 Louisiana-Pacific Corp. 676,924
---------------
PERSONAL PRODUCTS -- 0.2%
116,375 Coty, Inc., Class A 1,194,008
13,733 Herbalife Nutrition Ltd. (a) 533,527
---------------
1,727,535
---------------
PHARMACEUTICALS -- 1.2%
34,881 Catalent, Inc. (a) 2,131,229
72,334 Horizon Therapeutics PLC (a) 2,494,800
21,925 Jazz Pharmaceuticals PLC (a) 3,142,949
50,685 Perrigo Co. PLC 2,891,072
---------------
10,660,050
---------------
PROFESSIONAL SERVICES -- 1.3%
27,672 ASGN, Inc. (a) 1,873,117
9,486 Exponent, Inc. 690,296
29,578 FTI Consulting, Inc. (a) 3,551,135
26,965 ManpowerGroup, Inc. 2,467,028
31,100 Robert Half International, Inc. 1,809,087
11,565 TriNet Group, Inc. (a) 659,899
---------------
11,050,562
---------------
|
Page 42 See Notes to Financial Statements
FIRST TRUST MID CAP CORE ALPHADEX(R) FUND (FNX)
PORTFOLIO OF INVESTMENTS (CONTINUED)
JANUARY 31, 2020 (UNAUDITED)
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
COMMON STOCKS (CONTINUED)
REAL ESTATE MANAGEMENT
& DEVELOPMENT -- 0.4%
10,326 Howard Hughes (The) Corp. (a) $ 1,256,468
11,281 Jones Lang LaSalle, Inc. 1,915,739
---------------
3,172,207
---------------
ROAD & RAIL -- 1.1%
6,966 AMERCO 2,586,267
60,911 Avis Budget Group, Inc. (a) 1,997,881
36,529 Knight-Swift Transportation
Holdings, Inc. 1,354,495
11,702 Landstar System, Inc. 1,295,996
48,211 Ryder System, Inc. 2,300,629
---------------
9,535,268
---------------
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT -- 1.8%
31,201 Brooks Automation, Inc. 1,188,134
18,145 Cabot Microelectronics Corp. 2,640,279
7,942 Cirrus Logic, Inc. (a) 610,025
125,261 Enphase Energy, Inc. (a) 3,948,227
52,276 Entegris, Inc. 2,705,806
5,951 MKS Instruments, Inc. 623,784
11,032 Monolithic Power Systems, Inc. 1,888,347
53,701 ON Semiconductor Corp. (a) 1,243,178
5,632 Qorvo, Inc. (a) 596,203
---------------
15,443,983
---------------
SOFTWARE -- 5.9%
69,116 ACI Worldwide, Inc. (a) 2,381,046
6,541 Alteryx, Inc., Class A (a) 912,273
37,477 Anaplan, Inc. (a) 2,158,300
5,413 Aspen Technology, Inc. (a) 644,039
26,810 Avalara, Inc. (a) 2,282,603
11,972 CDK Global, Inc. 642,657
38,575 Ceridian HCM Holding, Inc. (a) 2,827,162
17,905 Coupa Software, Inc. (a) 2,885,391
44,165 DocuSign, Inc. (a) 3,467,394
18,802 Envestnet, Inc. (a) 1,482,914
16,767 Everbridge, Inc. (a) 1,519,761
39,602 FireEye, Inc. (a) 632,840
49,908 Five9, Inc. (a) 3,579,901
13,972 j2 Global, Inc. 1,339,356
16,418 Manhattan Associates, Inc. (a) 1,403,082
30,179 Mimecast Ltd. (a) 1,540,034
146,856 Nuance Communications,
Inc. (a) 2,778,516
20,940 Nutanix, Inc., Class A (a) 679,922
27,091 Paylocity Holding Corp. (a) 3,843,942
24,656 Pegasystems, Inc. 2,125,594
10,924 PROS Holdings, Inc. (a) 655,440
16,148 Q2 Holdings, Inc. (a) 1,407,944
35,055 Rapid7, Inc. (a) 2,081,566
43,719 Smartsheet, Inc., Class A (a) 2,119,497
8,727 Tyler Technologies, Inc. (a) 2,824,755
35,475 Verint Systems, Inc. (a) 2,057,550
8,542 Zendesk, Inc. (a) 738,029
---------------
51,011,508
---------------
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
SPECIALTY RETAIL -- 3.4%
11,462 Aaron's, Inc. $ 680,384
222,656 American Eagle Outfitters, Inc. 3,206,247
67,305 AutoNation, Inc. (a) 2,856,424
35,557 Carvana Co. (a) 2,817,892
10,240 Five Below, Inc. (a) 1,159,373
51,535 Floor & Decor Holdings, Inc.,
Class A (a) 2,541,191
83,946 Foot Locker, Inc. 3,187,430
185,127 Gap (The), Inc. 3,223,061
36,127 L Brands, Inc. 836,701
17,812 Lithia Motors, Inc., Class A 2,416,020
16,784 Murphy USA, Inc. (a) 1,714,821
65,175 Penske Automotive Group, Inc. 3,061,270
26,739 Williams-Sonoma, Inc. 1,873,869
---------------
29,574,683
---------------
TECHNOLOGY HARDWARE, STORAGE
& PERIPHERALS -- 0.5%
18,619 NCR Corp. (a) 627,833
38,259 Pure Storage, Inc., Class A (a) 681,010
88,772 Xerox Holdings Corp. 3,157,620
---------------
4,466,463
---------------
TEXTILES, APPAREL & LUXURY GOODS
-- 1.7%
11,974 Carter's, Inc. 1,270,082
13,066 Columbia Sportswear Co. 1,227,159
11,629 Deckers Outdoor Corp. (a) 2,220,092
176,325 Hanesbrands, Inc. 2,426,232
31,126 PVH Corp. 2,713,253
16,753 Ralph Lauren Corp. 1,901,466
45,470 Skechers U.S.A., Inc.,
Class A (a) 1,700,123
30,439 Steven Madden Ltd. 1,173,728
---------------
14,632,135
---------------
THRIFTS & MORTGAGE FINANCE
-- 1.3%
37,772 Essent Group Ltd. 1,873,869
2,157 LendingTree, Inc. (a) 671,259
230,984 MGIC Investment Corp. 3,185,269
163,379 New York Community
Bancorp, Inc. 1,806,972
104,070 Radian Group, Inc. 2,548,674
35,723 Washington Federal, Inc. 1,214,582
---------------
11,300,625
---------------
TRADING COMPANIES
& DISTRIBUTORS -- 1.2%
68,878 Air Lease Corp. 2,957,621
31,603 GATX Corp. 2,405,936
48,828 HD Supply Holdings, Inc. (a) 1,989,253
33,368 MSC Industrial Direct Co., Inc.,
Class A 2,271,360
3,634 Watsco, Inc. 632,025
---------------
10,256,195
---------------
TRANSPORTATION INFRASTRUCTURE
-- 0.3%
61,122 Macquarie Infrastructure Corp. 2,696,091
---------------
|
See Notes to Financial Statements Page 43
FIRST TRUST MID CAP CORE ALPHADEX(R) FUND (FNX)
PORTFOLIO OF INVESTMENTS (CONTINUED)
JANUARY 31, 2020 (UNAUDITED)
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
COMMON STOCKS (CONTINUED)
WATER UTILITIES -- 0.1%
7,556 American States Water Co. $ 669,159
---------------
WIRELESS TELECOMMUNICATION
SERVICES -- 0.3%
128,710 Telephone & Data Systems, Inc. 2,919,143
---------------
TOTAL COMMON STOCKS
-- 99.9% 857,774,266
(Cost $803,500,807) ---------------
MONEY MARKET FUNDS -- 0.3%
1,852,213 Goldman Sachs Financial Square
Treasury Obligations Fund -
Institutional Class -
1.46% (c) (d) 1,852,213
1,195,371 Morgan Stanley Institutional
Liquidity Funds - Treasury
Portfolio - Institutional
Class - 1.45% (c) 1,195,371
---------------
TOTAL MONEY MARKET FUNDS
-- 0.3% 3,047,584
(Cost $3,047,584) ---------------
PRINCIPAL
VALUE DESCRIPTION VALUE
---------------------------------------------------------------
REPURCHASE AGREEMENTS -- 1.0%
$ 8,539,818 BNP Paribas S.A., 1.56% (c),
dated 01/31/20, due 02/03/20,
with a maturity value of
$8,540,928. Collateralized by
U.S. Treasury Note, interest
rate of 2.125%, due 08/15/21.
The value of the collateral
including accrued interest is
$8,719,908. (d) 8,539,818
(Cost $8,539,818) ---------------
TOTAL INVESTMENTS -- 101.2% 869,361,668
(Cost $815,088,209) (e)
NET OTHER ASSETS AND
LIABILITIES -- (1.2)% (10,588,362)
---------------
NET ASSETS -- 100.0% $ 858,773,306
===============
|
(a) Non-income producing security.
(b) All or a portion of this security is on loan (see Note 2D - Securities Lending in the Notes to Financial Statements). The aggregate value of such securities is $9,901,660 and the total value of the collateral held by the Fund is $10,392,031.
(c) Rate shown reflects yield as of January 31, 2020.
(d) This security serves as collateral for securities on loan.
(e) Aggregate cost for financial reporting purposes approximates the aggregate cost for federal income tax purposes. As of January 31, 2020, the aggregate gross unrealized appreciation for all investments in which there was an excess of value over tax cost was $96,533,245 and the aggregate gross unrealized depreciation for all investments in which there was an excess of tax cost over value was $42,259,786. The net unrealized appreciation was $54,273,459.
VALUATION INPUTS
A summary of the inputs used to value the Fund's investments as of January 31, 2020 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
LEVEL 2 LEVEL 3
LEVEL 1 SIGNIFICANT SIGNIFICANT
QUOTED OBSERVABLE UNOBSERVABLE
PRICES INPUTS INPUTS
---------------------------------------------
Common Stocks* $ 857,774,266 $ -- $ --
Money Market
Funds 3,047,584 -- --
Repurchase
Agreements -- 8,539,818 --
---------------------------------------------
Total Investments $ 860,821,850 $ 8,539,818 $ --
=============================================
|
* See Portfolio of Investments for industry breakout.
Page 44 See Notes to Financial Statements
FIRST TRUST MID CAP CORE ALPHADEX(R) FUND (FNX)
PORTFOLIO OF INVESTMENTS (CONTINUED)
JANUARY 31, 2020 (UNAUDITED)
The Fund's loaned securities were all subject to an enforceable Securities Lending Agency Agreement. Securities lent in accordance with the Securities Lending Agency Agreement on a gross basis were as follows:
Total gross amount presented on the
Statements of Assets and Liabilities(1) $ 9,901,660
Non-cash Collateral(2) (9,901,660)
---------------
Net Amount $ --
===============
|
(1) The amount presented on the Statements of Assets and Liabilities, which is included in "Investments, at value", is not offset and is shown on a gross basis.
(2) At January 31, 2020, the value of the collateral received from each borrower exceeded the value of the related securities loaned. This amount is disclosed on the Portfolio of Investments.
The Fund's investments in repurchase agreements were all subject to an enforceable Master Repurchase Agreement. Repurchase Agreements on a gross basis were as follows:
Total gross amount presented on the
Statements of Assets and Liabilities(3) $ 8,539,818
Non-cash Collateral(4) (8,539,818)
---------------
Net Amount $ --
===============
(3) The amount is included in "Investments, at value" on the Statements of
Assets and Liabilities.
|
(4) At January 31, 2020, the value of the collateral received from each seller exceeded the value of the repurchase agreements.
See Notes to Financial Statements Page 45
FIRST TRUST SMALL CAP CORE ALPHADEX(R) FUND (FYX)
PORTFOLIO OF INVESTMENTS
JANUARY 31, 2020 (UNAUDITED)
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
COMMON STOCKS -- 99.8%
AEROSPACE & DEFENSE -- 0.9%
7,944 AAR Corp. $ 338,256
5,804 AeroVironment, Inc. (a) 386,604
64,101 Astronics Corp. (a) 1,615,345
11,272 Cubic Corp. 735,949
8,399 Moog, Inc., Class A 752,634
56,718 Triumph Group, Inc. 1,158,749
---------------
4,987,537
---------------
AIR FREIGHT & LOGISTICS -- 1.0%
45,821 Air Transport Services Group,
Inc. (a) 960,866
64,984 Atlas Air Worldwide Holdings,
Inc. (a) 1,452,393
20,489 Forward Air Corp. 1,341,005
34,930 Hub Group, Inc., Class A (a) 1,846,749
---------------
5,601,013
---------------
AIRLINES -- 0.6%
8,236 Allegiant Travel Co. 1,383,978
61,166 Hawaiian Holdings, Inc. 1,705,308
---------------
3,089,286
---------------
AUTO COMPONENTS -- 1.9%
133,203 American Axle & Manufacturing
Holdings, Inc. (a) 1,230,796
49,852 Cooper Tire & Rubber Co. 1,320,579
54,028 Cooper-Standard Holdings,
Inc. (a) 1,432,823
98,439 Dana, Inc. 1,516,945
35,868 Garrett Motion, Inc. (a) 302,009
8,073 Gentherm, Inc. (a) 372,246
10,033 LCI Industries 1,083,263
13,466 Standard Motor Products, Inc. 654,178
61,105 Stoneridge, Inc. (a) 1,702,385
4,137 Visteon Corp. (a) 330,174
---------------
9,945,398
---------------
AUTOMOBILES -- 0.2%
20,289 Winnebago Industries, Inc. 1,111,026
---------------
BANKS -- 8.3%
20,720 1st Source Corp. 977,777
17,215 BancFirst Corp. 995,027
18,996 Banner Corp. 979,244
21,796 Berkshire Hills Bancorp, Inc. 613,557
119,141 Boston Private Financial
Holdings, Inc. 1,358,207
43,538 Brookline Bancorp, Inc. 661,778
79,056 Cadence BanCorp 1,235,645
8,745 City Holding Co. 661,822
29,474 Eagle Bancorp, Inc. 1,288,014
14,866 Enterprise Financial Services
Corp. 646,820
9,051 FB Financial Corp. (b) 322,668
26,934 First Bancorp 955,618
67,671 First BanCorp 627,310
26,059 First Busey Corp. 664,504
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
BANKS (CONTINUED)
74,083 First Commonwealth Financial
Corp. $ 1,001,602
56,339 First Financial Bancorp 1,354,390
17,096 First Interstate BancSystem,
Inc., Class A 658,196
17,231 First Merchants Corp. 684,932
46,615 First Midwest Bancorp, Inc. 929,503
41,257 Great Western Bancorp, Inc. 1,219,144
28,814 Heartland Financial USA, Inc. 1,409,293
25,322 Heritage Financial Corp. 652,801
57,493 Hilltop Holdings, Inc. 1,301,641
96,452 Hope Bancorp, Inc. 1,341,165
8,609 Independent Bank Corp. 621,570
12,927 Independent Bank Group, Inc. 691,853
24,959 International Bancshares Corp. 983,385
14,646 Lakeland Financial Corp. 694,806
10,174 National Bank Holdings Corp.,
Class A 331,672
17,668 NBT Bancorp, Inc. 667,674
15,177 OFG Bancorp 299,139
32,970 Pacific Premier Bancorp, Inc. 982,506
7,000 Park National Corp. 664,790
40,464 Renasant Corp. 1,292,016
17,788 S&T Bancorp, Inc. 668,651
28,378 Sandy Spring Bancorp, Inc. 987,554
35,164 Seacoast Banking Corp. of
Florida (a) 954,703
28,528 ServisFirst Bancshares, Inc. 1,048,404
53,501 Simmons First National Corp.,
Class A 1,282,954
19,296 Southside Bancshares, Inc. 676,904
26,181 Stock Yards Bancorp, Inc. 1,014,252
11,747 Tompkins Financial Corp. 1,011,299
38,640 TowneBank 1,025,892
26,341 TriCo Bancshares 958,812
31,149 Trustmark Corp. 996,145
34,811 United Community Banks, Inc. 971,923
49,202 Veritex Holdings, Inc. 1,393,401
13,322 Washington Trust Bancorp, Inc. 630,530
18,964 WesBanco, Inc. 628,088
5,288 Westamerica Bancorporation 335,048
---------------
44,354,629
---------------
BEVERAGES -- 0.2%
2,523 Coca-Cola Consolidated, Inc. 683,253
14,046 National Beverage Corp. (a) (b) 602,714
---------------
1,285,967
---------------
BIOTECHNOLOGY -- 3.4%
27,033 Acceleron Pharma, Inc. (a) 2,454,056
20,570 Denali Therapeutics,
Inc. (a) (b) 476,401
81,326 Dicerna Pharmaceuticals,
Inc. (a) 1,605,782
24,203 Editas Medicine, Inc. (a) 639,685
13,284 Emergent BioSolutions, Inc. (a) 731,816
72,828 Epizyme, Inc. (a) 1,524,290
54,928 Fate Therapeutics, Inc. (a) 1,392,974
|
Page 46 See Notes to Financial Statements
FIRST TRUST SMALL CAP CORE ALPHADEX(R) FUND (FYX)
PORTFOLIO OF INVESTMENTS (CONTINUED)
JANUARY 31, 2020 (UNAUDITED)
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
COMMON STOCKS (CONTINUED)
BIOTECHNOLOGY (CONTINUED)
45,743 Heron Therapeutics, Inc. (a) $ 954,199
11,567 Intercept Pharmaceuticals,
Inc. (a) 1,068,906
134,604 Ironwood Pharmaceuticals,
Inc. (a) 1,626,016
54,483 Momenta Pharmaceuticals,
Inc. (a) 1,581,097
21,272 Natera, Inc. (a) 744,733
15,005 Portola Pharmaceuticals,
Inc. (a) (b) 191,914
32,705 Principia Biopharma, Inc. (a) 1,721,918
5,000 uniQure N.V. (a) 287,800
38,502 Veracyte, Inc. (a) 1,010,678
---------------
18,012,265
---------------
BUILDING PRODUCTS -- 3.0%
14,505 AAON, Inc. 760,642
36,902 Advanced Drainage Systems,
Inc. 1,534,016
13,714 American Woodmark Corp. (a) 1,503,740
44,102 Apogee Enterprises, Inc. 1,403,326
42,305 Builders FirstSource, Inc. (a) 1,048,953
18,614 CSW Industrials, Inc. 1,412,430
14,207 Gibraltar Industries, Inc. (a) 774,566
76,531 JELD-WEN Holding, Inc. (a) 1,827,560
27,337 Patrick Industries, Inc. 1,418,244
96,129 PGT Innovations, Inc. (a) 1,490,000
120,141 Resideo Technologies, Inc. (a) 1,223,035
30,047 Universal Forest Products, Inc. 1,439,251
---------------
15,835,763
---------------
CAPITAL MARKETS -- 1.9%
11,086 Artisan Partners Asset
Management, Inc., Class A 370,272
36,268 Bain Capital Specialty Finance,
Inc. 718,106
60,322 BGC Partners, Inc., Class A 348,058
27,414 Blucora, Inc. (a) 618,186
17,129 Cohen & Steers, Inc. 1,267,203
48,634 Focus Financial Partners, Inc.,
Class A (a) 1,373,911
6,011 Hamilton Lane, Inc., Class A 390,414
21,997 Houlihan Lokey, Inc. 1,140,544
22,451 Moelis & Co., Class A 808,236
8,964 Piper Sandler Cos. 738,903
15,880 PJT Partners, Inc., Class A 730,798
107,152 Waddell & Reed Financial, Inc.,
Class A 1,712,289
---------------
10,216,920
---------------
CHEMICALS -- 2.6%
22,621 Cabot Corp. 901,447
3,025 Chase Corp. 278,209
61,355 Element Solutions, Inc. (a) 717,854
48,323 Ferro Corp. (a) 661,059
15,777 GCP Applied Technologies,
Inc. (a) 350,565
20,844 H.B. Fuller Co. 963,201
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
CHEMICALS (CONTINUED)
13,855 Innospec, Inc. $ 1,395,614
70,757 Kraton Corp. (a) 1,163,953
106,960 Kronos Worldwide, Inc. 1,159,446
167,635 Livent Corp. (a) 1,577,445
31,087 Minerals Technologies, Inc. 1,682,739
9,740 PolyOne Corp. 323,173
41,713 PQ Group Holdings, Inc. (a) 638,626
10,494 Stepan Co. 1,035,233
38,519 Trinseo S.A. 1,106,266
---------------
13,954,830
---------------
COMMERCIAL SERVICES & SUPPLIES
-- 2.6%
191,409 ACCO Brands Corp. 1,653,774
12,515 Brady Corp., Class A 692,955
84,960 BrightView Holdings, Inc. (a) 1,342,368
23,354 Casella Waste Systems, Inc.,
Class A (a) 1,195,491
31,144 Harsco Corp. (a) 464,045
29,468 Healthcare Services Group, Inc. 754,381
17,206 Herman Miller, Inc. 665,012
38,261 HNI Corp. 1,376,248
42,555 Knoll, Inc. 1,053,662
9,387 Matthews International Corp.,
Class A 350,323
18,725 McGrath RentCorp 1,447,817
28,355 Mobile Mini, Inc. 1,183,538
70,052 Steelcase, Inc., Class A 1,303,668
5,307 Viad Corp. 344,955
---------------
13,828,237
---------------
COMMUNICATIONS EQUIPMENT
-- 0.6%
24,819 EchoStar Corp., Class A (a) 990,402
97,237 Extreme Networks, Inc. (a) 573,698
6,575 InterDigital, Inc. 363,269
14,620 NETGEAR, Inc. (a) 376,027
29,773 NetScout Systems, Inc. (a) 765,464
13,107 Plantronics, Inc. 376,433
---------------
3,445,293
---------------
CONSTRUCTION & ENGINEERING
-- 1.5%
40,215 Arcosa, Inc. 1,759,406
21,564 Comfort Systems USA, Inc. 1,000,570
30,398 Dycom Industries, Inc. (a) 1,228,687
12,950 Granite Construction, Inc. 351,333
80,557 Primoris Services Corp. 1,718,281
96,895 WillScot Corp. (a) 1,826,471
---------------
7,884,748
---------------
CONSTRUCTION MATERIALS -- 0.1%
14,993 Summit Materials, Inc.,
Class A (a) 329,396
---------------
CONSUMER FINANCE -- 1.4%
50,668 Encore Capital Group, Inc. (a) 1,720,179
74,463 Enova International, Inc. (a) 1,866,043
76,892 Green Dot Corp., Class A (a) 2,312,911
|
See Notes to Financial Statements Page 47
FIRST TRUST SMALL CAP CORE ALPHADEX(R) FUND (FYX)
PORTFOLIO OF INVESTMENTS (CONTINUED)
JANUARY 31, 2020 (UNAUDITED)
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
COMMON STOCKS (CONTINUED)
CONSUMER FINANCE (CONTINUED)
28,393 LendingClub Corp. (a) $ 332,766
6,153 Nelnet, Inc., Class A 352,321
19,743 PRA Group, Inc. (a) 698,112
---------------
7,282,332
---------------
CONTAINERS & PACKAGING -- 0.3%
32,428 Greif, Inc., Class A 1,310,740
30,035 O-I Glass, Inc. 379,041
---------------
1,689,781
---------------
DISTRIBUTORS -- 0.2%
39,535 Core-Mark Holding Co., Inc. 926,700
---------------
DIVERSIFIED CONSUMER SERVICES
-- 0.9%
51,233 Adtalem Global Education,
Inc. (a) 1,768,051
81,389 Laureate Education, Inc.,
Class A (a) 1,696,147
58,453 Perdoceo Education Corp. (a) 1,039,294
9,378 WW International, Inc. (a) 309,286
---------------
4,812,778
---------------
DIVERSIFIED FINANCIAL SERVICES
-- 0.4%
38,540 Cannae Holdings, Inc. (a) 1,567,036
67,289 FGL Holdings 649,339
---------------
2,216,375
---------------
DIVERSIFIED TELECOMMUNICATION
SERVICES -- 0.2%
19,406 ATN International, Inc. 1,123,025
---------------
ELECTRIC UTILITIES -- 0.1%
4,546 MGE Energy, Inc. 363,362
---------------
ELECTRICAL EQUIPMENT -- 1.1%
44,282 Atkore International Group,
Inc. (a) 1,757,996
31,193 AZZ, Inc. 1,287,023
24,969 Encore Wire Corp. 1,356,066
25,946 Sunrun, Inc. (a) 441,860
148,065 Vivint Solar, Inc. (a) (b) 1,208,211
---------------
6,051,156
---------------
ELECTRONIC EQUIPMENT,
INSTRUMENTS & COMPONENTS
-- 4.0%
87,523 AVX Corp. 1,774,091
11,038 Badger Meter, Inc. 651,904
41,713 Benchmark Electronics, Inc. 1,283,926
35,820 CTS Corp. 1,049,884
12,754 ePlus, Inc. (a) 1,016,749
16,579 Fabrinet (a) 1,045,140
21,285 II-VI, Inc. (a) 716,240
15,293 Insight Enterprises, Inc. (a) 1,007,350
21,340 Itron, Inc. (a) 1,744,545
67,768 Knowles Corp. (a) 1,337,063
45,529 Methode Electronics, Inc. 1,491,075
7,460 MTS Systems Corp. 378,147
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
ELECTRONIC EQUIPMENT,
INSTRUMENTS & COMPONENTS
(CONTINUED)
7,113 OSI Systems, Inc. (a) $ 615,559
9,313 Plexus Corp. (a) 662,341
41,859 Sanmina Corp. (a) 1,332,791
48,486 ScanSource, Inc. (a) 1,691,676
119,043 TTM Technologies, Inc. (a) 1,713,029
84,151 Vishay Intertechnology, Inc. 1,707,424
---------------
21,218,934
---------------
ENERGY EQUIPMENT & SERVICES
-- 1.6%
142,757 Archrock, Inc. 1,192,021
20,881 Cactus, Inc., Class A 601,790
9,511 Core Laboratories N.V. 334,121
49,836 Diamond Offshore Drilling,
Inc. (a) (b) 230,741
148,835 Helix Energy Solutions Group,
Inc. (a) 1,241,284
497,664 Nabors Industries Ltd. 1,030,165
48,065 Oceaneering International,
Inc. (a) 596,487
43,938 Oil States International,
Inc. (a) 473,652
68,251 Patterson-UTI Energy, Inc. 541,913
63,701 ProPetro Holding Corp. (a) 620,448
136,763 RPC, Inc. (b) 619,536
33,216 SEACOR Holdings, Inc. (a) 1,248,589
---------------
8,730,747
---------------
ENTERTAINMENT -- 0.1%
59,227 Glu Mobile, Inc. (a) 349,439
---------------
EQUITY REAL ESTATE INVESTMENT
TRUSTS -- 5.5%
17,096 Alexander & Baldwin, Inc. 373,719
27,023 American Finance Trust, Inc. 350,488
22,750 Brandywine Realty Trust 355,355
17,137 Columbia Property Trust, Inc. 361,591
103,084 CoreCivic, Inc. 1,644,190
129,357 DiamondRock Hospitality Co. 1,250,882
84,909 Diversified Healthcare Trust 655,497
60,399 Easterly Government Properties,
Inc. 1,462,260
51,335 Empire State Realty Trust, Inc.,
Class A 696,103
28,885 Essential Properties Realty
Trust, Inc. 797,515
86,290 GEO Group (The), Inc. 1,363,382
53,005 Global Net Lease, Inc. 1,098,794
22,270 Hannon Armstrong Sustainable
Infrastructure Capital, Inc. 759,184
50,897 Independence Realty Trust, Inc. 746,659
31,964 Industrial Logistics Properties
Trust 731,656
4,723 Innovative Industrial Properties,
Inc. 422,708
18,348 Kite Realty Group Trust 315,586
77,457 Mack-Cali Realty Corp. 1,700,956
|
Page 48 See Notes to Financial Statements
FIRST TRUST SMALL CAP CORE ALPHADEX(R) FUND (FYX)
PORTFOLIO OF INVESTMENTS (CONTINUED)
JANUARY 31, 2020 (UNAUDITED)
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
COMMON STOCKS (CONTINUED)
EQUITY REAL ESTATE INVESTMENT
TRUSTS (CONTINUED)
21,315 National Storage Affiliates
Trust $ 727,907
7,962 NexPoint Residential Trust, Inc. 388,546
33,447 Office Properties Income Trust 1,138,201
32,223 Piedmont Office Realty Trust,
Inc., Class A 747,251
8,280 PotlatchDeltic Corp. 356,040
6,602 QTS Realty Trust, Inc., Class A 375,522
26,739 Retail Properties of America,
Inc., Class A 324,879
47,648 RPT Realty 664,690
26,675 Safehold, Inc. 1,199,308
76,672 SITE Centers Corp. 974,501
145,186 Summit Hotel Properties, Inc. 1,610,113
97,304 Tanger Factory Outlet Centers,
Inc. (b) 1,423,557
12,213 Universal Health Realty Income
Trust 1,506,473
56,046 Urban Edge Properties 1,030,686
12,279 Washington Real Estate
Investment Trust 373,773
82,906 Xenia Hotels & Resorts, Inc. 1,549,513
---------------
29,477,485
---------------
FOOD & STAPLES RETAILING -- 1.1%
70,871 Andersons (The), Inc. 1,603,102
28,207 Chefs' Warehouse (The), Inc. (a) 1,026,735
10,091 PriceSmart, Inc. 618,174
55,554 Sprouts Farmers Market, Inc. (a) 868,309
44,249 Weis Markets, Inc. 1,623,496
---------------
5,739,816
---------------
FOOD PRODUCTS -- 1.1%
99,922 B&G Foods, Inc. (b) 1,604,747
3,955 Calavo Growers, Inc. 302,993
40,975 Fresh Del Monte Produce, Inc. 1,285,795
30,320 Freshpet, Inc. (a) 1,906,522
24,643 Hostess Brands, Inc. (a) 330,709
25,110 Simply Good Foods (The)
Co. (a) 576,777
---------------
6,007,543
---------------
GAS UTILITIES -- 0.1%
4,859 Northwest Natural Holding Co. 356,553
---------------
HEALTH CARE EQUIPMENT
& SUPPLIES -- 1.8%
22,043 AtriCure, Inc. (a) 857,473
12,932 Axonics Modulation
Technologies, Inc. (a) (b) 375,416
22,123 Cardiovascular Systems, Inc. (a) 1,004,163
16,021 CONMED Corp. 1,629,015
5,244 Inogen, Inc. (a) 232,152
12,194 Nevro Corp. (a) 1,620,705
14,328 Quidel Corp. (a) 1,100,390
30,564 STAAR Surgical Co. (a) 1,028,173
26,537 Tactile Systems Technology,
Inc. (a) 1,491,114
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
HEALTH CARE EQUIPMENT
& SUPPLIES (CONTINUED)
12,020 Varex Imaging Corp. (a) $ 332,353
---------------
9,670,954
---------------
HEALTH CARE PROVIDERS & SERVICES
-- 2.2%
14,742 Addus HomeCare Corp. (a) 1,390,760
11,501 AMN Healthcare Services,
Inc. (a) 774,938
7,740 BioTelemetry, Inc. (a) 378,641
147,861 Brookdale Senior Living,
Inc. (a) 974,404
12,305 CorVel Corp. (a) 1,126,769
9,158 Magellan Health, Inc. (a) 670,457
16,583 National HealthCare Corp. 1,391,645
16,301 National Research Corp. 1,103,089
52,487 Patterson Cos., Inc. 1,155,239
9,460 Premier, Inc., Class A (a) 328,924
138,028 R1 RCM, Inc. (a) 1,725,350
30,705 Select Medical Holdings
Corp. (a) 701,302
---------------
11,721,518
---------------
HEALTH CARE TECHNOLOGY -- 0.7%
13,173 HealthStream, Inc. (a) 336,570
76,156 Inovalon Holdings, Inc.,
Class A (a) 1,542,921
24,142 Inspire Medical Systems, Inc. (a) 1,805,822
22,298 NextGen Healthcare, Inc. (a) 309,050
---------------
3,994,363
---------------
HOTELS, RESTAURANTS & LEISURE
-- 2.2%
32,470 Bloomin' Brands, Inc. 674,402
8,531 Brinker International, Inc. 364,188
27,662 Cheesecake Factory (The), Inc. 1,062,221
26,760 Dave & Buster's Entertainment,
Inc. 1,181,721
18,023 Denny's Corp. (a) 368,931
12,871 Dine Brands Global, Inc. 1,097,253
4,593 Jack in the Box, Inc. 375,478
21,915 Lindblad Expeditions Holdings,
Inc. (a) 361,378
22,697 Papa John's International, Inc. 1,470,312
42,055 Penn National Gaming, Inc. (a) 1,254,501
85,315 Playa Hotels & Resorts N.V. (a) 598,911
66,901 Scientific Games Corp. (a) 1,661,821
45,199 SeaWorld Entertainment, Inc. (a) 1,557,557
---------------
12,028,674
---------------
HOUSEHOLD DURABLES -- 3.2%
3,668 Cavco Industries, Inc. (a) 821,705
26,013 Installed Building Products,
Inc. (a) 1,928,344
41,824 KB Home 1,570,491
34,148 La-Z-Boy, Inc. 1,046,295
10,144 LGI Homes, Inc. (a) 808,883
46,949 M.D.C. Holdings, Inc. 1,978,431
45,529 M/I Homes, Inc. (a) 2,021,032
|
See Notes to Financial Statements Page 49
FIRST TRUST SMALL CAP CORE ALPHADEX(R) FUND (FYX)
PORTFOLIO OF INVESTMENTS (CONTINUED)
JANUARY 31, 2020 (UNAUDITED)
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
COMMON STOCKS (CONTINUED)
HOUSEHOLD DURABLES (CONTINUED)
29,318 Meritage Homes Corp. (a) $ 2,080,405
33,910 Skyline Champion Corp. (a) 974,913
81,957 Taylor Morrison Home Corp. (a) 2,121,047
114,992 TRI Pointe Group, Inc. (a) 1,869,770
---------------
17,221,316
---------------
HOUSEHOLD PRODUCTS -- 0.3%
48,816 Central Garden & Pet Co.,
Class A (a) 1,462,527
1,845 WD-40 Co. 344,683
---------------
1,807,210
---------------
INDEPENDENT POWER AND
RENEWABLE ELECTRICITY
PRODUCERS -- 0.1%
17,961 Clearway Energy, Inc., Class C 380,234
---------------
INSURANCE -- 2.7%
11,972 American Equity Investment
Life Holding Co. 316,181
5,451 Argo Group International
Holdings Ltd. 357,586
79,056 CNO Financial Group, Inc. 1,390,595
18,647 eHealth, Inc. (a) 1,960,919
42,911 Employers Holdings, Inc. 1,830,154
18,241 FBL Financial Group, Inc.,
Class A 981,001
24,621 Horace Mann Educators Corp. 1,058,949
8,695 James River Group Holdings
Ltd. 373,363
10,574 Kinsale Capital Group, Inc. 1,207,762
4,928 National Western Life Group,
Inc., Class A 1,310,848
9,914 ProAssurance Corp. 301,088
11,617 Safety Insurance Group, Inc. 1,069,693
11,552 State Auto Financial Corp. 347,831
34,060 Third Point Reinsurance Ltd. (a) 370,913
38,261 Trupanion, Inc. (a) (b) 1,221,291
8,194 United Fire Group, Inc. 362,667
---------------
14,460,841
---------------
INTERACTIVE MEDIA & SERVICES
-- 0.1%
42,305 ANGI Homeservices, Inc.,
Class A (a) (b) 339,709
10,288 Yelp, Inc. (a) 335,389
---------------
675,098
---------------
INTERNET & DIRECT MARKETING
RETAIL -- 0.5%
109,021 Quotient Technology, Inc. (a) 1,097,841
8,356 Shutterstock, Inc. (a) 362,066
55,856 Stitch Fix, Inc.,
Class A (a) (b) 1,279,102
---------------
2,739,009
---------------
IT SERVICES -- 1.6%
27,680 CSG Systems International, Inc. 1,379,018
21,053 EVERTEC, Inc. 706,749
15,476 ExlService Holdings, Inc. (a) 1,131,450
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
IT SERVICES (CONTINUED)
8,971 ManTech International Corp.,
Class A $ 720,192
48,097 NIC, Inc. 948,954
38,889 Perficient, Inc. (a) 1,932,783
29,061 Sykes Enterprises, Inc. (a) 976,159
9,044 TTEC Holdings, Inc. 359,228
7,906 Virtusa Corp. (a) 329,206
---------------
8,483,739
---------------
LEISURE PRODUCTS -- 0.5%
22,050 Acushnet Holdings Corp. 682,888
33,804 Callaway Golf Co. 724,082
30,476 Sturm Ruger & Co., Inc. 1,509,172
---------------
2,916,142
---------------
LIFE SCIENCES TOOLS & SERVICES
-- 0.5%
25,760 NanoString Technologies,
Inc. (a) 699,899
61,251 NeoGenomics, Inc. (a) 1,974,120
---------------
2,674,019
---------------
MACHINERY -- 5.1%
11,415 Alamo Group, Inc. 1,421,852
4,720 Albany International Corp.,
Class A 329,314
39,583 Altra Industrial Motion Corp. 1,316,531
17,349 Barnes Group, Inc. 1,095,936
17,902 Columbus McKinnon Corp. 626,391
32,575 Douglas Dynamics, Inc. 1,707,907
5,357 EnPro Industries, Inc. 313,063
11,621 ESCO Technologies, Inc. 1,115,151
44,443 Federal Signal Corp. 1,429,287
25,004 Franklin Electric Co., Inc. 1,442,481
19,110 Gorman-Rupp (The) Co. 705,350
55,245 Greenbrier (The) Cos., Inc. 1,330,852
31,004 Helios Technologies, Inc. 1,318,290
21,513 Hillenbrand, Inc. 624,522
13,606 Kadant, Inc. 1,450,400
54,725 Meritor, Inc. (a) 1,199,025
33,856 Mueller Industries, Inc. 987,580
29,909 Mueller Water Products, Inc.,
Class A 348,440
29,299 REV Group, Inc. 292,990
35,213 SPX Corp. (a) 1,727,902
29,327 SPX FLOW, Inc. (a) 1,282,763
13,547 Standex International Corp. 990,150
18,393 Tennant Co. 1,420,308
22,816 TriMas Corp. (a) 655,504
64,707 Trinity Industries, Inc. 1,315,493
10,775 Watts Water Technologies, Inc.,
Class A 1,074,375
---------------
27,521,857
---------------
MARINE -- 0.2%
26,348 Matson, Inc. 948,791
---------------
MEDIA -- 1.1%
45,356 AMC Networks, Inc., Class A (a) 1,659,576
22,808 E.W. Scripps (The) Co., Class A 276,889
|
Page 50 See Notes to Financial Statements
FIRST TRUST SMALL CAP CORE ALPHADEX(R) FUND (FYX)
PORTFOLIO OF INVESTMENTS (CONTINUED)
JANUARY 31, 2020 (UNAUDITED)
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
COMMON STOCKS (CONTINUED)
MEDIA (CONTINUED)
66,851 Gray Television, Inc. (a) $ 1,355,739
29,539 John Wiley & Sons, Inc.,
Class A 1,288,491
20,594 MSG Networks, Inc., Class A (a) 313,235
27,957 Scholastic Corp. 921,183
---------------
5,815,113
---------------
METALS & MINING -- 1.9%
86,718 Allegheny Technologies, Inc. (a) 1,495,886
35,990 Carpenter Technology Corp. 1,430,243
80,449 Commercial Metals Co. 1,653,227
5,877 Compass Minerals International,
Inc. 340,220
105,699 Hecla Mining Co. 320,268
9,693 Kaiser Aluminum Corp. 970,754
6,027 Materion Corp. 327,266
157,020 United States Steel Corp. (b) 1,424,171
84,790 Warrior Met Coal, Inc. 1,599,139
16,989 Worthington Industries, Inc. 624,855
---------------
10,186,029
---------------
MORTGAGE REAL ESTATE INVESTMENT
TRUSTS -- 0.7%
74,909 Arbor Realty Trust, Inc. 1,106,406
35,094 KKR Real Estate Finance Trust,
Inc. 738,729
48,226 PennyMac Mortgage Investment
Trust 1,121,254
21,663 Redwood Trust, Inc. 381,919
17,676 TPG RE Finance Trust, Inc. 361,828
---------------
3,710,136
---------------
MULTILINE RETAIL -- 0.6%
62,380 Big Lots, Inc. 1,688,003
24,382 Dillard's, Inc., Class A (b) 1,480,475
---------------
3,168,478
---------------
MULTI-UTILITIES -- 0.1%
5,797 Unitil Corp. 357,617
---------------
OIL, GAS & CONSUMABLE FUELS
-- 3.9%
628,628 Antero Resources Corp. (a) 1,162,962
24,973 Arch Coal, Inc., Class A 1,286,859
370,929 Callon Petroleum Co. (a) 1,112,787
202,440 CNX Resources Corp. (a) 1,463,641
125,725 Kosmos Energy Ltd. 642,455
85,450 Magnolia Oil & Gas Corp.,
Class A (a) 898,934
99,699 Matador Resources Co. (a) 1,462,584
549,569 Oasis Petroleum, Inc. (a) 1,236,530
77,091 Par Pacific Holdings, Inc. (a) 1,551,071
68,461 PDC Energy, Inc. (a) 1,478,073
196,446 Peabody Energy Corp. 1,327,975
318,506 QEP Resources, Inc. 1,009,664
159,394 SM Energy Co. 1,463,237
740,326 Southwestern Energy Co. (a) 1,162,312
59,422 Talos Energy, Inc. (a) 1,303,718
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
OIL, GAS & CONSUMABLE FUELS
(CONTINUED)
244,085 Whiting Petroleum Corp. (a) (b) $ 1,108,146
24,758 World Fuel Services Corp. 968,533
---------------
20,639,481
---------------
PAPER & FOREST PRODUCTS -- 0.8%
19,617 Boise Cascade Co. 710,135
46,852 Domtar Corp. 1,631,387
10,176 Neenah, Inc. 678,129
34,134 Schweitzer-Mauduit
International, Inc. 1,195,714
---------------
4,215,365
---------------
PERSONAL PRODUCTS -- 0.4%
9,855 Inter Parfums, Inc. 681,079
3,269 Medifast, Inc. (b) 315,884
26,231 Nu Skin Enterprises, Inc.,
Class A 854,868
9,124 USANA Health Sciences,
Inc. (a) 562,951
---------------
2,414,782
---------------
PHARMACEUTICALS -- 1.2%
14,825 Aerie Pharmaceuticals,
Inc. (a) (b) 303,616
18,575 Amphastar Pharmaceuticals,
Inc. (a) 351,253
29,614 Corcept Therapeutics, Inc. (a) 375,209
25,306 Innoviva, Inc. (a) 349,349
14,748 MyoKardia, Inc. (a) 1,003,307
15,820 Pacira BioSciences, Inc. (a) 683,740
7,012 Reata Pharmaceuticals, Inc.,
Class A (a) 1,534,156
55,360 Theravance Biopharma, Inc. (a) 1,543,437
6,873 Zogenix, Inc. (a) 346,193
---------------
6,490,260
---------------
PROFESSIONAL SERVICES -- 1.4%
26,581 CBIZ, Inc. (a) 717,687
25,779 Forrester Research, Inc. (a) 1,066,477
20,856 Huron Consulting Group,
Inc. (a) 1,351,677
7,822 ICF International, Inc. 685,129
79,344 Kelly Services, Inc., Class A 1,409,149
18,051 Kforce, Inc. 668,790
42,254 Korn Ferry 1,731,569
---------------
7,630,478
---------------
REAL ESTATE MANAGEMENT
& DEVELOPMENT -- 0.8%
28,858 Marcus & Millichap, Inc. (a) 1,021,573
53,262 Newmark Group, Inc., Class A 626,894
84,749 Redfin Corp. (a) 2,061,943
36,138 St Joe (The) Co. (a) 759,259
---------------
4,469,669
---------------
ROAD & RAIL -- 1.6%
68,090 Heartland Express, Inc. 1,272,602
68,251 Hertz Global Holdings, Inc. (a) 1,075,636
83,369 Marten Transport Ltd. 1,730,741
|
See Notes to Financial Statements Page 51
FIRST TRUST SMALL CAP CORE ALPHADEX(R) FUND (FYX)
PORTFOLIO OF INVESTMENTS (CONTINUED)
JANUARY 31, 2020 (UNAUDITED)
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
COMMON STOCKS (CONTINUED)
ROAD & RAIL (CONTINUED)
15,392 Saia, Inc. (a) $ 1,340,643
65,685 Schneider National, Inc.,
Class B 1,462,805
49,233 Werner Enterprises, Inc. 1,814,728
---------------
8,697,155
---------------
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT -- 1.9%
5,032 Advanced Energy Industries,
Inc. (a) 351,938
5,917 Ambarella, Inc. (a) 349,931
82,689 Amkor Technology, Inc. (a) 930,251
31,782 Diodes, Inc. (a) 1,641,223
68,988 FormFactor, Inc. (a) 1,746,086
24,204 Inphi Corp. (a) 1,838,536
56,162 Lattice Semiconductor Corp. (a) 1,044,613
53,882 MACOM Technology Solutions
Holdings, Inc. (a) 1,531,326
7,244 Power Integrations, Inc. 707,522
---------------
10,141,426
---------------
SOFTWARE -- 2.7%
13,036 Appfolio, Inc., Class A (a) 1,713,452
9,378 Appian Corp. (a) (b) 478,653
13,899 Blackline, Inc. (a) 850,202
20,056 Bottomline Technologies DE,
Inc. (a) 1,075,002
21,353 Box, Inc., Class A (a) 320,936
61,620 Cloudera, Inc. (a) 634,070
42,899 Ebix, Inc. 1,477,012
38,736 LivePerson, Inc. (a) 1,588,563
2,513 MicroStrategy, Inc., Class A (a) 382,051
8,623 Progress Software Corp. 389,156
45,548 SailPoint Technologies Holding,
Inc. (a) 1,142,799
19,398 SPS Commerce, Inc. (a) 1,102,388
40,104 SVMK, Inc. (a) 707,836
14,955 Tenable Holdings, Inc. (a) 407,524
10,033 Upland Software, Inc. (a) 391,688
18,444 Varonis Systems, Inc. (a) 1,543,025
---------------
14,204,357
---------------
SPECIALTY RETAIL -- 4.1%
103,619 Abercrombie & Fitch Co.,
Class A 1,695,207
9,617 Asbury Automotive Group,
Inc. (a) 927,560
40,234 Boot Barn Holdings, Inc. (a) 1,688,621
55,663 Buckle (The), Inc. (b) 1,358,734
17,193 Children's Place (The), Inc. (b) 1,025,906
91,060 Designer Brands, Inc., Class A 1,296,695
28,962 Dick's Sporting Goods, Inc. 1,280,989
14,334 Group 1 Automotive, Inc. 1,444,437
16,011 Guess?, Inc. 340,874
132,873 Michaels (The) Cos., Inc. (a) 655,064
523,092 Office Depot, Inc. 1,161,264
49,697 Rent-A-Center, Inc. 1,447,674
8,392 RH (a) 1,751,830
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
SPECIALTY RETAIL (CONTINUED)
58,901 Sally Beauty Holdings, Inc. (a) $ 904,130
65,928 Signet Jewelers Ltd. 1,602,710
36,385 Sleep Number Corp. (a) 1,877,102
64,515 Urban Outfitters, Inc. (a) 1,651,584
---------------
22,110,381
---------------
TECHNOLOGY HARDWARE, STORAGE
& PERIPHERALS -- 0.3%
135,726 Diebold Nixdorf, Inc. (a) 1,562,206
---------------
TEXTILES, APPAREL & LUXURY GOODS
-- 1.0%
42,768 Crocs, Inc. (a) 1,621,335
53,481 G-III Apparel Group Ltd. (a) 1,455,218
8,534 Kontoor Brands, Inc. 325,487
19,004 Oxford Industries, Inc. 1,318,877
21,240 Wolverine World Wide, Inc. 670,547
---------------
5,391,464
---------------
THRIFTS & MORTGAGE FINANCE
-- 2.7%
35,501 Axos Financial, Inc. (a) 1,000,063
42,305 Columbia Financial, Inc. (a) 709,455
28,103 Flagstar Bancorp, Inc. 990,350
25,909 Kearny Financial Corp. 319,976
53,506 Meridian Bancorp, Inc. 962,573
49,071 Meta Financial Group, Inc. 1,826,423
53,997 NMI Holdings, Inc., Class A (a) 1,723,584
43,092 Northwest Bancshares, Inc. 677,622
42,089 OceanFirst Financial Corp. 978,990
52,633 PennyMac Financial Services,
Inc. 1,774,785
43,608 Provident Financial Services,
Inc. 994,698
27,700 Walker & Dunlop, Inc. 1,838,449
16,290 WSFS Financial Corp. 649,808
---------------
14,446,776
---------------
TOBACCO -- 0.6%
31,399 Universal Corp. 1,668,857
133,801 Vector Group Ltd. 1,758,145
---------------
3,427,002
---------------
TRADING COMPANIES
& DISTRIBUTORS -- 2.9%
16,118 Applied Industrial Technologies,
Inc. 1,040,739
33,614 Beacon Roofing Supply, Inc. (a) 1,112,960
49,958 BMC Stock Holdings, Inc. (a) 1,458,024
66,160 GMS, Inc. (a) 1,767,795
53,592 H&E Equipment Services, Inc. 1,452,879
21,965 Herc Holdings, Inc. (a) 881,236
10,872 Kaman Corp. 671,020
105,079 MRC Global, Inc. (a) 1,183,190
127,515 NOW, Inc. (a) 1,276,425
38,530 Rush Enterprises, Inc., Class A 1,656,790
44,567 Triton International Ltd. 1,673,491
30,167 WESCO International, Inc. (a) 1,460,384
---------------
15,634,933
---------------
|
Page 52 See Notes to Financial Statements
FIRST TRUST SMALL CAP CORE ALPHADEX(R) FUND (FYX)
PORTFOLIO OF INVESTMENTS (CONTINUED)
JANUARY 31, 2020 (UNAUDITED)
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
COMMON STOCKS (CONTINUED)
WATER UTILITIES -- 0.1%
5,042 SJW Group $ 369,831
---------------
WIRELESS TELECOMMUNICATION
SERVICES -- 0.4%
17,223 Shenandoah
Telecommunications Co. 694,948
49,451 United States Cellular Corp. (a) 1,583,421
---------------
2,278,369
---------------
TOTAL COMMON STOCKS
-- 99.8% 534,833,407
(Cost $517,504,410) ---------------
MONEY MARKET FUNDS -- 0.7%
2,759,350 Goldman Sachs Financial Square
Treasury Obligations Fund -
Institutional Class -
1.46% (c) (d) 2,759,350
1,045,793 Morgan Stanley Institutional
Liquidity Funds - Treasury
Portfolio - Institutional
Class - 1.45% (c) 1,045,793
---------------
TOTAL MONEY MARKET FUNDS
-- 0.7% 3,805,143
(Cost $3,805,143) ---------------
PRINCIPAL
VALUE DESCRIPTION VALUE
---------------------------------------------------------------
REPURCHASE AGREEMENTS -- 2.4%
$ 12,722,266 BNP Paribas S.A., 1.56% (c),
dated 01/31/20, due 02/03/20,
with a maturity value of
$12,723,920. Collateralized
by U.S. Treasury Note,
interest rate of 2.125%, due
08/15/21. The value of the
collateral including accrued
interest is $12,990,556. (d) 12,722,266
(Cost $12,722,266) ---------------
TOTAL INVESTMENTS -- 102.9% 551,360,816
(Cost $534,031,819) (e)
NET OTHER ASSETS AND
LIABILITIES -- (2.9)% (15,614,065)
---------------
NET ASSETS -- 100.0% $ 535,746,751
===============
|
(a) Non-income producing security.
(b) All or a portion of this security is on loan (see Note 2D - Securities Lending in the Notes to Financial Statements). The aggregate value of such securities is $14,634,353 and the total value of the collateral held by the Fund is $15,481,616.
(c) Rate shown reflects yield as of January 31, 2020.
(d) This security serves as collateral for securities on loan.
(e) Aggregate cost for financial reporting purposes approximates the aggregate cost for federal income tax purposes. As of January 31, 2020, the aggregate gross unrealized appreciation for all investments in which there was an excess of value over tax cost was $57,873,685 and the aggregate gross unrealized depreciation for all investments in which there was an excess of tax cost over value was $40,544,688. The net unrealized appreciation was $17,328,997.
VALUATION INPUTS
A summary of the inputs used to value the Fund's investments as of January 31, 2020 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
LEVEL 2 LEVEL 3
LEVEL 1 SIGNIFICANT SIGNIFICANT
QUOTED OBSERVABLE UNOBSERVABLE
PRICES INPUTS INPUTS
---------------------------------------------
Common Stocks* $ 534,833,407 $ -- $ --
Money Market
Funds 3,805,143 -- --
Repurchase
Agreements -- 12,722,266 --
---------------------------------------------
Total Investments $ 538,638,550 $ 12,722,266 $ --
=============================================
|
* See Portfolio of Investments for industry breakout.
See Notes to Financial Statements Page 53
FIRST TRUST SMALL CAP CORE ALPHADEX(R) FUND (FYX)
PORTFOLIO OF INVESTMENTS (CONTINUED)
JANUARY 31, 2020 (UNAUDITED)
The Fund's loaned securities were all subject to an enforceable Securities Lending Agency Agreement. Securities lent in accordance with the Securities Lending Agency Agreement on a gross basis were as follows:
Total gross amount presented on the
Statements of Assets and Liabilities(1) $ 14,634,353
Non-cash Collateral(2) (14,634,353)
---------------
Net Amount $ --
===============
|
(1) The amount presented on the Statements of Assets and Liabilities, which is included in "Investments, at value", is not offset and is shown on a gross basis.
(2) At January 31, 2020, the value of the collateral received from each borrower exceeded the value of the related securities loaned. This amount is disclosed on the Portfolio of Investments.
The Fund's investments in repurchase agreements were all subject to an enforceable Master Repurchase Agreement. Repurchase Agreements on a gross basis were as follows:
Total gross amount presented on the
Statements of Assets and Liabilities(3) $ 12,722,266
Non-cash Collateral(4) (12,722,266)
---------------
Net Amount $ --
===============
(3) The amount is included in "Investments, at value" on the Statements of
Assets and Liabilities.
|
(4) At January 31, 2020, the value of the collateral received from each seller exceeded the value of the repurchase agreements.
Page 54 See Notes to Financial Statements
FIRST TRUST LARGE CAP VALUE ALPHADEX(R) FUND (FTA)
PORTFOLIO OF INVESTMENTS
JANUARY 31, 2020 (UNAUDITED)
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
COMMON STOCKS -- 100.0%
AEROSPACE & DEFENSE -- 1.5%
23,097 General Dynamics Corp. $ 4,052,138
228,322 Textron, Inc. 10,486,830
13,242 United Technologies Corp. 1,988,948
---------------
16,527,916
---------------
AIR FREIGHT & LOGISTICS -- 1.0%
52,086 C.H. Robinson Worldwide, Inc. 3,761,651
52,207 Expeditors International of
Washington, Inc. 3,813,199
13,114 FedEx Corp. 1,896,809
16,942 United Parcel Service, Inc.,
Class B 1,753,836
---------------
11,225,495
---------------
AIRLINES -- 3.0%
142,024 American Airlines Group, Inc. 3,811,924
174,131 Delta Air Lines, Inc. 9,706,062
188,645 Southwest Airlines Co. 10,371,702
115,599 United Airlines Holdings,
Inc. (a) 8,646,805
---------------
32,536,493
---------------
AUTO COMPONENTS -- 0.2%
20,881 Aptiv PLC 1,770,500
---------------
AUTOMOBILES -- 0.9%
278,228 General Motors Co. 9,290,033
---------------
BANKS -- 8.1%
168,913 Bank of America Corp. 5,545,414
101,970 Citigroup, Inc. 7,587,588
250,755 Citizens Financial Group, Inc. 9,348,146
113,539 Comerica, Inc. 6,944,045
265,013 Fifth Third Bancorp 7,539,620
540,218 Huntington Bancshares, Inc. 7,330,758
29,221 JPMorgan Chase & Co. 3,867,692
293,925 KeyCorp 5,499,337
35,045 M&T Bank Corp. 5,905,783
37,269 PNC Financial Services Group
(The), Inc. 5,536,310
474,736 Regions Financial Corp. 7,391,640
16,225 SVB Financial Group (a) 3,899,354
68,701 U.S. Bancorp 3,656,267
151,420 Wells Fargo & Co. 7,107,655
---------------
87,159,609
---------------
BEVERAGES -- 0.6%
110,372 Molson Coors Beverage Co.,
Class B 6,134,476
---------------
BIOTECHNOLOGY -- 1.4%
16,897 Amgen, Inc. 3,650,597
27,454 Biogen, Inc. (a) 7,381,008
10,848 Regeneron Pharmaceuticals,
Inc. (a) 3,665,973
---------------
14,697,578
---------------
BUILDING PRODUCTS -- 0.2%
41,320 Masco Corp. 1,963,526
---------------
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
CAPITAL MARKETS -- 5.5%
11,904 Ameriprise Financial, Inc. $ 1,969,041
118,202 Bank of New York Mellon (The)
Corp. 5,293,085
131,122 E*TRADE Financial Corp. 5,588,420
391,960 Franklin Resources, Inc. 9,916,588
35,429 Goldman Sachs Group (The),
Inc. 8,423,245
159,361 Morgan Stanley 8,328,206
18,664 Northern Trust Corp. 1,825,526
66,499 Raymond James Financial, Inc. 6,080,003
75,211 State Street Corp. 5,688,208
48,828 T. Rowe Price Group, Inc. 6,520,003
---------------
59,632,325
---------------
CHEMICALS -- 3.5%
48,319 Celanese Corp. 5,001,016
124,615 CF Industries Holdings, Inc. 5,019,492
92,666 DuPont de Nemours, Inc. 4,742,646
128,477 Eastman Chemical Co. 9,156,556
107,781 LyondellBasell Industries N.V.,
Class A 8,391,829
274,911 Mosaic (The) Co. 5,454,234
---------------
37,765,773
---------------
CONSTRUCTION MATERIALS -- 0.2%
7,091 Martin Marietta Materials, Inc. 1,870,606
---------------
CONSUMER FINANCE -- 3.2%
333,217 Ally Financial, Inc. 10,672,940
98,952 Capital One Financial Corp. 9,875,410
70,137 Discover Financial Services 5,269,393
282,785 Synchrony Financial 9,165,062
---------------
34,982,805
---------------
CONTAINERS & PACKAGING -- 0.7%
176,906 International Paper Co. 7,203,612
---------------
DISTRIBUTORS -- 0.2%
18,667 Genuine Parts Co. 1,746,671
---------------
DIVERSIFIED FINANCIAL SERVICES
-- 1.3%
26,265 Berkshire Hathaway, Inc.,
Class B (a) 5,894,654
328,753 Equitable Holdings, Inc. 7,896,647
---------------
13,791,301
---------------
DIVERSIFIED TELECOMMUNICATION
SERVICES -- 1.4%
260,571 AT&T, Inc. 9,802,681
96,890 Verizon Communications, Inc. 5,759,142
---------------
15,561,823
---------------
ELECTRIC UTILITIES -- 5.4%
74,436 Alliant Energy Corp. 4,418,521
89,316 Duke Energy Corp. 8,719,921
49,660 Entergy Corp. 6,531,283
23,312 Eversource Energy 2,154,961
223,362 Exelon Corp. 10,629,798
83,811 FirstEnergy Corp. 4,256,761
90,587 Pinnacle West Capital Corp. 8,849,444
|
See Notes to Financial Statements Page 55
FIRST TRUST LARGE CAP VALUE ALPHADEX(R) FUND (FTA)
PORTFOLIO OF INVESTMENTS (CONTINUED)
JANUARY 31, 2020 (UNAUDITED)
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
COMMON STOCKS (CONTINUED)
ELECTRIC UTILITIES (CONTINUED)
227,049 PPL Corp. $ 8,216,903
64,155 Xcel Energy, Inc. 4,438,885
---------------
58,216,477
---------------
ELECTRICAL EQUIPMENT -- 0.9%
62,808 Eaton Corp. PLC 5,933,472
53,412 Emerson Electric Co. 3,825,901
---------------
9,759,373
---------------
ELECTRONIC EQUIPMENT,
INSTRUMENTS & COMPONENTS
-- 1.2%
279,853 Corning, Inc. 7,469,277
62,072 TE Connectivity Ltd. 5,721,797
---------------
13,191,074
---------------
ENERGY EQUIPMENT & SERVICES
-- 0.8%
77,370 Baker Hughes Co. 1,675,834
332,918 Halliburton Co. 7,260,942
---------------
8,936,776
---------------
ENTERTAINMENT -- 0.9%
33,372 Activision Blizzard, Inc. 1,951,595
75,774 Electronic Arts, Inc. (a) 8,177,530
---------------
10,129,125
---------------
EQUITY REAL ESTATE INVESTMENT
TRUSTS -- 1.8%
548,954 Host Hotels & Resorts, Inc. 8,969,909
153,129 Vornado Realty Trust 10,071,294
---------------
19,041,203
---------------
FOOD & STAPLES RETAILING -- 1.5%
281,011 Kroger (The) Co. 7,547,956
138,171 Walgreens Boots Alliance, Inc. 7,025,995
16,686 Walmart, Inc. 1,910,380
---------------
16,484,331
---------------
FOOD PRODUCTS -- 2.7%
128,350 Archer-Daniels-Midland Co. 5,744,946
118,961 Conagra Brands, Inc. 3,916,196
76,049 General Mills, Inc. 3,971,279
43,960 Hormel Foods Corp. 2,077,550
57,132 J.M. Smucker (The) Co. 5,919,446
89,483 Tyson Foods, Inc., Class A 7,393,980
---------------
29,023,397
---------------
GAS UTILITIES -- 0.4%
36,414 Atmos Energy Corp. 4,261,530
---------------
HEALTH CARE PROVIDERS & SERVICES
-- 4.9%
13,485 Anthem, Inc. 3,577,301
64,789 Centene Corp. (a) 4,069,397
29,092 Cigna Corp. 5,596,719
80,078 CVS Health Corp. 5,430,890
26,430 DaVita, Inc. (a) 2,110,964
27,558 HCA Healthcare, Inc. 3,825,050
61,050 Henry Schein, Inc. (a) 4,208,787
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
HEALTH CARE PROVIDERS & SERVICES
(CONTINUED)
11,113 Humana, Inc. $ 3,736,635
35,167 Laboratory Corp. of America
Holdings (a) 6,168,292
38,142 Quest Diagnostics, Inc. 4,221,175
6,745 UnitedHealth Group, Inc. 1,837,675
56,786 Universal Health Services, Inc.,
Class B 7,785,929
---------------
52,568,814
---------------
HOTELS, RESTAURANTS & LEISURE
-- 2.7%
200,337 Carnival Corp. 8,720,670
37,365 Darden Restaurants, Inc. 4,350,407
174,338 Norwegian Cruise Line
Holdings Ltd. (a) 9,388,101
61,018 Royal Caribbean Cruises Ltd. 7,143,987
---------------
29,603,165
---------------
HOUSEHOLD DURABLES -- 2.2%
193,044 D.R. Horton, Inc. 11,428,205
182,527 Lennar Corp., Class A 12,112,491
---------------
23,540,696
---------------
HOUSEHOLD PRODUCTS -- 0.4%
14,418 Kimberly-Clark Corp. 2,065,234
15,876 Procter & Gamble (The) Co. 1,978,467
---------------
4,043,701
---------------
INDEPENDENT POWER AND
RENEWABLE ELECTRICITY
PRODUCERS -- 0.2%
99,649 AES Corp. 1,979,029
---------------
INDUSTRIAL CONGLOMERATES -- 0.3%
11,240 3M Co. 1,783,338
11,204 Honeywell International, Inc. 1,940,757
---------------
3,724,095
---------------
INSURANCE -- 8.6%
112,459 Aflac, Inc. 5,799,511
52,903 Allstate (The) Corp. 6,271,122
158,707 American International Group,
Inc. 7,976,614
189,939 Arch Capital Group Ltd. (a) 8,387,706
26,166 Chubb Ltd. 3,976,970
7,163 Everest Re Group Ltd. 1,981,071
131,180 Fidelity National Financial,
Inc. 6,395,025
38,701 Globe Life, Inc. 4,034,966
134,054 Hartford Financial Services
Group (The), Inc. 7,946,721
69,027 Lincoln National Corp. 3,760,591
199,785 MetLife, Inc. 9,931,313
108,166 Principal Financial Group, Inc. 5,727,390
86,904 Prudential Financial, Inc. 7,913,478
36,485 Reinsurance Group of America,
Inc. 5,255,664
43,439 Travelers (The) Cos., Inc. 5,717,441
28,698 W.R. Berkley Corp. 2,110,164
---------------
93,185,747
---------------
|
Page 56 See Notes to Financial Statements
FIRST TRUST LARGE CAP VALUE ALPHADEX(R) FUND (FTA)
PORTFOLIO OF INVESTMENTS (CONTINUED)
JANUARY 31, 2020 (UNAUDITED)
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
COMMON STOCKS (CONTINUED)
INTERNET & DIRECT MARKETING
RETAIL -- 0.5%
112,800 eBay, Inc. $ 3,785,568
18,337 Expedia Group, Inc. 1,988,648
---------------
5,774,216
---------------
IT SERVICES -- 2.1%
131,353 Cognizant Technology Solutions
Corp., Class A 8,062,447
108,358 DXC Technology Co. 3,454,453
30,389 International Business Machines
Corp. 4,367,811
27,962 Jack Henry & Associates, Inc. 4,181,437
20,257 Leidos Holdings, Inc. 2,035,221
---------------
22,101,369
---------------
MACHINERY -- 1.7%
45,522 Cummins, Inc. 7,282,154
128,736 PACCAR, Inc. 9,553,499
9,635 Parker-Hannifin Corp. 1,885,473
---------------
18,721,126
---------------
MEDIA -- 2.7%
181,154 Comcast Corp., Class A 7,824,041
311,028 Discovery, Inc., Class A (a) 9,100,679
274,701 Fox Corp., Class A 10,185,913
24,477 Omnicom Group, Inc. 1,843,363
---------------
28,953,996
---------------
METALS & MINING -- 1.8%
234,365 Newmont Corp. 10,560,487
180,938 Nucor Corp. 8,592,746
---------------
19,153,233
---------------
MULTILINE RETAIL -- 0.3%
31,769 Target Corp. 3,518,099
---------------
MULTI-UTILITIES -- 3.8%
77,463 Ameren Corp. 6,355,839
298,734 CenterPoint Energy, Inc. 7,910,476
31,557 CMS Energy Corp. 2,161,970
65,757 Consolidated Edison, Inc. 6,181,158
45,807 DTE Energy Co. 6,074,466
213,687 NiSource, Inc. 6,263,166
39,274 Sempra Energy 6,308,976
---------------
41,256,051
---------------
OIL, GAS & CONSUMABLE FUELS
-- 9.0%
84,499 Chevron Corp. 9,053,223
116,287 Concho Resources, Inc. 8,812,229
156,592 ConocoPhillips 9,306,263
296,883 Continental Resources, Inc. 8,081,155
392,110 Devon Energy Corp. 8,516,629
121,573 EOG Resources, Inc. 8,863,887
116,744 Exxon Mobil Corp. 7,252,137
749,862 Marathon Oil Corp. 8,525,931
169,013 Marathon Petroleum Corp. 9,211,208
163,980 Noble Energy, Inc. 3,241,885
91,403 Phillips 66 8,351,492
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
OIL, GAS & CONSUMABLE FUELS
(CONTINUED)
86,989 Valero Energy Corp. $ 7,334,043
---------------
96,550,082
---------------
PHARMACEUTICALS -- 1.7%
13,595 Johnson & Johnson 2,023,888
405,298 Mylan N.V. (a) 8,681,483
207,925 Pfizer, Inc. 7,743,127
---------------
18,448,498
---------------
REAL ESTATE MANAGEMENT
& DEVELOPMENT -- 0.4%
66,457 CBRE Group, Inc., Class A (a) 4,057,200
---------------
ROAD & RAIL -- 0.6%
34,881 J.B. Hunt Transport Services,
Inc. 3,764,706
12,949 Kansas City Southern 2,184,367
---------------
5,949,073
---------------
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT -- 2.5%
32,489 Applied Materials, Inc. 1,884,037
136,115 Intel Corp. 8,701,832
6,782 Lam Research Corp. 2,022,460
189,346 Micron Technology, Inc. (a) 10,052,379
33,697 Skyworks Solutions, Inc. 3,812,816
---------------
26,473,524
---------------
SOFTWARE -- 0.2%
17,881 Citrix Systems, Inc. 2,167,535
---------------
SPECIALTY RETAIL -- 1.2%
12,382 Advance Auto Parts, Inc. 1,631,329
67,757 Best Buy Co., Inc. 5,738,340
22,618 CarMax, Inc. (a) 2,194,851
17,032 Ross Stores, Inc. 1,910,820
32,478 TJX (The) Cos., Inc. 1,917,501
---------------
13,392,841
---------------
TECHNOLOGY HARDWARE, STORAGE
& PERIPHERALS -- 1.9%
642,062 Hewlett Packard Enterprise Co. 8,943,924
289,492 HP, Inc. 6,171,969
65,433 NetApp, Inc. 3,494,122
33,326 Seagate Technology PLC 1,899,249
---------------
20,509,264
---------------
TRADING COMPANIES
& DISTRIBUTORS -- 1.0%
48,849 United Rentals, Inc. (a) 6,628,321
12,033 W.W. Grainger, Inc. 3,642,028
---------------
10,270,349
---------------
WIRELESS TELECOMMUNICATION
SERVICES -- 0.8%
103,884 T-Mobile US, Inc. (a) 8,226,574
---------------
TOTAL COMMON STOCKS
-- 100.0% 1,077,072,105
(Cost $1,031,666,909) ---------------
|
See Notes to Financial Statements Page 57
FIRST TRUST LARGE CAP VALUE ALPHADEX(R) FUND (FTA)
PORTFOLIO OF INVESTMENTS (CONTINUED)
JANUARY 31, 2020 (UNAUDITED)
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
MONEY MARKET FUNDS -- 0.0%
191,832 Morgan Stanley Institutional
Liquidity Funds - Treasury
Portfolio - Institutional
Class - 1.45% (b) $ 191,832
(Cost $191,832) ---------------
TOTAL INVESTMENTS -- 100.0% 1,077,263,937
(Cost $1,031,858,741) (c)
NET OTHER ASSETS AND
LIABILITIES -- 0.0% 371,761
---------------
NET ASSETS -- 100.0% $ 1,077,635,698
===============
(a) Non-income producing security.
|
(b) Rate shown reflects yield as of January 31, 2020.
(c) Aggregate cost for financial reporting purposes approximates the aggregate cost for federal income tax purposes. As of January 31, 2020, the aggregate gross unrealized appreciation for all investments in which there was an excess of value over tax cost was $89,957,024 and the aggregate gross unrealized depreciation for all investments in which there was an excess of tax cost over value was $44,551,828. The net unrealized appreciation was $45,405,196.
VALUATION INPUTS
A summary of the inputs used to value the Fund's investments as of January 31, 2020 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
LEVEL 2 LEVEL 3
LEVEL 1 SIGNIFICANT SIGNIFICANT
QUOTED OBSERVABLE UNOBSERVABLE
PRICES INPUTS INPUTS
---------------------------------------------
Common Stocks* $1,077,072,105 $ -- $ --
Money Market
Funds 191,832 -- --
---------------------------------------------
Total Investments $1,077,263,937 $ -- $ --
=============================================
|
* See Portfolio of Investments for industry breakout.
Page 58 See Notes to Financial Statements
FIRST TRUST LARGE CAP GROWTH ALPHADEX(R) FUND (FTC)
PORTFOLIO OF INVESTMENTS
JANUARY 31, 2020 (UNAUDITED)
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
COMMON STOCKS -- 99.8%
AEROSPACE & DEFENSE -- 4.0%
15,345 HEICO Corp. $ 1,878,688
36,369 L3Harris Technologies, Inc. 8,049,551
13,497 Lockheed Martin Corp. 5,778,336
15,277 Northrop Grumman Corp. 5,722,306
25,958 Teledyne Technologies, Inc. (a) 9,476,227
16,064 TransDigm Group, Inc. 10,333,650
---------------
41,238,758
---------------
AUTOMOBILES -- 1.4%
21,504 Tesla, Inc. (a) 13,989,857
---------------
BEVERAGES -- 1.2%
77,738 Brown-Forman Corp., Class B 5,258,198
31,648 Coca-Cola (The) Co. 1,848,243
56,618 Monster Beverage Corp. (a) 3,770,759
12,817 PepsiCo, Inc. 1,820,271
---------------
12,697,471
---------------
BIOTECHNOLOGY -- 2.5%
16,197 Alexion Pharmaceuticals,
Inc. (a) 1,609,820
18,941 Exact Sciences Corp. (a) 1,766,816
60,182 Incyte Corp. (a) 4,397,499
13,576 Sarepta Therapeutics, Inc. (a) 1,574,273
78,727 Seattle Genetics, Inc. (a) 8,533,220
32,866 Vertex Pharmaceuticals, Inc. (a) 7,462,225
---------------
25,343,853
---------------
BUILDING PRODUCTS -- 0.9%
72,227 Allegion PLC 9,340,396
---------------
CAPITAL MARKETS -- 4.6%
93,942 Blackstone Group (The), Inc.,
Class A 5,737,038
14,598 Cboe Global Markets, Inc. 1,798,766
6,529 FactSet Research Systems, Inc. 1,868,012
18,927 Intercontinental Exchange, Inc. 1,887,779
18,982 MarketAxess Holdings, Inc. 6,723,045
30,312 Moody's Corp. 7,783,819
27,873 MSCI, Inc. 7,966,103
49,068 Nasdaq, Inc. 5,714,459
26,354 S&P Global, Inc. 7,740,960
---------------
47,219,981
---------------
CHEMICALS -- 1.7%
7,455 Air Products and Chemicals, Inc. 1,779,583
90,115 FMC Corp. 8,614,093
12,332 Sherwin-Williams (The) Co. 6,868,801
---------------
17,262,477
---------------
COMMERCIAL SERVICES & SUPPLIES
-- 2.3%
26,745 Cintas Corp. 7,461,053
98,913 Copart, Inc. (a) 10,035,713
40,144 Republic Services, Inc. 3,815,687
15,371 Waste Management, Inc. 1,870,651
---------------
23,183,104
---------------
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
COMMUNICATIONS EQUIPMENT
-- 0.2%
10,869 Motorola Solutions, Inc. $ 1,923,813
---------------
CONSTRUCTION MATERIALS -- 0.5%
36,496 Vulcan Materials Co. 5,168,928
---------------
CONSUMER FINANCE -- 0.5%
42,213 American Express Co. 5,482,202
---------------
ELECTRIC UTILITIES -- 1.7%
18,535 American Electric Power Co.,
Inc. 1,931,718
80,736 Evergy, Inc. 5,825,910
14,858 NextEra Energy, Inc. 3,984,915
82,498 Southern (The) Co. 5,807,859
---------------
17,550,402
---------------
ELECTRICAL EQUIPMENT -- 0.7%
72,151 AMETEK, Inc. 7,009,470
---------------
ELECTRONIC EQUIPMENT,
INSTRUMENTS & COMPONENTS
-- 3.3%
66,490 Amphenol Corp., Class A 6,613,760
62,975 CDW Corp. 8,215,089
70,118 Keysight Technologies, Inc. (a) 6,520,273
86,306 Trimble, Inc. (a) 3,669,731
35,215 Zebra Technologies Corp.,
Class A (a) 8,417,089
---------------
33,435,942
---------------
ENTERTAINMENT -- 2.3%
114,329 Liberty Media Corp.-Liberty
Formula One, Class C (a) 5,349,454
100,689 Live Nation Entertainment,
Inc. (a) 6,862,962
11,121 Netflix, Inc. (a) 3,837,746
29,389 Take-Two Interactive Software,
Inc. (a) 3,663,045
24,879 Walt Disney (The) Co. 3,441,014
---------------
23,154,221
---------------
EQUITY REAL ESTATE INVESTMENT
TRUSTS -- 3.8%
22,268 Alexandria Real Estate Equities,
Inc. 3,634,138
15,656 American Tower Corp. 3,628,121
12,707 Boston Properties, Inc. 1,821,549
12,323 Crown Castle International
Corp. 1,846,478
50,524 Duke Realty Corp. 1,834,526
6,165 Equinix, Inc. 3,635,686
51,117 Equity LifeStyle Properties, Inc. 3,718,762
120,056 Invitation Homes, Inc. 3,778,162
13,285 Mid-America Apartment
Communities, Inc. 1,822,835
58,955 Prologis, Inc. 5,475,740
7,270 SBA Communications Corp. 1,814,301
23,972 Sun Communities, Inc. 3,887,539
68,561 VICI Properties, Inc. 1,837,435
---------------
38,735,272
---------------
|
See Notes to Financial Statements Page 59
FIRST TRUST LARGE CAP GROWTH ALPHADEX(R) FUND (FTC)
PORTFOLIO OF INVESTMENTS (CONTINUED)
JANUARY 31, 2020 (UNAUDITED)
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
COMMON STOCKS (CONTINUED)
FOOD PRODUCTS -- 1.4%
11,918 Hershey (The) Co. $ 1,849,316
104,560 Lamb Weston Holdings, Inc. 9,547,374
10,319 McCormick & Co., Inc. 1,685,815
31,803 Mondelez International, Inc.,
Class A 1,824,856
---------------
14,907,361
---------------
HEALTH CARE EQUIPMENT
& SUPPLIES -- 6.3%
25,789 Align Technology, Inc. (a) 6,630,352
79,569 Boston Scientific Corp. (a) 3,331,554
23,444 Danaher Corp. 3,771,436
63,582 DENTSPLY SIRONA, Inc. 3,560,592
41,122 DexCom, Inc. (a) 9,900,121
30,847 Edwards Lifesciences Corp. (a) 6,782,021
68,915 Hologic, Inc. (a) 3,688,331
6,087 Intuitive Surgical, Inc. (a) 3,407,381
33,911 ResMed, Inc. 5,390,832
8,345 Stryker Corp. 1,758,292
13,959 Teleflex, Inc. 5,185,908
37,005 Varian Medical Systems, Inc. (a) 5,201,793
34,958 West Pharmaceutical Services,
Inc. 5,451,700
---------------
64,060,313
---------------
HOTELS, RESTAURANTS & LEISURE
-- 4.5%
8,597 Chipotle Mexican Grill, Inc. (a) 7,451,536
24,496 Domino's Pizza, Inc. 6,901,748
81,104 Hilton Worldwide Holdings, Inc. 8,743,011
47,521 Marriott International, Inc.,
Class A 6,655,791
59,772 Starbucks Corp. 5,070,459
51,821 Wynn Resorts Ltd. 6,537,737
109,459 Yum China Holdings, Inc. 4,714,399
---------------
46,074,681
---------------
HOUSEHOLD DURABLES -- 1.6%
92,203 Garmin Ltd. 8,939,081
1,889 NVR, Inc. (a) 7,210,256
---------------
16,149,337
---------------
INDEPENDENT POWER AND
RENEWABLE ELECTRICITY
PRODUCERS -- 0.3%
156,508 Vistra Energy Corp. 3,524,560
---------------
INSURANCE -- 2.6%
55,183 Arthur J. Gallagher & Co. 5,660,120
227,843 Brown & Brown, Inc. 10,230,151
16,659 Cincinnati Financial Corp. 1,748,362
64,592 Marsh & McLennan Cos., Inc. 7,225,261
24,198 Progressive (The) Corp. 1,952,537
---------------
26,816,431
---------------
INTERACTIVE MEDIA & SERVICES
-- 4.0%
5,372 Alphabet, Inc., Class A (a) 7,696,894
43,827 Facebook, Inc., Class A (a) 8,849,110
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
INTERACTIVE MEDIA & SERVICES
(CONTINUED)
28,888 IAC/InterActiveCorp (a) $ 7,036,828
440,676 Snap, Inc., Class A (a) 8,099,625
195,805 Zillow Group, Inc., Class C (a) 9,048,149
---------------
40,730,606
---------------
INTERNET & DIRECT MARKETING
RETAIL -- 0.9%
2,844 Amazon.com, Inc. (a) 5,712,800
1,753 Booking Holdings, Inc. (a) 3,208,954
---------------
8,921,754
---------------
IT SERVICES -- 7.2%
34,175 Accenture PLC, Class A 7,013,052
41,655 Akamai Technologies, Inc. (a) 3,888,494
101,169 Booz Allen Hamilton Holding
Corp. 7,895,229
42,399 EPAM Systems, Inc. (a) 9,672,908
12,593 Fidelity National Information
Services, Inc. 1,809,110
45,448 Fiserv, Inc. (a) 5,390,587
12,507 FleetCor Technologies, Inc. (a) 3,942,582
23,349 Gartner, Inc. (a) 3,754,052
28,785 Global Payments, Inc. 5,626,028
24,099 Mastercard, Inc., Class A 7,613,838
45,550 Okta, Inc. (a) 5,832,678
42,300 Paychex, Inc. 3,628,071
16,194 PayPal Holdings, Inc. (a) 1,844,335
27,967 Visa, Inc., Class A 5,564,594
---------------
73,475,558
---------------
LIFE SCIENCES TOOLS & SERVICES
-- 2.3%
61,601 Agilent Technologies, Inc. 5,085,779
23,287 IQVIA Holdings, Inc. (a) 3,615,307
4,537 Mettler-Toledo International,
Inc. (a) 3,435,326
37,055 PerkinElmer, Inc. 3,426,846
16,176 Thermo Fisher Scientific, Inc. 5,066,161
15,399 Waters Corp. (a) 3,446,142
---------------
24,075,561
---------------
MACHINERY -- 2.7%
48,729 Caterpillar, Inc. 6,400,554
20,766 Deere & Co. 3,293,072
22,932 Fortive Corp. 1,718,295
10,185 IDEX Corp. 1,668,812
40,061 Illinois Tool Works, Inc. 7,009,874
54,139 Ingersoll-Rand PLC 7,212,939
---------------
27,303,546
---------------
MEDIA -- 3.2%
329,016 Altice USA, Inc., Class A (a) 9,001,878
18,545 Charter Communications, Inc.,
Class A (a) 9,596,296
41,790 Liberty Broadband Corp.,
Class C (a) 5,555,145
1,258,079 Sirius XM Holdings, Inc. 8,894,618
---------------
33,047,937
---------------
|
Page 60 See Notes to Financial Statements
FIRST TRUST LARGE CAP GROWTH ALPHADEX(R) FUND (FTC)
PORTFOLIO OF INVESTMENTS (CONTINUED)
JANUARY 31, 2020 (UNAUDITED)
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
COMMON STOCKS (CONTINUED)
MULTILINE RETAIL -- 0.7%
46,135 Dollar General Corp. $ 7,077,570
---------------
MULTI-UTILITIES -- 0.2%
18,993 WEC Energy Group, Inc. 1,897,211
---------------
OIL, GAS & CONSUMABLE FUELS
-- 1.1%
28,684 Cheniere Energy, Inc. (a) 1,699,240
78,658 Hess Corp. 4,449,683
82,744 Kinder Morgan, Inc. 1,726,868
23,772 Pioneer Natural Resources Co. 3,209,220
---------------
11,085,011
---------------
PERSONAL PRODUCTS -- 0.5%
25,443 Estee Lauder (The) Cos., Inc.,
Class A 4,965,456
---------------
PHARMACEUTICALS -- 1.4%
27,375 Eli Lilly & Co. 3,822,645
57,781 Merck & Co., Inc. 4,936,809
39,707 Zoetis, Inc. 5,329,076
---------------
14,088,530
---------------
PROFESSIONAL SERVICES -- 1.5%
8,783 CoStar Group, Inc. (a) 5,735,211
12,503 Equifax, Inc. 1,874,200
84,058 TransUnion 7,708,118
---------------
15,317,529
---------------
ROAD & RAIL -- 1.6%
18,535 Norfolk Southern Corp. 3,859,172
47,399 Old Dominion Freight Line, Inc. 9,301,106
19,903 Union Pacific Corp. 3,570,996
---------------
16,731,274
---------------
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT -- 6.7%
196,147 Advanced Micro Devices,
Inc. (a) 9,218,909
14,740 Analog Devices, Inc. 1,617,715
16,631 Broadcom, Inc. 5,075,116
50,486 KLA Corp. 8,367,550
135,470 Marvell Technology Group Ltd. 3,256,699
85,899 Microchip Technology, Inc. 8,373,434
30,584 NVIDIA Corp. 7,230,975
101,952 QUALCOMM, Inc. 8,697,525
131,914 Teradyne, Inc. 8,705,005
43,651 Universal Display Corp. 7,689,997
---------------
68,232,925
---------------
SOFTWARE -- 12.8%
21,820 Adobe, Inc. (a) 7,661,875
34,946 ANSYS, Inc. (a) 9,586,736
39,224 Autodesk, Inc. (a) 7,721,244
51,875 Cadence Design Systems,
Inc. (a) 3,740,706
24,009 Fair Isaac Corp. (a) 9,660,742
84,258 Fortinet, Inc. (a) 9,720,003
33,323 Microsoft Corp. 5,672,574
205,922 NortonLifeLock, Inc. 5,852,303
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
SOFTWARE (CONTINUED)
31,119 Palo Alto Networks, Inc. (a) $ 7,306,119
33,974 Paycom Software, Inc. (a) 10,809,168
53,330 RingCentral, Inc., Class A (a) 10,963,581
10,771 salesforce.com, Inc. (a) 1,963,661
18,614 ServiceNow, Inc. (a) 6,295,813
60,061 Splunk, Inc. (a) 9,325,071
146,503 SS&C Technologies Holdings,
Inc. 9,231,154
37,753 Synopsys, Inc. (a) 5,568,945
34,626 Trade Desk (The), Inc.,
Class A (a) 9,320,627
---------------
130,400,322
---------------
SPECIALTY RETAIL -- 3.0%
7,551 AutoZone, Inc. (a) 7,988,656
39,449 Burlington Stores, Inc. (a) 8,578,974
16,477 Home Depot (The), Inc. 3,758,404
16,419 O'Reilly Automotive, Inc. (a) 6,667,756
18,748 Tractor Supply Co. 1,742,626
6,920 Ulta Beauty, Inc. (a) 1,853,937
---------------
30,590,353
---------------
TECHNOLOGY HARDWARE, STORAGE
& PERIPHERALS -- 0.5%
102,260 Dell Technologies, Inc.,
Class C (a) 4,987,220
---------------
TOBACCO -- 0.3%
42,285 Philip Morris International,
Inc. 3,496,970
---------------
TRADING COMPANIES
& DISTRIBUTORS -- 0.7%
194,756 Fastenal Co. 6,793,089
---------------
WATER UTILITIES -- 0.2%
14,259 American Water Works Co., Inc. 1,942,076
---------------
TOTAL COMMON STOCKS
-- 99.8% 1,019,429,328
(Cost $885,959,361) ---------------
MONEY MARKET FUNDS -- 0.5%
4,658,533 Morgan Stanley Institutional
Liquidity Funds - Treasury
Portfolio - Institutional
Class - 1.45% (b) 4,658,533
(Cost $4,658,533) ---------------
TOTAL INVESTMENTS -- 100.3% 1,024,087,861
(Cost $890,617,894) (c)
NET OTHER ASSETS AND
LIABILITIES -- (0.3)% (2,937,652)
---------------
NET ASSETS -- 100.0% $ 1,021,150,209
===============
|
See Notes to Financial Statements Page 61
FIRST TRUST LARGE CAP GROWTH ALPHADEX(R) FUND (FTC)
PORTFOLIO OF INVESTMENTS (CONTINUED)
JANUARY 31, 2020 (UNAUDITED)
(a) Non-income producing security.
(b) Rate shown reflects yield as of January 31, 2020.
(c) Aggregate cost for financial reporting purposes approximates the aggregate cost for federal income tax purposes. As of January 31, 2020, the aggregate gross unrealized appreciation for all investments in which there was an excess of value over tax cost was $142,161,028 and the aggregate gross unrealized depreciation for all investments in which there was an excess of tax cost over value was $8,691,061. The net unrealized appreciation was $133,469,967.
VALUATION INPUTS
A summary of the inputs used to value the Fund's investments as of January 31, 2020 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
LEVEL 2 LEVEL 3
LEVEL 1 SIGNIFICANT SIGNIFICANT
QUOTED OBSERVABLE UNOBSERVABLE
PRICES INPUTS INPUTS
---------------------------------------------
Common Stocks* $1,019,429,328 $ -- $ --
Money Market
Funds 4,658,533 -- --
---------------------------------------------
Total Investments $1,024,087,861 $ -- $ --
=============================================
|
* See Portfolio of Investments for industry breakout.
Page 62 See Notes to Financial Statements
FIRST TRUST MULTI CAP VALUE ALPHADEX(R) FUND (FAB)
PORTFOLIO OF INVESTMENTS
JANUARY 31, 2020 (UNAUDITED)
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
COMMON STOCKS -- 100.0%
AEROSPACE & DEFENSE -- 1.1%
4,004 Astronics Corp. (a) $ 100,901
345 Cubic Corp. 22,525
275 Curtiss-Wright Corp. 39,993
892 General Dynamics Corp. 156,493
155 Huntington Ingalls Industries,
Inc. 40,455
1,597 Spirit AeroSystems Holdings,
Inc., Class A 104,316
8,816 Textron, Inc. 404,919
511 United Technologies Corp. 76,752
---------------
946,354
---------------
AIR FREIGHT & LOGISTICS -- 0.9%
4,059 Atlas Air Worldwide Holdings,
Inc. (a) 90,719
2,011 C.H. Robinson Worldwide, Inc. 145,234
2,016 Expeditors International of
Washington, Inc. 147,249
506 FedEx Corp. 73,188
1,745 Hub Group, Inc., Class A (a) 92,258
654 United Parcel Service, Inc.,
Class B 67,702
1,460 XPO Logistics, Inc. (a) 129,823
---------------
746,173
---------------
AIRLINES -- 2.6%
2,290 Alaska Air Group, Inc. 147,911
378 Allegiant Travel Co. 63,519
5,484 American Airlines Group, Inc. 147,191
6,723 Delta Air Lines, Inc. 374,740
3,821 Hawaiian Holdings, Inc. 106,530
10,361 JetBlue Airways Corp. (a) 205,459
3,001 SkyWest, Inc. 165,565
7,284 Southwest Airlines Co. 400,474
4,812 Spirit Airlines, Inc. (a) 197,629
4,463 United Airlines Holdings,
Inc. (a) 333,832
---------------
2,142,850
---------------
AUTO COMPONENTS -- 1.3%
6,122 American Axle & Manufacturing
Holdings, Inc. (a) 56,567
806 Aptiv PLC 68,341
4,471 BorgWarner, Inc. 153,311
3,114 Cooper Tire & Rubber Co. 82,490
3,375 Cooper-Standard Holdings,
Inc. (a) 89,505
6,148 Dana, Inc. 94,741
12,470 Goodyear Tire & Rubber (The)
Co. 163,731
418 LCI Industries 45,131
1,414 Lear Corp. 174,176
413 Standard Motor Products, Inc. 20,063
3,053 Stoneridge, Inc. (a) 85,057
---------------
1,033,113
---------------
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
AUTOMOBILES -- 0.7%
10,742 General Motors Co. $ 358,675
2,086 Harley-Davidson, Inc. 69,672
1,044 Thor Industries, Inc. 84,063
1,243 Winnebago Industries, Inc. 68,067
---------------
580,477
---------------
BANKS -- 9.7%
863 1st Source Corp. 40,725
912 Ameris Bancorp 36,653
7,040 Associated Banc-Corp. 140,307
1,033 Atlantic Union Bankshares Corp. 34,802
1,235 BancorpSouth Bank 35,284
6,522 Bank of America Corp. 214,117
6,358 Bank OZK 172,810
3,183 BankUnited, Inc. 105,039
791 Banner Corp. 40,776
1,361 Berkshire Hills Bancorp, Inc. 38,312
1,332 BOK Financial Corp. 105,095
5,476 Boston Private Financial
Holdings, Inc. 62,426
1,334 Brookline Bancorp, Inc. 20,277
3,633 Cadence BanCorp 56,784
3,059 Cathay General Bancorp 110,308
3,106 CenterState Bank Corp. 70,071
4,251 CIT Group, Inc. 194,313
3,937 Citigroup, Inc. 292,952
9,682 Citizens Financial Group, Inc. 360,945
1,907 Columbia Banking System, Inc. 73,801
4,384 Comerica, Inc. 268,125
397 Cullen/Frost Bankers, Inc. 35,397
1,355 Eagle Bancorp, Inc. 59,214
2,390 East West Bancorp, Inc. 109,558
455 Enterprise Financial Services
Corp. 19,797
12,218 F.N.B. Corp. 142,584
10,232 Fifth Third Bancorp 291,100
1,628 First Busey Corp. 41,514
146 First Citizens BancShares, Inc.,
Class A 76,916
3,085 First Commonwealth Financial
Corp. 41,709
2,589 First Financial Bancorp 62,240
2,689 First Hawaiian, Inc. 78,142
7,028 First Horizon National Corp. 112,448
524 First Interstate BancSystem,
Inc., Class A 20,174
1,076 First Merchants Corp. 42,771
2,857 First Midwest Bancorp, Inc. 56,969
4,451 Fulton Financial Corp. 73,308
1,896 Great Western Bancorp, Inc. 56,027
2,652 Hancock Whitney Corp. 105,391
1,324 Heartland Financial USA, Inc. 64,757
1,582 Heritage Financial Corp. 40,784
2,642 Hilltop Holdings, Inc. 59,815
5,920 Home BancShares, Inc. 113,190
6,024 Hope Bancorp, Inc. 83,764
20,858 Huntington Bancshares, Inc. 283,043
1,529 International Bancshares Corp. 60,243
|
See Notes to Financial Statements Page 63
FIRST TRUST MULTI CAP VALUE ALPHADEX(R) FUND (FAB)
PORTFOLIO OF INVESTMENTS (CONTINUED)
JANUARY 31, 2020 (UNAUDITED)
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
COMMON STOCKS (CONTINUED)
BANKS (CONTINUED)
3,256 Investors Bancorp, Inc. $ 39,349
1,128 JPMorgan Chase & Co. 149,302
11,349 KeyCorp 212,340
1,353 M&T Bank Corp. 228,008
541 NBT Bancorp, Inc. 20,444
6,363 Old National Bancorp 113,961
5,068 PacWest Bancorp 177,633
214 Park National Corp. 20,324
4,591 People's United Financial, Inc. 70,793
1,439 PNC Financial Services Group
(The), Inc. 213,763
2,641 Popular, Inc. 147,790
18,330 Regions Financial Corp. 285,398
1,860 Renasant Corp. 59,390
545 S&T Bancorp, Inc. 20,487
2,459 Simmons First National Corp.,
Class A 58,967
894 South State Corp. 67,595
626 SVB Financial Group (a) 150,447
2,969 Synovus Financial Corp. 103,974
1,609 TowneBank 42,719
1,097 TriCo Bancshares 39,931
1,297 Trustmark Corp. 41,478
2,653 U.S. Bancorp 141,193
565 UMB Financial Corp. 37,550
8,767 Umpqua Holdings Corp. 148,162
2,007 United Bankshares, Inc. 68,840
6,776 Valley National Bancorp 71,351
1,454 Webster Financial Corp. 65,226
5,846 Wells Fargo & Co. 274,411
1,184 WesBanco, Inc. 39,214
681 Western Alliance Bancorp 37,612
1,641 Wintrust Financial Corp. 103,842
2,242 Zions Bancorp N.A. 101,989
---------------
7,958,260
---------------
BEVERAGES -- 0.3%
4,261 Molson Coors Beverage Co.,
Class B 236,827
430 National Beverage Corp. (a) (b) 18,451
---------------
255,278
---------------
BIOTECHNOLOGY -- 0.7%
652 Amgen, Inc. 140,864
1,060 Biogen, Inc. (a) 284,981
419 Regeneron Pharmaceuticals,
Inc. (a) 141,597
---------------
567,442
---------------
BUILDING PRODUCTS -- 1.1%
814 A.O. Smith Corp. 34,750
630 American Woodmark Corp. (a) 69,080
2,027 Apogee Enterprises, Inc. 64,499
2,593 Builders FirstSource, Inc. (a) 64,293
435 Gibraltar Industries, Inc. (a) 23,716
1,595 Masco Corp. 75,794
2,979 Owens Corning 180,200
1,707 Patrick Industries, Inc. 88,559
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
BUILDING PRODUCTS (CONTINUED)
6,004 PGT Innovations, Inc. (a) $ 93,062
7,504 Resideo Technologies, Inc. (a) 76,391
484 Simpson Manufacturing Co.,
Inc. 40,012
1,381 Universal Forest Products, Inc. 66,150
---------------
876,506
---------------
CAPITAL MARKETS -- 3.7%
460 Ameriprise Financial, Inc. 76,089
679 Artisan Partners Asset
Management, Inc., Class A 22,679
4,564 Bank of New York Mellon
(The) Corp. 204,376
5,063 E*TRADE Financial Corp. 215,785
1,662 Eaton Vance Corp. 76,036
2,076 Evercore, Inc., Class A 159,063
15,134 Franklin Resources, Inc. 382,890
1,368 Goldman Sachs Group (The),
Inc. 325,242
8,630 Invesco Ltd. 149,299
971 Lazard Ltd., Class A 40,743
688 Moelis & Co., Class A 24,768
6,153 Morgan Stanley 321,556
721 Northern Trust Corp. 70,521
275 Piper Sandler Cos. 22,668
2,568 Raymond James Financial, Inc. 234,792
2,904 State Street Corp. 219,630
2,558 Stifel Financial Corp. 165,477
1,885 T. Rowe Price Group, Inc. 251,704
6,693 Waddell & Reed Financial, Inc.,
Class A 106,954
---------------
3,070,272
---------------
CHEMICALS -- 3.6%
2,124 Albemarle Corp. 170,515
2,534 Ashland Global Holdings, Inc. 187,465
1,386 Cabot Corp. 55,232
1,866 Celanese Corp. 193,131
4,811 CF Industries Holdings, Inc. 193,787
185 Chase Corp. 17,014
8,578 Chemours (The) Co. 118,977
3,578 DuPont de Nemours, Inc. 183,122
4,961 Eastman Chemical Co. 353,571
1,880 Element Solutions, Inc. (a) 21,996
868 H.B. Fuller Co. 40,110
6,423 Huntsman Corp. 132,057
4,420 Kraton Corp. (a) 72,709
4,916 Kronos Worldwide, Inc. 53,289
4,161 LyondellBasell Industries N.V.,
Class A 323,976
1,553 Minerals Technologies, Inc. 84,064
10,614 Mosaic (The) Co. 210,582
159 NewMarket Corp. 69,900
11,244 Olin Corp. 167,198
597 PolyOne Corp. 19,809
587 Sensient Technologies Corp. 35,073
437 Stepan Co. 43,110
1,770 Trinseo S.A. 50,834
|
Page 64 See Notes to Financial Statements
FIRST TRUST MULTI CAP VALUE ALPHADEX(R) FUND (FAB)
PORTFOLIO OF INVESTMENTS (CONTINUED)
JANUARY 31, 2020 (UNAUDITED)
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
COMMON STOCKS (CONTINUED)
CHEMICALS (CONTINUED)
1,812 Valvoline, Inc. $ 38,197
2,212 Westlake Chemical Corp. 135,374
---------------
2,971,092
---------------
COMMERCIAL SERVICES & SUPPLIES
-- 0.8%
11,955 ACCO Brands Corp. 103,291
3,905 BrightView Holdings, Inc. (a) 61,699
308 Cimpress PLC (a) (b) 36,846
903 Healthcare Services Group, Inc. 23,117
1,759 HNI Corp. 63,271
7,121 KAR Auction Services, Inc. 149,683
1,772 Knoll, Inc. 43,875
579 Mobile Mini, Inc. 24,168
3,220 Steelcase, Inc., Class A 59,924
576 UniFirst Corp. 117,464
---------------
683,338
---------------
COMMUNICATIONS EQUIPMENT
-- 0.3%
1,521 EchoStar Corp., Class A (a) 60,696
278 F5 Networks, Inc. (a) 33,949
3,150 Juniper Networks, Inc. 72,261
896 NETGEAR, Inc. (a) 23,045
912 NetScout Systems, Inc. (a) 23,448
---------------
213,399
---------------
CONSTRUCTION & ENGINEERING
-- 0.9%
2,512 Arcosa, Inc. 109,900
898 Comfort Systems USA, Inc. 41,667
1,899 Dycom Industries, Inc. (a) 76,758
1,349 EMCOR Group, Inc. 110,847
1,814 MasTec, Inc. (a) 104,758
4,025 Primoris Services Corp. 85,853
3,812 Quanta Services, Inc. 149,240
259 Valmont Industries, Inc. 36,794
---------------
715,817
---------------
CONSTRUCTION MATERIALS -- 0.1%
274 Martin Marietta Materials, Inc. 72,281
---------------
CONSUMER FINANCE -- 2.8%
12,866 Ally Financial, Inc. 412,098
3,821 Capital One Financial Corp. 381,336
2,708 Discover Financial Services 203,452
3,165 Encore Capital Group, Inc. (a) 107,452
4,651 Enova International, Inc. (a) 116,554
4,803 Green Dot Corp., Class A (a) 144,474
11,343 Navient Corp. 163,112
605 PRA Group, Inc. (a) 21,393
8,300 Santander Consumer USA
Holdings, Inc. 220,946
17,415 SLM Corp. 190,172
10,918 Synchrony Financial 353,852
---------------
2,314,841
---------------
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
CONTAINERS & PACKAGING -- 1.3%
2,451 Berry Global Group, Inc. (a) $ 104,216
6,990 Graphic Packaging Holding Co. 109,254
2,025 Greif, Inc., Class A 81,850
6,830 International Paper Co. 278,118
1,386 Packaging Corp. of America 132,709
2,496 Silgan Holdings, Inc. 77,027
1,257 Sonoco Products Co. 71,825
4,520 WestRock Co. 176,280
---------------
1,031,279
---------------
DISTRIBUTORS -- 0.2%
1,646 Core-Mark Holding Co., Inc. 38,582
721 Genuine Parts Co. 67,464
1,087 LKQ Corp. (a) 35,529
---------------
141,575
---------------
DIVERSIFIED CONSUMER SERVICES
-- 0.7%
3,200 Adtalem Global Education,
Inc. (a) 110,432
304 Graham Holdings Co., Class B 166,963
6,609 H&R Block, Inc. 153,329
5,084 Laureate Education, Inc.,
Class A (a) 105,951
575 WW International, Inc. (a) 18,963
---------------
555,638
---------------
DIVERSIFIED FINANCIAL SERVICES
-- 0.9%
1,014 Berkshire Hathaway, Inc.,
Class B (a) 227,572
12,693 Equitable Holdings, Inc. 304,886
4,203 FGL Holdings 40,559
5,446 Jefferies Financial Group, Inc. 117,851
1,272 Voya Financial, Inc. 75,977
---------------
766,845
---------------
DIVERSIFIED TELECOMMUNICATION
SERVICES -- 0.8%
10,061 AT&T, Inc. 378,495
808 ATN International, Inc. 46,759
3,741 Verizon Communications, Inc. 222,365
---------------
647,619
---------------
ELECTRIC UTILITIES -- 3.1%
1,434 ALLETE, Inc. 119,710
2,874 Alliant Energy Corp. 170,601
3,449 Duke Energy Corp. 336,726
1,917 Entergy Corp. 252,124
900 Eversource Energy 83,196
8,624 Exelon Corp. 410,416
3,236 FirstEnergy Corp. 164,356
828 Hawaiian Electric Industries,
Inc. 40,497
363 IDACORP, Inc. 40,725
3,498 Pinnacle West Capital Corp. 341,720
2,086 Portland General Electric Co. 128,289
8,766 PPL Corp. 317,242
2,477 Xcel Energy, Inc. 171,384
---------------
2,576,986
---------------
|
See Notes to Financial Statements Page 65
FIRST TRUST MULTI CAP VALUE ALPHADEX(R) FUND (FAB)
PORTFOLIO OF INVESTMENTS (CONTINUED)
JANUARY 31, 2020 (UNAUDITED)
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
COMMON STOCKS (CONTINUED)
ELECTRICAL EQUIPMENT -- 1.1%
843 Acuity Brands, Inc. $ 99,364
1,434 AZZ, Inc. 59,167
2,425 Eaton Corp. PLC 229,090
2,062 Emerson Electric Co. 147,701
1,560 Encore Wire Corp. 84,724
1,555 EnerSys 111,898
2,266 Regal Beloit Corp. 177,790
---------------
909,734
---------------
ELECTRONIC EQUIPMENT,
INSTRUMENTS & COMPONENTS
-- 2.2%
3,656 Avnet, Inc. 133,407
5,467 AVX Corp. 110,816
1,917 Benchmark Electronics, Inc. 59,005
10,805 Corning, Inc. 288,385
1,492 CTS Corp. 43,731
564 Dolby Laboratories, Inc.,
Class A 39,108
531 ePlus, Inc. (a) 42,331
690 Fabrinet (a) 43,498
745 FLIR Systems, Inc. 38,397
652 II-VI, Inc. (a) 21,940
637 Insight Enterprises, Inc. (a) 41,959
268 IPG Photonics Corp. (a) 34,216
1,877 Jabil, Inc. 72,997
2,275 Methode Electronics, Inc. 74,506
285 Plexus Corp. (a) 20,269
2,615 Sanmina Corp. (a) 83,262
2,423 ScanSource, Inc. (a) 84,539
1,205 SYNNEX Corp. 166,001
2,397 TE Connectivity Ltd. 220,955
5,948 TTM Technologies, Inc. (a) 85,592
4,205 Vishay Intertechnology, Inc. 85,319
---------------
1,790,233
---------------
ENERGY EQUIPMENT & SERVICES
-- 1.0%
8,917 Archrock, Inc. 74,457
2,987 Baker Hughes Co. 64,698
583 Core Laboratories N.V. 20,481
12,854 Halliburton Co. 280,346
9,296 Helix Energy Solutions Group,
Inc. (a) 77,529
1,708 Helmerich & Payne, Inc. 69,259
31,084 Nabors Industries Ltd. 64,344
3,002 Oceaneering International,
Inc. (a) 37,255
1,346 Oil States International,
Inc. (a) 14,510
8,542 RPC, Inc. (b) 38,695
2,075 SEACOR Holdings, Inc. (a) 77,999
---------------
819,573
---------------
ENTERTAINMENT -- 0.6%
1,289 Activision Blizzard, Inc. 75,381
3,438 Cinemark Holdings, Inc. 108,331
2,926 Electronic Arts, Inc. (a) 315,774
---------------
499,486
---------------
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
EQUITY REAL ESTATE INVESTMENT
TRUSTS -- 3.5%
11,936 Apple Hospitality REIT, Inc. $ 179,279
3,590 Brixmor Property Group, Inc. 71,656
1,050 Columbia Property Trust, Inc. 22,155
6,439 CoreCivic, Inc. 102,702
5,945 DiamondRock Hospitality Co. 57,488
2,602 Diversified Healthcare Trust 20,088
1,573 Empire State Realty Trust, Inc.,
Class A 21,330
5,908 Equity Commonwealth 193,723
5,390 GEO Group (The), Inc. 85,162
3,248 Global Net Lease, Inc. 67,331
793 Highwoods Properties, Inc. 39,737
21,195 Host Hotels & Resorts, Inc. 346,326
4,323 Macerich (The) Co. (b) 96,446
4,838 Mack-Cali Realty Corp. 106,243
2,050 Office Properties Income Trust 69,762
5,574 Paramount Group, Inc. 78,370
4,499 Park Hotels & Resorts, Inc. 98,708
1,447 Pebblebrook Hotel Trust 34,323
8,757 RLJ Lodging Trust 136,259
1,460 RPT Realty 20,367
6,378 Service Properties Trust 137,637
3,193 SITE Centers Corp. 40,583
422 SL Green Realty Corp. 38,841
9,068 Summit Hotel Properties, Inc. 100,564
11,147 Sunstone Hotel Investors, Inc. 141,344
4,472 Tanger Factory Outlet Centers,
Inc. (b) 65,425
1,145 Urban Edge Properties 21,057
5,912 Vornado Realty Trust 388,832
4,143 Xenia Hotels & Resorts, Inc. 77,433
---------------
2,859,171
---------------
FOOD & STAPLES RETAILING -- 1.3%
4,427 Andersons (The), Inc. 100,139
3,412 BJ's Wholesale Club Holdings,
Inc. (a) 70,014
10,850 Kroger (The) Co. 291,431
309 PriceSmart, Inc. 18,929
3,404 Sprouts Farmers Market, Inc. (a) 53,204
1,852 US Foods Holding Corp. (a) 74,395
5,335 Walgreens Boots Alliance, Inc. 271,285
644 Walmart, Inc. 73,732
2,764 Weis Markets, Inc. 101,411
---------------
1,054,540
---------------
FOOD PRODUCTS -- 1.9%
4,956 Archer-Daniels-Midland Co. 221,831
6,241 B&G Foods, Inc. (b) 100,230
4,593 Conagra Brands, Inc. 151,202
2,763 Darling Ingredients, Inc. (a) 74,960
1,784 Flowers Foods, Inc. 38,409
2,559 Fresh Del Monte Produce, Inc. 80,301
2,936 General Mills, Inc. 153,318
1,697 Hormel Foods Corp. 80,200
1,252 Ingredion, Inc. 110,176
2,206 J.M. Smucker (The) Co. 228,564
|
Page 66 See Notes to Financial Statements
FIRST TRUST MULTI CAP VALUE ALPHADEX(R) FUND (FAB)
PORTFOLIO OF INVESTMENTS (CONTINUED)
JANUARY 31, 2020 (UNAUDITED)
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
COMMON STOCKS (CONTINUED)
FOOD PRODUCTS (CONTINUED)
1,186 Pilgrim's Pride Corp. (a) $ 30,895
3,455 Tyson Foods, Inc., Class A 285,487
---------------
1,555,573
---------------
GAS UTILITIES -- 0.5%
1,406 Atmos Energy Corp. 164,544
3,334 National Fuel Gas Co. 143,996
931 Spire, Inc. 78,502
---------------
387,042
---------------
HEALTH CARE PROVIDERS & SERVICES
-- 2.9%
352 AMN Healthcare Services,
Inc. (a) 23,718
521 Anthem, Inc. 138,211
9,061 Brookdale Senior Living,
Inc. (a) 59,712
2,501 Centene Corp. (a) 157,088
1,123 Cigna Corp. 216,043
3,092 CVS Health Corp. 209,699
1,020 DaVita, Inc. (a) 81,467
560 Encompass Health Corp. 43,137
1,064 HCA Healthcare, Inc. 147,683
2,357 Henry Schein, Inc. (a) 162,492
429 Humana, Inc. 144,247
1,358 Laboratory Corp. of America
Holdings (a) 238,193
281 Magellan Health, Inc. (a) 20,572
858 Molina Healthcare, Inc. (a) 105,508
762 National HealthCare Corp. 63,947
2,186 Patterson Cos., Inc. 48,114
1,473 Quest Diagnostics, Inc. 163,017
941 Select Medical Holdings
Corp. (a) 21,492
260 UnitedHealth Group, Inc. 70,837
2,192 Universal Health Services, Inc.,
Class B 300,545
---------------
2,415,722
---------------
HOTELS, RESTAURANTS & LEISURE
-- 2.3%
894 Aramark 39,461
2,028 Bloomin' Brands, Inc. 42,122
3,887 Boyd Gaming Corp. 116,027
7,735 Carnival Corp. 336,705
1,152 Cheesecake Factory (The), Inc. 44,237
757 Cracker Barrel Old Country
Store, Inc. 115,768
1,443 Darden Restaurants, Inc. 168,008
1,640 Dave & Buster's Entertainment,
Inc. 72,422
1,297 Hyatt Hotels Corp., Class A 109,648
6,731 Norwegian Cruise Line Holdings
Ltd. (a) 362,464
2,577 Penn National Gaming, Inc. (a) 76,872
5,329 Playa Hotels & Resorts N.V. (a) 37,410
2,356 Royal Caribbean Cruises Ltd. 275,840
689 Texas Roadhouse, Inc. 43,063
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
HOTELS, RESTAURANTS & LEISURE
(CONTINUED)
1,501 Wyndham Destinations, Inc. $ 72,844
---------------
1,912,891
---------------
HOUSEHOLD DURABLES -- 3.0%
112 Cavco Industries, Inc. (a) 25,090
7,453 D.R. Horton, Inc. 441,218
2,612 KB Home 98,081
1,422 La-Z-Boy, Inc. 43,570
763 Leggett & Platt, Inc. 36,311
7,047 Lennar Corp., Class A 467,639
2,346 M.D.C. Holdings, Inc. 98,860
2,844 M/I Homes, Inc. (a) 126,245
1,831 Meritage Homes Corp. (a) 129,928
1,422 Mohawk Industries, Inc. (a) 187,249
3,999 PulteGroup, Inc. 178,555
5,119 Taylor Morrison Home Corp. (a) 132,480
4,909 Toll Brothers, Inc. 217,763
7,182 TRI Pointe Group, Inc. (a) 116,779
1,052 Whirlpool Corp. 153,771
---------------
2,453,539
---------------
HOUSEHOLD PRODUCTS -- 0.3%
2,244 Central Garden & Pet Co.,
Class A (a) 67,230
557 Kimberly-Clark Corp. 79,785
613 Procter & Gamble (The) Co. 76,392
---------------
223,407
---------------
INDEPENDENT POWER AND
RENEWABLE ELECTRICITY
PRODUCERS -- 0.1%
3,847 AES Corp. 76,401
---------------
INDUSTRIAL CONGLOMERATES -- 0.2%
434 3M Co. 68,859
433 Honeywell International, Inc. 75,004
---------------
143,863
---------------
INSURANCE -- 7.4%
4,342 Aflac, Inc. 223,917
2,043 Allstate (The) Corp. 242,177
734 American Equity Investment
Life Holding Co. 19,385
354 American Financial Group, Inc. 38,512
6,128 American International Group,
Inc. 307,993
1,319 American National Insurance
Co. 145,301
7,334 Arch Capital Group Ltd. (a) 323,869
334 Argo Group International
Holdings Ltd. 21,910
3,165 Assured Guaranty Ltd. 145,084
4,124 Athene Holding Ltd., Class A (a) 179,641
4,944 Brighthouse Financial, Inc. (a) 192,322
1,010 Chubb Ltd. 153,510
4,938 CNO Financial Group, Inc. 86,859
2,680 Employers Holdings, Inc. 114,302
938 Enstar Group Ltd. (a) 183,182
277 Everest Re Group Ltd. 76,610
|
See Notes to Financial Statements Page 67
FIRST TRUST MULTI CAP VALUE ALPHADEX(R) FUND (FAB)
PORTFOLIO OF INVESTMENTS (CONTINUED)
JANUARY 31, 2020 (UNAUDITED)
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
COMMON STOCKS (CONTINUED)
INSURANCE (CONTINUED)
760 FBL Financial Group, Inc.,
Class A $ 40,873
5,065 Fidelity National Financial,
Inc. 246,919
2,661 First American Financial Corp. 164,929
1,494 Globe Life, Inc. 155,764
284 Hanover Insurance Group (The),
Inc. 39,357
5,176 Hartford Financial Services
Group (The), Inc. 306,833
1,025 Horace Mann Educators Corp. 44,085
2,665 Lincoln National Corp. 145,189
3,184 Mercury General Corp. 156,303
7,714 MetLife, Inc. 383,463
8,777 National General Holdings Corp. 191,075
308 National Western Life Group,
Inc., Class A 81,928
6,937 Old Republic International Corp. 156,429
4,176 Principal Financial Group, Inc. 221,119
608 ProAssurance Corp. 18,465
3,355 Prudential Financial, Inc. 305,506
1,409 Reinsurance Group of America,
Inc. 202,967
484 Safety Insurance Group, Inc. 44,567
1,190 Selective Insurance Group, Inc. 78,838
1,677 Travelers (The) Cos., Inc. 220,727
6,652 Unum Group 177,542
1,108 W.R. Berkley Corp. 81,471
139 White Mountains Insurance
Group Ltd. 155,294
---------------
6,074,217
---------------
INTERACTIVE MEDIA & SERVICES
-- 0.0%
1,277 TripAdvisor, Inc. 34,888
---------------
INTERNET & DIRECT MARKETING
RETAIL -- 0.4%
4,355 eBay, Inc. 146,154
708 Expedia Group, Inc. 76,783
9,204 Qurate Retail, Inc.,
Series A (a) 78,510
---------------
301,447
---------------
IT SERVICES -- 1.5%
155 CACI International, Inc.,
Class A (a) 41,453
5,072 Cognizant Technology Solutions
Corp., Class A 311,319
4,184 DXC Technology Co. 133,386
1,173 International Business Machines
Corp. 168,595
1,080 Jack Henry & Associates, Inc. 161,503
782 Leidos Holdings, Inc. 78,568
4,035 LiveRamp Holdings, Inc. (a) 162,369
275 ManTech International Corp.,
Class A 22,077
1,043 MAXIMUS, Inc. 74,835
2,934 Perspecta, Inc. 82,357
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
IT SERVICES (CONTINUED)
1,210 Sykes Enterprises, Inc. (a) $ 40,644
---------------
1,277,106
---------------
LEISURE PRODUCTS -- 0.2%
676 Acushnet Holdings Corp. 20,936
1,036 Callaway Golf Co. 22,191
763 Polaris, Inc. 70,074
1,401 Sturm Ruger & Co., Inc. 69,377
---------------
182,578
---------------
MACHINERY -- 2.4%
1,507 AGCO Corp. 105,701
1,819 Altra Industrial Motion Corp. 60,500
722 Barnes Group, Inc. 45,609
1,347 Crane Co. 115,114
1,758 Cummins, Inc. 281,227
586 Gorman-Rupp (The) Co. 21,629
3,451 Greenbrier (The) Cos., Inc. 83,134
659 Hillenbrand, Inc. 19,131
525 ITT, Inc. 35,217
401 Lincoln Electric Holdings, Inc. 35,761
3,418 Meritor, Inc. (a) 74,888
1,410 Mueller Industries, Inc. 41,130
1,639 Oshkosh Corp. 141,019
4,971 PACCAR, Inc. 368,898
372 Parker-Hannifin Corp. 72,797
2,378 Rexnord Corp. (a) 77,642
687 Snap-on, Inc. 109,666
564 Standex International Corp. 41,223
2,756 Timken (The) Co. 144,773
4,042 Trinity Industries, Inc. 82,174
---------------
1,957,233
---------------
MARINE -- 0.1%
433 Kirby Corp. (a) 31,735
1,615 Matson, Inc. 58,156
---------------
89,891
---------------
MEDIA -- 2.2%
2,266 AMC Networks, Inc.,
Class A (a) 82,913
6,994 Comcast Corp., Class A 302,071
12,009 Discovery, Inc., Class A (a) 351,383
4,375 DISH Network Corp.,
Class A (a) 160,825
10,606 Fox Corp., Class A 393,271
4,175 Gray Television, Inc. (a) 84,669
3,359 Interpublic Group of Cos. (The),
Inc. 76,249
1,358 John Wiley & Sons, Inc.,
Class A 59,236
945 Omnicom Group, Inc. 71,168
1,164 Scholastic Corp. 38,354
9,297 TEGNA, Inc. 157,119
---------------
1,777,258
---------------
METALS & MINING -- 2.0%
5,416 Allegheny Technologies,
Inc. (a) 93,426
1,798 Carpenter Technology Corp. 71,453
|
Page 68 See Notes to Financial Statements
FIRST TRUST MULTI CAP VALUE ALPHADEX(R) FUND (FAB)
PORTFOLIO OF INVESTMENTS (CONTINUED)
JANUARY 31, 2020 (UNAUDITED)
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
COMMON STOCKS (CONTINUED)
METALS & MINING (CONTINUED)
4,020 Commercial Metals Co. $ 82,611
360 Compass Minerals International,
Inc. 20,840
404 Kaiser Aluminum Corp. 40,461
9,049 Newmont Corp. 407,748
6,986 Nucor Corp. 331,765
1,620 Reliance Steel & Aluminum Co. 185,976
5,698 Steel Dynamics, Inc. 170,256
9,807 United States Steel Corp. (b) 88,949
5,296 Warrior Met Coal, Inc. 99,883
521 Worthington Industries, Inc. 19,162
---------------
1,612,530
---------------
MORTGAGE REAL ESTATE INVESTMENT
TRUSTS -- 0.4%
6,363 Apollo Commercial Real Estate
Finance, Inc. 116,316
1,887 Chimera Investment Corp. 40,004
20,284 MFA Financial, Inc. 158,215
2,408 New Residential Investment
Corp. 40,310
---------------
354,845
---------------
MULTILINE RETAIL -- 0.9%
3,896 Big Lots, Inc. 105,426
1,523 Dillard's, Inc., Class A (b) 92,477
3,807 Kohl's Corp. 162,749
11,410 Macy's, Inc. 181,989
2,843 Nordstrom, Inc. 104,793
1,227 Target Corp. 135,878
---------------
783,312
---------------
MULTI-UTILITIES -- 2.4%
2,991 Ameren Corp. 245,412
3,227 Avista Corp. 164,093
11,534 CenterPoint Energy, Inc. 305,420
1,218 CMS Energy Corp. 83,445
2,539 Consolidated Edison, Inc. 238,666
1,769 DTE Energy Co. 234,587
3,917 MDU Resources Group, Inc. 115,983
8,251 NiSource, Inc. 241,837
1,624 NorthWestern Corp. 124,999
1,516 Sempra Energy 243,530
---------------
1,997,972
---------------
OIL, GAS & CONSUMABLE FUELS
-- 7.3%
39,264 Antero Resources Corp. (a) 72,638
4,548 Apache Corp. 124,797
1,560 Arch Coal, Inc., Class A 80,387
23,168 Callon Petroleum Co. (a) 69,504
234,938 Chesapeake Energy Corp. (a) 120,241
3,263 Chevron Corp. 349,598
3,695 Cimarex Energy Co. 162,174
12,644 CNX Resources Corp. (a) 91,416
4,490 Concho Resources, Inc. 340,252
6,046 ConocoPhillips 359,314
11,463 Continental Resources, Inc. 312,023
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
OIL, GAS & CONSUMABLE FUELS
(CONTINUED)
5,785 Delek US Holdings, Inc. $ 158,856
15,139 Devon Energy Corp. 328,819
4,694 EOG Resources, Inc. 342,240
17,795 EQT Corp. 107,660
4,508 Exxon Mobil Corp. 280,037
3,825 HollyFrontier Corp. 171,819
28,952 Marathon Oil Corp. 329,184
6,526 Marathon Petroleum Corp. 355,667
6,227 Matador Resources Co. (a) 91,350
7,238 Murphy Oil Corp. 151,708
6,331 Noble Energy, Inc. 125,164
34,326 Oasis Petroleum, Inc. (a) 77,234
1,237 PBF Energy, Inc., Class A 33,770
4,276 PDC Energy, Inc. (a) 92,319
12,270 Peabody Energy Corp. 82,945
3,529 Phillips 66 322,445
19,894 QEP Resources, Inc. 63,064
9,956 SM Energy Co. 91,396
46,241 Southwestern Energy Co. (a) 72,598
3,711 Talos Energy, Inc. (a) 81,419
3,359 Valero Energy Corp. 283,197
15,246 Whiting Petroleum Corp. (a) (b) 69,217
1,031 World Fuel Services Corp. 40,333
14,117 WPX Energy, Inc. (a) 168,698
---------------
6,003,483
---------------
PAPER & FOREST PRODUCTS -- 0.2%
601 Boise Cascade Co. 21,756
2,926 Domtar Corp. 101,883
312 Neenah, Inc. 20,792
1,569 Schweitzer-Mauduit
International, Inc. 54,962
---------------
199,393
---------------
PERSONAL PRODUCTS -- 0.1%
1,092 Nu Skin Enterprises, Inc.,
Class A 35,588
570 USANA Health Sciences,
Inc. (a) 35,169
---------------
70,757
---------------
PHARMACEUTICALS -- 1.2%
1,039 Jazz Pharmaceuticals PLC (a) 148,941
525 Johnson & Johnson 78,157
15,649 Mylan N.V. (a) 335,201
2,253 Perrigo Co., PLC 128,511
8,028 Pfizer, Inc. 298,963
---------------
989,773
---------------
PROFESSIONAL SERVICES -- 0.6%
1,093 ASGN, Inc. (a) 73,985
814 CBIZ, Inc. (a) 21,978
240 ICF International, Inc. 21,022
4,956 Kelly Services, Inc., Class A 88,018
553 Kforce, Inc. 20,489
2,111 Korn Ferry 86,509
1,199 ManpowerGroup, Inc. 109,696
1,229 Robert Half International, Inc. 71,491
---------------
493,188
---------------
|
See Notes to Financial Statements Page 69
FIRST TRUST MULTI CAP VALUE ALPHADEX(R) FUND (FAB)
PORTFOLIO OF INVESTMENTS (CONTINUED)
JANUARY 31, 2020 (UNAUDITED)
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
COMMON STOCKS (CONTINUED)
REAL ESTATE MANAGEMENT
& DEVELOPMENT -- 0.4%
2,566 CBRE Group, Inc., Class A (a) $ 156,654
446 Jones Lang LaSalle, Inc. 75,740
1,202 Marcus & Millichap, Inc. (a) 42,551
3,327 Newmark Group, Inc., Class A 39,159
---------------
314,104
---------------
ROAD & RAIL -- 1.2%
413 AMERCO 153,334
4,253 Heartland Express, Inc. 79,489
1,347 J.B. Hunt Transport Services,
Inc. 145,382
500 Kansas City Southern 84,345
347 Landstar System, Inc. 38,430
5,207 Marten Transport Ltd. 108,097
2,857 Ryder System, Inc. 136,336
707 Saia, Inc. (a) 61,580
4,103 Schneider National, Inc.,
Class B 91,374
2,460 Werner Enterprises, Inc. 90,676
---------------
989,043
---------------
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT -- 1.4%
5,067 Amkor Technology, Inc. (a) 57,004
1,254 Applied Materials, Inc. 72,720
5,255 Intel Corp. 335,952
262 Lam Research Corp. 78,131
7,311 Micron Technology, Inc. (a) 388,141
3,182 ON Semiconductor Corp. (a) 73,663
1,301 Skyworks Solutions, Inc. 147,208
---------------
1,152,819
---------------
SOFTWARE -- 0.2%
690 Citrix Systems, Inc. 83,642
2,680 Ebix, Inc. 92,272
---------------
175,914
---------------
SPECIALTY RETAIL -- 3.2%
6,472 Abercrombie & Fitch Co.,
Class A 105,882
478 Advance Auto Parts, Inc. 62,977
13,195 American Eagle Outfitters, Inc. 190,008
400 Asbury Automotive Group,
Inc. (a) 38,580
3,191 AutoNation, Inc. (a) 135,426
2,616 Best Buy Co., Inc. 221,549
2,556 Buckle (The), Inc. (b) 62,392
873 CarMax, Inc. (a) 84,716
1,054 Children's Place (The), Inc. (b) 62,892
5,688 Designer Brands, Inc., Class A 80,997
1,809 Dick's Sporting Goods, Inc. 80,012
4,975 Foot Locker, Inc. 188,901
10,971 Gap (The), Inc. 191,005
659 Group 1 Automotive, Inc. 66,407
4,282 L Brands, Inc. 99,171
792 Lithia Motors, Inc., Class A 107,427
11,066 Michaels (The) Cos., Inc. (a) 54,555
663 Murphy USA, Inc. (a) 67,739
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
SPECIALTY RETAIL (CONTINUED)
32,672 Office Depot, Inc. $ 72,532
3,090 Penske Automotive Group, Inc. 145,137
658 Ross Stores, Inc. 73,821
4,905 Sally Beauty Holdings, Inc. (a) 75,292
3,030 Signet Jewelers Ltd. 73,659
1,254 TJX (The) Cos., Inc. 74,036
4,030 Urban Outfitters, Inc. (a) 103,168
1,585 Williams-Sonoma, Inc. 111,077
---------------
2,629,358
---------------
TECHNOLOGY HARDWARE, STORAGE
& PERIPHERALS -- 1.2%
24,790 Hewlett Packard Enterprise Co. 345,325
11,177 HP, Inc. 238,294
2,526 NetApp, Inc. 134,888
1,287 Seagate Technology PLC 73,346
5,261 Xerox Holdings Corp. 187,134
---------------
978,987
---------------
TEXTILES, APPAREL & LUXURY GOODS
-- 0.9%
355 Carter's, Inc. 37,655
3,340 G-III Apparel Group Ltd. (a) 90,881
10,449 Hanesbrands, Inc. 143,778
873 Oxford Industries, Inc. 60,586
1,845 PVH Corp. 160,829
662 Ralph Lauren Corp. 75,137
1,796 Skechers U.S.A., Inc.,
Class A (a) 67,153
902 Steven Madden Ltd. 34,781
1,327 Wolverine World Wide, Inc. 41,893
---------------
712,693
---------------
THRIFTS & MORTGAGE FINANCE
-- 0.9%
1,478 Axos Financial, Inc. (a) 41,635
1,722 Flagstar Bancorp, Inc. 60,683
13,688 MGIC Investment Corp. 188,758
6,455 New York Community Bancorp,
Inc. 71,392
1,320 Northwest Bancshares, Inc. 20,757
1,753 OceanFirst Financial Corp. 40,775
2,630 PennyMac Financial Services,
Inc. 88,684
2,672 Provident Financial Services,
Inc. 60,948
1,384 Walker & Dunlop, Inc. 91,856
2,117 Washington Federal, Inc. 71,978
1,018 WSFS Financial Corp. 40,608
---------------
778,074
---------------
TOBACCO -- 0.1%
1,569 Universal Corp. 83,392
---------------
TRADING COMPANIES
& DISTRIBUTORS -- 1.9%
4,082 Air Lease Corp. 175,281
671 Applied Industrial Technologies,
Inc. 43,326
2,060 Beacon Roofing Supply, Inc. (a) 68,207
|
Page 70 See Notes to Financial Statements
FIRST TRUST MULTI CAP VALUE ALPHADEX(R) FUND (FAB)
PORTFOLIO OF INVESTMENTS (CONTINUED)
JANUARY 31, 2020 (UNAUDITED)
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
COMMON STOCKS (CONTINUED)
TRADING COMPANIES
& DISTRIBUTORS (CONTINUED)
3,120 BMC Stock Holdings, Inc. (a) $ 91,057
1,873 GATX Corp. 142,592
3,306 GMS, Inc. (a) 88,336
1,929 HD Supply Holdings, Inc. (a) 78,587
915 Herc Holdings, Inc. (a) 36,710
333 Kaman Corp. 20,553
4,830 MRC Global, Inc. (a) 54,386
1,586 MSC Industrial Direct Co., Inc.,
Class A 107,959
7,965 NOW, Inc. (a) 79,730
2,407 Rush Enterprises, Inc., Class A 103,501
1,886 United Rentals, Inc. (a) 255,911
465 W.W. Grainger, Inc. 140,742
1,884 WESCO International, Inc. (a) 91,204
---------------
1,578,082
---------------
TRANSPORTATION INFRASTRUCTURE
-- 0.1%
2,717 Macquarie Infrastructure Corp. 119,847
---------------
WIRELESS TELECOMMUNICATION
SERVICES -- 0.7%
7,627 Telephone & Data Systems, Inc. 172,980
4,011 T-Mobile US, Inc. (a) 317,631
3,089 United States Cellular Corp. (a) 98,910
---------------
589,521
---------------
TOTAL COMMON STOCKS
-- 100.0% 82,270,315
(Cost $81,389,103) ---------------
MONEY MARKET FUNDS -- 0.4%
117,410 Goldman Sachs Financial Square
Treasury Obligations Fund -
Institutional Class -
1.46% (c) (d) 117,410
255,260 Morgan Stanley Institutional
Liquidity Funds - Treasury
Portfolio - Institutional
Class - 1.45% (c) 255,260
---------------
TOTAL MONEY MARKET FUNDS
-- 0.4% 372,670
(Cost $372,670) ---------------
PRINCIPAL
VALUE DESCRIPTION VALUE
---------------------------------------------------------------
REPURCHASE AGREEMENTS -- 0.7%
$ 541,334 BNP Paribas S.A., 1.56% (c),
dated 01/31/20, due 02/03/20,
with a maturity value of
$541,404. Collateralized by
U.S. Treasury Note, interest
rate of 2.125%, due 08/15/21.
The value of the collateral
including accrued interest is
$552,749. (d) $ 541,334
(Cost $541,334) ---------------
TOTAL INVESTMENTS -- 101.1% 83,184,319
(Cost $82,303,107) (e)
NET OTHER ASSETS AND
LIABILITIES -- (1.1)% (883,247)
---------------
NET ASSETS -- 100.0% $ 82,301,072
===============
|
(a) Non-income producing security.
(b) All or a portion of this security is on loan (see Note 2D - Securities Lending in the Notes to Financial Statements). The aggregate value of such securities is $618,223 and the total value of the collateral held by the Fund is $658,744.
(c) Rate shown reflects yield as of January 31, 2020.
(d) This security serves as collateral for securities on loan.
(e) Aggregate cost for financial reporting purposes approximates the aggregate cost for federal income tax purposes. As of January 31, 2020, the aggregate gross unrealized appreciation for all investments in which there was an excess of value over tax cost was $7,126,915 and the aggregate gross unrealized depreciation for all investments in which there was an excess of tax cost over value was $6,245,703. The net unrealized appreciation was $881,212.
See Notes to Financial Statements Page 71
FIRST TRUST MULTI CAP VALUE ALPHADEX(R) FUND (FAB)
PORTFOLIO OF INVESTMENTS (CONTINUED)
JANUARY 31, 2020 (UNAUDITED)
VALUATION INPUTS
A summary of the inputs used to value the Fund's investments as of January 31, 2020 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
LEVEL 2 LEVEL 3
LEVEL 1 SIGNIFICANT SIGNIFICANT
QUOTED OBSERVABLE UNOBSERVABLE
PRICES INPUTS INPUTS
---------------------------------------------
Common Stocks* $ 82,270,315 $ -- $ --
Money Market
Funds 372,670 -- --
Repurchase
Agreements -- 541,334 --
---------------------------------------------
Total Investments $ 82,642,985 $ 541,334 $ --
=============================================
|
* See Portfolio of Investments for industry breakout.
The Fund's loaned securities were all subject to an enforceable Securities Lending Agency Agreement. Securities lent in accordance with the Securities Lending Agency Agreement on a gross basis were as follows:
Total gross amount presented on the
Statements of Assets and Liabilities(1) $ 618,223
Non-cash Collateral(2) (618,223)
---------------
Net Amount $ --
===============
|
(1) The amount presented on the Statements of Assets and Liabilities, which is included in "Investments, at value", is not offset and is shown on a gross basis.
(2) At January 31, 2020, the value of the collateral received from each borrower exceeded the value of the related securities loaned. This amount is disclosed on the Portfolio of Investments.
The Fund's investments in repurchase agreements were all subject to an enforceable Master Repurchase Agreement. Repurchase Agreements on a gross basis were as follows:
Total gross amount presented on the
Statements of Assets and Liabilities(3) $ 541,334
Non-cash Collateral(4) (541,334)
---------------
Net Amount $ --
===============
(3) The amount is included in "Investments, at value" on the Statements of
Assets and Liabilities.
|
(4) At January 31, 2020, the value of the collateral received from each seller exceeded the value of the repurchase agreements.
Page 72 See Notes to Financial Statements
FIRST TRUST MULTI CAP GROWTH ALPHADEX(R) FUND (FAD)
PORTFOLIO OF INVESTMENTS
JANUARY 31, 2020 (UNAUDITED)
1,765 Aerojet Rocketdyne Holdings,
Inc. (a) $ 91,904
1,507 AeroVironment, Inc. (a) 100,381
5,501 Axon Enterprise, Inc. (a) 422,532
1,394 HEICO Corp. 170,667
1,100 Hexcel Corp. 81,642
2,534 Kratos Defense & Security
Solutions, Inc. (a) 46,474
3,304 L3Harris Technologies, Inc. 731,274
1,226 Lockheed Martin Corp. 524,875
1,166 Mercury Systems, Inc. (a) 89,490
1,090 Moog, Inc., Class A 97,675
1,387 Northrop Grumman Corp. 519,529
2,358 Teledyne Technologies, Inc. (a) 860,811
1,459 TransDigm Group, Inc. 938,546
9,203 Triumph Group, Inc. 188,017
---------------
4,863,817
---------------
AIR FREIGHT & LOGISTICS -- 0.2%
7,931 Air Transport Services Group,
Inc. (a) 166,313
3,325 Forward Air Corp. 217,621
---------------
383,934
---------------
AUTO COMPONENTS -- 0.3%
602 Dorman Products, Inc. (a) 42,020
2,318 Fox Factory Holding Corp. (a) 152,571
4,568 Garrett Motion, Inc. (a) 38,462
11,128 Gentex Corp. 331,280
---------------
564,333
---------------
AUTOMOBILES -- 0.7%
1,953 Tesla, Inc. (a) 1,270,563
---------------
BANKS -- 2.5%
2,980 BancFirst Corp. 172,244
3,389 Bank of Hawaii Corp. 303,654
1,670 City Holding Co. 126,386
2,273 Community Bank System, Inc. 150,632
7,472 CVB Financial Corp. 155,193
2,350 FB Financial Corp. (b) 83,777
3,430 First Bancorp 121,696
8,784 First BanCorp 81,428
4,594 First Financial Bankshares, Inc. 153,991
3,506 Glacier Bancorp, Inc. 148,549
1,117 Independent Bank Corp. 80,647
2,469 Independent Bank Group, Inc. 132,141
2,798 Lakeland Financial Corp. 132,737
2,641 National Bank Holdings Corp.,
Class A 86,097
3,940 OFG Bancorp 77,657
5,707 Pacific Premier Bancorp, Inc. 170,069
5,039 Pinnacle Financial Partners, Inc. 297,603
4,912 Sandy Spring Bancorp, Inc. 170,938
6,087 Seacoast Banking Corp. of
Florida (a) 165,262
4,938 ServisFirst Bancshares, Inc. 181,472
2,361 Signature Bank 335,002
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
BANKS (CONTINUED)
3,687 Southside Bancshares, Inc. $ 129,340
11,474 Sterling Bancorp 229,480
4,532 Stock Yards Bancorp, Inc. 175,570
1,496 Tompkins Financial Corp. 128,791
6,025 United Community Banks, Inc. 168,218
6,387 Veritex Holdings, Inc. 180,880
2,545 Washington Trust Bancorp, Inc. 120,455
1,373 Westamerica Bancorporation 86,993
---------------
4,546,902
---------------
BEVERAGES -- 0.8%
640 Boston Beer (The) Co., Inc.,
Class A (a) 228,083
7,062 Brown-Forman Corp., Class B 477,674
2,875 Coca-Cola (The) Co. 167,900
482 Coca-Cola Consolidated, Inc. 130,531
5,144 Monster Beverage Corp. (a) 342,590
1,164 PepsiCo, Inc. 165,311
---------------
1,512,089
---------------
BIOTECHNOLOGY -- 4.5%
9,424 ACADIA Pharmaceuticals,
Inc. (a) 376,395
3,509 Acceleron Pharma, Inc. (a) 318,547
3,377 Agios Pharmaceuticals, Inc. (a) 164,561
1,472 Alexion Pharmaceuticals,
Inc. (a) 146,302
3,501 Alnylam Pharmaceuticals,
Inc. (a) 401,880
8,278 Amicus Therapeutics, Inc. (a) 73,177
3,550 Arena Pharmaceuticals, Inc. (a) 162,199
6,356 Arrowhead Pharmaceuticals,
Inc. (a) 266,380
6,619 CRISPR Therapeutics AG (a) 343,857
2,620 Denali Therapeutics,
Inc. (a) (b) 60,679
10,557 Dicerna Pharmaceuticals,
Inc. (a) 208,448
3,142 Editas Medicine, Inc. (a) 83,043
2,538 Emergent BioSolutions, Inc. (a) 139,818
9,454 Epizyme, Inc. (a) 197,872
1,720 Exact Sciences Corp. (a) 160,442
9,507 Fate Therapeutics, Inc. (a) 241,098
3,760 FibroGen, Inc. (a) 157,356
2,574 Halozyme Therapeutics, Inc. (a) 48,855
7,918 Heron Therapeutics, Inc. (a) 165,169
11,431 Immunomedics, Inc. (a) 212,274
5,467 Incyte Corp. (a) 399,474
1,877 Intercept Pharmaceuticals,
Inc. (a) 173,454
2,830 Invitae Corp. (a) 52,779
1,335 Ionis Pharmaceuticals, Inc. (a) 77,857
17,473 Ironwood Pharmaceuticals,
Inc. (a) 211,074
1,877 Mirati Therapeutics, Inc. (a) 162,980
8,244 Moderna, Inc. (a) 169,084
9,430 Momenta Pharmaceuticals,
Inc. (a) 273,659
4,064 Natera, Inc. (a) 142,281
|
See Notes to Financial Statements Page 73
FIRST TRUST MULTI CAP GROWTH ALPHADEX(R) FUND (FAD)
PORTFOLIO OF INVESTMENTS (CONTINUED)
JANUARY 31, 2020 (UNAUDITED)
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
COMMON STOCKS (CONTINUED)
BIOTECHNOLOGY (CONTINUED)
3,750 Neurocrine Biosciences, Inc. (a) $ 375,300
1,911 Portola Pharmaceuticals,
Inc. (a) (b) 24,442
4,246 Principia Biopharma, Inc. (a) 223,552
3,358 PTC Therapeutics, Inc. (a) 172,937
2,264 Radius Health, Inc. (a) 39,756
1,233 Sarepta Therapeutics, Inc. (a) 142,979
7,152 Seattle Genetics, Inc. (a) 775,205
1,298 uniQure N.V. (a) 74,713
4,904 Veracyte, Inc. (a) 128,730
2,985 Vertex Pharmaceuticals, Inc. (a) 677,744
1,327 Xencor, Inc. (a) 45,038
---------------
8,271,390
---------------
BUILDING PRODUCTS -- 1.1%
1,883 AAON, Inc. 98,744
4,790 Advanced Drainage Systems,
Inc. 199,120
6,561 Allegion PLC 848,469
1,716 Armstrong World Industries, Inc. 172,166
2,417 CSW Industrials, Inc. 183,402
9,935 JELD-WEN Holding, Inc. (a) 237,248
2,691 Trex Co., Inc. (a) 264,364
---------------
2,003,513
---------------
CAPITAL MARKETS -- 3.7%
11,295 Ares Management Corp.,
Class A 407,298
6,929 Bain Capital Specialty Finance,
Inc. 137,194
8,533 Blackstone Group (The), Inc.,
Class A 521,110
5,238 Blucora, Inc. (a) 118,117
1,326 Cboe Global Markets, Inc. 163,390
2,965 Cohen & Steers, Inc. 219,351
593 FactSet Research Systems, Inc. 169,663
4,948 Federated Investors, Inc.,
Class B 179,266
6,314 Focus Financial Partners, Inc.,
Class A (a) 178,370
766 Hamilton Lane, Inc., Class A 49,752
3,807 Houlihan Lokey, Inc. 197,393
1,719 Intercontinental Exchange, Inc. 171,453
4,370 LPL Financial Holdings, Inc. 402,608
1,724 MarketAxess Holdings, Inc. 610,606
2,753 Moody's Corp. 706,943
1,065 Morningstar, Inc. 167,088
2,532 MSCI, Inc. 723,646
4,457 Nasdaq, Inc. 519,062
3,033 PJT Partners, Inc., Class A 139,579
2,394 S&P Global, Inc. 703,190
3,693 SEI Investments Co. 241,005
3,410 TCG BDC, Inc. 47,228
---------------
6,773,312
---------------
CHEMICALS -- 1.7%
678 Air Products and Chemicals, Inc. 161,845
5,304 Axalta Coating Systems Ltd. (a) 152,808
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
CHEMICALS (CONTINUED)
793 Balchem Corp. $ 85,660
9,232 Ferro Corp. (a) 126,294
8,186 FMC Corp. 782,500
4,096 GCP Applied Technologies,
Inc. (a) 91,013
922 Ingevity Corp. (a) 60,133
2,248 Innospec, Inc. 226,441
21,761 Livent Corp. (a) 204,771
7,969 PQ Group Holdings, Inc. (a) 122,005
3,037 Scotts Miracle-Gro (The) Co. 372,761
1,120 Sherwin-Williams (The) Co. 623,829
1,154 WR Grace & Co. 77,734
---------------
3,087,794
---------------
COMMERCIAL SERVICES & SUPPLIES
-- 2.6%
2,139 ABM Industries, Inc. 81,581
50,834 ADT, Inc. (b) 315,171
2,391 Brady Corp., Class A 132,390
3,556 Brink's (The) Co. 299,380
4,042 Casella Waste Systems, Inc.,
Class A (a) 206,910
2,429 Cintas Corp. 677,618
4,701 Clean Harbors, Inc. (a) 386,516
8,986 Copart, Inc. (a) 911,720
3,076 Covanta Holding Corp. 46,078
4,043 Harsco Corp. (a) 60,241
3,287 Herman Miller, Inc. 127,043
3,038 McGrath RentCorp 234,898
2,552 MSA Safety, Inc. 346,051
3,646 Republic Services, Inc. 346,552
3,743 Tetra Tech, Inc. 320,401
788 US Ecology, Inc. 42,560
1,396 Waste Management, Inc. 169,893
---------------
4,705,003
---------------
COMMUNICATIONS EQUIPMENT
-- 0.8%
5,665 Ciena Corp. (a) 230,395
18,577 Extreme Networks, Inc. (a) 109,604
5,084 Lumentum Holdings, Inc. (a) 385,215
988 Motorola Solutions, Inc. 174,876
1,669 Plantronics, Inc. 47,934
2,134 Ubiquiti, Inc. 348,738
2,203 ViaSat, Inc. (a) 140,221
---------------
1,436,983
---------------
CONSTRUCTION & ENGINEERING
-- 0.2%
905 NV5 Global, Inc. (a) 56,210
12,578 WillScot Corp. (a) 237,095
---------------
293,305
---------------
CONSTRUCTION MATERIALS -- 0.3%
3,315 Vulcan Materials Co. 469,503
---------------
CONSUMER FINANCE -- 0.6%
3,834 American Express Co. 497,922
2,351 Nelnet, Inc., Class A 134,618
|
Page 74 See Notes to Financial Statements
FIRST TRUST MULTI CAP GROWTH ALPHADEX(R) FUND (FAD)
PORTFOLIO OF INVESTMENTS (CONTINUED)
JANUARY 31, 2020 (UNAUDITED)
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
COMMON STOCKS (CONTINUED)
CONSUMER FINANCE (CONTINUED)
9,564 OneMain Holdings, Inc. $ 405,227
528 World Acceptance Corp. (a) 45,656
---------------
1,083,423
---------------
CONTAINERS & PACKAGING -- 0.3%
697 AptarGroup, Inc. 80,510
5,557 Crown Holdings, Inc. (a) 411,385
---------------
491,895
---------------
DISTRIBUTORS -- 0.2%
1,519 Pool Corp. 333,117
---------------
DIVERSIFIED CONSUMER SERVICES
-- 0.5%
537 Bright Horizons Family
Solutions, Inc. (a) 87,923
6,380 Chegg, Inc. (a) 263,047
10,118 Perdoceo Education Corp. (a) 179,898
2,030 Strategic Education, Inc. 329,449
---------------
860,317
---------------
DIVERSIFIED FINANCIAL SERVICES
-- 0.1%
6,254 Cannae Holdings, Inc. (a) 254,288
---------------
DIVERSIFIED TELECOMMUNICATION
SERVICES -- 0.5%
4,901 Cogent Communications
Holdings, Inc. 347,628
5,690 GCI Liberty, Inc., Class A (a) 416,394
6,544 Iridium Communications,
Inc. (a) 167,199
---------------
931,221
---------------
ELECTRIC UTILITIES -- 0.9%
1,683 American Electric Power Co.,
Inc. 175,402
7,334 Evergy, Inc. 529,222
1,180 MGE Energy, Inc. 94,318
1,350 NextEra Energy, Inc. 362,070
890 Otter Tail Corp. 47,668
7,495 Southern (The) Co. 527,648
---------------
1,736,328
---------------
ELECTRICAL EQUIPMENT -- 1.2%
6,555 AMETEK, Inc. 636,818
5,748 Atkore International Group,
Inc. (a) 228,196
4,008 Generac Holdings, Inc. (a) 415,189
13,877 GrafTech International Ltd. 148,900
2,727 Hubbell, Inc. 390,588
6,737 Sunrun, Inc. (a) 114,731
25,628 Vivint Solar, Inc. (a) (b) 209,125
---------------
2,143,547
---------------
ELECTRONIC EQUIPMENT,
INSTRUMENTS & COMPONENTS
-- 2.1%
6,040 Amphenol Corp., Class A 600,799
2,109 Badger Meter, Inc. 124,558
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
ELECTRONIC EQUIPMENT,
INSTRUMENTS & COMPONENTS
(CONTINUED)
5,720 CDW Corp. $ 746,174
2,878 Cognex Corp. 146,692
2,770 Itron, Inc. (a) 226,447
6,369 Keysight Technologies, Inc. (a) 592,253
8,797 Knowles Corp. (a) 173,565
950 MTS Systems Corp. 48,155
1,359 OSI Systems, Inc. (a) 117,608
7,840 Trimble, Inc. (a) 333,357
3,199 Zebra Technologies Corp.,
Class A (a) 764,625
---------------
3,874,233
---------------
ENERGY EQUIPMENT & SERVICES
-- 0.1%
3,989 Cactus, Inc., Class A 114,963
8,860 Patterson-UTI Energy, Inc. 70,348
8,269 ProPetro Holding Corp. (a) 80,540
---------------
265,851
---------------
ENTERTAINMENT -- 1.6%
15,377 Glu Mobile, Inc. (a) 90,724
10,386 Liberty Media Corp.-Liberty
Formula One, Class C (a) 485,961
9,146 Live Nation Entertainment,
Inc. (a) 623,391
548 Madison Square Garden (The)
Co., Class A (a) 162,312
1,011 Netflix, Inc. (a) 348,886
3,011 Roku, Inc. (a) 364,181
2,670 Take-Two Interactive Software,
Inc. (a) 332,789
2,260 Walt Disney (The) Co. 312,581
39,521 Zynga, Inc., Class A (a) 237,916
---------------
2,958,741
---------------
EQUITY REAL ESTATE INVESTMENT
TRUSTS -- 4.5%
4,439 Alexander & Baldwin, Inc. 97,037
2,023 Alexandria Real Estate Equities,
Inc. 330,154
3,442 American Finance Trust, Inc. 44,643
3,077 American Homes 4 Rent,
Class A 84,094
1,422 American Tower Corp. 329,534
2,300 Americold Realty Trust 79,281
1,154 Boston Properties, Inc. 165,426
5,906 Brandywine Realty Trust 92,252
2,744 Corporate Office Properties
Trust 81,689
1,119 Crown Castle International Corp. 167,671
1,232 CyrusOne, Inc. 74,967
1,837 Douglas Emmett, Inc. 76,235
4,589 Duke Realty Corp. 166,627
7,840 Easterly Government Properties,
Inc. 189,806
1,215 EastGroup Properties, Inc. 165,325
560 Equinix, Inc. 330,249
|
See Notes to Financial Statements Page 75
FIRST TRUST MULTI CAP GROWTH ALPHADEX(R) FUND (FAD)
PORTFOLIO OF INVESTMENTS (CONTINUED)
JANUARY 31, 2020 (UNAUDITED)
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
COMMON STOCKS (CONTINUED)
EQUITY REAL ESTATE INVESTMENT
TRUSTS (CONTINUED)
4,643 Equity LifeStyle Properties,
Inc. $ 337,778
3,749 Essential Properties Realty
Trust, Inc. 103,510
3,884 First Industrial Realty Trust,
Inc. 165,847
1,619 Four Corners Property Trust,
Inc. 49,040
5,618 Gaming and Leisure Properties,
Inc. 265,479
1,388 Getty Realty Corp. 43,750
2,891 Hannon Armstrong Sustainable
Infrastructure Capital, Inc. 98,554
9,723 Independence Realty Trust, Inc. 142,636
6,107 Industrial Logistics Properties
Trust 139,789
601 Innovative Industrial Properties,
Inc. 53,790
10,906 Invitation Homes, Inc. 343,212
1,922 Kilroy Realty Corp. 158,700
3,893 Kimco Realty Corp. 74,162
2,709 Lamar Advertising Co., Class A 251,422
4,298 Lexington Realty Trust 47,579
745 Life Storage, Inc. 84,319
3,820 Medical Properties Trust, Inc. 84,613
1,206 Mid-America Apartment
Communities, Inc. 165,475
2,767 National Storage Affiliates
Trust 94,493
2,067 NexPoint Residential Trust, Inc. 100,870
9,018 Outfront Media, Inc. 268,195
6,156 Piedmont Office Realty Trust,
Inc., Class A 142,758
5,355 Prologis, Inc. 497,372
1,715 QTS Realty Trust, Inc., Class A 97,549
6,942 Retail Properties of America,
Inc., Class A 84,345
3,531 Rexford Industrial Realty, Inc. 170,159
2,791 Ryman Hospitality Properties,
Inc. 237,319
4,617 Safehold, Inc. 207,580
660 SBA Communications Corp. 164,710
1,639 Spirit Realty Capital, Inc. 86,506
2,165 STORE Capital Corp. 84,976
2,178 Sun Communities, Inc. 353,206
1,489 Terreno Realty Corp. 85,260
5,559 Uniti Group, Inc. 35,188
1,585 Universal Health Realty Income
Trust 195,510
6,228 VICI Properties, Inc. 166,910
2,581 Weingarten Realty Investors 75,107
---------------
8,232,658
---------------
FOOD & STAPLES RETAILING -- 0.1%
507 Casey's General Stores, Inc. 81,556
3,593 Chefs' Warehouse (The), Inc. (a) 130,785
---------------
212,341
---------------
FOOD PRODUCTS -- 1.2%
3,936 Freshpet, Inc. (a) 247,496
1,083 Hershey (The) Co. 168,049
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
FOOD PRODUCTS (CONTINUED)
6,398 Hostess Brands, Inc. (a) $ 85,861
875 J&J Snack Foods Corp. 145,110
9,498 Lamb Weston Holdings, Inc. 867,263
1,008 Lancaster Colony Corp. 155,887
937 McCormick & Co., Inc. 153,078
2,890 Mondelez International, Inc.,
Class A 165,828
739 Post Holdings, Inc. (a) 77,277
4,797 Simply Good Foods (The)
Co. (a) 110,187
---------------
2,176,036
---------------
GAS UTILITIES -- 0.1%
476 Chesapeake Utilities Corp. 45,796
1,262 Northwest Natural Holding Co. 92,606
---------------
138,402
---------------
HEALTH CARE EQUIPMENT
& SUPPLIES -- 5.4%
2,342 Align Technology, Inc. (a) 602,128
4,211 AtriCure, Inc. (a) 163,808
3,358 Axonics Modulation
Technologies, Inc. (a) 97,483
7,228 Boston Scientific Corp. (a) 302,636
2,818 Cardiovascular Systems, Inc. (a) 127,909
2,080 CONMED Corp. 211,494
2,130 Danaher Corp. 342,653
5,776 DENTSPLY SIRONA, Inc. 323,456
3,736 DexCom, Inc. (a) 899,442
2,802 Edwards Lifesciences Corp. (a) 616,048
5,477 Globus Medical, Inc.,
Class A (a) 286,338
2,131 Hill-Rom Holdings, Inc. 226,930
6,261 Hologic, Inc. (a) 335,089
1,361 Inogen, Inc. (a) 60,251
1,884 Insulet Corp. (a) 365,571
1,384 Integra LifeSciences Holdings
Corp. (a) 76,175
553 Intuitive Surgical, Inc. (a) 309,558
1,020 Masimo Corp. (a) 174,012
1,462 Merit Medical Systems, Inc. (a) 53,246
1,979 Nevro Corp. (a) 263,029
4,783 Novocure Ltd. (a) 389,623
5,212 NuVasive, Inc. (a) 401,949
1,473 Penumbra, Inc. (a) 258,453
2,480 Quidel Corp. (a) 190,464
3,080 ResMed, Inc. 489,628
5,290 STAAR Surgical Co. (a) 177,956
758 Stryker Corp. 159,711
3,445 Tactile Systems Technology,
Inc. (a) 193,575
4,058 Tandem Diabetes Care, Inc. (a) 308,570
1,268 Teleflex, Inc. 471,075
3,361 Varian Medical Systems, Inc. (a) 472,456
10,814 ViewRay, Inc. (a) 33,740
3,175 West Pharmaceutical Services,
Inc. 495,141
---------------
9,879,597
---------------
|
Page 76 See Notes to Financial Statements
FIRST TRUST MULTI CAP GROWTH ALPHADEX(R) FUND (FAD)
PORTFOLIO OF INVESTMENTS (CONTINUED)
JANUARY 31, 2020 (UNAUDITED)
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
COMMON STOCKS (CONTINUED)
HEALTH CARE PROVIDERS & SERVICES
-- 1.6%
2,392 Addus HomeCare Corp. (a) $ 225,661
2,415 Amedisys, Inc. (a) 426,223
2,009 BioTelemetry, Inc. (a) 98,280
734 Chemed Corp. 342,808
1,567 CorVel Corp. (a) 143,490
3,554 Ensign Group (The), Inc. 160,641
4,127 Guardant Health, Inc. (a) 313,817
4,354 HealthEquity, Inc. (a) 287,625
2,926 LHC Group, Inc. (a) 426,465
2,077 National Research Corp. 140,551
2,456 Premier, Inc., Class A (a) 85,395
17,918 R1 RCM, Inc. (a) 223,975
400 US Physical Therapy, Inc. 46,856
---------------
2,921,787
---------------
HEALTH CARE TECHNOLOGY -- 0.7%
3,420 HealthStream, Inc. (a) 87,381
9,886 Inovalon Holdings, Inc.,
Class A (a) 200,290
3,134 Inspire Medical Systems,
Inc. (a) 234,423
1,973 Omnicell, Inc. (a) 160,366
937 Tabula Rasa HealthCare, Inc. (a) 54,412
4,816 Teladoc Health, Inc. (a) 489,835
---------------
1,226,707
---------------
HOTELS, RESTAURANTS & LEISURE
-- 4.3%
2,215 Brinker International, Inc. 94,558
781 Chipotle Mexican Grill, Inc. (a) 676,939
3,118 Choice Hotels International,
Inc. 312,424
2,938 Churchill Downs, Inc. 424,188
2,296 Denny's Corp. (a) 46,999
2,228 Dine Brands Global, Inc. 189,937
2,225 Domino's Pizza, Inc. 626,894
6,759 Eldorado Resorts, Inc. (a) (b) 404,053
9,377 Hilton Grand Vacations, Inc. (a) 299,220
7,367 Hilton Worldwide Holdings, Inc. 794,163
585 Jack in the Box, Inc. 47,824
2,792 Lindblad Expeditions Holdings,
Inc. (a) 46,040
4,317 Marriott International, Inc.,
Class A 604,639
3,683 Papa John's International, Inc. 238,585
4,318 Planet Fitness, Inc.,
Class A (a) 348,851
8,684 Scientific Games Corp. (a) 215,711
7,334 SeaWorld Entertainment, Inc. (a) 252,730
766 Shake Shack, Inc., Class A (a) 51,667
5,429 Starbucks Corp. 460,542
14,520 Wendy's (The) Co. 314,648
935 Wingstop, Inc. 86,740
6,418 Wyndham Hotels & Resorts, Inc. 366,917
4,707 Wynn Resorts Ltd. 593,835
9,943 Yum China Holdings, Inc. 428,245
---------------
7,926,349
---------------
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
HOUSEHOLD DURABLES -- 1.8%
8,376 Garmin Ltd. $ 812,053
1,794 Helen of Troy Ltd. (a) 339,156
3,377 Installed Building Products,
Inc. (a) 250,337
1,938 LGI Homes, Inc. (a) 154,536
171 NVR, Inc. (a) 652,702
5,869 Skyline Champion Corp. (a) 168,734
4,630 Tempur Sealy International,
Inc. (a) 424,200
3,911 TopBuild Corp. (a) 447,849
---------------
3,249,567
---------------
HOUSEHOLD PRODUCTS -- 0.0%
479 WD-40 Co. 89,487
---------------
INDEPENDENT POWER AND
RENEWABLE ELECTRICITY
PRODUCERS -- 0.5%
4,057 NRG Energy, Inc. 149,663
3,246 Ormat Technologies, Inc. 257,278
15,716 TerraForm Power, Inc., Class A 284,303
14,218 Vistra Energy Corp. 320,189
---------------
1,011,433
---------------
INDUSTRIAL CONGLOMERATES -- 0.2%
2,491 Carlisle Cos., Inc. 389,169
---------------
INSURANCE -- 2.2%
691 AMERISAFE, Inc. 47,278
5,013 Arthur J. Gallagher & Co. 514,183
20,698 Brown & Brown, Inc. 929,340
1,513 Cincinnati Financial Corp. 158,789
2,421 eHealth, Inc. (a) 254,592
3,121 Kemper Corp. 232,265
1,830 Kinsale Capital Group, Inc. 209,023
5,867 Marsh & McLennan Cos., Inc. 656,283
1,853 Primerica, Inc. 219,692
2,198 Progressive (The) Corp. 177,357
1,645 RenaissanceRe Holdings Ltd. 311,629
896 RLI Corp. 83,337
6,209 Trupanion, Inc. (a) (b) 198,191
---------------
3,991,959
---------------
INTERACTIVE MEDIA & SERVICES
-- 2.4%
488 Alphabet, Inc., Class A (a) 699,197
5,388 ANGI Homeservices, Inc.,
Class A (a) (b) 43,266
4,583 Cargurus, Inc. (a) 163,384
3,981 Facebook, Inc., Class A (a) 803,804
2,624 IAC/InterActiveCorp (a) 639,180
4,910 Match Group, Inc. (a) (b) 384,060
40,031 Snap, Inc., Class A (a) 735,770
2,671 Yelp, Inc. (a) 87,074
17,787 Zillow Group, Inc., Class C (a) 821,937
---------------
4,377,672
---------------
INTERNET & DIRECT MARKETING
RETAIL -- 0.7%
259 Amazon.com, Inc. (a) 520,259
159 Booking Holdings, Inc. (a) 291,057
|
See Notes to Financial Statements Page 77
FIRST TRUST MULTI CAP GROWTH ALPHADEX(R) FUND (FAD)
PORTFOLIO OF INVESTMENTS (CONTINUED)
JANUARY 31, 2020 (UNAUDITED)
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
COMMON STOCKS (CONTINUED)
INTERNET & DIRECT MARKETING
RETAIL (CONTINUED)
13,886 Quotient Technology, Inc. (a) $ 139,832
9,063 Stitch Fix, Inc.,
Class A (a) (b) 207,543
892 Wayfair, Inc., Class A (a) 83,580
---------------
|
IT SERVICES -- 5.1%
3,105 Accenture PLC, Class A 637,177
3,784 Akamai Technologies, Inc. (a) 353,236
2,501 Black Knight, Inc. (a) 167,367
9,190 Booz Allen Hamilton Holding
Corp. 717,188
3,594 CSG Systems International, Inc. 179,053
3,852 EPAM Systems, Inc. (a) 878,795
1,023 Euronet Worldwide, Inc. (a) 161,266
2,733 EVERTEC, Inc. 91,747
2,679 ExlService Holdings, Inc. (a) 195,862
1,144 Fidelity National Information
Services, Inc. 164,347
4,128 Fiserv, Inc. (a) 489,622
1,136 FleetCor Technologies, Inc. (a) 358,101
2,121 Gartner, Inc. (a) 341,014
9,560 Genpact Ltd. 423,221
2,615 Global Payments, Inc. 511,102
2,189 Mastercard, Inc., Class A 691,593
1,838 MongoDB, Inc. (a) 301,267
8,325 NIC, Inc. 164,252
4,138 Okta, Inc. (a) 529,871
3,842 Paychex, Inc. 329,528
1,471 PayPal Holdings, Inc. (a) 167,532
5,049 Perficient, Inc. (a) 250,935
3,593 Sabre Corp. 77,393
2,348 TTEC Holdings, Inc. 93,262
2,541 Visa, Inc., Class A 505,583
15,053 Western Union (The) Co. 404,926
1,154 WEX, Inc. (a) 250,326
---------------
9,435,566
---------------
LEISURE PRODUCTS -- 0.2%
11,590 YETI Holdings, Inc. (a) 421,412
---------------
LIFE SCIENCES TOOLS & SERVICES
-- 2.6%
2,701 Accelerate Diagnostics,
Inc. (a) (b) 45,377
5,596 Agilent Technologies, Inc. 462,006
871 Bio-Rad Laboratories, Inc.,
Class A (a) 314,361
734 Bio-Techne Corp. 154,118
6,327 Bruker Corp. 312,997
2,111 Charles River Laboratories
International, Inc. (a) 326,318
2,115 IQVIA Holdings, Inc. (a) 328,354
4,796 Medpace Holdings, Inc. (a) 410,298
412 Mettler-Toledo International,
Inc. (a) 311,958
3,344 NanoString Technologies,
Inc. (a) 90,856
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
LIFE SCIENCES TOOLS & SERVICES
(CONTINUED)
7,951 NeoGenomics, Inc. (a) $ 256,261
3,366 PerkinElmer, Inc. 311,288
2,901 PRA Health Sciences, Inc. (a) 293,900
3,487 Repligen Corp. (a) 350,060
1,470 Thermo Fisher Scientific, Inc. 460,389
1,399 Waters Corp. (a) 313,082
---------------
4,741,623
---------------
MACHINERY -- 4.1%
1,853 Alamo Group, Inc. 230,810
601 Albany International Corp.,
Class A 41,932
3,337 Allison Transmission Holdings,
Inc. 147,495
4,427 Caterpillar, Inc. 581,486
677 Chart Industries, Inc. (a) 43,315
3,420 Columbus McKinnon Corp. 119,666
1,887 Deere & Co. 299,240
4,198 Donaldson Co., Inc. 217,666
4,228 Douglas Dynamics, Inc. 221,674
2,011 ESCO Technologies, Inc. 192,976
5,769 Federal Signal Corp. 185,531
3,240 Flowserve Corp. 151,243
2,083 Fortive Corp. 156,079
3,246 Franklin Electric Co., Inc. 187,262
8,792 Gardner Denver Holdings,
Inc. (a) 310,446
3,101 Graco, Inc. 164,818
4,024 Helios Technologies, Inc. 171,101
925 IDEX Corp. 151,561
3,640 Illinois Tool Works, Inc. 636,927
4,918 Ingersoll-Rand PLC 655,225
2,147 John Bean Technologies Corp. 242,590
2,208 Kadant, Inc. 235,373
2,786 Navistar International Corp. (a) 102,023
1,485 Nordson Corp. 250,757
4,571 SPX Corp. (a) 224,299
4,759 SPX FLOW, Inc. (a) 208,159
2,985 Tennant Co. 230,502
5,060 Toro (The) Co. 404,901
4,359 TriMas Corp. (a) 125,234
1,865 Watts Water Technologies, Inc.,
Class A 185,959
3,404 Woodward, Inc. 395,919
---------------
7,472,169
---------------
MEDIA -- 2.4%
29,888 Altice USA, Inc., Class A (a) 817,736
216 Cable One, Inc. 368,070
1,684 Charter Communications, Inc.,
Class A (a) 871,403
15,957 Clear Channel Outdoor
Holdings, Inc. (a) 43,563
3,796 Liberty Broadband Corp.,
Class C (a) 504,602
16,572 Liberty Latin America Ltd.,
Class C (a) 279,238
|
Page 78 See Notes to Financial Statements
FIRST TRUST MULTI CAP GROWTH ALPHADEX(R) FUND (FAD)
PORTFOLIO OF INVESTMENTS (CONTINUED)
JANUARY 31, 2020 (UNAUDITED)
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
COMMON STOCKS (CONTINUED)
MEDIA (CONTINUED)
5,346 MSG Networks, Inc., Class A (a) $ 81,313
7,518 New York Times (The) Co.,
Class A 240,651
2,750 Nexstar Media Group, Inc.,
Class A 333,162
4,836 Sinclair Broadcast Group, Inc.,
Class A 144,693
114,284 Sirius XM Holdings, Inc. 807,988
---------------
4,492,419
---------------
METALS & MINING -- 0.1%
9,598 Cleveland-Cliffs, Inc. (b) 67,378
660 Royal Gold, Inc. 76,111
---------------
143,489
---------------
MORTGAGE REAL ESTATE INVESTMENT
TRUSTS -- 0.8%
12,965 Arbor Realty Trust, Inc. 191,493
2,166 Blackstone Mortgage Trust, Inc.,
Class A 82,741
2,483 Granite Point Mortgage Trust,
Inc. 45,414
6,704 KKR Real Estate Finance Trust,
Inc. 141,119
2,529 Ladder Capital Corp. 46,407
7,325 New York Mortgage Trust, Inc. 46,514
8,347 PennyMac Mortgage Investment
Trust 194,068
8,278 Redwood Trust, Inc. 145,941
6,486 Starwood Property Trust, Inc. 166,431
4,589 TPG RE Finance Trust, Inc. 93,937
22,059 Two Harbors Investment Corp. 336,620
---------------
1,490,685
---------------
MULTILINE RETAIL -- 0.4%
4,191 Dollar General Corp. 642,941
1,235 Ollie's Bargain Outlet Holdings,
Inc. (a) 65,505
---------------
708,446
---------------
MULTI-UTILITIES -- 0.2%
1,026 Black Hills Corp. 85,189
1,505 Unitil Corp. 92,843
1,725 WEC Energy Group, Inc. 172,310
---------------
350,342
---------------
OIL, GAS & CONSUMABLE FUELS
-- 0.9%
2,606 Cheniere Energy, Inc. (a) 154,379
7,145 Hess Corp. 404,193
7,517 Kinder Morgan, Inc. 156,880
24,019 Kosmos Energy Ltd. 122,737
14,789 Magnolia Oil & Gas Corp.,
Class A (a) 155,580
10,007 Par Pacific Holdings, Inc. (a) 201,341
12,791 Parsley Energy, Inc., Class A 212,842
2,159 Pioneer Natural Resources Co. 291,465
---------------
1,699,417
---------------
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
PERSONAL PRODUCTS -- 0.5%
21,500 Coty, Inc., Class A $ 220,590
2,311 Estee Lauder (The) Cos., Inc.,
Class A 451,015
1,883 Inter Parfums, Inc. 130,134
1,249 Medifast, Inc. (b) 120,691
---------------
922,430
---------------
PHARMACEUTICALS -- 1.7%
3,849 Aerie Pharmaceuticals,
Inc. (a) (b) 78,827
4,822 Amphastar Pharmaceuticals,
Inc. (a) 91,184
740 ANI Pharmaceuticals, Inc. (a) 45,880
5,728 Catalent, Inc. (a) 349,981
3,772 Corcept Therapeutics, Inc. (a) 47,791
2,487 Eli Lilly & Co. 347,285
11,136 Horizon Therapeutics PLC (a) 384,081
6,569 Innoviva, Inc. (a) 90,685
5,248 Merck & Co., Inc. 448,389
1,878 MyoKardia, Inc. (a) 127,760
3,022 Pacira BioSciences, Inc. (a) 130,611
910 Reata Pharmaceuticals, Inc.,
Class A (a) 199,099
7,186 Theravance Biopharma, Inc. (a) 200,346
3,607 Zoetis, Inc. 484,095
1,784 Zogenix, Inc. (a) 89,860
---------------
3,115,874
---------------
PROFESSIONAL SERVICES -- 1.4%
798 CoStar Group, Inc. (a) 521,086
1,136 Equifax, Inc. 170,286
2,336 Exponent, Inc. 169,991
4,462 Forrester Research, Inc. (a) 184,593
3,643 FTI Consulting, Inc. (a) 437,379
3,384 Huron Consulting Group, Inc. (a) 219,317
7,636 TransUnion 700,221
1,425 TriNet Group, Inc. (a) 81,310
---------------
2,484,183
---------------
REAL ESTATE MANAGEMENT
& DEVELOPMENT -- 0.3%
1,907 Howard Hughes (The) Corp. (a) 232,044
11,001 Redfin Corp. (a) 267,654
4,691 St Joe (The) Co. (a) 98,558
---------------
598,256
---------------
ROAD & RAIL -- 1.2%
7,502 Avis Budget Group, Inc. (a) 246,066
8,693 Hertz Global Holdings, Inc. (a) 137,002
6,748 Knight-Swift Transportation
Holdings, Inc. 250,216
1,683 Norfolk Southern Corp. 350,417
4,305 Old Dominion Freight Line, Inc. 844,770
1,808 Union Pacific Corp. 324,391
---------------
2,152,862
---------------
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT -- 5.1%
17,818 Advanced Micro Devices,
Inc. (a) 837,446
|
See Notes to Financial Statements Page 79
FIRST TRUST MULTI CAP GROWTH ALPHADEX(R) FUND (FAD)
PORTFOLIO OF INVESTMENTS (CONTINUED)
JANUARY 31, 2020 (UNAUDITED)
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
COMMON STOCKS (CONTINUED)
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT (CONTINUED)
1,536 Ambarella, Inc. (a) $ 90,839
1,339 Analog Devices, Inc. 146,955
1,511 Broadcom, Inc. 461,097
5,764 Brooks Automation, Inc. 219,493
2,794 Cabot Microelectronics Corp. 406,555
4,126 Diodes, Inc. (a) 213,067
15,428 Enphase Energy, Inc. (a) 486,291
6,438 Entegris, Inc. 333,231
8,955 FormFactor, Inc. (a) 226,651
3,142 Inphi Corp. (a) 238,666
4,586 KLA Corp. 760,084
7,153 Lattice Semiconductor Corp. (a) 133,046
8,743 MACOM Technology Solutions
Holdings, Inc. (a) 248,476
12,306 Marvell Technology Group Ltd. 295,836
7,803 Microchip Technology, Inc. 760,636
1,811 Monolithic Power Systems, Inc. 309,989
2,778 NVIDIA Corp. 656,803
1,385 Power Integrations, Inc. 135,273
9,261 QUALCOMM, Inc. 790,056
1,525 Semtech Corp. (a) 73,490
5,851 SunPower Corp. (a) (b) 49,850
11,983 Teradyne, Inc. 790,758
3,966 Universal Display Corp. 698,690
2,467 Xperi Corp. 39,694
---------------
9,402,972
---------------
SOFTWARE -- 11.5%
8,513 ACI Worldwide, Inc. (a) 293,273
1,982 Adobe, Inc. (a) 695,959
806 Alteryx, Inc., Class A (a) 112,413
6,154 Anaplan, Inc. (a) 354,409
3,174 ANSYS, Inc. (a) 870,723
1,692 Appfolio, Inc., Class A (a) 222,396
1,195 Appian Corp. (a) (b) 60,993
667 Aspen Technology, Inc. (a) 79,360
3,563 Autodesk, Inc. (a) 701,377
3,302 Avalara, Inc. (a) 281,132
1,805 Blackline, Inc. (a) 110,412
2,555 Bottomline Technologies DE,
Inc. (a) 136,948
2,719 Box, Inc., Class A (a) 40,867
4,713 Cadence Design Systems,
Inc. (a) 339,854
4,751 Ceridian HCM Holding, Inc. (a) 348,201
11,772 Cloudera, Inc. (a) 121,134
2,205 Coupa Software, Inc. (a) 355,336
5,439 DocuSign, Inc. (a) 427,016
3,474 Envestnet, Inc. (a) 273,994
3,098 Everbridge, Inc. (a) 280,803
2,181 Fair Isaac Corp. (a) 877,591
9,754 FireEye, Inc. (a) 155,869
6,147 Five9, Inc. (a) 440,924
1,391 ForeScout Technologies, Inc. (a) 39,657
7,654 Fortinet, Inc. (a) 882,965
508 HubSpot, Inc. (a) 91,917
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
SOFTWARE (CONTINUED)
2,581 j2 Global, Inc. $ 247,415
5,028 LivePerson, Inc. (a) 206,198
3,032 Manhattan Associates, Inc. (a) 259,115
3,027 Microsoft Corp. 515,286
5,575 Mimecast Ltd. (a) 284,492
18,706 NortonLifeLock, Inc. 531,624
18,087 Nuance Communications,
Inc. (a) 342,206
5,158 Nutanix, Inc., Class A (a) 167,480
2,827 Palo Alto Networks, Inc. (a) 663,723
3,086 Paycom Software, Inc. (a) 981,842
3,337 Paylocity Holding Corp. (a) 473,487
3,036 Pegasystems, Inc. 261,734
1,099 Progress Software Corp. 49,598
702 Proofpoint, Inc. (a) 86,213
2,691 PROS Holdings, Inc. (a) 161,460
2,984 Q2 Holdings, Inc. (a) 260,175
967 Qualys, Inc. (a) 82,911
5,757 Rapid7, Inc. (a) 341,851
4,845 RingCentral, Inc., Class A (a) 996,035
5,802 SailPoint Technologies Holding,
Inc. (a) 145,572
978 salesforce.com, Inc. (a) 178,299
1,691 ServiceNow, Inc. (a) 571,947
7,179 Smartsheet, Inc., Class A (a) 348,038
5,456 Splunk, Inc. (a) 847,099
2,470 SPS Commerce, Inc. (a) 140,370
13,308 SS&C Technologies Holdings,
Inc. 838,537
7,661 SVMK, Inc. (a) 135,217
3,429 Synopsys, Inc. (a) 505,812
1,904 Tenable Holdings, Inc. (a) 51,884
3,145 Trade Desk (The), Inc.,
Class A (a) 846,571
1,075 Tyler Technologies, Inc. (a) 347,956
2,606 Upland Software, Inc. (a) 101,738
2,394 Varonis Systems, Inc. (a) 200,282
4,369 Verint Systems, Inc. (a) 253,402
1,053 Zendesk, Inc. (a) 90,979
---------------
21,112,071
---------------
SPECIALTY RETAIL -- 2.6%
2,824 Aaron's, Inc. 167,633
685 AutoZone, Inc. (a) 724,703
5,223 Boot Barn Holdings, Inc. (a) 219,209
3,584 Burlington Stores, Inc. (a) 779,412
4,379 Carvana Co. (a) 347,036
1,892 Five Below, Inc. (a) 214,212
7,934 Floor & Decor Holdings, Inc.,
Class A (a) 391,226
1,497 Home Depot (The), Inc. 341,466
1,491 O'Reilly Automotive, Inc. (a) 605,495
6,452 Rent-A-Center, Inc. 187,947
1,090 RH (a) 227,537
4,724 Sleep Number Corp. (a) 243,711
1,703 Tractor Supply Co. 158,294
629 Ulta Beauty, Inc. (a) 168,515
---------------
4,776,396
---------------
|
Page 80 See Notes to Financial Statements
FIRST TRUST MULTI CAP GROWTH ALPHADEX(R) FUND (FAD)
PORTFOLIO OF INVESTMENTS (CONTINUED)
JANUARY 31, 2020 (UNAUDITED)
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
COMMON STOCKS (CONTINUED)
TECHNOLOGY HARDWARE, STORAGE
& PERIPHERALS -- 0.5%
9,289 Dell Technologies, Inc.,
Class C (a) $ 453,024
17,619 Diebold Nixdorf, Inc. (a) 202,795
14,136 Pure Storage, Inc., Class A (a) 251,621
---------------
907,440
---------------
TEXTILES, APPAREL & LUXURY GOODS
-- 0.4%
2,414 Columbia Sportswear Co. 226,723
5,552 Crocs, Inc. (a) 210,476
1,433 Deckers Outdoor Corp. (a) 273,574
---------------
710,773
---------------
THRIFTS & MORTGAGE FINANCE
-- 0.9%
8,082 Columbia Financial, Inc. (a) 135,535
6,203 Essent Group Ltd. 307,731
6,727 Kearny Financial Corp. 83,079
532 LendingTree, Inc. (a) 165,559
9,261 Meridian Bancorp, Inc. 166,605
6,370 Meta Financial Group, Inc. 237,091
7,009 NMI Holdings, Inc., Class A (a) 223,727
12,818 Radian Group, Inc. 313,913
---------------
1,633,240
---------------
TOBACCO -- 0.3%
3,841 Philip Morris International,
Inc. 317,651
17,368 Vector Group Ltd. 228,215
---------------
545,866
---------------
TRADING COMPANIES
& DISTRIBUTORS -- 0.6%
17,692 Fastenal Co. 617,097
6,957 H&E Equipment Services, Inc. 188,604
5,785 Triton International Ltd. 217,227
---------------
1,022,928
---------------
WATER UTILITIES -- 0.3%
1,861 American States Water Co. 164,810
1,295 American Water Works Co., Inc. 176,379
1,717 Aqua America, Inc. (a) 89,181
885 California Water Service Group 46,516
1,309 SJW Group 96,015
---------------
572,901
---------------
WIRELESS TELECOMMUNICATION
SERVICES -- 0.1%
3,290 Shenandoah
Telecommunications Co. 132,752
---------------
TOTAL COMMON STOCKS
-- 100.0% 183,227,349
(Cost $158,562,890) ---------------
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
MONEY MARKET FUNDS -- 0.4%
356,883 Goldman Sachs Financial Square
Treasury Obligations Fund -
Institutional Class -
1.46% (c) (d) $ 356,883
433,189 Morgan Stanley Institutional
Liquidity Funds - Treasury
Portfolio - Institutional
Class - 1.45% (c) 433,189
---------------
TOTAL MONEY MARKET FUNDS
-- 0.4% 790,072
(Cost $790,072) ---------------
PRINCIPAL
VALUE DESCRIPTION VALUE
---------------------------------------------------------------
REPURCHASE AGREEMENTS -- 0.9%
$ 1,645,447 BNP Paribas S.A., 1.56% (c),
dated 01/31/20, due 02/03/20,
with a maturity value of
$1,645,660. Collateralized by
U.S. Treasury Note, interest
rate of 2.125%, due 08/15/21.
The value of the collateral
including accrued interest is
$1,680,146. (d) 1,645,447
(Cost $1,645,447) ---------------
TOTAL INVESTMENTS -- 101.3% 185,662,868
(Cost $160,998,409) (e)
NET OTHER ASSETS AND
LIABILITIES -- (1.3)% (2,347,917)
---------------
NET ASSETS -- 100.0% $ 183,314,951
===============
|
(a) Non-income producing security.
(b) All or a portion of this security is on loan (see Note 2D - Securities Lending in the Notes to Financial Statements). The aggregate value of such securities is $1,917,250 and the total value of the collateral held by the Fund is $2,002,330.
(c) Rate shown reflects yield as of January 31, 2020.
(d) This security serves as collateral for securities on loan.
(e) Aggregate cost for financial reporting purposes approximates the aggregate cost for federal income tax purposes. As of January 31, 2020, the aggregate gross unrealized appreciation for all investments in which there was an excess of value over tax cost was $27,026,799 and the aggregate gross unrealized depreciation for all investments in which there was an excess of tax cost over value was $2,362,340. The net unrealized appreciation was $24,664,459.
See Notes to Financial Statements Page 81
FIRST TRUST MULTI CAP GROWTH ALPHADEX(R) FUND (FAD)
PORTFOLIO OF INVESTMENTS (CONTINUED)
JANUARY 31, 2020 (UNAUDITED)
VALUATION INPUTS
A summary of the inputs used to value the Fund's investments as of January 31, 2020 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
LEVEL 2 LEVEL 3
LEVEL 1 SIGNIFICANT SIGNIFICANT
QUOTED OBSERVABLE UNOBSERVABLE
PRICES INPUTS INPUTS
---------------------------------------------
Common Stocks* $ 183,227,349 $ -- $ --
Money Market
Funds 790,072 -- --
Repurchase
Agreements -- 1,645,447 --
---------------------------------------------
Total Investments $ 184,017,421 $ 1,645,447 $ --
=============================================
|
* See Portfolio of Investments for industry breakout.
The Fund's loaned securities were all subject to an enforceable Securities Lending Agency Agreement. Securities lent in accordance with the Securities Lending Agency Agreement on a gross basis were as follows:
Total gross amount presented on the
Statements of Assets and Liabilities(1) $ 1,917,250
Non-cash Collateral(2) (1,917,250)
---------------
Net Amount $ --
===============
|
(1) The amount presented on the Statements of Assets and Liabilities, which is included in "Investments, at value", is not offset and is shown on a gross basis.
(2) At January 31, 2020, the value of the collateral received from each borrower exceeded the value of the related securities loaned. This amount is disclosed on the Portfolio of Investments.
The Fund's investments in repurchase agreements were all subject to an enforceable Master Repurchase Agreement. Repurchase Agreements on a gross basis were as follows:
Total gross amount presented on the
Statements of Assets and Liabilities(3) $ 1,645,447
Non-cash Collateral(4) (1,645,447)
---------------
Net Amount $ --
===============
(3) The amount is included in "Investments, at value" on the Statements of
Assets and Liabilities.
|
(4) At January 31, 2020, the value of the collateral received from each seller exceeded the value of the repurchase agreements.
Page 82 See Notes to Financial Statements
FIRST TRUST MID CAP VALUE ALPHADEX(R) FUND (FNK)
PORTFOLIO OF INVESTMENTS
JANUARY 31, 2020 (UNAUDITED)
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
COMMON STOCKS -- 99.9%
AEROSPACE & DEFENSE -- 0.8%
569 Curtiss-Wright Corp. $ 82,750
319 Huntington Ingalls Industries,
Inc. 83,259
3,301 Spirit AeroSystems Holdings,
Inc., Class A 215,621
---------------
381,630
---------------
AIR FREIGHT & LOGISTICS -- 0.5%
3,018 XPO Logistics, Inc. (a) 268,361
---------------
AIRLINES -- 2.9%
4,734 Alaska Air Group, Inc. 305,769
21,419 JetBlue Airways Corp. (a) 424,739
6,204 SkyWest, Inc. 342,275
9,946 Spirit Airlines, Inc. (a) 408,482
---------------
1,481,265
---------------
AUTO COMPONENTS -- 2.0%
9,243 BorgWarner, Inc. 316,943
25,777 Goodyear Tire & Rubber
(The) Co. 338,452
2,923 Lear Corp. 360,055
---------------
1,015,450
---------------
AUTOMOBILES -- 0.6%
4,312 Harley-Davidson, Inc. 144,021
2,159 Thor Industries, Inc. 173,842
---------------
317,863
---------------
BANKS -- 13.3%
1,885 Ameris Bancorp 75,758
14,554 Associated Banc-Corp. 290,061
2,136 Atlantic Union Bankshares
Corp. 71,962
2,553 BancorpSouth Bank 72,939
13,144 Bank OZK 357,254
6,581 BankUnited, Inc. 217,173
2,752 BOK Financial Corp. 217,133
6,322 Cathay General Bancorp 227,971
6,421 CenterState Bank Corp. 144,858
8,787 CIT Group, Inc. 401,654
3,943 Columbia Banking System, Inc. 152,594
821 Cullen/Frost Bankers, Inc. 73,200
4,939 East West Bancorp, Inc. 226,404
25,257 F.N.B. Corp. 294,749
301 First Citizens BancShares, Inc.,
Class A 158,573
5,560 First Hawaiian, Inc. 161,574
14,528 First Horizon National Corp. 232,448
9,201 Fulton Financial Corp. 151,540
5,482 Hancock Whitney Corp. 217,855
12,237 Home BancShares, Inc. 233,971
6,731 Investors Bancorp, Inc. 81,344
13,154 Old National Bancorp 235,588
10,478 PacWest Bancorp 367,254
9,491 People's United Financial, Inc. 146,351
5,460 Popular, Inc. 305,542
1,848 South State Corp. 139,727
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
BANKS (CONTINUED)
6,136 Synovus Financial Corp. $ 214,883
1,168 UMB Financial Corp. 77,625
18,123 Umpqua Holdings Corp. 306,279
4,149 United Bankshares, Inc. 142,311
14,007 Valley National Bancorp 147,494
3,006 Webster Financial Corp. 134,849
1,407 Western Alliance Bancorp 77,709
3,393 Wintrust Financial Corp. 214,709
4,635 Zions Bancorp N.A. 210,846
---------------
6,782,182
---------------
BUILDING PRODUCTS -- 1.0%
1,683 A.O. Smith Corp. 71,847
6,158 Owens Corning 372,498
1,000 Simpson Manufacturing Co.,
Inc. 82,670
---------------
527,015
---------------
CAPITAL MARKETS -- 2.4%
3,436 Eaton Vance Corp. 157,197
4,291 Evercore, Inc., Class A 328,777
17,840 Invesco Ltd. 308,632
2,007 Lazard Ltd., Class A 84,214
5,289 Stifel Financial Corp. 342,145
---------------
1,220,965
---------------
CHEMICALS -- 4.3%
4,392 Albemarle Corp. 352,590
5,239 Ashland Global Holdings, Inc. 387,581
17,732 Chemours (The) Co. 245,943
13,276 Huntsman Corp. 272,954
330 NewMarket Corp. 145,075
23,244 Olin Corp. 345,638
1,214 Sensient Technologies Corp. 72,536
3,745 Valvoline, Inc. 78,945
4,573 Westlake Chemical Corp. 279,868
---------------
2,181,130
---------------
COMMERCIAL SERVICES & SUPPLIES
-- 1.2%
638 Cimpress PLC (a) (b) 76,324
14,720 KAR Auction Services, Inc. 309,414
1,190 UniFirst Corp. 242,677
---------------
628,415
---------------
COMMUNICATIONS EQUIPMENT
-- 0.4%
575 F5 Networks, Inc. (a) 70,219
6,512 Juniper Networks, Inc. 149,385
---------------
219,604
---------------
CONSTRUCTION & ENGINEERING
-- 1.6%
2,788 EMCOR Group, Inc. 229,090
3,750 MasTec, Inc. (a) 216,562
7,879 Quanta Services, Inc. 308,463
535 Valmont Industries, Inc. 76,002
---------------
830,117
---------------
|
See Notes to Financial Statements Page 83
FIRST TRUST MID CAP VALUE ALPHADEX(R) FUND (FNK)
PORTFOLIO OF INVESTMENTS (CONTINUED)
JANUARY 31, 2020 (UNAUDITED)
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
COMMON STOCKS (CONTINUED)
CONSUMER FINANCE -- 2.3%
23,447 Navient Corp. $ 337,168
17,157 Santander Consumer USA
Holdings, Inc. 456,719
36,001 SLM Corp. 393,131
---------------
1,187,018
---------------
CONTAINERS & PACKAGING -- 2.7%
5,066 Berry Global Group, Inc. (a) 215,406
14,448 Graphic Packaging Holding Co. 225,822
2,865 Packaging Corp. of America 274,324
5,160 Silgan Holdings, Inc. 159,238
2,598 Sonoco Products Co. 148,450
9,345 WestRock Co. 364,455
---------------
1,387,695
---------------
DISTRIBUTORS -- 0.2%
2,246 LKQ Corp. (a) 73,411
---------------
DIVERSIFIED CONSUMER SERVICES
-- 1.3%
627 Graham Holdings Co., Class B 344,361
13,662 H&R Block, Inc. 316,958
---------------
661,319
---------------
DIVERSIFIED FINANCIAL SERVICES
-- 0.8%
11,258 Jefferies Financial Group, Inc. 243,623
2,629 Voya Financial, Inc. 157,030
---------------
400,653
---------------
ELECTRIC UTILITIES -- 1.3%
2,963 ALLETE, Inc. 247,351
1,711 Hawaiian Electric Industries,
Inc. 83,685
751 IDACORP, Inc. 84,255
4,312 Portland General Electric Co. 265,188
---------------
680,479
---------------
ELECTRICAL EQUIPMENT -- 1.6%
1,744 Acuity Brands, Inc. 205,565
3,215 EnerSys 231,351
4,684 Regal Beloit Corp. 367,507
---------------
804,423
---------------
ELECTRONIC EQUIPMENT,
INSTRUMENTS & COMPONENTS
-- 2.0%
7,558 Avnet, Inc. 275,792
1,165 Dolby Laboratories, Inc.,
Class A 80,781
1,541 FLIR Systems, Inc. 79,423
554 IPG Photonics Corp. (a) 70,729
3,881 Jabil, Inc. 150,932
2,490 SYNNEX Corp. 343,022
---------------
1,000,679
---------------
ENERGY EQUIPMENT & SERVICES
-- 0.3%
3,530 Helmerich & Payne, Inc. 143,141
---------------
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
ENTERTAINMENT -- 0.4%
7,107 Cinemark Holdings, Inc. $ 223,942
---------------
EQUITY REAL ESTATE INVESTMENT
TRUSTS -- 5.0%
24,675 Apple Hospitality REIT, Inc. 370,619
7,423 Brixmor Property Group, Inc. 148,163
12,213 Equity Commonwealth 400,464
1,639 Highwoods Properties, Inc. 82,130
8,936 Macerich (The) Co. (b) 199,362
11,522 Paramount Group, Inc. 161,999
9,299 Park Hotels & Resorts, Inc. 204,020
2,991 Pebblebrook Hotel Trust 70,947
18,103 RLJ Lodging Trust 281,683
13,185 Service Properties Trust 284,532
873 SL Green Realty Corp. 80,351
23,044 Sunstone Hotel Investors, Inc. 292,198
---------------
2,576,468
---------------
FOOD & STAPLES RETAILING -- 0.6%
7,053 BJ's Wholesale Club Holdings,
Inc. (a) 144,727
3,828 US Foods Holding Corp. (a) 153,771
---------------
298,498
---------------
FOOD PRODUCTS -- 1.0%
5,712 Darling Ingredients, Inc. (a) 154,967
3,689 Flowers Foods, Inc. 79,424
2,589 Ingredion, Inc. 227,832
2,451 Pilgrim's Pride Corp. (a) 63,848
---------------
526,071
---------------
GAS UTILITIES -- 0.9%
6,892 National Fuel Gas Co. 297,666
1,926 Spire, Inc. 162,400
---------------
460,066
---------------
HEALTH CARE PROVIDERS & SERVICES
-- 0.6%
1,157 Encompass Health Corp. 89,124
1,773 Molina Healthcare, Inc. (a) 218,026
---------------
307,150
---------------
HOTELS, RESTAURANTS & LEISURE
-- 2.0%
1,847 Aramark 81,527
8,035 Boyd Gaming Corp. 239,845
1,565 Cracker Barrel Old Country
Store, Inc. 239,335
2,682 Hyatt Hotels Corp., Class A 226,736
1,425 Texas Roadhouse, Inc. 89,063
3,104 Wyndham Destinations, Inc. 150,637
---------------
1,027,143
---------------
HOUSEHOLD DURABLES -- 3.1%
1,577 Leggett & Platt, Inc. 75,049
2,940 Mohawk Industries, Inc. (a) 387,139
8,266 PulteGroup, Inc. 369,077
10,149 Toll Brothers, Inc. 450,210
2,175 Whirlpool Corp. 317,920
---------------
1,599,395
---------------
|
Page 84 See Notes to Financial Statements
FIRST TRUST MID CAP VALUE ALPHADEX(R) FUND (FNK)
PORTFOLIO OF INVESTMENTS (CONTINUED)
JANUARY 31, 2020 (UNAUDITED)
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
COMMON STOCKS (CONTINUED)
INSURANCE -- 8.1%
732 American Financial Group, Inc. $ 79,634
2,725 American National Insurance
Co. 300,186
6,544 Assured Guaranty Ltd. 299,977
8,526 Athene Holding Ltd., Class A (a) 371,393
10,220 Brighthouse Financial, Inc. (a) 397,558
1,938 Enstar Group Ltd. (a) 378,472
5,501 First American Financial Corp. 340,952
586 Hanover Insurance Group (The),
Inc. 81,208
6,583 Mercury General Corp. 323,160
18,143 National General Holdings Corp. 394,973
14,339 Old Republic International Corp. 323,344
2,460 Selective Insurance Group, Inc. 162,975
13,751 Unum Group 367,014
287 White Mountains Insurance
Group Ltd. 320,642
---------------
4,141,488
---------------
INTERACTIVE MEDIA & SERVICES
-- 0.2%
2,640 TripAdvisor, Inc. 72,125
---------------
INTERNET & DIRECT MARKETING
RETAIL -- 0.3%
19,026 Qurate Retail, Inc.,
Series A (a) 162,292
---------------
IT SERVICES -- 1.5%
320 CACI International, Inc.,
Class A (a) 85,581
8,341 LiveRamp Holdings, Inc. (a) 335,642
2,156 MAXIMUS, Inc. 154,693
6,066 Perspecta, Inc. 170,272
---------------
746,188
---------------
LEISURE PRODUCTS -- 0.3%
1,576 Polaris, Inc. 144,740
---------------
MACHINERY -- 3.1%
3,114 AGCO Corp. 218,416
2,785 Crane Co. 238,006
1,085 ITT, Inc. 72,782
828 Lincoln Electric Holdings, Inc. 73,841
3,389 Oshkosh Corp. 291,590
4,917 Rexnord Corp. (a) 160,540
1,421 Snap-on, Inc. 226,834
5,696 Timken (The) Co. 299,211
---------------
1,581,220
---------------
MARINE -- 0.1%
895 Kirby Corp. (a) 65,595
---------------
MEDIA -- 1.6%
9,044 DISH Network Corp.,
Class A (a) 332,457
6,944 Interpublic Group of Cos. (The),
Inc. 157,629
19,218 TEGNA, Inc. 324,784
---------------
814,870
---------------
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
METALS & MINING -- 1.4%
3,347 Reliance Steel & Aluminum Co. $ 384,235
11,778 Steel Dynamics, Inc. 351,927
---------------
736,162
---------------
MORTGAGE REAL ESTATE INVESTMENT
TRUSTS -- 1.4%
13,154 Apollo Commercial Real Estate
Finance, Inc. 240,455
3,900 Chimera Investment Corp. 82,680
41,930 MFA Financial, Inc. 327,054
4,978 New Residential Investment
Corp. 83,332
---------------
733,521
---------------
MULTILINE RETAIL -- 1.8%
7,870 Kohl's Corp. 336,442
23,586 Macy's, Inc. 376,197
5,878 Nordstrom, Inc. 216,663
---------------
929,302
---------------
MULTI-UTILITIES -- 1.6%
6,671 Avista Corp. 339,221
8,097 MDU Resources Group, Inc. 239,752
3,357 NorthWestern Corp. 258,388
---------------
837,361
---------------
OIL, GAS & CONSUMABLE FUELS
-- 4.9%
9,402 Apache Corp. 257,991
485,658 Chesapeake Energy Corp. (a) 248,560
7,638 Cimarex Energy Co. 335,232
11,957 Delek US Holdings, Inc. 328,339
36,786 EQT Corp. 222,555
7,906 HollyFrontier Corp. 355,137
14,961 Murphy Oil Corp. 313,583
2,557 PBF Energy, Inc., Class A 69,806
29,181 WPX Energy, Inc. (a) 348,713
---------------
2,479,916
---------------
PHARMACEUTICALS -- 1.1%
2,148 Jazz Pharmaceuticals PLC (a) 307,916
4,657 Perrigo Co. PLC 265,635
---------------
573,551
---------------
PROFESSIONAL SERVICES -- 1.0%
2,261 ASGN, Inc. (a) 153,047
2,477 ManpowerGroup, Inc. 226,621
2,539 Robert Half International, Inc. 147,693
---------------
527,361
---------------
REAL ESTATE MANAGEMENT
& DEVELOPMENT -- 0.3%
921 Jones Lang LaSalle, Inc. 156,404
---------------
ROAD & RAIL -- 1.3%
854 AMERCO 317,065
717 Landstar System, Inc. 79,408
5,906 Ryder System, Inc. 281,834
---------------
678,307
---------------
|
See Notes to Financial Statements Page 85
FIRST TRUST MID CAP VALUE ALPHADEX(R) FUND (FNK)
PORTFOLIO OF INVESTMENTS (CONTINUED)
JANUARY 31, 2020 (UNAUDITED)
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
COMMON STOCKS (CONTINUED)
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT -- 0.3%
6,579 ON Semiconductor Corp. (a) $ 152,304
---------------
SPECIALTY RETAIL -- 5.0%
27,277 American Eagle Outfitters, Inc. 392,789
6,596 AutoNation, Inc. (a) 279,934
10,283 Foot Locker, Inc. 390,446
22,679 Gap (The), Inc. 394,841
8,851 L Brands, Inc. 204,989
1,636 Lithia Motors, Inc., Class A 221,907
1,370 Murphy USA, Inc. (a) 139,973
6,387 Penske Automotive Group, Inc. 299,997
3,276 Williams-Sonoma, Inc. 229,582
---------------
2,554,458
---------------
TECHNOLOGY HARDWARE, STORAGE
& PERIPHERALS -- 0.8%
10,876 Xerox Holdings Corp. 386,859
---------------
TEXTILES, APPAREL & LUXURY GOODS
-- 2.1%
734 Carter's, Inc. 77,855
21,601 Hanesbrands, Inc. 297,230
3,813 PVH Corp. 332,379
1,367 Ralph Lauren Corp. 155,155
3,713 Skechers U.S.A., Inc.,
Class A (a) 138,829
1,865 Steven Madden Ltd. 71,914
---------------
1,073,362
---------------
THRIFTS & MORTGAGE FINANCE
-- 1.4%
28,297 MGIC Investment Corp. 390,216
13,343 New York Community Bancorp,
Inc. 147,573
4,376 Washington Federal, Inc. 148,784
---------------
686,573
---------------
TRADING COMPANIES
& DISTRIBUTORS -- 2.0%
8,438 Air Lease Corp. 362,328
3,872 GATX Corp. 294,775
3,988 HD Supply Holdings, Inc. (a) 162,471
3,280 MSC Industrial Direct Co., Inc.,
Class A 223,270
---------------
1,042,844
---------------
TRANSPORTATION INFRASTRUCTURE
-- 0.5%
5,616 Macquarie Infrastructure Corp. 247,722
---------------
WIRELESS TELECOMMUNICATION
SERVICES -- 0.7%
15,766 Telephone & Data Systems, Inc. 357,573
---------------
TOTAL COMMON STOCKS
-- 99.9% 51,093,646
(Cost $52,013,034) ---------------
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
MONEY MARKET FUNDS -- 0.1%
46,506 Goldman Sachs Financial Square
Treasury Obligations Fund -
Institutional Class -
1.46% (c) (d) $ 46,506
(Cost $46,506) ---------------
PRINCIPAL
VALUE DESCRIPTION VALUE
---------------------------------------------------------------
REPURCHASE AGREEMENTS -- 0.4%
$ 214,423 BNP Paribas S.A., 1.56% (c),
dated 01/31/20, due 02/03/20,
with a maturity value of
$214,450. Collateralized by
U.S. Treasury Note, interest
rate of 2.125%, due 08/15/21.
The value of the collateral
including accrued interest
is $218,944. (d) 214,423
(Cost $214,423) ---------------
TOTAL INVESTMENTS -- 100.4% 51,354,575
(Cost $52,273,963) (e)
NET OTHER ASSETS AND
LIABILITIES -- (0.4)% (214,665)
---------------
NET ASSETS -- 100.0% $ 51,139,910
===============
|
(a) Non-income producing security.
(b) All or a portion of this security is on loan (see Note 2D - Securities Lending in the Notes to Financial Statements). The aggregate value of such securities is $247,586 and the total value of the collateral held by the Fund is $260,929.
(c) Rate shown reflects yield as of January 31, 2020.
(d) This security serves as collateral for securities on loan.
(e) Aggregate cost for financial reporting purposes approximates the aggregate cost for federal income tax purposes. As of January 31, 2020, the aggregate gross unrealized appreciation for all investments in which there was an excess of value over tax cost was $3,395,554 and the aggregate gross unrealized depreciation for all investments in which there was an excess of tax cost over value was $4,314,942. The net unrealized depreciation was $919,388.
Page 86 See Notes to Financial Statements
FIRST TRUST MID CAP VALUE ALPHADEX(R) FUND (FNK)
PORTFOLIO OF INVESTMENTS (CONTINUED)
JANUARY 31, 2020 (UNAUDITED)
VALUATION INPUTS
A summary of the inputs used to value the Fund's investments as of January 31, 2020 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
LEVEL 2 LEVEL 3
LEVEL 1 SIGNIFICANT SIGNIFICANT
QUOTED OBSERVABLE UNOBSERVABLE
PRICES INPUTS INPUTS
---------------------------------------------
Common Stocks* $ 51,093,646 $ -- $ --
Money Market
Funds 46,506 -- --
Repurchase
Agreements -- 214,423 --
---------------------------------------------
Total Investments $ 51,140,152 $ 214,423 $ --
=============================================
|
* See Portfolio of Investments for industry breakout.
The Fund's loaned securities were all subject to an enforceable Securities Lending Agency Agreement. Securities lent in accordance with the Securities Lending Agency Agreement on a gross basis were as follows:
Total gross amount presented on the
Statements of Assets and Liabilities(1) $ 247,586
Non-cash Collateral(2) (247,586)
---------------
Net Amount $ --
===============
|
(1) The amount presented on the Statements of Assets and Liabilities, which is included in "Investments, at value", is not offset and is shown on a gross basis.
(2) At January 31, 2020, the value of the collateral received from each borrower exceeded the value of the related securities loaned. This amount is disclosed on the Portfolio of Investments.
The Fund's investments in repurchase agreements were all subject to an enforceable Master Repurchase Agreement. Repurchase Agreements on a gross basis were as follows:
Total gross amount presented on the
Statements of Assets and Liabilities(3) $ 214,423
Non-cash Collateral(4) (214,423)
---------------
Net Amount $ --
===============
(3) The amount is included in "Investments, at value" on the Statements of
Assets and Liabilities.
|
(4) At January 31, 2020, the value of the collateral received from each seller exceeded the value of the repurchase agreements.
See Notes to Financial Statements Page 87
FIRST TRUST MID CAP GROWTH ALPHADEX(R) FUND (FNY)
PORTFOLIO OF INVESTMENTS
JANUARY 31, 2020 (UNAUDITED)
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
COMMON STOCKS -- 99.9%
AEROSPACE & DEFENSE -- 1.2%
10,319 Aerojet Rocketdyne Holdings,
Inc. (a) $ 537,310
32,148 Axon Enterprise, Inc. (a) 2,469,288
6,427 Hexcel Corp. 477,012
6,818 Mercury Systems, Inc. (a) 523,282
---------------
4,006,892
---------------
AUTO COMPONENTS -- 0.9%
13,545 Fox Factory Holding Corp. (a) 891,532
65,033 Gentex Corp. 1,936,032
---------------
2,827,564
---------------
BANKS -- 3.2%
19,805 Bank of Hawaii Corp. 1,774,528
13,283 Community Bank System, Inc. 880,264
43,666 CVB Financial Corp. 906,943
26,847 First Financial Bankshares, Inc. 899,912
20,490 Glacier Bancorp, Inc. 868,161
29,448 Pinnacle Financial Partners,
Inc. 1,739,199
13,796 Signature Bank 1,957,514
67,053 Sterling Bancorp 1,341,060
---------------
10,367,581
---------------
BEVERAGES -- 0.4%
3,741 Boston Beer (The) Co., Inc.,
Class A (a) 1,333,218
---------------
BIOTECHNOLOGY -- 5.7%
55,068 ACADIA Pharmaceuticals,
Inc. (a) 2,199,416
19,735 Agios Pharmaceuticals, Inc. (a) 961,687
20,455 Alnylam Pharmaceuticals,
Inc. (a) 2,348,030
48,374 Amicus Therapeutics, Inc. (a) 427,626
20,747 Arena Pharmaceuticals, Inc. (a) 947,930
37,140 Arrowhead Pharmaceuticals,
Inc. (a) 1,556,537
38,680 CRISPR Therapeutics AG (a) 2,009,426
21,971 FibroGen, Inc. (a) 919,486
66,800 Immunomedics, Inc. (a) 1,240,476
7,799 Ionis Pharmaceuticals, Inc. (a) 454,838
10,969 Mirati Therapeutics, Inc. (a) 952,438
48,176 Moderna, Inc. (a) 988,090
21,917 Neurocrine Biosciences, Inc. (a) 2,193,453
19,620 PTC Therapeutics, Inc. (a) 1,010,430
---------------
18,209,863
---------------
BUILDING PRODUCTS -- 0.8%
10,028 Armstrong World Industries, Inc. 1,006,109
15,726 Trex Co., Inc. (a) 1,544,922
---------------
2,551,031
---------------
CAPITAL MARKETS -- 2.5%
66,008 Ares Management Corp.,
Class A 2,380,248
28,914 Federated Investors, Inc.,
Class B 1,047,554
25,537 LPL Financial Holdings, Inc. 2,352,724
6,228 Morningstar, Inc. 977,111
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
CAPITAL MARKETS (CONTINUED)
21,587 SEI Investments Co. $ 1,408,768
---------------
8,166,405
---------------
CHEMICALS -- 1.4%
30,998 Axalta Coating Systems Ltd. (a) 893,053
4,636 Balchem Corp. 500,781
5,392 Ingevity Corp. (a) 351,666
17,750 Scotts Miracle-Gro (The) Co. 2,178,635
6,745 WR Grace & Co. 454,343
---------------
4,378,478
---------------
COMMERCIAL SERVICES & SUPPLIES
-- 3.2%
12,494 ABM Industries, Inc. 476,521
297,076 ADT, Inc. (b) 1,841,871
20,784 Brink's (The) Co. 1,749,805
27,473 Clean Harbors, Inc. (a) 2,258,830
14,915 MSA Safety, Inc. 2,022,474
21,873 Tetra Tech, Inc. 1,872,329
---------------
10,221,830
---------------
COMMUNICATIONS EQUIPMENT
-- 2.0%
33,111 Ciena Corp. (a) 1,346,624
29,708 Lumentum Holdings, Inc. (a) 2,250,975
12,466 Ubiquiti, Inc. 2,037,194
12,874 ViaSat, Inc. (a) 819,430
---------------
6,454,223
---------------
CONSUMER FINANCE -- 0.7%
55,891 OneMain Holdings, Inc. 2,368,102
---------------
CONTAINERS & PACKAGING -- 0.9%
4,075 AptarGroup, Inc. 470,703
32,476 Crown Holdings, Inc. (a) 2,404,199
---------------
2,874,902
---------------
DISTRIBUTORS -- 0.6%
8,874 Pool Corp. 1,946,068
---------------
DIVERSIFIED CONSUMER SERVICES
-- 1.2%
3,135 Bright Horizons Family
Solutions, Inc. (a) 513,294
37,285 Chegg, Inc. (a) 1,537,261
11,860 Strategic Education, Inc. 1,924,759
---------------
3,975,314
---------------
DIVERSIFIED TELECOMMUNICATION
SERVICES -- 1.7%
28,638 Cogent Communications
Holdings, Inc. 2,031,294
33,251 GCI Liberty, Inc., Class A (a) 2,433,308
38,244 Iridium Communications,
Inc. (a) 977,134
---------------
5,441,736
---------------
ELECTRICAL EQUIPMENT -- 1.7%
23,420 Generac Holdings, Inc. (a) 2,426,078
81,095 GrafTech International Ltd. 870,149
15,937 Hubbell, Inc. 2,282,657
---------------
5,578,884
---------------
|
Page 88 See Notes to Financial Statements
FIRST TRUST MID CAP GROWTH ALPHADEX(R) FUND (FNY)
PORTFOLIO OF INVESTMENTS (CONTINUED)
JANUARY 31, 2020 (UNAUDITED)
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
COMMON STOCKS (CONTINUED)
ELECTRONIC EQUIPMENT,
INSTRUMENTS & COMPONENTS
-- 0.3%
16,815 Cognex Corp. $ 857,061
---------------
ENTERTAINMENT -- 1.4%
3,203 Madison Square Garden (The)
Co., Class A (a) 948,697
17,594 Roku, Inc. (a) 2,127,994
230,962 Zynga, Inc., Class A (a) 1,390,391
---------------
4,467,082
---------------
EQUITY REAL ESTATE INVESTMENT
TRUSTS -- 4.8%
17,977 American Homes 4 Rent,
Class A 491,311
13,439 Americold Realty Trust 463,242
16,037 Corporate Office Properties
Trust 477,422
7,201 CyrusOne, Inc. 438,181
10,733 Douglas Emmett, Inc. 445,420
7,103 EastGroup Properties, Inc. 966,505
22,701 First Industrial Realty Trust,
Inc. 969,333
32,834 Gaming and Leisure Properties,
Inc. 1,551,571
11,231 Kilroy Realty Corp. 927,344
22,751 Kimco Realty Corp. 433,407
15,836 Lamar Advertising Co., Class A 1,469,739
4,351 Life Storage, Inc. 492,446
22,319 Medical Properties Trust, Inc. 494,366
52,703 Outfront Media, Inc. 1,567,387
20,633 Rexford Industrial Realty, Inc. 994,304
16,311 Ryman Hospitality Properties,
Inc. 1,386,924
9,580 Spirit Realty Capital, Inc. 505,632
12,652 STORE Capital Corp. 496,591
8,703 Terreno Realty Corp. 498,334
15,082 Weingarten Realty Investors 438,886
---------------
15,508,345
---------------
FOOD & STAPLES RETAILING -- 0.1%
2,963 Casey's General Stores, Inc. 476,628
---------------
FOOD PRODUCTS -- 0.7%
5,114 J&J Snack Foods Corp. 848,105
5,886 Lancaster Colony Corp. 910,270
4,319 Post Holdings, Inc. (a) 451,638
---------------
2,210,013
---------------
HEALTH CARE EQUIPMENT
& SUPPLIES -- 4.5%
32,008 Globus Medical, Inc.,
Class A (a) 1,673,378
12,450 Hill-Rom Holdings, Inc. 1,325,801
11,008 Insulet Corp. (a) 2,135,992
8,084 Integra LifeSciences Holdings
Corp. (a) 444,943
5,962 Masimo Corp. (a) 1,017,117
27,956 Novocure Ltd. (a) 2,277,296
30,460 NuVasive, Inc. (a) 2,349,075
8,605 Penumbra, Inc. (a) 1,509,833
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
HEALTH CARE EQUIPMENT
& SUPPLIES (CONTINUED)
23,712 Tandem Diabetes Care, Inc. (a) $ 1,803,061
---------------
14,536,496
---------------
HEALTH CARE PROVIDERS & SERVICES
-- 3.6%
14,113 Amedisys, Inc. (a) 2,490,803
4,291 Chemed Corp. 2,004,068
20,770 Ensign Group (The), Inc. 938,804
24,119 Guardant Health, Inc. (a) 1,834,009
25,444 HealthEquity, Inc. (a) 1,680,831
17,101 LHC Group, Inc. (a) 2,492,471
---------------
11,440,986
---------------
HEALTH CARE TECHNOLOGY -- 1.2%
11,531 Omnicell, Inc. (a) 937,239
28,139 Teladoc Health, Inc. (a) 2,862,018
---------------
3,799,257
---------------
HOTELS, RESTAURANTS & LEISURE
-- 4.7%
18,221 Choice Hotels International,
Inc. 1,825,744
17,171 Churchill Downs, Inc. 2,479,149
39,501 Eldorado Resorts, Inc. (a) (b) 2,361,370
54,802 Hilton Grand Vacations, Inc. (a) 1,748,732
25,236 Planet Fitness, Inc.,
Class A (a) 2,038,816
84,856 Wendy's (The) Co. 1,838,830
5,464 Wingstop, Inc. 506,895
37,507 Wyndham Hotels & Resorts, Inc. 2,144,275
---------------
14,943,811
---------------
HOUSEHOLD DURABLES -- 2.2%
10,482 Helen of Troy Ltd. (a) 1,981,622
27,059 Tempur Sealy International,
Inc. (a) 2,479,146
22,854 TopBuild Corp. (a) 2,617,011
---------------
7,077,779
---------------
INDEPENDENT POWER AND
RENEWABLE ELECTRICITY
PRODUCERS -- 1.3%
23,706 NRG Energy, Inc. 874,514
18,968 Ormat Technologies, Inc. 1,503,404
91,845 TerraForm Power, Inc., Class A 1,661,476
---------------
4,039,394
---------------
INDUSTRIAL CONGLOMERATES -- 0.7%
14,556 Carlisle Cos., Inc. 2,274,084
---------------
INSURANCE -- 1.5%
18,239 Kemper Corp. 1,357,346
10,826 Primerica, Inc. 1,283,531
9,615 RenaissanceRe Holdings Ltd. 1,821,466
5,234 RLI Corp. 486,814
---------------
4,949,157
---------------
INTERACTIVE MEDIA & SERVICES
-- 1.0%
26,786 Cargurus, Inc. (a) 954,921
28,691 Match Group, Inc. (a) (b) 2,244,210
---------------
3,199,131
---------------
|
See Notes to Financial Statements Page 89
FIRST TRUST MID CAP GROWTH ALPHADEX(R) FUND (FNY)
PORTFOLIO OF INVESTMENTS (CONTINUED)
JANUARY 31, 2020 (UNAUDITED)
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
COMMON STOCKS (CONTINUED)
INTERNET & DIRECT MARKETING
RETAIL -- 0.2%
5,214 Wayfair, Inc., Class A (a) $ 488,552
---------------
IT SERVICES -- 3.3%
14,614 Black Knight, Inc. (a) 977,969
5,981 Euronet Worldwide, Inc. (a) 942,845
55,865 Genpact Ltd. 2,473,144
10,740 MongoDB, Inc. (a) 1,760,393
20,997 Sabre Corp. 452,275
87,968 Western Union (The) Co. 2,366,339
6,748 WEX, Inc. (a) 1,463,776
---------------
10,436,741
---------------
LEISURE PRODUCTS -- 0.8%
67,735 YETI Holdings, Inc. (a) (b) 2,462,845
---------------
LIFE SCIENCES TOOLS & SERVICES
-- 3.9%
5,093 Bio-Rad Laboratories, Inc.,
Class A (a) 1,838,166
4,293 Bio-Techne Corp. 901,401
36,976 Bruker Corp. 1,829,203
12,337 Charles River Laboratories
International, Inc. (a) 1,907,053
28,025 Medpace Holdings, Inc. (a) 2,397,539
16,955 PRA Health Sciences, Inc. (a) 1,717,711
20,375 Repligen Corp. (a) 2,045,446
---------------
12,636,519
---------------
MACHINERY -- 4.4%
19,502 Allison Transmission Holdings,
Inc. 861,988
24,530 Donaldson Co., Inc. 1,271,881
18,934 Flowserve Corp. 883,839
51,381 Gardner Denver Holdings,
Inc. (a) 1,814,263
18,122 Graco, Inc. 963,184
12,546 John Bean Technologies Corp. 1,417,573
16,281 Navistar International Corp. (a) 596,210
8,680 Nordson Corp. 1,465,705
29,570 Toro (The) Co. 2,366,191
19,890 Woodward, Inc. 2,313,406
---------------
13,954,240
---------------
MEDIA -- 2.5%
1,266 Cable One, Inc. 2,157,302
96,847 Liberty Latin America Ltd.,
Class C (a) 1,631,872
43,938 New York Times (The) Co.,
Class A 1,406,455
16,074 Nexstar Media Group, Inc.,
Class A 1,947,365
28,264 Sinclair Broadcast Group, Inc.,
Class A 845,659
---------------
7,988,653
---------------
METALS & MINING -- 0.3%
56,091 Cleveland-Cliffs, Inc. (b) 393,759
3,854 Royal Gold, Inc. 444,443
---------------
838,202
---------------
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
MORTGAGE REAL ESTATE INVESTMENT
TRUSTS -- 1.1%
12,659 Blackstone Mortgage Trust, Inc.,
Class A $ 483,574
37,905 Starwood Property Trust, Inc. 972,642
128,908 Two Harbors Investment Corp. 1,967,136
---------------
3,423,352
---------------
MULTILINE RETAIL -- 0.1%
7,214 Ollie's Bargain Outlet Holdings,
Inc. (a) 382,631
---------------
MULTI-UTILITIES -- 0.2%
5,999 Black Hills Corp. 498,097
---------------
OIL, GAS & CONSUMABLE FUELS
-- 0.4%
74,748 Parsley Energy, Inc., Class A 1,243,807
---------------
PERSONAL PRODUCTS -- 0.4%
125,643 Coty, Inc., Class A 1,289,097
---------------
PHARMACEUTICALS -- 1.3%
33,475 Catalent, Inc. (a) 2,045,323
65,078 Horizon Therapeutics PLC (a) 2,244,540
---------------
4,289,863
---------------
PROFESSIONAL SERVICES -- 1.3%
13,655 Exponent, Inc. 993,674
21,289 FTI Consulting, Inc. (a) 2,555,957
8,323 TriNet Group, Inc. (a) 474,911
---------------
4,024,542
---------------
REAL ESTATE MANAGEMENT
& DEVELOPMENT -- 0.4%
11,147 Howard Hughes (The) Corp. (a) 1,356,367
---------------
ROAD & RAIL -- 0.9%
43,843 Avis Budget Group, Inc. (a) 1,438,051
39,439 Knight-Swift Transportation
Holdings, Inc. 1,462,398
---------------
2,900,449
---------------
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT -- 3.3%
33,687 Brooks Automation, Inc. 1,282,801
16,323 Cabot Microelectronics Corp. 2,375,160
90,157 Enphase Energy, Inc. (a) 2,841,748
37,625 Entegris, Inc. 1,947,470
10,587 Monolithic Power Systems, Inc. 1,812,177
8,907 Semtech Corp. (a) 429,228
---------------
10,688,584
---------------
SOFTWARE -- 13.7%
49,747 ACI Worldwide, Inc. (a) 1,713,784
4,708 Alteryx, Inc., Class A (a) 656,625
35,966 Anaplan, Inc. (a) 2,071,282
3,896 Aspen Technology, Inc. (a) 463,546
19,297 Avalara, Inc. (a) 1,642,947
27,764 Ceridian HCM Holding, Inc. (a) 2,034,823
12,886 Coupa Software, Inc. (a) 2,076,579
31,788 DocuSign, Inc. (a) 2,495,676
20,300 Envestnet, Inc. (a) 1,601,061
18,103 Everbridge, Inc. (a) 1,640,856
|
Page 90 See Notes to Financial Statements
FIRST TRUST MID CAP GROWTH ALPHADEX(R) FUND (FNY)
PORTFOLIO OF INVESTMENTS (CONTINUED)
JANUARY 31, 2020 (UNAUDITED)
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
COMMON STOCKS (CONTINUED)
SOFTWARE (CONTINUED)
57,007 FireEye, Inc. (a) $ 910,972
35,923 Five9, Inc. (a) 2,576,757
2,973 HubSpot, Inc. (a) 537,935
15,084 j2 Global, Inc. 1,445,952
17,724 Manhattan Associates, Inc. (a) 1,514,693
32,584 Mimecast Ltd. (a) 1,662,761
105,701 Nuance Communications,
Inc. (a) 1,999,863
30,145 Nutanix, Inc., Class A (a) 978,808
19,498 Paylocity Holding Corp. (a) 2,766,571
17,746 Pegasystems, Inc. 1,529,883
4,105 Proofpoint, Inc. (a) 504,135
15,726 PROS Holdings, Inc. (a) 943,560
17,433 Q2 Holdings, Inc. (a) 1,519,983
5,650 Qualys, Inc. (a) 484,431
33,642 Rapid7, Inc. (a) 1,997,662
41,955 Smartsheet, Inc., Class A (a) 2,033,978
6,282 Tyler Technologies, Inc. (a) 2,033,358
25,533 Verint Systems, Inc. (a) 1,480,914
6,149 Zendesk, Inc. (a) 531,274
---------------
43,850,669
---------------
SPECIALTY RETAIL -- 2.0%
16,500 Aaron's, Inc. 979,440
25,593 Carvana Co. (a) 2,028,245
11,055 Five Below, Inc. (a) 1,251,647
46,365 Floor & Decor Holdings, Inc.,
Class A (a) 2,286,258
---------------
6,545,590
---------------
TECHNOLOGY HARDWARE, STORAGE
& PERIPHERALS -- 0.5%
82,612 Pure Storage, Inc., Class A (a) 1,470,494
---------------
TEXTILES, APPAREL & LUXURY GOODS
-- 0.9%
14,108 Columbia Sportswear Co. 1,325,023
8,371 Deckers Outdoor Corp. (a) 1,598,108
---------------
2,923,131
---------------
THRIFTS & MORTGAGE FINANCE
-- 1.4%
36,250 Essent Group Ltd. 1,798,363
3,106 LendingTree, Inc. (a) 966,587
74,907 Radian Group, Inc. 1,834,472
---------------
4,599,422
---------------
WATER UTILITIES -- 0.5%
10,876 American States Water Co. 963,178
10,037 Aqua America, Inc. (a) 521,322
---------------
1,484,500
---------------
TOTAL COMMON STOCKS
-- 99.9% 320,257,662
(Cost $281,828,668) ---------------
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
MONEY MARKET FUNDS -- 0.5%
1,553,527 Goldman Sachs Financial Square
Treasury Obligations Fund -
Institutional Class -
1.46% (c) (d) $ 1,553,527
(Cost $1,553,527) ---------------
PRINCIPAL
VALUE DESCRIPTION VALUE
---------------------------------------------------------------
REPURCHASE AGREEMENTS -- 2.2%
$ 7,162,695 BNP Paribas S.A., 1.56% (c),
dated 01/31/20, due 02/03/20,
with a maturity value of
$7,163,626. Collateralized by
U.S. Treasury Note, interest
rate of 2.125%, due 08/15/21.
The value of the collateral
including accrued interest
is $7,313,744. (d) 7,162,695
(Cost $7,162,695) ---------------
TOTAL INVESTMENTS -- 102.6% 328,973,884
(Cost $290,544,890) (e)
NET OTHER ASSETS AND
LIABILITIES -- (2.6)% (8,385,535)
---------------
NET ASSETS -- 100.0% $ 320,588,349
===============
|
(a) Non-income producing security.
(b) All or a portion of this security is on loan (see Note 2D - Securities Lending in the Notes to Financial Statements). The aggregate value of such securities is $8,302,896 and the total value of the collateral held by the Fund is $8,716,222.
(c) Rate shown reflects yield as of January 31, 2020.
(d) This security serves as collateral for securities on loan.
(e) Aggregate cost for financial reporting purposes approximates the aggregate cost for federal income tax purposes. As of January 31, 2020, the aggregate gross unrealized appreciation for all investments in which there was an excess of value over tax cost was $42,452,917 and the aggregate gross unrealized depreciation for all investments in which there was an excess of tax cost over value was $4,023,923. The net unrealized appreciation was $38,428,994.
See Notes to Financial Statements Page 91
FIRST TRUST MID CAP GROWTH ALPHADEX(R) FUND (FNY)
PORTFOLIO OF INVESTMENTS (CONTINUED)
JANUARY 31, 2020 (UNAUDITED)
VALUATION INPUTS
A summary of the inputs used to value the Fund's investments as of January 31, 2020 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
LEVEL 2 LEVEL 3
LEVEL 1 SIGNIFICANT SIGNIFICANT
QUOTED OBSERVABLE UNOBSERVABLE
PRICES INPUTS INPUTS
---------------------------------------------
Common Stocks* $ 320,257,662 $ -- $ --
Money Market
Funds 1,553,527 -- --
Repurchase
Agreements -- 7,162,695 --
---------------------------------------------
Total Investments $ 321,811,189 $ 7,162,695 $ --
=============================================
|
* See Portfolio of Investments for industry breakout.
The Fund's loaned securities were all subject to an enforceable Securities Lending Agency Agreement. Securities lent in accordance with the Securities Lending Agency Agreement on a gross basis were as follows:
Total gross amount presented on the
Statements of Assets and Liabilities(1) $ 8,302,896
Non-cash Collateral(2) (8,302,896)
---------------
Net Amount $ --
===============
|
(1) The amount presented on the Statements of Assets and Liabilities, which is included in "Investments, at value", is not offset and is shown on a gross basis.
(2) At January 31, 2020, the value of the collateral received from each borrower exceeded the value of the related securities loaned. This amount is disclosed on the Portfolio of Investments.
The Fund's investments in repurchase agreements were all subject to an enforceable Master Repurchase Agreement. Repurchase Agreements on a gross basis were as follows:
Total gross amount presented on the
Statements of Assets and Liabilities(3) $ 7,162,695
Non-cash Collateral(4) (7,162,695)
---------------
Net Amount $ --
===============
(3) The amount is included in "Investments, at value" on the Statements of
Assets and Liabilities.
|
(4) At January 31, 2020, the value of the collateral received from each seller exceeded the value of the repurchase agreements.
Page 92 See Notes to Financial Statements
FIRST TRUST SMALL CAP VALUE ALPHADEX(R) FUND (FYT)
PORTFOLIO OF INVESTMENTS
JANUARY 31, 2020 (UNAUDITED)
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
COMMON STOCKS -- 99.9%
AEROSPACE & DEFENSE -- 0.8%
16,183 Astronics Corp. (a) $ 407,811
1,396 Cubic Corp. 91,145
---------------
498,956
---------------
AIR FREIGHT & LOGISTICS -- 1.1%
16,406 Atlas Air Worldwide Holdings,
Inc. (a) 366,674
7,056 Hub Group, Inc., Class A (a) 373,051
---------------
739,725
---------------
AIRLINES -- 1.1%
1,530 Allegiant Travel Co. 257,101
15,443 Hawaiian Holdings, Inc. 430,551
---------------
687,652
---------------
AUTO COMPONENTS -- 3.0%
24,747 American Axle & Manufacturing
Holdings, Inc. (a) 228,662
12,586 Cooper Tire & Rubber Co. 333,403
13,641 Cooper-Standard Holdings,
Inc. (a) 361,759
24,853 Dana, Inc. 382,985
1,689 LCI Industries 182,361
1,668 Standard Motor Products, Inc. 81,032
12,342 Stoneridge, Inc. (a) 343,848
---------------
1,914,050
---------------
AUTOMOBILES -- 0.4%
5,026 Winnebago Industries, Inc. 275,224
---------------
BANKS -- 8.2%
3,487 1st Source Corp. 164,552
3,197 Banner Corp. 164,805
5,503 Berkshire Hills Bancorp, Inc. 154,909
22,134 Boston Private Financial
Holdings, Inc. 252,328
5,393 Brookline Bancorp, Inc. 81,974
14,687 Cadence BanCorp 229,558
5,476 Eagle Bancorp, Inc. 239,301
1,841 Enterprise Financial Services
Corp. 80,102
6,579 First Busey Corp. 167,764
12,469 First Commonwealth Financial
Corp. 168,581
10,467 First Financial Bancorp 251,627
2,117 First Interstate BancSystem,
Inc., Class A 81,504
4,351 First Merchants Corp. 172,952
11,547 First Midwest Bancorp, Inc. 230,247
7,665 Great Western Bancorp, Inc. 226,501
5,354 Heartland Financial USA, Inc. 261,864
6,394 Heritage Financial Corp. 164,837
10,681 Hilltop Holdings, Inc. 241,818
24,351 Hope Bancorp, Inc. 338,601
6,182 International Bancshares Corp. 243,571
2,188 NBT Bancorp, Inc. 82,685
867 Park National Corp. 82,339
7,517 Renasant Corp. 240,018
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
BANKS (CONTINUED)
2,203 S&T Bancorp, Inc. $ 82,811
9,940 Simmons First National Corp.,
Class A 238,361
6,504 TowneBank 172,681
4,434 TriCo Bancshares 161,398
5,243 Trustmark Corp. 167,671
4,787 WesBanco, Inc. 158,545
---------------
5,303,905
---------------
BEVERAGES -- 0.1%
1,740 National Beverage Corp. (a) (b) 74,663
---------------
BUILDING PRODUCTS -- 3.4%
2,548 American Woodmark Corp. (a) 279,388
8,193 Apogee Enterprises, Inc. 260,701
10,479 Builders FirstSource, Inc. (a) 259,827
1,760 Gibraltar Industries, Inc. (a) 95,955
6,902 Patrick Industries, Inc. 358,076
24,270 PGT Innovations, Inc. (a) 376,185
30,332 Resideo Technologies, Inc. (a) 308,780
5,582 Universal Forest Products, Inc. 267,378
---------------
2,206,290
---------------
CAPITAL MARKETS -- 1.1%
2,746 Artisan Partners Asset
Management, Inc., Class A 91,717
2,781 Moelis & Co., Class A 100,116
1,110 Piper Sandler Cos. 91,497
27,053 Waddell & Reed Financial, Inc.,
Class A 432,307
---------------
715,637
---------------
CHEMICALS -- 2.9%
5,603 Cabot Corp. 223,280
749 Chase Corp. 68,886
7,599 Element Solutions, Inc. (a) 88,908
3,509 H.B. Fuller Co. 162,151
17,865 Kraton Corp. (a) 293,879
19,871 Kronos Worldwide, Inc. 215,402
6,279 Minerals Technologies, Inc. 339,882
2,412 PolyOne Corp. 80,030
1,766 Stepan Co. 174,216
7,156 Trinseo S.A. 205,520
---------------
1,852,154
---------------
COMMERCIAL SERVICES & SUPPLIES
-- 2.4%
48,326 ACCO Brands Corp. 417,537
15,784 BrightView Holdings, Inc. (a) 249,387
3,650 Healthcare Services Group, Inc. 93,440
7,108 HNI Corp. 255,675
7,163 Knoll, Inc. 177,356
2,341 Mobile Mini, Inc. 97,713
13,015 Steelcase, Inc., Class A 242,209
---------------
1,533,317
---------------
COMMUNICATIONS EQUIPMENT
-- 0.7%
6,148 EchoStar Corp., Class A (a) 245,336
3,621 NETGEAR, Inc. (a) 93,132
|
See Notes to Financial Statements Page 93
FIRST TRUST SMALL CAP VALUE ALPHADEX(R) FUND (FYT)
PORTFOLIO OF INVESTMENTS (CONTINUED)
JANUARY 31, 2020 (UNAUDITED)
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
COMMON STOCKS (CONTINUED)
COMMUNICATIONS EQUIPMENT
(CONTINUED)
3,688 NetScout Systems, Inc. (a) $ 94,818
---------------
433,286
---------------
CONSTRUCTION & ENGINEERING
-- 2.0%
10,153 Arcosa, Inc. 444,194
3,629 Comfort Systems USA, Inc. 168,386
7,674 Dycom Industries, Inc. (a) 310,183
16,271 Primoris Services Corp. 347,060
---------------
1,269,823
---------------
CONSUMER FINANCE -- 2.4%
12,792 Encore Capital Group, Inc. (a) 434,289
18,800 Enova International, Inc. (a) 471,128
19,414 Green Dot Corp., Class A (a) 583,973
2,445 PRA Group, Inc. (a) 86,455
---------------
1,575,845
---------------
CONTAINERS & PACKAGING -- 0.5%
8,187 Greif, Inc., Class A 330,919
---------------
DISTRIBUTORS -- 0.2%
6,654 Core-Mark Holding Co., Inc. 155,970
---------------
DIVERSIFIED CONSUMER SERVICES
-- 1.5%
12,935 Adtalem Global Education,
Inc. (a) 446,387
20,548 Laureate Education, Inc.,
Class A (a) 428,220
2,323 WW International, Inc. (a) 76,613
---------------
951,220
---------------
DIVERSIFIED FINANCIAL SERVICES
-- 0.3%
16,989 FGL Holdings 163,944
---------------
DIVERSIFIED TELECOMMUNICATION
SERVICES -- 0.3%
3,266 ATN International, Inc. 189,003
---------------
ELECTRICAL EQUIPMENT -- 0.9%
5,795 AZZ, Inc. 239,102
6,304 Encore Wire Corp. 342,370
---------------
581,472
---------------
ELECTRONIC EQUIPMENT,
INSTRUMENTS & COMPONENTS
-- 5.0%
22,097 AVX Corp. 447,906
7,749 Benchmark Electronics, Inc. 238,514
6,029 CTS Corp. 176,710
2,147 ePlus, Inc. (a) 171,159
2,790 Fabrinet (a) 175,882
2,636 II-VI, Inc. (a) 88,701
2,575 Insight Enterprises, Inc. (a) 169,615
9,196 Methode Electronics, Inc. 301,169
1,153 Plexus Corp. (a) 82,001
10,569 Sanmina Corp. (a) 336,517
9,794 ScanSource, Inc. (a) 341,713
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
ELECTRONIC EQUIPMENT,
INSTRUMENTS & COMPONENTS
(CONTINUED)
24,044 TTM Technologies, Inc. (a) $ 345,993
16,996 Vishay Intertechnology, Inc. 344,849
---------------
3,220,729
---------------
ENERGY EQUIPMENT & SERVICES
-- 2.5%
36,042 Archrock, Inc. 300,951
2,357 Core Laboratories N.V. 82,802
37,577 Helix Energy Solutions Group,
Inc. (a) 313,392
125,647 Nabors Industries Ltd. 260,089
12,135 Oceaneering International,
Inc. (a) 150,595
5,442 Oil States International,
Inc. (a) 58,665
34,529 RPC, Inc. (b) 156,416
8,387 SEACOR Holdings, Inc. (a) 315,267
---------------
1,638,177
---------------
EQUITY REAL ESTATE INVESTMENT
TRUSTS -- 5.5%
4,245 Columbia Property Trust, Inc. 89,569
26,025 CoreCivic, Inc. 415,099
24,033 DiamondRock Hospitality Co. 232,399
10,516 Diversified Healthcare Trust 81,183
6,358 Empire State Realty Trust, Inc.,
Class A 86,214
21,786 GEO Group (The), Inc. 344,219
13,130 Global Net Lease, Inc. 272,185
19,556 Mack-Cali Realty Corp. 429,450
8,285 Office Properties Income Trust 281,939
5,901 RPT Realty 82,319
12,905 SITE Centers Corp. 164,023
36,656 Summit Hotel Properties, Inc. 406,515
18,078 Tanger Factory Outlet Centers,
Inc. (b) 264,481
4,628 Urban Edge Properties 85,109
16,746 Xenia Hotels & Resorts, Inc. 312,983
---------------
3,547,687
---------------
FOOD & STAPLES RETAILING -- 1.7%
17,893 Andersons (The), Inc. 404,740
1,250 PriceSmart, Inc. 76,575
13,761 Sprouts Farmers Market, Inc. (a) 215,084
11,171 Weis Markets, Inc. 409,864
---------------
1,106,263
---------------
FOOD PRODUCTS -- 1.1%
25,228 B&G Foods, Inc. (b) 405,162
10,345 Fresh Del Monte Produce, Inc. 324,626
---------------
729,788
---------------
HEALTH CARE PROVIDERS & SERVICES
-- 1.5%
1,424 AMN Healthcare Services,
Inc. (a) 95,949
36,627 Brookdale Senior Living,
Inc. (a) 241,372
1,135 Magellan Health, Inc. (a) 83,093
3,081 National HealthCare Corp. 258,558
|
Page 94 See Notes to Financial Statements
FIRST TRUST SMALL CAP VALUE ALPHADEX(R) FUND (FYT)
PORTFOLIO OF INVESTMENTS (CONTINUED)
JANUARY 31, 2020 (UNAUDITED)
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
COMMON STOCKS (CONTINUED)
HEALTH CARE PROVIDERS & SERVICES
(CONTINUED)
8,835 Patterson Cos., Inc. $ 194,458
3,803 Select Medical Holdings
Corp. (a) 86,861
---------------
960,291
---------------
HOTELS, RESTAURANTS & LEISURE
-- 1.7%
8,198 Bloomin' Brands, Inc. 170,272
4,656 Cheesecake Factory (The), Inc. 178,790
6,629 Dave & Buster's Entertainment,
Inc. 292,737
10,418 Penn National Gaming, Inc. (a) 310,769
21,539 Playa Hotels & Resorts N.V. (a) 151,204
---------------
1,103,772
---------------
HOUSEHOLD DURABLES -- 4.8%
454 Cavco Industries, Inc. (a) 101,705
10,559 KB Home 396,490
5,747 La-Z-Boy, Inc. 176,088
9,482 M.D.C. Holdings, Inc. 399,572
11,495 M/I Homes, Inc. (a) 510,263
7,402 Meritage Homes Corp. (a) 525,246
20,692 Taylor Morrison Home Corp. (a) 535,509
29,033 TRI Pointe Group, Inc. (a) 472,077
---------------
3,116,950
---------------
HOUSEHOLD PRODUCTS -- 0.4%
9,069 Central Garden & Pet Co.,
Class A (a) 271,707
---------------
INSURANCE -- 3.0%
2,965 American Equity Investment
Life Holding Co. 78,306
1,349 Argo Group International
Holdings Ltd. 88,494
19,959 CNO Financial Group, Inc. 351,079
10,834 Employers Holdings, Inc. 462,070
3,070 FBL Financial Group, Inc.,
Class A 165,105
4,144 Horace Mann Educators Corp. 178,233
1,244 National Western Life Group,
Inc., Class A 330,904
2,456 ProAssurance Corp. 74,589
1,956 Safety Insurance Group, Inc. 180,108
---------------
1,908,888
---------------
IT SERVICES -- 0.4%
1,111 ManTech International Corp.,
Class A 89,191
4,891 Sykes Enterprises, Inc. (a) 164,289
---------------
253,480
---------------
LEISURE PRODUCTS -- 0.7%
2,731 Acushnet Holdings Corp. 84,579
4,187 Callaway Golf Co. 89,686
5,662 Sturm Ruger & Co., Inc. 280,382
---------------
454,647
---------------
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
MACHINERY -- 2.9%
7,354 Altra Industrial Motion Corp. $ 244,594
2,920 Barnes Group, Inc. 184,457
2,367 Gorman-Rupp (The) Co. 87,366
13,948 Greenbrier (The) Cos., Inc. 336,007
2,665 Hillenbrand, Inc. 77,365
13,816 Meritor, Inc. (a) 302,709
5,699 Mueller Industries, Inc. 166,240
2,281 Standex International Corp. 166,718
16,337 Trinity Industries, Inc. 332,131
---------------
1,897,587
---------------
MARINE -- 0.4%
6,526 Matson, Inc. 235,001
---------------
MEDIA -- 1.7%
9,161 AMC Networks, Inc., Class A (a) 335,201
16,878 Gray Television, Inc. (a) 342,286
5,488 John Wiley & Sons, Inc.,
Class A 239,386
4,705 Scholastic Corp. 155,030
---------------
1,071,903
---------------
METALS & MINING -- 3.2%
21,894 Allegheny Technologies, Inc. (a) 377,671
7,269 Carpenter Technology Corp. 288,870
16,249 Commercial Metals Co. 333,917
1,456 Compass Minerals International,
Inc. 84,288
1,632 Kaiser Aluminum Corp. 163,445
39,643 United States Steel Corp. (b) 359,562
21,407 Warrior Met Coal, Inc. 403,736
2,104 Worthington Industries, Inc. 77,385
---------------
2,088,874
---------------
MULTILINE RETAIL -- 1.2%
15,750 Big Lots, Inc. 426,195
6,155 Dillard's, Inc., Class A (b) 373,732
---------------
799,927
---------------
OIL, GAS & CONSUMABLE FUELS
-- 6.7%
158,711 Antero Resources Corp. (a) 293,615
6,305 Arch Coal, Inc., Class A 324,897
93,650 Callon Petroleum Co. (a) 280,950
51,110 CNX Resources Corp. (a) 369,525
25,171 Matador Resources Co. (a) 369,259
138,751 Oasis Petroleum, Inc. (a) 312,190
17,284 PDC Energy, Inc. (a) 373,161
49,597 Peabody Energy Corp. 335,276
80,414 QEP Resources, Inc. 254,912
40,243 SM Energy Co. 369,431
186,913 Southwestern Energy Co. (a) 293,453
15,002 Talos Energy, Inc. (a) 329,144
61,626 Whiting Petroleum Corp. (a) (b) 279,782
4,167 World Fuel Services Corp. 163,013
---------------
4,348,608
---------------
PAPER & FOREST PRODUCTS -- 1.3%
2,430 Boise Cascade Co. 87,966
11,829 Domtar Corp. 411,886
|
See Notes to Financial Statements Page 95
FIRST TRUST SMALL CAP VALUE ALPHADEX(R) FUND (FYT)
PORTFOLIO OF INVESTMENTS (CONTINUED)
JANUARY 31, 2020 (UNAUDITED)
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
COMMON STOCKS (CONTINUED)
PAPER & FOREST PRODUCTS
(CONTINUED)
1,260 Neenah, Inc. $ 83,966
6,341 Schweitzer-Mauduit
International, Inc. 222,125
---------------
805,943
---------------
PERSONAL PRODUCTS -- 0.4%
4,415 Nu Skin Enterprises, Inc.,
Class A 143,885
2,303 USANA Health Sciences,
Inc. (a) 142,095
---------------
285,980
---------------
PROFESSIONAL SERVICES -- 1.5%
3,292 CBIZ, Inc. (a) 88,884
969 ICF International, Inc. 84,875
20,032 Kelly Services, Inc., Class A 355,768
2,235 Kforce, Inc. 82,807
8,535 Korn Ferry 349,764
---------------
962,098
---------------
REAL ESTATE MANAGEMENT
& DEVELOPMENT -- 0.5%
4,857 Marcus & Millichap, Inc. (a) 171,938
13,447 Newmark Group, Inc., Class A 158,271
---------------
330,209
---------------
ROAD & RAIL -- 2.7%
17,191 Heartland Express, Inc. 321,300
21,048 Marten Transport Ltd. 436,956
2,859 Saia, Inc. (a) 249,019
16,584 Schneider National, Inc.,
Class B 369,326
9,944 Werner Enterprises, Inc. 366,536
---------------
1,743,137
---------------
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT -- 0.4%
20,483 Amkor Technology, Inc. (a) 230,434
---------------
SOFTWARE -- 0.6%
10,831 Ebix, Inc. 372,911
---------------
SPECIALTY RETAIL -- 5.5%
26,161 Abercrombie & Fitch Co.,
Class A 427,994
1,619 Asbury Automotive Group,
Inc. (a) 156,153
10,334 Buckle (The), Inc. (b) 252,253
4,259 Children's Place (The), Inc. (b) 254,134
22,990 Designer Brands, Inc., Class A 327,378
7,312 Dick's Sporting Goods, Inc. 323,410
2,663 Group 1 Automotive, Inc. 268,350
44,730 Michaels (The) Cos., Inc. (a) 220,519
132,066 Office Depot, Inc. 293,186
19,828 Sally Beauty Holdings, Inc. (a) 304,360
12,248 Signet Jewelers Ltd. 297,749
16,288 Urban Outfitters, Inc. (a) 416,973
---------------
3,542,459
---------------
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
TEXTILES, APPAREL & LUXURY GOODS
-- 1.2%
13,502 G-III Apparel Group Ltd. (a) $ 367,389
3,530 Oxford Industries, Inc. 244,982
5,363 Wolverine World Wide, Inc. 169,310
---------------
781,681
---------------
THRIFTS & MORTGAGE FINANCE
-- 2.8%
5,975 Axos Financial, Inc. (a) 168,316
6,961 Flagstar Bancorp, Inc. 245,306
5,337 Northwest Bancshares, Inc. 83,924
7,084 OceanFirst Financial Corp. 164,774
10,630 PennyMac Financial Services,
Inc. 358,443
10,802 Provident Financial Services,
Inc. 246,394
5,594 Walker & Dunlop, Inc. 371,274
4,113 WSFS Financial Corp. 164,067
---------------
1,802,498
---------------
TOBACCO -- 0.5%
6,341 Universal Corp. 337,024
---------------
TRADING COMPANIES
& DISTRIBUTORS -- 4.2%
2,713 Applied Industrial Technologies,
Inc. 175,178
8,326 Beacon Roofing Supply, Inc. (a) 275,674
12,613 BMC Stock Holdings, Inc. (a) 368,110
13,363 GMS, Inc. (a) 357,059
3,697 Herc Holdings, Inc. (a) 148,324
1,346 Kaman Corp. 83,075
19,522 MRC Global, Inc. (a) 219,818
32,194 NOW, Inc. (a) 322,262
9,728 Rush Enterprises, Inc., Class A 418,304
7,616 WESCO International, Inc. (a) 368,691
---------------
2,736,495
---------------
WIRELESS TELECOMMUNICATION
SERVICES -- 0.6%
12,484 United States Cellular Corp. (a) 399,738
---------------
TOTAL COMMON STOCKS
-- 99.9% 64,537,941
(Cost $67,179,125) ---------------
MONEY MARKET FUNDS -- 0.6%
391,921 Goldman Sachs Financial Square
Treasury Obligations Fund -
Institutional Class -
1.46% (c) (d) 391,921
(Cost $391,921) ---------------
|
Page 96 See Notes to Financial Statements
FIRST TRUST SMALL CAP VALUE ALPHADEX(R) FUND (FYT)
PORTFOLIO OF INVESTMENTS (CONTINUED)
JANUARY 31, 2020 (UNAUDITED)
PRINCIPAL
VALUE DESCRIPTION VALUE
---------------------------------------------------------------
REPURCHASE AGREEMENTS -- 2.8%
$ 1,806,991 BNP Paribas S.A., 1.56% (c),
dated 01/31/20, due 02/03/20,
with a maturity value of
$1,807,226. Collateralized by
U.S. Treasury Note, interest
rate of 2.125%, due 08/15/21.
The value of the collateral
including accrued interest
is $1,845,097. (d) $ 1,806,991
(Cost $1,806,991) ---------------
TOTAL INVESTMENTS -- 103.3% 66,736,853
(Cost $69,378,037) (e)
NET OTHER ASSETS AND
LIABILITIES -- (3.3)% (2,144,351)
---------------
NET ASSETS -- 100.0% $ 64,592,502
===============
|
(a) Non-income producing security.
(b) All or a portion of this security is on loan (see Note 2D - Securities Lending in the Notes to Financial Statements). The aggregate value of such securities is $2,061,343 and the total value of the collateral held by the Fund is $2,198,912.
(c) Rate shown reflects yield as of January 31, 2020.
(d) This security serves as collateral for securities on loan.
(e) Aggregate cost for financial reporting purposes approximates the aggregate cost for federal income tax purposes. As of January 31, 2020, the aggregate gross unrealized appreciation for all investments in which there was an excess of value over tax cost was $4,189,330 and the aggregate gross unrealized depreciation for all investments in which there was an excess of tax cost over value was $6,830,514. The net unrealized depreciation was $2,641,184.
VALUATION INPUTS
A summary of the inputs used to value the Fund's investments as of January 31, 2020 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
LEVEL 2 LEVEL 3
LEVEL 1 SIGNIFICANT SIGNIFICANT
QUOTED OBSERVABLE UNOBSERVABLE
PRICES INPUTS INPUTS
---------------------------------------------
Common Stocks* $ 64,537,941 $ -- $ --
Money Market
Funds 391,921 -- --
Repurchase
Agreements -- 1,806,991 --
---------------------------------------------
Total Investments $ 64,929,862 $ 1,806,991 $ --
=============================================
|
* See Portfolio of Investments for industry breakout.
The Fund's loaned securities were all subject to an enforceable Securities Lending Agency Agreement. Securities lent in accordance with the Securities Lending Agency Agreement on a gross basis were as follows:
Total gross amount presented on the
Statements of Assets and Liabilities(1) $ 2,061,343
Non-cash Collateral(2) (2,061,343)
---------------
Net Amount $ --
===============
|
(1) The amount presented on the Statements of Assets and Liabilities, which is included in "Investments, at value", is not offset and is shown on a gross basis.
(2) At January 31, 2020, the value of the collateral received from each borrower exceeded the value of the related securities loaned. This amount is disclosed on the Portfolio of Investments.
The Fund's investments in repurchase agreements were all subject to an enforceable Master Repurchase Agreement. Repurchase Agreements on a gross basis were as follows:
Total gross amount presented on the
Statements of Assets and Liabilities(3) $ 1,806,991
Non-cash Collateral(4) (1,806,991)
---------------
Net Amount $ --
===============
(3) The amount is included in "Investments, at value" on the Statements of
Assets and Liabilities.
|
(4) At January 31, 2020, the value of the collateral received from each seller exceeded the value of the repurchase agreements.
See Notes to Financial Statements Page 97
FIRST TRUST SMALL CAP GROWTH ALPHADEX(R) FUND (FYC)
PORTFOLIO OF INVESTMENTS
JANUARY 31, 2020 (UNAUDITED)
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
COMMON STOCKS -- 99.9%
AEROSPACE & DEFENSE -- 1.2%
9,403 AeroVironment, Inc. (a) $ 626,334
15,813 Kratos Defense & Security
Solutions, Inc. (a) 290,010
6,804 Moog, Inc., Class A 609,707
57,435 Triumph Group, Inc. 1,173,397
---------------
2,699,448
---------------
AIR FREIGHT & LOGISTICS -- 1.1%
49,493 Air Transport Services Group,
Inc. (a) 1,037,868
20,749 Forward Air Corp. 1,358,022
---------------
2,395,890
---------------
AUTO COMPONENTS -- 0.2%
3,761 Dorman Products, Inc. (a) 262,518
28,508 Garrett Motion, Inc. (a) 240,037
---------------
502,555
---------------
BANKS -- 7.7%
18,595 BancFirst Corp. 1,074,791
10,426 City Holding Co. 789,040
14,664 FB Financial Corp. (b) 522,771
21,408 First Bancorp 759,556
54,821 First BanCorp 508,191
6,974 Independent Bank Corp. 503,523
15,411 Independent Bank Group, Inc. 824,797
17,462 Lakeland Financial Corp. 828,397
16,483 National Bank Holdings Corp.,
Class A 537,346
24,589 OFG Bancorp 484,649
35,611 Pacific Premier Bancorp, Inc. 1,061,208
30,652 Sandy Spring Bancorp, Inc. 1,066,689
37,982 Seacoast Banking Corp. of
Florida (a) 1,031,211
30,815 ServisFirst Bancshares, Inc. 1,132,451
23,005 Southside Bancshares, Inc. 807,015
28,278 Stock Yards Bancorp, Inc. 1,095,490
9,338 Tompkins Financial Corp. 803,908
37,600 United Community Banks, Inc. 1,049,792
39,859 Veritex Holdings, Inc. 1,128,807
15,884 Washington Trust Bancorp, Inc. 751,790
8,566 Westamerica Bancorporation 542,742
---------------
17,304,164
---------------
BEVERAGES -- 0.4%
3,008 Coca-Cola Consolidated, Inc. 814,596
---------------
BIOTECHNOLOGY -- 8.0%
21,899 Acceleron Pharma, Inc. (a) 1,987,991
16,349 Denali Therapeutics,
Inc. (a) (b) 378,643
65,882 Dicerna Pharmaceuticals,
Inc. (a) 1,300,840
19,607 Editas Medicine, Inc. (a) 518,213
15,837 Emergent BioSolutions, Inc. (a) 872,460
58,999 Epizyme, Inc. (a) 1,234,849
59,331 Fate Therapeutics, Inc. (a) 1,504,634
16,063 Halozyme Therapeutics, Inc. (a) 304,876
49,408 Heron Therapeutics, Inc. (a) 1,030,651
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
BIOTECHNOLOGY (CONTINUED)
11,712 Intercept Pharmaceuticals,
Inc. (a) $ 1,082,306
17,656 Invitae Corp. (a) 329,284
109,044 Ironwood Pharmaceuticals,
Inc. (a) 1,317,252
58,849 Momenta Pharmaceuticals,
Inc. (a) 1,707,798
25,360 Natera, Inc. (a) 887,854
11,926 Portola Pharmaceuticals,
Inc. (a) (b) 152,534
26,495 Principia Biopharma, Inc. (a) 1,394,962
14,127 Radius Health, Inc. (a) 248,070
8,102 uniQure N.V. (a) 466,351
30,601 Veracyte, Inc. (a) 803,276
8,281 Xencor, Inc. (a) 281,057
---------------
17,803,901
---------------
BUILDING PRODUCTS -- 2.0%
11,750 AAON, Inc. 616,170
29,894 Advanced Drainage Systems,
Inc. 1,242,694
15,079 CSW Industrials, Inc. 1,144,194
61,998 JELD-WEN Holding, Inc. (a) 1,480,512
---------------
4,483,570
---------------
CAPITAL MARKETS -- 3.0%
43,239 Bain Capital Specialty Finance,
Inc. 856,132
32,685 Blucora, Inc. (a) 737,047
18,501 Cohen & Steers, Inc. 1,368,704
39,399 Focus Financial Partners, Inc.,
Class A (a) 1,113,022
4,778 Hamilton Lane, Inc., Class A 310,331
23,759 Houlihan Lokey, Inc. 1,231,904
18,932 PJT Partners, Inc., Class A 871,251
21,285 TCG BDC, Inc. 294,797
---------------
6,783,188
---------------
CHEMICALS -- 2.1%
57,613 Ferro Corp. (a) 788,146
25,564 GCP Applied Technologies,
Inc. (a) 568,032
14,031 Innospec, Inc. 1,413,343
135,801 Livent Corp. (a) 1,277,887
49,732 PQ Group Holdings, Inc. (a) 761,397
---------------
4,808,805
---------------
COMMERCIAL SERVICES & SUPPLIES
-- 2.4%
14,921 Brady Corp., Class A 826,176
25,225 Casella Waste Systems, Inc.,
Class A (a) 1,291,268
19,191 Covanta Holding Corp. 287,481
25,230 Harsco Corp. (a) 375,927
20,514 Herman Miller, Inc. 792,866
18,962 McGrath RentCorp 1,466,142
4,918 US Ecology, Inc. 265,621
---------------
5,305,481
---------------
|
Page 98 See Notes to Financial Statements
FIRST TRUST SMALL CAP GROWTH ALPHADEX(R) FUND (FYC)
PORTFOLIO OF INVESTMENTS (CONTINUED)
JANUARY 31, 2020 (UNAUDITED)
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
COMMON STOCKS (CONTINUED)
COMMUNICATIONS EQUIPMENT
-- 0.4%
115,929 Extreme Networks, Inc. (a) $ 683,981
10,417 Plantronics, Inc. 299,176
---------------
983,157
---------------
CONSTRUCTION & ENGINEERING
-- 0.8%
5,645 NV5 Global, Inc. (a) 350,611
78,495 WillScot Corp. (a) 1,479,631
---------------
1,830,242
---------------
CONSUMER FINANCE -- 0.5%
14,670 Nelnet, Inc., Class A 840,004
3,296 World Acceptance Corp. (a) 285,005
---------------
1,125,009
---------------
DIVERSIFIED CONSUMER SERVICES
-- 0.5%
63,137 Perdoceo Education Corp. (a) 1,122,576
---------------
DIVERSIFIED FINANCIAL SERVICES
-- 0.7%
39,026 Cannae Holdings, Inc. (a) 1,586,797
---------------
ELECTRIC UTILITIES -- 0.4%
7,365 MGE Energy, Inc. 588,684
5,553 Otter Tail Corp. 297,419
---------------
886,103
---------------
ELECTRICAL EQUIPMENT -- 1.5%
35,872 Atkore International Group,
Inc. (a) 1,424,119
42,038 Sunrun, Inc. (a) 715,907
159,931 Vivint Solar, Inc. (a) (b) 1,305,037
---------------
3,445,063
---------------
ELECTRONIC EQUIPMENT,
INSTRUMENTS & COMPONENTS
-- 1.9%
13,159 Badger Meter, Inc. 777,170
17,289 Itron, Inc. (a) 1,413,376
54,898 Knowles Corp. (a) 1,083,137
5,930 MTS Systems Corp. 300,592
8,481 OSI Systems, Inc. (a) 733,946
---------------
4,308,221
---------------
ENERGY EQUIPMENT & SERVICES
-- 0.7%
24,895 Cactus, Inc., Class A 717,474
55,290 Patterson-UTI Energy, Inc. 439,002
51,604 ProPetro Holding Corp. (a) 502,623
---------------
1,659,099
---------------
ENTERTAINMENT -- 0.3%
95,959 Glu Mobile, Inc. (a) 566,158
---------------
EQUITY REAL ESTATE INVESTMENT
TRUSTS -- 5.7%
27,698 Alexander & Baldwin, Inc. 605,478
21,478 American Finance Trust, Inc. 278,570
36,860 Brandywine Realty Trust 575,753
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
EQUITY REAL ESTATE INVESTMENT
TRUSTS (CONTINUED)
48,930 Easterly Government Properties,
Inc. $ 1,184,595
23,400 Essential Properties Realty
Trust, Inc. 646,074
10,103 Four Corners Property Trust,
Inc. 306,020
8,664 Getty Realty Corp. 273,089
18,041 Hannon Armstrong Sustainable
Infrastructure Capital, Inc. 615,018
60,681 Independence Realty Trust, Inc. 890,190
38,108 Industrial Logistics Properties
Trust 872,292
3,754 Innovative Industrial Properties,
Inc. 335,983
26,817 Lexington Realty Trust 296,864
17,268 National Storage Affiliates Trust 589,702
12,901 NexPoint Residential Trust, Inc. 629,569
38,417 Piedmont Office Realty Trust,
Inc., Class A 890,890
10,697 QTS Realty Trust, Inc., Class A 608,445
43,325 Retail Properties of America,
Inc., Class A 526,399
28,811 Safehold, Inc. 1,295,343
34,689 Uniti Group, Inc. 219,582
9,893 Universal Health Realty Income
Trust 1,220,302
---------------
12,860,158
---------------
FOOD & STAPLES RETAILING -- 0.4%
22,419 Chefs' Warehouse (The), Inc. (a) 816,052
---------------
FOOD PRODUCTS -- 1.2%
24,562 Freshpet, Inc. (a) 1,544,458
39,928 Hostess Brands, Inc. (a) 535,834
29,937 Simply Good Foods (The)
Co. (a) 687,653
---------------
2,767,945
---------------
GAS UTILITIES -- 0.4%
2,972 Chesapeake Utilities Corp. 285,936
7,874 Northwest Natural Holding Co. 577,794
---------------
863,730
---------------
HEALTH CARE EQUIPMENT
& SUPPLIES -- 4.4%
26,281 AtriCure, Inc. (a) 1,022,331
20,951 Axonics Modulation
Technologies, Inc. (a) (b) 608,207
17,584 Cardiovascular Systems, Inc. (a) 798,138
12,978 CONMED Corp. 1,319,603
8,496 Inogen, Inc. (a) 376,118
9,122 Merit Medical Systems, Inc. (a) 332,223
12,348 Nevro Corp. (a) 1,641,173
15,475 Quidel Corp. (a) 1,188,480
33,014 STAAR Surgical Co. (a) 1,110,591
21,499 Tactile Systems Technology,
Inc. (a) 1,208,029
67,488 ViewRay, Inc. (a) 210,562
---------------
9,815,455
---------------
|
See Notes to Financial Statements Page 99
FIRST TRUST SMALL CAP GROWTH ALPHADEX(R) FUND (FYC)
PORTFOLIO OF INVESTMENTS (CONTINUED)
JANUARY 31, 2020 (UNAUDITED)
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
COMMON STOCKS (CONTINUED)
HEALTH CARE PROVIDERS & SERVICES
-- 2.7%
14,929 Addus HomeCare Corp. (a) $ 1,408,402
12,539 BioTelemetry, Inc. (a) 613,408
9,780 CorVel Corp. (a) 895,554
12,957 National Research Corp. 876,800
15,326 Premier, Inc., Class A (a) 532,885
111,816 R1 RCM, Inc. (a) 1,397,700
2,491 US Physical Therapy, Inc. 291,796
---------------
6,016,545
---------------
HEALTH CARE TECHNOLOGY -- 1.6%
21,344 HealthStream, Inc. (a) 545,339
61,695 Inovalon Holdings, Inc.,
Class A (a) 1,249,941
19,558 Inspire Medical Systems,
Inc. (a) 1,462,938
5,850 Tabula Rasa HealthCare, Inc. (a) 339,710
---------------
3,597,928
---------------
HOTELS, RESTAURANTS & LEISURE
-- 3.3%
13,823 Brinker International, Inc. 590,104
14,326 Denny's Corp. (a) 293,253
13,902 Dine Brands Global, Inc. 1,185,145
3,650 Jack in the Box, Inc. 298,388
17,419 Lindblad Expeditions Holdings,
Inc. (a) 287,239
22,983 Papa John's International, Inc. 1,488,839
54,196 Scientific Games Corp. (a) 1,346,229
45,770 SeaWorld Entertainment, Inc. (a) 1,577,234
4,781 Shake Shack, Inc., Class A (a) 322,478
---------------
7,388,909
---------------
HOUSEHOLD DURABLES -- 1.6%
21,074 Installed Building Products,
Inc. (a) 1,562,215
12,093 LGI Homes, Inc. (a) 964,296
36,628 Skyline Champion Corp. (a) 1,053,055
---------------
3,579,566
---------------
HOUSEHOLD PRODUCTS -- 0.3%
2,990 WD-40 Co. 558,592
---------------
INSURANCE -- 2.0%
4,313 AMERISAFE, Inc. 295,095
15,106 eHealth, Inc. (a) 1,588,547
11,421 Kinsale Capital Group, Inc. 1,304,507
38,745 Trupanion, Inc. (a) (b) 1,236,740
---------------
4,424,889
---------------
INTERACTIVE MEDIA & SERVICES
-- 0.4%
33,624 ANGI Homeservices, Inc.,
Class A (a) (b) 270,001
16,668 Yelp, Inc. (a) 543,377
---------------
813,378
---------------
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
INTERNET & DIRECT MARKETING
RETAIL -- 1.0%
86,653 Quotient Technology, Inc. (a) $ 872,596
56,562 Stitch Fix, Inc.,
Class A (a) (b) 1,295,270
---------------
2,167,866
---------------
IT SERVICES -- 2.7%
22,424 CSG Systems International, Inc. 1,117,164
17,055 EVERTEC, Inc. 572,536
16,716 ExlService Holdings, Inc. (a) 1,222,107
51,951 NIC, Inc. 1,024,993
31,504 Perficient, Inc. (a) 1,565,749
14,653 TTEC Holdings, Inc. 582,017
---------------
6,084,566
---------------
LIFE SCIENCES TOOLS & SERVICES
-- 1.1%
16,852 Accelerate Diagnostics,
Inc. (a) (b) 283,114
20,868 NanoString Technologies,
Inc. (a) 566,983
49,620 NeoGenomics, Inc. (a) 1,599,253
---------------
2,449,350
---------------
MACHINERY -- 7.3%
11,560 Alamo Group, Inc. 1,439,914
3,751 Albany International Corp.,
Class A 261,707
4,220 Chart Industries, Inc. (a) 269,996
21,344 Columbus McKinnon Corp. 746,826
26,389 Douglas Dynamics, Inc. 1,383,575
12,552 ESCO Technologies, Inc. 1,204,490
36,003 Federal Signal Corp. 1,157,856
20,256 Franklin Electric Co., Inc. 1,168,569
25,116 Helios Technologies, Inc. 1,067,932
13,778 Kadant, Inc. 1,468,735
28,526 SPX Corp. (a) 1,399,771
29,699 SPX FLOW, Inc. (a) 1,299,034
18,626 Tennant Co. 1,438,300
27,201 TriMas Corp. (a) 781,485
11,639 Watts Water Technologies, Inc.,
Class A 1,160,525
---------------
16,248,715
---------------
MEDIA -- 0.3%
99,580 Clear Channel Outdoor
Holdings, Inc. (a) 271,853
33,365 MSG Networks, Inc., Class A (a) 507,482
---------------
779,335
---------------
MORTGAGE REAL ESTATE INVESTMENT
TRUSTS -- 2.5%
80,913 Arbor Realty Trust, Inc. 1,195,085
15,495 Granite Point Mortgage Trust,
Inc. 283,404
41,841 KKR Real Estate Finance Trust,
Inc. 880,753
15,787 Ladder Capital Corp. 289,691
45,714 New York Mortgage Trust, Inc. 290,284
52,091 PennyMac Mortgage Investment
Trust 1,211,116
|
Page 100 See Notes to Financial Statements
FIRST TRUST SMALL CAP GROWTH ALPHADEX(R) FUND (FYC)
PORTFOLIO OF INVESTMENTS (CONTINUED)
JANUARY 31, 2020 (UNAUDITED)
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
COMMON STOCKS (CONTINUED)
MORTGAGE REAL ESTATE INVESTMENT
TRUSTS (CONTINUED)
51,656 Redwood Trust, Inc. $ 910,695
28,641 TPG RE Finance Trust, Inc. 586,281
---------------
5,647,309
---------------
MULTI-UTILITIES -- 0.3%
9,391 Unitil Corp. 579,331
---------------
OIL, GAS & CONSUMABLE FUELS
-- 1.3%
149,894 Kosmos Energy Ltd. 765,958
92,297 Magnolia Oil & Gas Corp.,
Class A (a) 970,965
62,452 Par Pacific Holdings, Inc. (a) 1,256,534
---------------
2,993,457
---------------
PERSONAL PRODUCTS -- 0.7%
11,751 Inter Parfums, Inc. 812,112
7,797 Medifast, Inc. (b) 753,424
---------------
1,565,536
---------------
PHARMACEUTICALS -- 3.1%
24,019 Aerie Pharmaceuticals,
Inc. (a) (b) 491,909
30,096 Amphastar Pharmaceuticals,
Inc. (a) 569,115
4,618 ANI Pharmaceuticals, Inc. (a) 286,316
23,537 Corcept Therapeutics, Inc. (a) 298,214
40,999 Innoviva, Inc. (a) 565,991
11,723 MyoKardia, Inc. (a) 797,516
18,861 Pacira BioSciences, Inc. (a) 815,173
5,680 Reata Pharmaceuticals, Inc.,
Class A (a) 1,242,727
44,847 Theravance Biopharma, Inc. (a) 1,250,334
11,137 Zogenix, Inc. (a) 560,971
---------------
6,878,266
---------------
PROFESSIONAL SERVICES -- 1.1%
27,844 Forrester Research, Inc. (a) 1,151,906
21,120 Huron Consulting Group, Inc. (a) 1,368,787
---------------
2,520,693
---------------
REAL ESTATE MANAGEMENT
& DEVELOPMENT -- 1.0%
68,655 Redfin Corp. (a) 1,670,376
29,276 St Joe (The) Co. (a) 615,089
---------------
2,285,465
---------------
ROAD & RAIL -- 0.4%
54,247 Hertz Global Holdings, Inc. (a) 854,933
---------------
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT -- 3.8%
9,586 Ambarella, Inc. (a) 566,916
25,747 Diodes, Inc. (a) 1,329,575
55,887 FormFactor, Inc. (a) 1,414,500
19,608 Inphi Corp. (a) 1,489,424
44,639 Lattice Semiconductor Corp. (a) 830,285
54,563 MACOM Technology Solutions
Holdings, Inc. (a) 1,550,681
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT (CONTINUED)
8,638 Power Integrations, Inc. $ 843,673
36,512 SunPower Corp. (a) (b) 311,082
15,395 Xperi Corp. 247,706
---------------
8,583,842
---------------
SOFTWARE -- 4.9%
10,560 Appfolio, Inc., Class A (a) 1,388,007
7,454 Appian Corp. (a) (b) 380,452
11,260 Blackline, Inc. (a) 688,774
15,940 Bottomline Technologies DE,
Inc. (a) 854,384
16,972 Box, Inc., Class A (a) 255,089
73,465 Cloudera, Inc. (a) 755,955
8,683 ForeScout Technologies, Inc. (a) 247,552
31,381 LivePerson, Inc. (a) 1,286,935
6,854 Progress Software Corp. 309,321
36,203 SailPoint Technologies Holding,
Inc. (a) 908,333
15,417 SPS Commerce, Inc. (a) 876,148
47,812 SVMK, Inc. (a) 843,882
11,886 Tenable Holdings, Inc. (a) 323,894
16,257 Upland Software, Inc. (a) 634,673
14,942 Varonis Systems, Inc. (a) 1,250,048
---------------
11,003,447
---------------
SPECIALTY RETAIL -- 2.5%
32,593 Boot Barn Holdings, Inc. (a) 1,367,928
40,260 Rent-A-Center, Inc. 1,172,774
6,798 RH (a) 1,419,082
29,476 Sleep Number Corp. (a) 1,520,667
---------------
5,480,451
---------------
TECHNOLOGY HARDWARE, STORAGE
& PERIPHERALS -- 0.6%
109,953 Diebold Nixdorf, Inc. (a) 1,265,559
---------------
TEXTILES, APPAREL & LUXURY GOODS
-- 0.6%
34,647 Crocs, Inc. (a) 1,313,468
---------------
THRIFTS & MORTGAGE FINANCE
-- 2.4%
50,437 Columbia Financial, Inc. (a) 845,828
41,977 Kearny Financial Corp. 518,416
57,795 Meridian Bancorp, Inc. 1,039,732
39,753 Meta Financial Group, Inc. 1,479,607
43,742 NMI Holdings, Inc., Class A (a) 1,396,245
---------------
5,279,828
---------------
TOBACCO -- 0.6%
108,393 Vector Group Ltd. 1,424,284
---------------
TRADING COMPANIES
& DISTRIBUTORS -- 1.1%
43,415 H&E Equipment Services, Inc. 1,176,981
36,104 Triton International Ltd. 1,355,705
---------------
2,532,686
---------------
|
See Notes to Financial Statements Page 101
FIRST TRUST SMALL CAP GROWTH ALPHADEX(R) FUND (FYC)
PORTFOLIO OF INVESTMENTS (CONTINUED)
JANUARY 31, 2020 (UNAUDITED)
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
COMMON STOCKS (CONTINUED)
WATER UTILITIES -- 0.4%
5,524 California Water Service Group $ 290,341
8,170 SJW Group 599,270
---------------
889,611
---------------
WIRELESS TELECOMMUNICATION
SERVICES -- 0.4%
20,533 Shenandoah
Telecommunications Co. 828,507
---------------
TOTAL COMMON STOCKS
-- 99.9% 223,573,675
(Cost $203,165,792) ---------------
MONEY MARKET FUNDS -- 0.5%
1,151,736 Goldman Sachs Financial Square
Treasury Obligations Fund -
Institutional Class -
1.46% (c) (d) 1,151,736
(Cost $1,151,736) ---------------
PRINCIPAL
VALUE DESCRIPTION VALUE
---------------------------------------------------------------
REPURCHASE AGREEMENTS -- 2.4%
$ 5,310,195 BNP Paribas S.A., 1.56% (c),
dated 01/31/20, due 02/03/20,
with a maturity value of
$5,310,886. Collateralized by
U.S. Treasury Note, interest
rate of 2.125%, due 08/15/21.
The value of the collateral
including accrued interest
is $5,422,179. (d) 5,310,195
(Cost $5,310,195) ---------------
TOTAL INVESTMENTS -- 102.8% 230,035,606
(Cost $209,627,723) (e)
NET OTHER ASSETS AND
LIABILITIES -- (2.8)% (6,216,655)
---------------
NET ASSETS -- 100.0% $ 223,818,951
===============
|
(a) Non-income producing security.
(b) All or a portion of this security is on loan (see Note 2D - Securities Lending in the Notes to Financial Statements). The aggregate value of such securities is $6,182,909 and the total value of the collateral held by the Fund is $6,461,931.
(c) Rate shown reflects yield as of January 31, 2020.
(d) This security serves as collateral for securities on loan.
(e) Aggregate cost for financial reporting purposes approximates the aggregate cost for federal income tax purposes. As of January 31, 2020, the aggregate gross unrealized appreciation for all investments in which there was an excess of value over tax cost was $27,255,841 and the aggregate gross unrealized depreciation for all investments in which there was an excess of tax cost over value was $6,847,958. The net unrealized appreciation was $20,407,883.
VALUATION INPUTS
A summary of the inputs used to value the Fund's investments as of January 31, 2020 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
LEVEL 2 LEVEL 3
LEVEL 1 SIGNIFICANT SIGNIFICANT
QUOTED OBSERVABLE UNOBSERVABLE
PRICES INPUTS INPUTS
---------------------------------------------
Common Stocks* $ 223,573,675 $ -- $ --
Money Market
Funds 1,151,736 -- --
Repurchase
Agreements -- 5,310,195 --
---------------------------------------------
Total Investments $ 224,725,411 $ 5,310,195 $ --
=============================================
|
* See Portfolio of Investments for industry breakout.
Page 102 See Notes to Financial Statements
FIRST TRUST SMALL CAP GROWTH ALPHADEX(R) FUND (FYC)
PORTFOLIO OF INVESTMENTS (CONTINUED)
JANUARY 31, 2020 (UNAUDITED)
The Fund's loaned securities were all subject to an enforceable Securities Lending Agency Agreement. Securities lent in accordance with the Securities Lending Agency Agreement on a gross basis were as follows:
Total gross amount presented on the
Statements of Assets and Liabilities(1) $ 6,182,909
Non-cash Collateral(2) (6,182,909)
---------------
Net Amount $ --
===============
|
(1) The amount presented on the Statements of Assets and Liabilities, which is included in "Investments, at value", is not offset and is shown on a gross basis.
(2) At January 31, 2020, the value of the collateral received from each borrower exceeded the value of the related securities loaned. This amount is disclosed on the Portfolio of Investments.
The Fund's investments in repurchase agreements were all subject to an enforceable Master Repurchase Agreement. Repurchase Agreements on a gross basis were as follows:
Total gross amount presented on the
Statements of Assets and Liabilities(3) $ 5,310,195
Non-cash Collateral(4) (5,310,195)
---------------
Net Amount $ --
===============
(3) The amount is included in "Investments, at value" on the Statements of
Assets and Liabilities.
|
(4) At January 31, 2020, the value of the collateral received from each seller exceeded the value of the repurchase agreements.
See Notes to Financial Statements Page 103
FIRST TRUST MEGA CAP ALPHADEX(R) FUND (FMK)
PORTFOLIO OF INVESTMENTS
JANUARY 31, 2020 (UNAUDITED)
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
COMMON STOCKS -- 99.8%
AEROSPACE & DEFENSE -- 2.0%
3,315 United Technologies Corp. $ 497,913
---------------
AUTOMOBILES -- 5.2%
1,978 Tesla, Inc. (a) 1,286,827
---------------
BANKS -- 13.0%
18,796 Bank of America Corp. 617,073
10,358 Citigroup, Inc. 770,739
5,936 JPMorgan Chase & Co. 785,689
3,110 PNC Financial Services Group
(The), Inc. 461,990
2,791 U.S. Bancorp 148,537
9,228 Wells Fargo & Co. 433,162
---------------
3,217,190
---------------
BEVERAGES -- 1.4%
2,422 PepsiCo, Inc. 343,972
---------------
BIOTECHNOLOGY -- 0.6%
687 Amgen, Inc. 148,426
---------------
CAPITAL MARKETS -- 5.5%
2,879 Goldman Sachs Group (The),
Inc. 684,482
12,950 Morgan Stanley 676,767
---------------
1,361,249
---------------
COMMUNICATIONS EQUIPMENT
-- 0.6%
3,451 Cisco Systems, Inc. 158,642
---------------
DIVERSIFIED FINANCIAL SERVICES
-- 2.0%
2,192 Berkshire Hathaway, Inc.,
Class B (a) 491,951
---------------
DIVERSIFIED TELECOMMUNICATION
SERVICES -- 5.2%
16,939 AT&T, Inc. 637,245
10,782 Verizon Communications, Inc. 640,882
---------------
1,278,127
---------------
ELECTRIC UTILITIES -- 4.4%
5,443 Duke Energy Corp. 531,400
7,794 Southern (The) Co. 548,698
---------------
1,080,098
---------------
ENTERTAINMENT -- 1.3%
2,289 Walt Disney (The) Co. 316,592
---------------
FOOD & STAPLES RETAILING -- 1.3%
563 Costco Wholesale Corp. 172,008
1,393 Walmart, Inc. 159,484
---------------
331,492
---------------
FOOD PRODUCTS -- 1.4%
6,009 Mondelez International, Inc.,
Class A 344,796
---------------
HEALTH CARE PROVIDERS & SERVICES
-- 7.4%
1,096 Anthem, Inc. 290,747
3,237 Cigna Corp. 622,734
4,455 CVS Health Corp. 302,138
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
HEALTH CARE PROVIDERS & SERVICES
(CONTINUED)
2,252 UnitedHealth Group, Inc. $ 613,557
---------------
1,829,176
---------------
INDUSTRIAL CONGLOMERATES -- 1.5%
29,659 General Electric Co. 369,255
---------------
INTERACTIVE MEDIA & SERVICES
-- 2.1%
247 Alphabet, Inc., Class A (a) 353,897
806 Facebook, Inc., Class A (a) 162,739
---------------
516,636
---------------
IT SERVICES -- 1.4%
786 Accenture PLC, Class A 161,295
1,235 International Business Machines
Corp. 177,507
---------------
338,802
---------------
MACHINERY -- 1.8%
3,362 Caterpillar, Inc. 441,599
---------------
MEDIA -- 6.2%
1,706 Charter Communications, Inc.,
Class A (a) 882,787
14,721 Comcast Corp., Class A 635,800
---------------
1,518,587
---------------
MULTILINE RETAIL -- 2.9%
6,454 Target Corp. 714,716
---------------
OIL, GAS & CONSUMABLE FUELS
-- 8.4%
6,867 Chevron Corp. 735,730
12,725 ConocoPhillips 756,247
9,487 Exxon Mobil Corp. 589,333
---------------
2,081,310
---------------
PHARMACEUTICALS -- 4.5%
5,156 Bristol-Myers Squibb Co. 324,570
21,120 Pfizer, Inc. 786,509
---------------
1,111,079
---------------
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT -- 6.2%
13,826 Intel Corp. 883,896
703 NVIDIA Corp. 166,210
5,627 QUALCOMM, Inc. 480,040
---------------
1,530,146
---------------
SOFTWARE -- 2.8%
1,505 Adobe, Inc. (a) 528,465
3,124 Oracle Corp. 163,854
---------------
692,319
---------------
SPECIALTY RETAIL -- 3.2%
2,764 Lowe's Cos., Inc. 321,288
8,131 TJX (The) Cos., Inc. 480,054
---------------
801,342
---------------
TECHNOLOGY HARDWARE, STORAGE
& PERIPHERALS -- 2.8%
2,254 Apple, Inc. 697,636
---------------
|
Page 104 See Notes to Financial Statements
FIRST TRUST MEGA CAP ALPHADEX(R) FUND (FMK)
PORTFOLIO OF INVESTMENTS (CONTINUED)
JANUARY 31, 2020 (UNAUDITED)
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
COMMON STOCKS (CONTINUED)
TEXTILES, APPAREL & LUXURY GOODS
-- 1.3%
3,267 NIKE, Inc., Class B $ 314,612
---------------
WIRELESS TELECOMMUNICATION
SERVICES -- 3.4%
10,552 T-Mobile US, Inc. (a) 835,613
---------------
TOTAL INVESTMENTS -- 99.8% 24,650,103
(Cost $23,198,642) (b)
NET OTHER ASSETS AND
LIABILITIES -- 0.2% 49,476
---------------
NET ASSETS -- 100.0% $ 24,699,579
===============
|
(a) Non-income producing security.
(b) Aggregate cost for financial reporting purposes approximates the aggregate cost for federal income tax purposes. As of January 31, 2020, the aggregate gross unrealized appreciation for all investments in which there was an excess of value over tax cost was $1,975,444 and the aggregate gross unrealized depreciation for all investments in which there was an excess of tax cost over value was $523,983. The net unrealized appreciation was $1,451,461.
VALUATION INPUTS
A summary of the inputs used to value the Fund's investments as of January 31, 2020 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
LEVEL 2 LEVEL 3
LEVEL 1 SIGNIFICANT SIGNIFICANT
QUOTED OBSERVABLE UNOBSERVABLE
PRICES INPUTS INPUTS
---------------------------------------------
Common Stocks* $ 24,650,103 $ -- $ --
=============================================
|
* See Portfolio of Investments for industry breakout.
See Notes to Financial Statements Page 105
FIRST TRUST EXCHANGE-TRADED ALPHADEX(R) FUND
STYLE FUNDS
STATEMENTS OF ASSETS AND LIABILITIES
JANUARY 31, 2020 (UNAUDITED)
FIRST TRUST FIRST TRUST FIRST TRUST
LARGE CAP CORE MID CAP CORE SMALL CAP CORE
ALPHADEX(R) FUND ALPHADEX(R) FUND ALPHADEX(R) FUND
(FEX) (FNX) (FYX)
---------------- ---------------- ----------------
ASSETS:
Investments, at value................................................ $ 1,325,030,069 $ 869,361,668 $ 551,360,816
Cash................................................................. -- -- --
Receivables:
Capital shares sold............................................ -- -- --
Investment securities sold..................................... -- -- --
Dividends...................................................... 1,044,948 477,984 249,488
Securities lending income...................................... 1,142 11,423 79,699
Prepaid expenses..................................................... 11,693 7,980 6,056
---------------- ---------------- ----------------
Total Assets................................................... 1,326,087,852 869,859,055 551,696,059
---------------- ---------------- ----------------
LIABILITIES:
Due to custodian..................................................... 1,120,731 -- --
Payables:
Capital shares redeemed........................................ -- -- --
Investment securities purchased................................ 4,953 -- --
Collateral for securities on loan.............................. 1,113,150 10,392,031 15,481,616
Investment advisory fees....................................... 588,198 378,478 240,067
Licensing fees................................................. 69,092 44,723 29,068
Shareholder reporting fees..................................... 61,729 47,549 37,269
Audit and tax fees............................................. 14,449 14,449 14,449
Trustees' fees................................................. 712 678 650
Other liabilities.................................................... 286,406 207,841 146,189
---------------- ---------------- ----------------
Total Liabilities.............................................. 3,259,420 11,085,749 15,949,308
---------------- ---------------- ----------------
NET ASSETS........................................................... $ 1,322,828,432 $ 858,773,306 $ 535,746,751
================ ================ ================
NET ASSETS CONSIST OF:
Paid-in capital...................................................... $ 1,399,575,526 $ 985,464,547 $ 726,742,732
Par value............................................................ 206,500 122,000 87,000
Accumulated distributable earnings (loss)............................ (76,953,594) (126,813,241) (191,082,981)
---------------- ---------------- ----------------
NET ASSETS........................................................... $ 1,322,828,432 $ 858,773,306 $ 535,746,751
================ ================ ================
NET ASSET VALUE, per share........................................... $ 64.06 $ 70.39 $ 61.58
================ ================ ================
Number of shares outstanding (unlimited number of shares
authorized, par value $0.01 per share)............................ 20,650,002 12,200,002 8,700,002
================ ================ ================
Investments, at cost................................................. $ 1,219,126,704 $ 815,088,209 $ 534,031,819
================ ================ ================
Securities on loan, at value......................................... $ 1,075,102 $ 9,901,660 $ 14,634,353
================ ================ ================
|
Page 106 See Notes to Financial Statements
FIRST TRUST FIRST TRUST FIRST TRUST FIRST TRUST FIRST TRUST FIRST TRUST
LARGE CAP VALUE LARGE CAP GROWTH MULTI CAP VALUE MULTI CAP GROWTH MID CAP VALUE MID CAP GROWTH
ALPHADEX(R) FUND ALPHADEX(R) FUND ALPHADEX(R) FUND ALPHADEX(R) FUND ALPHADEX(R) FUND ALPHADEX(R) FUND
(FTA) (FTC) (FAB) (FAD) (FNK) (FNY)
---------------- ---------------- ---------------- ---------------- ---------------- ----------------
$ 1,077,263,937 $ 1,024,087,861 $ 83,184,319 $ 185,662,868 $ 51,354,575 $ 328,973,884
-- -- -- -- 36,175 480,303
-- -- -- -- -- --
-- -- -- -- 3,489,117 --
1,220,421 313,928 78,815 41,338 46,193 32,571
100 3,060 1,880 7,227 186 9,195
9,895 9,234 2,312 3,047 -- --
---------------- ---------------- ---------------- ---------------- ---------------- ----------------
1,078,494,353 1,024,414,083 83,267,326 185,714,480 54,926,246 329,495,953
---------------- ---------------- ---------------- ---------------- ---------------- ----------------
-- 2,471,064 -- 224,472 -- --
-- -- -- -- 3,490,677 --
-- -- 192,955 -- 893 --
-- -- 658,744 2,002,330 260,929 8,716,222
482,551 443,536 36,589 80,039 33,837 191,382
57,951 53,293 4,364 9,604 -- --
53,961 47,211 8,108 12,619 -- --
14,449 14,449 14,449 14,449 -- --
697 686 613 620 -- --
249,046 233,635 50,432 55,396 -- --
---------------- ---------------- ---------------- ---------------- ---------------- ----------------
858,655 3,263,874 966,254 2,399,529 3,786,336 8,907,604
---------------- ---------------- ---------------- ---------------- ---------------- ----------------
$ 1,077,635,698 $ 1,021,150,209 $ 82,301,072 $ 183,314,951 $ 51,139,910 $ 320,588,349
================ ================ ================ ================ ================ ================
$ 1,240,142,902 $ 993,437,613 $ 113,694,272 $ 173,940,189 $ 70,372,402 $ 322,043,695
199,500 137,500 15,000 23,500 15,000 66,500
(162,706,704) 27,575,096 (31,408,200) 9,351,262 (19,247,492) (1,521,846)
---------------- ---------------- ---------------- ---------------- ---------------- ----------------
$ 1,077,635,698 $ 1,021,150,209 $ 82,301,072 $ 183,314,951 $ 51,139,910 $ 320,588,349
================ ================ ================ ================ ================ ================
$ 54.02 $ 74.27 $ 54.87 $ 78.01 $ 34.09 $ 48.21
================ ================ ================ ================ ================ ================
19,950,002 13,750,002 1,500,002 2,350,002 1,500,002 6,650,002
================ ================ ================ ================ ================ ================
$ 1,031,858,741 $ 890,617,894 $ 82,303,107 $ 160,998,409 $ 52,273,963 $ 290,544,890
================ ================ ================ ================ ================ ================
$ -- $ -- $ 618,223 $ 1,917,250 $ 247,586 $ 8,302,896
================ ================ ================ ================ ================ ================
|
See Notes to Financial Statements Page 107
FIRST TRUST EXCHANGE-TRADED ALPHADEX(R) FUND
STYLE FUNDS
STATEMENTS OF ASSETS AND LIABILITIES (CONTINUED)
JANUARY 31, 2020 (UNAUDITED)
FIRST TRUST FIRST TRUST FIRST TRUST
SMALL CAP VALUE SMALL CAP GROWTH MEGA CAP
ALPHADEX(R) FUND ALPHADEX(R) FUND ALPHADEX(R) FUND
(FYT) (FYC) (FMK)
---------------- ---------------- ----------------
ASSETS:
Investments, at value................................................ $ 66,736,853 $ 230,035,606 $ 24,650,103
Cash................................................................. 28,068 305,013 14,404
Receivables:
Capital shares sold............................................ 1,796,444 -- --
Investment securities sold..................................... -- -- --
Dividends...................................................... 57,744 41,878 50,158
Securities lending income...................................... 7,207 35,571 --
Prepaid expenses..................................................... -- -- --
---------------- ---------------- ----------------
Total Assets................................................... 68,626,316 230,418,068 24,714,665
---------------- ---------------- ----------------
LIABILITIES:
Due to custodian..................................................... -- -- --
Payables:
Capital shares redeemed........................................ -- -- --
Investment securities purchased................................ 1,794,899 -- --
Collateral for securities on loan.............................. 2,198,912 6,461,931 --
Investment advisory fees....................................... 40,003 137,186 15,086
Licensing fees................................................. -- -- --
Shareholder reporting fees..................................... -- -- --
Audit and tax fees............................................. -- -- --
Trustees' fees................................................. -- -- --
Other liabilities.................................................... -- -- --
---------------- ---------------- ----------------
Total Liabilities.............................................. 4,033,814 6,599,117 15,086
---------------- ---------------- ----------------
NET ASSETS........................................................... $ 64,592,502 $ 223,818,951 $ 24,699,579
================ ================ ================
NET ASSETS CONSIST OF:
Paid-in capital...................................................... $ 96,852,600 $ 295,702,670 $ 26,967,670
Par value............................................................ 18,500 48,500 6,500
Accumulated distributable earnings (loss)............................ (32,278,598) (71,932,219) (2,274,591)
---------------- ---------------- ----------------
NET ASSETS........................................................... $ 64,592,502 $ 223,818,951 $ 24,699,579
================ ================ ================
NET ASSET VALUE, per share........................................... $ 34.91 $ 46.15 $ 38.00
================ ================ ================
Number of shares outstanding (unlimited number of shares
authorized, par value $0.01 per share)............................ 1,850,002 4,850,002 650,002
================ ================ ================
Investments, at cost................................................. $ 69,378,037 $ 209,627,723 $ 23,198,642
================ ================ ================
Securities on loan, at value......................................... $ 2,061,343 $ 6,182,909 $ --
================ ================ ================
|
Page 108 See Notes to Financial Statements
FIRST TRUST EXCHANGE-TRADED ALPHADEX(R) FUND
STYLE FUNDS
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED JANUARY 31, 2020 (UNAUDITED)
FIRST TRUST FIRST TRUST FIRST TRUST
LARGE CAP CORE MID CAP CORE SMALL CAP CORE
ALPHADEX(R) FUND ALPHADEX(R) FUND ALPHADEX(R) FUND
(FEX) (FNX) (FYX)
---------------- ---------------- ----------------
INVESTMENT INCOME:
Dividends............................................................ $ 13,716,275 $ 8,947,319 $ 4,617,752
Securities lending income (net of fees).............................. 2,869 123,738 306,222
Foreign withholding tax.............................................. -- (2,795) (1,884)
---------------- ---------------- ----------------
Total investment income........................................ 13,719,144 9,068,262 4,922,090
---------------- ---------------- ----------------
EXPENSES:
Investment advisory fees............................................. 3,400,556 2,174,295 1,420,780
Accounting and administration fees................................... 323,425 218,946 144,158
Licensing fees....................................................... 105,787 68,999 46,394
Shareholder reporting fees........................................... 62,037 46,984 39,202
Custodian fees....................................................... 52,751 61,281 57,263
Transfer agent fees.................................................. 29,571 21,743 14,208
Legal fees........................................................... 13,557 9,063 4,636
Audit and tax fees................................................... 12,038 12,038 12,038
Trustees' fees and expenses.......................................... 4,038 3,875 3,772
Listing fees......................................................... 2,664 2,565 2,616
Registration and filing fees......................................... 50 50 50
Other expenses....................................................... 10,229 6,831 4,755
---------------- ---------------- ----------------
Total expenses.................................................. 4,016,703 2,626,670 1,749,872
Less fees waived and expenses reimbursed by the investment
advisor..................................................... -- -- --
---------------- ---------------- ----------------
Net expenses.................................................. 4,016,703 2,626,670 1,749,872
---------------- ---------------- ----------------
NET INVESTMENT INCOME (LOSS)......................................... 9,702,441 6,441,592 3,172,218
---------------- ---------------- ----------------
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments.................................................... (14,558,749) 11,085,595 (12,174,983)
In-kind redemptions............................................ 77,105,334 5,756,874 8,145,320
---------------- ---------------- ----------------
Net realized gain (loss)............................................. 62,546,585 16,842,469 (4,029,663)
---------------- ---------------- ----------------
Net change in unrealized appreciation (depreciation) on investments.. (20,826,792) (8,954,376) 1,751,771
---------------- ---------------- ----------------
NET REALIZED AND UNREALIZED GAIN (LOSS).............................. 41,719,793 7,888,093 (2,277,892)
---------------- ---------------- ----------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING
FROM OPERATIONS................................................... $ 51,422,234 $ 14,329,685 $ 894,326
================ ================ ================
|
See Notes to Financial Statements Page 109
FIRST TRUST EXCHANGE-TRADED ALPHADEX(R) FUND
STYLE FUNDS
STATEMENTS OF OPERATIONS (CONTINUED)
FOR THE SIX MONTHS ENDED JANUARY 31, 2020 (UNAUDITED)
FIRST TRUST FIRST TRUST FIRST TRUST
LARGE CAP VALUE LARGE CAP GROWTH MULTI CAP VALUE
ALPHADEX(R) FUND ALPHADEX(R) FUND ALPHADEX(R) FUND
(FTA) (FTC) (FAB)
---------------- ---------------- ----------------
INVESTMENT INCOME:
Dividends............................................................ $ 14,450,197 $ 6,763,525 $ 1,076,865
Securities lending income (net of fees).............................. 2,284 7,823 12,993
Foreign withholding tax.............................................. -- -- (235)
---------------- ---------------- ----------------
Total investment income........................................ 14,452,481 6,771,348 1,089,623
---------------- ---------------- ----------------
EXPENSES:
Investment advisory fees............................................. 2,814,990 2,621,956 211,695
Accounting and administration fees................................... 276,312 260,869 23,140
Licensing fees....................................................... 88,220 82,429 10,121
Shareholder reporting fees........................................... 54,780 50,885 9,065
Custodian fees....................................................... 54,239 47,572 46,947
Transfer agent fees.................................................. 26,643 25,677 2,117
Legal fees........................................................... 11,587 12,513 798
Audit and tax fees................................................... 12,038 12,038 12,038
Trustees' fees and expenses.......................................... 3,959 3,969 3,622
Listing fees......................................................... 2,648 2,580 2,308
Registration and filing fees......................................... 50 50 50
Other expenses....................................................... 9,511 8,170 1,288
---------------- ---------------- ----------------
Total expenses................................................ 3,354,977 3,128,708 323,189
Less fees waived and expenses reimbursed by the investment
advisor..................................................... -- -- (26,816)
---------------- ---------------- ----------------
Net expenses................................................. 3,354,977 3,128,708 296,373
---------------- ---------------- ----------------
NET INVESTMENT INCOME (LOSS)......................................... 11,097,504 3,642,640 793,250
---------------- ---------------- ----------------
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments.................................................... (10,250,918) 33,492,544 (425,342)
In-kind redemptions............................................ 17,038,742 19,369,807 480,288
---------------- ---------------- ----------------
Net realized gain (loss)............................................. 6,787,824 52,862,351 54,946
---------------- ---------------- ----------------
Net change in unrealized appreciation (depreciation) on investments.. 23,582,505 (9,682,720) 1,121,848
---------------- ---------------- ----------------
NET REALIZED AND UNREALIZED GAIN (LOSS).............................. 30,370,329 43,179,631 1,176,794
---------------- ---------------- ----------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING
FROM OPERATIONS................................................... $ 41,467,833 $ 46,822,271 $ 1,970,044
================ ================ ================
|
(a) Fund is subject to a Unitary Fee (see Note 3 in the Notes to Financial Statements).
Page 110 See Notes to Financial Statements
FIRST TRUST FIRST TRUST FIRST TRUST FIRST TRUST FIRST TRUST
MULTI CAP MID CAP MID CAP SMALL CAP SMALL CAP FIRST TRUST
GROWTH VALUE GROWTH VALUE GROWTH MEGA CAP
ALPHADEX(R) FUND ALPHADEX(R) FUND ALPHADEX(R) FUND ALPHADEX(R) FUND ALPHADEX(R) FUND ALPHADEX(R) FUND
(FAD) (FNK) (FNY) (FYT) (FYC) (FMK)
---------------- ---------------- ---------------- ---------------- ---------------- ----------------
$ 1,102,717 $ 783,852 $ 1,596,454 $ 603,644 $ 1,448,141 $ 292,832
29,659 6,122 66,742 36,143 123,650 --
(139) (353) -- (251) (929) --
---------------- ---------------- ---------------- ---------------- ---------------- ----------------
1,132,237 789,621 1,663,196 639,536 1,570,862 292,832
---------------- ---------------- ---------------- ---------------- ---------------- ----------------
462,473 189,444 (a) 1,078,746 (a) 214,386 (a) 850,111 (a) 84,071 (a)
48,372 -- -- -- -- --
17,644 -- -- -- -- --
13,495 -- -- -- -- --
17,799 -- -- -- -- --
4,625 -- -- -- -- --
1,760 -- -- -- -- --
12,038 -- -- -- -- --
3,658 -- -- -- -- --
2,275 -- -- -- -- --
50 -- -- -- -- --
1,973 -- -- -- -- --
---------------- ---------------- ---------------- ---------------- ---------------- ----------------
586,162 189,444 1,078,746 214,386 850,111 84,071
-- -- -- -- -- --
---------------- ---------------- ---------------- ---------------- ---------------- ----------------
586,162 189,444 1,078,746 214,386 850,111 84,071
---------------- ---------------- ---------------- ---------------- ---------------- ----------------
546,075 600,177 584,450 425,150 720,751 208,761
---------------- ---------------- ---------------- ---------------- ---------------- ----------------
(309,653) (1,755,086) 5,125,230 1,847,292) (8,310,737) (48,241)
10,509,901 517,839 4,424,620 179,048 4,288,069 922,573
---------------- ---------------- ---------------- ---------------- ---------------- ----------------
10,200,248 (1,237,247) 9,549,850 (1,668,244) (4,022,668) 874,332
---------------- ---------------- ---------------- ---------------- ---------------- ----------------
(4,643,435) 333,976 1,255,418 1,803,505 (1,522,139) 339,451
---------------- ---------------- ---------------- ---------------- ---------------- ----------------
5,556,813 (903,271) 10,805,268 135,261 (5,544,807) 1,213,783
---------------- ---------------- ---------------- ---------------- ---------------- ----------------
$ 6,102,888 $ (303,094) $ 11,389,718 $ 560,411 $ (4,824,056) $ 1,422,544
================ ================ ================ ================ ================ ================
|
See Notes to Financial Statements Page 111
FIRST TRUST EXCHANGE-TRADED ALPHADEX(R) FUND
STYLE FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
FIRST TRUST FIRST TRUST
LARGE CAP CORE MID CAP CORE
ALPHADEX(R) FUND ALPHADEX(R) FUND
(FEX) (FNX)
------------------------------- -------------------------------
Six Months Six Months
Ended Ended
1/31/2020 Year Ended 1/31/2020 Year Ended
(Unaudited) 7/31/2019 (Unaudited) 7/31/2019
-------------- -------------- -------------- --------------
OPERATIONS:
Net investment income (loss)................................ $ 9,702,441 $ 18,340,763 $ 6,441,592 $ 8,240,591
Net realized gain (loss).................................... 62,546,585 69,431,466 16,842,469 25,438,096
Net change in unrealized appreciation (depreciation)........ (20,826,792) (51,939,570) (8,954,376) (28,927,358)
-------------- -------------- -------------- --------------
Net increase (decrease) in net assets resulting
from operations.......................................... 51,422,234 35,832,659 14,329,685 4,751,329
-------------- -------------- -------------- --------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Investment operations....................................... (11,106,026) (17,636,192) (8,452,501) (7,372,456)
-------------- -------------- -------------- --------------
SHAREHOLDER TRANSACTIONS:
Proceeds from shares sold................................... 231,259,187 389,384,895 3,523,184 287,753,879
Cost of shares redeemed..................................... (383,425,852) (513,826,091) (37,803,439) (299,688,790)
-------------- -------------- -------------- --------------
Net increase (decrease) in net assets resulting
from shareholder transactions............................ (152,166,665) (124,441,196) (34,280,255) (11,934,911)
-------------- -------------- -------------- --------------
Total increase (decrease) in net assets..................... (111,850,457) (106,244,729) (28,403,071) (14,556,038)
NET ASSETS:
Beginning of period......................................... 1,434,678,889 1,540,923,618 887,176,377 901,732,415
-------------- -------------- -------------- --------------
End of period............................................... $1,322,828,432 $1,434,678,889 $ 858,773,306 $ 887,176,377
============== ============== ============== ==============
CHANGES IN SHARES OUTSTANDING:
Shares outstanding, beginning of period..................... 23,100,002 25,350,002 12,700,002 12,950,002
Shares sold................................................. 3,550,000 6,400,000 50,000 4,150,000
Shares redeemed............................................. (6,000,000) (8,650,000) (550,000) (4,400,000)
-------------- -------------- -------------- --------------
Shares outstanding, end of period........................... 20,650,002 23,100,002 12,200,002 12,700,002
============== ============== ============== ==============
|
Page 112 See Notes to Financial Statements
FIRST TRUST FIRST TRUST FIRST TRUST FIRST TRUST
SMALL CAP CORE LARGE CAP VALUE LARGE CAP GROWTH MULTI CAP VALUE
ALPHADEX(R) FUND ALPHADEX(R) FUND ALPHADEX(R) FUND ALPHADEX(R) FUND
(FYX) (FTA) (FTC) (FAB)
------------------------------- ------------------------------- ------------------------------- -------------------------------
Six Months Six Months Six Months Six Months
Ended Ended Ended Ended
1/31/2020 Year Ended 1/31/2020 Year Ended 1/31/2020 Year Ended 1/31/2020 Year Ended
(Unaudited) 7/31/2019 (Unaudited) 7/31/2019 (Unaudited) 7/31/2019 (Unaudited) 7/31/2019
-------------- -------------- -------------- -------------- -------------- -------------- -------------- --------------
$ 3,172,218 $ 6,112,880 $ 11,097,504 $ 22,632,151 $ 3,642,640 $ 5,276,951 $ 793,250 $ 1,466,127
(4,029,663) 2,859,229 6,787,824 14,254,561 52,862,351 39,686,289 54,946 1,294,092
1,751,771 (66,349,033) 23,582,505 (47,887,065) (9,682,720) 12,785,024 1,121,848 (5,847,344)
-------------- -------------- -------------- -------------- -------------- -------------- -------------- --------------
894,326 (57,376,924) 41,467,833 (11,000,353) 46,822,271 57,748,264 1,970,044 (3,087,125)
-------------- -------------- -------------- -------------- -------------- -------------- -------------- --------------
(4,354,501) (5,893,001) (15,629,067) (19,337,442) (3,790,396) (4,584,530) (1,087,791) (1,340,962)
-------------- -------------- -------------- -------------- -------------- -------------- -------------- --------------
-- 262,073,225 10,578,788 127,487,293 38,590,288 726,158,507 -- 2,412,023
(63,711,237) (323,986,860) (125,350,684) (76,934,193) (102,197,690) (637,594,289) (2,881,870) (5,449,388)
-------------- -------------- -------------- -------------- -------------- -------------- -------------- --------------
(63,711,237) (61,913,635) (114,771,896) 50,553,100 (63,607,402) 88,564,218 (2,881,870) (3,037,365)
-------------- -------------- -------------- -------------- -------------- -------------- -------------- --------------
(67,171,412) (125,183,560) (88,933,130) 20,215,305 (20,575,527) 141,727,952 (1,999,617) (7,465,452)
602,918,163 728,101,723 1,166,568,828 1,146,353,523 1,041,725,736 899,997,784 84,300,689 91,766,141
-------------- -------------- -------------- -------------- -------------- -------------- -------------- --------------
$ 535,746,751 $ 602,918,163 $1,077,635,698 $1,166,568,828 $1,021,150,209 $1,041,725,736 $ 82,301,072 $ 84,300,689
============== ============== ============== ============== ============== ============== ============== ==============
9,750,002 10,900,002 22,100,002 21,200,002 14,600,002 13,450,002 1,550,002 1,600,002
-- 3,950,000 200,000 2,450,000 550,000 10,750,000 -- 50,000
(1,050,000) (5,100,000) (2,350,000) (1,550,000) (1,400,000) (9,600,000) (50,000) (100,000)
-------------- -------------- -------------- -------------- -------------- -------------- -------------- --------------
8,700,002 9,750,002 19,950,002 22,100,002 13,750,002 14,600,002 1,500,002 1,550,002
============== ============== ============== ============== ============== ============== ============== ==============
|
See Notes to Financial Statements Page 113
FIRST TRUST EXCHANGE-TRADED ALPHADEX(R) FUND
STYLE FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
FIRST TRUST FIRST TRUST
MULTI CAP GROWTH MID CAP VALUE
ALPHADEX(R) FUND ALPHADEX(R) FUND
(FAD) (FNK)
------------------------------- -------------------------------
Six Months Six Months
Ended Ended
1/31/2020 Year Ended 1/31/2020 Year Ended
(Unaudited) 7/31/2019 (Unaudited) 7/31/2019
-------------- -------------- -------------- --------------
OPERATIONS:
Net investment income (loss)................................ $ 546,075 $ 571,783 $ 600,177 $ 780,370
Net realized gain (loss).................................... 10,200,248 2,171,060 (1,237,247) (632,580)
Net change in unrealized appreciation (depreciation)........ (4,643,435) 622,734 333,976 (2,569,766)
-------------- -------------- -------------- --------------
Net increase (decrease) in net assets resulting
from operations.......................................... 6,102,888 3,365,577 (303,094) (2,421,976)
-------------- -------------- -------------- --------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Investment operations....................................... (677,426) (458,046) (821,956) (675,721)
-------------- -------------- -------------- --------------
SHAREHOLDER TRANSACTIONS:
Proceeds from shares sold................................... 38,887,900 45,995,046 3,539,893 15,447,959
Cost of shares redeemed..................................... (46,953,891) (55,632,416) (6,748,004) (6,442,277)
-------------- -------------- -------------- --------------
Net increase (decrease) in net assets resulting
from shareholder transactions............................ (8,065,991) (9,637,370) (3,208,111) 9,005,682
-------------- -------------- -------------- --------------
Total increase (decrease) in net assets..................... (2,640,529) (6,729,839) (4,333,161) 5,907,985
NET ASSETS:
Beginning of period......................................... 185,955,480 192,685,319 55,473,071 49,565,086
-------------- -------------- -------------- --------------
End of period............................................... $ 183,314,951 $ 185,955,480 $ 51,139,910 $ 55,473,071
============== ============== ============== ==============
CHANGES IN SHARES OUTSTANDING:
Shares outstanding, beginning of period..................... 2,450,002 2,650,002 1,600,002 1,350,002
Shares sold................................................. 500,000 650,000 100,000 450,000
Shares redeemed............................................. (600,000) (850,000) (200,000) (200,000)
-------------- -------------- -------------- --------------
Shares outstanding, end of period........................... 2,350,002 2,450,002 1,500,002 1,600,002
============== ============== ============== ==============
|
Page 114 See Notes to Financial Statements
FIRST TRUST FIRST TRUST FIRST TRUST FIRST TRUST
MID CAP GROWTH SMALL CAP VALUE SMALL CAP GROWTH MEGA CAP
ALPHADEX(R) FUND ALPHADEX(R) FUND ALPHADEX(R) FUND ALPHADEX(R) FUND
(FNY) (FYT) (FYC) (FMK)
------------------------------- ------------------------------- ------------------------------- -------------------------------
Six Months Six Months Six Months Six Months
Ended Ended Ended Ended
1/31/2020 Year Ended 1/31/2020 Year Ended 1/31/2020 Year Ended 1/31/2020 Year Ended
(Unaudited) 7/31/2019 (Unaudited) 7/31/2019 (Unaudited) 7/31/2019 (Unaudited) 7/31/2019
-------------- -------------- -------------- -------------- -------------- -------------- -------------- --------------
$ 584,450 $ 205,791 $ 425,150 $ 984,336 $ 720,751 $ 121,317 $ 208,761 $ 289,306
9,549,850 (5,458,495) (1,668,244) (587,303) (4,022,668) (30,777,755) 874,332 798,457
1,255,418 16,316,990 1,803,505 (7,220,590) (1,522,139) (8,010,419) 339,451 296,932
-------------- -------------- -------------- -------------- -------------- -------------- -------------- --------------
11,389,718 11,064,286 560,411 (6,823,557) (4,824,056) (38,666,857) 1,422,544 1,384,695
-------------- -------------- -------------- -------------- -------------- -------------- -------------- --------------
(881,365) (115,920) (626,656) (917,901) (937,820) (105,410) (235,301) (250,051)
-------------- -------------- -------------- -------------- -------------- -------------- -------------- --------------
25,458,381 202,282,798 8,993,298 10,488,596 -- 259,177,575 9,519,910 23,625,038
(25,204,062) (118,044,854) (4,993,621) (18,091,538) (49,270,503) (302,564,084) (9,488,697) (17,209,998)
-------------- -------------- -------------- -------------- -------------- -------------- -------------- --------------
254,319 84,237,944 3,999,677 (7,602,942) (49,270,503) (43,386,509) 31,213 6,415,040
-------------- -------------- -------------- -------------- -------------- -------------- -------------- --------------
10,762,672 95,186,310 3,933,432 (15,344,400) (55,032,379) (82,158,776) 1,218,456 7,549,684
309,825,677 214,639,367 60,659,070 76,003,470 278,851,330 361,010,106 23,481,123 15,931,439
-------------- -------------- -------------- -------------- -------------- -------------- -------------- --------------
$ 320,588,349 $ 309,825,677 $ 64,592,502 $ 60,659,070 $ 223,818,951 $ 278,851,330 $ 24,699,579 $ 23,481,123
============== ============== ============== ============== ============== ============== ============== ==============
6,650,002 4,900,002 1,750,002 1,950,002 5,950,002 7,400,002 650,002 450,002
550,000 4,550,000 250,000 300,000 -- 5,200,000 250,000 700,000
(550,000) (2,800,000) (150,000) (500,000) 1,100,000) (6,650,000) (250,000) (500,000)
-------------- -------------- -------------- -------------- -------------- -------------- -------------- --------------
6,650,002 6,650,002 1,850,002 1,750,002 4,850,002 5,950,002 650,002 650,002
============== ============== ============== ============== ============== ============== ============== ==============
|
See Notes to Financial Statements Page 115
FIRST TRUST EXCHANGE-TRADED ALPHADEX(R) FUND
STYLE FUNDS
FINANCIAL HIGHLIGHTS
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
FIRST TRUST LARGE CAP CORE ALPHADEX(R) FUND (FEX)
SIX MONTHS ENDED YEAR ENDED JULY 31,
1/31/2020 ------------------------------------------------------------------
(UNAUDITED) 2019 2018 2017 2016 2015
---------- ---------- ---------- ---------- ---------- ----------
Net asset value, beginning of period $ 62.11 $ 60.79 $ 54.07 $ 46.93 $ 45.96 $ 43.21
---------- ---------- ---------- ---------- ---------- ----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss) 0.46 0.77 0.69 0.61 0.64 0.57
Net realized and unrealized gain (loss) 2.00 1.28 6.69 7.16 0.95 2.75
---------- ---------- ---------- ---------- ---------- ----------
Total from investment operations 2.46 2.05 7.38 7.77 1.59 3.32
---------- ---------- ---------- ---------- ---------- ----------
DISTRIBUTIONS PAID TO SHAREHOLDERS FROM:
Net investment income (0.51) (0.73) (0.66) (0.63) (0.62) (0.57)
---------- ---------- ---------- ---------- ---------- ----------
Net asset value, end of period $ 64.06 $ 62.11 $ 60.79 $ 54.07 $ 46.93 $ 45.96
========== ========== ========== ========== ========== ==========
TOTAL RETURN (a) 3.98% 3.48% 13.72% 16.68% 3.59% 7.67%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's) $1,322,828 $1,434,679 $1,540,924 $1,554,447 $1,506,341 $1,932,424
RATIOS TO AVERAGE NET ASSETS:
Ratio of total expenses to average net
assets 0.59% (b) 0.60% 0.61% 0.61% 0.61% 0.61%
Ratio of net expenses to average net
assets 0.59% (b) 0.60% 0.61% 0.61% 0.61% 0.61%
Ratio of net investment income (loss) to
average net assets 1.43% (b) 1.29% 1.17% 1.21% 1.43% 1.25%
Portfolio turnover rate (c) 50% 102% 87% 90% 109% 91%
|
FIRST TRUST MID CAP CORE ALPHADEX(R) FUND (FNX)
SIX MONTHS ENDED YEAR ENDED JULY 31,
1/31/2020 ------------------------------------------------------------------
(UNAUDITED) 2019 2018 2017 2016 2015
---------- ---------- ---------- ---------- ---------- ----------
Net asset value, beginning of period $ 69.86 $ 69.63 $ 59.91 $ 52.80 $ 52.97 $ 50.65
---------- ---------- ---------- ---------- ---------- ----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss) 0.52 0.63 0.61 0.56 0.56 0.51
Net realized and unrealized gain (loss) 0.69 0.16 9.71 7.12 (0.21) 2.31
---------- ---------- ---------- ---------- ---------- ----------
Total from investment operations 1.21 0.79 10.32 7.68 0.35 2.82
---------- ---------- ---------- ---------- ---------- ----------
DISTRIBUTIONS PAID TO SHAREHOLDERS FROM:
Net investment income (0.68) (0.56) (0.60) (0.57) (0.52) (0.50)
---------- ---------- ---------- ---------- ---------- ----------
Net asset value, end of period $ 70.39 $ 69.86 $ 69.63 $ 59.91 $ 52.80 $ 52.97
========== ========== ========== ========== ========== ==========
TOTAL RETURN (a) 1.74% 1.22% 17.30% 14.61% 0.76% 5.55%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's) $ 858,773 $ 887,176 $ 901,732 $ 697,995 $ 644,144 $1,016,952
RATIOS TO AVERAGE NET ASSETS:
Ratio of total expenses to average net
assets 0.60% (b) 0.61% 0.62% 0.63% 0.63% 0.62%
Ratio of net expenses to average net
assets 0.60% (b) 0.61% 0.62% 0.63% 0.63% 0.62%
Ratio of net investment income (loss) to
average net assets 1.48% (b) 0.94% 0.94% 1.00% 1.10% 0.97%
Portfolio turnover rate (c) 57% 114% 101% 103% 126% 102%
|
(a) Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all distributions at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return is calculated for the time period presented and is not annualized for periods of less than a year.
(b) Annualized.
(c) Portfolio turnover is calculated for the time period presented and is not annualized for periods of less than a year and does not include securities received or delivered from processing creations or redemptions and in-kind transactions.
Page 116 See Notes to Financial Statements
FIRST TRUST EXCHANGE-TRADED ALPHADEX(R) FUND
STYLE FUNDS
FINANCIAL HIGHLIGHTS (CONTINUED)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
FIRST TRUST SMALL CAP CORE ALPHADEX(R) FUND (FYX)
SIX MONTHS ENDED YEAR ENDED JULY 31,
1/31/2020 ------------------------------------------------------------------
(UNAUDITED) 2019 2018 2017 2016 2015
---------- ---------- ---------- ---------- ---------- ----------
Net asset value, beginning of period $ 61.84 $ 66.80 $ 56.23 $ 48.91 $ 48.24 $ 46.07
---------- ---------- ---------- ---------- ---------- ----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss) 0.35 0.60 0.52 0.41 0.39 0.35
Net realized and unrealized gain (loss) (0.13) (4.98) 10.53 7.40 0.64 2.17
---------- ---------- ---------- ---------- ---------- ----------
Total from investment operations 0.22 (4.38) 11.05 7.81 1.03 2.52
---------- ---------- ---------- ---------- ---------- ----------
DISTRIBUTIONS PAID TO SHAREHOLDERS FROM:
Net investment income (0.48) (0.58) (0.48) (0.49) (0.36) (0.35)
---------- ---------- ---------- ---------- ---------- ----------
Net asset value, end of period $ 61.58 $ 61.84 $ 66.80 $ 56.23 $ 48.91 $ 48.24
========== ========== ========== ========== ========== ==========
TOTAL RETURN (a) 0.34% (6.52)% 19.72%(d) 16.03% 2.20% 5.45%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's) $ 535,747 $ 602,918 $ 728,102 $ 491,997 $ 442,627 $ 701,882
RATIOS TO AVERAGE NET ASSETS:
Ratio of total expenses to average net
assets 0.62% (b) 0.62% 0.63% 0.63% 0.64% 0.63%
Ratio of net expenses to average net
assets 0.62% (b) 0.62% 0.63% 0.63% 0.64% 0.63%
Ratio of net investment income (loss) to
average net assets 1.12% (b) 0.96% 0.87% 0.78% 0.86% 0.73%
Portfolio turnover rate (c) 59% 117% 116% 111% 126% 97%
|
FIRST TRUST LARGE CAP VALUE ALPHADEX(R) FUND (FTA)
SIX MONTHS ENDED YEAR ENDED JULY 31,
1/31/2020 ------------------------------------------------------------------
(UNAUDITED) 2019 2018 2017 2016 2015
---------- ---------- ---------- ---------- ---------- ----------
Net asset value, beginning of period $ 52.79 $ 54.07 $ 50.94 $ 41.98 $ 41.61 $ 42.48
---------- ---------- ---------- ---------- ---------- ----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss) 0.54 1.02 1.02 0.77 0.78 (e) 0.77
Net realized and unrealized gain (loss) 1.43 (1.43) 3.08 8.96 0.38 (0.87)
---------- ---------- ---------- ---------- ---------- ----------
Total from investment operations 1.97 (0.41) 4.10 9.73 1.16 (0.10)
---------- ---------- ---------- ---------- ---------- ----------
DISTRIBUTIONS PAID TO SHAREHOLDERS FROM:
Net investment income (0.74) (0.87) (0.97) (0.77) (0.79) (0.77)
---------- ---------- ---------- ---------- ---------- ----------
Net asset value, end of period $ 54.02 $ 52.79 $ 54.07 $ 50.94 $ 41.98 $ 41.61
========== ========== ========== ========== ========== ==========
TOTAL RETURN (a) 3.75% (0.65)% 8.12% 23.35% 2.94% (0.29)%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's) $1,077,636 $1,166,569 $1,146,354 $1,056,997 $ 831,256 $1,181,747
RATIOS TO AVERAGE NET ASSETS:
Ratio of total expenses to average net
assets 0.60% (b) 0.60% 0.61% 0.62% 0.62% 0.62%
Ratio of net expenses to average net
assets 0.60% (b) 0.60% 0.61% 0.62% 0.62% 0.62%
Ratio of net investment income (loss) to
average net assets 1.97% (b) 1.99% 1.92% 1.63% 2.00% 1.77%
Portfolio turnover rate (c) 42% 96% 82% 72% 94% 78%
|
(a) Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all distributions at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return is calculated for the time period presented and is not annualized for periods of less than a year.
(b) Annualized.
(c) Portfolio turnover is calculated for the time period presented and is not annualized for periods of less than a year and does not include securities received or delivered from processing creations or redemptions and in-kind transactions.
(d) The Fund received a payment from the Advisor in the amount of $3,456,678 in connection with a broker error, which represents $0.38 per share. Since the Advisor reimbursed the Fund, there was no effect on the total return.
(e) Based on average shares outstanding.
See Notes to Financial Statements Page 117
FIRST TRUST EXCHANGE-TRADED ALPHADEX(R) FUND
STYLE FUNDS
FINANCIAL HIGHLIGHTS (CONTINUED)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
FIRST TRUST LARGE CAP GROWTH ALPHADEX(R) FUND (FTC)
SIX MONTHS ENDED YEAR ENDED JULY 31,
1/31/2020 ------------------------------------------------------------------
(UNAUDITED) 2019 2018 2017 2016 2015
---------- ---------- ---------- ---------- ---------- ----------
Net asset value, beginning of period $ 71.35 $ 66.91 $ 55.88 $ 51.56 $ 49.95 $ 42.86
---------- ---------- ---------- ---------- ---------- ----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss) 0.25 0.37 0.23 0.33 0.35 0.32
Net realized and unrealized gain (loss) 2.93 4.39 11.03 4.33 1.60 7.09
---------- ---------- ---------- ---------- ---------- ----------
Total from investment operations 3.18 4.76 11.26 4.66 1.95 7.41
---------- ---------- ---------- ---------- ---------- ----------
DISTRIBUTIONS PAID TO SHAREHOLDERS FROM:
Net investment income (0.26) (0.32) (0.23) (0.34) (0.34) (0.32)
---------- ---------- ---------- ---------- ---------- ----------
Net asset value, end of period $ 74.27 $ 71.35 $ 66.91 $ 55.88 $ 51.56 $ 49.95
========== ========== ========== ========== ========== ==========
TOTAL RETURN (a) 4.45% 7.16% 20.19% 9.10% 3.96% 17.32%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's) $1,021,150 $1,041,726 $ 899,998 $ 650,949 $ 618,698 $ 681,765
RATIOS TO AVERAGE NET ASSETS:
Ratio of total expenses to average net
assets 0.60% (b) 0.61% 0.61% 0.62% 0.62% 0.63%
Ratio of net expenses to average net
assets 0.60% (b) 0.61% 0.61% 0.62% 0.62% 0.63%
Ratio of net investment income (loss) to
average net assets 0.69% (b) 0.56% 0.36% 0.63% 0.73% 0.68%
Portfolio turnover rate (c) 79% 132% 119% 148% 149% 143%
|
FIRST TRUST MULTI CAP VALUE ALPHADEX(R) FUND (FAB)
SIX MONTHS ENDED YEAR ENDED JULY 31,
1/31/2020 ------------------------------------------------------------------
(UNAUDITED) 2019 2018 2017 2016 2015
---------- ---------- ---------- ---------- ---------- ----------
Net asset value, beginning of period $ 54.39 $ 57.35 $ 52.84 $ 44.91 $ 44.75 $ 45.71
---------- ---------- ---------- ---------- ---------- ----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss) 0.51 0.92 0.96 0.73 0.70 0.64
Net realized and unrealized gain (loss) 0.67 (3.04) 4.45 7.96 0.13 (0.96)
---------- ---------- ---------- ---------- ---------- ----------
Total from investment operations 1.18 (2.12) 5.41 8.69 0.83 (0.32)
---------- ---------- ---------- ---------- ---------- ----------
DISTRIBUTIONS PAID TO SHAREHOLDERS FROM:
Net investment income (0.70) (0.84) (0.90) (0.76) (0.67) (0.64)
---------- ---------- ---------- ---------- ---------- ----------
Net asset value, end of period $ 54.87 $ 54.39 $ 57.35 $ 52.84 $ 44.91 $ 44.75
========== ========== ========== ========== ========== ==========
TOTAL RETURN (a) 2.16% (3.62)% 10.30% 19.46% 1.98% (0.74)%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's) $ 82,301 $ 84,301 $ 91,766 $ 110,959 $ 103,296 $ 196,887
RATIOS TO AVERAGE NET ASSETS:
Ratio of total expenses to average net
assets 0.76% (b) 0.73% 0.70% 0.66% 0.68% 0.70%
Ratio of net expenses to average net
assets 0.70% (b) 0.70% 0.70% 0.66% 0.68% 0.70%
Ratio of net investment income (loss) to
average net assets 1.87% (b) 1.69% 1.67% 1.45% 1.61% 1.36%
Portfolio turnover rate (c) 42% 96% 89% 81% 96% 82%
|
(a) Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all distributions at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return is calculated for the time period presented and is not annualized for periods of less than a year. For some periods, the total returns would have been lower if certain fees had not been waived and expenses reimbursed by the investment advisor.
(b) Annualized.
(c) Portfolio turnover is calculated for the time period presented and is not annualized for periods of less than a year and does not include securities received or delivered from processing creations or redemptions and in-kind transactions.
Page 118 See Notes to Financial Statements
FIRST TRUST EXCHANGE-TRADED ALPHADEX(R) FUND
STYLE FUNDS
FINANCIAL HIGHLIGHTS (CONTINUED)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
FIRST TRUST MULTI CAP GROWTH ALPHADEX(R) FUND (FAD)
SIX MONTHS ENDED YEAR ENDED JULY 31,
1/31/2020 ------------------------------------------------------------------
(UNAUDITED) 2019 2018 2017 2016 2015
---------- ---------- ---------- ---------- ---------- ----------
Net asset value, beginning of period $ 75.90 $ 72.71 $ 59.33 $ 53.31 $ 52.16 $ 45.23
---------- ---------- ---------- ---------- ---------- ----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss) 0.22 0.22 0.12 0.25 0.24 0.23
Net realized and unrealized gain (loss) 2.17 3.14 13.40 6.04 1.13 6.94
---------- ---------- ---------- ---------- ---------- ----------
Total from investment operations 2.39 3.36 13.52 6.29 1.37 7.17
---------- ---------- ---------- ---------- ---------- ----------
DISTRIBUTIONS PAID TO SHAREHOLDERS FROM:
Net investment income (0.28) (0.17) (0.14) (0.27) (0.22) (0.24)
---------- ---------- ---------- ---------- ---------- ----------
Net asset value, end of period $ 78.01 $ 75.90 $ 72.71 $ 59.33 $ 53.31 $ 52.16
========== ========== ========== ========== ========== ==========
TOTAL RETURN (a) 3.14% 4.65% 22.82% 11.85% 2.66% 15.89%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's) $ 183,315 $ 185,955 $ 192,685 $ 103,829 $ 85,293 $ 91,279
RATIOS TO AVERAGE NET ASSETS:
Ratio of total expenses to average net
assets 0.63% (b) 0.66% 0.69% 0.70% 0.70% 0.72%
Ratio of net expenses to average net
assets 0.63% (b) 0.66% 0.69% 0.70% 0.70% 0.70%
Ratio of net investment income (loss) to
average net assets 0.59% (b) 0.31% 0.18% 0.44% 0.50% 0.48%
Portfolio turnover rate (c) 68% 130% 118% 142% 160% 135%
|
(a) Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all distributions at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return is calculated for the time period presented and is not annualized for periods of less than a year. For some periods, the total returns would have been lower if certain fees had not been waived and expenses reimbursed by the investment advisor.
(b) Annualized.
(c) Portfolio turnover is calculated for the time period presented and is not annualized for periods of less than a year and does not include securities received or delivered from processing creations or redemptions and in-kind transactions.
See Notes to Financial Statements Page 119
FIRST TRUST EXCHANGE-TRADED ALPHADEX(R) FUND
STYLE FUNDS
FINANCIAL HIGHLIGHTS (CONTINUED)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
FIRST TRUST MID CAP VALUE ALPHADEX(R) FUND (FNK)
SIX MONTHS ENDED YEAR ENDED JULY 31,
1/31/2020 ------------------------------------------------------------------
(UNAUDITED) 2019 2018 2017 2016 2015
---------- ---------- ---------- ---------- ---------- ----------
Net asset value, beginning of period $ 34.67 $ 36.71 $ 33.65 $ 29.47 $ 29.56 $ 30.20
---------- ---------- ---------- ---------- ---------- ----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss) 0.38 0.51 0.58 0.44 0.43 0.39
Net realized and unrealized gain (loss) (0.44) (2.10) 3.04 4.17 (0.10) (0.64)
---------- ---------- ---------- ---------- ---------- ----------
Total from investment operations (0.06) (1.59) 3.62 4.61 0.33 (0.25)
---------- ---------- ---------- ---------- ---------- ----------
DISTRIBUTIONS PAID TO SHAREHOLDERS FROM:
Net investment income (0.52) (0.45) (0.56) (0.43) (0.42) (0.39)
---------- ---------- ---------- ---------- ---------- ----------
Net asset value, end of period $ 34.09 $ 34.67 $ 36.71 $ 33.65 $ 29.47 $ 29.56
========== ========== ========== ========== ========== ==========
TOTAL RETURN (a) (0.19)% (4.26)% 10.80% 15.72% 1.22% (0.87)%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's) $ 51,140 $ 55,473 $ 49,565 $ 57,201 $ 47,156 $ 75,389
RATIOS TO AVERAGE NET ASSETS:
Ratio of total expenses to average net
assets 0.70% (b) 0.70% 0.70% 0.70% 0.70% 0.70%
Ratio of net expenses to average net
assets 0.70% (b) 0.70% 0.70% 0.70% 0.70% 0.70%
Ratio of net investment income (loss) to
average net assets 2.22% (b) 1.49% 1.61% 1.31% 1.49% 1.27%
Portfolio turnover rate (c) 47% 113% 94% 95% 114% 88%
|
FIRST TRUST MID CAP GROWTH ALPHADEX(R) FUND (FNY)
SIX MONTHS ENDED YEAR ENDED JULY 31,
1/31/2020 ------------------------------------------------------------------
(UNAUDITED) 2019 2018 2017 2016 2015
---------- ---------- ---------- ---------- ---------- ----------
Net asset value, beginning of period $ 46.59 $ 43.80 $ 35.07 $ 31.22 $ 31.31 $ 27.61
---------- ---------- ---------- ---------- ---------- ----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss) 0.09 0.04 0.03 0.15 0.11 0.13
Net realized and unrealized gain (loss) 1.66 2.77 8.75 3.87 (0.11) 3.71
---------- ---------- ---------- ---------- ---------- ----------
Total from investment operations 1.75 2.81 8.78 4.02 0.00 3.84
---------- ---------- ---------- ---------- ---------- ----------
DISTRIBUTIONS PAID TO SHAREHOLDERS FROM:
Net investment income (0.13) (0.02) (0.05) (0.17) (0.09) (0.14)
---------- ---------- ---------- ---------- ---------- ----------
Net asset value, end of period $ 48.21 $ 46.59 $ 43.80 $ 35.07 $ 31.22 $ 31.31
========== ========== ========== ========== ========== ==========
TOTAL RETURN (a) 3.77% 6.43% 25.06% 12.94% 0.03% 13.91%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's) $ 320,588 $ 309,826 $ 214,639 $ 94,700 $ 82,725 $ 114,273
RATIOS TO AVERAGE NET ASSETS:
Ratio of total expenses to average net
assets 0.70% (b) 0.70% 0.70% 0.70% 0.70% 0.70%
Ratio of net expenses to average net
assets 0.70% (b) 0.70% 0.70% 0.70% 0.70% 0.70%
Ratio of net investment income (loss) to
average net assets 0.38% (b) 0.09% 0.02% 0.48% 0.35% 0.42%
Portfolio turnover rate (c) 78% 144% 124% 153% 193% 159%
|
(a) Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all distributions at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return is calculated for the time period presented and is not annualized for periods of less than a year.
(b) Annualized.
(c) Portfolio turnover is calculated for the time period presented and is not annualized for periods of less than a year and does not include securities received or delivered from processing creations or redemptions and in-kind transactions.
Page 120 See Notes to Financial Statements
FIRST TRUST EXCHANGE-TRADED ALPHADEX(R) FUND
STYLE FUNDS
FINANCIAL HIGHLIGHTS (CONTINUED)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
FIRST TRUST SMALL CAP VALUE ALPHADEX(R) FUND (FYT)
SIX MONTHS ENDED YEAR ENDED JULY 31,
1/31/2020 ------------------------------------------------------------------
(UNAUDITED) 2019 2018 2017 2016 2015
---------- ---------- ---------- ---------- ---------- ----------
Net asset value, beginning of period $ 34.66 $ 38.98 $ 34.33 $ 30.19 $ 30.20 $ 31.06
---------- ---------- ---------- ---------- ---------- ----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss) 0.25 0.57 0.48 0.41 0.26 0.28
Net realized and unrealized gain (loss) 0.36 (4.36) 4.60 4.23 (0.04) (0.85)
---------- ---------- ---------- ---------- ---------- ----------
Total from investment operations 0.61 (3.79) 5.08 4.64 0.22 (0.57)
---------- ---------- ---------- ---------- ---------- ----------
DISTRIBUTIONS PAID TO SHAREHOLDERS FROM:
Net investment income (0.36) (0.53) (0.43) (0.50) (0.23) (0.29)
---------- ---------- ---------- ---------- ---------- ----------
Net asset value, end of period $ 34.91 $ 34.66 $ 38.98 $ 34.33 $ 30.19 $ 30.20
========== ========== ========== ========== ========== ==========
TOTAL RETURN (a) 1.74% (9.69)% 14.86%(d) 15.41% 0.79% (1.89)%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's) $ 64,593 $ 60,659 $ 76,003 $ 61,802 $ 54,341 $ 72,491
RATIOS TO AVERAGE NET ASSETS:
Ratio of total expenses to average net
assets 0.70% (b) 0.70% 0.70% 0.70% 0.70% 0.70%
Ratio of net expenses to average net
assets 0.70% (b) 0.70% 0.70% 0.70% 0.70% 0.70%
Ratio of net investment income (loss) to
average net assets 1.39% (b) 1.58% 1.28% 1.22% 0.89% 0.86%
Portfolio turnover rate (c) 54% 120% 123% 110% 125% 96%
|
FIRST TRUST SMALL CAP GROWTH ALPHADEX(R) FUND (FYC)
SIX MONTHS ENDED YEAR ENDED JULY 31,
1/31/2020 ------------------------------------------------------------------
(UNAUDITED) 2019 2018 2017 2016 2015
---------- ---------- ---------- ---------- ---------- ----------
Net asset value, beginning of period $ 46.87 $ 48.79 $ 38.83 $ 33.24 $ 32.18 $ 27.96
---------- ---------- ---------- ---------- ---------- ----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss) 0.14 0.02 0.06 0.05 0.09 0.04
Net realized and unrealized gain (loss) (0.68) (1.93) 9.97 5.63 1.04 4.20
---------- ---------- ---------- ---------- ---------- ----------
Total from investment operations (0.54) (1.91) 10.03 5.68 1.13 4.24
---------- ---------- ---------- ---------- ---------- ----------
DISTRIBUTIONS PAID TO SHAREHOLDERS FROM:
Net investment income (0.18) (0.01) (0.07) (0.09) (0.07) (0.02)
---------- ---------- ---------- ---------- ---------- ----------
Net asset value, end of period $ 46.15 $ 46.87 $ 48.79 $ 38.83 $ 33.24 $ 32.18
========== ========== ========== ========== ========== ==========
TOTAL RETURN (a) (1.15)% (3.90)% 25.85%(e) 17.12% 3.54% 15.17%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's) $ 223,819 $ 278,851 $ 361,010 $ 116,483 $ 56,502 $ 88,492
RATIOS TO AVERAGE NET ASSETS:
Ratio of total expenses to average net
assets 0.70% (b) 0.70% 0.70% 0.70% 0.70% 0.70%
Ratio of net expenses to average net
assets 0.70% (b) 0.70% 0.70% 0.70% 0.70% 0.70%
Ratio of net investment income (loss) to
average net assets 0.59% (b) 0.04% 0.11% 0.12% 0.32% 0.09%
Portfolio turnover rate (c) 76% 152% 141% 162% 161% 153%
|
(a) Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all distributions at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return is calculated for the time period presented and is not annualized for periods of less than a year.
(b) Annualized.
(c) Portfolio turnover is calculated for the time period presented and is not annualized for periods of less than a year and does not include securities received or delivered from processing creations or redemptions and in-kind transactions.
(d) The Fund received a payment from the Advisor in the amount of $519,907 in connection with a broker error, which represents $0.27 per share. Since the Advisor reimbursed the Fund, there was no effect on the total return.
(e) The Fund received a payment from the Advisor in the amount of $1,053,251 in connection with a broker error, which represents $0.25 per share. Since the Advisor reimbursed the Fund, there was no effect on the total return.
See Notes to Financial Statements Page 121
FIRST TRUST EXCHANGE-TRADED ALPHADEX(R) FUND
STYLE FUNDS
FINANCIAL HIGHLIGHTS (CONTINUED)
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
FIRST TRUST MEGA CAP ALPHADEX(R) FUND (FMK)
SIX MONTHS ENDED YEAR ENDED JULY 31,
1/31/2020 ------------------------------------------------------------------
(UNAUDITED) 2019 2018 2017 2016 2015
---------- ---------- ---------- ---------- ---------- ----------
Net asset value, beginning of period $ 36.12 $ 35.40 $ 30.99 $ 27.09 $ 27.48 $ 26.23
---------- ---------- ---------- ---------- ---------- ----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss) 0.32 0.45 0.40 0.40 0.45 0.37
Net realized and unrealized gain (loss) 1.92 0.68 4.40 3.92 (0.42) 1.27
---------- ---------- ---------- ---------- ---------- ----------
Total from investment operations 2.24 1.13 4.80 4.32 0.03 1.64
---------- ---------- ---------- ---------- ---------- ----------
DISTRIBUTIONS PAID TO SHAREHOLDERS FROM:
Net investment income (0.36) (0.41) (0.39) (0.42) (0.42) (0.39)
---------- ---------- ---------- ---------- ---------- ----------
Net asset value, end of period $ 38.00 $ 36.12 $ 35.40 $ 30.99 $ 27.09 $ 27.48
========== ========== ========== ========== ========== ==========
TOTAL RETURN (a) 6.23% 3.24% 15.57% 16.10% 0.19% 6.29%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's) $ 24,700 $ 23,481 $ 15,931 $ 15,496 $ 14,897 $ 17,864
RATIOS TO AVERAGE NET ASSETS:
Ratio of total expenses to average net
assets 0.70% (b) 0.70% 0.70% 0.70% 0.70% 0.70%
Ratio of net expenses to average net
assets 0.70% (b) 0.70% 0.70% 0.70% 0.70% 0.70%
Ratio of net investment income (loss) to
average net assets 1.74% (b) 1.33% 1.21% 1.38% 1.69% 1.40%
Portfolio turnover rate (c) 73% 156% 136% 128% 145% 134%
|
(a) Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all distributions at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return is calculated for the time period presented and is not annualized for periods of less than a year.
(b) Annualized.
(c) Portfolio turnover is calculated for the time period presented and is not annualized for periods of less than a year and does not include securities received or delivered from processing creations or redemptions and in-kind transactions.
Page 122 See Notes to Financial Statements
FIRST TRUST EXCHANGE-TRADED ALPHADEX(R) FUND
STYLE FUNDS
JANUARY 31, 2020 (UNAUDITED)
1. ORGANIZATION
First Trust Exchange-Traded AlphaDEX(R) Fund (the "Trust") is an open-end management investment company organized as a Massachusetts business trust on December 6, 2006, and is registered with the Securities and Exchange Commission under the Investment Company Act of 1940, as amended (the "1940 Act").
The Trust currently consists of twenty-one exchange-traded funds considered either a Sector Fund or Style Fund. This report covers the twelve Style Funds listed below. The shares of each Style Fund are listed and traded on The Nasdaq Stock Market LLC ("Nasdaq").
First Trust Large Cap Core AlphaDEX(R) Fund - (ticker "FEX") First Trust Mid Cap Core AlphaDEX(R) Fund - (ticker "FNX") First Trust Small Cap Core AlphaDEX(R) Fund - (ticker "FYX") First Trust Large Cap Value AlphaDEX(R) Fund - (ticker "FTA") First Trust Large Cap Growth AlphaDEX(R) Fund - (ticker "FTC") First Trust Multi Cap Value AlphaDEX(R) Fund - (ticker "FAB") First Trust Multi Cap Growth AlphaDEX(R) Fund - (ticker "FAD") First Trust Mid Cap Value AlphaDEX(R) Fund - (ticker "FNK") First Trust Mid Cap Growth AlphaDEX(R) Fund - (ticker "FNY") First Trust Small Cap Value AlphaDEX(R) Fund - (ticker "FYT") First Trust Small Cap Growth AlphaDEX(R) Fund - (ticker "FYC") First Trust Mega Cap AlphaDEX(R) Fund - (ticker "FMK")
Each fund represents a separate series of shares of beneficial interest in the Trust (each a "Fund" and collectively, the "Funds"). Unlike conventional mutual funds, each Fund issues and redeems shares on a continuous basis, at net asset value ("NAV"), only in large specified blocks consisting of 50,000 shares called a "Creation Unit." Creation Units are generally issued and redeemed in-kind for securities in which a Fund invests and, in certain circumstances, for cash, and only to and from broker-dealer and large institutional investors that have entered into participation agreements. Except when aggregated in Creation Units, each Fund's shares are not redeemable securities. The investment objective of each Fund is to seek investment results that correspond generally to the price and yield (before the Fund's fees and expenses) of the following indices:
FUND INDEX First Trust Large Cap Core AlphaDEX(R) Fund Nasdaq AlphaDEX(R) Large Cap Core Index First Trust Mid Cap Core AlphaDEX(R) Fund Nasdaq AlphaDEX(R) Mid Cap Core Index First Trust Small Cap Core AlphaDEX(R) Fund Nasdaq AlphaDEX(R) Small Cap Core Index First Trust Large Cap Value AlphaDEX(R) Fund Nasdaq AlphaDEX(R) Large Cap Value Index First Trust Large Cap Growth AlphaDEX(R) Fund Nasdaq AlphaDEX(R) Large Cap Growth Index First Trust Multi Cap Value AlphaDEX(R) Fund Nasdaq AlphaDEX(R) Multi Cap Value Index First Trust Multi Cap Growth AlphaDEX(R) Fund Nasdaq AlphaDEX(R) Multi Cap Growth Index First Trust Mid Cap Value AlphaDEX(R) Fund Nasdaq AlphaDEX(R) Mid Cap Value Index First Trust Mid Cap Growth AlphaDEX(R) Fund Nasdaq AlphaDEX(R) Mid Cap Growth Index First Trust Small Cap Value AlphaDEX(R) Fund Nasdaq AlphaDEX(R) Small Cap Value Index First Trust Small Cap Growth AlphaDEX(R) Fund Nasdaq AlphaDEX(R) Small Cap Growth Index First Trust Mega Cap AlphaDEX(R) Fund Nasdaq AlphaDEX(R) Mega Cap Index |
2. SIGNIFICANT ACCOUNTING POLICIES
The Funds are each considered an investment company and follow accounting and reporting guidance under Financial Accounting Standards Board Accounting Standards Codification Topic 946, "Financial Services-Investment Companies." The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of the financial statements. The preparation of the financial statements in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.
A. PORTFOLIO VALUATION
Each Fund's NAV is determined daily as of the close of regular trading on the New York Stock Exchange ("NYSE"), normally 4:00 p.m. Eastern time, on each day the NYSE is open for trading. If the NYSE closes early on a valuation day, the NAV is determined as of that time. Each Fund's NAV is calculated by dividing the value of all assets of each Fund (including accrued interest and dividends), less all liabilities (including accrued expenses and dividends declared but unpaid), by the total number of shares outstanding.
FIRST TRUST EXCHANGE-TRADED ALPHADEX(R) FUND
STYLE FUNDS
JANUARY 31, 2020 (UNAUDITED)
Each Fund's investments are valued daily at market value or, in the absence of market value with respect to any portfolio securities, at fair value. Market value prices represent last sale or official closing prices from a national or foreign exchange (i.e., a regulated market) and are primarily obtained from third-party pricing services. Fair value prices represent any prices not considered market value prices and are either obtained from a third-party pricing service or are determined by the Pricing Committee of the Funds' investment advisor, First Trust Advisors L.P. ("First Trust" or the "Advisor"), in accordance with valuation procedures adopted by the Trust's Board of Trustees, and in accordance with provisions of the 1940 Act. Investments valued by the Advisor's Pricing Committee, if any, are footnoted as such in the footnotes to the Portfolio of Investments. Each Fund's investments are valued as follows:
Common stocks and other equity securities listed on any national or foreign exchange (excluding Nasdaq and the London Stock Exchange Alternative Investment Market ("AIM")) are valued at the last sale price on the exchange on which they are principally traded or, for Nasdaq and AIM securities, the official closing price. Securities traded on more than one securities exchange are valued at the last sale price or official closing price, as applicable, at the close of the securities exchange representing the principal market for such securities.
Shares of open-end funds are valued at fair value which is based on NAV per share.
Securities traded in an over-the-counter market are fair valued at the mean of their most recent bid and asked price, if available, and otherwise at their closing bid price.
Overnight repurchase agreements are valued at amortized cost when it represents the best estimate of fair value.
Certain securities may not be able to be priced by pre-established pricing methods. Such securities may be valued by the Trust's Board of Trustees or its delegate, the Advisor's Pricing Committee, at fair value. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933, as amended) for which a third-party pricing service is unable to provide a market price; securities whose trading has been formally suspended; a security whose market or fair value price is not available from a pre-established pricing source; a security with respect to which an event has occurred that is likely to materially affect the value of the security after the market has closed but before the calculation of a Fund's NAV or make it difficult or impossible to obtain a reliable market quotation; and a security whose price, as provided by the third-party pricing service, does not reflect the security's fair value. As a general principle, the current fair value of a security would appear to be the amount which the owner might reasonably expect to receive for the security upon its current sale. When fair value prices are used, generally they will differ from market quotations or official closing prices on the applicable exchanges. A variety of factors may be considered in determining the fair value of such securities, including, but not limited to, the following:
1) the type of security;
2) the size of the holding;
3) the initial cost of the security;
4) transactions in comparable securities;
5) price quotes from dealers and/or third-party pricing services;
6) relationships among various securities;
7) information obtained by contacting the issuer, analysts, or the appropriate stock exchange;
8) an analysis of the issuer's financial statements; and
9) the existence of merger proposals or tender offers that might affect the value of the security.
In addition, differences between the prices used to calculate a Fund's NAV and the prices used by such Fund's corresponding index could result in a difference between a Fund's performance and the performance of its underlying index.
The Funds are 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:
o Level 1 - Level 1 inputs are quoted prices in active markets for identical investments. An active market is a market in which transactions for the investment occur with sufficient frequency and volume to provide pricing information on an ongoing basis.
o Level 2 - Level 2 inputs are observable inputs, either directly or indirectly, and include the following:
o Quoted prices for similar investments in active markets.
o Quoted prices for identical or similar investments in markets that are non-active. A non-active market is a market where there are few transactions for the investment, the prices are not current, or price quotations vary substantially either over time or among market makers, or in which little information is released publicly.
FIRST TRUST EXCHANGE-TRADED ALPHADEX(R) FUND
STYLE FUNDS
JANUARY 31, 2020 (UNAUDITED)
o Inputs other than quoted prices that are observable for the investment (for example, interest rates and yield curves observable at commonly quoted intervals, volatilities, prepayment speeds, loss severities, credit risks, and default rates).
o Inputs that are derived principally from or corroborated by observable market data by correlation or other means.
o Level 3 - Level 3 inputs are unobservable inputs. Unobservable inputs 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 each Fund's investments as of January 31, 2020, is included with each Fund's Portfolio of Investments.
B. SECURITIES TRANSACTIONS AND INVESTMENT INCOME
Securities transactions are recorded as of the trade date. Realized gains and losses from securities transactions are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date. Interest income, if any, is recorded on the accrual basis.
Withholding taxes and tax reclaims on foreign dividends have been provided for in accordance with each Fund's understanding of the applicable country's tax rules and rates.
Distributions received from a Fund's investments in real estate investment trusts ("REITs") may be comprised of return of capital, capital gains and income. The actual character of the amounts received during the year is not known until after the REITs' fiscal year end. A Fund records the character of distributions received from the REITs during the year based on estimates available. The characterization of distributions received by a Fund may be subsequently revised based on information received from the REITs after their tax reporting periods conclude.
C. OFFSETTING ON THE STATEMENTS OF ASSETS AND LIABILITIES Offsetting Assets and Liabilities requires entities to disclose both gross and net information about instruments and transactions eligible for offset on the Statements of Assets and Liabilities, and disclose instruments and transactions subject to master netting or similar agreements. These disclosure requirements are intended to help investors and other financial statement users better assess the effect or potential effect of offsetting arrangements on a fund's financial position. The transactions subject to offsetting disclosures are derivative instruments, repurchase agreements and reverse repurchase agreements, and securities borrowing and securities lending transactions.
This disclosure, if applicable, is included within each Fund's Portfolio of Investments under the heading "Offsetting Assets and Liabilities." For financial reporting purposes, the Funds do not offset financial assets and financial liabilities that are subject to master netting arrangements ("MNAs") or similar agreements on the Statements of Assets and Liabilities. MNAs provide the right, in the event of default (including bankruptcy and insolvency), for the non-defaulting counterparty to liquidate the collateral and calculate the net exposure to the defaulting party or request additional collateral.
D. SECURITIES LENDING
The Funds may lend securities representing up to 33 1/3% of the value of their total assets to broker-dealers, banks and other institutions to generate additional income. When a Fund loans its portfolio securities, it will receive, at the inception of each loan, collateral equal to at least 102% (for domestic securities) or 105% (for international securities) of the market value of the loaned securities. The collateral amount is valued at the beginning of each business day and is compared to the market value of the loaned securities from the prior business day to determine if additional collateral is required. If additional collateral is required, a request is sent to the borrower. Securities lending involves the risk that the Fund may lose money because the borrower of the Fund's loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of (i) a decline in the value of the collateral provided for the loaned securities, (ii) a decline in the value of any investments made with cash collateral or (iii) an increase in the value of the loaned securities if the borrower does not increase the collateral accordingly and the borrower fails to return the securities. These events could also trigger adverse tax consequences for the Funds.
Under the Funds' Securities Lending Agency Agreement, the securities lending agent will generally bear the risk that a borrower may default on its obligation to return loaned securities. Brown Brothers Harriman & Co. ("BBH") acts as the Funds' securities lending agent and is responsible for executing the lending of the portfolio securities to creditworthy borrowers. The Funds, however, will be responsible for the risks associated with the investment of cash collateral. A Fund may lose money on its investment of cash collateral, which may affect its ability to repay the collateral to the borrower without the use of other Fund assets. Each Fund that engages in securities lending receives compensation (net of any rebate and securities lending agent fees) for lending its securities. Compensation can be in the form of fees received from the securities lending agent or dividends or interest earned from the investment of cash collateral. The fees received from the securities lending agent are accrued daily. The dividend and interest earned on the securities loaned is accounted for in the
FIRST TRUST EXCHANGE-TRADED ALPHADEX(R) FUND
STYLE FUNDS
JANUARY 31, 2020 (UNAUDITED)
same manner as other dividend and interest income. At January 31, 2020, all the Funds except FTA, FTC and FMK had securities in the securities lending program. During the six months ended January 31, 2020, all the Funds except FMK participated in the securities lending program.
In the event of a default by a borrower with respect to any loan, BBH will exercise any and all remedies provided under the applicable borrower agreement to make the Funds whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If, despite such efforts by BBH to exercise these remedies, a Fund sustains losses as a result of a borrower's default, BBH will indemnify the Fund by purchasing replacement securities at its own expense, or paying the Fund an amount equal to the market value of the replacement securities, subject to certain limitations which are set forth in detail in the Securities Lending Agency Agreement between the Trust on behalf of the Funds and BBH.
E. REPURCHASE AGREEMENTS
Repurchase agreements involve the purchase of securities subject to the seller's agreement to repurchase the securities at a mutually agreed upon date and price, under the terms of a Master Repurchase Agreement ("MRA"). During the term of a repurchase agreement, the value of the underlying securities held as collateral on behalf of a Fund, including accrued interest, is required to exceed the value of the repurchase agreement, including accrued interest. The underlying securities for all repurchase agreements are held at the Funds' custodian or designated sub-custodians under tri-party repurchase agreements.
MRAs govern transactions between a Fund and select counterparties. The MRAs contain provisions for, among other things, initiation, income payments, events of default, and maintenance of collateral for repurchase agreements.
Repurchase agreements received for lending securities are collateralized by U.S. Treasury securities. The U.S. Treasury securities are held in a joint custody account at BBH on behalf of the Funds participating in the securities lending program. In the event the counterparty defaults on the repurchase agreement, the U.S. Treasury securities can either be maintained as part of a Fund's portfolio or sold for cash. A Fund could suffer a loss to the extent that the proceeds from the sale of the underlying collateral held by the Fund are less than the repurchase price and the Fund's costs associated with the delay and enforcement of the MRA.
While the Funds may invest in repurchase agreements, any repurchase agreements held by the Funds during the six months ended January 31, 2020, were received as collateral for lending securities.
F. DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Dividends from net investment income of each Fund, if any, are declared and paid quarterly, or as the Board of Trustees may determine from time to time. Distributions of net realized gains earned by each Fund, if any, are distributed at least annually.
Distributions from net investment income and realized capital gains are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. Certain capital accounts in the financial statements are periodically adjusted for permanent differences in order to reflect their tax character. These permanent differences are primarily due to the varying treatment of income and gain/loss on significantly modified portfolio securities held by the Funds and have no impact on net assets or NAV per share. Temporary differences, which arise from recognizing certain items of income, expense and gain/loss in different periods for financial statement and tax purposes, will reverse at some time in the future.
The tax character of distributions paid by each Fund during the fiscal year ended July 31, 2019, was as follows:
Distributions paid from Distributions paid from Distributions paid from
Ordinary Income Capital Gains Return of Capital
----------------------- ----------------------- -----------------------
First Trust Large Cap Core AlphaDEX(R) Fund $ 17,636,192 $ -- $ --
First Trust Mid Cap Core AlphaDEX(R) Fund 7,372,456 -- --
First Trust Small Cap Core AlphaDEX(R) Fund 5,893,001 -- --
First Trust Large Cap Value AlphaDEX(R) Fund 19,337,442 -- --
First Trust Large Cap Growth AlphaDEX(R) Fund 4,584,530 -- --
First Trust Multi Cap Value AlphaDEX(R) Fund 1,340,962 -- --
First Trust Multi Cap Growth AlphaDEX(R) Fund 458,046 -- --
First Trust Mid Cap Value AlphaDEX(R) Fund 675,721 -- --
First Trust Mid Cap Growth AlphaDEX(R) Fund 115,920 -- --
First Trust Small Cap Value AlphaDEX(R) Fund 917,901 -- --
First Trust Small Cap Growth AlphaDEX(R) Fund 105,410 -- --
First Trust Mega Cap AlphaDEX(R) Fund 250,051 -- --
|
FIRST TRUST EXCHANGE-TRADED ALPHADEX(R) FUND
STYLE FUNDS
JANUARY 31, 2020 (UNAUDITED)
As of July 31, 2019, the components of distributable earnings on a tax basis for each Fund were as follows:
Accumulated
Undistributed Capital and Net Unrealized
Ordinary Other Appreciation
Income Gain (Loss) (Depreciation)
----------------------- ----------------------- -----------------------
First Trust Large Cap Core AlphaDEX(R) Fund $ 2,038,765 $ (238,316,356) $ 119,007,789
First Trust Mid Cap Core AlphaDEX(R) Fund 1,685,411 (193,329,921) 58,954,085
First Trust Small Cap Core AlphaDEX(R) Fund 633,695 (199,969,605) 11,713,104
First Trust Large Cap Value AlphaDEX(R) Fund 5,107,472 (207,550,849) 13,897,907
First Trust Large Cap Growth AlphaDEX(R) Fund 739,645 (156,645,434) 140,449,010
First Trust Multi Cap Value AlphaDEX(R) Fund 280,604 (31,860,987) (710,070)
First Trust Multi Cap Growth AlphaDEX(R) Fund 124,079 (25,310,128) 29,111,849
First Trust Mid Cap Value AlphaDEX(R) Fund 209,390 (16,763,309) (1,568,523)
First Trust Mid Cap Growth AlphaDEX(R) Fund 63,690 (47,568,903) 35,475,014
First Trust Small Cap Value AlphaDEX(R) Fund 170,969 (27,636,104) (4,747,218)
First Trust Small Cap Growth AlphaDEX(R) Fund 74,492 (87,551,439) 21,306,604
First Trust Mega Cap AlphaDEX(R) Fund 57,699 (4,490,999) 971,466
|
G. INCOME TAXES
Each Fund intends to continue to qualify as a regulated investment company by complying with the requirements under Subchapter M of the Internal Revenue Code of 1986, as amended, which includes distributing substantially all of its net investment income and net realized gains to shareholders. Accordingly, no provision has been made for federal and state income taxes. However, due to the timing and amount of distributions, each Fund may be subject to an excise tax of 4% of the amount by which approximately 98% of each Fund's taxable income exceeds the distributions from such taxable income for the calendar year.
The Funds are subject to accounting standards that establish a minimum threshold for recognizing, and a system for measuring, the benefits of a tax position taken or expected to be taken in a tax return. Taxable years ending 2016, 2017, 2018, and 2019 remain open to federal and state audit. As of January 31, 2020, management has evaluated the application of these standards to the Funds, and has determined that no provision for income tax is required in the Funds' financial statements for uncertain tax positions.
Under the Regulated Investment Company Modernization Act of 2010 (the "Act"), net capital losses arising in taxable years beginning after December 22, 2010, may be carried forward indefinitely, and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for up to eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses. At July 31, 2019, the Funds had post-enactment net capital losses for federal income tax purposes as shown in the following table. To the extent that these loss carryforwards are used to offset future capital gains, it is probable that the capital gains so offset will not be distributed to Fund shareholders. The Funds are subject to certain limitations, under U.S. tax rules, on the use of capital loss carryforwards and net unrealized built-in losses. These limitations apply when there has been a 50% change in ownership.
Post-Enactment -
No Expiration
---------------------
First Trust Large Cap Core AlphaDEX(R) Fund $ 238,316,356
First Trust Mid Cap Core AlphaDEX(R) Fund 193,329,921
First Trust Small Cap Core AlphaDEX(R) Fund 199,969,605
First Trust Large Cap Value AlphaDEX(R) Fund 207,550,849
First Trust Large Cap Growth AlphaDEX(R) Fund 156,645,434
First Trust Multi Cap Value AlphaDEX(R) Fund 31,860,987
First Trust Multi Cap Growth AlphaDEX(R) Fund 25,310,128
First Trust Mid Cap Value AlphaDEX(R) Fund 16,763,309
First Trust Mid Cap Growth AlphaDEX(R) Fund 47,568,903
First Trust Small Cap Value AlphaDEX(R) Fund 27,636,104
First Trust Small Cap Growth AlphaDEX(R) Fund 87,551,439
First Trust Mega Cap AlphaDEX(R) Fund 4,490,999
|
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
FIRST TRUST EXCHANGE-TRADED ALPHADEX(R) FUND
STYLE FUNDS
JANUARY 31, 2020 (UNAUDITED)
During the taxable year ended July 31, 2019, the following Funds utilized post-enactment capital loss carryforwards in the following amounts:
Capital Loss
Carryforward Utilized
---------------------
First Trust Large Cap Value AlphaDEX(R) Fund $ 3,542,373
First Trust Multi Cap Value AlphaDEX(R) Fund 347,191
|
Certain losses realized during the current fiscal year may be deferred and treated as occurring the first day of the following fiscal year for federal income tax purposes. For the fiscal year ended July 31, 2019, the Funds had no net late year ordinary or capital losses.
H. EXPENSES
Expenses that are directly related to one of the Funds are charged directly to the respective Fund, except for the First Trust Mid Cap Value AlphaDEX(R) Fund, First Trust Mid Cap Growth AlphaDEX(R) Fund, First Trust Small Cap Value AlphaDEX(R) Fund, First Trust Small Cap Growth AlphaDEX(R) Fund and First Trust Mega Cap AlphaDEX(R) Fund (the "Unitary Fee Funds"), for which expenses other than excluded expenses (discussed in Note 3) are paid by the Advisor. General expenses of the Trust are allocated to all the Funds based upon the net assets of each Fund.
First Trust Portfolios L.P. ("FTP") has entered into licensing agreements with Nasdaq, Inc. for each of the Style Funds. The license agreements allow for the use by FTP of certain trademarks and trade names. The Funds and First Trust are sub-licensees to the applicable license agreement. The Funds, except for the Unitary Fee Funds, are required to pay licensing fees, which are shown on the Statements of Operations. The licensing fees for the Unitary Fee Funds are paid by First Trust from the unitary investment advisory fees it receives from each of these Funds.
3. INVESTMENT ADVISORY FEE, AFFILIATED TRANSACTIONS AND OTHER FEE ARRANGEMENTS
First Trust, the investment advisor to the Funds, is a limited partnership with one limited partner, Grace Partners of DuPage L.P., and one general partner, The Charger Corporation. The Charger Corporation is an Illinois corporation controlled by James A. Bowen, Chief Executive Officer of First Trust. First Trust is responsible for the selection and ongoing monitoring of the securities in each Fund's portfolio, managing the Funds' business affairs and providing certain administrative services necessary for the management of the Funds.
For the Unitary Fee Funds, First Trust is paid an annual unitary management fee of 0.70% of such Fund's average daily net assets and is responsible for the expenses of such Fund including the cost of transfer agency, custody, fund administration, legal, audit, license and other services, and excluding fee payments under the Investment Management Agreement, distribution and service fees pursuant to a Rule 12b-1 plan, if any, brokerage expenses, acquired fund fees and expenses, taxes, interest, and extraordinary expenses.
For the First Trust Large Cap Core AlphaDEX(R) Fund, First Trust Mid Cap Core AlphaDEX(R) Fund, First Trust Small Cap Core AlphaDEX(R) Fund, First Trust Large Cap Value AlphaDEX(R) Fund, First Trust Large Cap Growth AlphaDEX(R) Fund, First Trust Multi Cap Value AlphaDEX(R) Fund and First Trust Multi Cap Growth AlphaDEX(R) Fund, First Trust is paid an annual management fee of 0.50% of each Fund's average daily net assets. For such Funds, the Trust and First Trust have entered into an Expense Reimbursement, Fee Waiver and Recovery Agreement ("Recovery Agreement") in which First Trust has agreed to waive fees and/or reimburse Fund expenses to the extent that the operating expenses of each such Fund (excluding interest expense, brokerage commissions and other trading expenses, acquired fund fees and expenses, taxes and extraordinary expenses) exceed 0.70% of average daily net assets per year (the "Expense Cap"). These Funds will have the Expense Cap in effect until at least November 30, 2020.
Expenses reimbursed and fees waived by First Trust under the Recovery Agreement are subject to recovery by First Trust for up to three years from the date the fee was waived or expense was incurred, but no reimbursement payment will be made by a Fund if it results in the Fund exceeding (i) the applicable expense limitation in place for the most recent fiscal year for which such expense limitation was in place (ii) the applicable expense limitation in place at the time the fees were waived, or (iii) the current expense limitation. These amounts would be included in "Expenses previously waived or reimbursed" on the Statements of Operations.
FIRST TRUST EXCHANGE-TRADED ALPHADEX(R) FUND
STYLE FUNDS
JANUARY 31, 2020 (UNAUDITED)
The advisory fee waivers and expense reimbursements for the six months ended January 31, 2020 and fees waived or expenses borne by First Trust subject to recovery from the applicable Fund for the periods indicated were as follows:
Fees Waived or Expense Borne by First Trust
Subject to Recovery
------------------------------------------------
Six Six
Advisory Expense Months Year Year Months
Fee Reim- Ended Ended Ended Ended
Waivers bursements 1/31/2017 7/31/2018 7/31/2019 1/31/2020 Total
--------- ---------- --------- --------- --------- --------- ---------
First Trust Multi Cap Value
AlphaDEX(R) Fund $ 26,816 $ -- $ -- $ -- $ 23,214 $ 26,816 $ 50,030
|
The Trust has multiple service agreements with The Bank of New York Mellon ("BNYM"). Under the service agreements, BNYM performs custodial, fund accounting, certain administrative services, and transfer agency services for each Fund. As custodian, BNYM is responsible for custody of each Fund's assets. As fund accountant and administrator, BNYM is responsible for maintaining the books and records of each Fund's securities and cash. As transfer agent, BNYM is responsible for maintaining shareholder records for each Fund. BNYM is a subsidiary of The Bank of New York Mellon Corporation, a financial holding company.
Each Trustee who is not an officer or employee of First Trust, any sub-advisor or any of their affiliates ("Independent Trustees") is paid a fixed annual retainer that is allocated equally among each fund in the First Trust Fund Complex. Each Independent Trustee is also paid an annual per fund fee that varies based on whether the fund is a closed-end or other actively managed fund, a defined-outcome fund or is an index fund.
Additionally, the Lead Independent Trustee and the Chairmen of the Audit Committee, Nominating and Governance Committee and Valuation Committee are paid annual fees to serve in such capacities, with such compensation allocated pro rata among each fund in the First Trust Fund Complex based on net assets. Independent Trustees are reimbursed for travel and out-of-pocket expenses in connection with all meetings. The Lead Independent Trustee and Committee Chairmen rotate every three years. The officers and "Interested" Trustee receive no compensation from the Trust for acting in such capacities.
4. PURCHASES AND SALES OF SECURITIES
For the six months ended January 31, 2020, the cost of purchases and proceeds from sales of investments for each Fund, excluding short-term investments and in-kind transactions, were as follows:
Purchases Sales
--------------- ---------------
First Trust Large Cap Core AlphaDEX(R) Fund $ 677,740,609 $ 677,333,492
First Trust Mid Cap Core AlphaDEX(R) Fund 490,854,448 492,004,170
First Trust Small Cap Core AlphaDEX(R) Fund 333,356,503 334,266,316
First Trust Large Cap Value AlphaDEX(R) Fund 467,193,474 470,118,800
First Trust Large Cap Growth AlphaDEX(R) Fund 821,393,099 822,590,004
First Trust Multi Cap Value AlphaDEX(R) Fund 35,371,184 35,509,309
First Trust Multi Cap Growth AlphaDEX(R) Fund 126,445,542 125,854,714
First Trust Mid Cap Value AlphaDEX(R) Fund 25,046,881 25,147,120
First Trust Mid Cap Growth AlphaDEX(R) Fund 238,803,928 239,280,867
First Trust Small Cap Value AlphaDEX(R) Fund 33,141,005 33,232,379
First Trust Small Cap Growth AlphaDEX(R) Fund 184,899,885 184,839,254
First Trust Mega Cap AlphaDEX(R) Fund 17,510,384 17,506,019
|
FIRST TRUST EXCHANGE-TRADED ALPHADEX(R) FUND
STYLE FUNDS
JANUARY 31, 2020 (UNAUDITED)
For the six months ended January 31, 2020, the cost of in-kind purchases and proceeds from in-kind sales for each Fund were as follows:
Purchases Sales
--------------- ---------------
First Trust Large Cap Core AlphaDEX(R) Fund $ 230,986,512 $ 383,305,061
First Trust Mid Cap Core AlphaDEX(R) Fund 3,511,603 37,765,537
First Trust Small Cap Core AlphaDEX(R) Fund -- 63,600,096
First Trust Large Cap Value AlphaDEX(R) Fund 10,546,033 125,148,707
First Trust Large Cap Growth AlphaDEX(R) Fund 38,473,602 101,987,319
First Trust Multi Cap Value AlphaDEX(R) Fund -- 2,877,072
First Trust Multi Cap Growth AlphaDEX(R) Fund 38,487,465 46,931,876
First Trust Mid Cap Value AlphaDEX(R) Fund 3,536,845 6,738,127
First Trust Mid Cap Growth AlphaDEX(R) Fund 25,423,093 25,193,265
First Trust Small Cap Value AlphaDEX(R) Fund 8,966,920 4,988,506
First Trust Small Cap Growth AlphaDEX(R) Fund -- 49,190,879
First Trust Mega Cap AlphaDEX(R) Fund 9,501,802 9,479,750
|
5. CREATION, REDEMPTION AND TRANSACTION FEES
Shares are created and redeemed by each Fund only in Creation Unit size aggregations of 50,000 shares in transactions with broker-dealers or large institutional investors that have entered into a participation agreement (an "Authorized Participant"). Such transactions are generally permitted on an in-kind basis, with a balancing cash component to equate the transaction to the daily NAV per Share of each Fund on the transaction date times the number of Shares in a Creation Unit. Authorized Participants purchasing Creation Units must pay to BNYM, as transfer agent, a standard creation transaction fee (the "Creation Transaction Fee"), which is based on the number of different securities in a Creation Unit of each Fund. The Creation Transaction Fee is applicable to each purchase transaction regardless of the number of Creation Units purchased in the transaction. An additional variable fee of up to three times the Creation Transaction Fee may be charged to approximate additional expenses incurred by a Fund with respect to transactions effected outside of the clearing process (i.e., through a DTC Participant) or to the extent that cash is used in lieu of securities to purchase Creation Units. The Creation Transaction Fee may increase or decrease with changes in each Fund's portfolio. The price for each Creation Unit will equal the daily NAV per Share of a Fund on the transaction date times the number of Shares in a Creation Unit plus the fees described above and, if applicable, any transfer taxes.
Authorized Participants redeeming Creation Units must pay to BNYM, as transfer agent, a standard redemption transaction fee (the "Redemption Transaction Fee"), which is based on the number of different securities in a Creation Unit of each Fund. The Redemption Transaction Fee is applicable to each redemption transaction regardless of the number of Creation Units redeemed in the transaction. An additional variable fee of up to three times the Redemption Transaction Fee may be charged to approximate additional expenses incurred by a Fund with respect to redemptions effected outside of the clearing process or to the extent that redemptions are for cash. The Redemption Transaction Fee may increase or decrease with changes in each Fund's portfolio. Each Fund reserves the right to effect redemptions in cash. A shareholder may request cash redemption in lieu of securities; however, a Fund may, in its discretion, reject any such request.
6. DISTRIBUTION PLAN
The Board of Trustees adopted a Distribution and Service Plan pursuant to Rule 12b-1 under the 1940 Act. In accordance with the Rule 12b-1 plan, the Funds are authorized to pay an amount up to 0.25% of their average daily net assets each year to reimburse FTP, the distributor of the Funds, for amounts expended to finance activities primarily intended to result in the sale of Creation Units or the provision of investor services. FTP may also use this amount to compensate securities dealers or other persons that are Authorized Participants for providing distribution assistance, including broker-dealer and shareholder support and educational and promotional services.
No 12b-1 fees are currently paid by the Funds, and pursuant to a contractual arrangement, no 12b-1 fees will be paid any time before November 30, 2020.
FIRST TRUST EXCHANGE-TRADED ALPHADEX(R) FUND
STYLE FUNDS
JANUARY 31, 2020 (UNAUDITED)
7. INDEMNIFICATION
The Trust, on behalf of the Funds, has a variety of indemnification obligations under contracts with its service providers. The Trust's maximum exposure under these arrangements is unknown. However, the Trust has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.
8. SUBSEQUENT EVENTS
Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were issued, and has determined that there was the following subsequent event:
The Board of Trustees of the Trust has approved a transaction to combine FMK with First Trust Dow 30 Equal Weight ETF ("EDOW"), an exchange-traded index fund that seeks investment results that correspond generally to the price and yield (before fees and expenses) of an equity index called the Dow Jones Industrial Average Equal Weight Index. Pursuant to this transaction, FMK shareholders will become shareholders of EDOW.
In order for the transaction to occur, the shareholders of FMK and shareholders of EDOW must approve the transaction. If approved, shares of FMK would be exchanged, on a tax-free basis for federal income tax purposes, for shares of EDOW with an equal aggregate net asset value, and FMK shareholders will become shareholders of EDOW.
A special meeting of shareholders of FMK for the purpose of voting on the transaction will be held. If the required approval is obtained, it is anticipated that the transaction will be consummated shortly after the special shareholder meeting.
FMK will continue sales and redemptions of shares as described in FMK's prospectus. Holders of shares of FMK purchased after the record date set for the special meeting of shareholders will not be entitled to vote those shares at the special meeting.
FIRST TRUST EXCHANGE-TRADED ALPHADEX(R) FUND
STYLE FUNDS
JANUARY 31, 2020 (UNAUDITED)
PROXY VOTING POLICIES AND PROCEDURES
A description of the policies and procedures that the Trust uses to determine how to vote proxies and information on how each Fund voted proxies relating to its portfolio securities during the most recent 12-month period ended June 30 is available (1) without charge, upon request, by calling (800) 988-5891; (2) on each Fund's website at www.ftportfolios.com; and (3) on the Securities and Exchange Commission's ("SEC") website at www.sec.gov.
PORTFOLIO HOLDINGS
Each Fund files portfolio holdings information for each month in a fiscal quarter within 60 days after the end of the relevant fiscal quarter on Form N-PORT. Portfolio holdings information for the third month of each fiscal quarter will be publicly available on the SEC's website at www.sec.gov. Each Fund's complete schedule of portfolio holdings for the second and fourth quarters of each fiscal year is included in the semi-annual and annual reports to shareholders, respectively, and is filed with the SEC on Form N-CSR. The semi-annual and annual report for each Fund is available to investors within 60 days after the period to which it relates. Each Fund's Forms N-PORT and Forms N-CSR are available on the SEC's website listed above.
RISK CONSIDERATIONS
RISKS ARE INHERENT IN ALL INVESTING. CERTAIN GENERAL RISKS THAT MAY BE APPLICABLE TO A FUND ARE IDENTIFIED BELOW, BUT NOT ALL OF THE MATERIAL RISKS RELEVANT TO EACH FUND ARE INCLUDED IN THIS REPORT AND NOT ALL OF THE RISKS BELOW APPLY TO EACH FUND. THE MATERIAL RISKS OF INVESTING IN EACH FUND ARE SPELLED OUT IN ITS PROSPECTUS, STATEMENT OF ADDITIONAL INFORMATION AND OTHER REGULATORY FILINGS. BEFORE INVESTING, YOU SHOULD CONSIDER EACH FUND'S INVESTMENT OBJECTIVE, RISKS, CHARGES AND EXPENSES, AND READ EACH FUND'S PROSPECTUS AND STATEMENT OF ADDITIONAL INFORMATION CAREFULLY. YOU CAN DOWNLOAD EACH FUND'S PROSPECTUS AT WWW.FTPORTFOLIOS.COM OR CONTACT FIRST TRUST PORTFOLIOS L.P. AT (800) 621-1675 TO REQUEST A PROSPECTUS, WHICH CONTAINS THIS AND OTHER INFORMATION ABOUT EACH FUND.
CONCENTRATION RISK. To the extent that a fund is able to invest a large percentage of its assets in a single asset class or the securities of issuers within the same country, state, region, industry or sector, an adverse economic, business or political development may affect the value of the fund's investments more than if the fund were more broadly diversified. A fund that tracks an index will be concentrated to the extent the fund's corresponding index is concentrated. A concentration makes a fund more susceptible to any single occurrence and may subject the fund to greater market risk than a fund that is not concentrated.
CREDIT RISK. Credit risk is the risk that an issuer of a security will be unable or unwilling to make dividend, interest and/or principal payments when due and the related risk that the value of a security may decline because of concerns about the issuer's ability to make such payments.
CYBER SECURITY RISK. The funds are susceptible to potential operational risks through breaches in cyber security. A breach in cyber security refers to both intentional and unintentional events that may cause a fund to lose proprietary information, suffer data corruption or lose operational capacity. Such events could cause a fund to incur regulatory penalties, reputational damage, additional compliance costs associated with corrective measures and/or financial loss. In addition, cyber security breaches of a fund's third-party service providers, such as its administrator, transfer agent, custodian, or sub-advisor, as applicable, or issuers in which the fund invests, can also subject a fund to many of the same risks associated with direct cyber security breaches.
DERIVATIVES RISK. To the extent a fund uses derivative instruments such as futures contracts, options contracts and swaps, the fund may experience losses because of adverse movements in the price or value of the underlying asset, index or rate, which may be magnified by certain features of the derivative. These risks are heightened when a fund's portfolio managers use derivatives to enhance the fund's return or as a substitute for a position or security, rather than solely to hedge (or offset) the risk of a position or security held by the fund.
EQUITY SECURITIES RISK. To the extent a fund invests in equity securities, the value of the fund's shares will fluctuate with changes in the value of the equity securities. Equity securities prices fluctuate for several reasons, including changes in investors' perceptions of the financial condition of an issuer or the general condition of the relevant stock market, such as market volatility, or when political or economic events affecting the issuers occur. In addition, common stock prices may be particularly sensitive to rising interest rates, as the cost of capital rises and borrowing costs increase. Equity securities may decline significantly in price over short or extended periods of time, and such declines may occur in the equity market as a whole, or they may occur in only a particular country, company, industry or sector of the market.
FIRST TRUST EXCHANGE-TRADED ALPHADEX(R) FUND
STYLE FUNDS
JANUARY 31, 2020 (UNAUDITED)
ETF RISK. The shares of an ETF trade like common stock and represent an interest in a portfolio of securities. The risks of owning an ETF generally reflect the risks of owning the underlying securities, although lack of liquidity in an ETF could result in it being more volatile and ETFs have management fees that increase their costs. Shares of an ETF trade on an exchange at market prices rather than net asset value, which may cause the shares to trade at a price greater than net asset value (premium) or less than net asset value (discount). In times of market stress, decisions by market makers to reduce or step away from their role of providing a market for an ETF's shares, or decisions by an ETF's authorized participants that they are unable or unwilling to proceed with creation and/or redemption orders of an ETF's shares, could result in shares of the ETF trading at a discount to net asset value and in greater than normal intraday bid-ask spreads.
FIXED INCOME SECURITIES RISK. To the extent a fund invests in fixed income securities, the fund will be subject to credit risk, income risk, interest rate risk, liquidity risk and prepayment risk. Income risk is the risk that income from a fund's fixed income investments could decline during periods of falling interest rates. Interest rate risk is the risk that the value of a fund's fixed income securities will decline because of rising interest rates. Liquidity risk is the risk that a security cannot be purchased or sold at the time desired, or cannot be purchased or sold without adversely affecting the price. Prepayment risk is the risk that the securities will be redeemed or prepaid by the issuer, resulting in lower interest payments received by the fund. In addition to these risks, high yield securities, or "junk" bonds, are subject to greater market fluctuations and risk of loss than securities with higher ratings, and the market for high yield securities is generally smaller and less liquid than that for investment grade securities.
INDEX CONSTITUENT RISK. Certain funds may be a constituent of one or more indices. As a result, such a fund may be included in one or more index-tracking exchange-traded funds or mutual funds. Being a component security of such a vehicle could greatly affect the trading activity involving a fund, the size of the fund and the market volatility of the fund. Inclusion in an index could significantly increase demand for the fund and removal from an index could result in outsized selling activity in a relatively short period of time. As a result, a fund's net asset value could be negatively impacted and the fund's market price may be significantly below its net asset value during certain periods.
INDEX PROVIDER RISK. To the extent a fund seeks to track an index, it is subject to Index Provider Risk. There is no assurance that the Index Provider will compile the Index accurately, or that the Index will be determined, maintained, constructed, reconstituted, rebalanced, composed, calculated or disseminated accurately. To correct any such error, the Index Provider may carry out an unscheduled rebalance or other modification of the Index constituents or weightings, which may increase the fund's costs. The Index Provider does not provide any representation or warranty in relation to the quality, accuracy or completeness of data in the Index, and it does not guarantee that the Index will be calculated in accordance with its stated methodology. Losses or costs associated with any Index Provider errors generally will be borne by the fund and its shareholders.
INVESTMENT COMPANIES RISK. To the extent a fund invests in the securities of other investment vehicles, the fund will incur additional fees and expenses that would not be present in a direct investment in those investment vehicles. Furthermore, the fund's investment performance and risks are directly related to the investment performance and risks of the investment vehicles in which the fund invests.
LIBOR RISK. To the extent a fund invests in floating or variable rate obligations that use the London Interbank Offered Rate ("LIBOR") as a reference interest rate, it is subject to LIBOR Risk. In 2017, the United Kingdom's Financial Conduct Authority announced that LIBOR will cease to be available for use after 2021. The unavailability or replacement of LIBOR may affect the value, liquidity or return on certain fund investments and may result in costs incurred in connection with closing out positions and entering into new trades. Any potential effects of the transition away from LIBOR on the fund or on certain instruments in which the fund invests can be difficult to ascertain, and they may vary depending on a variety of factors. Any such effects of the transition away from LIBOR, as well as other unforeseen effects, could result in losses to the fund.
MANAGEMENT RISK. To the extent that a fund is actively managed, it is subject to management risk. In managing an actively-managed fund's investment portfolio, the fund's portfolio managers will apply investment techniques and risk analyses that may not have the desired result. There can be no guarantee that a fund will meet its investment objective.
MARKET RISK. Securities held by a fund, as well as shares of a fund itself, are subject to market fluctuations caused by factors such as general economic conditions, political events, regulatory or market developments, changes in interest rates and perceived trends in securities prices. Shares of a fund could decline in value or underperform other investments as a result of the risk of loss associated with these market fluctuations. In addition, local, regional or global events such as war, acts of terrorism, spread of infectious diseases or other public health issues, recessions, or other events could have a significant negative impact on a fund and its investments. Such events may affect certain geographic regions, countries, sectors and industries more significantly than others. The outbreak of the respiratory disease designated as COVID-19 in December 2019 has caused significant volatility and declines in global financial markets, which have caused losses for investors. The impact of this COVID-19 pandemic may be short term or may last for an extended period of time, and in either case could result in a substantial economic downturn or recession.
FIRST TRUST EXCHANGE-TRADED ALPHADEX(R) FUND
STYLE FUNDS
JANUARY 31, 2020 (UNAUDITED)
NON-U.S. SECURITIES RISK. To the extent a fund invests in non-U.S. securities, it is subject to additional risks not associated with securities of domestic issuers. Non-U.S. securities are subject to higher volatility than securities of domestic issuers due to: possible adverse political, social or economic developments; restrictions on foreign investment or exchange of securities; lack of liquidity; currency exchange rates; excessive taxation; government seizure of assets; different legal or accounting standards; and less government supervision and regulation of exchanges in foreign countries. Investments in non-U.S. securities may involve higher costs than investments in U.S. securities, including higher transaction and custody costs, as well as additional taxes imposed by non-U.S. governments. These risks may be heightened for securities of companies located, or with significant operations, in emerging market countries.
Passive Investment Risk. To the extent a fund seeks to track an index, the fund will invest in the securities included in, or representative of, the index regardless of their investment merit. A fund generally will not attempt to take defensive positions in declining markets.
NOT FDIC INSURED NOT BANK GUARANTEED MAY LOSE VALUE
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FIRST TRUST
FIRST TRUST EXCHANGE-TRADED ALPHADEX(R) FUND
STYLE FUNDS
INVESTMENT ADVISOR
First Trust Advisors L.P.
120 East Liberty Drive, Suite 400
Wheaton, IL 60187
ADMINISTRATOR, CUSTODIAN,
FUND ACCOUNTANT &
TRANSFER AGENT
The Bank of New York Mellon
240 Greenwich Street
New York, NY 10286
INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM
Deloitte & Touche LLP
111 S. Wacker Drive
Chicago, IL 60606
LEGAL COUNSEL
Chapman and Cutler LLP
111 W. Monroe Street
Chicago, IL 60603
[BLANK BACK COVER]
ITEM 2. CODE OF ETHICS.
Not applicable.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable.
ITEMS 6. INVESTMENTS.
(a) Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1 of this form.
(b) Not applicable.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
Not applicable.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant's board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.
ITEM 11. CONTROLS AND PROCEDURES.
(a) The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3 (c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15 (b)).
(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.
ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
(a) Not applicable.
(b) Not applicable.
ITEM 13. EXHIBITS.
(a)(1) Not applicable.
(a)(2) Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.
(a)(3) Not applicable.
(a)(4) Not applicable.
(b) Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes- Oxley Act of 2002 are attached hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
By (Signature and Title) /s/ James M. Dykas
----------------------------------------
James M. Dykas, President and
Chief Executive Officer
(principal executive officer)
Date: April 7, 2020
---------------
|
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title) /s/ James M. Dykas
----------------------------------------
James M. Dykas, President and
Chief Executive Officer
Date: April 7, 2020
---------------
By (Signature and Title) /s/ Donald P. Swade
----------------------------------------
Donald P. Swade, Treasurer,
Chief Financial Officer and
Chief Accounting Officer
Date: April 7, 2020
---------------
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