|
||||||||||||||||||||||||||
| SEC Info℠ | | | Home | | | Search | | | My Interests | | | Help | | | Sign In | | | Please Sign In | |||||||
|
||||||||||||||||||||||||||
Document/Exhibit Description Pages Size 1: N-CSRS Semi-Annual Report to Shareholders HTML 1.20M 3: EX-99.906 CERT Section 906 Certifications HTML 7K 2: EX-99.CERT Section 302 Certifications HTML 20K
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® Fund
(Exact name of registrant as specified in charter)
120 East Liberty Drive, Suite 400
Wheaton, IL 60187
(Address of principal executive offices) (Zip code)
W. Scott Jardine, Esq.
First Trust Portfolios L.P.
120 East Liberty Drive, Suite 400
Wheaton, IL 60187
(Name and address of agent for service)
Registrant's telephone number, including area code: 630-765-8000
Date of fiscal year end: July 31
Date of reporting period: January 31, 2023
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. § 3507.
Item 1. Report to Stockholders.
| (a) | 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
FIRST TRUST EXCHANGE-TRADED ALPHADEX(R) FUND
Semi-Annual Report January 31, 2023
--------------------------------------------------------------------------------
AlphaDEX(R) Sector Funds
------------------------
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.
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
TABLE OF CONTENTS
--------------------------------------------------------------------------------
FIRST TRUST EXCHANGE-TRADED ALPHADEX(R) FUND
SECTOR FUNDS
SEMI-ANNUAL REPORT
JANUARY 31, 2023
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)......................... 33
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).......................... 40
First Trust Utilities AlphaDEX(R) Fund (FXU)........................... 43
Statements of Assets and Liabilities......................................... 44
Statements of Operations..................................................... 46
Statements of Changes in Net Assets.......................................... 48
Financial Highlights......................................................... 52
Notes to Financial Statements................................................ 57
Additional Information....................................................... 65
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
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's 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 certain 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.
Page 1
--------------------------------------------------------------------------------
SHAREHOLDER LETTER
--------------------------------------------------------------------------------
FIRST TRUST EXCHANGE-TRADED ALPHADEX(R) FUND
SEMI-ANNUAL LETTER FROM THE CHAIRMAN AND CEO
JANUARY 31, 2023
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-month period ended
January 31, 2023.
Given recent inflation data, the Federal Reserve's (the "Fed") monetary policy
remains front and center in most discussions regarding the outlook of the U.S.
economy. Annual revisions to the Consumer Price Index released on February 10,
2023, showed that prices climbed at a 3.3% annual rate in the last three months
of 2022, not the 1.8% rate reported four weeks prior, according to Brian
Wesbury, Chief Economist at First Trust. Additionally, "core" inflation, which
excludes volatile food and energy prices, was also revised upwards from 3.1% to
4.3% over the period. Furthermore, January's 2023 jobs data came in better than
expected, with non-farm payroll employment rising by 517,000. It is precisely
this situation: stubbornly high inflation, strong jobs growth and increasing
interest rates, which has many pundits debating whether the typical U.S.
consumer can remain healthy enough to help ward off an economic recession.
As many investors know, the consumer is an essential driver of economic growth
in the U.S. On average, over the 15-year period ended October 1, 2022, consumer
spending accounted for 67.8% of the U.S. gross domestic product ("GDP").
Crucially, recent data regarding consumer health has been mixed, in my opinion.
On one hand, the Commerce Department reported that in December 2022, the U.S.
savings rate rose to its highest level in seven months, coming in at 3.4%. On
the other hand, while December's savings rate was a welcome reversal from the
declines suffered throughout 2021 and 2022, it could indicate that consumers are
beginning to pull back on discretionary spending amidst a cloudier economic
outlook, according to Bloomberg. Recent data shows that the average interest
rate on U.S. credit cards rose to 19.07% in the fourth quarter of 2022, its
highest level in over 50 years. Additionally, U.S. credit card debt reached a
record $930.6 billion in the fourth quarter, jumping 18.5% year-over-year. Even
so, debt service payments accounted for just 9.75% of disposable personal income
in the third quarter of 2022. This figure is higher than its historic low of
8.33% set in 2021 but is also well below its peak of 13.17% set in 2007. In my
view, it is worth keeping an eye on debt service payments. If higher payments
lead to a decline in discretionary spending, it could negatively impact GDP.
I would like to take a moment to remind you that even though nearly three years
have passed since the World Health Organization initially declared the
coronavirus outbreak a global pandemic, the economic impact of worldwide
lockdowns and the subsequent governmental stimulus is still very real. China,
for example, only recently dropped its requirement that incoming travelers must
quarantine before entering the country. In addition, the global economy has yet
to fully absorb the impact of the fiscal policies enacted to jump start consumer
spending in 2020, in my view. As evidence of this, each of the countries that
comprise the G-10 currently has a headline inflation rate that stands well above
its stated target. Central banks likely have more work to do, in my opinion.
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.
Page 2
--------------------------------------------------------------------------------
MARKET OVERVIEW
--------------------------------------------------------------------------------
FIRST TRUST EXCHANGE-TRADED ALPHADEX(R) FUND
SEMI-ANNUAL REPORT
JANUARY 31, 2023
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 more than 30 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
Suffice it to say, the debate regarding the Federal Reserve (the "Fed") and its
interest rate policy remains unsettled in the new year. Recent economic data,
including stubbornly high inflation and better-than-expected jobs growth in
January 2023 could be a signal to the Fed that further rate hikes may be
necessary. After cresting at 9.1% on June 30, 2022, inflation, as measured by
the Consumer Price Index ("CPI") has been declining, with the most recent
reading coming in at 6.4% on January 31, 2023. While the drop in the CPI was a
welcome sight, inflation is still elevated. For comparative purposes, the CPI
averaged 2.5% over the 30-year period ended January 31, 2023. As many investors
know, the Federal Funds target rate is one of the most effective tools that the
Fed has in its battle with inflation. Over the course of the 2022 calendar year,
the Fed increased the Federal Funds target rate (upper bound) a total of seven
times, raising it from 0.25% to 4.50%. These rate hikes continued in 2023, with
an increase of 25 basis points occurring on February 1, 2023. Given the current
economic backdrop, the Fed may have a difficult time achieving the soft landing
we have been talking about over the past year, in our opinion.
The global growth forecast from the International Monetary Fund ("IMF") released
in January 2023 projected a 2.9% real gross domestic product growth rate for
2023, down from 3.4% in 2022. The IMF is calling for a 1.4% growth rate for the
U.S. in 2023, down from its 2.0% estimate for 2022. As has been the case for
many years, Emerging Market and Developing Economies are expected to grow faster
than Advanced Economies. Their 2023 growth rate estimates are 4.0% and 1.2%,
respectively.
SECTOR/EQUITY INVESTING
For the six-month period ended January 31, 2023, six of the eleven 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 -0.44% over
the period. Six of the eleven sectors outperformed the broader index. The six
sectors were Energy (+17.78%), Materials (+9.71%), Financials (+9.73%),
Industrials (+7.59%), Health Care (+1.59%) and Consumer Staples (+0.99%),
according to Bloomberg. The sector that posted the lowest total return for the
period was the Consumer Discretionary sector, down 9.35%.
The Index closed at 4,076.60 on January 31, 2023, 15.01% below its all-time
high, according to Bloomberg. A Bloomberg survey of 24 equity strategists found
that their average 2023 year-end price target for the Index was 4,050 as of
February 17, 2023 (most recent release). The highest and lowest estimates were
4,750 and 3,225, respectively. Brian Wesbury, Chief Economist at First Trust has
a year-end price target of 3,900. Keep in mind that these forecasts are subject
to change. Index earnings projections are negative for 2023, but positive for
2024. As of February 17, 2023, Bloomberg's consensus year-over-year earnings
growth rate estimates for 2023 and 2024 stood at -1.85% and 11.54%,
respectively.
Investors continued to funnel capital into exchange-traded funds ("ETFs") and
related exchange-traded products ("ETPs") in 2022 despite the sharp sell-off in
the markets. ETFGI, an independent research and consultancy firm, reported that
total assets invested in ETFs/ETPs listed in the U.S. stood at $6.51 trillion as
of year-end, down 9.8% from $7.21 trillion at the end of 2021, according to its
own release. Net inflows to ETFs/ETPs listed in the U.S. stood at $607.23
billion in 2022, their second highest level on record, surpassed only by the
$919.78 billion of inflows in 2021. Globally, the ETFs industry gathered net
inflows of $30.96 billion in January 2023, marking the 44th consecutive month of
inflows. January's inflows brought the total assets invested in the global ETFs
industry to $9.81 trillion.
Page 3
--------------------------------------------------------------------------------
FUND PERFORMANCE OVERVIEW (UNAUDITED)
--------------------------------------------------------------------------------
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 the
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.
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------------
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)
1/31/23 1/31/23 1/31/23 1/31/23 to 1/31/23 1/31/23 1/31/23 to 1/31/23
<S> <C> <C> <C> <C> <C> <C> <C> <C>
FUND PERFORMANCE
NAV 11.68% -3.29% 5.48% 9.43% 7.49% 30.58% 146.17% 211.59%
Market Price 11.64% -3.31% 5.47% 9.43% 7.49% 30.54% 146.23% 211.42%
INDEX PERFORMANCE
StrataQuant(R) Consumer Discretionary
Index 12.10% -2.62% 6.13% 10.13% 8.23% 34.62% 162.44% 247.14%
Russell 1000(R) Index -0.14% -8.55% 9.38% 12.51% 8.69% 56.59% 225.00% 271.13%
S&P 500(R) Consumer Discretionary
Index -9.35% -19.81% 7.23% 12.69% 10.25% 41.74% 230.38% 364.61%
Russell 1000(R) Consumer
Discretionary Index(1) -4.15% -16.92% 8.32% 12.79% N/A 49.14% 233.10% N/A
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(See Notes to Fund Performance Overview on page 22.)
-----------------------------
(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 Russell Global Sectors ("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.
Source ICE Data Indices, LLC ("ICE Data"), is used with permission.
"StrataQuant(R)" is a service/trade mark of ICE Data or its affiliates. Frank
Russell Company is the source and owner of the trademarks, service marks and
copyrights related to the Russell Indices. Russell(R), Russell 1000(R) and
Russell 3000(R) are all registered trademarks of Frank Russell Company. Russell
1000(R) and Russell 3000(R) are being utilized in the indices under license.
These trademarks have been licensed along with the StrataQuant(R) Consumer
Discretionary Index ("Index") for use by First Trust Portfolios L.P. ("FTP") in
connection with the First Trust Consumer Discretionary AlphaDEX(R) Fund ("FXD").
Neither FTP, the Trust, nor FXD is sponsored, endorsed, sold or promoted by ICE
Data, its affiliates or its Third Party Suppliers including without limitation
Frank Russell Company ("ICE Data and its Suppliers"). ICE Data and its Suppliers
make no representations or warranties regarding the advisability of investing in
securities generally, in FXD particularly, the Trust or the ability of the Index
to track general stock market performance. ICE Data's only relationship to FTP
is the licensing of certain trademarks, trade names and the Index or components
thereof. The Index is determined, composed and calculated by ICE Data without
regard to FTP or FXD or its holders. ICE Data has no obligation to take the
needs of FTP or the holders of FXD into consideration in determining, composing
or calculating the Index. ICE Data is not responsible for and has not
participated in the determination of the timing of, prices of, or quantities of
FXD to be issued or in the determination or calculation of the equation by which
FXD is to be priced, sold, purchased, or redeemed. Except for certain custom
index calculation services, all information provided by ICE Data is general in
nature and not tailored to the needs of FTP or any other person, entity or group
of persons. ICE Data has no obligation or liability in connection with the
administration, marketing, or trading of FXD. ICE Data is not an investment
advisor. Inclusion of a security within an index is not a recommendation by ICE
Data to buy, sell, or hold such security, nor is it considered to be investment
advice.
ICE DATA AND ITS SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES AND REPRESENTATIONS,
EXPRESS AND/OR IMPLIED, INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS
FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY
INFORMATION INCLUDED IN, RELATED TO, OR DERIVED THEREFROM ("INDEX DATA"). ICE
DATA AND ITS SUPPLIERS SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH
RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES AND
THE INDEX DATA, WHICH ARE PROVIDED ON AN "AS IS" BASIS AND YOUR USE IS AT YOUR
OWN RISK.
Page 4
--------------------------------------------------------------------------------
FUND PERFORMANCE OVERVIEW (UNAUDITED) (CONTINUED)
--------------------------------------------------------------------------------
FIRST TRUST CONSUMER DISCRETIONARY ALPHADEX(R) FUND (FXD) (CONTINUED)
----------------------------------------------------------
% OF TOTAL
SECTOR CLASSIFICATION LONG-TERM INVESTMENTS
----------------------------------------------------------
Consumer Discretionary 80.2%
Communication Services 9.5
Industrials 9.2
Consumer Staples 1.1
-------
Total 100.0%
=======
----------------------------------------------------------
% OF TOTAL
TOP TEN HOLDINGS LONG-TERM INVESTMENTS
----------------------------------------------------------
Paramount Global, Class B 1.7%
Lithia Motors, Inc. 1.6
Kohl's Corp. 1.6
PVH Corp. 1.5
Thor Industries, Inc. 1.5
Wynn Resorts Ltd. 1.5
PulteGroup, Inc. 1.5
Tapestry, Inc. 1.5
Toll Brothers, Inc. 1.4
Delta Air Lines, Inc. 1.4
-------
Total 15.2%
=======
<TABLE>
<CAPTION>
PERFORMANCE OF A $10,000 INITIAL INVESTMENT
JULY 31, 2012 - JANUARY 31, 2023
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
<S> <C> <C> <C> <C> <C>
7/31/12 $10,000 $10,000 $10,000 $10,000 $10,000
1/31/13 11,951 11,999 11,089 11,631 11,678
7/31/13 14,217 14,324 12,623 13,870 13,803
1/31/14 15,049 15,223 13,554 14,813 14,754
7/31/14 15,976 16,215 14,777 15,631 15,522
1/31/15 17,220 17,537 15,420 16,741 16,580
7/31/15 18,618 19,027 16,437 19,332 18,742
1/31/16 16,187 16,592 15,140 18,043 17,252
7/31/16 18,184 18,694 17,233 20,015 19,269
1/31/17 18,190 18,761 18,291 21,015 20,082
7/31/17 19,110 19,774 19,981 22,797 21,932
1/31/18 22,531 23,391 23,016 27,108 26,081
7/31/18 21,819 22,720 23,214 28,155 26,556
1/31/19 21,075 22,006 22,515 27,572 26,264
7/31/19 22,502 23,582 25,072 30,758 29,538
1/31/20 22,724 23,903 27,331 32,195 31,219
7/31/20 20,836 21,956 28,089 37,389 35,592
1/31/21 27,621 29,206 32,755 42,814 44,038
7/31/21 32,295 34,257 38,753 47,255 48,038
1/31/22 30,419 32,338 39,408 47,922 46,823
7/31/22 26,343 28,091 36,092 42,390 40,587
1/31/23 29,420 31,490 36,041 38,427 38,903
</TABLE>
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
Information showing the number of days the market price of the Fund's shares was
greater (at a premium) and less (at a discount) than the Fund's net asset value
for the most recently completed year, and the most recently completed calendar
quarters since that year (or life of the Fund, if shorter) is available at
https://www.ftportfolios.com/Retail/etf/home.aspx.
Page 5
--------------------------------------------------------------------------------
FUND PERFORMANCE OVERVIEW (UNAUDITED) (CONTINUED)
--------------------------------------------------------------------------------
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 the 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.
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------------
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)
1/31/23 1/31/23 1/31/23 1/31/23 to 1/31/23 1/31/23 1/31/23 to 1/31/23
<S> <C> <C> <C> <C> <C> <C> <C> <C>
FUND PERFORMANCE
NAV 0.69% 4.36% 6.53% 10.64% 9.19% 37.17% 174.90% 298.83%
Market Price 0.69% 4.39% 6.53% 10.65% 9.19% 37.20% 175.00% 298.81%
INDEX PERFORMANCE
StrataQuant(R) Consumer Staples Index 1.03% 5.07% 7.19% 11.36% 9.96% 41.48% 193.20% 345.23%
Russell 1000(R) Index -0.14% -8.55% 9.38% 12.51% 8.69% 56.59% 225.00% 271.13%
S&P 500(R) Consumer Staples Index 0.99% -0.13% 8.29% 10.30% 9.69% 48.93% 166.58% 328.50%
Russell 1000(R) Consumer Staples
Index(1) 1.20% 0.20% 7.26% 9.72% N/A 41.95% 152.84% N/A
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(See Notes to Fund Performance Overview on page 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. 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.
Source ICE Data Indices, LLC ("ICE Data"), is used with permission.
"StrataQuant(R)" is a service/trade mark of ICE Data or its affiliates. Frank
Russell Company is the source and owner of the trademarks, service marks and
copyrights related to the Russell Indices. Russell(R), Russell 1000(R) and
Russell 3000(R) are all registered trademarks of Frank Russell Company. Russell
1000(R) and Russell 3000(R) are being utilized in the indices under license.
These trademarks have been licensed, along with the StrataQuant(R) Consumer
Staples Index ("Index") for use by First Trust Portfolios L.P. ("FTP") in
connection with the First Trust Consumer Staples AlphaDEX(R) Fund ("FXG").
Neither FTP, the Trust nor FXG is sponsored, endorsed, sold or promoted by ICE
Data, its affiliates or its Third Party Suppliers including without limitation
Frank Russell Company ("ICE Data and its Suppliers"). ICE Data and its Suppliers
make no representations or warranties regarding the advisability of investing in
securities generally, in FXG particularly, the Trust or the ability of the Index
to track general stock market performance. ICE Data's only relationship to FTP
is the licensing of certain trademarks, trade names and the Index or components
thereof. The Index is determined, composed and calculated by ICE Data without
regard to FTP or FXG or its holders. ICE Data has no obligation to take the
needs of FTP or the holders of FXG into consideration in determining, composing
or calculating the Index. ICE Data is not responsible for and has not
participated in the determination of the timing of, prices of, or quantities of
FXG to be issued or in the determination or calculation of the equation by which
FXG is to be priced, sold, purchased, or redeemed. Except for certain custom
index calculation services, all information provided by ICE Data is general in
nature and not tailored to the needs of FTP or any other person, entity or group
of persons. ICE Data has no obligation or liability in connection with the
administration, marketing, or trading of FXG. ICE Data is not an investment
advisor. Inclusion of a security within an index is not a recommendation by ICE
Data to buy, sell, or hold such security, nor is it considered to be investment
advice.
ICE DATA AND ITS SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES AND REPRESENTATIONS,
EXPRESS AND/OR IMPLIED, INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS
FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY
INFORMATION INCLUDED IN, RELATED TO, OR DERIVED THEREFROM ("INDEX DATA"). ICE
DATA AND ITS SUPPLIERS SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH
RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES AND
THE INDEX DATA, WHICH ARE PROVIDED ON AN "AS IS" BASIS AND YOUR USE IS AT YOUR
OWN RISK.
Page 6
--------------------------------------------------------------------------------
FUND PERFORMANCE OVERVIEW (UNAUDITED) (CONTINUED)
--------------------------------------------------------------------------------
FIRST TRUST CONSUMER STAPLES ALPHADEX(R) FUND (FXG) (CONTINUED)
----------------------------------------------------------
% OF TOTAL
SECTOR CLASSIFICATION LONG-TERM INVESTMENTS
----------------------------------------------------------
Consumer Staples 87.4%
Health Care 9.9
Materials 2.7
-------
Total 100.0%
=======
----------------------------------------------------------
% OF TOTAL
TOP TEN HOLDINGS LONG-TERM INVESTMENTS
----------------------------------------------------------
Tyson Foods, Inc., Class A 4.4%
Post Holdings, Inc. 4.3
Performance Food Group Co. 4.3
Pilgrim's Pride Corp. 4.2
AmerisourceBergen Corp. 4.2
McKesson Corp. 4.2
Bunge Ltd. 4.1
Walgreens Boots Alliance, Inc. 4.1
Lamb Weston Holdings, Inc. 3.7
Darling Ingredients, Inc. 3.5
-------
Total 41.0%
=======
<TABLE>
<CAPTION>
PERFORMANCE OF A $10,000 INITIAL INVESTMENT
JULY 31, 2012 - JANUARY 31, 2023
Russell 1000(R)
First Trust Consumer Staples StrataQuant(R) Consumer Russell 1000(R) S&P 500(R) Consumer Consumer Staples
AlphaDEX(R) Fund Staples Index Index Staples Index Index
<S> <C> <C> <C> <C> <C>
7/31/12 $10,000 $10,000 $10,000 $10,000 $10,000
1/31/13 11,649 11,691 11,089 10,502 10,619
7/31/13 14,389 14,506 12,623 11,892 12,066
1/31/14 14,911 15,086 13,554 11,873 12,113
7/31/14 16,568 16,827 14,777 12,739 13,127
1/31/15 18,741 19,081 15,420 14,356 14,750
7/31/15 20,394 20,830 16,437 15,197 15,874
1/31/16 19,532 20,001 15,140 15,574 16,194
7/31/16 22,270 22,881 17,233 16,971 17,692
1/31/17 20,847 21,488 18,291 16,575 17,335
7/31/17 21,533 22,268 19,981 17,717 18,340
1/31/18 23,348 24,225 23,016 18,800 18,915
7/31/18 21,648 22,549 23,214 17,614 17,642
1/31/19 21,276 22,222 22,515 17,837 17,760
7/31/19 21,827 22,884 25,073 20,192 19,427
1/31/20 22,975 24,175 27,332 21,716 20,962
7/31/20 23,676 25,002 28,089 21,836 20,696
1/31/21 25,570 27,079 32,755 22,727 21,571
7/31/21 27,672 29,395 38,755 25,811 24,298
1/31/22 30,688 32,625 39,410 28,041 26,796
7/31/22 31,808 33,927 36,092 27,729 26,531
1/31/23 32,023 34,275 36,041 27,997 26,849
</TABLE>
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
Information showing the number of days the market price of the Fund's shares was
greater (at a premium) and less (at a discount) than the Fund's net asset value
for the most recently completed year, and the most recently completed calendar
quarters since that year (or life of the Fund, if shorter) is available at
https://www.ftportfolios.com/Retail/etf/home.aspx.
Page 7
--------------------------------------------------------------------------------
FUND PERFORMANCE OVERVIEW (UNAUDITED) (CONTINUED)
--------------------------------------------------------------------------------
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 the 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.
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------------
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)
1/31/23 1/31/23 1/31/23 1/31/23 to 1/31/23 1/31/23 1/31/23 to 1/31/23
<S> <C> <C> <C> <C> <C> <C> <C> <C>
FUND PERFORMANCE
NAV 4.66% 32.22% 5.33% -0.40% 0.51% 29.64% -3.96% 8.33%
Market Price 4.66% 32.15% 5.32% -0.42% 0.51% 29.58% -4.09% 8.28%
INDEX PERFORMANCE
StrataQuant(R) Energy Index 4.81% 32.97% 5.97% 0.15% 1.13% 33.61% 1.53% 19.33%
Russell 1000(R) Index -0.14% -8.55% 9.38% 12.51% 8.69% 56.59% 225.00% 271.13%
S&P 500(R) Energy Index 17.78% 43.05% 9.04% 5.48% 5.12% 54.15% 70.54% 119.52%
Russell 1000(R) Energy Index(1) 15.25% 42.15% 8.67% 4.89% N/A 51.53% 61.15% N/A
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(See Notes to Fund Performance Overview on page 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.
Source ICE Data Indices, LLC ("ICE Data"), is used with permission.
"StrataQuant(R)" is a service/trade mark of ICE Data or its affiliates. Frank
Russell Company is the source and owner of the trademarks, service marks and
copyrights related to the Russell Indices. Russell(R), Russell 1000(R) and
Russell 3000(R) are all registered trademarks of Frank Russell Company. Russell
1000(R) and Russell 3000(R) are being utilized in the indices under license.
These trademarks have been licensed, along with the StrataQuant(R) Energy Index
("Index") for use by First Trust Portfolios L.P. ("FTP") in connection with the
First Trust Energy AlphaDEX(R) Fund ("FXN"). Neither FTP, the Trust nor FXN is
sponsored, endorsed, sold or promoted by ICE Data, its affiliates or its Third
Party Suppliers including without limitation Frank Russell Company ("ICE Data
and its Suppliers"). ICE Data and its Suppliers make no representations or
warranties regarding the advisability of investing in securities generally, in
FXN particularly, the Trust or the ability of the Index to track general stock
market performance. ICE Data's only relationship to FTP is the licensing of
certain trademarks, trade names and the Index or components thereof. The Index
is determined, composed and calculated by ICE Data without regard to FTP or FXN
or its holders. ICE Data has no obligation to take the needs of FTP or the
holders of FXN into consideration in determining, composing or calculating the
Index. ICE Data is not responsible for and has not participated in the
determination of the timing of, prices of, or quantities of FXN to be issued or
in the determination or calculation of the equation by which FXN is to be
priced, sold, purchased, or redeemed. Except for certain custom index
calculation services, all information provided by ICE Data is general in nature
and not tailored to the needs of FTP or any other person, entity or group of
persons. ICE Data has no obligation or liability in connection with the
administration, marketing, or trading of FXN. ICE Data is not an investment
advisor. Inclusion of a security within an index is not a recommendation by ICE
Data to buy, sell, or hold such security, nor is it considered to be investment
advice.
ICE DATA AND ITS SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES AND REPRESENTATIONS,
EXPRESS AND/OR IMPLIED, INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS
FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY
INFORMATION INCLUDED IN, RELATED TO, OR DERIVED THEREFROM ("INDEX DATA"). ICE
DATA AND ITS SUPPLIERS SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH
RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES AND
THE INDEX DATA, WHICH ARE PROVIDED ON AN "AS IS" BASIS AND YOUR USE IS AT YOUR
OWN RISK.
Page 8
--------------------------------------------------------------------------------
FUND PERFORMANCE OVERVIEW (UNAUDITED) (CONTINUED)
--------------------------------------------------------------------------------
FIRST TRUST ENERGY ALPHADEX(R) FUND (FXN) (CONTINUED)
----------------------------------------------------------
% OF TOTAL
SECTOR CLASSIFICATION LONG-TERM INVESTMENTS
----------------------------------------------------------
Energy 96.5%
Information Technology 2.4
Industrials 1.1
-------
Total 100.0%
=======
----------------------------------------------------------
% OF TOTAL
TOP TEN HOLDINGS LONG-TERM INVESTMENTS
----------------------------------------------------------
HF Sinclair Corp. 4.5%
PDC Energy, Inc. 4.4
Halliburton Co. 4.3
Targa Resources Corp. 4.2
Coterra Energy, Inc. 4.2
Marathon Oil Corp. 4.2
Ovintiv, Inc. 4.0
Chesapeake Energy Corp. 3.8
Marathon Petroleum Corp. 3.6
Valero Energy Corp. 3.6
-------
Total 40.8%
=======
<TABLE>
<CAPTION>
PERFORMANCE OF A $10,000 INITIAL INVESTMENT
JULY 31, 2012 - JANUARY 31, 2023
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
<S> <C> <C> <C> <C> <C>
7/31/12 $10,000 $10,000 $10,000 $10,000 $10,000
1/31/13 11,901 11,949 11,089 11,067 11,096
7/31/13 12,362 12,446 12,623 11,862 11,886
1/31/14 13,083 13,220 13,554 12,051 12,136
7/31/14 15,488 15,699 14,777 14,048 14,204
1/31/15 11,142 11,310 15,420 11,289 11,256
7/31/15 9,511 9,663 16,437 10,439 10,404
1/31/16 7,332 7,450 15,140 9,073 8,852
7/31/16 8,306 8,454 17,233 10,652 10,336
1/31/17 9,202 9,402 18,291 11,486 11,169
7/31/17 7,892 8,093 19,981 10,672 10,288
1/31/18 8,816 9,080 23,016 12,244 11,800
7/31/18 9,979 10,314 23,214 12,776 12,425
1/31/19 7,767 8,033 22,515 10,734 10,371
7/31/19 6,409 6,653 25,072 10,734 10,243
1/31/20 5,281 5,506 27,331 9,605 9,154
7/31/20 3,955 4,114 28,089 6,626 6,393
1/31/21 5,319 5,564 32,755 7,434 7,391
7/31/21 6,589 6,920 38,753 9,571 9,398
1/31/22 8,645 9,125 39,408 13,194 12,580
7/31/22 10,921 11,575 36,092 16,026 15,515
1/31/23 11,430 12,132 36,041 18,875 17,881
</TABLE>
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
Information showing the number of days the market price of the Fund's shares was
greater (at a premium) and less (at a discount) than the Fund's net asset value
for the most recently completed year, and the most recently completed calendar
quarters since that year (or life of the Fund, if shorter) is available at
https://www.ftportfolios.com/Retail/etf/home.aspx.
Page 9
--------------------------------------------------------------------------------
FUND PERFORMANCE OVERVIEW (UNAUDITED) (CONTINUED)
--------------------------------------------------------------------------------
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 the common stocks and real estate
investment trusts ("REITs") 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.
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------------
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)
1/31/23 1/31/23 1/31/23 1/31/23 to 1/31/23 1/31/23 1/31/23 to 1/31/23
<S> <C> <C> <C> <C> <C> <C> <C> <C>
FUND PERFORMANCE
NAV 11.46% 0.94% 9.73% 12.58% 7.38% 59.06% 227.12% 206.40%
Market Price 11.51% 1.00% 9.73% 12.58% 7.38% 59.09% 226.99% 206.45%
INDEX PERFORMANCE
StrataQuant(R) Financials Index 11.78% 1.50% 10.47% 13.36% 8.21% 64.52% 250.30% 246.28%
Russell 1000(R) Index -0.14% -8.55% 9.38% 12.51% 8.69% 56.59% 225.00% 271.13%
S&P 500(R) Financials Index 9.73% -4.44% 6.50% 12.25% 3.31% 36.98% 217.71% 66.94%
Russell 1000(R) Financials Index(1) 9.47% -4.10% 10.11% 13.47% N/A 61.87% 253.82% N/A
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(See Notes to Fund Performance Overview on page 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. Consequently, performance data is not available for all the periods
shown in the table for the Russell 1000(R) Financials 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. On September 18, 2020, the name
of the Russell 1000(R) Financial Services Index was changed to Russell 1000(R)
Financials Index.
Source ICE Data Indices, LLC ("ICE Data"), is used with permission.
"StrataQuant(R)" is a service/trade mark of ICE Data or its affiliates. Frank
Russell Company is the source and owner of the trademarks, service marks and
copyrights related to the Russell Indices. Russell(R), Russell 1000(R) and
Russell 3000(R) are all registered trademarks of Frank Russell Company. Russell
1000(R) and Russell 3000(R) are being utilized in the indices under license.
These trademarks have been licensed along with the StrataQuant(R) Financials
Index ("Index") for use by First Trust Portfolios L.P. ("FTP") in connection
with the First Trust Financials AlphaDEX(R) Fund ("FXO"). Neither FTP, the Trust
nor FXO is sponsored, endorsed, sold or promoted by ICE Data, its affiliates or
its Third Party Suppliers including without limitation Frank Russell Company
("ICE Data and its Suppliers"). ICE Data and its Suppliers make no
representations or warranties regarding the advisability of investing in
securities generally, in FXO particularly, the Trust or the ability of the Index
to track general stock market performance. ICE Data's only relationship to FTP
is the licensing of certain trademarks, trade names and the Index or components
thereof. The Index is determined, composed and calculated by ICE Data without
regard to FTP or FXO or its holders. ICE Data has no obligation to take the
needs of FTP or the holders of FXO into consideration in determining, composing
or calculating the Index. ICE Data is not responsible for and has not
participated in the determination of the timing of, prices of, or quantities of
FXO to be issued or in the determination or calculation of the equation by which
FXO is to be priced, sold, purchased, or redeemed. Except for certain custom
index calculation services, all information provided by ICE Data is general in
nature and not tailored to the needs of FTP or any other person, entity or group
of persons. ICE Data has no obligation or liability in connection with the
administration, marketing, or trading of FXO. ICE Data is not an investment
advisor. Inclusion of a security within an index is not a recommendation by ICE
Data to buy, sell, or hold such security, nor is it considered to be investment
advice.
ICE DATA AND ITS SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES AND REPRESENTATIONS,
EXPRESS AND/OR IMPLIED, INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS
FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY
INFORMATION INCLUDED IN, RELATED TO, OR DERIVED THEREFROM ("INDEX DATA"). ICE
DATA AND ITS SUPPLIERS SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH
RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES AND
THE INDEX DATA, WHICH ARE PROVIDED ON AN "AS IS" BASIS AND YOUR USE IS AT YOUR
OWN RISK.
Page 10
--------------------------------------------------------------------------------
FUND PERFORMANCE OVERVIEW (UNAUDITED) (CONTINUED)
--------------------------------------------------------------------------------
FIRST TRUST FINANCIALS ALPHADEX(R) FUND (FXO) (CONTINUED)
----------------------------------------------------------
% OF TOTAL
SECTOR CLASSIFICATION LONG-TERM INVESTMENTS
----------------------------------------------------------
Financials 100.0%
-------
Total 100.0%
=======
----------------------------------------------------------
% OF TOTAL
TOP TEN HOLDINGS LONG-TERM INVESTMENTS
----------------------------------------------------------
Ally Financial, Inc. 2.0%
OneMain Holdings, Inc. 1.9
Carlyle Group (The), Inc. 1.8
PacWest Bancorp 1.8
Evercore, Inc., Class A 1.8
Franklin Resources, Inc. 1.8
Citigroup, Inc. 1.7
Rithm Capital Corp. 1.7
Ameriprise Financial, Inc. 1.7
Annaly Capital Management, Inc. 1.7
-------
Total 17.9%
=======
<TABLE>
<CAPTION>
PERFORMANCE OF A $10,000 INITIAL INVESTMENT
JULY 31, 2012 - JANUARY 31, 2023
First Trust Financials StrataQuant(R) Russell 1000(R) S&P 500(R) Russell 1000(R)
AlphaDEX(R) Fund Financials Index Index Financials Index Financials Index
<S> <C> <C> <C> <C> <C>
7/31/12 $10,000 $10,000 $10,000 $10,000 $10,000
1/31/13 11,851 11,901 11,089 11,984 11,821
7/31/13 13,944 14,055 12,623 14,243 13,852
1/31/14 14,735 14,908 13,554 14,783 14,511
7/31/14 15,472 15,710 14,777 15,868 15,504
1/31/15 16,132 16,439 15,420 16,450 16,305
7/31/15 17,697 18,098 16,437 18,153 17,977
1/31/16 15,609 16,006 15,140 15,860 15,938
7/31/16 17,736 18,256 17,233 17,468 17,726
1/31/17 20,232 20,896 18,291 21,416 20,368
7/31/17 21,992 22,783 19,981 23,230 22,262
1/31/18 24,374 25,342 23,016 27,797 25,841
7/31/18 24,425 25,481 23,214 26,360 25,487
1/31/19 23,104 24,174 22,515 24,713 24,682
7/31/19 25,165 26,426 25,072 27,270 27,985
1/31/20 25,978 27,377 27,331 29,222 30,130
7/31/20 20,746 21,950 28,089 23,775 26,309
1/31/21 28,520 30,278 32,755 28,996 31,887
7/31/21 35,680 38,024 38,753 36,903 40,206
1/31/22 38,406 41,070 39,408 39,844 43,615
7/31/22 34,781 37,295 36,092 34,698 38,209
1/31/23 38,767 41,688 36,041 38,074 41,827
</TABLE>
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
Information showing the number of days the market price of the Fund's shares was
greater (at a premium) and less (at a discount) than the Fund's net asset value
for the most recently completed year, and the most recently completed calendar
quarters since that year (or life of the Fund, if shorter) is available at
https://www.ftportfolios.com/Retail/etf/home.aspx.
Page 11
--------------------------------------------------------------------------------
FUND PERFORMANCE OVERVIEW (UNAUDITED) (CONTINUED)
--------------------------------------------------------------------------------
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 the 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.
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------------
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)
1/31/23 1/31/23 1/31/23 1/31/23 to 1/31/23 1/31/23 1/31/23 to 1/31/23
<S> <C> <C> <C> <C> <C> <C> <C> <C>
FUND PERFORMANCE
NAV 3.69% 1.81% 8.71% 12.23% 11.65% 51.84% 217.15% 466.62%
Market Price 3.68% 1.90% 8.72% 12.24% 11.66% 51.91% 217.17% 466.82%
INDEX PERFORMANCE
StrataQuant(R) Health Care Index 4.01% 2.50% 9.44% 12.98% 12.44% 57.00% 238.86% 533.09%
Russell 1000(R) Index -0.14% -8.55% 9.38% 12.51% 8.69% 56.59% 225.00% 271.13%
S&P 500(R) Health Care Index 1.59% 3.19% 10.68% 14.01% 10.64% 66.06% 270.97% 390.58%
Russell 1000(R) Health Care Index(1) 1.54% 2.52% 10.64% 14.09% N/A 65.81% 273.78% N/A
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(See Notes to Fund Performance Overview on page 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. 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.
Source ICE Data Indices, LLC ("ICE Data"), is used with permission.
"StrataQuant(R)" is a service/trade mark of ICE Data or its affiliates. Frank
Russell Company is the source and owner of the trademarks, service marks and
copyrights related to the Russell Indices. Russell(R), Russell 1000(R) and
Russell 3000(R) are all registered trademarks of Frank Russell Company. Russell
1000(R) and Russell 3000(R) are being utilized in the indices under license.
These trademarks have been licensed, along with the StrataQuant(R) Health Care
Index ("Index") for use by First Trust Portfolios L.P. ("FTP") in connection
with the First Trust Health Care AlphaDEX(R) Fund ("FXH"). Neither FTP, the
Trust nor FXH is sponsored, endorsed, sold or promoted by ICE Data, its
affiliates or its Third Party Suppliers including without limitation Frank
Russell Company ("ICE Data and its Suppliers"). ICE Data and its Suppliers make
no representations or warranties regarding the advisability of investing in
securities generally, in FXH particularly, the Trust or the ability of the Index
to track general stock market performance. ICE Data's only relationship to FTP
is the licensing of certain trademarks, trade names and the Index or components
thereof. The Index is determined, composed and calculated by ICE Data without
regard to FTP or FXH or its holders. ICE Data has no obligation to take the
needs of FTP or the holders of FXH into consideration in determining, composing
or calculating the Index. ICE Data is not responsible for and has not
participated in the determination of the timing of, prices of, or quantities of
FXH to be issued or in the determination or calculation of the equation by which
FXH is to be priced, sold, purchased, or redeemed. Except for certain custom
index calculation services, all information provided by ICE Data is general in
nature and not tailored to the needs of FTP or any other person, entity or group
of persons. ICE Data has no obligation or liability in connection with the
administration, marketing, or trading of FXH. ICE Data is not an investment
advisor. Inclusion of a security within an index is not a recommendation by ICE
Data to buy, sell, or hold such security, nor is it considered to be investment
advice.
ICE DATA AND ITS SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES AND REPRESENTATIONS,
EXPRESS AND/OR IMPLIED, INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS
FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY
INFORMATION INCLUDED IN, RELATED TO, OR DERIVED THEREFROM ("INDEX DATA"). ICE
DATA AND ITS SUPPLIERS SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH
RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES AND
THE INDEX DATA, WHICH ARE PROVIDED ON AN "AS IS" BASIS AND YOUR USE IS AT YOUR
OWN RISK.
Page 12
--------------------------------------------------------------------------------
FUND PERFORMANCE OVERVIEW (UNAUDITED) (CONTINUED)
--------------------------------------------------------------------------------
FIRST TRUST HEALTH CARE ALPHADEX(R) FUND (FXH) (CONTINUED)
----------------------------------------------------------
% OF TOTAL
SECTOR CLASSIFICATION LONG-TERM INVESTMENTS
----------------------------------------------------------
Health Care 100.0%
-------
Total 100.0%
=======
----------------------------------------------------------
% OF TOTAL
TOP TEN HOLDINGS LONG-TERM INVESTMENTS
----------------------------------------------------------
Viatris, Inc. 2.2%
Laboratory Corp. of America Holdings 2.2
HCA Healthcare, Inc. 2.1
Universal Health Services, Inc., Class B 2.1
Exact Sciences Corp. 2.1
QuidelOrtho Corp. 2.0
Moderna, Inc. 2.0
Syneos Health, Inc. 2.0
Insulet Corp. 2.0
Elevance Health, Inc. 2.0
-------
Total 20.7%
=======
<TABLE>
<CAPTION>
PERFORMANCE OF A $10,000 INITIAL INVESTMENT
JULY 31, 2012 - JANUARY 31, 2023
First Trust Health Care StrataQuant(R) Russell 1000(R) S&P 500(R) Russell 1000(R)
AlphaDEX(R) Fund Health Care Index Index Health Care Index Health Care Index
<S> <C> <C> <C> <C> <C>
7/31/12 $10,000 $10,000 $10,000 $10,000 $10,000
1/31/13 11,878 11,924 11,089 11,298 11,370
7/31/13 14,249 14,364 12,623 13,563 13,711
1/31/14 16,732 16,925 13,554 15,010 15,258
7/31/14 17,780 18,037 14,777 16,469 16,689
1/31/15 20,477 20,840 15,420 18,867 19,229
7/31/15 23,301 23,803 16,437 20,994 21,575
1/31/16 17,944 18,381 15,140 18,412 18,576
7/31/16 20,598 21,165 17,233 20,997 21,268
1/31/17 19,922 20,528 18,291 19,823 20,189
7/31/17 22,395 23,154 19,981 22,677 23,060
1/31/18 24,811 25,735 23,016 25,242 25,629
7/31/18 25,702 26,752 23,214 25,696 26,290
1/31/19 25,000 26,105 22,515 26,419 27,011
7/31/19 25,978 27,232 25,073 26,796 27,673
1/31/20 27,674 29,109 27,332 29,615 30,354
7/31/20 31,889 33,661 28,089 31,825 33,313
1/31/21 36,321 38,458 32,755 35,026 37,065
7/31/21 40,843 43,384 38,755 40,522 42,472
1/31/22 37,008 39,419 39,410 40,619 41,453
7/31/22 36,338 38,847 36,092 41,257 41,851
1/31/23 37,673 40,405 36,041 41,915 42,500
</TABLE>
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
Information showing the number of days the market price of the Fund's shares was
greater (at a premium) and less (at a discount) than the Fund's net asset value
for the most recently completed year, and the most recently completed calendar
quarters since that year (or life of the Fund, if shorter) is available at
https://www.ftportfolios.com/Retail/etf/home.aspx.
Page 13
--------------------------------------------------------------------------------
FUND PERFORMANCE OVERVIEW (UNAUDITED) (CONTINUED)
--------------------------------------------------------------------------------
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 the 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.
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------------
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)
1/31/23 1/31/23 1/31/23 1/31/23 to 1/31/23 1/31/23 1/31/23 to 1/31/23
<S> <C> <C> <C> <C> <C> <C> <C> <C>
FUND PERFORMANCE
NAV 6.15% -0.95% 7.21% 11.41% 7.73% 41.67% 194.49% 222.64%
Market Price 6.15% -0.94% 7.22% 11.39% 7.73% 41.67% 194.07% 222.64%
INDEX PERFORMANCE
StrataQuant(R) Industrials Index 6.65% -0.22% 7.92% 12.17% 8.50% 46.39% 215.39% 260.95%
Russell 1000(R) Index -0.14% -8.55% 9.38% 12.51% 8.69% 56.59% 225.00% 271.13%
S&P 500(R) Industrials Index 7.59% 2.90% 7.03% 11.74% 8.32% 40.47% 203.34% 251.68%
Russell 1000(R) Industrials Index(1) 5.39% -3.43% 5.40% 11.12% N/A 30.10% 186.96% N/A
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(See Notes to Fund Performance Overview on page 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. Consequently, performance data is not available for all the periods
shown in the table for the Russell 1000(R) Industrials 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. On September 18, 2020, the name
of the Russell 1000(R) Producer Durables Index was changed to Russell 1000(R)
Industrials Index.
Source ICE Data Indices, LLC ("ICE Data"), is used with permission.
"StrataQuant(R)" is a service/trade mark of ICE Data or its affiliates. Frank
Russell Company is the source and owner of the trademarks, service marks and
copyrights related to the Russell Indices. Russell(R), Russell 1000(R) and
Russell 3000(R) are all registered trademarks of Frank Russell Company. Russell
1000(R) and Russell 3000(R) are being utilized in the indices under license.
These trademarks have been licensed, along with the StrataQuant(R) Industrials
Index ("Index") for use by First Trust Portfolios L.P. ("FTP") in connection
with the First Trust Industrials/Producer Durables AlphaDEX(R) Fund ("FXR").
Neither FTP, the Trust nor FXR is sponsored, endorsed, sold or promoted by ICE
Data, its affiliates or its Third Party Suppliers including without limitation
Frank Russell Company ("ICE Data and its Suppliers"). ICE Data and its Suppliers
make no representations or warranties regarding the advisability of investing in
securities generally, in FXR particularly, the Trust or the ability of the Index
to track general stock market performance. ICE Data's only relationship to FTP
is the licensing of certain trademarks, trade names and the Index or components
thereof. The Index is determined, composed and calculated by ICE Data without
regard to FTP or FXR or its holders. ICE Data has no obligation to take the
needs of FTP or the holders of FXR into consideration in determining, composing
or calculating the Index. ICE Data is not responsible for and has not
participated in the determination of the timing of, prices of, or quantities of
FXR to be issued or in the determination or calculation of the equation by which
FXR is to be priced, sold, purchased, or redeemed. Except for certain custom
index calculation services, all information provided by ICE Data is general in
nature and not tailored to the needs of FTP or any other person, entity or group
of persons. ICE Data has no obligation or liability in connection with the
administration, marketing, or trading of FXR. ICE Data is not an investment
advisor. Inclusion of a security within an index is not a recommendation by ICE
Data to buy, sell, or hold such security, nor is it considered to be investment
advice.
ICE DATA AND ITS SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES AND REPRESENTATIONS,
EXPRESS AND/OR IMPLIED, INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS
FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY
INFORMATION INCLUDED IN, RELATED TO, OR DERIVED THEREFROM ("INDEX DATA"). ICE
DATA AND ITS SUPPLIERS SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH
RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES AND
THE INDEX DATA, WHICH ARE PROVIDED ON AN "AS IS" BASIS AND YOUR USE IS AT YOUR
OWN RISK.
Page 14
--------------------------------------------------------------------------------
FUND PERFORMANCE OVERVIEW (UNAUDITED) (CONTINUED)
--------------------------------------------------------------------------------
FIRST TRUST INDUSTRIALS/PRODUCER DURABLES ALPHADEX(R) FUND (FXR) (CONTINUED)
----------------------------------------------------------
% OF TOTAL
SECTOR CLASSIFICATION LONG-TERM INVESTMENTS
----------------------------------------------------------
Industrials 70.8%
Materials 11.9
Information Technology 9.8
Consumer Discretionary 3.7
Financials 3.4
Health Care 0.4
-------
Total 100.0%
=======
----------------------------------------------------------
% OF TOTAL
TOP TEN HOLDINGS LONG-TERM INVESTMENTS
----------------------------------------------------------
Hayward Holdings, Inc. 1.7%
United Rentals, Inc. 1.5
Builders FirstSource, Inc. 1.5
XPO, Inc. 1.4
WESCO International, Inc. 1.4
Axon Enterprise, Inc. 1.4
Brunswick Corp. 1.4
Louisiana-Pacific Corp. 1.4
Shift4 Payments, Inc., Class A 1.4
Owens Corning 1.4
-------
Total 14.5%
=======
<TABLE>
<CAPTION>
PERFORMANCE OF A $10,000 INITIAL INVESTMENT
JULY 31, 2012 - JANUARY 31, 2023
First Trust Industrials/
Producer Durables StrataQuant(R) Russell 1000(R) S&P 500(R) Russell 1000(R)
AlphaDEX(R) Fund Industrials Index Index Industrials Index Industrials Index
<S> <C> <C> <C> <C> <C>
7/31/12 $10,000 $10,000 $10,000 $10,000 $10,000
1/31/13 11,938 11,983 11,089 11,304 11,467
7/31/13 13,792 13,893 12,623 12,867 13,108
1/31/14 15,908 16,090 13,554 14,378 14,693
7/31/14 16,886 17,143 14,777 15,019 15,338
1/31/15 16,943 17,260 15,420 15,931 16,244
7/31/15 17,106 17,465 16,437 16,057 16,522
1/31/16 14,198 14,536 15,140 15,188 15,430
7/31/16 16,964 17,434 17,233 17,737 17,957
1/31/17 19,827 20,491 18,291 19,422 19,834
7/31/17 20,832 21,602 19,981 20,983 21,520
1/31/18 24,811 25,814 23,016 24,408 25,294
7/31/18 24,494 25,564 23,214 23,710 24,717
1/31/19 22,836 23,885 22,515 22,394 23,437
7/31/19 25,393 26,650 25,072 24,559 25,938
1/31/20 26,465 27,868 27,331 25,885 27,279
7/31/20 23,795 25,140 28,089 23,159 24,492
1/31/21 30,117 31,920 32,755 27,635 29,309
7/31/21 36,457 38,772 38,753 33,914 35,916
1/31/22 35,494 37,873 39,408 33,324 34,074
7/31/22 33,117 35,435 36,092 31,870 31,224
1/31/23 35,154 37,791 36,041 34,289 32,907
</TABLE>
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
Information showing the number of days the market price of the Fund's shares was
greater (at a premium) and less (at a discount) than the Fund's net asset value
for the most recently completed year, and the most recently completed calendar
quarters since that year (or life of the Fund, if shorter) is available at
https://www.ftportfolios.com/Retail/etf/home.aspx.
Page 15
--------------------------------------------------------------------------------
FUND PERFORMANCE OVERVIEW (UNAUDITED) (CONTINUED)
--------------------------------------------------------------------------------
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 the 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.
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------------
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)
1/31/23 1/31/23 1/31/23 1/31/23 to 1/31/23 1/31/23 1/31/23 to 1/31/23
<S> <C> <C> <C> <C> <C> <C> <C> <C>
FUND PERFORMANCE
NAV 15.09% 21.97% 10.96% 11.54% 9.88% 68.19% 198.18% 340.42%
Market Price 15.10% 21.98% 10.97% 11.54% 9.88% 68.26% 198.11% 340.48%
INDEX PERFORMANCE
StrataQuant(R) Materials Index 15.38% 22.72% 11.73% 12.32% 10.68% 74.14% 219.57% 393.89%
Russell 1000(R) Index -0.14% -8.55% 9.38% 12.51% 8.69% 56.59% 225.00% 271.13%
S&P 500(R) Materials Index 9.71% 2.63% 8.44% 10.33% 7.32% 49.92% 167.25% 203.83%
Russell 1000(R) Basic Materials
Index(1) 13.47% 8.56% 8.85% 10.72% N/A 52.82% 176.88% N/A
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(See Notes to Fund Performance Overview on page 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. Consequently, performance data is not available for all the periods
shown in the table for the Russell 1000(R) Basic Materials 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. On September 18,
2020, the name of the Russell 1000(R) Materials and Processing Index was changed
to Russell 1000(R) Basic Materials Index.
Source ICE Data Indices, LLC ("ICE Data"), is used with permission.
"StrataQuant(R)" is a service/trade mark of ICE Data or its affiliates. Frank
Russell Company is the source and owner of the trademarks, service marks and
copyrights related to the Russell Indices. Russell(R), Russell 1000(R) and
Russell 3000(R) are all registered trademarks of Frank Russell Company. Russell
1000(R) and Russell 3000(R) are being utilized in the indices under license.
These trademarks have been licensed, along with the StrataQuant(R) Materials
Index ("Index") for use by First Trust Portfolios L.P. ("FTP") in connection
with the First Trust Materials AlphaDEX(R) Fund ("FXZ"). Neither FTP, the Trust
nor FXZ is sponsored, endorsed, sold or promoted by ICE Data, its affiliates or
its Third Party Suppliers including without limitation Frank Russell Company
("ICE Data and its Suppliers"). ICE Data and its Suppliers make no
representations or warranties regarding the advisability of investing in
securities generally, in FXZ particularly, the Trust or the ability of the Index
to track general stock market performance. ICE Data's only relationship to FTP
is the licensing of certain trademarks, trade names and the Index or components
thereof. The Index is determined, composed and calculated by ICE Data without
regard to FTP or FXZ or its holders. ICE Data has no obligation to take the
needs of FTP or the holders of FXZ into consideration in determining, composing
or calculating the Index. ICE Data is not responsible for and has not
participated in the determination of the timing of, prices of, or quantities of
FXZ to be issued or in the determination or calculation of the equation by which
FXZ is to be priced, sold, purchased, or redeemed. Except for certain custom
index calculation services, all information provided by ICE Data is general in
nature and not tailored to the needs of FTP or any other person, entity or group
of persons. ICE Data has no obligation or liability in connection with the
administration, marketing, or trading of FXZ. ICE Data is not an investment
advisor. Inclusion of a security within an index is not a recommendation by ICE
Data to buy, sell, or hold such security, nor is it considered to be investment
advice.
ICE DATA AND ITS SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES AND REPRESENTATIONS,
EXPRESS AND/OR IMPLIED, INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS
FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY
INFORMATION INCLUDED IN, RELATED TO, OR DERIVED THEREFROM ("INDEX DATA"). ICE
DATA AND ITS SUPPLIERS SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH
RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES AND
THE INDEX DATA, WHICH ARE PROVIDED ON AN "AS IS" BASIS AND YOUR USE IS AT YOUR
OWN RISK.
Page 16
--------------------------------------------------------------------------------
FUND PERFORMANCE OVERVIEW (UNAUDITED) (CONTINUED)
--------------------------------------------------------------------------------
FIRST TRUST MATERIALS ALPHADEX(R) FUND (FXZ) (CONTINUED)
----------------------------------------------------------
% OF TOTAL
SECTOR CLASSIFICATION LONG-TERM INVESTMENTS
----------------------------------------------------------
Materials 93.5%
Industrials 6.5
-------
Total 100.0%
=======
----------------------------------------------------------
% OF TOTAL
TOP TEN HOLDINGS LONG-TERM INVESTMENTS
----------------------------------------------------------
Cleveland-Cliffs, Inc. 5.4%
Nucor Corp. 5.2
Steel Dynamics, Inc. 5.1
Westlake Corp. 4.9
Huntsman Corp. 4.7
United States Steel Corp. 4.7
Mosaic (The) Co. 4.6
Olin Corp. 3.5
International Paper Co. 3.5
Celanese Corp. 3.4
-------
Total 45.0%
=======
<TABLE>
<CAPTION>
PERFORMANCE OF A $10,000 INITIAL INVESTMENT
JULY 31, 2012 - JANUARY 31, 2023
First Trust Materials StrataQuant(R) Russell 1000(R) S&P 500(R) Russell 1000(R)
AlphaDEX(R) Fund Materials Index Index Materials Index Basic Materials Index
<S> <C> <C> <C> <C> <C>
7/31/12 $10,000 $10,000 $10,000 $10,000 $10,000
1/31/13 12,148 12,202 11,089 11,345 11,530
7/31/13 12,540 12,641 12,623 11,874 12,126
1/31/14 14,063 14,233 13,554 13,092 13,323
7/31/14 14,764 14,991 14,777 14,618 14,541
1/31/15 13,705 13,954 15,420 14,389 14,273
7/31/15 14,119 14,428 16,437 13,999 14,118
1/31/16 12,087 12,388 15,140 12,017 12,327
7/31/16 16,022 16,483 17,233 15,175 15,673
1/31/17 17,723 18,292 18,291 16,405 17,051
7/31/17 18,267 18,920 19,981 17,386 18,041
1/31/18 21,537 22,390 23,016 20,220 20,888
7/31/18 20,678 21,572 23,214 19,375 20,120
1/31/19 17,911 18,740 22,515 17,471 18,092
7/31/19 18,595 19,533 25,073 19,347 19,986
1/31/20 18,071 19,058 27,332 19,359 20,079
7/31/20 17,705 18,744 28,089 20,570 21,128
1/31/21 23,712 25,201 32,755 24,324 24,390
7/31/21 29,040 30,965 38,755 29,111 29,780
1/31/22 29,697 31,776 39,410 29,547 29,408
7/31/22 31,473 33,799 36,092 27,635 28,133
1/31/23 36,222 38,997 36,041 30,318 31,923
</TABLE>
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
Information showing the number of days the market price of the Fund's shares was
greater (at a premium) and less (at a discount) than the Fund's net asset value
for the most recently completed year, and the most recently completed calendar
quarters since that year (or life of the Fund, if shorter) is available at
https://www.ftportfolios.com/Retail/etf/home.aspx.
Page 17
--------------------------------------------------------------------------------
FUND PERFORMANCE OVERVIEW (UNAUDITED) (CONTINUED)
--------------------------------------------------------------------------------
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 the 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.
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------------
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)
1/31/23 1/31/23 1/31/23 1/31/23 to 1/31/23 1/31/23 1/31/23 to 1/31/23
<S> <C> <C> <C> <C> <C> <C> <C> <C>
FUND PERFORMANCE
NAV -2.50% -13.26% 13.11% 16.55% 11.20% 85.14% 362.40% 431.20%
Market Price -2.53% -13.27% 13.10% 16.54% 11.19% 85.04% 362.02% 430.99%
INDEX PERFORMANCE
StrataQuant(R) Technology Index -2.24% -12.80% 13.79% 17.25% 11.98% 90.74% 391.13% 493.19%
Russell 1000(R) Index -0.14% -8.55% 9.38% 12.51% 8.69% 56.59% 225.00% 271.13%
S&P 500(R) Information Technology
Index -5.41% -15.70% 16.17% 19.22% 13.77% 111.58% 480.25% 660.79%
Russell 1000(R) Technology Index(1) -7.82% -21.47% 14.57% 18.15% N/A 97.40% 430.02% N/A
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(See Notes to Fund Performance Overview on page 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. 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.
Source ICE Data Indices, LLC ("ICE Data"), is used with permission.
"StrataQuant(R)" is a service/trade mark of ICE Data or its affiliates. Frank
Russell Company is the source and owner of the trademarks, service marks and
copyrights related to the Russell Indices. Russell(R), Russell 1000(R) and
Russell 3000(R) are all registered trademarks of Frank Russell Company. Russell
1000(R) and Russell 3000(R) are being utilized in the indices under license.
These trademarks have been licensed, along with the StrataQuant(R) Technology
Index ("Index") for use by First Trust Portfolios L.P. ("FTP") in connection
with the First Trust Technology AlphaDEX(R) Fund ("FXL"). Neither FTP, the Trust
nor FXL is sponsored, endorsed, sold or promoted by ICE Data, its affiliates or
its Third Party Suppliers including without limitation Frank Russell Company
("ICE Data and its Suppliers"). ICE Data and its Suppliers make no
representations or warranties regarding the advisability of investing in
securities generally, in FXL particularly, the Trust or the ability of the Index
to track general stock market performance. ICE Data's only relationship to FTP
is the licensing of certain trademarks, trade names and the Index or components
thereof. The Index is determined, composed and calculated by ICE Data without
regard to FTP or FXL or its holders. ICE Data has no obligation to take the
needs of FTP or the holders of FXL into consideration in determining, composing
or calculating the Index. ICE Data is not responsible for and has not
participated in the determination of the timing of, prices of, or quantities of
FXL to be issued or in the determination or calculation of the equation by which
FXL is to be priced, sold, purchased, or redeemed. Except for certain custom
index calculation services, all information provided by ICE Data is general in
nature and not tailored to the needs of FTP or any other person, entity or group
of persons. ICE Data has no obligation or liability in connection with the
administration, marketing, or trading of FXL. ICE Data is not an investment
advisor. Inclusion of a security within an index is not a recommendation by ICE
Data to buy, sell, or hold such security, nor is it considered to be investment
advice.
ICE DATA AND ITS SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES AND REPRESENTATIONS,
EXPRESS AND/OR IMPLIED, INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS
FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY
INFORMATION INCLUDED IN, RELATED TO, OR DERIVED THEREFROM ("INDEX DATA"). ICE
DATA AND ITS SUPPLIERS SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH
RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES AND
THE INDEX DATA, WHICH ARE PROVIDED ON AN "AS IS" BASIS AND YOUR USE IS AT YOUR
OWN RISK.
Page 18
--------------------------------------------------------------------------------
FUND PERFORMANCE OVERVIEW (UNAUDITED) (CONTINUED)
--------------------------------------------------------------------------------
FIRST TRUST TECHNOLOGY ALPHADEX(R) FUND (FXL) (CONTINUED)
----------------------------------------------------------
% OF TOTAL
SECTOR CLASSIFICATION LONG-TERM INVESTMENTS
----------------------------------------------------------
Information Technology 88.8%
Industrials 7.0
Communication Services 4.2
-------
Total 100.0%
=======
----------------------------------------------------------
% OF TOTAL
TOP TEN HOLDINGS LONG-TERM INVESTMENTS
----------------------------------------------------------
Western Digital Corp. 2.1%
Meta Platforms, Inc., Class A 1.9
Cirrus Logic, Inc. 1.8
Micron Technology, Inc. 1.8
Skyworks Solutions, Inc. 1.8
Qorvo, Inc. 1.8
IPG Photonics Corp. 1.8
Cognizant Technology Solutions Corp.,
Class A 1.7
Jabil, Inc. 1.7
Arrow Electronics, Inc. 1.7
-------
Total 18.1%
=======
<TABLE>
<CAPTION>
PERFORMANCE OF A $10,000 INITIAL INVESTMENT
JULY 31, 2012 - JANUARY 31, 2023
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
<S> <C> <C> <C> <C> <C>
7/31/12 $10,000 $10,000 $10,000 $10,000 $10,000
1/31/13 10,948 10,993 11,089 10,167 10,066
7/31/13 12,454 12,554 12,623 11,114 10,984
1/31/14 14,340 14,514 13,554 12,558 12,478
7/31/14 15,268 15,506 14,777 14,239 14,196
1/31/15 16,121 16,424 15,420 14,878 14,743
7/31/15 16,905 17,278 16,437 16,058 15,729
1/31/16 14,677 15,051 15,140 15,598 15,087
7/31/16 16,975 17,467 17,233 17,628 17,166
1/31/17 19,314 19,865 18,291 19,484 19,066
7/31/17 22,190 22,893 19,981 22,824 22,201
1/31/18 27,345 28,307 23,016 27,884 27,030
7/31/18 27,859 28,935 23,214 29,322 28,376
1/31/19 29,165 30,295 22,515 27,631 27,096
7/31/19 34,322 35,766 25,073 33,933 32,296
1/31/20 36,391 38,073 27,332 40,363 38,096
7/31/20 44,387 46,594 28,089 47,136 45,212
1/31/21 55,213 58,178 32,755 55,352 54,051
7/31/21 62,296 65,874 38,755 66,008 65,667
1/31/22 58,372 61,915 39,410 69,981 67,946
7/31/22 51,923 55,225 36,092 62,370 57,878
1/31/23 50,625 53,988 36,041 58,996 53,352
</TABLE>
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
Information showing the number of days the market price of the Fund's shares was
greater (at a premium) and less (at a discount) than the Fund's net asset value
for the most recently completed year, and the most recently completed calendar
quarters since that year (or life of the Fund, if shorter) is available at
https://www.ftportfolios.com/Retail/etf/home.aspx.
Page 19
--------------------------------------------------------------------------------
FUND PERFORMANCE OVERVIEW (UNAUDITED) (CONTINUED)
--------------------------------------------------------------------------------
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 the 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.
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------------
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)
1/31/23 1/31/23 1/31/23 1/31/23 to 1/31/23 1/31/23 1/31/23 to 1/31/23
<S> <C> <C> <C> <C> <C> <C> <C> <C>
FUND PERFORMANCE
NAV -0.97% 6.47% 8.45% 9.14% 6.48% 50.03% 139.86% 168.57%
Market Price -0.97% 6.53% 8.46% 9.16% 6.48% 50.08% 140.19% 168.62%
INDEX PERFORMANCE
StrataQuant(R) Utilities Index -0.69% 7.33% 9.15% 9.94% 7.30% 54.89% 158.02% 203.16%
Russell 1000(R) Index -0.14% -8.55% 9.38% 12.51% 8.69% 56.59% 225.00% 271.13%
S&P 500(R) Utilities Index -5.13% 2.90% 9.82% 10.33% 7.09% 59.71% 167.38% 193.79%
Russell 1000(R) Utilities Index(1) -4.89% 2.83% 8.47% 9.03% N/A 50.16% 137.29% N/A
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(See Notes to Fund Performance Overview on page 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. 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.
Source ICE Data Indices, LLC ("ICE Data"), is used with permission.
"StrataQuant(R)" is a service/trade mark of ICE Data or its affiliates. Frank
Russell Company is the source and owner of the trademarks, service marks and
copyrights related to the Russell Indices. Russell(R), Russell 1000(R) and
Russell 3000(R) are all registered trademarks of Frank Russell Company. Russell
1000(R) and Russell 3000(R) are being utilized in the indices under license.
These trademarks have been licensed, along with the StrataQuant(R) Utilities
Index (the "Utilities Index") for use by First Trust Portfolios L.P. ("FTP") in
connection with the First Trust Utilities AlphaDEX(R) Fund ("FXU"). Neither FTP,
the Trust nor FXU is sponsored, endorsed, sold or promoted by ICE Data, its
affiliates or its Third Party Suppliers including without limitation Frank
Russell Company ("ICE Data and its Suppliers"). ICE Data and its Suppliers make
no representations or warranties regarding the advisability of investing in
securities generally, in FXU particularly, the Trust or the ability of the Index
to track general stock market performance. ICE Data's only relationship to FTP
is the licensing of certain trademarks, trade names and the Index or components
thereof. The Index is determined, composed and calculated by ICE Data without
regard to FTP or FXU or its holders. ICE Data has no obligation to take the
needs of FTP or the holders of FXU into consideration in determining, composing
or calculating the Index. ICE Data is not responsible for and has not
participated in the determination of the timing of, prices of, or quantities of
FXU to be issued or in the determination or calculation of the equation by which
FXU is to be priced, sold, purchased, or redeemed. Except for certain custom
index calculation services, all information provided by ICE Data is general in
nature and not tailored to the needs of FTP or any other person, entity or group
of persons. ICE Data has no obligation or liability in connection with the
administration, marketing, or trading of FXU. ICE Data is not an investment
advisor. Inclusion of a security within an index is not a recommendation by ICE
Data to buy, sell, or hold such security, nor is it considered to be investment
advice.
ICE DATA AND ITS SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES AND REPRESENTATIONS,
EXPRESS AND/OR IMPLIED, INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS
FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY
INFORMATION INCLUDED IN, RELATED TO, OR DERIVED THEREFROM ("INDEX DATA"). ICE
DATA AND ITS SUPPLIERS SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH
RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES AND
THE INDEX DATA, WHICH ARE PROVIDED ON AN "AS IS" BASIS AND YOUR USE IS AT YOUR
OWN RISK.
Page 20
--------------------------------------------------------------------------------
FUND PERFORMANCE OVERVIEW (UNAUDITED) (CONTINUED)
--------------------------------------------------------------------------------
FIRST TRUST UTILITIES ALPHADEX(R) FUND (FXU) (CONTINUED)
----------------------------------------------------------
% OF TOTAL
SECTOR CLASSIFICATION LONG-TERM INVESTMENTS
----------------------------------------------------------
Utilities 91.9%
Industrials 8.1
-------
Total 100.0%
=======
----------------------------------------------------------
% OF TOTAL
TOP TEN HOLDINGS LONG-TERM INVESTMENTS
----------------------------------------------------------
NRG Energy, Inc. 4.4%
UGI Corp. 4.4
OGE Energy Corp. 4.1
Avangrid, Inc. 4.1
Pinnacle West Capital Corp. 4.1
PG&E Corp. 4.0
AES (The) Corp. 3.9
National Fuel Gas Co. 3.8
Clean Harbors, Inc. 3.8
NiSource, Inc. 3.3
-------
Total 39.9%
=======
<TABLE>
<CAPTION>
PERFORMANCE OF A $10,000 INITIAL INVESTMENT
JULY 31, 2012 - JANUARY 31, 2023
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
<S> <C> <C> <C> <C> <C>
7/31/12 $10,000 $10,000 $10,000 $10,000 $10,000
1/31/13 10,413 10,449 11,089 9,883 9,922
7/31/13 11,591 11,734 12,623 10,801 10,867
1/31/14 11,920 12,119 13,554 10,989 10,938
7/31/14 13,108 13,379 14,777 11,801 11,928
1/31/15 14,792 15,146 15,420 14,086 12,812
7/31/15 13,863 14,241 16,437 13,033 12,412
1/31/16 14,007 14,444 15,140 13,737 13,141
7/31/16 17,003 17,605 17,233 16,045 15,475
1/31/17 17,129 17,797 18,291 15,414 14,983
7/31/17 17,611 18,356 19,981 16,961 15,612
1/31/18 16,645 17,405 23,016 16,543 15,681
7/31/18 17,418 18,286 23,214 17,440 15,790
1/31/19 18,517 19,509 22,515 18,376 16,520
7/31/19 19,458 20,539 25,073 20,323 18,119
1/31/20 20,337 21,533 27,332 23,944 20,728
7/31/20 19,320 20,489 28,089 21,509 18,718
1/31/21 19,859 21,143 32,755 22,352 19,777
7/31/21 22,181 23,695 38,755 24,096 21,616
1/31/22 23,456 25,119 39,410 25,676 22,902
7/31/22 25,221 27,148 36,092 27,853 24,756
1/31/23 24,976 26,961 36,041 26,424 23,545
</TABLE>
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
Information showing the number of days the market price of the Fund's shares was
greater (at a premium) and less (at a discount) than the Fund's net asset value
for the most recently completed year, and the most recently completed calendar
quarters since that year (or life of the Fund, if shorter) is available at
https://www.ftportfolios.com/Retail/etf/home.aspx.
Page 21
--------------------------------------------------------------------------------
NOTES TO FUND PERFORMANCE OVERVIEW (UNAUDITED)
--------------------------------------------------------------------------------
Total returns for the period 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 of the national best bid and offer price ("NBBO") as of
the time that the Fund's NAV is calculated. Under SEC rules, the NBBO consists
of the highest displayed buy and lowest sell prices among the various exchanges
trading the Fund at the time the Fund's NAV is calculated. Prior to January 1,
2019, the price used was the midpoint between the highest bid and the lowest
offer on the stock exchange on which shares of the Fund were listed for trading
as of the time that the Fund's NAV was 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.
Page 22
FIRST TRUST EXCHANGE-TRADED ALPHADEX(R) FUND
SECTOR FUNDS
UNDERSTANDING YOUR FUND EXPENSES
JANUARY 31, 2023 (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 (12b-1) 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, 2023.
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.
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------------------
ANNUALIZED
EXPENSE RATIO EXPENSES PAID
BEGINNING ENDING BASED ON THE DURING THE
ACCOUNT VALUE ACCOUNT VALUE SIX-MONTH SIX-MONTH
AUGUST 1, 2022 JANUARY 31, 2023 PERIOD PERIOD (a)
-------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
FIRST TRUST CONSUMER DISCRETIONARY ALPHADEX(R) FUND (FXD)
Actual $1,000.00 $1,116.80 0.63% $3.36
Hypothetical (5% return before expenses) $1,000.00 $1,022.03 0.63% $3.21
FIRST TRUST CONSUMER STAPLES ALPHADEX(R) FUND (FXG)
Actual $1,000.00 $1,006.90 0.63% $3.19
Hypothetical (5% return before expenses) $1,000.00 $1,022.03 0.63% $3.21
FIRST TRUST ENERGY ALPHADEX(R) FUND (FXN)
Actual $1,000.00 $1,046.60 0.62% $3.20
Hypothetical (5% return before expenses) $1,000.00 $1,022.08 0.62% $3.16
FIRST TRUST FINANCIALS ALPHADEX(R) FUND (FXO)
Actual $1,000.00 $1,114.60 0.62% $3.30
Hypothetical (5% return before expenses) $1,000.00 $1,022.08 0.62% $3.16
FIRST TRUST HEALTH CARE ALPHADEX(R) FUND (FXH)
Actual $1,000.00 $1,036.90 0.61% $3.13
Hypothetical (5% return before expenses) $1,000.00 $1,022.13 0.61% $3.11
</TABLE>
Page 23
FIRST TRUST EXCHANGE-TRADED ALPHADEX(R) FUND
SECTOR FUNDS
UNDERSTANDING YOUR FUND EXPENSES (CONTINUED)
JANUARY 31, 2023 (UNAUDITED)
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------------------
ANNUALIZED
EXPENSE RATIO EXPENSES PAID
BEGINNING ENDING BASED ON THE DURING THE
ACCOUNT VALUE ACCOUNT VALUE SIX-MONTH SIX-MONTH
AUGUST 1, 2022 JANUARY 31, 2023 PERIOD PERIOD (a)
-------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
FIRST TRUST INDUSTRIALS/PRODUCER DURABLES ALPHADEX(R) FUND (FXR)
Actual $1,000.00 $1,061.50 0.61% $3.17
Hypothetical (5% return before expenses) $1,000.00 $1,022.13 0.61% $3.11
FIRST TRUST MATERIALS ALPHADEX(R) FUND (FXZ)
Actual $1,000.00 $1,150.90 0.62% $3.36
Hypothetical (5% return before expenses) $1,000.00 $1,022.08 0.62% $3.16
FIRST TRUST TECHNOLOGY ALPHADEX(R) FUND (FXL)
Actual $1,000.00 $ 975.00 0.62% $3.09
Hypothetical (5% return before expenses) $1,000.00 $1,022.08 0.62% $3.16
FIRST TRUST UTILITIES ALPHADEX(R) FUND (FXU)
Actual $1,000.00 $ 990.30 0.64% $3.21
Hypothetical (5% return before expenses) $1,000.00 $1,021.98 0.64% $3.26
</TABLE>
(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,
2022 through January 31, 2023), multiplied by 184/365 (to reflect the
six-month period).
Page 24
FIRST TRUST CONSUMER DISCRETIONARY ALPHADEX(R) FUND (FXD)
PORTFOLIO OF INVESTMENTS
JANUARY 31, 2023 (UNAUDITED)
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
COMMON STOCKS -- 99.9%
AIRLINES -- 3.9%
39,763 Alaska Air Group, Inc. (a) $ 2,041,432
41,059 Copa Holdings S.A., Class A (a) 3,780,713
129,903 Delta Air Lines, Inc. (a) 5,079,207
50,712 Southwest Airlines Co. 1,813,968
21,739 United Airlines Holdings,
Inc. (a) 1,064,342
---------------
13,779,662
---------------
AUTO COMPONENTS -- 2.8%
8,800 Aptiv PLC (a) 995,192
84,842 BorgWarner, Inc. 4,011,330
93,919 Gentex Corp. 2,771,550
13,767 Lear Corp. 2,006,953
---------------
9,785,025
---------------
AUTOMOBILES -- 5.4%
367,037 Ford Motor Co. 4,958,670
126,892 General Motors Co. 4,989,393
82,090 Harley-Davidson, Inc. 3,778,603
56,545 Thor Industries, Inc. 5,390,435
---------------
19,117,101
---------------
COMMERCIAL SERVICES & SUPPLIES
-- 1.7%
13,460 Copart, Inc. (a) 896,571
30,011 Driven Brands Holdings, Inc. (a) 876,021
85,372 IAA, Inc. (a) 3,562,573
22,430 Rollins, Inc. 816,452
---------------
6,151,617
---------------
DISTRIBUTORS -- 2.2%
24,602 Genuine Parts Co. 4,128,708
63,936 LKQ Corp. 3,769,666
---------------
7,898,374
---------------
DIVERSIFIED CONSUMER SERVICES
-- 0.8%
16,160 Grand Canyon Education,
Inc. (a) 1,883,610
88,794 Mister Car Wash, Inc. (a) 911,914
---------------
2,795,524
---------------
ENTERTAINMENT -- 3.5%
13,710 Liberty Media Corp.-Liberty
Formula One, Class C (a) 970,668
23,284 Madison Square Garden Sports
Corp. 4,233,963
5,791 Netflix, Inc. (a) 2,049,203
200,640 Playtika Holding Corp. (a) 2,104,714
9,433 Walt Disney (The) Co. (a) 1,023,386
24,918 World Wrestling Entertainment,
Inc., Class A 2,108,561
---------------
12,490,495
---------------
FOOD & STAPLES RETAILING -- 0.8%
25,807 BJ's Wholesale Club Holdings,
Inc. (a) 1,870,233
1,795 Costco Wholesale Corp. 917,496
---------------
2,787,729
---------------
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
HOTELS, RESTAURANTS & LEISURE
-- 16.0%
1,695 Booking Holdings, Inc. (a) $ 4,125,800
62,625 Boyd Gaming Corp. 3,902,164
61,567 Caesars Entertainment, Inc. (a) 3,205,178
3,877 Churchill Downs, Inc. 961,884
24,686 Darden Restaurants, Inc. 3,652,787
13,512 Hilton Worldwide Holdings,
Inc. 1,960,456
35,521 Las Vegas Sands Corp. (a) 2,095,739
17,203 Marriott International, Inc.,
Class A 2,996,419
19,029 Marriott Vacations Worldwide
Corp. 3,045,401
76,384 MGM Resorts International 3,163,061
139,497 Norwegian Cruise Line Holdings
Ltd. (a) 2,121,749
114,981 Penn Entertainment, Inc. (a) 4,076,076
43,335 Planet Fitness, Inc.,
Class A (a) 3,668,308
73,438 Six Flags Entertainment
Corp. (a) 1,971,810
25,818 Starbucks Corp. 2,817,777
22,516 Travel + Leisure Co. 954,003
7,164 Vail Resorts, Inc. 1,879,404
113,177 Wendy's (The) Co. 2,523,847
11,493 Wyndham Hotels & Resorts,
Inc. 890,822
51,761 Wynn Resorts Ltd. (a) 5,364,510
6,399 Yum! Brands, Inc. 835,134
---------------
56,212,329
---------------
HOUSEHOLD DURABLES -- 11.0%
47,887 D.R. Horton, Inc. 4,725,968
27,751 Garmin Ltd. 2,744,019
105,954 Leggett & Platt, Inc. 3,873,678
47,168 Lennar Corp., Class A 4,830,003
261,078 Newell Brands, Inc. 4,166,805
740 NVR, Inc. (a) 3,899,800
93,755 PulteGroup, Inc. 5,333,722
49,736 Tempur Sealy International,
Inc. 2,026,742
85,510 Toll Brothers, Inc. 5,086,990
12,071 Whirlpool Corp. 1,878,127
---------------
38,565,854
---------------
INTERNET & DIRECT MARKETING
RETAIL -- 0.3%
6,843 Etsy, Inc. (a) 941,460
---------------
LEISURE PRODUCTS -- 2.7%
27,986 Hasbro, Inc. 1,655,931
191,419 Mattel, Inc. (a) 3,916,433
25,358 Polaris, Inc. 2,912,113
19,840 YETI Holdings, Inc. (a) 888,038
---------------
9,372,515
---------------
MEDIA -- 6.0%
112,444 Fox Corp., Class A 3,816,349
51,260 Interpublic Group of (The) Cos.,
Inc. 1,868,940
25,249 New York Times (The) Co.,
Class A 879,675
187,632 News Corp., Class A 3,801,424
See Notes to Financial Statements Page 25
FIRST TRUST CONSUMER DISCRETIONARY ALPHADEX(R) FUND (FXD)
PORTFOLIO OF INVESTMENTS (CONTINUED)
JANUARY 31, 2023 (UNAUDITED)
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
COMMON STOCKS (CONTINUED)
MEDIA (CONTINUED)
19,511 Nexstar Media Group, Inc. $ 3,995,267
10,048 Omnicom Group, Inc. 864,028
252,880 Paramount Global, Class B 5,856,701
---------------
21,082,384
---------------
MULTILINE RETAIL -- 5.1%
3,328 Dollar General Corp. 777,421
12,073 Dollar Tree, Inc. (a) 1,813,123
169,054 Kohl's Corp. 5,472,278
206,713 Macy's, Inc. 4,884,628
158,685 Nordstrom, Inc. 3,100,705
17,497 Ollie's Bargain Outlet Holdings,
Inc. (a) 958,136
5,499 Target Corp. 946,598
---------------
17,952,889
---------------
PERSONAL PRODUCTS -- 0.3%
95,745 Coty, Inc., Class A (a) 953,620
---------------
ROAD & RAIL -- 2.9%
15,624 Avis Budget Group, Inc. (a) 3,125,425
277,364 Hertz Global Holdings, Inc. (a) 4,998,099
69,044 Uber Technologies, Inc. (a) 2,135,531
---------------
10,259,055
---------------
SPECIALTY RETAIL -- 21.8%
11,612 Advance Auto Parts, Inc. 1,768,275
39,782 AutoNation, Inc. (a) 5,041,175
1,039 AutoZone, Inc. (a) 2,533,965
40,518 Bath & Body Works, Inc. 1,864,233
31,932 Best Buy Co., Inc. 2,833,007
12,631 Burlington Stores, Inc. (a) 2,902,983
42,062 CarMax, Inc. (a) 2,963,268
28,389 Dick's Sporting Goods, Inc. 3,712,146
14,481 Five Below, Inc. (a) 2,854,640
11,770 Floor & Decor Holdings, Inc.,
Class A (a) 1,068,363
227,055 Gap (The), Inc. 3,081,136
5,406 Home Depot (The), Inc. 1,752,463
67,124 Leslie's, Inc. (a) 1,039,751
20,849 Lithia Motors, Inc. 5,487,457
4,114 Lowe's Cos., Inc. 856,740
4,045 O'Reilly Automotive, Inc. (a) 3,205,056
37,141 Penske Automotive Group, Inc. 4,747,363
270,166 Petco Health & Wellness Co.,
Inc. (a) 3,158,241
9,585 RH (a) 2,990,424
29,421 Ross Stores, Inc. 3,477,268
53,626 TJX (The) Cos., Inc. 4,389,824
15,179 Tractor Supply Co. 3,460,660
9,100 Ulta Beauty, Inc. (a) 4,677,036
71,582 Victoria's Secret & Co. (a) 3,017,181
29,716 Williams-Sonoma, Inc. 4,009,877
---------------
76,892,532
---------------
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
TEXTILES, APPAREL & LUXURY GOODS
-- 12.1%
59,577 Capri Holdings Ltd. (a) $ 3,961,275
45,769 Carter's, Inc. 3,815,762
29,245 Columbia Sportswear Co. 2,804,595
10,693 Deckers Outdoor Corp. (a) 4,571,044
402,701 Hanesbrands, Inc. 3,398,796
5,329 Lululemon Athletica, Inc. (a) 1,635,364
7,004 NIKE, Inc., Class B 891,819
60,472 PVH Corp. 5,436,433
24,238 Ralph Lauren Corp. 3,001,876
101,755 Skechers U.S.A., Inc.,
Class A (a) 4,899,503
112,096 Tapestry, Inc. 5,108,215
252,085 Under Armour, Inc.,
Class A (a) 3,123,333
---------------
42,648,015
---------------
TRADING COMPANIES & DISTRIBUTORS
-- 0.6%
14,553 SiteOne Landscape Supply,
Inc. (a) 2,204,925
---------------
TOTAL COMMON STOCKS
-- 99.9% 351,891,105
(Cost $346,721,438) ---------------
MONEY MARKET FUNDS -- 0.2%
617,231 Morgan Stanley Institutional
Liquidity Funds - Treasury
Portfolio - Institutional
Class - 4.12% (b) 617,231
(Cost $617,231) ---------------
TOTAL INVESTMENTS -- 100.1% 352,508,336
(Cost $347,338,669)
NET OTHER ASSETS AND
LIABILITIES -- (0.1)% (252,343)
---------------
NET ASSETS -- 100.0% $ 352,255,993
===============
(a) Non-income producing security.
(b) Rate shown reflects yield as of January 31, 2023.
Page 26 See Notes to Financial Statements
FIRST TRUST CONSUMER DISCRETIONARY ALPHADEX(R) FUND (FXD)
PORTFOLIO OF INVESTMENTS (CONTINUED)
JANUARY 31, 2023 (UNAUDITED)
-----------------------------
VALUATION INPUTS
A summary of the inputs used to value the Fund's investments as of January 31,
2023 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial
Statements):
<TABLE>
<CAPTION>
LEVEL 2 LEVEL 3
TOTAL LEVEL 1 SIGNIFICANT SIGNIFICANT
VALUE AT QUOTED OBSERVABLE UNOBSERVABLE
1/31/2023 PRICES INPUTS INPUTS
-----------------------------------------------------------
<S> <C> <C> <C> <C>
Common Stocks*.................................. $ 351,891,105 $ 351,891,105 $ -- $ --
Money Market Funds.............................. 617,231 617,231 -- --
-----------------------------------------------------------
Total Investments............................... $ 352,508,336 $ 352,508,336 $ -- $ --
===========================================================
</TABLE>
* See Portfolio of Investments for industry breakout.
See Notes to Financial Statements Page 27
FIRST TRUST CONSUMER STAPLES ALPHADEX(R) FUND (FXG)
PORTFOLIO OF INVESTMENTS
JANUARY 31, 2023 (UNAUDITED)
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
COMMON STOCKS -- 99.3%
BEVERAGES -- 10.6%
194,138 Coca-Cola (The) Co. $ 11,904,542
173,151 Keurig Dr Pepper, Inc. 6,108,767
479,390 Molson Coors Beverage Co.,
Class B 25,206,326
182,446 Monster Beverage Corp. (a) 18,988,980
102,533 PepsiCo, Inc. 17,535,194
---------------
79,743,809
---------------
CHEMICALS -- 2.7%
315,135 Corteva, Inc. 20,310,451
---------------
FOOD & STAPLES RETAILING
-- 24.5%
1,190,849 Albertsons Cos., Inc., Class A 25,245,999
82,566 Casey's General Stores, Inc. 19,478,145
211,530 Grocery Outlet Holding
Corp. (a) 6,428,397
554,020 Kroger (The) Co. 24,725,912
528,734 Performance Food Group Co. (a) 32,421,969
323,063 Sysco Corp. 25,024,460
544,493 US Foods Holding Corp. (a) 20,761,518
826,358 Walgreens Boots Alliance, Inc. 30,459,556
---------------
184,545,956
---------------
FOOD PRODUCTS -- 44.5%
266,001 Archer-Daniels-Midland Co. 22,038,183
309,439 Bunge Ltd. 30,665,405
217,605 Campbell Soup Co. 11,300,228
159,549 Conagra Brands, Inc. 5,933,627
394,603 Darling Ingredients, Inc. (a) 26,158,233
214,842 Flowers Foods, Inc. 5,948,975
220,914 General Mills, Inc. 17,310,821
79,991 Hershey (The) Co. 17,965,979
271,111 Hormel Foods Corp. 12,284,039
252,203 Ingredion, Inc. 25,926,468
77,931 J.M. Smucker (The) Co. 11,907,857
173,345 Kellogg Co. 11,888,000
303,344 Kraft Heinz (The) Co. 12,294,532
276,389 Lamb Weston Holdings, Inc. 27,608,497
1,301,000 Pilgrim's Pride Corp. (a) 31,588,280
342,042 Post Holdings, Inc. (a) 32,476,888
495,948 Tyson Foods, Inc., Class A 32,608,581
---------------
335,904,593
---------------
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
HEALTH CARE PROVIDERS & SERVICES
-- 9.9%
186,306 AmerisourceBergen Corp. $ 31,478,262
132,515 CVS Health Corp. 11,690,473
82,301 McKesson Corp. 31,165,743
---------------
74,334,478
---------------
HOUSEHOLD PRODUCTS -- 5.5%
76,598 Church & Dwight Co., Inc. 6,193,714
136,454 Kimberly-Clark Corp. 17,740,385
81,480 Procter & Gamble (The) Co. 11,601,122
205,955 Reynolds Consumer Products,
Inc. 6,131,280
---------------
41,666,501
---------------
TOBACCO -- 1.6%
135,081 Altria Group, Inc. 6,084,048
61,007 Philip Morris International,
Inc. 6,359,370
---------------
12,443,418
---------------
TOTAL COMMON STOCKS
-- 99.3% 748,949,206
(Cost $715,856,566) ---------------
MONEY MARKET FUNDS -- 0.7%
5,349,950 Morgan Stanley Institutional
Liquidity Funds - Treasury
Portfolio - Institutional
Class - 4.12% (b) 5,349,950
(Cost $5,349,950) ---------------
TOTAL INVESTMENTS -- 100.0% 754,299,156
(Cost $721,206,516)
NET OTHER ASSETS AND
LIABILITIES -- (0.0)% (29,993)
---------------
NET ASSETS -- 100.0% $ 754,269,163
===============
(a) Non-income producing security.
(b) Rate shown reflects yield as of January 31, 2023.
-----------------------------
VALUATION INPUTS
A summary of the inputs used to value the Fund's investments as of January 31,
2023 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial
Statements):
<TABLE>
<CAPTION>
LEVEL 2 LEVEL 3
TOTAL LEVEL 1 SIGNIFICANT SIGNIFICANT
VALUE AT QUOTED OBSERVABLE UNOBSERVABLE
1/31/2023 PRICES INPUTS INPUTS
-----------------------------------------------------------
<S> <C> <C> <C> <C>
Common Stocks*.................................. $ 748,949,206 $ 748,949,206 $ -- $ --
Money Market Funds.............................. 5,349,950 5,349,950 -- --
-----------------------------------------------------------
Total Investments............................... $ 754,299,156 $ 754,299,156 $ -- $ --
===========================================================
</TABLE>
* 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, 2023 (UNAUDITED)
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
COMMON STOCKS -- 99.9%
ELECTRICAL EQUIPMENT -- 1.1%
1,319,336 Plug Power, Inc. (a) $ 22,455,099
---------------
ENERGY EQUIPMENT & SERVICES
-- 7.0%
552,667 Baker Hughes Co. 17,541,651
2,073,724 Halliburton Co. 85,478,903
781,255 NOV, Inc. 19,093,872
305,276 Schlumberger Ltd. 17,394,626
---------------
139,509,052
---------------
OIL, GAS & CONSUMABLE FUELS
-- 89.4%
1,512,521 Antero Midstream Corp. 16,486,479
2,106,507 Antero Resources Corp. (a) 60,751,662
699,243 APA Corp. 30,997,442
217,665 Cheniere Energy, Inc. 33,257,035
864,693 Chesapeake Energy Corp. 74,986,177
272,780 Chevron Corp. 47,469,176
414,924 ConocoPhillips 50,566,788
3,321,174 Coterra Energy, Inc. 83,128,985
795,978 Devon Energy Corp. 50,337,649
477,268 Diamondback Energy, Inc. 69,738,400
590,658 DT Midstream, Inc. 32,285,366
308,097 Enviva, Inc. 14,012,251
378,020 EOG Resources, Inc. 49,993,145
1,929,668 EQT Corp. 63,042,253
295,922 Exxon Mobil Corp. 34,329,911
460,316 Hess Corp. 69,121,051
1,572,588 HF Sinclair Corp. 89,480,257
1,805,335 Kinder Morgan, Inc. 33,037,630
3,014,445 Marathon Oil Corp. 82,806,804
560,867 Marathon Petroleum Corp. 72,082,627
769,449 New Fortress Energy, Inc. 29,846,927
777,281 Occidental Petroleum Corp. 50,360,036
993,616 ONEOK, Inc. 68,042,824
1,609,160 Ovintiv, Inc. 79,218,947
1,285,452 PDC Energy, Inc. 87,063,664
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
OIL, GAS & CONSUMABLE FUELS
(CONTINUED)
627,206 Phillips 66 $ 62,889,946
214,362 Pioneer Natural Resources Co. 49,378,287
1,956,860 Range Resources Corp. 48,960,637
5,579,555 Southwestern Energy Co. (a) 30,799,144
1,110,220 Targa Resources Corp. 83,288,704
20,882 Texas Pacific Land Corp. 41,677,340
514,583 Valero Energy Corp. 72,057,057
496,050 Williams (The) Cos., Inc. 15,992,652
---------------
1,777,487,253
---------------
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT -- 2.4%
123,198 Enphase Energy, Inc. (a) 27,273,573
108,944 First Solar, Inc. (a) 19,348,455
---------------
46,622,028
---------------
TOTAL COMMON STOCKS
-- 99.9% 1,986,073,432
(Cost $1,748,994,247) ---------------
MONEY MARKET FUNDS -- 0.1%
1,450,744 Morgan Stanley Institutional
Liquidity Funds - Treasury
Portfolio - Institutional
Class - 4.12% (b) 1,450,744
(Cost $1,450,744) ---------------
TOTAL INVESTMENTS -- 100.0% 1,987,524,176
(Cost $1,750,444,991)
NET OTHER ASSETS AND
LIABILITIES -- 0.0% 801,234
---------------
NET ASSETS -- 100.0% $ 1,988,325,410
===============
(a) Non-income producing security.
(b) Rate shown reflects yield as of January 31, 2023.
-----------------------------
VALUATION INPUTS
A summary of the inputs used to value the Fund's investments as of January 31,
2023 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial
Statements):
<TABLE>
<CAPTION>
LEVEL 2 LEVEL 3
TOTAL LEVEL 1 SIGNIFICANT SIGNIFICANT
VALUE AT QUOTED OBSERVABLE UNOBSERVABLE
1/31/2023 PRICES INPUTS INPUTS
-----------------------------------------------------------
<S> <C> <C> <C> <C>
Common Stocks*.................................. $1,986,073,432 $1,986,073,432 $ -- $ --
Money Market Funds.............................. 1,450,744 1,450,744 -- --
-----------------------------------------------------------
Total Investments............................... $1,987,524,176 $1,987,524,176 $ -- $ --
===========================================================
</TABLE>
* 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, 2023 (UNAUDITED)
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
COMMON STOCKS -- 99.8%
BANKS -- 29.8%
331,502 Bank of America Corp. $ 11,761,691
365,432 Bank OZK 16,689,279
33,583 BOK Financial Corp. 3,375,092
404,575 Citigroup, Inc. 21,126,907
185,918 Citizens Financial Group, Inc. 8,053,968
109,493 Comerica, Inc. 8,026,932
166,606 East West Bancorp, Inc. 13,081,903
841,333 F.N.B. Corp. 12,005,822
223,089 Fifth Third Bancorp 8,095,900
9,652 First Citizens BancShares, Inc.,
Class A 7,506,167
133,852 First Hawaiian, Inc. 3,672,899
142,266 First Horizon Corp. 3,518,238
28,595 First Republic Bank 4,028,464
778,679 Huntington Bancshares, Inc. 11,812,560
54,584 JPMorgan Chase & Co. 7,639,577
630,275 KeyCorp 12,094,977
50,459 M&T Bank Corp. 7,871,604
797,341 PacWest Bancorp 22,054,452
149,584 Pinnacle Financial Partners,
Inc. 11,776,748
46,343 PNC Financial Services Group
(The), Inc. 7,666,523
220,735 Popular, Inc. 15,151,250
100,710 Prosperity Bancshares, Inc. 7,639,861
339,498 Regions Financial Corp. 7,991,783
127,055 Signature Bank 16,383,742
47,708 SVB Financial Group (a) 14,428,808
292,392 Synovus Financial Corp. 12,265,844
340,210 Truist Financial Corp. 16,802,972
167,843 U.S. Bancorp 8,358,581
410,062 Umpqua Holdings Corp. 7,463,128
73,627 Webster Financial Corp. 3,876,462
354,545 Wells Fargo & Co. 16,617,524
245,789 Western Alliance Bancorp 18,525,117
86,601 Wintrust Financial Corp. 7,921,393
148,892 Zions Bancorp N.A. 7,915,099
---------------
363,201,267
---------------
CAPITAL MARKETS -- 27.2%
92,402 Affiliated Managers Group, Inc. 15,961,522
58,768 Ameriprise Financial, Inc. 20,575,852
241,199 Bank of New York Mellon
(The) Corp. 12,197,433
4,918 BlackRock, Inc. 3,733,795
613,236 Carlyle Group (The), Inc. 22,058,099
87,913 Charles Schwab (The) Corp. 6,806,224
167,757 Evercore, Inc., Class A 21,776,536
693,669 Franklin Resources, Inc. 21,642,473
31,975 Goldman Sachs Group (The),
Inc. 11,696,775
1,017,174 Invesco Ltd. 18,827,891
778,018 Janus Henderson Group PLC 20,166,227
446,919 Jefferies Financial Group, Inc. 17,554,978
316,683 Lazard Ltd., Class A 12,692,655
50,791 LPL Financial Holdings, Inc. 12,043,562
86,092 Morgan Stanley 8,379,334
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
CAPITAL MARKETS (CONTINUED)
39,388 Northern Trust Corp. $ 3,819,454
137,007 Raymond James Financial, Inc. 15,450,279
10,405 S&P Global, Inc. 3,901,251
251,101 SEI Investments Co. 15,676,235
141,542 State Street Corp. 12,927,031
250,800 Stifel Financial Corp. 16,906,428
167,787 T. Rowe Price Group, Inc. 19,542,152
896,570 Virtu Financial, Inc., Class A 17,312,767
---------------
331,648,953
---------------
CONSUMER FINANCE -- 7.2%
748,425 Ally Financial, Inc. 24,316,328
23,144 Credit Acceptance Corp. (a) (b) 10,707,340
149,640 Discover Financial Services 17,467,477
549,354 OneMain Holdings, Inc. 23,699,132
661,409 SLM Corp. 11,620,956
---------------
87,811,233
---------------
DIVERSIFIED FINANCIAL SERVICES
-- 2.3%
229,490 Apollo Global Management, Inc. 16,243,302
121,446 Equitable Holdings, Inc. 3,894,773
119,038 Voya Financial, Inc. 8,305,282
---------------
28,443,357
---------------
INSURANCE -- 24.0%
152,618 Aflac, Inc. 11,217,423
25,389 American Financial Group, Inc. 3,620,217
289,358 American International Group,
Inc. 18,293,213
11,614 Aon PLC, Class A 3,701,150
291,478 Arch Capital Group Ltd. (a) 18,756,609
18,486 Arthur J. Gallagher & Co. 3,618,080
27,871 Assurant, Inc. 3,695,416
176,347 Assured Guaranty Ltd. 11,039,322
135,123 Axis Capital Holdings Ltd. 8,454,646
356,914 Brighthouse Financial, Inc. (a) 20,083,551
15,799 Chubb Ltd. 3,594,115
29,430 Erie Indemnity Co., Class A 7,191,220
55,239 Everest Re Group Ltd. 19,316,526
389,133 Fidelity National Financial,
Inc. 17,133,526
279,694 First American Financial Corp. 17,304,668
28,914 Globe Life, Inc. 3,494,257
25,794 Hanover Insurance Group (The),
Inc. 3,471,357
96,527 Hartford Financial Services
Group (The), Inc. 7,491,460
188,230 Loews Corp. 11,572,380
2,646 Markel Corp. (a) 3,728,161
21,063 Marsh & McLennan Cos., Inc. 3,684,129
606,178 Old Republic International Corp. 15,997,037
130,832 Principal Financial Group, Inc. 12,108,502
84,646 Progressive (The) Corp. 11,541,482
79,461 RenaissanceRe Holdings Ltd. 15,549,723
83,968 Ryan Specialty Holdings,
Inc. (a) 3,578,716
39,040 Travelers (The) Cos., Inc. 7,461,325
445,991 Unum Group 18,745,002
Page 30 See Notes to Financial Statements
FIRST TRUST FINANCIALS ALPHADEX(R) FUND (FXO)
PORTFOLIO OF INVESTMENTS (CONTINUED)
JANUARY 31, 2023 (UNAUDITED)
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
COMMON STOCKS (CONTINUED)
INSURANCE (CONTINUED)
48,361 W.R. Berkley Corp. $ 3,392,041
14,252 Willis Towers Watson PLC 3,622,716
---------------
292,457,970
---------------
MORTGAGE REAL ESTATE INVESTMENT
TRUSTS -- 4.7%
868,074 Annaly Capital Management,
Inc. 20,373,697
2,239,776 Rithm Capital Corp. 21,076,292
798,645 Starwood Property Trust, Inc. 16,683,694
---------------
58,133,683
---------------
THRIFTS & MORTGAGE FINANCE
-- 4.6%
1,407,613 MGIC Investment Corp. 19,875,495
1,702,230 New York Community Bancorp,
Inc. 17,005,278
2,091,310 Rocket Cos., Inc., Class A (b) 19,679,227
---------------
56,560,000
---------------
TOTAL COMMON STOCKS
-- 99.8% 1,218,256,463
(Cost $1,160,976,345) ---------------
MONEY MARKET FUNDS -- 2.2%
24,267,466 Goldman Sachs Financial Square
Treasury Obligations Fund -
Institutional Class -
4.24% (c) (d) 24,267,466
1,979,819 Morgan Stanley Institutional
Liquidity Funds - Treasury
Portfolio - Institutional
Class - 4.12% (c) 1,979,819
---------------
TOTAL MONEY MARKET FUNDS
-- 2.2% 26,247,285
(Cost $26,247,285) ---------------
PRINCIPAL
VALUE DESCRIPTION VALUE
---------------------------------------------------------------
REPURCHASE AGREEMENTS -- 0.4%
$ 4,616,936 BNP Paribas S.A., 4.21% (c),
dated 01/31/23, due 02/01/23,
with a maturity value of
$4,617,476. Collateralized by
U.S. Treasury Note, interest
rate of 2.13%, due 05/15/25.
The value of the collateral
including accrued interest is
$4,713,592. (d) 4,616,936
(Cost $4,616,936) ---------------
TOTAL INVESTMENTS -- 102.4% 1,249,120,684
(Cost $1,191,840,566)
NET OTHER ASSETS AND
LIABILITIES -- (2.4)% (28,927,366)
---------------
NET ASSETS -- 100.0% $ 1,220,193,318
===============
(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 remaining contractual
maturity of all of the securities lending transactions is overnight and
continuous. The aggregate value of such securities is $28,832,129 and the
total value of the collateral held by the Fund is $28,884,402.
(c) Rate shown reflects yield as of January 31, 2023.
(d) This security serves as collateral for securities on loan.
---------------------------------
OFFSETTING ASSETS AND LIABILITIES
---------------------------------------------------------------
Offsetting assets and liabilities requires entities to disclose both gross and
net information about instruments and transactions eligible for offset, and to
disclose instruments and transactions subject to master netting or similar
agreements (see Note 2C - Offsetting on the Statements of Assets and Liabilities
in the Notes to Financial Statements).
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:
SECURITIES LENDING AGENCY AGREEMENT
---------------------------------------------------------------
Total gross amount presented on the
Statements of Assets and Liabilities(1) $ 28,832,129
Non-cash Collateral(2) (28,832,129)
---------------
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, 2023, 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:
REPURCHASE AGREEMENTS
---------------------------------------------------------------
Total gross amount presented on the
Statements of Assets and Liabilities(3) $ 4,616,936
Non-cash Collateral(4) (4,616,936)
---------------
Net Amount $ --
===============
(3) The amount is included in "Investments, at value" on the Statements of
Assets and Liabilities.
(4) At January 31, 2023, the value of the collateral received from each seller
exceeded the value of the repurchase agreements.
See Notes to Financial Statements Page 31
FIRST TRUST FINANCIALS ALPHADEX(R) FUND (FXO)
PORTFOLIO OF INVESTMENTS (CONTINUED)
JANUARY 31, 2023 (UNAUDITED)
-----------------------------
VALUATION INPUTS
A summary of the inputs used to value the Fund's investments as of January 31,
2023 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial
Statements):
<TABLE>
<CAPTION>
LEVEL 2 LEVEL 3
TOTAL LEVEL 1 SIGNIFICANT SIGNIFICANT
VALUE AT QUOTED OBSERVABLE UNOBSERVABLE
1/31/2023 PRICES INPUTS INPUTS
-----------------------------------------------------------
<S> <C> <C> <C> <C>
Common Stocks*.................................. $1,218,256,463 $1,218,256,463 $ -- $ --
Money Market Funds.............................. 26,247,285 26,247,285 -- --
Repurchase Agreements........................... 4,616,936 -- 4,616,936 --
-----------------------------------------------------------
Total Investments............................... $1,249,120,684 $1,244,503,748 $ 4,616,936 $ --
===========================================================
</TABLE>
* See Portfolio of Investments for industry breakout.
Page 32 See Notes to Financial Statements
FIRST TRUST HEALTH CARE ALPHADEX(R) FUND (FXH)
PORTFOLIO OF INVESTMENTS
JANUARY 31, 2023 (UNAUDITED)
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
COMMON STOCKS -- 99.8%
BIOTECHNOLOGY -- 24.3%
124,420 AbbVie, Inc. $ 18,383,055
141,017 Alnylam Pharmaceuticals,
Inc. (a) 31,926,249
48,036 Amgen, Inc. 12,124,287
91,123 Biogen, Inc. (a) 26,507,681
509,666 Exact Sciences Corp. (a) 34,412,648
1,573,163 Exelixis, Inc. (a) 27,719,132
73,480 Gilead Sciences, Inc. 6,167,911
294,493 Horizon Therapeutics PLC (a) 32,311,772
314,160 Incyte Corp. (a) 26,747,582
334,045 Ionis Pharmaceuticals, Inc. (a) 13,318,374
186,576 Moderna, Inc. (a) 32,848,571
157,045 Natera, Inc. (a) 6,741,942
211,267 Neurocrine Biosciences, Inc. (a) 23,435,848
613,654 Novavax, Inc. (a) (b) 6,694,965
34,973 Regeneron Pharmaceuticals,
Inc. (a) 26,525,971
258,632 Sarepta Therapeutics, Inc. (a) 32,321,241
90,741 United Therapeutics Corp. (a) 23,880,309
69,629 Vertex Pharmaceuticals, Inc. (a) 22,497,130
---------------
404,564,668
---------------
HEALTH CARE EQUIPMENT & SUPPLIES
-- 22.5%
114,915 Abbott Laboratories 12,703,853
29,911 Align Technology, Inc. (a) 8,067,894
123,766 Baxter International, Inc. 5,654,869
19,075 Cooper (The) Cos., Inc. 6,655,840
222,833 Dexcom, Inc. (a) 23,863,186
471,479 Enovis Corp. (a) 29,679,603
597,209 Envista Holdings Corp. (a) 23,285,179
339,755 Globus Medical, Inc.,
Class A (a) 25,651,502
337,304 Hologic, Inc. (a) 27,446,426
80,119 ICU Medical, Inc. (a) 15,481,394
15,462 IDEXX Laboratories, Inc. (a) 7,429,491
113,842 Insulet Corp. (a) 32,709,083
225,017 Integra LifeSciences Holdings
Corp. (a) 12,893,474
75,779 Intuitive Surgical, Inc. (a) 18,618,143
42,638 Masimo Corp. (a) 7,251,871
258,723 Medtronic PLC 21,652,528
90,387 Penumbra, Inc. (a) 22,633,809
391,193 QuidelOrtho Corp. (a) 33,490,033
82,245 Stryker Corp. 20,874,603
50,543 Teleflex, Inc. 12,303,177
49,476 Zimmer Biomet Holdings, Inc. 6,300,274
---------------
374,646,232
---------------
HEALTH CARE PROVIDERS & SERVICES
-- 26.4%
153,266 Acadia Healthcare Co., Inc. (a) 12,877,409
240,697 Amedisys, Inc. (a) 23,265,772
245,187 Centene Corp. (a) 18,693,057
24,721 Chemed Corp. 12,487,566
101,146 Cigna Corp. 32,029,904
65,334 Elevance Health, Inc. 32,666,347
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
HEALTH CARE PROVIDERS & SERVICES
(CONTINUED)
210,949 Encompass Health Corp. $ 13,173,765
139,663 HCA Healthcare, Inc. 35,623,842
315,931 Henry Schein, Inc. (a) 27,217,456
49,263 Humana, Inc. 25,207,877
142,320 Laboratory Corp. of America
Holdings 35,881,718
101,488 Molina Healthcare, Inc. (a) 31,647,003
721,369 Premier, Inc., Class A 24,064,870
161,298 Quest Diagnostics, Inc. 23,949,527
440,220 Signify Health, Inc.,
Class A (a) 12,528,661
412,131 Tenet Healthcare Corp. (a) 22,605,385
37,926 UnitedHealth Group, Inc. 18,932,280
237,871 Universal Health Services, Inc.,
Class B 35,254,861
---------------
438,107,300
---------------
HEALTH CARE TECHNOLOGY -- 0.9%
392,555 Certara, Inc. (a) 7,615,567
187,973 Doximity, Inc., Class A (a) 6,629,808
---------------
14,245,375
---------------
LIFE SCIENCES TOOLS & SERVICES
-- 11.9%
168,619 Agilent Technologies, Inc. 25,643,578
953,435 Avantor, Inc. (a) 22,787,097
108,353 Azenta, Inc. (a) 6,056,933
76,114 Bio-Techne Corp. 6,063,241
184,592 Bruker Corp. 12,943,591
57,904 Charles River Laboratories
International, Inc. (a) 14,085,148
47,538 Danaher Corp. 12,568,096
30,789 IQVIA Holdings, Inc. (a) 7,063,304
89,978 PerkinElmer, Inc. 12,374,674
403,206 QIAGEN N.V. (a) 19,757,094
37,260 Repligen Corp. (a) 6,904,278
757,305 Sotera Health Co. (a) 13,055,938
913,667 Syneos Health, Inc. (a) 32,818,919
11,457 Thermo Fisher Scientific, Inc. 6,534,271
---------------
198,656,162
---------------
PHARMACEUTICALS -- 13.8%
279,470 Bristol-Myers Squibb Co. 20,303,495
560,620 Catalent, Inc. (a) 30,021,201
1,645,494 Elanco Animal Health, Inc. (a) 22,592,633
34,490 Eli Lilly & Co. 11,869,733
71,421 Johnson & Johnson 11,671,620
302,054 Merck & Co., Inc. 32,443,620
719,939 Organon & Co. 21,691,762
370,099 Perrigo Co. PLC 13,849,105
654,047 Pfizer, Inc. 28,882,716
3,011,077 Viatris, Inc. 36,614,696
---------------
229,940,581
---------------
TOTAL COMMON STOCKS
-- 99.8% 1,660,160,318
(Cost $1,442,714,189) ---------------
See Notes to Financial Statements Page 33
FIRST TRUST HEALTH CARE ALPHADEX(R) FUND (FXH)
PORTFOLIO OF INVESTMENTS (CONTINUED)
JANUARY 31, 2023 (UNAUDITED)
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
MONEY MARKET FUNDS -- 0.5%
5,332,220 Goldman Sachs Financial Square
Treasury Obligations Fund -
Institutional Class -
4.24% (c) (d) $ 5,332,220
2,832,151 Morgan Stanley Institutional
Liquidity Funds - Treasury
Portfolio - Institutional
Class - 4.12% (c) 2,832,151
---------------
TOTAL MONEY MARKET FUNDS
-- 0.5% 8,164,371
(Cost $8,164,371) ---------------
PRINCIPAL
VALUE DESCRIPTION VALUE
---------------------------------------------------------------
REPURCHASE AGREEMENTS -- 0.1%
$ 1,014,466 BNP Paribas S.A., 4.21% (c),
dated 01/31/23, due 02/01/23,
with a maturity value of
$1,014,585. Collateralized by
U.S. Treasury Note, interest
rate of 2.13%, due 05/15/25.
The value of the collateral
including accrued interest
is $1,035,704. (d) 1,014,466
(Cost $1,014,466) ---------------
TOTAL INVESTMENTS -- 100.4% 1,669,339,155
(Cost $1,451,893,026)
NET OTHER ASSETS AND
LIABILITIES -- (0.4)% (6,831,323)
---------------
NET ASSETS -- 100.0% $ 1,662,507,832
===============
(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 remaining contractual
maturity of all of the securities lending transactions is overnight and
continuous. The aggregate value of such securities is $6,338,634 and the
total value of the collateral held by the Fund is $6,346,686.
(c) Rate shown reflects yield as of January 31, 2023.
(d) This security serves as collateral for securities on loan.
---------------------------------
OFFSETTING ASSETS AND LIABILITIES
---------------------------------------------------------------
Offsetting assets and liabilities requires entities to disclose both gross and
net information about instruments and transactions eligible for offset, and to
disclose instruments and transactions subject to master netting or similar
agreements (see Note 2C - Offsetting on the Statements of Assets and Liabilities
in the Notes to Financial Statements).
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:
SECURITIES LENDING AGENCY AGREEMENT
---------------------------------------------------------------
Total gross amount presented on the
Statements of Assets and Liabilities(1) $ 6,338,634
Non-cash Collateral(2) (6,338,634)
---------------
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, 2023, 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:
REPURCHASE AGREEMENTS
---------------------------------------------------------------
Total gross amount presented on the
Statements of Assets and Liabilities(3) $ 1,014,466
Non-cash Collateral(4) (1,014,466)
---------------
Net Amount $ --
===============
(3) The amount is included in "Investments, at value" on the Statements of
Assets and Liabilities.
(4) At January 31, 2023, the value of the collateral received from each seller
exceeded the value of the repurchase agreements.
Page 34 See Notes to Financial Statements
FIRST TRUST HEALTH CARE ALPHADEX(R) FUND (FXH)
PORTFOLIO OF INVESTMENTS (CONTINUED)
JANUARY 31, 2023 (UNAUDITED)
-----------------------------
VALUATION INPUTS
A summary of the inputs used to value the Fund's investments as of January 31,
2023 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial
Statements):
<TABLE>
<CAPTION>
LEVEL 2 LEVEL 3
TOTAL LEVEL 1 SIGNIFICANT SIGNIFICANT
VALUE AT QUOTED OBSERVABLE UNOBSERVABLE
1/31/2023 PRICES INPUTS INPUTS
-----------------------------------------------------------
<S> <C> <C> <C> <C>
Common Stocks*.................................. $1,660,160,318 $1,660,160,318 $ -- $ --
Money Market Funds.............................. 8,164,371 8,164,371 -- --
Repurchase Agreements........................... 1,014,466 -- 1,014,466 --
-----------------------------------------------------------
Total Investments............................... $1,669,339,155 $1,668,324,689 $ 1,014,466 $ --
===========================================================
</TABLE>
* 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, 2023 (UNAUDITED)
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
COMMON STOCKS -- 99.9%
AEROSPACE & DEFENSE -- 8.0%
119,346 Axon Enterprise, Inc. (a) $ 23,324,982
79,968 Boeing (The) Co. (a) 17,033,184
131,140 BWX Technologies, Inc. 7,981,181
24,787 HEICO Corp. 4,237,338
386,531 Howmet Aerospace, Inc. 15,727,946
49,527 Huntington Ingalls Industries,
Inc. 10,922,685
23,485 Lockheed Martin Corp. 10,879,661
13,960 Northrop Grumman Corp. 6,254,638
514,633 Spirit AeroSystems Holdings,
Inc., Class A 18,603,983
107,579 Textron, Inc. 7,837,130
12,097 TransDigm Group, Inc. 8,682,622
---------------
131,485,350
---------------
AIR FREIGHT & LOGISTICS -- 3.8%
124,780 C.H. Robinson Worldwide, Inc. 12,499,213
146,586 Expeditors International of
Washington, Inc. 15,853,276
87,951 FedEx Corp. 17,050,181
178,416 GXO Logistics, Inc. (a) 9,336,509
43,814 United Parcel Service, Inc.,
Class B 8,115,667
---------------
62,854,846
---------------
BUILDING PRODUCTS -- 9.8%
133,064 A.O. Smith Corp. 9,008,433
36,180 Allegion PLC 4,252,959
111,045 Armstrong World Industries, Inc. 8,595,993
187,415 AZEK (The) Co., Inc. (a) 4,522,324
305,227 Builders FirstSource, Inc. (a) 24,326,592
48,482 Carlisle Cos., Inc. 12,162,195
276,967 Carrier Global Corp. 12,610,307
266,733 Fortune Brands Innovations, Inc. 17,206,946
2,106,714 Hayward Holdings, Inc. (a) 28,419,572
81,600 Masco Corp. 4,341,120
232,158 Owens Corning 22,438,071
67,969 Trane Technologies PLC 12,174,607
---------------
160,059,119
---------------
CHEMICALS -- 2.4%
448,561 Axalta Coating Systems Ltd. (a) 13,501,686
110,981 DuPont de Nemours, Inc. 8,207,045
30,287 PPG Industries, Inc. 3,947,608
156,317 RPM International, Inc. 14,054,461
---------------
39,710,800
---------------
COMMERCIAL SERVICES & SUPPLIES
-- 1.4%
16,865 Cintas Corp. 7,483,675
79,235 MSA Safety, Inc. 10,806,862
26,229 Tetra Tech, Inc. 4,079,134
---------------
22,369,671
---------------
CONSTRUCTION & ENGINEERING
-- 5.4%
233,169 AECOM 20,348,659
376,561 MDU Resources Group, Inc. 11,639,501
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
CONSTRUCTION & ENGINEERING
(CONTINUED)
138,969 Quanta Services, Inc. $ 21,149,692
59,888 Valmont Industries, Inc. 19,746,870
337,240 WillScot Mobile Mini Holdings
Corp. (a) 16,342,650
---------------
89,227,372
---------------
CONSTRUCTION MATERIALS -- 2.0%
114,664 Eagle Materials, Inc. 16,750,117
11,267 Martin Marietta Materials, Inc. 4,052,064
65,244 Vulcan Materials Co. 11,961,182
---------------
32,763,363
---------------
CONSUMER FINANCE -- 3.4%
77,326 American Express Co. 13,526,637
163,868 Capital One Financial Corp. 19,500,292
602,651 Synchrony Financial 22,135,371
---------------
55,162,300
---------------
CONTAINERS & PACKAGING -- 6.1%
74,468 Ball Corp. 4,337,016
252,079 Berry Global Group, Inc. 15,560,837
890,028 Graphic Packaging Holding Co. 21,440,774
119,093 Packaging Corp. of America 16,994,571
146,924 Silgan Holdings, Inc. 7,917,734
188,188 Sonoco Products Co. 11,500,169
563,228 Westrock Co. 22,101,067
---------------
99,852,168
---------------
DIVERSIFIED CONSUMER SERVICES
-- 0.2%
419,877 ADT, Inc. 3,690,719
---------------
ELECTRICAL EQUIPMENT -- 3.8%
68,986 Acuity Brands, Inc. 13,005,241
158,579 Emerson Electric Co. 14,306,997
197,988 nVent Electric PLC 7,870,023
95,223 Regal Rexnord Corp. 13,255,042
14,786 Rockwell Automation, Inc. 4,170,096
188,623 Sensata Technologies Holding
PLC 9,591,479
---------------
62,198,878
---------------
ELECTRONIC EQUIPMENT, INSTRUMENTS
& COMPONENTS -- 2.2%
51,884 Littelfuse, Inc. 13,318,104
9,523 Teledyne Technologies, Inc. (a) 4,040,228
75,322 Trimble, Inc. (a) 4,373,196
591,044 Vontier Corp. 13,611,743
---------------
35,343,271
---------------
HOUSEHOLD DURABLES -- 2.0%
111,767 Mohawk Industries, Inc. (a) 13,418,746
97,343 TopBuild Corp. (a) 19,474,441
---------------
32,893,187
---------------
INDUSTRIAL CONGLOMERATES -- 2.5%
127,028 3M Co. 14,618,382
236,539 General Electric Co. 19,036,659
35,541 Honeywell International, Inc. 7,409,588
---------------
41,064,629
---------------
Page 36 See Notes to Financial Statements
FIRST TRUST INDUSTRIALS/PRODUCER DURABLES ALPHADEX(R) FUND (FXR)
PORTFOLIO OF INVESTMENTS (CONTINUED)
JANUARY 31, 2023 (UNAUDITED)
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
COMMON STOCKS (CONTINUED)
IT SERVICES -- 5.7%
80,702 Euronet Worldwide, Inc. (a) $ 9,093,501
168,384 Fidelity National Information
Services, Inc. 12,635,535
37,679 Fiserv, Inc. (a) 4,019,596
82,217 Genpact Ltd. 3,887,220
38,343 Global Payments, Inc. 4,322,023
21,904 Mastercard, Inc., Class A 8,117,622
354,070 Shift4 Payments, Inc.,
Class A (a) 22,674,643
18,330 Visa, Inc., Class A 4,219,749
553,128 Western Union (The) Co. 7,837,824
93,083 WEX, Inc. (a) 17,217,563
---------------
94,025,276
---------------
LEISURE PRODUCTS -- 1.4%
274,737 Brunswick Corp. 23,168,571
---------------
LIFE SCIENCES TOOLS & SERVICES
-- 0.5%
5,269 Mettler-Toledo International,
Inc. (a) 8,076,955
---------------
MACHINERY -- 17.0%
142,787 AGCO Corp. 19,723,168
476,037 Allison Transmission Holdings,
Inc. 21,459,748
82,664 Caterpillar, Inc. 20,855,301
75,824 Crane Holdings Co. 8,788,760
15,718 Cummins, Inc. 3,922,270
46,187 Deere & Co. 19,529,711
258,760 Donaldson Co., Inc. 16,133,686
56,248 Dover Corp. 8,540,134
56,620 Graco, Inc. 3,868,278
33,358 IDEX Corp. 7,995,245
34,574 Illinois Tool Works, Inc. 8,160,847
93,915 ITT, Inc. 8,601,675
105,427 Lincoln Electric Holdings, Inc. 17,592,603
28,441 Middleby (The) Corp. (a) 4,421,153
16,021 Nordson Corp. 3,897,909
48,631 Otis Worldwide Corp. 3,998,927
115,438 PACCAR, Inc. 12,618,528
39,261 Parker-Hannifin Corp. 12,799,086
253,998 Pentair PLC 14,066,409
66,668 Snap-on, Inc. 16,582,332
152,088 Stanley Black & Decker, Inc. 13,582,979
174,940 Toro (The) Co. 19,509,309
38,155 Westinghouse Air Brake
Technologies Corp. 3,960,871
68,885 Xylem, Inc. 7,164,729
---------------
277,773,658
---------------
MARINE -- 0.5%
118,362 Kirby Corp. (a) 8,377,662
---------------
PAPER & FOREST PRODUCTS -- 1.4%
334,512 Louisiana-Pacific Corp. 22,776,922
---------------
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
PROFESSIONAL SERVICES -- 2.8%
145,744 Booz Allen Hamilton Holding
Corp. $ 13,793,212
31,718 Jacobs Solutions, Inc. 3,918,759
183,069 ManpowerGroup, Inc. 15,956,294
154,746 Robert Half International, Inc. 12,992,474
---------------
46,660,739
---------------
ROAD & RAIL -- 8.6%
245,854 CSX Corp. 7,601,806
65,524 J.B. Hunt Transport Services,
Inc. 12,387,312
377,850 Knight-Swift Transportation
Holdings, Inc. 22,330,935
123,077 Landstar System, Inc. 21,271,398
15,455 Norfolk Southern Corp. 3,798,993
13,419 Old Dominion Freight Line, Inc. 4,471,747
236,965 Ryder System, Inc. 22,371,866
846,286 Schneider National, Inc.,
Class B 22,426,579
594,867 XPO, Inc. (a) 23,711,399
---------------
140,372,035
---------------
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT -- 1.1%
179,785 MKS Instruments, Inc. 18,395,601
---------------
SOFTWARE -- 0.8%
19,086 Fair Isaac Corp. (a) 12,710,322
---------------
TRADING COMPANIES & DISTRIBUTORS
-- 7.1%
396,491 Air Lease Corp. 17,830,200
788,874 Core & Main, Inc., Class A (a) 17,410,449
139,840 MSC Industrial Direct Co., Inc.,
Class A 11,564,768
55,717 United Rentals, Inc. (a) 24,568,411
27,385 W.W. Grainger, Inc. 16,142,910
15,269 Watsco, Inc. 4,387,853
158,172 WESCO International, Inc. (a) 23,569,210
---------------
115,473,801
---------------
TOTAL COMMON STOCKS
-- 99.9% 1,636,487,215
(Cost $1,503,251,362) ---------------
MONEY MARKET FUNDS -- 0.2%
2,517,256 Morgan Stanley Institutional
Liquidity Funds - Treasury
Portfolio - Institutional
Class - 4.12% (b) 2,517,256
(Cost $2,517,256) ---------------
TOTAL INVESTMENTS -- 100.1% 1,639,004,471
(Cost $1,505,768,618)
NET OTHER ASSETS AND
LIABILITIES -- (0.1)% (908,968)
---------------
NET ASSETS -- 100.0% $ 1,638,095,503
===============
(a) Non-income producing security.
(b) Rate shown reflects yield as of January 31, 2023.
See Notes to Financial Statements Page 37
FIRST TRUST INDUSTRIALS/PRODUCER DURABLES ALPHADEX(R) FUND (FXR)
PORTFOLIO OF INVESTMENTS (CONTINUED)
JANUARY 31, 2023 (UNAUDITED)
-----------------------------
VALUATION INPUTS
A summary of the inputs used to value the Fund's investments as of January 31,
2023 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial
Statements):
<TABLE>
<CAPTION>
LEVEL 2 LEVEL 3
TOTAL LEVEL 1 SIGNIFICANT SIGNIFICANT
VALUE AT QUOTED OBSERVABLE UNOBSERVABLE
1/31/2023 PRICES INPUTS INPUTS
-----------------------------------------------------------
<S> <C> <C> <C> <C>
Common Stocks*.................................. $1,636,487,215 $1,636,487,215 $ -- $ --
Money Market Funds.............................. 2,517,256 2,517,256 -- --
-----------------------------------------------------------
Total Investments............................... $1,639,004,471 $1,639,004,471 $ -- $ --
===========================================================
</TABLE>
* See Portfolio of Investments for industry breakout.
Page 38 See Notes to Financial Statements
FIRST TRUST MATERIALS ALPHADEX(R) FUND (FXZ)
PORTFOLIO OF INVESTMENTS
JANUARY 31, 2023 (UNAUDITED)
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
COMMON STOCKS -- 100.0%
AEROSPACE & DEFENSE -- 0.9%
203,370 Hexcel Corp. $ 14,353,855
---------------
CHEMICALS -- 51.0%
38,826 Air Products and Chemicals, Inc. 12,444,121
165,565 Albemarle Corp. 46,598,269
222,609 Ashland, Inc. 24,324,485
468,247 Celanese Corp. 57,688,030
421,421 CF Industries Holdings, Inc. 35,694,359
1,172,605 Chemours (The) Co. 42,671,096
950,055 Dow, Inc. 56,385,764
587,835 Eastman Chemical Co. 51,829,412
82,218 Ecolab, Inc. 12,729,813
1,315,926 Element Solutions, Inc. 26,950,165
287,702 FMC Corp. 38,301,767
2,488,748 Huntsman Corp. 78,868,424
114,160 International Flavors &
Fragrances, Inc. 12,838,434
73,387 Linde PLC 24,286,694
576,576 LyondellBasell Industries N.V.,
Class A 55,749,134
1,558,940 Mosaic (The) Co. 77,229,888
76,936 NewMarket Corp. 26,505,221
904,299 Olin Corp. 58,408,672
246,317 Scotts Miracle-Gro (The) Co. 17,781,624
366,562 Valvoline, Inc. 13,438,163
666,964 Westlake Corp. 81,869,831
---------------
852,593,366
---------------
CONTAINERS & PACKAGING -- 4.9%
132,247 Avery Dennison Corp. 25,052,872
1,382,433 International Paper Co. 57,813,348
---------------
82,866,220
---------------
MACHINERY -- 2.5%
508,069 Timken (The) Co. 41,839,482
---------------
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
METALS & MINING -- 37.6%
526,433 Alcoa Corp. $ 27,500,860
4,245,228 Cleveland-Cliffs, Inc. (a) 90,635,618
944,866 Freeport-McMoRan, Inc. 42,159,921
492,932 MP Materials Corp. (a) 16,025,219
760,703 Newmont Corp. 40,264,010
518,862 Nucor Corp. 87,698,055
236,483 Reliance Steel & Aluminum Co. 53,788,058
212,356 Royal Gold, Inc. 26,975,583
396,367 Southern Copper Corp. 29,810,762
3,055,098 SSR Mining, Inc. 51,753,360
700,009 Steel Dynamics, Inc. 84,449,086
2,730,167 United States Steel Corp. 77,782,458
---------------
628,842,990
---------------
TRADING COMPANIES & DISTRIBUTORS
-- 3.1%
252,929 Fastenal Co. 12,785,561
1,129,090 Univar Solutions, Inc. (a) 38,931,023
---------------
51,716,584
---------------
TOTAL COMMON STOCKS
-- 100.0% 1,672,212,497
(Cost $1,589,615,580) ---------------
MONEY MARKET FUNDS -- 0.0%
486,037 Morgan Stanley Institutional
Liquidity Funds - Treasury
Portfolio - Institutional
Class - 4.12% (b) 486,037
(Cost $486,037) ---------------
TOTAL INVESTMENTS -- 100.0% 1,672,698,534
(Cost $1,590,101,617)
NET OTHER ASSETS AND
LIABILITIES -- (0.0)% (745,710)
---------------
NET ASSETS -- 100.0% $ 1,671,952,824
===============
(a) Non-income producing security.
(b) Rate shown reflects yield as of January 31, 2023.
-----------------------------
VALUATION INPUTS
A summary of the inputs used to value the Fund's investments as of January 31,
2023 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial
Statements):
<TABLE>
<CAPTION>
LEVEL 2 LEVEL 3
TOTAL LEVEL 1 SIGNIFICANT SIGNIFICANT
VALUE AT QUOTED OBSERVABLE UNOBSERVABLE
1/31/2023 PRICES INPUTS INPUTS
-----------------------------------------------------------
<S> <C> <C> <C> <C>
Common Stocks*.................................. $1,672,212,497 $1,672,212,497 $ -- $ --
Money Market Funds.............................. 486,037 486,037 -- --
-----------------------------------------------------------
Total Investments............................... $1,672,698,534 $1,672,698,534 $ -- $ --
===========================================================
</TABLE>
* See Portfolio of Investments for industry breakout.
See Notes to Financial Statements Page 39
FIRST TRUST TECHNOLOGY ALPHADEX(R) FUND (FXL)
PORTFOLIO OF INVESTMENTS
JANUARY 31, 2023 (UNAUDITED)
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
COMMON STOCKS -- 99.9%
COMMUNICATIONS EQUIPMENT
-- 0.9%
65,519 F5, Inc. (a) $ 9,674,536
---------------
ELECTRICAL EQUIPMENT -- 1.6%
1,147,230 Vertiv Holdings Co. 16,313,611
---------------
ELECTRONIC EQUIPMENT, INSTRUMENTS
& COMPONENTS -- 15.4%
164,656 Amphenol Corp., Class A 13,134,609
149,863 Arrow Electronics, Inc. (a) 17,607,404
376,890 Avnet, Inc. 17,291,713
87,753 CDW Corp. 17,202,220
357,177 Coherent Corp. (a) 15,501,482
490,642 Corning, Inc. 16,981,120
165,535 IPG Photonics Corp. (a) 18,556,473
229,782 Jabil, Inc. 18,067,759
254,817 National Instruments Corp. 13,760,118
132,372 TD SYNNEX Corp. 13,521,800
---------------
161,624,698
---------------
INTERACTIVE MEDIA & SERVICES
-- 4.2%
142,095 Alphabet, Inc., Class A (a) 14,044,670
70,589 IAC, Inc. (a) 3,988,279
130,223 Meta Platforms, Inc.,
Class A (a) 19,399,320
258,173 Pinterest, Inc., Class A (a) 6,787,368
---------------
44,219,637
---------------
IT SERVICES -- 15.9%
111,539 Akamai Technologies, Inc. (a) 9,921,394
137,920 Amdocs Ltd. 12,678,986
274,018 Cognizant Technology Solutions
Corp., Class A 18,290,701
94,149 Concentrix Corp. 13,351,270
591,365 DXC Technology Co. (a) 16,989,916
19,126 EPAM Systems, Inc. (a) 6,362,264
46,622 Gartner, Inc. (a) 15,764,763
18,640 Globant S.A. (a) 3,023,035
125,670 GoDaddy, Inc., Class A (a) 10,321,277
66,737 International Business Machines
Corp. 8,991,476
91,739 Okta, Inc. (a) 6,752,908
240,818 SS&C Technologies Holdings,
Inc. 14,533,366
521,503 Toast, Inc., Class A (a) 11,634,732
64,015 Twilio, Inc., Class A (a) 3,830,658
30,513 VeriSign, Inc. (a) 6,653,360
81,588 Wix.com Ltd. (a) 7,096,524
---------------
166,196,630
---------------
PROFESSIONAL SERVICES -- 5.4%
41,709 CACI International, Inc.,
Class A (a) 12,850,126
766,941 Dun & Bradstreet Holdings, Inc. 11,235,686
296,802 KBR, Inc. 15,205,166
89,387 Leidos Holdings, Inc. 8,835,011
84,763 Science Applications
International Corp. 8,796,704
---------------
56,922,693
---------------
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT -- 26.9%
145,172 Advanced Micro Devices,
Inc. (a) $ 10,909,676
417,620 Allegro MicroSystems, Inc. (a) 15,940,555
76,430 Analog Devices, Inc. 13,105,452
64,372 Applied Materials, Inc. 7,176,834
22,421 Broadcom, Inc. 13,116,509
210,407 Cirrus Logic, Inc. (a) 19,018,689
232,638 GLOBALFOUNDRIES,
Inc. (a) (b) 13,790,781
592,930 Intel Corp. 16,756,202
41,564 KLA Corp. 16,313,039
14,915 Lam Research Corp. 7,458,991
193,231 Lattice Semiconductor Corp. (a) 14,644,977
84,616 Marvell Technology, Inc. 3,651,180
178,461 Microchip Technology, Inc. 13,852,143
313,549 Micron Technology, Inc. 18,907,005
8,864 Monolithic Power Systems, Inc. 3,781,028
21,447 NVIDIA Corp. 4,190,100
201,010 ON Semiconductor Corp. (a) 14,764,185
172,894 Qorvo, Inc. (a) 18,786,662
28,510 QUALCOMM, Inc. 3,797,817
171,966 Skyworks Solutions, Inc. 18,859,511
143,526 Teradyne, Inc. 14,596,594
56,910 Texas Instruments, Inc. 10,085,021
58,018 Universal Display Corp. 7,689,126
---------------
281,192,077
---------------
SOFTWARE -- 23.1%
9,314 Adobe, Inc. (a) 3,449,347
123,712 Alteryx, Inc., Class A (a) 6,864,779
25,946 ANSYS, Inc. (a) 6,910,977
16,773 Autodesk, Inc. (a) 3,608,879
254,403 Bentley Systems, Inc., Class B 9,934,437
203,027 Black Knight, Inc. (a) 12,301,406
39,023 Cadence Design Systems,
Inc. (a) 7,134,575
146,574 Ceridian HCM Holding, Inc. (a) 10,594,369
118,766 Coupa Software, Inc. (a) 9,491,779
56,555 DocuSign, Inc. (a) 3,429,495
88,865 Dolby Laboratories, Inc.,
Class A 7,070,099
142,724 DoubleVerify Holdings, Inc. (a) 3,880,666
280,092 Dropbox, Inc., Class A (a) 6,506,537
81,834 Dynatrace, Inc. (a) 3,144,881
292,509 Gen Digital, Inc. 6,730,632
10,839 HubSpot, Inc. (a) 3,761,241
8,053 Intuit, Inc. 3,403,761
25,818 Manhattan Associates, Inc. (a) 3,365,634
535,538 NCR Corp. (a) 14,684,452
111,044 New Relic, Inc. (a) 6,779,236
481,264 Nutanix, Inc., Class A (a) 13,412,828
153,376 Oracle Corp. 13,567,641
20,201 Paycom Software, Inc. (a) 6,543,912
66,432 Procore Technologies, Inc. (a) 3,716,870
78,330 PTC, Inc. (a) 10,565,150
7,254 Roper Technologies, Inc. 3,095,644
23,638 Salesforce, Inc. (a) 3,970,475
238,890 Smartsheet, Inc., Class A (a) 10,322,437
Page 40 See Notes to Financial Statements
FIRST TRUST TECHNOLOGY ALPHADEX(R) FUND (FXL)
PORTFOLIO OF INVESTMENTS (CONTINUED)
JANUARY 31, 2023 (UNAUDITED)
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
COMMON STOCKS (CONTINUED)
SOFTWARE (CONTINUED)
72,814 Splunk, Inc. (a) $ 6,973,397
19,633 Synopsys, Inc. (a) 6,945,174
93,114 Teradata Corp. (a) 3,247,816
76,593 VMware, Inc., Class A (a) 9,380,345
37,461 Workday, Inc., Class A (a) 6,796,549
138,807 Zoom Video Communications,
Inc., Class A (a) 10,410,525
---------------
241,995,945
---------------
TECHNOLOGY HARDWARE, STORAGE
& PERIPHERALS -- 6.5%
233,782 Dell Technologies, Inc., Class C 9,496,225
981,902 Hewlett Packard Enterprise Co. 15,838,079
349,932 HP, Inc. 10,197,018
52,186 NetApp, Inc. 3,456,279
234,246 Pure Storage, Inc., Class A (a) 6,779,079
496,708 Western Digital Corp. (a) 21,830,317
---------------
67,596,997
---------------
TOTAL COMMON STOCKS
-- 99.9% 1,045,736,824
(Cost $1,015,008,096) ---------------
MONEY MARKET FUNDS -- 1.2%
10,952,922 Goldman Sachs Financial Square
Treasury Obligations Fund -
Institutional Class -
4.24% (c) (d) 10,952,922
1,775,462 Morgan Stanley Institutional
Liquidity Funds - Treasury
Portfolio - Institutional
Class - 4.12% (c) 1,775,462
---------------
TOTAL MONEY MARKET FUNDS
-- 1.2% 12,728,384
(Cost $12,728,384) ---------------
PRINCIPAL
VALUE DESCRIPTION VALUE
---------------------------------------------------------------
REPURCHASE AGREEMENTS -- 0.2%
$ 2,083,816 BNP Paribas S.A., 4.21% (c),
dated 01/31/23, due 02/01/23,
with a maturity value of
$2,084,060. Collateralized by
U.S. Treasury Note, interest
rate of 2.13%, due 05/15/25.
The value of the collateral
including accrued interest
is $2,127,441. (d) 2,083,816
(Cost $2,083,816) ---------------
TOTAL INVESTMENTS -- 101.3% 1,060,549,024
(Cost $1,029,820,296)
NET OTHER ASSETS AND
LIABILITIES -- (1.3)% (13,717,868)
---------------
NET ASSETS -- 100.0% $ 1,046,831,156
===============
(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 remaining contractual
maturity of all of the securities lending transactions is overnight and
continuous. The aggregate value of such securities is $13,164,784 and the
total value of the collateral held by the Fund is $13,036,738.
(c) Rate shown reflects yield as of January 31, 2023.
(d) This security serves as collateral for securities on loan.
---------------------------------
OFFSETTING ASSETS AND LIABILITIES
---------------------------------------------------------------
Offsetting assets and liabilities requires entities to disclose both gross and
net information about instruments and transactions eligible for offset, and to
disclose instruments and transactions subject to master netting or similar
agreements (see Note 2C - Offsetting on the Statements of Assets and Liabilities
in the Notes to Financial Statements).
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:
SECURITIES LENDING AGENCY AGREEMENT
---------------------------------------------------------------
Total gross amount presented on the
Statements of Assets and Liabilities(1) $ 13,164,784
Non-cash Collateral(2) (13,036,738)
---------------
Net Amount $ 128,046
===============
(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) The collateral requirements are determined at the beginning of each
business day based on the market value of the loaned securities from the
end of the prior day. On January 31, 2023, the last business day of the
period, there was sufficient collateral based on the end of day market
value from the prior business day; however, as a result of market movement
from January 30 to January 31, the value of the related securities loaned
was above the collateral value received. See Note 2D - Securities Lending
in the Notes to Financial Statements.
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:
REPURCHASE AGREEMENTS
---------------------------------------------------------------
Total gross amount presented on the
Statements of Assets and Liabilities(3) $ 2,083,816
Non-cash Collateral(4) (2,083,816)
---------------
Net Amount $ --
===============
(3) The amount is included in "Investments, at value" on the Statements of
Assets and Liabilities.
(4) At January 31, 2023, the value of the collateral received from each seller
exceeded the value of the repurchase agreements.
See Notes to Financial Statements Page 41
FIRST TRUST TECHNOLOGY ALPHADEX(R) FUND (FXL)
PORTFOLIO OF INVESTMENTS (CONTINUED)
JANUARY 31, 2023 (UNAUDITED)
-----------------------------
VALUATION INPUTS
A summary of the inputs used to value the Fund's investments as of January 31,
2023 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial
Statements):
<TABLE>
<CAPTION>
LEVEL 2 LEVEL 3
TOTAL LEVEL 1 SIGNIFICANT SIGNIFICANT
VALUE AT QUOTED OBSERVABLE UNOBSERVABLE
1/31/2023 PRICES INPUTS INPUTS
-----------------------------------------------------------
<S> <C> <C> <C> <C>
Common Stocks*.................................. $1,045,736,824 $1,045,736,824 $ -- --
Money Market Funds.............................. 12,728,384 12,728,384 -- --
Repurchase Agreements........................... 2,083,816 -- 2,083,816 --
-----------------------------------------------------------
Total Investments............................... $1,060,549,024 $1,058,465,208 $ 2,083,816 $ --
===========================================================
</TABLE>
* See Portfolio of Investments for industry breakout.
Page 42 See Notes to Financial Statements
FIRST TRUST UTILITIES ALPHADEX(R) FUND (FXU)
PORTFOLIO OF INVESTMENTS
JANUARY 31, 2023 (UNAUDITED)
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
COMMON STOCKS -- 99.7%
COMMERCIAL SERVICES & SUPPLIES
-- 5.4%
108,002 Clean Harbors, Inc. (a) $ 14,072,661
23,888 Republic Services, Inc. 2,981,700
19,641 Waste Management, Inc. 3,039,052
---------------
20,093,413
---------------
ELECTRIC UTILITIES -- 51.7%
111,622 Alliant Energy Corp. 6,030,937
97,356 American Electric Power Co.,
Inc. 9,147,570
358,459 Avangrid, Inc. 15,116,216
119,674 Duke Energy Corp. 12,260,601
145,299 Edison International 10,011,101
109,557 Entergy Corp. 11,862,832
195,856 Evergy, Inc. 12,270,378
73,505 Eversource Energy 6,051,667
285,108 Exelon Corp. 12,028,706
146,939 FirstEnergy Corp. 6,017,152
147,255 Hawaiian Electric Industries,
Inc. 6,224,469
57,141 IDACORP, Inc. 6,046,089
484,177 NRG Energy, Inc. 16,568,537
389,545 OGE Energy Corp. 15,316,909
947,511 PG&E Corp. (a) 15,065,425
202,611 Pinnacle West Capital Corp. 15,104,650
316,356 PPL Corp. 9,364,138
43,150 Southern (The) Co. 2,920,392
87,899 Xcel Energy, Inc. 6,044,814
---------------
193,452,583
---------------
ELECTRICAL EQUIPMENT -- 2.7%
384,843 Sunrun, Inc. (a) 10,113,674
---------------
GAS UTILITIES -- 10.8%
82,483 Atmos Energy Corp. 9,695,052
243,389 National Fuel Gas Co. 14,131,165
415,607 UGI Corp. 16,553,627
---------------
40,379,844
---------------
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
INDEPENDENT POWER AND RENEWABLE
ELECTRICITY PRODUCERS
-- 10.0%
535,694 AES (The) Corp. $ 14,683,372
335,655 Brookfield Renewable Corp.,
Class A 10,579,846
531,260 Vistra Corp. 12,250,856
---------------
37,514,074
---------------
MULTI-UTILITIES -- 17.4%
69,305 Ameren Corp. 6,020,525
308,234 CenterPoint Energy, Inc. 9,284,008
48,655 CMS Energy Corp. 3,074,509
129,318 Consolidated Edison, Inc. 12,325,299
50,250 Dominion Energy, Inc. 3,197,910
52,434 DTE Energy Co. 6,101,745
449,498 NiSource, Inc. 12,473,570
59,816 Sempra Energy 9,590,299
32,864 WEC Energy Group, Inc. 3,088,887
---------------
65,156,752
---------------
WATER UTILITIES -- 1.7%
20,215 American Water Works Co., Inc. 3,163,445
64,557 Essential Utilities, Inc. 3,016,749
---------------
6,180,194
---------------
TOTAL COMMON STOCKS
-- 99.7% 372,890,534
(Cost $367,452,140) ---------------
MONEY MARKET FUNDS -- 0.3%
960,649 Morgan Stanley Institutional
Liquidity Funds - Treasury
Portfolio - Institutional
Class - 4.12% (b) 960,649
(Cost $960,649) ---------------
TOTAL INVESTMENTS -- 100.0% 373,851,183
(Cost $368,412,789)
NET OTHER ASSETS AND
LIABILITIES -- 0.0% 166,599
---------------
NET ASSETS -- 100.0% $ 374,017,782
===============
(a) Non-income producing security.
(b) Rate shown reflects yield as of January 31, 2023.
-----------------------------
VALUATION INPUTS
A summary of the inputs used to value the Fund's investments as of January 31,
2023 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial
Statements):
<TABLE>
<CAPTION>
LEVEL 2 LEVEL 3
TOTAL LEVEL 1 SIGNIFICANT SIGNIFICANT
VALUE AT QUOTED OBSERVABLE UNOBSERVABLE
1/31/2023 PRICES INPUTS INPUTS
-----------------------------------------------------------
<S> <C> <C> <C> <C>
Common Stocks*.................................. $ 372,890,534 $ 372,890,534 $ -- $ --
Money Market Funds.............................. 960,649 960,649 -- --
-----------------------------------------------------------
Total Investments............................... $ 373,851,183 $ 373,851,183 $ -- $ --
===========================================================
</TABLE>
* See Portfolio of Investments for industry breakout.
See Notes to Financial Statements Page 43
FIRST TRUST EXCHANGE-TRADED ALPHADEX(R) FUND
SECTOR FUNDS
STATEMENTS OF ASSETS AND LIABILITIES
JANUARY 31, 2023 (UNAUDITED)
<TABLE>
<CAPTION>
FIRST TRUST FIRST TRUST
CONSUMER CONSUMER FIRST TRUST
DISCRETIONARY STAPLES ENERGY
ALPHADEX(R) FUND ALPHADEX(R) FUND ALPHADEX(R) FUND
(FXD) (FXG) (FXN)
-------------------- -------------------- --------------------
ASSETS:
<S> <C> <C> <C>
Investments, at value............................................... $ 352,508,336 $ 754,299,156 $1,987,524,176
Receivables:
Dividends........................................................ 97,172 580,583 2,348,751
Securities lending income........................................ 257 -- 6,172
Capital shares sold.............................................. -- -- --
Reclaims......................................................... -- -- --
Prepaid expenses.................................................... 1,674 5,134 17,193
-------------- -------------- --------------
Total Assets..................................................... 352,607,439 754,884,873 1,989,896,292
-------------- -------------- --------------
LIABILITIES:
Payables:
Investment advisory fees......................................... 142,022 316,496 830,386
Licensing fees................................................... 45,660 92,123 264,250
Shareholder reporting fees....................................... 39,070 34,213 66,820
Audit and tax fees............................................... 18,211 18,791 20,761
Trustees' fees................................................... 1,315 741 1,061
Collateral for securities on loan................................ -- -- --
Investment securities purchased.................................. -- -- --
Other liabilities................................................... 105,168 153,346 387,604
-------------- -------------- --------------
Total Liabilities................................................ 351,446 615,710 1,570,882
-------------- -------------- --------------
NET ASSETS.......................................................... $ 352,255,993 $ 754,269,163 $1,988,325,410
============== ============== ==============
NET ASSETS CONSIST OF:
Paid-in capital..................................................... $ 815,254,275 $ 992,379,386 $2,237,138,466
Par value........................................................... 64,000 119,000 1,147,000
Accumulated distributable earnings (loss)........................... (463,062,282) (238,229,223) (249,960,056)
-------------- -------------- --------------
NET ASSETS.......................................................... $ 352,255,993 $ 754,269,163 $1,988,325,410
============== ============== ==============
NET ASSET VALUE, per share.......................................... $ 55.04 $ 63.38 $ 17.34
============== ============== ==============
Number of shares outstanding (unlimited number of shares
authorized, par value $0.01 per share)........................... 6,400,002 11,900,002 114,700,002
============== ============== ==============
Investments, at cost................................................ $ 347,338,669 $ 721,206,516 $1,750,444,991
============== ============== ==============
Securities on loan, at value........................................ $ -- $ -- $ --
============== ============== ==============
</TABLE>
Page 44 See Notes to Financial Statements
<TABLE>
<CAPTION>
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)
-------------------- -------------------- -------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C> <C> <C>
$1,249,120,684 $1,669,339,155 $1,639,004,471 $1,672,698,534 $1,060,549,024 $ 373,851,183
885,930 766,390 346,118 482,316 178,713 499,211
67,185 17,881 20 17 23,537 --
-- -- -- -- -- 1,654,378
-- -- -- -- -- 4,535
7,025 9,740 9,204 11,631 9,254 3,772
-------------- -------------- -------------- -------------- -------------- --------------
1,250,080,824 1,670,133,166 1,639,359,813 1,673,192,498 1,060,760,528 376,013,079
-------------- -------------- -------------- -------------- -------------- --------------
491,395 684,945 659,086 654,447 426,335 157,114
155,184 208,817 206,177 192,664 139,721 53,752
67,484 36,108 43,869 66,538 54,098 24,061
18,437 18,324 18,262 18,712 17,887 18,810
994 899 975 1,162 1,192 781
28,884,402 6,346,686 -- -- 13,036,738 --
-- -- -- -- -- 1,651,061
269,610 329,555 335,941 306,151 253,401 89,718
-------------- -------------- -------------- -------------- -------------- --------------
29,887,506 7,625,334 1,264,310 1,239,674 13,929,372 1,995,297
-------------- -------------- -------------- -------------- -------------- --------------
$1,220,193,318 $1,662,507,832 $1,638,095,503 $1,671,952,824 $1,046,831,156 $ 374,017,782
============== ============== ============== ============== ============== ==============
$1,435,645,967 $2,097,670,508 $1,866,923,543 $1,828,202,120 $1,717,070,890 $ 559,090,058
268,500 148,000 289,000 237,000 103,050 111,500
(215,721,149) (435,310,676) (229,117,040) (156,486,296) (670,342,784) (185,183,776)
-------------- -------------- -------------- -------------- -------------- --------------
$1,220,193,318 $1,662,507,832 $1,638,095,503 $1,671,952,824 $1,046,831,156 $ 374,017,782
============== ============== ============== ============== ============== ==============
$ 45.44 $ 112.33 $ 56.68 $ 70.55 $ 101.58 $ 33.54
============== ============== ============== ============== ============== ==============
26,850,002 14,800,002 28,900,002 23,700,002 10,305,000 11,150,002
============== ============== ============== ============== ============== ==============
$1,191,840,566 $1,451,893,026 $1,505,768,618 $1,590,101,617 $1,029,820,296 $ 368,412,789
============== ============== ============== ============== ============== ==============
$ 28,832,129 $ 6,338,634 $ -- $ -- $ 13,164,784 $ --
============== ============== ============== ============== ============== ==============
</TABLE>
See Notes to Financial Statements Page 45
FIRST TRUST EXCHANGE-TRADED ALPHADEX(R) FUND
SECTOR FUNDS
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED JANUARY 31, 2023 (UNAUDITED)
<TABLE>
<CAPTION>
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:
<S> <C> <C> <C>
Dividends......................................................... $ 2,670,309 $ 10,325,251 $ 38,081,948
Securities lending income (net of fees)........................... 24,261 64 35,342
Foreign withholding tax........................................... -- -- --
-------------- -------------- --------------
Total investment income........................................ 2,694,570 10,325,315 38,117,290
-------------- -------------- --------------
EXPENSES:
Investment advisory fees.......................................... 881,041 1,692,576 4,753,907
Accounting and administration fees................................ 88,917 169,900 431,384
Licensing fees.................................................... 70,483 135,406 380,313
Custodian fees.................................................... 16,655 24,566 74,187
Audit and tax fees................................................ 15,187 14,477 15,524
Transfer agent fees............................................... 8,810 16,926 36,372
Shareholder reporting fees........................................ 8,772 59,811 125,808
Legal fees........................................................ 8,603 9,011 27,802
Trustees' fees and expenses....................................... 4,780 4,499 5,304
Listing fees...................................................... 3,711 3,178 3,179
Other expenses.................................................... 8,680 4,615 11,860
-------------- -------------- --------------
Total expenses................................................. 1,115,639 2,134,965 5,865,640
-------------- -------------- --------------
NET INVESTMENT INCOME (LOSS)...................................... 1,578,931 8,190,350 32,251,650
-------------- -------------- --------------
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments.................................................... (32,263,036) (17,376,946) (2,333,143)
In-kind redemptions............................................ 1,157,124 5,397,753 23,107,825
-------------- -------------- --------------
Net realized gain (loss).......................................... (31,105,912) (11,979,193) 20,774,682
-------------- -------------- --------------
Net change in unrealized appreciation (depreciation) on
investments.................................................... 64,673,846 6,440,100 7,090,933
-------------- -------------- --------------
NET REALIZED AND UNREALIZED GAIN (LOSS)........................... 33,567,934 (5,539,093) 27,865,615
-------------- -------------- --------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING
FROM OPERATIONS................................................ $ 35,146,865 $ 2,651,257 $ 60,117,265
============== ============== ==============
</TABLE>
Page 46 See Notes to Financial Statements
<TABLE>
<CAPTION>
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)
-------------------- -------------------- -------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C> <C> <C>
$ 20,200,630 $ 6,296,115 $ 11,053,868 $ 14,780,047 $ 4,646,625 $ 6,128,176
749,348 80,913 83,439 856 72,159 134
(15,834) -- -- (96,290) -- (6,943)
-------------- -------------- -------------- -------------- -------------- --------------
20,934,144 6,377,028 11,137,307 14,684,613 4,718,784 6,121,367
-------------- -------------- -------------- -------------- -------------- --------------
2,908,182 3,824,531 3,827,443 3,655,843 2,592,459 1,037,445
283,826 357,089 357,427 343,526 257,920 104,372
232,654 305,962 306,196 292,467 207,397 82,996
43,919 57,072 58,568 55,115 42,459 16,378
14,961 15,029 15,125 14,567 15,430 14,435
27,144 31,725 31,740 30,882 25,402 10,374
82,632 55,064 61,147 113,949 21,125 39,771
16,290 20,867 21,106 20,414 19,600 6,048
4,819 4,864 4,934 5,306 4,981 4,441
3,248 3,179 3,179 3,179 3,202 3,202
13,252 15,842 16,959 10,658 12,792 2,837
-------------- -------------- -------------- -------------- -------------- --------------
3,630,927 4,691,224 4,703,824 4,545,906 3,202,767 1,322,299
-------------- -------------- -------------- -------------- -------------- --------------
17,303,217 1,685,804 6,433,483 10,138,707 1,516,017 4,799,068
-------------- -------------- -------------- -------------- -------------- --------------
(22,634,296) (54,518,468) (80,375,202) (45,133,008) (84,110,057) (4,697,931)
9,551,981 14,163,782 11,358,317 2,341,124 9,330,233 10,102,364
-------------- -------------- -------------- -------------- -------------- --------------
(13,082,315) (40,354,686) (69,016,885) (42,791,884) (74,779,824) 5,404,433
-------------- -------------- -------------- -------------- -------------- --------------
118,458,227 95,534,661 149,433,495 232,258,164 40,942,514 (21,523,361)
-------------- -------------- -------------- -------------- -------------- --------------
105,375,912 55,179,975 80,416,610 189,466,280 (33,837,310) (16,118,928)
-------------- -------------- -------------- -------------- -------------- --------------
$ 122,679,129 $ 56,865,779 $ 86,850,093 $ 199,604,987 $ (32,321,293) $ (11,319,860)
============== ============== ============== ============== ============== ==============
</TABLE>
See Notes to Financial Statements Page 47
FIRST TRUST EXCHANGE-TRADED ALPHADEX(R) FUND
SECTOR FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
FIRST TRUST FIRST TRUST
CONSUMER DISCRETIONARY CONSUMER STAPLES
ALPHADEX(R) FUND ALPHADEX(R) FUND
(FXD) (FXG)
---------------------------------- ----------------------------------
SIX MONTHS ENDED SIX MONTHS ENDED
1/31/2023 YEAR ENDED 1/31/2023 YEAR ENDED
(UNAUDITED) 7/31/2022 (UNAUDITED) 7/31/2022
---------------- ---------------- ---------------- ----------------
<S> <C> <C> <C> <C>
OPERATIONS:
Net investment income (loss).............................. $ 1,578,931 $ 12,047,240 $ 8,190,350 $ 5,452,882
Net realized gain (loss).................................. (31,105,912) 154,046,852 (11,979,193) 12,107,920
Net change in unrealized appreciation (depreciation)...... 64,673,846 (441,734,956) 6,440,100 14,116,145
-------------- -------------- -------------- --------------
Net increase (decrease) in net assets resulting
from operations........................................ 35,146,865 (275,640,864) 2,651,257 31,676,947
-------------- -------------- -------------- --------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Investment operations..................................... (1,869,470) (13,315,221) (8,969,337) (4,675,407)
-------------- -------------- -------------- --------------
SHAREHOLDER TRANSACTIONS:
Proceeds from shares sold................................. 4,504,599 821,836,474 158,614,808 502,041,230
Cost of shares redeemed................................... (79,642,920) (2,086,899,315) (48,681,053) (125,700,060)
-------------- -------------- -------------- --------------
Net increase (decrease) in net assets resulting
from shareholder transactions.......................... (75,138,321) (1,265,062,841) 109,933,755 376,341,170
-------------- -------------- -------------- --------------
Total increase (decrease) in net assets................... (41,860,926) (1,554,018,926) 103,615,675 403,342,710
NET ASSETS:
Beginning of period....................................... 394,116,919 1,948,135,845 650,653,488 247,310,778
-------------- -------------- -------------- --------------
End of period............................................. $ 352,255,993 $ 394,116,919 $ 754,269,163 $ 650,653,488
============== ============== ============== ==============
CHANGES IN SHARES OUTSTANDING:
Shares outstanding, beginning of period................... 7,950,002 31,750,002 10,200,002 4,400,002
Shares sold............................................... 100,000 14,350,000 2,500,000 7,850,000
Shares redeemed........................................... (1,650,000) (38,150,000) (800,000) (2,050,000)
-------------- -------------- -------------- --------------
Shares outstanding, end of period......................... 6,400,002 7,950,002 11,900,002 10,200,002
============== ============== ============== ==============
</TABLE>
Page 48 See Notes to Financial Statements
<TABLE>
<CAPTION>
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
1/31/2023 YEAR ENDED 1/31/2023 YEAR ENDED 1/31/2023 YEAR ENDED
(UNAUDITED) 7/31/2022 (UNAUDITED) 7/31/2022 (UNAUDITED) 7/31/2022
---------------- ---------------- ---------------- ---------------- ---------------- ----------------
<S> <C> <C> <C> <C> <C>
$ 32,251,650 $ 20,991,279 $ 17,303,217 $ 29,707,133 $ 1,685,804 $ 1,824,839
20,774,682 102,779,022 (13,082,315) 143,892,144 (40,354,686) (4,568,756)
7,090,933 205,525,000 118,458,227 (214,313,440) 95,534,661 (177,329,197)
-------------- -------------- -------------- -------------- -------------- --------------
60,117,265 329,295,301 122,679,129 (40,714,163) 56,865,779 (180,073,114)
-------------- -------------- -------------- -------------- -------------- --------------
(25,257,350) (19,922,141) (18,895,466) (28,346,142) (3,205,345) --
-------------- -------------- -------------- -------------- -------------- --------------
391,988,309 1,605,588,558 34,528,667 604,854,268 172,436,351 252,759,574
(103,813,719) (578,637,025) (89,856,756) (676,942,289) (67,316,849) (173,706,436)
-------------- -------------- -------------- -------------- -------------- --------------
288,174,590 1,026,951,533 (55,328,089) (72,088,021) 105,119,502 79,053,138
-------------- -------------- -------------- -------------- -------------- --------------
323,034,505 1,336,324,693 48,455,574 (141,148,326) 158,779,936 (101,019,976)
1,665,290,905 328,966,212 1,171,737,744 1,312,886,070 1,503,727,896 1,604,747,872
-------------- -------------- -------------- -------------- -------------- --------------
$1,988,325,410 $1,665,290,905 $1,220,193,318 $1,171,737,744 $1,662,507,832 $1,503,727,896
============== ============== ============== ============== ============== ==============
99,150,002 31,850,002 28,250,002 30,250,002 13,850,002 13,150,002
21,900,000 109,350,000 800,000 13,250,000 1,600,000 2,250,000
(6,350,000) (42,050,000) (2,200,000) (15,250,000) (650,000) (1,550,000)
-------------- -------------- -------------- -------------- -------------- --------------
114,700,002 99,150,002 26,850,002 28,250,002 14,800,002 13,850,002
============== ============== ============== ============== ============== ==============
</TABLE>
See Notes to Financial Statements Page 49
FIRST TRUST EXCHANGE-TRADED ALPHADEX(R) FUND
SECTOR FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
<TABLE>
<CAPTION>
FIRST TRUST FIRST TRUST
INDUSTRIALS/PRODUCER DURABLES MATERIALS
ALPHADEX(R) FUND ALPHADEX(R) FUND
(FXR) (FXZ)
---------------------------------- ----------------------------------
SIX MONTHS ENDED SIX MONTHS ENDED
1/31/2023 YEAR ENDED 1/31/2023 YEAR ENDED
(UNAUDITED) 7/31/2022 (UNAUDITED) 7/31/2022
---------------- ---------------- ---------------- ----------------
<S> <C> <C> <C> <C>
OPERATIONS:
Net investment income (loss).............................. $ 6,433,483 $ 12,729,384 $ 10,138,707 $ 16,484,011
Net realized gain (loss).................................. (69,016,885) (17,448,344) (42,791,884) 75,814,579
Net change in unrealized appreciation (depreciation)...... 149,433,495 (177,157,775) 232,258,164 (187,817,992)
-------------- -------------- -------------- --------------
Net increase (decrease) in net assets resulting
from operations........................................ 86,850,093 (181,876,735) 199,604,987 (95,519,402)
-------------- -------------- -------------- --------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Investment operations..................................... (7,696,141) (11,751,221) (14,513,621) (12,438,026)
-------------- -------------- -------------- --------------
SHAREHOLDER TRANSACTIONS:
Proceeds from shares sold................................. 111,494,446 880,928,164 124,412,434 2,011,606,379
Cost of shares redeemed................................... (130,779,279) (876,678,313) (205,466,103) (796,095,645)
-------------- -------------- -------------- --------------
Net increase (decrease) in net assets resulting
from shareholder transactions.......................... (19,284,833) 4,249,851 (81,053,669) 1,215,510,734
-------------- -------------- -------------- --------------
Total increase (decrease) in net assets................... 59,869,119 (189,378,105) 104,037,697 1,107,553,306
NET ASSETS:
Beginning of period....................................... 1,578,226,384 1,767,604,489 1,567,915,127 460,361,821
-------------- -------------- -------------- --------------
End of period............................................. $1,638,095,503 $1,578,226,384 $1,671,952,824 $1,567,915,127
============== ============== ============== ==============
CHANGES IN SHARES OUTSTANDING:
Shares outstanding, beginning of period................... 29,400,002 29,700,002 25,300,002 7,950,002
Shares sold............................................... 2,100,000 15,200,000 1,950,000 29,600,000
Shares redeemed........................................... (2,600,000) (15,500,000) (3,550,000) (12,250,000)
-------------- -------------- -------------- --------------
Shares outstanding, end of period......................... 28,900,002 29,400,002 23,700,002 25,300,002
============== ============== ============== ==============
</TABLE>
Page 50 See Notes to Financial Statements
<TABLE>
<CAPTION>
FIRST TRUST FIRST TRUST
TECHNOLOGY UTILITIES
ALPHADEX(R) FUND ALPHADEX(R) FUND
(FXL) (FXU)
---------------------------------- ----------------------------------
SIX MONTHS ENDED SIX MONTHS ENDED
1/31/2023 YEAR ENDED 1/31/2023 YEAR ENDED
(UNAUDITED) 7/31/2022 (UNAUDITED) 7/31/2022
---------------- ---------------- ---------------- ----------------
<S> <C> <C> <C>
$ 1,516,017 $ 5,019,606 $ 4,799,068 $ 5,320,667
(74,779,824) 252,346,513 5,404,433 (244,036)
40,942,514 (502,005,673) (21,523,361) 24,546,526
-------------- -------------- -------------- --------------
(32,321,293) (244,639,554) (11,319,860) 29,623,157
-------------- -------------- -------------- --------------
(1,494,210) (4,345,452) (5,313,666) (4,580,661)
-------------- -------------- -------------- --------------
28,011,159 89,100,450 106,162,149 225,477,669
(90,528,546) (1,365,024,963) (112,068,583) (28,108,801)
-------------- -------------- -------------- --------------
(62,517,387) (1,275,924,513) (5,906,434) 197,368,868
-------------- -------------- -------------- --------------
(96,332,890) (1,524,909,519) (22,539,960) 222,411,364
1,143,164,046 2,668,073,565 396,557,742 174,146,378
-------------- -------------- -------------- --------------
$1,046,831,156 $1,143,164,046 $ 374,017,782 $ 396,557,742
============== ============== ============== ==============
10,955,000 21,255,000 11,550,002 5,650,002
300,000 700,000 3,100,000 6,800,000
(950,000) (11,000,000) (3,500,000) (900,000)
-------------- -------------- -------------- --------------
10,305,000 10,955,000 11,150,002 11,550,002
============== ============== ============== ==============
</TABLE>
See Notes to Financial Statements Page 51
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)
<TABLE>
<CAPTION>
SIX MONTHS ENDED YEAR ENDED JULY 31,
1/31/2023 --------------------------------------------------------------
(UNAUDITED) 2022 2021 2020 2019 2018
---------------- ---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 49.57 $ 61.36 $ 39.70 $ 43.40 $ 42.42 $ 37.53
---------- ---------- ---------- ---------- ---------- ----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss) 0.23 0.52 0.20 0.36 0.37 0.43
Net realized and unrealized gain (loss) 5.50 (11.78) 21.61 (3.61) 0.93 4.88
---------- ---------- ---------- ---------- ---------- ----------
Total from investment operations 5.73 (11.26) 21.81 (3.25) 1.30 5.31
---------- ---------- ---------- ---------- ---------- ----------
DISTRIBUTIONS PAID TO SHAREHOLDERS FROM:
Net investment income (0.26) (0.53) (0.15) (0.45) (0.32) (0.42)
---------- ---------- ---------- ---------- ---------- ----------
Net asset value, end of period $ 55.04 $ 49.57 $ 61.36 $ 39.70 $ 43.40 $ 42.42
========== ========== ========== ========== ========== ==========
TOTAL RETURN (a) 11.68% (18.43)% 54.99% (7.39)% 3.13% 14.17%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's) $ 352,256 $ 394,117 $1,948,136 $ 948,948 $ 384,117 $ 409,343
RATIOS TO AVERAGE NET ASSETS:
Ratio of total expenses to average net
assets 0.63% (b) 0.61% 0.61% 0.63% 0.64% 0.64%
Ratio of net expenses to average net
assets 0.63% (b) 0.61% 0.61% 0.63% 0.64% 0.64%
Ratio of net investment income (loss) to
average net assets 0.90% (b) 0.82% 0.38% 0.77% 0.90% 1.03%
Portfolio turnover rate (c) 38% 76% 88% 115% 97% 101%
</TABLE>
FIRST TRUST CONSUMER STAPLES ALPHADEX(R) FUND (FXG)
<TABLE>
<CAPTION>
SIX MONTHS ENDED YEAR ENDED JULY 31,
1/31/2023 --------------------------------------------------------------
(UNAUDITED) 2022 2021 2020 2019 2018
---------------- ---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 63.79 $ 56.21 $ 48.76 $ 45.80 $ 46.50 $ 46.84
---------- ---------- ---------- ---------- ---------- ----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss) 0.73 0.81 0.79 0.84 0.70 1.00
Net realized and unrealized gain (loss) (0.33) 7.55 7.40 2.98 (0.32) (0.74)
---------- ---------- ---------- ---------- ---------- ----------
Total from investment operations 0.40 8.36 8.19 3.82 0.38 0.26
---------- ---------- ---------- ---------- ---------- ----------
DISTRIBUTIONS PAID TO SHAREHOLDERS FROM:
Net investment income (0.81) (0.78) (0.74) (0.86) (1.08) (0.60)
---------- ---------- ---------- ---------- ---------- ----------
Net asset value, end of period $ 63.38 $ 63.79 $ 56.21 $ 48.76 $ 45.80 $ 46.50
========== ========== ========== ========== ========== ==========
TOTAL RETURN (a) 0.69% 14.95% 16.88% 8.46% 0.83% 0.53%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's) $ 754,269 $ 650,653 $ 247,311 $ 258,429 $ 329,792 $ 369,643
RATIOS TO AVERAGE NET ASSETS:
Ratio of total expenses to average net
assets 0.63% (b) 0.63% 0.64% 0.63% 0.64% 0.64%
Ratio of net expenses to average net
assets 0.63% (b) 0.63% 0.64% 0.63% 0.64% 0.64%
Ratio of net investment income (loss) to
average net assets 2.42% (b) 1.41% 1.43% 1.72% 1.51% 2.09%
Portfolio turnover rate (c) 26% 88% 94% 113% 90% 107%
</TABLE>
(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 52 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)
<TABLE>
<CAPTION>
SIX MONTHS ENDED YEAR ENDED JULY 31,
1/31/2023 --------------------------------------------------------------
(UNAUDITED) 2022 2021 2020 2019 2018
---------------- ---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 16.80 $ 10.33 $ 6.54 $ 10.88 $ 17.10 $ 13.66
---------- ---------- ---------- ---------- ---------- ----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss) 0.29 0.27 0.31 0.16 0.16 0.12
Net realized and unrealized gain (loss) 0.48 6.46 3.81 (4.31) (6.25) 3.47
---------- ---------- ---------- ---------- ---------- ----------
Total from investment operations 0.77 6.73 4.12 (4.15) (6.09) 3.59
---------- ---------- ---------- ---------- ---------- ----------
DISTRIBUTIONS PAID TO SHAREHOLDERS FROM:
Net investment income (0.23) (0.26) (0.33) (0.19) (0.13) (0.15)
---------- ---------- ---------- ---------- ---------- ----------
Net asset value, end of period $ 17.34 $ 16.80 $ 10.33 $ 6.54 $ 10.88 $ 17.10
========== ========== ========== ========== ========== ==========
TOTAL RETURN (a) 4.66% 65.76% 66.66% (38.32)% (35.77)% 26.45%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's) $1,988,325 $1,665,291 $ 328,966 $ 615,795 $ 122,374 $ 437,773
RATIOS TO AVERAGE NET ASSETS:
Ratio of total expenses to average net
assets 0.62% (b) 0.61% 0.64% 0.64% 0.65% 0.63%
Ratio of net expenses to average net
assets 0.62% (b) 0.61% 0.64% 0.64% 0.65% 0.63%
Ratio of net investment income (loss) to
average net assets 3.39% (b) 2.34% 1.70% 2.39% 1.17% 0.68%
Portfolio turnover rate (c) 32% 79% 71% 165% 99% 108%
</TABLE>
FIRST TRUST FINANCIALS ALPHADEX(R) FUND (FXO)
<TABLE>
<CAPTION>
SIX MONTHS ENDED YEAR ENDED JULY 31,
1/31/2023 --------------------------------------------------------------
(UNAUDITED) 2022 2021 2020 2019 2018
---------------- ---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 41.48 $ 43.40 $ 25.87 $ 32.35 $ 32.04 $ 29.39
---------- ---------- ---------- ---------- ---------- ----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss) 0.63 0.92 0.81 0.72 0.65 0.62
Net realized and unrealized gain (loss) 4.01 (1.97) 17.55 (6.37) 0.25 2.61
---------- ---------- ---------- ---------- ---------- ----------
Total from investment operations 4.64 (1.05) 18.36 (5.65) 0.90 3.23
---------- ---------- ---------- ---------- ---------- ----------
DISTRIBUTIONS PAID TO SHAREHOLDERS FROM:
Net investment income (0.68) (0.87) (0.83) (0.83) (0.59) (0.58)
---------- ---------- ---------- ---------- ---------- ----------
Net asset value, end of period $ 45.44 $ 41.48 $ 43.40 $ 25.87 $ 32.35 $ 32.04
========== ========== ========== ========== ========== ==========
TOTAL RETURN (a) 11.46% (2.52)% 71.99% (17.56)% 3.03% 11.06%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's) $1,220,193 $1,171,738 $1,312,886 $ 538,172 $ 988,353 $1,252,910
RATIOS TO AVERAGE NET ASSETS:
Ratio of total expenses to average net
assets 0.62% (b) 0.62% 0.61% 0.62% 0.63% 0.63%
Ratio of net expenses to average net
assets 0.62% (b) 0.62% 0.61% 0.62% 0.63% 0.63%
Ratio of net investment income (loss) to
average net assets 2.97% (b) 2.10% 2.25% 2.36% 2.06% 1.99%
Portfolio turnover rate (c) 40% 64% 86% 90% 81% 70%
</TABLE>
(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 53
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)
<TABLE>
<CAPTION>
SIX MONTHS ENDED YEAR ENDED JULY 31,
1/31/2023 --------------------------------------------------------------
(UNAUDITED) 2022 2021 2020 2019 2018
---------------- ---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 108.57 $ 122.03 $ 95.29 $ 77.62 $ 76.80 $ 66.92
---------- ---------- ---------- ---------- ---------- ----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss) 0.11 0.13 (0.15) 0.01 (0.11) (0.02)
Net realized and unrealized gain (loss) 3.87 (13.59) 26.89 17.66 0.93 9.90
---------- ---------- ---------- ---------- ---------- ----------
Total from investment operations 3.98 (13.46) 26.74 17.67 0.82 9.88
---------- ---------- ---------- ---------- ---------- ----------
DISTRIBUTIONS PAID TO SHAREHOLDERS FROM:
Net investment income (0.22) -- -- -- -- --
---------- ---------- ---------- ---------- ---------- ----------
Net asset value, end of period $ 112.33 $ 108.57 $ 122.03 $ 95.29 $ 77.62 $ 76.80
========== ========== ========== ========== ========== ==========
TOTAL RETURN (a) 3.69% (11.03)% 28.08% 22.75% 1.07% 14.76%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's) $1,662,508 $1,503,728 $1,604,748 $1,348,309 $1,183,740 $1,063,745
RATIOS TO AVERAGE NET ASSETS:
Ratio of total expenses to average net
assets 0.61% (b) 0.61% 0.61% 0.61% 0.62% 0.63%
Ratio of net expenses to average net
assets 0.61% (b) 0.61% 0.61% 0.61% 0.62% 0.63%
Ratio of net investment income (loss) to
average net assets 0.22% (b) 0.12% (0.14)% 0.01% (0.11)% (0.03)%
Portfolio turnover rate (c) 40% 88% 103% 107% 123% 107%
</TABLE>
FIRST TRUST INDUSTRIALS/PRODUCER DURABLES ALPHADEX(R) FUND (FXR)
<TABLE>
<CAPTION>
SIX MONTHS ENDED YEAR ENDED JULY 31,
1/31/2023 --------------------------------------------------------------
(UNAUDITED) 2022 2021 2020 2019 2018
---------------- ---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 53.68 $ 59.52 $ 39.13 $ 42.49 $ 41.28 $ 35.36
---------- ---------- ---------- ---------- ---------- ----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss) 0.22 0.42 0.33 0.58 0.30 0.28
Net realized and unrealized gain (loss) 3.04 (5.87) 20.42 (3.29) 1.17 5.92
---------- ---------- ---------- ---------- ---------- ----------
Total from investment operations 3.26 (5.45) 20.75 (2.71) 1.47 6.20
---------- ---------- ---------- ---------- ---------- ----------
DISTRIBUTIONS PAID TO SHAREHOLDERS FROM:
Net investment income (0.26) (0.39) (0.36) (0.65) (0.26) (0.28)
---------- ---------- ---------- ---------- ---------- ----------
Net asset value, end of period $ 56.68 $ 53.68 $ 59.52 $ 39.13 $ 42.49 $ 41.28
========== ========== ========== ========== ========== ==========
TOTAL RETURN (a) 6.15% (9.16)% 53.21% (6.30)% 3.67% 17.57%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's) $1,638,096 $1,578,226 $1,767,604 $ 179,979 $ 378,173 $1,579,093
RATIOS TO AVERAGE NET ASSETS:
Ratio of total expenses to average net
assets 0.61% (b) 0.61% 0.61% 0.64% 0.63% 0.62%
Ratio of net expenses to average net
assets 0.61% (b) 0.61% 0.61% 0.64% 0.63% 0.62%
Ratio of net investment income (loss) to
average net assets 0.84% (b) 0.74% 0.55% 1.30% 0.71% 0.70%
Portfolio turnover rate (c) 41% 77% 91% 97% 79% 91%
</TABLE>
(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 MATERIALS ALPHADEX(R) FUND (FXZ)
<TABLE>
<CAPTION>
SIX MONTHS ENDED YEAR ENDED JULY 31,
1/31/2023 --------------------------------------------------------------
(UNAUDITED) 2022 2021 2020 2019 2018
---------------- ---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 61.97 $ 57.91 $ 35.85 $ 38.48 $ 43.31 $ 38.63
---------- ---------- ---------- ---------- ---------- ----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss) 0.43 0.89 0.72 0.71 0.50 0.40
Net realized and unrealized gain (loss) 8.75 3.93(a) 22.05 (2.57) (4.88) 4.69
---------- ---------- ---------- ---------- ---------- ----------
Total from investment operations 9.18 4.82 22.77 (1.86) (4.38) 5.09
---------- ---------- ---------- ---------- ---------- ----------
DISTRIBUTIONS PAID TO SHAREHOLDERS FROM:
Net investment income (0.60) (0.76) (0.71) (0.77) (0.45) (0.41)
---------- ---------- ---------- ---------- ---------- ----------
Net asset value, end of period $ 70.55 $ 61.97 $ 57.91 $ 35.85 $ 38.48 $ 43.31
========== ========== ========== ========== ========== ==========
TOTAL RETURN (b) 15.09% 8.37% 64.02% (4.78)% (10.08)% 13.20%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's) $1,671,953 $1,567,915 $ 460,362 $ 96,795 $ 167,369 $ 314,026
RATIOS TO AVERAGE NET ASSETS:
Ratio of total expenses to average net
assets 0.62% (c) 0.61% 0.64% 0.67% 0.65% 0.64%
Ratio of net expenses to average net
assets 0.62% (c) 0.61% 0.64% 0.67% 0.65% 0.64%
Ratio of net investment income (loss) to
average net assets 1.39% (c) 1.69% 1.39% 1.95% 1.27% 0.92%
Portfolio turnover rate (d) 17% 60% 77% 84% 82% 92%
</TABLE>
FIRST TRUST TECHNOLOGY ALPHADEX(R) FUND (FXL)
<TABLE>
<CAPTION>
SIX MONTHS ENDED YEAR ENDED JULY 31,
1/31/2023 --------------------------------------------------------------
(UNAUDITED) 2022 2021 2020 2019 2018
---------------- ---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 104.35 $ 125.53 $ 89.44 $ 69.32 $ 56.54 $ 45.12
---------- ---------- ---------- ---------- ---------- ----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss) 0.14 0.34 (0.06) 0.11 0.31 0.09
Net realized and unrealized gain (loss) (2.77) (21.21) 36.15 20.17 12.75 11.43
---------- ---------- ---------- ---------- ---------- ----------
Total from investment operations (2.63) (20.87) 36.09 20.28 13.06 11.52
---------- ---------- ---------- ---------- ---------- ----------
DISTRIBUTIONS PAID TO SHAREHOLDERS FROM:
Net investment income (0.14) (0.31) -- (0.16) (0.28) (0.10)
---------- ---------- ---------- ---------- ---------- ----------
Net asset value, end of period $ 101.58 $ 104.35 $ 125.53 $ 89.44 $ 69.32 $ 56.54
========== ========== ========== ========== ========== ==========
TOTAL RETURN (b) (2.50)% (16.64)% 40.34% 29.33% 23.20% 25.55%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's) $1,046,831 $1,143,164 $2,668,074 $2,205,109 $2,395,347 $1,996,201
RATIOS TO AVERAGE NET ASSETS:
Ratio of total expenses to average net
assets 0.62% (c) 0.61% 0.61% 0.61% 0.61% 0.63%
Ratio of net expenses to average net
assets 0.62% (c) 0.61% 0.61% 0.61% 0.61% 0.63%
Ratio of net investment income (loss) to
average net assets 0.29% (c) 0.27% (0.05)% 0.16% 0.50% 0.17%
Portfolio turnover rate (d) 46% 91% 92% 110% 91% 127%
</TABLE>
(a) The per share amount does not correlate with the aggregate realized and
unrealized gain (loss) due to the timing of the Fund share sales and
repurchases in relation to market value fluctuation of the underlying
investments.
(b) 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.
(c) Annualized.
(d) 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 UTILITIES ALPHADEX(R) FUND (FXU)
<TABLE>
<CAPTION>
SIX MONTHS ENDED YEAR ENDED JULY 31,
1/31/2023 --------------------------------------------------------------
(UNAUDITED) 2022 2021 2020 2019 2018
---------------- ---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 34.33 $ 30.82 $ 27.54 $ 28.87 $ 26.37 $ 27.64
---------- ---------- ---------- ---------- ---------- ----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss) 0.40 0.69 0.68 1.05 0.63 0.98
Net realized and unrealized gain (loss) (0.75) 3.47 3.32 (1.29) 2.43 (1.30)
---------- ---------- ---------- ---------- ---------- ----------
Total from investment operations (0.35) 4.16 4.00 (0.24) 3.06 (0.32)
---------- ---------- ---------- ---------- ---------- ----------
DISTRIBUTIONS PAID TO SHAREHOLDERS FROM:
Net investment income (0.44) (0.65) (0.72) (1.09) (0.56) (0.95)
---------- ---------- ---------- ---------- ---------- ----------
Net asset value, end of period $ 33.54 $ 34.33 $ 30.82 $ 27.54 $ 28.87 $ 26.37
========== ========== ========== ========== ========== ==========
TOTAL RETURN (a) (0.97)% 13.69% 14.80% (0.70)% 11.71% (1.09)%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's) $ 374,018 $ 396,558 $ 174,146 $ 229,988 $1,349,541 $ 308,540
RATIOS TO AVERAGE NET ASSETS:
Ratio of total expenses to average net
assets 0.64% (b) 0.64% 0.64% 0.62% 0.63% 0.63%
Ratio of net expenses to average net
assets 0.64% (b) 0.64% 0.64% 0.62% 0.63% 0.63%
Ratio of net investment income (loss) to
average net assets 2.31% (b) 2.22% 2.33% 2.42% 2.23% 2.67%
Portfolio turnover rate (c) 19% 48% 38% 64% 60% 76%
</TABLE>
(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 56 See Notes to Financial Statements
--------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS
--------------------------------------------------------------------------------
FIRST TRUST EXCHANGE-TRADED ALPHADEX(R) FUND
SECTOR FUNDS
JANUARY 31, 2023 (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 exchange-traded funds considered either a
Sector Fund or a Style Fund. This report covers the nine Sector Funds (each a
"Fund" and collectively, the "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. Unlike conventional mutual funds, each Fund issues and redeems shares on
a continuous basis, at net asset value ("NAV"), only in large blocks of shares
known as "Creation Units." 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:
<TABLE>
<CAPTION>
FUND INDEX
<S> <C>
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)
</TABLE>
(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.
Page 57
--------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
--------------------------------------------------------------------------------
FIRST TRUST EXCHANGE-TRADED ALPHADEX(R) FUND
SECTOR FUNDS
JANUARY 31, 2023 (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 readily available market quotations such as 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 approved by
the Trust's Board of Trustees, and in accordance with provisions of the 1940 Act
and rules thereunder. 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 primary exchange for such securities.
Shares of open-end funds are valued based on NAV per share.
Securities traded in an over-the-counter market are valued at the mean of
their most recent bid and asked price, if available, and otherwise at
their last trade price.
Overnight repurchase agreements are valued at amortized cost when it
represents the most appropriate reflection of fair market value.
Certain securities may not be able to be priced by pre-established pricing
methods. Such securities may be valued by 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 last sale price on the exchange on which they are principally
traded or, for Nasdaq and AIM securities, the official closing
price;
2) the type of security;
3) the size of the holding;
4) the initial cost of the security;
5) transactions in comparable securities;
6) price quotes from dealers and/or third-party pricing services;
7) relationships among various securities;
8) information obtained by contacting the issuer, analysts, or the
appropriate stock exchange;
9) an analysis of the issuer's financial statements;
10) the existence of merger proposals or tender offers that might affect
the value of the security; and
11) other relevant factors.
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.
Page 58
--------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
--------------------------------------------------------------------------------
FIRST TRUST EXCHANGE-TRADED ALPHADEX(R) FUND
SECTOR FUNDS
JANUARY 31, 2023 (UNAUDITED)
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.
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, 2023, 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
Page 59
--------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
--------------------------------------------------------------------------------
FIRST TRUST EXCHANGE-TRADED ALPHADEX(R) FUND
SECTOR FUNDS
JANUARY 31, 2023 (UNAUDITED)
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, 2023, only
FXO, FXH, and FXL had securities in the securities lending program. During the
six months ended January 31, 2023, all the Funds 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, 2023, 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. A Fund may also designate a portion of the amount paid to
redeeming shareholders as a distribution for tax purposes.
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, 2022 was as follows:
<TABLE>
<CAPTION>
Distributions paid from Distributions paid from Distributions paid from
Ordinary Income Capital Gains Return of Capital
----------------------- ----------------------- -----------------------
<S> <C> <C> <C>
First Trust Consumer Discretionary AlphaDEX(R) Fund $ 13,315,221 $ -- $ --
First Trust Consumer Staples AlphaDEX(R) Fund 4,675,407 -- --
First Trust Energy AlphaDEX(R) Fund 19,922,141 -- --
First Trust Financials AlphaDEX(R) Fund 28,346,142 -- --
First Trust Health Care AlphaDEX(R) Fund -- -- --
First Trust Industrials/Producer Durables AlphaDEX(R) Fund 11,751,221 -- --
First Trust Materials AlphaDEX(R) Fund 12,438,026 -- --
First Trust Technology AlphaDEX(R) Fund 4,345,452 -- --
First Trust Utilities AlphaDEX(R) Fund 4,580,661 -- --
</TABLE>
Page 60
--------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
--------------------------------------------------------------------------------
FIRST TRUST EXCHANGE-TRADED ALPHADEX(R) FUND
SECTOR FUNDS
JANUARY 31, 2023 (UNAUDITED)
As of July 31, 2022, the components of distributable earnings on a tax basis for
each Fund were as follows:
<TABLE>
<CAPTION>
Accumulated
Undistributed Capital and Net Unrealized
Ordinary Other Appreciation
Income Gain (Loss) (Depreciation)
----------------------- ----------------------- -----------------------
<S> <C> <C> <C>
First Trust Consumer Discretionary AlphaDEX(R) Fund $ 342,885 $ (434,139,547) $ (62,543,015)
First Trust Consumer Staples AlphaDEX(R) Fund 1,143,506 (256,753,947) 23,699,298
First Trust Energy AlphaDEX(R) Fund 1,172,154 (509,470,538) 223,478,413
First Trust Financials AlphaDEX(R) Fund 3,459,721 (250,428,470) (72,536,063)
First Trust Health Care AlphaDEX(R) Fund 1,444,806 (605,995,854) 115,579,938
First Trust Industrials/Producer Durables AlphaDEX(R) Fund 1,248,060 (279,915,924) (29,603,128)
First Trust Materials AlphaDEX(R) Fund 4,349,887 (189,562,104) (156,365,445)
First Trust Technology AlphaDEX(R) Fund -- (621,843,707) (14,683,574)
First Trust Utilities AlphaDEX(R) Fund 1,049,272 (193,039,184) 23,439,662
</TABLE>
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. The taxable years ended 2019,
2020, 2021, and 2022 remain open to federal and state audit. As of January 31,
2023, 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.
Each Fund intends to utilize provisions of the federal income tax laws, which
allow it to carry a realized capital loss forward indefinitely following the
year of the loss and offset such loss against any future realized capital gains.
Each Fund is 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. At July 31, 2022, for
federal income tax purposes, each applicable Fund had a capital loss
carryforward available that is shown in the table below, to the extent provided
by regulations, to offset future capital gains. 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 each applicable Fund's
shareholders.
<TABLE>
<CAPTION>
Non-Expiring
Capital Loss
Carryforward
-----------------------
<S> <C>
First Trust Consumer Discretionary AlphaDEX(R) Fund $ 434,139,547
First Trust Consumer Staples AlphaDEX(R) Fund 256,753,947
First Trust Energy AlphaDEX(R) Fund 509,470,538
First Trust Financials AlphaDEX(R) Fund 250,428,470
First Trust Health Care AlphaDEX(R) Fund 605,995,854
First Trust Industrials/Producer Durables AlphaDEX(R) Fund 279,915,924
First Trust Materials AlphaDEX(R) Fund 189,562,104
First Trust Technology AlphaDEX(R) Fund 621,843,707
First Trust Utilities AlphaDEX(R) Fund 193,039,184
</TABLE>
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, 2022, the Funds had no
net late year ordinary or capital losses.
Page 61
--------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
--------------------------------------------------------------------------------
FIRST TRUST EXCHANGE-TRADED ALPHADEX(R) FUND
SECTOR FUNDS
JANUARY 31, 2023 (UNAUDITED)
As of January 31, 2023, the aggregate cost, gross unrealized appreciation, gross
unrealized depreciation, and net unrealized appreciation/(depreciation) on
investments (including short positions and derivatives, if any) for federal
income tax purposes were as follows:
<TABLE>
<CAPTION>
Gross Gross Net Unrealized
Unrealized Unrealized Appreciation
Tax Cost Appreciation (Depreciation) (Depreciation)
------------------ ------------------ ------------------ ------------------
<S> <C> <C> <C> <C>
First Trust Consumer Discretionary AlphaDEX(R) Fund $ 347,338,669 $ 32,965,002 $ (27,795,335) $ 5,169,667
First Trust Consumer Staples AlphaDEX(R) Fund 721,206,516 59,840,002 (26,747,362) 33,092,640
First Trust Energy AlphaDEX(R) Fund 1,750,444,991 253,370,716 (16,291,531) 237,079,185
First Trust Financials AlphaDEX(R) Fund 1,191,840,566 109,149,588 (51,869,470) 57,280,118
First Trust Health Care AlphaDEX(R) Fund 1,451,893,026 257,842,120 (40,395,991) 217,446,129
First Trust Industrials/Producer Durables
AlphaDEX(R) Fund 1,505,768,618 177,806,924 (44,571,071) 133,235,853
First Trust Materials AlphaDEX(R) Fund 1,590,101,617 142,191,155 (59,594,238) 82,596,917
First Trust Technology AlphaDEX(R) Fund 1,029,820,296 103,624,403 (72,895,675) 30,728,728
First Trust Utilities AlphaDEX(R) Fund 368,412,789 16,791,332 (11,352,938) 5,438,394
</TABLE>
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.
Effective November 1, 2022, the management fee payable by each Fund to First
Trust for these services will be reduced at certain levels of each Fund's net
assets ("breakpoints") and calculated pursuant to the schedule below:
<TABLE>
<CAPTION>
Breakpoints
-------------------------------------------------------------------------
<S> <C>
Fund net assets up to and including $2.5 billion 0.5000%
Fund net assets greater than $2.5 billion up to and including $5 billion 0.4875%
Fund net assets greater than $5 billion up to and including $7.5 billion 0.4750%
Fund net assets greater than $7.5 billion up to and including $10 billion 0.4625%
Fund net assets greater than $10 billion up to and including $15 billion 0.4500%
Fund net assets greater than $15 billion 0.4250%
</TABLE>
Prior to November 1, 2022, First Trust was 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 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, 2023.
Prior to November 1, 2022, expenses reimbursed and fees waived by First Trust
under the Recovery Agreement were subject to recovery by First Trust for up to
three years from the date the fee or expense was incurred, but no reimbursement
payment would be made by a Fund if it resulted in the Fund's expenses 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
Page 62
--------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
--------------------------------------------------------------------------------
FIRST TRUST EXCHANGE-TRADED ALPHADEX(R) FUND
SECTOR FUNDS
JANUARY 31, 2023 (UNAUDITED)
expense limitation. These amounts would be included in "Expenses previously
waived or reimbursed" on the Statements of Operations. Effective November 1,
2022, in connection with the introduction of breakpoints discussed above, First
Trust has agreed to remove its ability to recover previous expenses borne and
fees waived under the Recovery Agreement.
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 target outcome fund or an index fund.
Additionally, the Lead Independent Trustee and the Chairs 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 Chairs
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, 2023, the cost of purchases and proceeds
from sales of investments for each Fund, excluding short-term investments and
in-kind transactions, were as follows:
<TABLE>
<CAPTION>
Purchases Sales
--------------- ---------------
<S> <C> <C>
First Trust Consumer Discretionary AlphaDEX(R) Fund $ 133,157,369 $ 134,386,859
First Trust Consumer Staples AlphaDEX(R) Fund 176,873,378 181,264,403
First Trust Energy AlphaDEX(R) Fund 610,372,057 601,490,952
First Trust Financials AlphaDEX(R) Fund 456,186,034 458,470,430
First Trust Health Care AlphaDEX(R) Fund 607,280,118 609,802,552
First Trust Industrials/Producer Durables AlphaDEX(R) Fund 628,210,091 628,602,828
First Trust Materials AlphaDEX(R) Fund 242,504,818 245,420,416
First Trust Technology AlphaDEX(R) Fund 475,556,777 475,044,636
First Trust Utilities AlphaDEX(R) Fund 77,378,392 78,512,610
</TABLE>
For the six months ended January 31, 2023, the cost of in-kind purchases and
proceeds from in-kind sales for each Fund were as follows:
<TABLE>
<CAPTION>
Purchases Sales
--------------- ---------------
<S> <C> <C>
First Trust Consumer Discretionary AlphaDEX(R) Fund $ 4,448,775 $ 79,163,964
First Trust Consumer Staples AlphaDEX(R) Fund 157,809,813 48,607,954
First Trust Energy AlphaDEX(R) Fund 390,952,363 103,525,190
First Trust Financials AlphaDEX(R) Fund 34,405,063 89,447,819
First Trust Health Care AlphaDEX(R) Fund 172,300,655 67,281,489
First Trust Industrials/Producer Durables AlphaDEX(R) Fund 111,317,977 130,632,257
First Trust Materials AlphaDEX(R) Fund 124,244,904 205,275,970
First Trust Technology AlphaDEX(R) Fund 27,986,371 90,426,562
First Trust Utilities AlphaDEX(R) Fund 105,901,812 111,652,359
</TABLE>
5. CREATIONS, REDEMPTIONS AND TRANSACTION FEES
Each Fund generally issues and redeems its shares in primary market transactions
through a creation and redemption mechanism and does not sell or redeem
individual shares. Instead, financial entities known as "Authorized
Participants" have contractual arrangements with a Fund or one of the Fund's
service providers to purchase and redeem Fund shares directly with the Fund in
large blocks of shares known as "Creation Units." Prior to the start of trading
on every business day, a Fund publishes through the National Securities Clearing
Corporation ("NSCC") the "basket" of securities, cash or other assets that it
will accept in exchange for a Creation Unit of the
Page 63
--------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
--------------------------------------------------------------------------------
FIRST TRUST EXCHANGE-TRADED ALPHADEX(R) FUND
SECTOR FUNDS
JANUARY 31, 2023 (UNAUDITED)
Fund's shares. An Authorized Participant that wishes to effectuate a creation of
a Fund's shares deposits with the Fund the "basket" of securities, cash or other
assets identified by the Fund that day, and then receives the Creation Unit of
the Fund's shares in return for those assets. After purchasing a Creation Unit,
the Authorized Participant may continue to hold the Fund's shares or sell them
in the secondary market. The redemption process is the reverse of the purchase
process: the Authorized Participant redeems a Creation Unit of a Fund's shares
for a basket of securities, cash or other assets. The combination of the
creation and redemption process with secondary market trading in a Fund's shares
and underlying securities provides arbitrage opportunities that are designed to
help keep the market price of a Fund's shares at or close to the NAV per share
of the Fund.
Each Fund imposes fees in connection with the purchase of Creation Units. These
fees may vary based upon various fact-based circumstances, including, but not
limited to, the composition of the securities included in the Creation Unit or
the countries in which the transactions are settled. The price for each Creation
Unit will equal the daily NAV per share of a Fund times the number of shares in
a Creation Unit, plus the fees described above and, if applicable, any
operational processing and brokerage costs, transfer fees, stamp taxes and part
or all of the spread between the expected bid and offer side of the market
related to the securities comprising the creation basket.
Each Fund also imposes fees in connection with the redemption of Creation Units.
These fees may vary based upon various fact-based circumstances, including, but
not limited to, the composition of the securities included in the Creation Unit
or the countries in which the transactions are settled. The price received for
each Creation Unit will equal the daily NAV per share of a Fund times the number
of shares in a Creation Unit, minus the fees described above and, if applicable,
any operational processing and brokerage costs, transfer fees, stamp taxes and
part or all of the spread between the expected bid and offer side of the market
related to the securities comprising the redemption basket. Investors who use
the services of a broker or other such intermediary in addition to an Authorized
Participant to effect a redemption of a Creation Unit may also be assessed an
amount to cover the cost of such services. The redemption fee charged by a Fund
will comply with Rule 22c-2 of the 1940 Act which limits redemption fees to no
more than 2% of the value of the shares redeemed.
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, 2023.
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 the following subsequent events:
On March 10, 2023, Silicon Valley Bank was placed in receivership under the
Federal Deposit Insurance Company. The parent company of Silicon Valley Bank is
SVB Financial Group, which is held in FXO. Since that event, SVB Financial Group
has been valued at zero.
On March 12, 2023, Signature Bank, which is held in FXO, was placed in
receivership under the Federal Deposit Insurance Company. Since that event,
Signature Bank has been valued at zero.
Page 64
--------------------------------------------------------------------------------
ADDITIONAL INFORMATION
--------------------------------------------------------------------------------
FIRST TRUST EXCHANGE-TRADED ALPHADEX(R) FUND
SECTOR FUNDS
JANUARY 31, 2023 (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 significant
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
more broadly diversified.
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.
DEFINED OUTCOME FUNDS RISK. To the extent a fund's investment strategy is
designed to deliver returns tied to the price performance of an underlying ETF,
an investor may not realize the returns the fund seeks to achieve if that
investor does not hold shares for the entire target outcome period. In the event
an investor purchases shares after the first day of the target outcome period or
sells shares prior to the end of the target outcome period, the buffer that the
fund seeks to provide against a decline in the value of the underlying ETF may
not be available, the enhanced returns that the fund seeks to provide (if any)
may not be available and the investor may not participate in a gain in the value
of the underlying ETF up to the cap for the investor's investment period.
Additionally, the fund will not participate in gains of the underlying ETF above
the cap and a shareholder may lose their entire investment. If the fund seeks
enhanced returns, there are certain time periods when the value of the fund may
fall faster than the value of the underlying ETF, and it is very unlikely that,
on any given day during which the underlying ETF share price increases in value,
the fund's share price will increase at the same rate as the enhanced returns
sought by the fund, which is designed for an entire target outcome period.
Trading flexible exchange options involves risks different from, or possibly
greater than, the risks associated with investing directly in securities, such
as less liquidity and correlation and valuation risks. A fund may experience
substantial downside from specific flexible exchange option positions and
certain positions may expire worthless.
Page 65
--------------------------------------------------------------------------------
ADDITIONAL INFORMATION (CONTINUED)
--------------------------------------------------------------------------------
FIRST TRUST EXCHANGE-TRADED ALPHADEX(R) FUND
SECTOR FUNDS
JANUARY 31, 2023 (UNAUDITED)
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.
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 OR MODEL CONSTITUENT RISK. Certain funds may be a constituent of one or
more indices or ETF models. 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 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. In addition, index rebalances may potentially result in increased
trading activity in a fund's shares.
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. The United Kingdom's Financial
Conduct Authority, which regulates LIBOR has ceased making LIBOR available as a
reference rate over a phase-out period that began December 31, 2021. There is no
assurance that any alternative reference rate, including the Secured Overnight
Financing Rate ("SOFR") will be similar to or produce the same value or economic
equivalence as LIBOR or that instruments using an alternative rate will have the
Page 66
--------------------------------------------------------------------------------
ADDITIONAL INFORMATION (CONTINUED)
--------------------------------------------------------------------------------
FIRST TRUST EXCHANGE-TRADED ALPHADEX(R) FUND
SECTOR FUNDS
JANUARY 31, 2023 (UNAUDITED)
same volume or liquidity. 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, and they 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. Market risk is the risk that a particular security, or shares of a
fund in general, may fall in value. 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. In February
2022, Russia invaded Ukraine which has caused and could continue to cause
significant market disruptions and volatility within the markets in Russia,
Europe, and the United States. The hostilities and sanctions resulting from
those hostilities could have a significant impact on certain fund investments as
well as fund performance. The COVID-19 global pandemic and the ensuing policies
enacted by governments and central banks have caused and may continue to cause
significant volatility and uncertainty in global financial markets. While the
U.S. has resumed "reasonably" normal business activity, many countries continue
to impose lockdown measures. Additionally, there is no guarantee that vaccines
will be effective against emerging variants of the disease. These events also
adversely affect the prices and liquidity of a fund's portfolio securities or
other instruments and could result in disruptions in the trading markets. Any of
such circumstances could have a materially negative impact on the value of a
fund's shares and result in increased market volatility. During any such events,
a fund's shares may trade at increased premiums or discounts to their net asset
value and the bid/ask spread on a fund's shares may widen.
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;
capital controls; lack of liquidity; currency exchange rates; excessive
taxation; government seizure of assets; the imposition of sanctions by foreign
governments; 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.
OPERATIONAL RISK. Each fund is subject to risks arising from various operational
factors, including, but not limited to, human error, processing and
communication errors, errors of a fund's service providers, counterparties or
other third-parties, failed or inadequate processes and technology or systems
failures. Each fund relies on third-parties for a range of services, including
custody. Any delay or failure relating to engaging or maintaining such service
providers may affect a fund's ability to meet its investment objective. Although
the funds and the funds' investment advisor seek to reduce these operational
risks through controls and procedures, there is no way to completely protect
against such risks.
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.
PREFERRED SECURITIES RISK. Preferred securities combine some of the
characteristics of both common stocks and bonds. Preferred securities are
typically subordinated to bonds and other debt securities in a company's capital
structure in terms of priority to corporate income, subjecting them to greater
credit risk than those debt securities. Generally, holders of preferred
securities have no voting rights with respect to the issuing company unless
preferred dividends have been in arrears for a specified number of periods, at
which time the preferred security holders may obtain limited rights. In certain
circumstances, an issuer of preferred securities may defer payment on the
securities and, in some cases, redeem the securities prior to a specified date.
Preferred securities may also be substantially less liquid than other
securities, including common stock.
VALUATION RISK. The valuation of certain securities may carry more risk than
that of common stock. Uncertainties in the conditions of the financial markets,
unreliable reference data, lack of transparency and inconsistency of valuation
models and processes may lead to inaccurate asset pricing. A fund may hold
investments in sizes smaller than institutionally sized round lot positions
Page 67
--------------------------------------------------------------------------------
ADDITIONAL INFORMATION (CONTINUED)
--------------------------------------------------------------------------------
FIRST TRUST EXCHANGE-TRADED ALPHADEX(R) FUND
SECTOR FUNDS
JANUARY 31, 2023 (UNAUDITED)
(sometimes referred to as odd lots). However, third-party pricing services
generally provide evaluations on the basis of institutionally-sized round lots.
If a fund sells certain of its investments in an odd lot transaction, the sale
price may be less than the value at which such securities have been held by the
fund. Odd lots often trade at lower prices than institutional round lots. There
is no assurance that the fund will be able to sell a portfolio security at the
price established by the pricing service, which could result in a loss to the
fund.
NOT FDIC INSURED NOT BANK GUARANTEED MAY LOSE VALUE
ADVISORY AGREEMENT
BOARD CONSIDERATIONS REGARDING APPROVAL OF AMENDMENT TO THE INVESTMENT
MANAGEMENT AGREEMENT
The Board of Trustees of First Trust Exchange-Traded AlphaDEX(R) Fund (the
"Trust"), including the Independent Trustees, unanimously approved the amendment
(the "Amendment") of the Investment Management Agreement (the "Agreement") with
First Trust Advisors L.P. (the "Advisor") on behalf of the following nine series
of the Trust (each a "Fund" and collectively, the "Funds"):
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)
The Board approved the Amendment for each Fund at a meeting held on October 24,
2022. As part of the review process, the Board reviewed information and had
preliminary discussions with the Advisor regarding the proposed Amendment at
meetings held on April 18, 2022, June 12-13, 2022 and September 18-19, 2022.
Following those preliminary discussions, the Board requested and received
information from the Advisor regarding the proposed Amendment, and that
information was considered at an executive session of the Independent Trustees
and their counsel held prior to the October 24, 2022 meeting, as well as at the
October meeting.
In reviewing the Amendment for each Fund, the Board considered that the purpose
of the Amendment is to modify the advisory fee rate for each Fund under the
Agreement by introducing a breakpoint schedule pursuant to which the advisory
fee rate paid by each Fund to the Advisor will be reduced as assets of such Fund
meet certain thresholds. The Board noted the Advisor's representations that the
quality and quantity of the services provided to each Fund by the Advisor under
the Agreement will not be reduced or modified as a result of the Amendment, and
that the obligations of the Advisor under the Agreement will remain the same in
all respects. The Board noted that it, including the Independent Trustees, last
approved the continuation of the Agreement for each Fund for a one-year period
ending June 30, 2023 at a meeting held on June 12-13, 2022. The Board noted that
in connection with such approval it had determined for each Fund, based upon the
information provided, that the terms of the Agreement were fair and reasonable
and that the continuation of the Agreement was in the best interests of the Fund
in light of the nature, extent and quality of the services provided and such
other matters as the Board considered to be relevant in the exercise of its
business judgment.
The Board noted that the Advisor had previously agreed to waive management fees
and reimburse certain expenses for a specified period to prevent each Fund's
expense ratio from exceeding a particular expense cap, that the expense cap for
each Fund would continue following entry into the Amendment, and that under the
current terms of the expense caps, expenses reimbursed and fees waived are
subject to recovery by the Advisor for up to three years from the date the fee
was waived or expense was incurred under certain conditions. The Board noted
that in connection with the Amendment, the Advisor agreed to amend the terms of
the expense caps to eliminate its ability to recover any fees waived or expenses
reimbursed.
Based on all of the information considered, the Board, including the Independent
Trustees, unanimously determined that the terms of the Amendment are fair and
reasonable and that the Amendment is in the best interests of each Fund.
Page 68
--------------------------------------------------------------------------------
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
320 South Canal Street
Chicago, IL 60606
[BLANK BACK COVER]
--------------------------------------------------------------------------------
FIRST TRUST
FIRST TRUST EXCHANGE-TRADED ALPHADEX(R) FUND
Semi-Annual Report January 31, 2023
--------------------------------------------------------------------------------
AlphaDEX(R) Style Funds
-----------------------
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)
AlphaDEX(R)
FAMILY OF ETFS
AlphaDEX(R) is a registered trademark of First Trust Portfolios L.P.
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
TABLE OF CONTENTS
--------------------------------------------------------------------------------
FIRST TRUST EXCHANGE-TRADED ALPHADEX(R) FUND
STYLE FUNDS
SEMI-ANNUAL REPORT
JANUARY 31, 2023
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
Notes to Fund Performance Overview......................................... 26
Understanding Your Fund Expenses........................................... 27
Portfolio of Investments
First Trust Large Cap Core AlphaDEX(R) Fund (FEX).................... 29
First Trust Mid Cap Core AlphaDEX(R) Fund (FNX)...................... 35
First Trust Small Cap Core AlphaDEX(R) Fund (FYX).................... 43
First Trust Large Cap Value AlphaDEX(R) Fund (FTA)................... 52
First Trust Large Cap Growth AlphaDEX(R) Fund (FTC).................. 56
First Trust Multi Cap Value AlphaDEX(R) Fund (FAB)................... 60
First Trust Multi Cap Growth AlphaDEX(R) Fund (FAD).................. 70
First Trust Mid Cap Value AlphaDEX(R) Fund (FNK)..................... 81
First Trust Mid Cap Growth AlphaDEX(R) Fund (FNY).................... 85
First Trust Small Cap Value AlphaDEX(R) Fund (FYT)................... 91
First Trust Small Cap Growth AlphaDEX(R) Fund (FYC).................. 97
Statements of Assets and Liabilities....................................... 104
Statements of Operations................................................... 107
Statements of Changes in Net Assets........................................ 110
Financial Highlights....................................................... 114
Notes to Financial Statements.............................................. 120
Additional Information..................................................... 130
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
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's 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 certain 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.
Page 1
--------------------------------------------------------------------------------
SHAREHOLDER LETTER
--------------------------------------------------------------------------------
FIRST TRUST EXCHANGE-TRADED ALPHADEX(R) FUND
SEMI-ANNUAL LETTER FROM THE CHAIRMAN AND CEO
JANUARY 31, 2023
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-month period ended
January 31, 2023.
Given recent inflation data, the Federal Reserve's (the "Fed") monetary policy
remains front and center in most discussions regarding the outlook of the U.S.
economy. Annual revisions to the Consumer Price Index released on February 10,
2023, showed that prices climbed at a 3.3% annual rate in the last three months
of 2022, not the 1.8% rate reported four weeks prior, according to Brian
Wesbury, Chief Economist at First Trust. Additionally, "core" inflation, which
excludes volatile food and energy prices, was also revised upwards from 3.1% to
4.3% over the period. Furthermore, January's 2023 jobs data came in better than
expected, with non-farm payroll employment rising by 517,000. It is precisely
this situation: stubbornly high inflation, strong jobs growth and increasing
interest rates, which has many pundits debating whether the typical U.S.
consumer can remain healthy enough to help ward off an economic recession.
As many investors know, the consumer is an essential driver of economic growth
in the U.S. On average, over the 15-year period ended October 1, 2022, consumer
spending accounted for 67.8% of the U.S. gross domestic product ("GDP").
Crucially, recent data regarding consumer health has been mixed, in my opinion.
On one hand, the Commerce Department reported that in December 2022, the U.S.
savings rate rose to its highest level in seven months, coming in at 3.4%. On
the other hand, while December's savings rate was a welcome reversal from the
declines suffered throughout 2021 and 2022, it could indicate that consumers are
beginning to pull back on discretionary spending amidst a cloudier economic
outlook, according to Bloomberg. Recent data shows that the average interest
rate on U.S. credit cards rose to 19.07% in the fourth quarter of 2022, its
highest level in over 50 years. Additionally, U.S. credit card debt reached a
record $930.6 billion in the fourth quarter, jumping 18.5% year-over-year. Even
so, debt service payments accounted for just 9.75% of disposable personal income
in the third quarter of 2022. This figure is higher than its historic low of
8.33% set in 2021 but is also well below its peak of 13.17% set in 2007. In my
view, it is worth keeping an eye on debt service payments. If higher payments
lead to a decline in discretionary spending, it could negatively impact GDP.
I would like to take a moment to remind you that even though nearly three years
have passed since the World Health Organization initially declared the
coronavirus outbreak a global pandemic, the economic impact of worldwide
lockdowns and the subsequent governmental stimulus is still very real. China,
for example, only recently dropped its requirement that incoming travelers must
quarantine before entering the country. In addition, the global economy has yet
to fully absorb the impact of the fiscal policies enacted to jump start consumer
spending in 2020, in my view. As evidence of this, each of the countries that
comprise the G-10 currently has a headline inflation rate that stands well above
its stated target. Central banks likely have more work to do, in my opinion.
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.
Page 2
--------------------------------------------------------------------------------
MARKET OVERVIEW
--------------------------------------------------------------------------------
FIRST TRUST EXCHANGE-TRADED ALPHADEX(R) FUND
SEMI-ANNUAL REPORT
JANUARY 31, 2023
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 more than 30 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
Suffice it to say, the debate regarding the Federal Reserve (the "Fed") and its
interest rate policy remains unsettled in the new year. Recent economic data,
including stubbornly high inflation and better-than-expected jobs growth in
January 2023 could be a signal to the Fed that further rate hikes may be
necessary. After cresting at 9.1% on June 30, 2022, inflation, as measured by
the Consumer Price Index ("CPI") has been declining, with the most recent
reading coming in at 6.4% on January 31, 2023. While the drop in the CPI was a
welcome sight, inflation is still elevated. For comparative purposes, the CPI
averaged 2.5% over the 30-year period ended January 31, 2023. As many investors
know, the Federal Funds target rate is one of the most effective tools that the
Fed has in its battle with inflation. Over the course of the 2022 calendar year,
the Fed increased the Federal Funds target rate (upper bound) a total of seven
times, raising it from 0.25% to 4.50%. These rate hikes continued in 2023, with
an increase of 25 basis points occurring on February 1, 2023. Given the current
economic backdrop, the Fed may have a difficult time achieving the soft landing
we have been talking about over the past year, in our opinion.
The global growth forecast from the International Monetary Fund ("IMF") released
in January 2023 projected a 2.9% real gross domestic product growth rate for
2023, down from 3.4% in 2022. The IMF is calling for a 1.4% growth rate for the
U.S. in 2023, down from its 2.0% estimate for 2022. As has been the case for
many years, Emerging Market and Developing Economies are expected to grow faster
than Advanced Economies. Their 2023 growth rate estimates are 4.0% and 1.2%,
respectively.
STYLE/EQUITY INVESTING
For the six-month period ended January 31, 2023, the S&P 500(R) Index (the
"Index") posted a total return of -0.44%, according to Bloomberg.
Large-capitalization ("cap") value stocks outperformed large-cap growth stocks
in the period. The S&P 500(R) Value Index posted a total return of 8.09%,
compared to -8.70% for the S&P 500(R) Growth Index during the same period. The
S&P MidCap 400(R) Index posted a total return of 6.47% for the same period.
Mid-cap value stocks outperformed mid-cap growth stocks over the same period.
The S&P MidCap 400(R) Value Index posted a total return of 10.41%, compared to
2.61% for the S&P MidCap 400(R) Growth Index during the same period. The S&P
SmallCap 600(R) Index posted a total return of 3.02% during the same period.
Small-cap value stocks outperformed small-cap growth stocks for the same period.
The S&P SmallCap 600(R) Value Index posted a total return of 6.82%, as compared
to -0.71% for the S&P SmallCap 600(R) Growth Index during the same period.
The Index closed at 4,076.60 on January 31, 2023, 15.01% below its all-time
high, according to Bloomberg. A Bloomberg survey of 24 equity strategists found
that their average 2023 year-end price target for the Index was 4,050 as of
February 17, 2023 (most recent release). The highest and lowest estimates were
4,750 and 3,225, respectively. Brian Wesbury, Chief Economist at First Trust has
a year-end price target of 3,900. Keep in mind that these forecasts are subject
to change. Index earnings projections are negative for 2023, but positive for
2024. As of February 17, 2023, Bloomberg's consensus year-over-year earnings
growth rate estimates for 2023 and 2024 stood at -1.85% and 11.54%,
respectively.
Investors continued to funnel capital into exchange-traded funds ("ETFs") and
related exchange-traded products ("ETPs") in 2022 despite the sharp sell-off in
the markets. ETFGI, an independent research and consultancy firm, reported that
total assets invested in ETFs/ETPs listed in the U.S. stood at $6.51 trillion as
of year-end, down 9.8% from $7.21 trillion at the end of 2021, according to its
own release. Net inflows to ETFs/ETPs listed in the U.S. stood at $607.23
billion in 2022, their second highest level on record, surpassed only by the
$919.78 billion of inflows in 2021. Globally, the ETFs industry gathered net
inflows of $30.96 billion in January 2023, marking the 44th consecutive month of
inflows. January's inflows brought the total assets invested in the global ETFs
industry to $9.81 trillion.
Page 3
--------------------------------------------------------------------------------
FUND PERFORMANCE OVERVIEW (UNAUDITED)
--------------------------------------------------------------------------------
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 the 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 is owned, developed, maintained and sponsored by Nasdaq, Inc. (the
"Index Provider"). According to the Index Provider, 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(TM)
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.
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------------
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)
1/31/23 1/31/23 1/31/23 1/31/23 to 1/31/23 1/31/23 1/31/23 to 1/31/23
<S> <C> <C> <C> <C> <C> <C> <C> <C>
FUND PERFORMANCE
NAV 5.14% -0.56% 8.12% 11.48% 8.18% 47.77% 196.44% 244.56%
Market Price 5.13% -0.53% 8.11% 11.48% 8.18% 47.69% 196.56% 244.65%
INDEX PERFORMANCE
Nasdaq AlphaDEX(R) Large Cap
Core Index(1) 5.44% -0.01% 8.78% N/A N/A 52.30% N/A N/A
Nasdaq US 500 Large Cap Index(TM) (1) -0.65% -9.13% 9.40% N/A N/A 56.71% N/A N/A
S&P 500(R) Index -0.44% -8.22% 9.54% 12.68% 8.70% 57.71% 229.97% 271.74%
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(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 26.)
----------------------------------------------------------
% OF TOTAL
SECTOR CLASSIFICATION LONG-TERM INVESTMENTS
----------------------------------------------------------
Financials 14.5%
Industrials 13.7
Information Technology 13.3
Consumer Discretionary 10.3
Energy 10.1
Health Care 9.4
Materials 9.1
Utilities 6.8
Consumer Staples 5.2
Communication Services 4.3
Real Estate 3.3
-------
Total 100.0%
=======
----------------------------------------------------------
% OF TOTAL
TOP TEN HOLDINGS LONG-TERM INVESTMENTS
----------------------------------------------------------
Western Digital Corp. 0.6%
Paramount Global, Class B 0.6
Nucor Corp. 0.5
Capital One Financial Corp. 0.5
United Rentals, Inc. 0.5
Meta Platforms, Inc., Class A 0.5
Steel Dynamics, Inc. 0.5
International Paper Co. 0.5
Micron Technology, Inc. 0.5
Carlyle Group (The), Inc. 0.5
-------
Total 5.2%
=======
-----------------------------
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.
Page 4
--------------------------------------------------------------------------------
FUND PERFORMANCE OVERVIEW (UNAUDITED) (CONTINUED)
--------------------------------------------------------------------------------
FIRST TRUST LARGE CAP CORE ALPHADEX(R) FUND (FEX) (CONTINUED)
<TABLE>
<CAPTION>
PERFORMANCE OF A $10,000 INITIAL INVESTMENT
JULY 31, 2012 - JANUARY 31, 2023
First Trust Large Cap Core S&P 500(R)
AlphaDEX(R) Fund Index
<S> <C> <C>
7/31/12 $10,000 $10,000
1/31/13 11,498 10,991
7/31/13 13,140 12,500
1/31/14 14,123 13,356
7/31/14 15,483 14,617
1/31/15 16,090 15,256
7/31/15 16,671 16,255
1/31/16 14,925 15,155
7/31/16 17,270 17,169
1/31/17 18,498 18,192
7/31/17 20,150 19,922
1/31/18 23,065 22,996
7/31/18 22,914 23,157
1/31/19 21,685 22,464
7/31/19 23,713 25,008
1/31/20 24,659 27,337
7/31/20 24,178 27,999
1/31/21 28,829 32,053
7/31/21 34,031 38,202
1/31/22 34,280 39,516
7/31/22 32,421 36,428
1/31/23 34,088 36,267
</TABLE>
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
Information showing the number of days the market price of the Fund's shares was
greater (at a premium) and less (at a discount) than the Fund's net asset value
for the most recently completed year, and the most recently completed calendar
quarters since that year (or life of the Fund, if shorter) is available at
https://www.ftportfolios.com/Retail/etf/home.aspx.
Page 5
--------------------------------------------------------------------------------
FUND PERFORMANCE OVERVIEW (UNAUDITED) (CONTINUED)
--------------------------------------------------------------------------------
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 the 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 is owned, developed, maintained and sponsored by Nasdaq, Inc. (the
"Index Provider"). According to the Index Provider, 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(TM)
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.
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------------
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)
1/31/23 1/31/23 1/31/23 1/31/23 to 1/31/23 1/31/23 1/31/23 to 1/31/23
<S> <C> <C> <C> <C> <C> <C> <C> <C>
FUND PERFORMANCE
NAV 5.38% 1.40% 8.56% 10.44% 8.69% 50.79% 169.93% 270.98%
Market Price 5.40% 1.43% 8.57% 10.44% 8.69% 50.88% 169.82% 271.03%
INDEX PERFORMANCE
Nasdaq AlphaDEX(R) Mid Cap Core
Index(1) 5.71% 2.03% 9.25% N/A N/A 55.61% N/A N/A
Nasdaq US 600 Mid Cap Index(TM) (1) 4.53% -2.80% 7.16% N/A N/A 41.27% N/A N/A
S&P MidCap 400(R) Index 6.47% 2.34% 7.99% 10.98% 8.83% 46.88% 183.54% 278.55%
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(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 26.)
----------------------------------------------------------
% OF TOTAL
SECTOR CLASSIFICATION LONG-TERM INVESTMENTS
----------------------------------------------------------
Consumer Discretionary 20.0%
Industrials 18.9
Financials 15.7
Information Technology 9.4
Health Care 7.7
Materials 7.0
Energy 6.6
Real Estate 4.9
Utilities 3.7
Consumer Staples 3.4
Communication Services 2.7
-------
Total 100.0%
=======
----------------------------------------------------------
% OF TOTAL
TOP TEN HOLDINGS LONG-TERM INVESTMENTS
----------------------------------------------------------
Ally Financial, Inc. 0.4%
Royal Caribbean Cruises Ltd. 0.4
United Airlines Holdings, Inc. 0.4
OneMain Holdings, Inc. 0.4
Lithia Motors, Inc. 0.4
Kohl's Corp. 0.4
PVH Corp. 0.4
Thor Industries, Inc. 0.4
PulteGroup, Inc. 0.4
Builders FirstSource, Inc. 0.4
-------
Total 4.0%
=======
-----------------------------
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.
Page 6
--------------------------------------------------------------------------------
FUND PERFORMANCE OVERVIEW (UNAUDITED) (CONTINUED)
--------------------------------------------------------------------------------
FIRST TRUST MID CAP CORE ALPHADEX(R) FUND (FNX) (CONTINUED)
<TABLE>
<CAPTION>
PERFORMANCE OF A $10,000 INITIAL INVESTMENT
JULY 31, 2012 - JANUARY 31, 2023
First Trust Mid Cap S&P MidCap
Core AlphaDEX(R) Fund 400 (R) Index
<S> <C> <C>
7/12 $10,000 $10,000
1/13 11,676 11,719
7/13 13,271 13,300
1/14 14,493 14,281
7/14 15,061 15,014
1/15 15,320 15,835
7/15 15,896 16,709
1/16 13,680 14,774
7/16 16,017 17,633
1/17 17,519 19,231
7/17 18,357 20,223
1/18 20,898 22,618
7/18 21,538 23,163
1/19 20,249 21,603
7/19 21,801 23,349
1/20 22,177 24,040
7/20 20,519 22,520
1/21 27,086 28,472
7/21 31,726 33,095
1/22 31,081 32,465
7/22 29,907 31,207
1/23 31,516 33,266
</TABLE>
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
Information showing the number of days the market price of the Fund's shares was
greater (at a premium) and less (at a discount) than the Fund's net asset value
for the most recently completed year, and the most recently completed calendar
quarters since that year (or life of the Fund, if shorter) is available at
https://www.ftportfolios.com/Retail/etf/home.aspx.
Page 7
--------------------------------------------------------------------------------
FUND PERFORMANCE OVERVIEW (UNAUDITED) (CONTINUED)
--------------------------------------------------------------------------------
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 the 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 is owned, developed, maintained and sponsored by Nasdaq, Inc. (the
"Index Provider"). According to the Index Provider, 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(TM)
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.
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------------
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)
1/31/23 1/31/23 1/31/23 1/31/23 to 1/31/23 1/31/23 1/31/23 to 1/31/23
<S> <C> <C> <C> <C> <C> <C> <C> <C>
FUND PERFORMANCE
NAV 3.47% -2.61% 7.96% 10.12% 7.75% 46.63% 162.11% 223.50%
Market Price 3.51% -2.55% 7.97% 10.09% 7.75% 46.73% 161.52% 223.52%
INDEX PERFORMANCE
Nasdaq AlphaDEX(R) Small Cap Core
Index(1) 3.81% -2.01% 8.68% N/A N/A 51.58% N/A N/A
Nasdaq US 700 Small Cap Index(TM) (1) 4.52% -3.83% 7.21% N/A N/A 41.67% N/A N/A
S&P SmallCap 600(R) Index 3.02% -0.94% 7.28% 11.20% 8.53% 42.10% 189.15% 262.36%
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(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 26.)
----------------------------------------------------------
% OF TOTAL
SECTOR CLASSIFICATION LONG-TERM INVESTMENTS
----------------------------------------------------------
Financials 18.6%
Industrials 17.0
Consumer Discretionary 15.2
Information Technology 11.3
Energy 7.3
Real Estate 7.3
Health Care 7.2
Consumer Staples 5.9
Materials 5.0
Communication Services 3.8
Utilities 1.4
-------
Total 100.0%
=======
----------------------------------------------------------
% OF TOTAL
TOP TEN HOLDINGS LONG-TERM INVESTMENTS
----------------------------------------------------------
Transocean Ltd. 0.4%
Wolverine World Wide, Inc. 0.4
Axcelis Technologies, Inc. 0.4
Anywhere Real Estate, Inc. 0.4
M/I Homes, Inc. 0.4
Hims & Hers Health, Inc. 0.4
Green Brick Partners, Inc. 0.4
Telephone and Data Systems, Inc. 0.4
Jackson Financial, Inc., Class A 0.4
WideOpenWest, Inc. 0.4
-------
Total 4.0%
=======
-----------------------------
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.
Page 8
--------------------------------------------------------------------------------
FUND PERFORMANCE OVERVIEW (UNAUDITED) (CONTINUED)
--------------------------------------------------------------------------------
FIRST TRUST SMALL CAP CORE ALPHADEX(R) FUND (FYX) (CONTINUED)
<TABLE>
<CAPTION>
PERFORMANCE OF A $10,000 INITIAL INVESTMENT
JULY 31, 2012 - JANUARY 31, 2023
First Trust Small Cap S&P SmallCap
Core AlphaDEX(R) Fund 600(R) Index
<S> <C> <C>
7/31/12 $10,000 $10,000
1/31/13 11,635 11,484
7/31/13 13,658 13,478
1/31/14 14,989 14,750
7/31/14 14,977 14,965
1/31/15 15,329 15,658
7/31/15 15,795 16,757
1/31/16 13,512 14,924
7/31/16 16,142 17,755
1/31/17 17,904 20,049
7/31/17 18,730 20,891
1/31/18 20,799 23,369
7/31/18 22,420 25,715
1/31/19 20,429 23,076
7/31/19 20,955 23,979
1/31/20 21,026 24,588
7/31/20 19,166 21,899
1/31/21 27,843 30,288
7/31/21 31,522 34,373
1/31/22 31,315 33,519
7/31/22 29,472 32,232
1/31/23 30,496 33,206
</TABLE>
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
Information showing the number of days the market price of the Fund's shares was
greater (at a premium) and less (at a discount) than the Fund's net asset value
for the most recently completed year, and the most recently completed calendar
quarters since that year (or life of the Fund, if shorter) is available at
https://www.ftportfolios.com/Retail/etf/home.aspx.
Page 9
--------------------------------------------------------------------------------
FUND PERFORMANCE OVERVIEW (UNAUDITED) (CONTINUED)
--------------------------------------------------------------------------------
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 the 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 is owned, developed, maintained and sponsored by Nasdaq, Inc. (the
"Index Provider"). According to the Index Provider, 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(TM) 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.
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------------
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)
1/31/23 1/31/23 1/31/23 1/31/23 to 1/31/23 1/31/23 1/31/23 to 1/31/23
<S> <C> <C> <C> <C> <C> <C> <C> <C>
FUND PERFORMANCE
NAV 9.83% 5.13% 7.08% 10.27% 7.63% 40.78% 165.73% 217.78%
Market Price 9.83% 5.16% 7.05% 10.26% 7.62% 40.60% 165.57% 217.76%
INDEX PERFORMANCE
Nasdaq AlphaDEX(R) Large Cap
Value Index(1) 10.16% 5.74% 7.75% N/A N/A 45.21% N/A N/A
Nasdaq US 500 Large Cap Value
Index(TM) (1) 3.91% -1.62% 8.02% N/A N/A 47.09% N/A N/A
S&P 500(R) Index -0.44% -8.22% 9.54% 12.68% 8.70% 57.71% 229.97% 271.74%
S&P 500(R) Value Index 8.09% 3.08% 8.17% 10.91% 6.82% 48.07% 181.70% 182.29%
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(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 26.)
----------------------------------------------------------
% OF TOTAL
SECTOR CLASSIFICATION LONG-TERM INVESTMENTS
----------------------------------------------------------
Financials 21.9%
Industrials 11.7
Materials 11.2
Information Technology 11.1
Utilities 10.6
Consumer Discretionary 8.7
Communication Services 7.5
Health Care 6.2
Consumer Staples 6.0
Real Estate 3.4
Energy 1.7
-------
Total 100.0%
=======
----------------------------------------------------------
% OF TOTAL
TOP TEN HOLDINGS LONG-TERM INVESTMENTS
----------------------------------------------------------
Western Digital Corp. 1.2%
Paramount Global, Class B 1.1
Capital One Financial Corp. 1.1
Meta Platforms, Inc., Class A 1.0
Steel Dynamics, Inc. 1.0
International Paper Co. 1.0
Micron Technology, Inc. 1.0
Carlyle Group (The), Inc. 1.0
Celanese Corp. 1.0
Skyworks Solutions, Inc. 1.0
-------
Total 10.4%
=======
-----------------------------
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.
Page 10
--------------------------------------------------------------------------------
FUND PERFORMANCE OVERVIEW (UNAUDITED) (CONTINUED)
--------------------------------------------------------------------------------
FIRST TRUST LARGE CAP VALUE ALPHADEX(R) FUND (FTA) (CONTINUED)
<TABLE>
<CAPTION>
PERFORMANCE OF A $10,000 INITIAL INVESTMENT
JULY 31, 2012 - JANUARY 31, 2023
First Trust Large Cap S&P 500 (R) S&P 500 (R)
Value AlphaDEX(R) Fund Index Value Index
<S> <C> <C> <C>
7/31/12 $10,000 $10,000 $10,000
1/31/13 11,704 10,991 11,408
7/31/13 13,314 12,500 13,030
1/31/14 14,060 13,356 13,572
7/31/14 15,639 14,617 14,891
1/31/15 15,772 15,256 15,180
7/31/15 15,594 16,255 15,874
1/31/16 13,733 15,155 14,636
7/31/16 16,052 17,169 16,792
1/31/17 18,376 18,192 18,184
7/31/17 19,798 19,922 19,200
1/31/18 22,091 22,996 21,704
7/31/18 21,406 23,157 21,203
1/31/19 20,314 22,462 20,601
7/31/19 21,267 25,005 22,533
1/31/20 22,065 27,333 24,372
7/31/20 19,174 27,995 21,920
1/31/21 23,266 32,045 24,971
7/31/21 27,696 38,195 29,740
1/31/22 29,582 39,509 31,177
7/31/22 28,318 36,428 29,733
1/31/23 31,101 36,267 32,136
</TABLE>
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
Information showing the number of days the market price of the Fund's shares was
greater (at a premium) and less (at a discount) than the Fund's net asset value
for the most recently completed year, and the most recently completed calendar
quarters since that year (or life of the Fund, if shorter) is available at
https://www.ftportfolios.com/Retail/etf/home.aspx.
Page 11
--------------------------------------------------------------------------------
FUND PERFORMANCE OVERVIEW (UNAUDITED) (CONTINUED)
--------------------------------------------------------------------------------
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 the 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 is owned, developed, maintained and sponsored by Nasdaq, Inc. (the
"Index Provider"). According to the Index Provider, 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(TM) 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.
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------------
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)
1/31/23 1/31/23 1/31/23 1/31/23 to 1/31/23 1/31/23 1/31/23 to 1/31/23
<S> <C> <C> <C> <C> <C> <C> <C> <C>
FUND PERFORMANCE
NAV -0.90% -8.95% 8.26% 12.27% 8.27% 48.74% 218.05% 248.90%
Market Price -0.91% -8.89% 8.26% 12.27% 8.27% 48.73% 218.11% 248.96%
INDEX PERFORMANCE
Nasdaq AlphaDEX(R) Large Cap
Growth Index(1) -0.62% -8.45% 8.91% N/A N/A 53.22% N/A N/A
Nasdaq US 500 Large Cap Growth
Index(TM) (1) -3.24% -13.53% 10.79% N/A N/A 66.94% N/A N/A
S&P 500(R) Index -0.44% -8.22% 9.54% 12.68% 8.70% 57.71% 229.97% 271.74%
S&P 500(R) Growth Index -8.70% -18.62% 9.94% 13.77% 10.16% 60.65% 263.35% 358.29%
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(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 26.)
----------------------------------------------------------
% OF TOTAL
SECTOR CLASSIFICATION LONG-TERM INVESTMENTS
----------------------------------------------------------
Energy 19.6%
Information Technology 17.4
Industrials 15.3
Health Care 14.3
Consumer Discretionary 12.9
Materials 6.2
Financials 4.7
Consumer Staples 4.7
Real Estate 3.4
Utilities 1.1
Communication Services 0.4
-------
Total 100.0%
=======
----------------------------------------------------------
% OF TOTAL
TOP TEN HOLDINGS LONG-TERM INVESTMENTS
----------------------------------------------------------
Nucor Corp. 1.1%
Booking Holdings, Inc. 1.0
Freeport-McMoRan, Inc. 1.0
Valero Energy Corp. 1.0
Ulta Beauty, Inc. 0.9
Darden Restaurants, Inc. 0.9
Diamondback Energy, Inc. 0.9
FMC Corp. 0.9
Schlumberger Ltd. 0.9
W.W. Grainger, Inc. 0.9
-------
Total 9.5%
=======
-----------------------------
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.
Page 12
--------------------------------------------------------------------------------
FUND PERFORMANCE OVERVIEW (UNAUDITED) (CONTINUED)
--------------------------------------------------------------------------------
FIRST TRUST LARGE CAP GROWTH ALPHADEX(R) FUND (FTC) (CONTINUED)
<TABLE>
<CAPTION>
PERFORMANCE OF A $10,000 INITIAL INVESTMENT
JULY 31, 2012 - JANUARY 31, 2023
First Trust Large Cap S&P 500(R) S&P 500(R)
Growth AlphaDEX(R) Fund Index Growth Index
<S> <C> <C> <C>
7/31/12 $10,000 $10,000 $10,000
1/31/13 11,198 10,991 10,639
7/31/13 12,843 12,500 12,050
1/31/14 14,104 13,356 13,187
7/31/14 15,268 14,617 14,398
1/31/15 16,393 15,256 15,351
7/31/15 17,913 16,255 16,628
1/31/16 16,412 15,155 15,644
7/31/16 18,624 17,169 17,507
1/31/17 18,413 18,192 18,137
7/31/17 20,317 19,922 20,479
1/31/18 23,944 22,996 24,065
7/31/18 24,418 23,157 24,904
1/31/19 22,907 22,464 24,131
7/31/19 26,164 25,008 27,285
1/31/20 27,332 27,337 30,097
7/31/20 30,378 27,999 33,981
1/31/21 35,723 32,053 39,076
7/31/21 41,711 38,202 46,594
1/31/22 39,116 39,513 47,506
7/31/22 35,938 36,428 42,340
1/31/23 35,615 36,267 38,657
</TABLE>
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
Information showing the number of days the market price of the Fund's shares was
greater (at a premium) and less (at a discount) than the Fund's net asset value
for the most recently completed year, and the most recently completed calendar
quarters since that year (or life of the Fund, if shorter) is available at
https://www.ftportfolios.com/Retail/etf/home.aspx.
Page 13
--------------------------------------------------------------------------------
FUND PERFORMANCE OVERVIEW (UNAUDITED) (CONTINUED)
--------------------------------------------------------------------------------
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 the 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 is owned, developed, maintained and sponsored by Nasdaq, Inc. (the
"Index Provider"). According to the Index Provider, 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(TM), Nasdaq US 600 Mid Cap Index(TM), and Nasdaq US 700 Small Cap
Index(TM) (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.
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------------
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)
1/31/23 1/31/23 1/31/23 1/31/23 to 1/31/23 1/31/23 1/31/23 to 1/31/23
<S> <C> <C> <C> <C> <C> <C> <C> <C>
FUND PERFORMANCE
NAV 8.95% 5.00% 7.50% 9.83% 7.73% 43.54% 155.37% 222.74%
Market Price 8.90% 5.03% 7.49% 9.81% 7.73% 43.50% 154.98% 222.68%
INDEX PERFORMANCE
Nasdaq AlphaDEX(R) Multi Cap
Value Index(1) 9.30% 5.64% 8.26% N/A N/A 48.74% N/A N/A
Nasdaq US Multi Cap Value Index(1) 4.31% -1.07% 7.98% N/A N/A 46.82% N/A N/A
S&P Composite 1500(R) Index 0.04% -7.46% 9.38% 12.52% 8.73% 56.56% 225.33% 273.07%
S&P Composite 1500(R) Value Index 8.20% 3.40% 8.20% 10.94% 6.99% 48.32% 182.35% 189.50%
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(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 26.)
----------------------------------------------------------
% OF TOTAL
SECTOR CLASSIFICATION LONG-TERM INVESTMENTS
----------------------------------------------------------
Financials 22.8%
Consumer Discretionary 14.8
Industrials 14.4
Materials 9.3
Information Technology 9.0
Utilities 6.5
Real Estate 5.7
Communication Services 5.5
Health Care 5.1
Consumer Staples 4.8
Energy 2.1
-------
Total 100.0%
=======
----------------------------------------------------------
% OF TOTAL
TOP TEN HOLDINGS LONG-TERM INVESTMENTS
----------------------------------------------------------
Western Digital Corp. 0.6%
Paramount Global, Class B 0.6
Capital One Financial Corp. 0.5
Meta Platforms, Inc., Class A 0.5
Steel Dynamics, Inc. 0.5
International Paper Co. 0.5
Micron Technology, Inc. 0.5
Carlyle Group (The), Inc. 0.5
Celanese Corp. 0.5
Skyworks Solutions, Inc. 0.5
-------
Total 5.2%
=======
-----------------------------
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.
Page 14
--------------------------------------------------------------------------------
FUND PERFORMANCE OVERVIEW (UNAUDITED) (CONTINUED)
--------------------------------------------------------------------------------
FIRST TRUST MULTI CAP VALUE ALPHADEX(R) FUND (FAB) (CONTINUED)
<TABLE>
<CAPTION>
PERFORMANCE OF A $10,000 INITIAL INVESTMENT
JULY 31, 2012 - JANUARY 31, 2023
First Trust Multi Cap S&P Composite S&P Composite 1500(R)
Value AlphaDEX(R) Fund 1500(R) Index Value Index
<S> <C> <C> <C>
7/31/12 $10,000 $10,000 $10,000
1/31/13 11,790 11,066 11,451
7/31/13 13,593 12,598 13,099
1/31/14 14,562 13,478 13,697
7/31/14 15,683 14,664 14,962
1/31/15 15,682 15,320 15,271
7/31/15 15,567 16,314 15,937
1/31/16 13,441 15,126 14,638
7/31/16 15,875 17,227 16,897
1/31/17 18,153 18,332 18,370
7/31/17 18,964 19,985 19,339
1/31/18 20,976 22,997 21,797
7/31/18 20,916 23,245 21,444
1/31/19 19,648 22,437 20,728
7/31/19 20,159 24,883 22,578
1/31/20 20,596 27,054 24,287
7/31/20 17,691 27,473 21,721
1/31/21 22,693 31,782 25,093
7/31/21 27,307 37,780 29,910
1/31/22 28,674 38,905 31,267
7/31/22 27,636 35,988 29,879
1/31/23 30,110 36,002 32,329
</TABLE>
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
Information showing the number of days the market price of the Fund's shares was
greater (at a premium) and less (at a discount) than the Fund's net asset value
for the most recently completed year, and the most recently completed calendar
quarters since that year (or life of the Fund, if shorter) is available at
https://www.ftportfolios.com/Retail/etf/home.aspx.
Page 15
--------------------------------------------------------------------------------
FUND PERFORMANCE OVERVIEW (UNAUDITED) (CONTINUED)
--------------------------------------------------------------------------------
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 the 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 is owned, developed, maintained and sponsored by Nasdaq, Inc. (the
"Index Provider"). According to the Index Provider, the Index employs the
AlphaDEX(R) stock selection methodology which uses fundamental growth and value
factors to objectively select growth stocks from the Nasdaq US 500 Large Cap
Index(TM), Nasdaq US 600 Mid Cap Index(TM) and Nasdaq US 700 Small Cap Index(TM)
(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.
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------------
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)
1/31/23 1/31/23 1/31/23 1/31/23 to 1/31/23 1/31/23 1/31/23 to 1/31/23
<S> <C> <C> <C> <C> <C> <C> <C> <C>
FUND PERFORMANCE
NAV -0.33% -8.10% 8.17% 11.62% 8.40% 48.08% 200.27% 255.92%
Market Price -0.34% -7.98% 8.17% 11.62% 8.40% 48.06% 200.34% 255.99%
INDEX PERFORMANCE
Nasdaq AlphaDEX(R) Multi Cap
Growth Index(1) -0.03% -7.53% 8.89% N/A N/A 53.08% N/A N/A
Nasdaq US Multi Cap Growth
Index(1) -2.75% -13.07% 10.29% N/A N/A 63.19% N/A N/A
S&P Composite 1500(R) Index 0.04% -7.46% 9.38% 12.52% 8.73% 56.56% 225.33% 273.07%
S&P Composite 1500(R) Growth
Index -7.89% -17.53% 9.68% 13.49% 10.08% 58.71% 254.38% 353.45%
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(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 26.)
----------------------------------------------------------
% OF TOTAL
SECTOR CLASSIFICATION LONG-TERM INVESTMENTS
----------------------------------------------------------
Information Technology 16.5%
Industrials 16.3
Energy 15.8
Consumer Discretionary 14.4
Health Care 13.7
Materials 5.6
Financials 5.5
Consumer Staples 4.6
Real Estate 3.6
Utilities 2.2
Communication Services 1.8
-------
Total 100.0%
=======
----------------------------------------------------------
% OF TOTAL
TOP TEN HOLDINGS LONG-TERM INVESTMENTS
----------------------------------------------------------
Nucor Corp. 0.5%
Booking Holdings, Inc. 0.5
Freeport-McMoRan, Inc. 0.5
Valero Energy Corp. 0.5
Ulta Beauty, Inc. 0.5
Darden Restaurants, Inc. 0.5
Diamondback Energy, Inc. 0.5
FMC Corp. 0.4
Schlumberger Ltd. 0.4
W.W. Grainger, Inc. 0.4
-------
Total 4.7%
=======
-----------------------------
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.
Page 16
--------------------------------------------------------------------------------
FUND PERFORMANCE OVERVIEW (UNAUDITED) (CONTINUED)
--------------------------------------------------------------------------------
FIRST TRUST MULTI CAP GROWTH ALPHADEX(R) FUND (FAD) (CONTINUED)
<TABLE>
<CAPTION>
PERFORMANCE OF A $10,000 INITIAL INVESTMENT
JULY 31, 2012 - JANUARY 31, 2023
First Trust Multi Cap S&P Composite S&P Composite 1500(R)
Growth AlphaDEX(R) Fund 1500(R) Index Growth Index
<S> <C> <C> <C>
7/31/12 $10,000 $10,000 $10,000
1/31/13 11,259 11,066 10,737
7/31/13 12,800 12,598 12,165
1/31/14 14,114 13,478 13,300
7/31/14 14,674 14,664 14,417
1/31/15 15,616 15,320 15,383
7/31/15 17,004 16,314 16,677
1/31/16 15,231 15,126 15,585
7/31/16 17,456 17,227 17,522
1/31/17 17,788 18,332 18,228
7/31/17 19,524 19,985 20,466
1/31/18 22,829 22,997 23,974
7/31/18 23,977 23,247 24,837
1/31/19 22,304 22,438 23,946
7/31/19 25,094 24,884 26,987
1/31/20 25,886 27,052 29,609
7/31/20 27,663 27,472 33,102
1/31/21 35,510 31,782 38,376
7/31/21 39,862 37,780 45,510
1/31/22 36,788 38,907 46,137
7/31/22 33,921 35,988 41,309
1/31/23 33,809 36,002 38,049
</TABLE>
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
Information showing the number of days the market price of the Fund's shares was
greater (at a premium) and less (at a discount) than the Fund's net asset value
for the most recently completed year, and the most recently completed calendar
quarters since that year (or life of the Fund, if shorter) is available at
https://www.ftportfolios.com/Retail/etf/home.aspx.
Page 17
--------------------------------------------------------------------------------
FUND PERFORMANCE OVERVIEW (UNAUDITED) (CONTINUED)
--------------------------------------------------------------------------------
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 the 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 is owned, developed, maintained and sponsored by Nasdaq, Inc. (the
"Index Provider"). According to the Index Provider, 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(TM) 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.
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------------
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 (4/19/11) Ended Ended (4/19/11)
1/31/23 1/31/23 1/31/23 1/31/23 to 1/31/23 1/31/23 1/31/23 to 1/31/23
<S> <C> <C> <C> <C> <C> <C> <C> <C>
FUND PERFORMANCE
NAV 9.88% 7.32% 7.57% 9.23% 9.28% 44.06% 141.81% 184.52%
Market Price 9.92% 7.41% 7.59% 9.25% 9.28% 44.18% 142.22% 184.74%
INDEX PERFORMANCE
Nasdaq AlphaDEX(R) Mid Cap Value
Index(1) 10.28% 8.07% 8.37% N/A N/A 49.49% N/A N/A
Nasdaq US 600 Mid Cap Value
Index(TM) (1) 7.25% 2.95% 6.48% N/A N/A 36.91% N/A N/A
S&P MidCap 400(R) Value Index 10.41% 7.95% 9.03% 11.24% 10.88% 54.08% 190.10% 237.71%
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(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 26.)
----------------------------------------------------------
% OF TOTAL
SECTOR CLASSIFICATION LONG-TERM INVESTMENTS
----------------------------------------------------------
Consumer Discretionary 22.5%
Financials 21.8
Industrials 16.5
Information Technology 8.7
Materials 8.0
Real Estate 6.1
Health Care 4.6
Utilities 3.8
Communication Services 2.8
Energy 2.7
Consumer Staples 2.5
-------
Total 100.0%
=======
----------------------------------------------------------
% OF TOTAL
TOP TEN HOLDINGS LONG-TERM INVESTMENTS
----------------------------------------------------------
OneMain Holdings, Inc. 0.9%
Lithia Motors, Inc. 0.8
Kohl's Corp. 0.8
Thor Industries, Inc. 0.8
PulteGroup, Inc. 0.8
Asbury Automotive Group, Inc. 0.8
Amkor Technology, Inc. 0.8
Olin Corp. 0.8
LCI Industries 0.8
XPO, Inc. 0.8
-------
Total 8.1%
=======
-----------------------------
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.
Page 18
--------------------------------------------------------------------------------
FUND PERFORMANCE OVERVIEW (UNAUDITED) (CONTINUED)
--------------------------------------------------------------------------------
FIRST TRUST MID CAP VALUE ALPHADEX(R) FUND (FNK) (CONTINUED)
<TABLE>
<CAPTION>
PERFORMANCE OF A $10,000 INITIAL INVESTMENT
JULY 31, 2012 - JANUARY 31, 2023
First Trust Mid Cap S&P MidCap 400(R)
Value AlphaDEX(R) Fund Value Index
<S> <C> <C>
7/31/12 $10,000 $10,000
1/31/13 11,842 11,795
7/31/13 13,637 13,536
1/31/14 14,753 14,496
7/31/14 15,588 15,515
1/31/15 15,304 16,027
7/31/15 15,451 16,419
1/31/16 13,177 14,567
7/31/16 15,641 17,701
1/31/17 17,819 19,784
7/31/17 18,101 20,340
1/31/18 19,878 22,207
7/31/18 20,055 22,882
1/31/19 18,918 21,579
7/31/19 19,202 22,830
1/31/20 19,165 23,351
7/31/20 15,709 19,772
1/31/21 20,789 25,556
7/31/21 25,725 31,009
1/31/22 26,682 31,701
7/31/22 26,061 30,992
1/31/23 28,635 34,217
</TABLE>
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
Information showing the number of days the market price of the Fund's shares was
greater (at a premium) and less (at a discount) than the Fund's net asset value
for the most recently completed year, and the most recently completed calendar
quarters since that year (or life of the Fund, if shorter) is available at
https://www.ftportfolios.com/Retail/etf/home.aspx.
Page 19
--------------------------------------------------------------------------------
FUND PERFORMANCE OVERVIEW (UNAUDITED) (CONTINUED)
--------------------------------------------------------------------------------
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 the 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 is owned, developed, maintained and sponsored by Nasdaq, Inc. (the
"Index Provider"). According to the Index Provider, 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(TM) 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.
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------------
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 (4/19/11) Ended Ended (4/19/11)
1/31/23 1/31/23 1/31/23 1/31/23 to 1/31/23 1/31/23 1/31/23 to 1/31/23
<S> <C> <C> <C> <C> <C> <C> <C> <C>
FUND PERFORMANCE
NAV 0.01% -6.61% 8.26% 10.97% 10.16% 48.70% 183.20% 212.92%
Market Price 0.01% -6.55% 8.26% 10.97% 10.16% 48.68% 183.28% 212.87%
INDEX PERFORMANCE
Nasdaq AlphaDEX(R) Mid Cap
Growth Index(1) 0.34% -5.92% 9.06% N/A N/A 54.27% N/A N/A
Nasdaq US 600 Mid Cap Growth
Index(TM) (1) 1.78% -8.57% 6.69% N/A N/A 38.22% N/A N/A
S&P MidCap 400(R) Growth Index 2.61% -3.13% 6.58% 10.40% 10.04% 37.51% 168.88% 208.81%
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(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 26.)
----------------------------------------------------------
% OF TOTAL
SECTOR CLASSIFICATION LONG-TERM INVESTMENTS
----------------------------------------------------------
Industrials 19.1%
Consumer Discretionary 18.3
Health Care 12.7
Information Technology 12.1
Energy 11.4
Materials 6.8
Financials 5.9
Real Estate 4.0
Utilities 3.6
Consumer Staples 3.5
Communication Services 2.6
-------
Total 100.0%
=======
----------------------------------------------------------
% OF TOTAL
TOP TEN HOLDINGS LONG-TERM INVESTMENTS
----------------------------------------------------------
Royal Caribbean Cruises Ltd. 0.9%
United Airlines Holdings, Inc. 0.9
Wynn Resorts Ltd. 0.9
Hilton Grand Vacations, Inc. 0.8
Builders FirstSource, Inc. 0.8
Avis Budget Group, Inc. 0.8
Visteon Corp. 0.8
Tempur Sealy International, Inc. 0.8
Herc Holdings, Inc. 0.8
SeaWorld Entertainment, Inc. 0.8
-------
Total 8.3%
=======
-----------------------------
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.
Page 20
--------------------------------------------------------------------------------
FUND PERFORMANCE OVERVIEW (UNAUDITED) (CONTINUED)
--------------------------------------------------------------------------------
FIRST TRUST MID CAP GROWTH ALPHADEX(R) FUND (FNY) (CONTINUED)
<TABLE>
<CAPTION>
PERFORMANCE OF A $10,000 INITIAL INVESTMENT
JULY 31, 2012 - JANUARY 31, 2023
First Trust Mid Cap S&P MidCap 400(R)
Growth AlphaDEX(R) Fund Growth Index
<S> <C> <C>
7/31/12 $10,000 $10,000
1/31/13 11,424 11,646
7/31/13 12,706 13,075
1/31/14 14,073 14,078
7/31/14 14,292 14,547
1/31/15 15,141 15,630
7/31/15 16,282 16,946
1/31/16 14,209 14,931
7/31/16 16,286 17,509
1/31/17 16,884 18,552
7/31/17 18,393 19,910
1/31/18 21,759 22,773
7/31/18 23,004 23,167
1/31/19 21,500 21,389
7/31/19 24,480 23,588
1/31/20 25,402 24,413
7/31/20 26,996 24,855
1/31/21 35,826 30,900
7/31/21 38,880 34,390
1/31/22 34,643 32,327
7/31/22 32,348 30,518
1/31/23 32,353 31,314
</TABLE>
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
Information showing the number of days the market price of the Fund's shares was
greater (at a premium) and less (at a discount) than the Fund's net asset value
for the most recently completed year, and the most recently completed calendar
quarters since that year (or life of the Fund, if shorter) is available at
https://www.ftportfolios.com/Retail/etf/home.aspx.
Page 21
--------------------------------------------------------------------------------
FUND PERFORMANCE OVERVIEW (UNAUDITED) (CONTINUED)
--------------------------------------------------------------------------------
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 the 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 is owned, developed, maintained and sponsored by Nasdaq, Inc. (the
"Index Provider"). According to the Index Provider, 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(TM) 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.
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------------
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 (4/19/11) Ended Ended (4/19/11)
1/31/23 1/31/23 1/31/23 1/31/23 to 1/31/23 1/31/23 1/31/23 to 1/31/23
<S> <C> <C> <C> <C> <C> <C> <C> <C>
FUND PERFORMANCE
NAV 5.39% 0.86% 7.84% 9.27% 9.45% 45.85% 142.76% 189.96%
Market Price 5.49% 0.86% 7.86% 9.28% 9.45% 45.96% 142.81% 190.02%
INDEX PERFORMANCE
Nasdaq AlphaDEX(R) Small Cap
Value Index(1) 5.79% 1.59% 8.66% N/A N/A 51.50% N/A N/A
Nasdaq US 700 Small Cap Value
Index(TM) (1) 5.59% 0.74% 7.80% N/A N/A 45.59% N/A N/A
S&P SmallCap 600(R) Value Index 6.82% 4.09% 7.48% 10.99% 10.91% 43.40% 183.72% 238.90%
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(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 26.)
----------------------------------------------------------
% OF TOTAL
SECTOR CLASSIFICATION LONG-TERM INVESTMENTS
----------------------------------------------------------
Financials 26.6%
Consumer Discretionary 17.8
Industrials 17.5
Real Estate 10.5
Materials 6.5
Consumer Staples 5.6
Communication Services 4.9
Information Technology 4.4
Health Care 3.1
Energy 2.1
Utilities 1.0
-------
Total 100.0%
=======
----------------------------------------------------------
% OF TOTAL
TOP TEN HOLDINGS LONG-TERM INVESTMENTS
----------------------------------------------------------
Wolverine World Wide, Inc. 0.8%
Anywhere Real Estate, Inc. 0.8
M/I Homes, Inc. 0.7
Green Brick Partners, Inc. 0.7
Telephone and Data Systems, Inc. 0.7
Jackson Financial, Inc., Class A 0.7
WideOpenWest, Inc. 0.7
SkyWest, Inc. 0.7
La-Z-Boy, Inc. 0.7
Advantage Solutions, Inc. 0.7
-------
Total 7.2%
=======
-----------------------------
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.
Page 22
--------------------------------------------------------------------------------
FUND PERFORMANCE OVERVIEW (UNAUDITED) (CONTINUED)
--------------------------------------------------------------------------------
FIRST TRUST SMALL CAP VALUE ALPHADEX(R) FUND (FYT) (CONTINUED)
<TABLE>
<CAPTION>
PERFORMANCE OF A $10,000 INITIAL INVESTMENT
JULY 31, 2012 - JANUARY 31, 2023
First Trust Small Cap S&P SmallCap 600(R)
Value AlphaDEX(R) Fund Value Index
<S> <C> <C>
7/31/12 $10,000 $10,000
1/31/13 11,939 11,675
7/31/13 14,234 13,737
1/31/14 15,569 14,933
7/31/14 15,922 15,368
1/31/15 15,987 15,789
7/31/15 15,621 16,324
1/31/16 13,083 14,635
7/31/16 15,745 17,784
1/31/17 18,050 20,195
7/31/17 18,171 20,737
1/31/18 19,872 23,101
7/31/18 20,872 25,034
1/31/19 19,002 22,341
7/31/19 18,850 22,912
1/31/20 19,175 23,182
7/31/20 16,994 19,175
1/31/21 23,686 26,998
7/31/21 28,077 31,728
1/31/22 28,734 31,826
7/31/22 27,502 31,010
1/31/23 28,984 33,124
</TABLE>
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
Information showing the number of days the market price of the Fund's shares was
greater (at a premium) and less (at a discount) than the Fund's net asset value
for the most recently completed year, and the most recently completed calendar
quarters since that year (or life of the Fund, if shorter) is available at
https://www.ftportfolios.com/Retail/etf/home.aspx.
Page 23
--------------------------------------------------------------------------------
FUND PERFORMANCE OVERVIEW (UNAUDITED) (CONTINUED)
--------------------------------------------------------------------------------
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 borrowings) in the 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 is owned, developed, maintained and sponsored by Nasdaq, Inc. (the
"Index Provider"). According to the Index Provider, 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(TM) 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.
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------------
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 (4/19/11) Ended Ended (4/19/11)
1/31/23 1/31/23 1/31/23 1/31/23 to 1/31/23 1/31/23 1/31/23 to 1/31/23
<S> <C> <C> <C> <C> <C> <C> <C> <C>
FUND PERFORMANCE
NAV 0.30% -8.55% 6.96% 10.51% 10.02% 39.98% 171.74% 208.11%
Market Price 0.38% -8.44% 6.97% 10.51% 10.02% 40.04% 171.62% 208.11%
INDEX PERFORMANCE
Nasdaq AlphaDEX(R) Small Cap
Growth Index(1) 0.71% -7.84% 7.79% N/A N/A 45.53% N/A N/A
Nasdaq US 700 Small Cap Growth
Index(TM) (1) 3.60% -8.29% 6.29% N/A N/A 35.67% N/A N/A
S&P SmallCap 600(R) Growth Index -0.71% -5.85% 6.85% 11.25% 10.95% 39.25% 190.48% 240.19%
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(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 26.)
----------------------------------------------------------
% OF TOTAL
SECTOR CLASSIFICATION LONG-TERM INVESTMENTS
----------------------------------------------------------
Information Technology 20.9%
Industrials 14.6
Health Care 13.5
Energy 13.2
Consumer Discretionary 12.2
Financials 6.7
Consumer Staples 6.3
Communication Services 3.8
Real Estate 3.8
Utilities 2.6
Materials 2.4
-------
Total 100.0%
=======
----------------------------------------------------------
% OF TOTAL
TOP TEN HOLDINGS LONG-TERM INVESTMENTS
----------------------------------------------------------
Transocean Ltd. 0.9%
Axcelis Technologies, Inc. 0.8
Hims & Hers Health, Inc. 0.8
Kosmos Energy Ltd. 0.7
Brinker International, Inc. 0.7
Dave & Buster's Entertainment, Inc. 0.7
ATI, Inc. 0.7
GMS, Inc. 0.7
Encore Wire Corp. 0.7
Adeia, Inc. 0.7
-------
Total 7.4%
=======
-----------------------------
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.
Page 24
--------------------------------------------------------------------------------
FUND PERFORMANCE OVERVIEW (UNAUDITED) (CONTINUED)
--------------------------------------------------------------------------------
FIRST TRUST SMALL CAP GROWTH ALPHADEX(R) FUND (FYC) (CONTINUED)
<TABLE>
<CAPTION>
PERFORMANCE OF A $10,000 INITIAL INVESTMENT
JULY 31, 2012 - JANUARY 31, 2023
First Trust Small Cap S&P SmallCap 600(R)
Growth AlphaDEX(R) Fund Growth Index
<S> <C> <C>
7/31/12 $10,000 $10,000
1/31/13 11,163 11,301
7/31/13 12,813 13,231
1/31/14 14,190 14,579
7/31/14 13,776 14,566
1/31/15 14,411 15,510
7/31/15 15,867 17,157
1/31/16 13,967 15,188
7/31/16 16,427 17,720
1/31/17 17,534 19,878
7/31/17 19,238 20,997
1/31/18 21,668 23,577
7/31/18 24,212 26,357
1/31/19 21,876 23,824
7/31/19 23,265 25,089
1/31/20 22,997 26,028
7/31/20 22,151 24,692
1/31/21 33,284 33,626
7/31/21 35,494 36,817
1/31/22 33,162 34,870
7/31/22 30,245 33,064
1/31/23 30,335 32,827
</TABLE>
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
Information showing the number of days the market price of the Fund's shares was
greater (at a premium) and less (at a discount) than the Fund's net asset value
for the most recently completed year, and the most recently completed calendar
quarters since that year (or life of the Fund, if shorter) is available at
https://www.ftportfolios.com/Retail/etf/home.aspx.
Page 25
--------------------------------------------------------------------------------
NOTES TO FUND PERFORMANCE OVERVIEW (UNAUDITED)
--------------------------------------------------------------------------------
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 of the national best bid and offer price ("NBBO") as of
the time that the Fund's NAV is calculated. Under SEC rules, the NBBO consists
of the highest displayed buy and lowest sell prices among the various exchanges
trading the Fund at the time the Fund's NAV is calculated. Prior to January 1,
2019, the price used was the midpoint between the highest bid and the lowest
offer on the stock exchange on which shares of the Fund were listed for trading
as of the time that the Fund's NAV was 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.
Page 26
FIRST TRUST EXCHANGE-TRADED ALPHADEX(R) FUND
STYLE FUNDS
UNDERSTANDING YOUR FUND EXPENSES
JANUARY 31, 2023 (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, or
First Trust Small Cap Growth 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 (12b-1)
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, 2023.
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.
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------------------
ANNUALIZED
EXPENSE RATIO EXPENSES PAID
BEGINNING ENDING BASED ON THE DURING THE
ACCOUNT VALUE ACCOUNT VALUE SIX-MONTH SIX-MONTH
AUGUST 1, 2022 JANUARY 31, 2023 PERIOD (a) PERIOD (b)
-------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
FIRST TRUST LARGE CAP CORE ALPHADEX(R) FUND (FEX)
Actual $1,000.00 $1,051.40 0.59% $3.05
Hypothetical (5% return before expenses) $1,000.00 $1,022.23 0.59% $3.01
FIRST TRUST MID CAP CORE ALPHADEX(R) FUND (FNX)
Actual $1,000.00 $1,053.80 0.60% $3.11
Hypothetical (5% return before expenses) $1,000.00 $1,022.18 0.60% $3.06
FIRST TRUST SMALL CAP CORE ALPHADEX(R) FUND (FYX)
Actual $1,000.00 $1,034.70 0.61% $3.13
Hypothetical (5% return before expenses) $1,000.00 $1,022.13 0.61% $3.11
FIRST TRUST LARGE CAP VALUE ALPHADEX(R) FUND (FTA)
Actual $1,000.00 $1,098.30 0.60% $3.17
Hypothetical (5% return before expenses) $1,000.00 $1,022.18 0.60% $3.06
FIRST TRUST LARGE CAP GROWTH ALPHADEX(R) FUND (FTC)
Actual $1,000.00 $ 9 91.00 0.60% $3.01
Hypothetical (5% return before expenses) $1,000.00 $1,022.18 0.60% $3.06
</TABLE>
Page 27
FIRST TRUST EXCHANGE-TRADED ALPHADEX(R) FUND
STYLE FUNDS
UNDERSTANDING YOUR FUND EXPENSES (CONTINUED)
JANUARY 31, 2023 (UNAUDITED)
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------------------
ANNUALIZED
EXPENSE RATIO EXPENSES PAID
BEGINNING ENDING BASED ON THE DURING THE
ACCOUNT VALUE ACCOUNT VALUE SIX-MONTH SIX-MONTH
AUGUST 1, 2022 JANUARY 31, 2023 PERIOD (a) PERIOD (b)
-------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
FIRST TRUST MULTI CAP VALUE ALPHADEX(R) FUND (FAB)
Actual $1,000.00 $1,089.50 0.64% $3.37
Hypothetical (5% return before expenses) $1,000.00 $1,021.98 0.64% $3.26
FIRST TRUST MULTI CAP GROWTH ALPHADEX(R) FUND (FAD)
Actual $1,000.00 $ 996.70 0.64% $3.22
Hypothetical (5% return before expenses) $1,000.00 $1,021.98 0.64% $3.26
FIRST TRUST MID CAP VALUE ALPHADEX(R) FUND (FNK)
Actual $1,000.00 $1,098.80 0.70% $3.70
Hypothetical (5% return before expenses) $1,000.00 $1,021.68 0.70% $3.57
FIRST TRUST MID CAP GROWTH ALPHADEX(R) FUND (FNY)
Actual $1,000.00 $1,000.10 0.70% $3.53
Hypothetical (5% return before expenses) $1,000.00 $1,021.68 0.70% $3.57
FIRST TRUST SMALL CAP VALUE ALPHADEX(R) FUND (FYT)
Actual $1,000.00 $1,053.90 0.70% $3.62
Hypothetical (5% return before expenses) $1,000.00 $1,021.68 0.70% $3.57
FIRST TRUST SMALL CAP GROWTH ALPHADEX(R) FUND (FYC)
Actual $1,000.00 $1,003.00 0.70% $3.53
Hypothetical (5% return before expenses) $1,000.00 $1,021.68 0.70% $3.57
</TABLE>
(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,
2022 through January 31, 2023), multiplied by 184/365 (to reflect the
six-month period).
Page 28
FIRST TRUST LARGE CAP CORE ALPHADEX(R) FUND (FEX)
PORTFOLIO OF INVESTMENTS
JANUARY 31, 2023 (UNAUDITED)
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
COMMON STOCKS -- 99.8%
AEROSPACE & DEFENSE -- 1.9%
8,069 General Dynamics Corp. $ 1,880,561
19,545 HEICO Corp. 3,341,218
9,615 L3Harris Technologies, Inc. 2,065,494
4,115 Lockheed Martin Corp. 1,906,315
7,339 Northrop Grumman Corp. 3,288,166
19,837 Raytheon Technologies Corp. 1,980,725
56,552 Textron, Inc. 4,119,813
6,359 TransDigm Group, Inc. 4,564,172
---------------
23,146,464
---------------
AIR FREIGHT & LOGISTICS -- 1.2%
21,865 C.H. Robinson Worldwide, Inc. 2,190,217
48,160 Expeditors International of
Washington, Inc. 5,208,504
28,896 FedEx Corp. 5,601,779
5,757 United Parcel Service, Inc.,
Class B 1,066,369
---------------
14,066,869
---------------
AIRLINES -- 0.4%
30,462 Delta Air Lines, Inc. (a) 1,191,064
89,186 Southwest Airlines Co. 3,190,183
---------------
4,381,247
---------------
AUTOMOBILES -- 1.0%
430,336 Ford Motor Co. 5,813,840
148,776 General Motors Co. 5,849,872
---------------
11,663,712
---------------
BANKS -- 5.2%
120,889 Bank of America Corp. 4,289,142
88,523 Citigroup, Inc. 4,622,671
101,697 Citizens Financial Group, Inc. 4,405,514
122,031 Fifth Third Bancorp 4,428,505
24,636 First Republic Bank 3,470,720
283,960 Huntington Bancshares, Inc. 4,307,673
22,393 JPMorgan Chase & Co. 3,134,124
229,842 KeyCorp 4,410,668
20,701 M&T Bank Corp. 3,229,356
25,351 PNC Financial Services Group
(The), Inc. 4,193,816
185,706 Regions Financial Corp. 4,371,519
17,397 SVB Financial Group (a) 5,261,549
93,048 Truist Financial Corp. 4,595,641
68,857 U.S. Bancorp 3,429,078
96,969 Wells Fargo & Co. 4,544,937
---------------
62,694,913
---------------
BEVERAGES -- 0.9%
31,472 Coca-Cola (The) Co. 1,929,863
4,319 Constellation Brands, Inc.,
Class A 999,935
56,139 Keurig Dr Pepper, Inc. 1,980,584
29,577 Monster Beverage Corp. (a) 3,078,374
16,622 PepsiCo, Inc. 2,842,694
---------------
10,831,450
---------------
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
BIOTECHNOLOGY -- 2.5%
12,387 AbbVie, Inc. $ 1,830,180
21,060 Alnylam Pharmaceuticals,
Inc. (a) 4,767,984
11,433 Amgen, Inc. 2,885,689
14,459 Biogen, Inc. (a) 4,206,123
46,638 Gilead Sciences, Inc. 3,914,794
37,387 Incyte Corp. (a) 3,183,129
27,863 Moderna, Inc. (a) 4,905,560
2,775 Regeneron Pharmaceuticals,
Inc. (a) 2,104,754
6,932 Vertex Pharmaceuticals, Inc. (a) 2,239,729
---------------
30,037,942
---------------
BUILDING PRODUCTS -- 0.9%
8,495 Carlisle Cos., Inc. 2,131,056
97,063 Carrier Global Corp. 4,419,278
31,281 Johnson Controls International
PLC 2,176,219
21,448 Masco Corp. 1,141,033
5,955 Trane Technologies PLC 1,066,660
---------------
10,934,246
---------------
CAPITAL MARKETS -- 4.1%
87,958 Bank of New York Mellon (The)
Corp. 4,448,036
2,825 BlackRock, Inc. 2,144,768
167,722 Carlyle Group (The), Inc. 6,032,960
2,496 FactSet Research Systems, Inc. 1,055,658
189,720 Franklin Resources, Inc. 5,919,264
11,660 Goldman Sachs Group (The),
Inc. 4,265,345
9,756 Intercontinental Exchange, Inc. 1,049,258
18,521 LPL Financial Holdings, Inc. 4,391,700
47,092 Morgan Stanley 4,583,464
2,152 MSCI, Inc. 1,143,917
16,316 Nasdaq, Inc. 982,060
11,312 Northern Trust Corp. 1,096,925
18,736 Raymond James Financial, Inc. 2,112,859
51,616 State Street Corp. 4,714,089
45,890 T. Rowe Price Group, Inc. 5,344,808
---------------
49,285,111
---------------
CHEMICALS -- 5.2%
16,235 Air Products and Chemicals,
Inc. 5,203,480
18,463 Albemarle Corp. 5,196,411
48,952 Celanese Corp. 6,030,887
46,994 CF Industries Holdings, Inc. 3,980,392
51,087 Corteva, Inc. 3,292,557
99,322 Dow, Inc. 5,894,761
58,340 DuPont de Nemours, Inc. 4,314,243
61,454 Eastman Chemical Co. 5,418,399
6,877 Ecolab, Inc. 1,064,766
40,103 FMC Corp. 5,338,912
60,277 LyondellBasell Industries N.V.,
Class A 5,828,183
91,266 Mosaic (The) Co. 4,521,318
7,960 PPG Industries, Inc. 1,037,506
See Notes to Financial Statements Page 29
FIRST TRUST LARGE CAP CORE ALPHADEX(R) FUND (FEX)
PORTFOLIO OF INVESTMENTS (CONTINUED)
JANUARY 31, 2023 (UNAUDITED)
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
COMMON STOCKS (CONTINUED)
CHEMICALS (CONTINUED)
48,808 Westlake Corp. $ 5,991,182
---------------
63,112,997
---------------
COMMERCIAL SERVICES & SUPPLIES
-- 0.8%
8,865 Cintas Corp. 3,933,755
32,878 Copart, Inc. (a) 2,190,004
7,759 Republic Services, Inc. 968,478
27,393 Rollins, Inc. 997,105
12,761 Waste Management, Inc. 1,974,510
---------------
10,063,852
---------------
COMMUNICATIONS EQUIPMENT
-- 0.8%
24,745 Arista Networks, Inc. (a) 3,118,365
63,033 Cisco Systems, Inc. 3,067,816
11,653 Motorola Solutions, Inc. 2,994,938
---------------
9,181,119
---------------
CONSTRUCTION & ENGINEERING
-- 0.1%
7,025 Quanta Services, Inc. 1,069,135
---------------
CONSTRUCTION MATERIALS -- 0.4%
8,884 Martin Marietta Materials, Inc. 3,195,042
11,432 Vulcan Materials Co. 2,095,828
---------------
5,290,870
---------------
CONSUMER FINANCE -- 1.7%
13,549 American Express Co. 2,370,127
53,838 Capital One Financial Corp. 6,406,722
51,158 Discover Financial Services 5,971,673
152,307 Synchrony Financial 5,594,236
---------------
20,342,758
---------------
CONTAINERS & PACKAGING -- 1.5%
16,591 Avery Dennison Corp. 3,142,999
58,718 Ball Corp. 3,419,736
144,523 International Paper Co. 6,043,952
39,128 Packaging Corp. of America 5,583,566
---------------
18,190,253
---------------
DISTRIBUTORS -- 0.9%
28,845 Genuine Parts Co. 4,840,768
74,964 LKQ Corp. 4,419,877
3,311 Pool Corp. 1,276,755
---------------
10,537,400
---------------
DIVERSIFIED FINANCIAL SERVICES
-- 0.2%
31,383 Apollo Global Management, Inc. 2,221,289
---------------
DIVERSIFIED TELECOMMUNICATION
SERVICES -- 0.9%
271,853 AT&T, Inc. 5,537,645
127,026 Verizon Communications, Inc. 5,280,471
---------------
10,818,116
---------------
ELECTRIC UTILITIES -- 4.0%
54,390 Alliant Energy Corp. 2,938,692
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
ELECTRIC UTILITIES (CONTINUED)
42,168 American Electric Power Co.,
Inc. $ 3,962,105
11,611 Constellation Energy Corp. 991,115
38,875 Duke Energy Corp. 3,982,744
62,933 Edison International 4,336,084
35,590 Entergy Corp. 3,853,685
63,624 Evergy, Inc. 3,986,043
35,818 Eversource Energy 2,948,896
92,617 Exelon Corp. 3,907,511
71,600 FirstEnergy Corp. 2,932,020
23,947 NextEra Energy, Inc. 1,787,165
246,239 PG&E Corp. (a) 3,915,200
102,768 PPL Corp. 3,041,933
42,052 Southern (The) Co. 2,846,079
42,830 Xcel Energy, Inc. 2,945,419
---------------
48,374,691
---------------
ELECTRICAL EQUIPMENT -- 0.6%
14,329 AMETEK, Inc. 2,076,559
12,755 Eaton Corp. PLC 2,068,988
31,260 Emerson Electric Co. 2,820,277
---------------
6,965,824
---------------
ELECTRONIC EQUIPMENT,
INSTRUMENTS & COMPONENTS
-- 1.7%
52,586 Amphenol Corp., Class A 4,194,785
5,606 CDW Corp. 1,098,944
62,677 Corning, Inc. 2,169,251
11,702 Keysight Technologies, Inc. (a) 2,098,754
34,877 TE Connectivity Ltd. 4,434,610
7,509 Teledyne Technologies, Inc. (a) 3,185,768
39,595 Trimble, Inc. (a) 2,298,886
3,904 Zebra Technologies Corp.,
Class A (a) 1,234,367
---------------
20,715,365
---------------
ENERGY EQUIPMENT & SERVICES
-- 0.9%
127,186 Halliburton Co. 5,242,607
93,618 Schlumberger Ltd. 5,334,354
---------------
10,576,961
---------------
ENTERTAINMENT -- 0.8%
8,192 Electronic Arts, Inc. 1,054,147
14,353 Live Nation Entertainment,
Inc. (a) 1,155,273
13,578 Netflix, Inc. (a) 4,804,711
23,041 Walt Disney (The) Co. (a) 2,499,718
---------------
9,513,849
---------------
EQUITY REAL ESTATE INVESTMENT
TRUSTS -- 2.9%
13,743 Alexandria Real Estate Equities,
Inc. 2,209,050
59,246 Boston Properties, Inc. 4,416,197
1,528 Equinix, Inc. 1,127,863
67,862 Equity Residential 4,319,416
38,432 Gaming and Leisure Properties,
Inc. 2,058,418
119,780 Healthpeak Properties, Inc. 3,291,554
Page 30 See Notes to Financial Statements
FIRST TRUST LARGE CAP CORE ALPHADEX(R) FUND (FEX)
PORTFOLIO OF INVESTMENTS (CONTINUED)
JANUARY 31, 2023 (UNAUDITED)
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
COMMON STOCKS (CONTINUED)
EQUITY REAL ESTATE INVESTMENT
TRUSTS (CONTINUED)
187,095 Host Hotels & Resorts, Inc. $ 3,526,741
60,239 Iron Mountain, Inc. 3,287,844
94,520 Kimco Realty Corp. 2,122,919
17,041 Simon Property Group, Inc. 2,189,087
7,000 Sun Communities, Inc. 1,098,020
44,437 Ventas, Inc. 2,302,281
30,894 VICI Properties, Inc. 1,055,957
15,270 Welltower, Inc. 1,145,861
32,289 Weyerhaeuser Co. 1,111,710
---------------
35,262,918
---------------
FOOD & STAPLES RETAILING -- 1.0%
89,813 Kroger (The) Co. 4,008,354
26,186 Sysco Corp. 2,028,368
133,962 Walgreens Boots Alliance, Inc. 4,937,839
7,059 Walmart, Inc. 1,015,578
---------------
11,990,139
---------------
FOOD PRODUCTS -- 2.7%
43,122 Archer-Daniels-Midland Co. 3,572,658
50,163 Bunge Ltd. 4,971,153
35,276 Campbell Soup Co. 1,831,883
25,865 Conagra Brands, Inc. 961,919
35,813 General Mills, Inc. 2,806,307
8,645 Hershey (The) Co. 1,941,667
43,950 Hormel Foods Corp. 1,991,374
18,951 J.M. Smucker (The) Co. 2,895,713
42,152 Kellogg Co. 2,890,784
49,175 Kraft Heinz (The) Co. 1,993,063
15,018 Mondelez International, Inc.,
Class A 982,778
80,399 Tyson Foods, Inc., Class A 5,286,234
---------------
32,125,533
---------------
GAS UTILITIES -- 0.4%
35,726 Atmos Energy Corp. 4,199,234
---------------
HEALTH CARE EQUIPMENT
& SUPPLIES -- 2.2%
9,117 Abbott Laboratories 1,007,884
4,747 Align Technology, Inc. (a) 1,280,408
7,873 Becton, Dickinson and Co. 1,985,728
3,027 Cooper (The) Cos., Inc. 1,056,211
35,357 Dexcom, Inc. (a) 3,786,381
26,761 Hologic, Inc. (a) 2,177,543
2,454 IDEXX Laboratories, Inc. (a) 1,179,147
13,601 Insulet Corp. (a) 3,907,839
11,317 Intuitive Surgical, Inc. (a) 2,780,474
38,637 Medtronic PLC 3,233,531
4,094 Stryker Corp. 1,039,098
23,552 Zimmer Biomet Holdings, Inc. 2,999,112
---------------
26,433,356
---------------
HEALTH CARE PROVIDERS & SERVICES
-- 2.6%
36,615 Centene Corp. (a) 2,791,528
12,084 Cigna Corp. 3,826,640
21,482 CVS Health Corp. 1,895,142
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
HEALTH CARE PROVIDERS & SERVICES
(CONTINUED)
5,854 Elevance Health, Inc. $ 2,926,941
8,343 HCA Healthcare, Inc. 2,128,049
3,909 Humana, Inc. 2,000,235
21,254 Laboratory Corp. of America
Holdings 5,358,558
13,342 McKesson Corp. 5,052,349
3,032 Molina Healthcare, Inc. (a) 945,469
25,593 Quest Diagnostics, Inc. 3,800,049
1,889 UnitedHealth Group, Inc. 942,970
---------------
31,667,930
---------------
HOTELS, RESTAURANTS & LEISURE
-- 2.8%
1,986 Booking Holdings, Inc. (a) 4,834,123
722 Chipotle Mexican Grill, Inc. (a) 1,188,686
36,180 Darden Restaurants, Inc. 5,353,555
11,426 Expedia Group, Inc. (a) 1,305,992
23,765 Hilton Worldwide Holdings, Inc. 3,448,064
26,891 Marriott International, Inc.,
Class A 4,683,874
3,798 McDonald's Corp. 1,015,585
119,411 MGM Resorts International 4,944,809
40,361 Starbucks Corp. 4,405,000
15,630 Yum! Brands, Inc. 2,039,871
---------------
33,219,559
---------------
HOUSEHOLD DURABLES -- 1.8%
56,145 D.R. Horton, Inc. 5,540,950
43,383 Garmin Ltd. 4,289,711
55,301 Lennar Corp., Class A 5,662,822
1,086 NVR, Inc. (a) 5,723,220
---------------
21,216,703
---------------
HOUSEHOLD PRODUCTS -- 0.3%
12,705 Colgate-Palmolive Co. 946,904
7,374 Kimberly-Clark Corp. 958,694
13,209 Procter & Gamble (The) Co. 1,880,697
---------------
3,786,295
---------------
INDUSTRIAL CONGLOMERATES -- 0.5%
41,734 3M Co. 4,802,749
4,671 Honeywell International, Inc. 973,810
---------------
5,776,559
---------------
INSURANCE -- 3.3%
55,656 Aflac, Inc. 4,090,716
79,140 American International Group,
Inc. 5,003,231
6,670 Aon PLC, Class A 2,125,596
31,889 Arch Capital Group Ltd. (a) 2,052,057
10,618 Arthur J. Gallagher & Co. 2,078,155
17,570 Brown & Brown, Inc. 1,028,899
13,612 Chubb Ltd. 3,096,594
52,801 Hartford Financial Services
Group (The), Inc. 4,097,886
51,481 Loews Corp. 3,165,052
12,098 Marsh & McLennan Cos., Inc. 2,116,061
47,710 Principal Financial Group, Inc. 4,415,560
16,017 Travelers (The) Cos., Inc. 3,061,169
See Notes to Financial Statements Page 31
FIRST TRUST LARGE CAP CORE ALPHADEX(R) FUND (FEX)
PORTFOLIO OF INVESTMENTS (CONTINUED)
JANUARY 31, 2023 (UNAUDITED)
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
COMMON STOCKS (CONTINUED)
INSURANCE (CONTINUED)
55,172 W.R. Berkley Corp. $ 3,869,764
---------------
40,200,740
---------------
INTERACTIVE MEDIA & SERVICES
-- 0.5%
41,588 Meta Platforms, Inc.,
Class A (a) 6,195,364
---------------
INTERNET & DIRECT MARKETING
RETAIL -- 0.2%
16,713 Etsy, Inc. (a) 2,299,375
---------------
IT SERVICES -- 3.3%
3,751 Accenture PLC, Class A 1,046,717
35,621 Akamai Technologies, Inc. (a) 3,168,488
4,190 Automatic Data Processing, Inc. 946,144
87,512 Cognizant Technology Solutions
Corp., Class A 5,841,426
3,054 EPAM Systems, Inc. (a) 1,015,913
29,711 Fiserv, Inc. (a) 3,169,570
5,449 FleetCor Technologies, Inc. (a) 1,137,806
14,889 Gartner, Inc. (a) 5,034,566
30,234 Global Payments, Inc. 3,407,976
5,701 Jack Henry & Associates, Inc. 1,026,693
8,636 Mastercard, Inc., Class A 3,200,502
14,649 Okta, Inc. (a) 1,078,313
8,662 Paychex, Inc. 1,003,579
57,681 SS&C Technologies Holdings,
Inc. 3,481,048
9,745 VeriSign, Inc. (a) 2,124,897
14,453 Visa, Inc., Class A 3,327,225
---------------
40,010,863
---------------
LIFE SCIENCES TOOLS & SERVICES
-- 1.1%
20,066 Agilent Technologies, Inc. 3,051,637
9,187 Charles River Laboratories
International, Inc. (a) 2,234,738
3,771 Danaher Corp. 996,977
4,885 IQVIA Holdings, Inc. (a) 1,120,668
2,077 Mettler-Toledo International,
Inc. (a) 3,183,875
1,817 Thermo Fisher Scientific, Inc. 1,036,290
5,844 Waters Corp. (a) 1,920,221
---------------
13,544,406
---------------
MACHINERY -- 3.8%
8,357 Caterpillar, Inc. 2,108,388
12,394 Cummins, Inc. 3,092,799
11,673 Deere & Co. 4,935,811
22,176 Dover Corp. 3,366,982
31,159 Fortive Corp. 2,119,747
13,151 IDEX Corp. 3,152,032
13,631 Illinois Tool Works, Inc. 3,217,461
57,472 Ingersoll Rand, Inc. 3,218,432
8,421 Nordson Corp. 2,048,829
38,346 Otis Worldwide Corp. 3,153,192
40,456 PACCAR, Inc. 4,422,245
6,879 Parker-Hannifin Corp. 2,242,554
66,624 Stanley Black & Decker, Inc. 5,950,189
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
MACHINERY (CONTINUED)
30,085 Westinghouse Air Brake
Technologies Corp. $ 3,123,124
---------------
46,151,785
---------------
MEDIA -- 1.9%
8,855 Charter Communications, Inc.,
Class A (a) 3,403,065
114,494 Comcast Corp., Class A 4,505,339
164,794 Fox Corp., Class A 5,593,108
24,543 Omnicom Group, Inc. 2,110,453
296,493 Paramount Global, Class B 6,866,778
---------------
22,478,743
---------------
METALS & MINING -- 1.9%
131,705 Freeport-McMoRan, Inc. 5,876,677
84,828 Newmont Corp. 4,489,946
37,970 Nucor Corp. 6,417,690
51,227 Steel Dynamics, Inc. 6,180,025
---------------
22,964,338
---------------
MULTILINE RETAIL -- 0.4%
4,065 Dollar General Corp. 949,584
14,154 Dollar Tree, Inc. (a) 2,125,648
13,431 Target Corp. 2,312,012
---------------
5,387,244
---------------
MULTI-UTILITIES -- 2.2%
33,771 Ameren Corp. 2,933,687
133,506 CenterPoint Energy, Inc. 4,021,201
63,221 CMS Energy Corp. 3,994,935
42,008 Consolidated Edison, Inc. 4,003,782
25,549 DTE Energy Co. 2,973,137
32,673 Public Service Enterprise Group,
Inc. 2,023,439
19,432 Sempra Energy 3,115,532
32,027 WEC Energy Group, Inc. 3,010,218
---------------
26,075,931
---------------
OIL, GAS & CONSUMABLE FUELS
-- 9.2%
107,216 APA Corp. 4,752,885
33,375 Cheniere Energy, Inc. 5,099,366
27,885 Chevron Corp. 4,852,548
42,414 ConocoPhillips 5,168,994
122,217 Coterra Energy, Inc. 3,059,091
81,367 Devon Energy Corp. 5,145,649
36,589 Diamondback Energy, Inc. 5,346,385
38,642 EOG Resources, Inc. 5,110,404
118,352 EQT Corp. 3,866,560
45,374 Exxon Mobil Corp. 5,263,838
35,291 Hess Corp. 5,299,297
221,452 Kinder Morgan, Inc. 4,052,572
184,883 Marathon Oil Corp. 5,078,736
43,001 Marathon Petroleum Corp. 5,526,488
79,454 Occidental Petroleum Corp. 5,147,825
76,177 ONEOK, Inc. 5,216,601
98,695 Ovintiv, Inc. 4,858,755
48,086 Phillips 66 4,821,583
17,531 Pioneer Natural Resources Co. 4,038,266
68,093 Targa Resources Corp. 5,108,337
Page 32 See Notes to Financial Statements
FIRST TRUST LARGE CAP CORE ALPHADEX(R) FUND (FEX)
PORTFOLIO OF INVESTMENTS (CONTINUED)
JANUARY 31, 2023 (UNAUDITED)
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
COMMON STOCKS (CONTINUED)
OIL, GAS & CONSUMABLE FUELS
(CONTINUED)
2,136 Texas Pacific Land Corp. $ 4,263,136
39,451 Valero Energy Corp. 5,524,323
121,698 Williams (The) Cos., Inc. 3,923,543
---------------
110,525,182
---------------
PHARMACEUTICALS -- 0.9%
13,911 Bristol-Myers Squibb Co. 1,010,634
5,471 Eli Lilly & Co. 1,882,845
5,666 Johnson & Johnson 925,938
45,108 Merck & Co., Inc. 4,845,050
58,605 Pfizer, Inc. 2,587,997
---------------
11,252,464
---------------
PROFESSIONAL SERVICES -- 0.9%
9,576 Booz Allen Hamilton Holding
Corp. 906,273
25,905 CoStar Group, Inc. (a) 2,017,999
5,149 Equifax, Inc. 1,144,108
16,673 Jacobs Solutions, Inc. 2,059,949
19,032 Leidos Holdings, Inc. 1,881,123
35,276 TransUnion 2,531,053
---------------
10,540,505
---------------
REAL ESTATE MANAGEMENT &
DEVELOPMENT -- 0.4%
52,025 CBRE Group, Inc., Class A (a) 4,448,658
---------------
ROAD & RAIL -- 1.5%
96,930 CSX Corp. 2,997,076
22,963 J.B. Hunt Transport Services,
Inc. 4,341,155
12,186 Norfolk Southern Corp. 2,995,441
10,581 Old Dominion Freight Line, Inc. 3,526,012
121,426 Uber Technologies, Inc. (a) 3,755,706
4,834 Union Pacific Corp. 987,054
---------------
18,602,444
---------------
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT -- 4.3%
24,409 Analog Devices, Inc. 4,185,411
20,558 Applied Materials, Inc. 2,292,011
5,370 Broadcom, Inc. 3,141,504
11,333 Enphase Energy, Inc. (a) 2,508,900
189,361 Intel Corp. 5,351,342
7,965 KLA Corp. 3,126,103
2,381 Lam Research Corp. 1,190,738
42,746 Microchip Technology, Inc. 3,317,945
100,136 Micron Technology, Inc. 6,038,201
6,849 NVIDIA Corp. 1,338,089
12,669 NXP Semiconductors N.V. 2,335,023
48,147 ON Semiconductor Corp. (a) 3,536,397
9,104 QUALCOMM, Inc. 1,212,744
54,919 Skyworks Solutions, Inc. 6,022,967
45,837 Teradyne, Inc. 4,661,623
6,058 Texas Instruments, Inc. 1,073,538
---------------
51,332,536
---------------
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
SOFTWARE -- 1.6%
2,974 Adobe, Inc. (a) $ 1,101,391
5,357 Autodesk, Inc. (a) 1,152,612
6,231 Cadence Design Systems,
Inc. (a) 1,139,214
46,709 Gen Digital, Inc. 1,074,774
2,572 Intuit, Inc. 1,087,107
48,982 Oracle Corp. 4,332,948
3,226 Paycom Software, Inc. (a) 1,045,030
16,677 PTC, Inc. (a) 2,249,394
2,316 Roper Technologies, Inc. 988,353
23,253 Splunk, Inc. (a) 2,226,940
3,135 Synopsys, Inc. (a) 1,109,006
11,963 Workday, Inc., Class A (a) 2,170,447
---------------
19,677,216
---------------
SPECIALTY RETAIL -- 2.9%
1,624 AutoZone, Inc. (a) 3,960,693
49,917 Best Buy Co., Inc. 4,428,636
49,316 CarMax, Inc. (a) 3,474,312
9,508 Home Depot (The), Inc. 3,082,208
15,071 Lowe's Cos., Inc. 3,138,536
5,930 O'Reilly Automotive, Inc. (a) 4,698,636
8,623 Ross Stores, Inc. 1,019,152
12,575 TJX (The) Cos., Inc. 1,029,390
17,798 Tractor Supply Co. 4,057,766
10,670 Ulta Beauty, Inc. (a) 5,483,953
---------------
34,373,282
---------------
TECHNOLOGY HARDWARE, STORAGE
& PERIPHERALS -- 1.5%
313,584 Hewlett Packard Enterprise Co. 5,058,110
74,504 HP, Inc. 2,171,047
66,664 NetApp, Inc. 4,415,157
158,632 Western Digital Corp. (a) 6,971,876
---------------
18,616,190
---------------
TEXTILES, APPAREL & LUXURY GOODS
-- 0.5%
17,108 NIKE, Inc., Class B 2,178,362
108,760 VF Corp. 3,365,034
---------------
5,543,396
---------------
TOBACCO -- 0.3%
43,797 Altria Group, Inc. 1,972,617
19,780 Philip Morris International,
Inc. 2,061,867
---------------
4,034,484
---------------
TRADING COMPANIES & DISTRIBUTORS
-- 1.0%
21,154 Fastenal Co. 1,069,335
14,082 United Rentals, Inc. (a) 6,209,458
8,998 W.W. Grainger, Inc. 5,304,141
---------------
12,582,934
---------------
WATER UTILITIES -- 0.2%
6,567 American Water Works Co., Inc. 1,027,670
41,943 Essential Utilities, Inc. 1,959,996
---------------
2,987,666
---------------
See Notes to Financial Statements Page 33
FIRST TRUST LARGE CAP CORE ALPHADEX(R) FUND (FEX)
PORTFOLIO OF INVESTMENTS (CONTINUED)
JANUARY 31, 2023 (UNAUDITED)
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
COMMON STOCKS (CONTINUED)
WIRELESS TELECOMMUNICATION
SERVICES -- 0.2%
14,299 T-Mobile US, Inc. (a) $ 2,134,984
---------------
TOTAL COMMON STOCKS
-- 99.8% 1,201,655,389
(Cost $1,045,279,201) ---------------
MONEY MARKET FUNDS -- 0.2%
2,628,962 Morgan Stanley Institutional
Liquidity Funds - Treasury
Portfolio - Institutional
Class - 4.12% (b) 2,628,962
(Cost $2,628,962) ---------------
TOTAL INVESTMENTS -- 100.0% 1,204,284,351
(Cost $1,047,908,163)
NET OTHER ASSETS AND
LIABILITIES -- 0.0% 76,366
---------------
NET ASSETS -- 100.0% $ 1,204,360,717
===============
(a) Non-income producing security.
(b) Rate shown reflects yield as of January 31, 2023.
-----------------------------
VALUATION INPUTS
A summary of the inputs used to value the Fund's investments as of January 31,
2023 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial
Statements):
<TABLE>
<CAPTION>
LEVEL 2 LEVEL 3
TOTAL LEVEL 1 SIGNIFICANT SIGNIFICANT
VALUE AT QUOTED OBSERVABLE UNOBSERVABLE
1/31/2023 PRICES INPUTS INPUTS
-----------------------------------------------------------
<S> <C> <C> <C> <C>
Common Stocks*.................................. $1,201,655,389 $1,201,655,389 $ -- $ --
Money Market Funds.............................. 2,628,962 2,628,962 -- --
-----------------------------------------------------------
Total Investments............................... $1,204,284,351 $1,204,284,351 $ -- $ --
===========================================================
</TABLE>
* See Portfolio of Investments for industry breakout.
Page 34 See Notes to Financial Statements
FIRST TRUST MID CAP CORE ALPHADEX(R) FUND (FNX)
PORTFOLIO OF INVESTMENTS
JANUARY 31, 2023 (UNAUDITED)
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
COMMON STOCKS -- 99.9%
AEROSPACE & DEFENSE -- 0.9%
16,724 Axon Enterprise, Inc. (a) $ 3,268,539
23,891 BWX Technologies, Inc. 1,454,006
4,154 Curtiss-Wright Corp. 688,733
11,789 Hexcel Corp. 832,068
6,015 Huntington Ingalls Industries,
Inc. 1,326,548
15,000 Parsons Corp. (a) 652,800
7,181 Woodward, Inc. 734,329
---------------
8,957,023
---------------
AIR FREIGHT & LOGISTICS -- 0.2%
48,754 GXO Logistics, Inc. (a) 2,551,297
---------------
AIRLINES -- 0.9%
32,313 Alaska Air Group, Inc. (a) 1,658,949
163,624 American Airlines Group,
Inc. (a) 2,640,891
92,010 United Airlines Holdings,
Inc. (a) 4,504,810
---------------
8,804,650
---------------
AUTO COMPONENTS -- 2.1%
68,945 BorgWarner, Inc. 3,259,719
15,209 Fox Factory Holding Corp. (a) 1,796,031
76,322 Gentex Corp. 2,252,262
341,755 Goodyear Tire & Rubber (The)
Co. (a) 3,844,744
37,521 LCI Industries 4,210,607
16,781 Lear Corp. 2,446,334
26,514 Visteon Corp. (a) 4,145,199
---------------
21,954,896
---------------
AUTOMOBILES -- 0.8%
83,385 Harley-Davidson, Inc. 3,838,211
45,951 Thor Industries, Inc. 4,380,509
---------------
8,218,720
---------------
BANKS -- 4.9%
7,867 BancFirst Corp. 677,585
69,272 Bank OZK 3,163,652
13,368 BOK Financial Corp. 1,343,484
84,398 Cadence Bank 2,158,901
31,133 Comerica, Inc. 2,282,360
10,192 Commerce Bancshares, Inc. 678,380
11,020 Community Bank System, Inc. 635,964
10,378 Cullen/Frost Bankers, Inc. 1,352,046
26,943 CVB Financial Corp. 652,559
31,583 East West Bancorp, Inc. 2,479,897
80,436 Eastern Bankshares, Inc. 1,300,650
159,485 F.N.B. Corp. 2,275,851
2,744 First Citizens BancShares, Inc.,
Class A 2,133,954
17,950 First Interstate BancSystem,
Inc., Class A 644,046
14,039 Glacier Bancorp, Inc. 640,038
57,348 Hancock Whitney Corp. 2,952,275
60,884 Home BancShares, Inc. 1,453,301
8,216 Independent Bank Corp. 654,733
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
BANKS (CONTINUED)
77,171 Old National Bancorp $ 1,350,492
28,356 Pinnacle Financial Partners,
Inc. 2,232,468
41,844 Popular, Inc. 2,872,172
28,636 Prosperity Bancshares, Inc. 2,172,327
55,427 Synovus Financial Corp. 2,325,163
24,919 UMB Financial Corp. 2,247,445
34,268 United Bankshares, Inc. 1,377,574
41,051 United Community Banks, Inc. 1,335,800
184,022 Valley National Bancorp 2,186,181
29,309 Webster Financial Corp. 1,543,119
24,624 Wintrust Financial Corp. 2,252,357
28,225 Zions Bancorp N.A. 1,500,441
---------------
50,875,215
---------------
BEVERAGES -- 0.9%
33,341 Celsius Holdings, Inc. (a) 3,344,769
4,062 Coca-Cola Consolidated, Inc. 2,058,541
53,864 Molson Coors Beverage Co.,
Class B 2,832,169
14,911 National Beverage Corp. (a) 659,066
---------------
8,894,545
---------------
BIOTECHNOLOGY -- 1.9%
26,550 Alkermes PLC (a) 760,392
34,210 Arrowhead Pharmaceuticals,
Inc. (a) 1,197,008
30,283 Cytokinetics, Inc. (a) 1,286,422
42,037 Exact Sciences Corp. (a) 2,838,338
43,252 Exelixis, Inc. (a) 762,100
60,963 Halozyme Therapeutics, Inc. (a) 3,156,054
18,368 Ionis Pharmaceuticals, Inc. (a) 732,332
21,416 Sarepta Therapeutics, Inc. (a) 2,676,358
9,980 United Therapeutics Corp. (a) 2,626,437
137,053 Vir Biotechnology, Inc. (a) 4,049,916
---------------
20,085,357
---------------
BUILDING PRODUCTS -- 2.0%
24,240 A.O. Smith Corp. 1,641,048
13,182 Allegion PLC 1,549,544
53,465 Builders FirstSource, Inc. (a) 4,261,160
48,592 Fortune Brands Innovations, Inc. 3,134,670
2,900 Lennox International, Inc. 755,798
40,666 Owens Corning 3,930,369
15,650 Simpson Manufacturing Co.,
Inc. 1,676,272
43,771 UFP Industries, Inc. 4,094,777
---------------
21,043,638
---------------
CAPITAL MARKETS -- 2.5%
13,137 Affiliated Managers Group, Inc. 2,269,285
10,136 Ares Management Corp.,
Class A 841,187
31,801 Evercore, Inc., Class A 4,128,088
23,879 Houlihan Lokey, Inc. 2,365,692
19,179 Interactive Brokers Group, Inc.,
Class A 1,533,169
192,819 Invesco Ltd. 3,569,080
84,742 Jefferies Financial Group, Inc. 3,328,666
See Notes to Financial Statements Page 35
FIRST TRUST MID CAP CORE ALPHADEX(R) FUND (FNX)
PORTFOLIO OF INVESTMENTS (CONTINUED)
JANUARY 31, 2023 (UNAUDITED)
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
COMMON STOCKS (CONTINUED)
CAPITAL MARKETS (CONTINUED)
40,021 Lazard Ltd., Class A $ 1,604,042
2,488 MarketAxess Holdings, Inc. 905,259
35,700 SEI Investments Co. 2,228,751
47,542 Stifel Financial Corp. 3,204,806
---------------
25,978,025
---------------
CHEMICALS -- 2.8%
12,903 Ashland, Inc. 1,409,911
61,649 Avient Corp. 2,498,017
81,716 Axalta Coating Systems Ltd. (a) 2,459,652
41,518 Cabot Corp. 3,127,551
90,628 Chemours (The) Co. 3,297,953
76,279 Element Solutions, Inc. 1,562,194
19,374 H.B. Fuller Co. 1,338,743
126,230 Huntsman Corp. 4,000,229
65,523 Olin Corp. 4,232,131
28,477 RPM International, Inc. 2,560,367
63,746 Valvoline, Inc. 2,336,928
---------------
28,823,676
---------------
COMMERCIAL SERVICES & SUPPLIES
-- 0.7%
17,496 Casella Waste Systems, Inc.,
Class A (a) 1,401,779
30,396 Clean Harbors, Inc. (a) 3,960,599
25,403 Driven Brands Holdings, Inc. (a) 741,513
9,557 Tetra Tech, Inc. 1,486,305
---------------
7,590,196
---------------
COMMUNICATIONS EQUIPMENT
-- 0.5%
30,414 Calix, Inc. (a) 1,600,993
4,835 F5, Inc. (a) 713,936
43,414 Juniper Networks, Inc. 1,402,272
26,596 Lumentum Holdings, Inc. (a) 1,600,547
---------------
5,317,748
---------------
CONSTRUCTION & ENGINEERING
-- 1.3%
36,882 API Group Corp. (a) 820,256
12,056 Comfort Systems USA, Inc. 1,459,258
9,369 EMCOR Group, Inc. 1,388,954
8,130 MasTec, Inc. (a) 798,610
68,599 MDU Resources Group, Inc. 2,120,395
10,491 Valmont Industries, Inc. 3,459,197
61,436 WillScot Mobile Mini Holdings
Corp. (a) 2,977,189
---------------
13,023,859
---------------
CONSTRUCTION MATERIALS -- 0.3%
20,889 Eagle Materials, Inc. 3,051,465
---------------
CONSUMER FINANCE -- 1.4%
141,874 Ally Financial, Inc. 4,609,486
1,462 Credit Acceptance Corp. (a) (b) 676,380
31,930 FirstCash Holdings, Inc. 2,943,308
104,138 OneMain Holdings, Inc. 4,492,513
125,379 SLM Corp. 2,202,909
---------------
14,924,596
---------------
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
CONTAINERS & PACKAGING -- 1.8%
6,307 AptarGroup, Inc. $ 729,341
45,922 Berry Global Group, Inc. 2,834,765
155,902 Graphic Packaging Holding Co. 3,755,679
41,381 Greif, Inc., Class A 2,955,845
13,908 Sealed Air Corp. 761,602
26,765 Silgan Holdings, Inc. 1,442,366
34,282 Sonoco Products Co. 2,094,973
98,658 Westrock Co. 3,871,340
---------------
18,445,911
---------------
DIVERSIFIED CONSUMER SERVICES
-- 0.3%
152,980 ADT, Inc. 1,344,694
19,002 H&R Block, Inc. 740,698
20,068 Service Corp. International 1,488,042
---------------
3,573,434
---------------
DIVERSIFIED FINANCIAL SERVICES
-- 0.3%
24,173 Equitable Holdings, Inc. 775,228
33,848 Voya Financial, Inc. 2,361,575
---------------
3,136,803
---------------
DIVERSIFIED TELECOMMUNICATION
SERVICES -- 1.0%
108,911 Frontier Communications Parent,
Inc. (a) 3,224,854
53,989 Iridium Communications, Inc. (a) 3,230,702
664,523 Lumen Technologies, Inc. 3,488,746
---------------
9,944,302
---------------
ELECTRIC UTILITIES -- 1.5%
43,017 ALLETE, Inc. 2,661,031
33,155 Hawaiian Electric Industries,
Inc. 1,401,462
12,865 IDACORP, Inc. 1,361,246
109,013 NRG Energy, Inc. 3,730,425
17,541 OGE Energy Corp. 689,712
36,495 Pinnacle West Capital Corp. 2,720,702
56,634 Portland General Electric Co. 2,694,646
---------------
15,259,224
---------------
ELECTRICAL EQUIPMENT -- 1.2%
12,567 Acuity Brands, Inc. 2,369,131
30,584 Atkore, Inc. (a) 3,983,566
2,956 Hubbell, Inc. 676,658
23,129 Regal Rexnord Corp. 3,219,557
86,648 Sunrun, Inc. (a) 2,277,109
---------------
12,526,021
---------------
ELECTRONIC EQUIPMENT,
INSTRUMENTS & COMPONENTS
-- 2.4%
33,172 Arrow Electronics, Inc. (a) 3,897,378
83,425 Avnet, Inc. 3,827,539
59,296 Coherent Corp. (a) 2,573,447
29,313 IPG Photonics Corp. (a) 3,285,987
50,863 Jabil, Inc. 3,999,358
3,151 Littelfuse, Inc. 808,830
18,801 National Instruments Corp. 1,015,254
29,301 TD SYNNEX Corp. 2,993,097
107,671 Vontier Corp. 2,479,663
---------------
24,880,553
---------------
Page 36 See Notes to Financial Statements
FIRST TRUST MID CAP CORE ALPHADEX(R) FUND (FNX)
PORTFOLIO OF INVESTMENTS (CONTINUED)
JANUARY 31, 2023 (UNAUDITED)
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
COMMON STOCKS (CONTINUED)
ENERGY EQUIPMENT & SERVICES
-- 1.4%
119,655 ChampionX Corp. $ 3,951,008
69,978 Helmerich & Payne, Inc. 3,389,734
205,987 Patterson-UTI Energy, Inc. 3,460,582
51,299 Valaris Ltd. (a) 3,726,359
---------------
14,527,683
---------------
ENTERTAINMENT -- 0.4%
170,458 AMC Entertainment Holdings,
Inc., Class A (a) (b) 911,950
30,779 Endeavor Group Holdings, Inc.,
Class A (a) 690,373
79,242 Warner Music Group Corp.,
Class A 2,888,371
---------------
4,490,694
---------------
EQUITY REAL ESTATE INVESTMENT
TRUSTS -- 4.2%
101,101 Apartment Income REIT Corp. 3,868,124
131,893 Apple Hospitality REIT, Inc. 2,338,463
61,205 Brixmor Property Group, Inc. 1,440,154
171,194 Broadstone Net Lease, Inc. 3,100,323
27,432 Cousins Properties, Inc. 752,185
132,734 Douglas Emmett, Inc. 2,223,295
18,393 EPR Properties 781,335
74,385 Highwoods Properties, Inc. 2,259,072
35,882 Kilroy Realty Corp. 1,472,597
98,874 Kite Realty Group Trust 2,145,566
7,349 Lamar Advertising Co., Class A 782,962
311,383 Medical Properties Trust, Inc. 4,032,410
15,161 National Retail Properties, Inc. 717,873
99,286 Omega Healthcare Investors, Inc. 2,922,980
235,374 Park Hotels & Resorts, Inc. 3,462,352
21,789 Phillips Edison & Co., Inc. 730,367
143,834 Physicians Realty Trust 2,281,207
21,048 Rayonier, Inc. 765,937
11,100 Regency Centers Corp. 739,593
25,450 Ryman Hospitality Properties,
Inc. 2,364,051
111,627 Sabra Health Care REIT, Inc. 1,506,965
133,352 Vornado Realty Trust 3,252,455
---------------
43,940,266
---------------
FOOD & STAPLES RETAILING -- 0.7%
31,459 BJ's Wholesale Club Holdings,
Inc. (a) 2,279,834
6,184 Casey's General Stores, Inc. 1,458,868
23,767 Grocery Outlet Holding
Corp. (a) 722,279
11,882 Performance Food Group Co. (a) 728,604
40,786 US Foods Holding Corp. (a) 1,555,170
---------------
6,744,755
---------------
FOOD PRODUCTS -- 1.7%
33,252 Darling Ingredients, Inc. (a) 2,204,275
72,418 Flowers Foods, Inc. 2,005,255
21,253 Ingredion, Inc. 2,184,808
31,055 Lamb Weston Holdings, Inc. 3,102,084
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
FOOD PRODUCTS (CONTINUED)
3,515 Lancaster Colony Corp. $ 674,564
38,432 Post Holdings, Inc. (a) 3,649,118
918 Seaboard Corp. 3,599,019
---------------
17,419,123
---------------
GAS UTILITIES -- 1.5%
32,880 National Fuel Gas Co. 1,909,013
69,908 New Jersey Resources Corp. 3,489,807
27,486 ONE Gas, Inc. 2,263,747
44,846 Southwest Gas Holdings, Inc. 3,001,543
10,075 Spire, Inc. 727,617
93,574 UGI Corp. 3,727,052
---------------
15,118,779
---------------
HEALTH CARE EQUIPMENT & SUPPLIES
-- 1.4%
28,023 Globus Medical, Inc.,
Class A (a) 2,115,736
26,463 Haemonetics Corp. (a) 2,238,770
13,771 Inspire Medical Systems,
Inc. (a) 3,484,889
24,747 Integra LifeSciences Holdings
Corp. (a) 1,418,003
13,614 Lantheus Holdings, Inc. (a) 782,805
6,237 Penumbra, Inc. (a) 1,561,807
8,098 QuidelOrtho Corp. (a) 693,270
6,749 Shockwave Medical, Inc. (a) 1,268,340
2,779 Teleflex, Inc. 676,464
---------------
14,240,084
---------------
HEALTH CARE PROVIDERS & SERVICES
-- 2.4%
25,283 Acadia Healthcare Co., Inc. (a) 2,124,278
16,610 Amedisys, Inc. (a) 1,605,523
20,243 AMN Healthcare Services,
Inc. (a) 1,940,089
2,718 Chemed Corp. 1,372,970
9,290 DaVita, Inc. (a) 765,403
11,599 Encompass Health Corp. 724,358
7,332 Ensign Group (The), Inc. 683,709
11,255 HealthEquity, Inc. (a) 684,867
17,372 Henry Schein, Inc. (a) 1,496,598
64,505 Oak Street Health, Inc. (a) 1,874,515
46,112 Option Care Health, Inc. (a) 1,331,253
59,499 Premier, Inc., Class A 1,984,887
30,549 Privia Health Group, Inc. (a) 826,045
55,881 Select Medical Holdings Corp. 1,624,461
24,901 Surgery Partners, Inc. (a) 826,713
28,438 Tenet Healthcare Corp. (a) 1,559,824
19,696 Universal Health Services, Inc.,
Class B 2,919,144
---------------
24,344,637
---------------
HEALTH CARE TECHNOLOGY -- 0.1%
20,673 Doximity, Inc., Class A (a) 729,137
---------------
HOTELS, RESTAURANTS & LEISURE
-- 4.7%
38,167 Boyd Gaming Corp. 2,378,186
50,031 Caesars Entertainment, Inc. (a) 2,604,614
6,159 Choice Hotels International,
Inc. 756,880
6,563 Churchill Downs, Inc. 1,628,280
See Notes to Financial Statements Page 37
FIRST TRUST MID CAP CORE ALPHADEX(R) FUND (FNX)
PORTFOLIO OF INVESTMENTS (CONTINUED)
JANUARY 31, 2023 (UNAUDITED)
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
COMMON STOCKS (CONTINUED)
HOTELS, RESTAURANTS & LEISURE
(CONTINUED)
72,004 Hilton Grand Vacations, Inc. (a) $ 3,410,110
35,517 Light & Wonder, Inc. (a) 2,317,484
15,464 Marriott Vacations Worldwide
Corp. 2,474,859
170,040 Norwegian Cruise Line
Holdings Ltd. (a) 2,586,308
8,428 Papa John's International, Inc. 755,907
93,436 Penn Entertainment, Inc. (a) 3,312,306
35,217 Planet Fitness, Inc.,
Class A (a) 2,981,119
70,176 Royal Caribbean Cruises Ltd. (a) 4,557,229
51,860 SeaWorld Entertainment, Inc. (a) 3,235,545
30,512 Texas Roadhouse, Inc. 3,064,320
38,119 Travel + Leisure Co. 1,615,102
5,822 Vail Resorts, Inc. 1,527,344
122,627 Wendy's (The) Co. 2,734,582
10,082 Wingstop, Inc. 1,597,695
19,458 Wyndham Hotels & Resorts, Inc. 1,508,190
33,649 Wynn Resorts Ltd. (a) 3,487,382
---------------
48,533,442
---------------
HOUSEHOLD DURABLES -- 3.3%
86,101 Leggett & Platt, Inc. 3,147,853
27,148 Mohawk Industries, Inc. (a) 3,259,389
212,159 Newell Brands, Inc. 3,386,058
76,187 PulteGroup, Inc. 4,334,278
26,937 Skyline Champion Corp. (a) 1,587,936
114,293 Taylor Morrison Home Corp. (a) 4,091,689
101,043 Tempur Sealy International, Inc. 4,117,502
69,488 Toll Brothers, Inc. 4,133,841
17,733 TopBuild Corp. (a) 3,547,664
14,713 Whirlpool Corp. 2,289,196
---------------
33,895,406
---------------
HOUSEHOLD PRODUCTS -- 0.1%
23,141 Reynolds Consumer Products,
Inc. 688,908
---------------
INDEPENDENT POWER AND RENEWABLE
ELECTRICITY PRODUCERS -- 0.4%
8,021 Ormat Technologies, Inc. 742,344
149,518 Vistra Corp. 3,447,885
---------------
4,190,229
---------------
INSURANCE -- 3.5%
60,830 American Equity Investment
Life Holding Co. 2,898,549
10,107 American Financial Group, Inc. 1,441,157
11,095 Assurant, Inc. 1,471,086
33,429 Assured Guaranty Ltd. 2,092,655
38,422 Axis Capital Holdings Ltd. 2,404,065
8,368 Erie Indemnity Co., Class A 2,044,721
2,094 Everest Re Group Ltd. 732,251
73,765 Fidelity National Financial,
Inc. 3,247,873
53,020 First American Financial Corp. 3,280,347
5,755 Globe Life, Inc. 695,492
5,134 Hanover Insurance Group (The),
Inc. 690,934
7,958 Kinsale Capital Group, Inc. 2,215,826
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
INSURANCE (CONTINUED)
114,909 Old Republic International Corp. $ 3,032,448
15,855 RLI Corp. 2,099,995
33,426 Ryan Specialty Holdings,
Inc. (a) 1,424,616
7,830 Selective Insurance Group, Inc. 743,850
67,635 Unum Group 2,842,699
1,962 White Mountains Insurance
Group Ltd. 2,997,858
---------------
36,356,422
---------------
INTERACTIVE MEDIA & SERVICES
-- 0.4%
28,574 Pinterest, Inc., Class A (a) 751,211
35,082 Ziff Davis, Inc. (a) 3,139,137
---------------
3,890,348
---------------
IT SERVICES -- 2.0%
10,421 Concentrix Corp. 1,477,802
130,898 DXC Technology Co. (a) 3,760,700
16,379 ExlService Holdings, Inc. (a) 2,794,257
14,978 Genpact Ltd. 708,160
18,546 GoDaddy, Inc., Class A (a) 1,523,183
18,921 Maximus, Inc. 1,416,237
76,957 Toast, Inc., Class A (a) 1,716,911
31,442 TTEC Holdings, Inc. 1,598,511
151,146 Western Union (The) Co. 2,141,739
16,957 WEX, Inc. (a) 3,136,536
---------------
20,274,036
---------------
LEISURE PRODUCTS -- 1.2%
16,339 Acushnet Holdings Corp. 767,116
38,500 Brunswick Corp. 3,246,705
34,114 Hasbro, Inc. 2,018,525
13,738 Polaris, Inc. 1,577,672
140,509 Topgolf Callaway Brands
Corp. (a) 3,441,065
33,589 YETI Holdings, Inc. (a) 1,503,444
---------------
12,554,527
---------------
LIFE SCIENCES TOOLS & SERVICES
-- 0.8%
20,300 Bruker Corp. 1,423,436
16,331 Medpace Holdings, Inc. (a) 3,610,294
75,656 Syneos Health, Inc. (a) 2,717,564
---------------
7,751,294
---------------
MACHINERY -- 2.9%
25,011 AGCO Corp. 3,454,769
66,708 Allison Transmission Holdings,
Inc. 3,007,197
20,720 Crane Holdings Co. 2,401,655
23,569 Donaldson Co., Inc. 1,469,527
17,399 Franklin Electric Co., Inc. 1,571,130
10,314 Graco, Inc. 704,653
17,109 ITT, Inc. 1,567,013
7,596 John Bean Technologies Corp. 848,701
19,206 Lincoln Electric Holdings, Inc. 3,204,905
10,362 Middleby (The) Corp. (a) 1,610,773
35,276 Mueller Industries, Inc. 2,312,342
7,867 Oshkosh Corp. 792,836
9,110 Snap-on, Inc. 2,265,930
Page 38 See Notes to Financial Statements
FIRST TRUST MID CAP CORE ALPHADEX(R) FUND (FNX)
PORTFOLIO OF INVESTMENTS (CONTINUED)
JANUARY 31, 2023 (UNAUDITED)
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
COMMON STOCKS (CONTINUED)
MACHINERY (CONTINUED)
29,451 Timken (The) Co. $ 2,425,290
6,129 Toro (The) Co. 683,506
9,488 Watts Water Technologies, Inc.,
Class A 1,551,478
---------------
29,871,705
---------------
MARINE -- 0.6%
32,343 Kirby Corp. (a) 2,289,238
55,492 Matson, Inc. 3,669,131
---------------
5,958,369
---------------
MEDIA -- 0.9%
247,067 DISH Network Corp.,
Class A (a) 3,555,294
41,656 Interpublic Group of (The) Cos.,
Inc. 1,518,778
21,373 New York Times (The) Co.,
Class A 744,635
76,237 News Corp., Class A 1,544,562
11,891 Nexstar Media Group, Inc. 2,434,920
---------------
9,798,189
---------------
METALS & MINING -- 1.8%
15,258 Alcoa Corp. 797,078
172,257 Cleveland-Cliffs, Inc. (a) 3,677,687
71,818 Commercial Metals Co. 3,897,563
17,135 Reliance Steel & Aluminum Co. 3,897,355
18,464 Royal Gold, Inc. 2,345,482
138,475 United States Steel Corp. 3,945,153
---------------
18,560,318
---------------
MORTGAGE REAL ESTATE INVESTMENT
TRUSTS -- 1.3%
201,090 AGNC Investment Corp. 2,332,644
164,555 Annaly Capital Management,
Inc. 3,862,106
424,579 Rithm Capital Corp. 3,995,288
151,394 Starwood Property Trust, Inc. 3,162,621
---------------
13,352,659
---------------
MULTILINE RETAIL -- 1.1%
137,378 Kohl's Corp. 4,446,926
167,981 Macy's, Inc. 3,969,391
128,952 Nordstrom, Inc. (b) 2,519,722
14,811 Ollie's Bargain Outlet Holdings,
Inc. (a) 811,050
---------------
11,747,089
---------------
MULTI-UTILITIES -- 0.3%
29,589 Black Hills Corp. 2,141,652
50,602 NiSource, Inc. 1,404,205
---------------
3,545,857
---------------
OIL, GAS & CONSUMABLE FUELS
-- 5.2%
128,593 Antero Midstream Corp. 1,401,664
89,546 Antero Resources Corp. (a) 2,582,507
79,725 California Resources Corp. 3,406,649
36,758 Chesapeake Energy Corp. 3,187,654
25,355 Chord Energy Corp. 3,634,132
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
OIL, GAS & CONSUMABLE FUELS
(CONTINUED)
47,903 Civitas Resources, Inc. $ 3,187,945
202,411 Comstock Resources, Inc. 2,459,294
31,890 Denbury, Inc. (a) 2,767,414
25,108 DT Midstream, Inc. 1,372,403
66,849 HF Sinclair Corp. 3,803,708
147,923 Magnolia Oil & Gas Corp.,
Class A 3,492,462
60,601 Matador Resources Co. 4,009,362
80,652 Murphy Oil Corp. 3,517,234
85,061 PBF Energy, Inc., Class A 3,571,712
54,643 PDC Energy, Inc. 3,700,970
110,913 Range Resources Corp. 2,775,043
79,674 SM Energy Co. 2,618,884
474,367 Southwestern Energy Co. (a) 2,618,506
---------------
54,107,543
---------------
PAPER & FOREST PRODUCTS -- 0.3%
46,876 Louisiana-Pacific Corp. 3,191,787
---------------
PERSONAL PRODUCTS -- 0.2%
162,093 Coty, Inc., Class A (a) 1,614,446
---------------
PHARMACEUTICALS -- 1.2%
170,318 Elanco Animal Health, Inc. (a) 2,338,466
26,220 Intra-Cellular Therapies,
Inc. (a) 1,256,462
17,419 Jazz Pharmaceuticals PLC (a) 2,728,861
49,679 Organon & Co. 1,496,828
20,351 Perrigo Co. PLC 761,535
311,663 Viatris, Inc. 3,789,822
---------------
12,371,974
---------------
PROFESSIONAL SERVICES -- 2.3%
248,957 Alight, Inc., Class A (a) 2,337,706
34,058 ASGN, Inc. (a) 3,097,575
6,924 CACI International, Inc.,
Class A (a) 2,133,215
7,001 Exponent, Inc. 717,883
4,369 FTI Consulting, Inc. (a) 696,943
65,697 KBR, Inc. 3,365,657
68,526 Korn Ferry 3,699,719
33,350 ManpowerGroup, Inc. 2,906,786
28,190 Robert Half International, Inc. 2,366,832
6,254 Science Applications
International Corp. 649,040
30,697 TriNet Group, Inc. (a) 2,316,089
---------------
24,287,445
---------------
REAL ESTATE MANAGEMENT &
DEVELOPMENT -- 0.7%
36,313 Howard Hughes (The) Corp. (a) 3,104,398
21,766 Jones Lang LaSalle, Inc. (a) 4,023,881
---------------
7,128,279
---------------
ROAD & RAIL -- 2.5%
16,929 Avis Budget Group, Inc. (a) 3,386,477
90,158 Hertz Global Holdings, Inc. (a) 1,624,647
66,186 Knight-Swift Transportation
Holdings, Inc. 3,911,593
21,295 Landstar System, Inc. 3,680,415
41,508 Ryder System, Inc. 3,918,770
See Notes to Financial Statements Page 39
FIRST TRUST MID CAP CORE ALPHADEX(R) FUND (FNX)
PORTFOLIO OF INVESTMENTS (CONTINUED)
JANUARY 31, 2023 (UNAUDITED)
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
COMMON STOCKS (CONTINUED)
ROAD & RAIL (CONTINUED)
6,617 Saia, Inc. (a) $ 1,804,985
46,105 U-Haul Holding Co. (b) 3,090,418
104,200 XPO, Inc. (a) 4,153,412
---------------
25,570,717
---------------
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT -- 2.8%
69,330 Allegro MicroSystems, Inc. (a) 2,646,326
144,655 Amkor Technology, Inc. 4,232,605
18,629 Cirrus Logic, Inc. (a) 1,683,875
36,447 Diodes, Inc. (a) 3,250,708
42,772 Lattice Semiconductor Corp. (a) 3,241,690
22,031 MACOM Technology Solutions
Holdings, Inc. (a) 1,476,518
32,751 MKS Instruments, Inc. 3,351,082
10,189 Onto Innovation, Inc. (a) 801,365
30,616 Qorvo, Inc. (a) 3,326,735
5,114 Silicon Laboratories, Inc. (a) 802,438
6,827 SiTime Corp. (a) 786,675
29,162 Synaptics, Inc. (a) 3,646,125
---------------
29,246,142
---------------
SOFTWARE -- 1.5%
18,771 Bentley Systems, Inc., Class B 733,007
10,312 Blackline, Inc. (a) 740,402
89,144 Box, Inc., Class A (a) 2,851,716
79,743 CCC Intelligent Solutions
Holdings, Inc. (a) 737,623
9,835 Dolby Laboratories, Inc.,
Class A 782,473
61,999 Dropbox, Inc., Class A (a) 1,440,237
4,636 Fair Isaac Corp. (a) 3,087,344
88,905 NCR Corp. (a) 2,437,775
3,571 Paylocity Holding Corp. (a) 743,804
35,252 Smartsheet, Inc., Class A (a) 1,523,239
5,402 SPS Commerce, Inc. (a) 735,104
---------------
15,812,724
---------------
SPECIALTY RETAIL -- 4.1%
66,023 Academy Sports & Outdoors,
Inc. 3,857,064
9,437 Advance Auto Parts, Inc. 1,437,067
19,351 Asbury Automotive Group,
Inc. (a) 4,257,220
25,863 AutoNation, Inc. (a) 3,277,359
32,927 Bath & Body Works, Inc. 1,514,971
10,265 Burlington Stores, Inc. (a) 2,359,205
23,070 Dick's Sporting Goods, Inc. 3,016,633
11,767 Five Below, Inc. (a) 2,319,629
9,964 Floor & Decor Holdings, Inc.,
Class A (a) 904,432
184,511 Gap (The), Inc. 2,503,814
16,943 Lithia Motors, Inc. 4,459,398
12,409 Murphy USA, Inc. 3,375,620
30,182 Penske Automotive Group, Inc. 3,857,863
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
SPECIALTY RETAIL (CONTINUED)
7,789 RH (a) $ 2,430,090
24,148 Williams-Sonoma, Inc. 3,258,531
---------------
42,828,896
---------------
TECHNOLOGY HARDWARE, STORAGE
& PERIPHERALS -- 0.1%
17,249 Dell Technologies, Inc., Class C 700,654
25,925 Pure Storage, Inc., Class A (a) 750,270
---------------
1,450,924
---------------
TEXTILES, APPAREL & LUXURY GOODS
-- 2.2%
23,765 Columbia Sportswear Co. 2,279,063
12,797 Crocs, Inc. (a) 1,558,291
1,738 Deckers Outdoor Corp. (a) 742,960
327,246 Hanesbrands, Inc. 2,761,956
49,141 PVH Corp. 4,417,776
19,696 Ralph Lauren Corp. 2,439,350
82,689 Skechers U.S.A., Inc.,
Class A (a) 3,981,475
54,656 Tapestry, Inc. 2,490,674
204,851 Under Armour, Inc., Class A (a) 2,538,104
---------------
23,209,649
---------------
THRIFTS & MORTGAGE FINANCE
-- 1.7%
89,219 Essent Group Ltd. 3,928,312
266,831 MGIC Investment Corp. 3,767,654
242,010 New York Community Bancorp,
Inc. 2,417,680
181,899 Radian Group, Inc. 4,019,968
35,359 Walker & Dunlop, Inc. 3,372,541
---------------
17,506,155
---------------
TRADING COMPANIES & DISTRIBUTORS
-- 3.4%
72,229 Air Lease Corp. 3,248,138
27,524 Applied Industrial Technologies,
Inc. 3,941,712
65,709 Beacon Roofing Supply, Inc. (a) 3,737,528
35,927 Core & Main, Inc., Class A (a) 792,909
19,571 GATX Corp. 2,239,901
26,364 Herc Holdings, Inc. 4,094,856
33,966 MSC Industrial Direct Co., Inc.,
Class A 2,808,988
11,827 SiteOne Landscape Supply,
Inc. (a) 1,791,909
50,434 Triton International Ltd. 3,562,658
109,083 Univar Solutions, Inc. (a) 3,761,182
5,563 Watsco, Inc. 1,598,639
22,165 WESCO International, Inc. (a) 3,302,807
---------------
34,881,227
---------------
TOTAL COMMON STOCKS
-- 99.9% 1,033,593,018
(Cost $893,754,328) ---------------
Page 40 See Notes to Financial Statements
FIRST TRUST MID CAP CORE ALPHADEX(R) FUND (FNX)
PORTFOLIO OF INVESTMENTS (CONTINUED)
JANUARY 31, 2023 (UNAUDITED)
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
MONEY MARKET FUNDS -- 0.3%
1,765,114 Goldman Sachs Financial Square
Treasury Obligations Fund -
Institutional Class -
4.24% (c) (d) $ 1,765,114
1,020,962 Morgan Stanley Institutional
Liquidity Funds - Treasury
Portfolio - Institutional
Class - 4.12% (c) 1,020,962
---------------
TOTAL MONEY MARKET FUNDS
-- 0.3% 2,786,076
(Cost $2,786,076) ---------------
PRINCIPAL
VALUE DESCRIPTION VALUE
---------------------------------------------------------------
REPURCHASE AGREEMENTS -- 0.0%
$ 335,817 BNP Paribas S.A., 4.21% (c),
dated 01/31/23, due 02/01/23,
with a maturity value of
$335,856. Collateralized by
U.S. Treasury Note, interest
rate of 2.13%, due 05/15/25.
The value of the collateral
including accrued interest
is $342,847. (d) 335,817
(Cost $335,817) ---------------
TOTAL INVESTMENTS -- 100.2% 1,036,714,911
(Cost $896,876,221)
NET OTHER ASSETS AND
LIABILITIES -- (0.2)% (2,418,731)
---------------
NET ASSETS -- 100.0% $ 1,034,296,180
===============
(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 remaining contractual
maturity of all of the securities lending transactions is overnight and
continuous. The aggregate value of such securities is $2,110,139 and the
total value of the collateral held by the Fund is $2,100,931.
(c) Rate shown reflects yield as of January 31, 2023.
(d) This security serves as collateral for securities on loan.
---------------------------------
OFFSETTING ASSETS AND LIABILITIES
---------------------------------------------------------------
Offsetting assets and liabilities requires entities to disclose both gross and
net information about instruments and transactions eligible for offset, and to
disclose instruments and transactions subject to master netting or similar
agreements (see Note 2C - Offsetting on the Statements of Assets and Liabilities
in the Notes to Financial Statements).
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:
SECURITIES LENDING AGENCY AGREEMENT
---------------------------------------------------------------
Total gross amount presented on the
Statements of Assets and Liabilities(1) $ 2,110,139
Non-cash Collateral(2) (2,100,931)
---------------
Net Amount $ 9,208
===============
(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) The collateral requirements are determined at the beginning of each
business day based on the market value of the loaned securities from the
end of the prior day. On January 31, 2023, the last business day of the
period, there was sufficient collateral based on the end of day market
value from the prior business day; however, as a result of market movement
from January 30 to January 31, the value of the related securities loaned
was above the collateral value received. See Note 2D - Securities Lending
in the Notes to Financial Statements.
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:
REPURCHASE AGREEMENTS
---------------------------------------------------------------
Total gross amount presented on the
Statements of Assets and Liabilities(3) $ 335,817
Non-cash Collateral(4) (335,817)
---------------
Net Amount $ --
===============
(3) The amount is included in "Investments, at value" on the Statements of
Assets and Liabilities.
(4) At January 31, 2023, the value of the collateral received from each seller
exceeded the value of the repurchase agreements.
See Notes to Financial Statements Page 41
FIRST TRUST MID CAP CORE ALPHADEX(R) FUND (FNX)
PORTFOLIO OF INVESTMENTS (CONTINUED)
JANUARY 31, 2023 (UNAUDITED)
-----------------------------
VALUATION INPUTS
A summary of the inputs used to value the Fund's investments as of January 31,
2023 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial
Statements):
<TABLE>
<CAPTION>
LEVEL 2 LEVEL 3
TOTAL LEVEL 1 SIGNIFICANT SIGNIFICANT
VALUE AT QUOTED OBSERVABLE UNOBSERVABLE
1/31/2023 PRICES INPUTS INPUTS
-----------------------------------------------------------
<S> <C> <C> <C> <C>
Common Stocks*.................................. $1,033,593,018 $1,033,593,018 $ -- $ --
Money Market Funds.............................. 2,786,076 2,786,076 -- --
Repurchase Agreements........................... 335,817 -- 335,817 --
-----------------------------------------------------------
Total Investments............................... $1,036,714,911 $1,036,379,094 $ 335,817 $ --
===========================================================
</TABLE>
* See Portfolio of Investments for industry breakout.
Page 42 See Notes to Financial Statements
FIRST TRUST SMALL CAP CORE ALPHADEX(R) FUND (FYX)
PORTFOLIO OF INVESTMENTS
JANUARY 31, 2023 (UNAUDITED)
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
COMMON STOCKS -- 100.0%
AEROSPACE & DEFENSE -- 0.6%
44,051 AAR Corp. (a) $ 2,265,983
5,772 AeroVironment, Inc. (a) 513,535
47,913 Kratos Defense & Security
Solutions, Inc. (a) 548,604
16,903 Moog, Inc., Class A 1,611,194
---------------
4,939,316
---------------
AIR FREIGHT & LOGISTICS -- 0.9%
95,162 Air Transport Services Group,
Inc. (a) 2,694,036
18,856 Forward Air Corp. 2,033,620
31,102 Hub Group, Inc., Class A (a) 2,652,067
---------------
7,379,723
---------------
AIRLINES -- 0.7%
21,817 Allegiant Travel Co. (a) 1,876,916
152,612 JetBlue Airways Corp. (a) 1,220,896
149,747 SkyWest, Inc. (a) 3,108,748
---------------
6,206,560
---------------
AUTO COMPONENTS -- 1.0%
14,254 Adient PLC (a) 641,715
98,043 Dana, Inc. 1,778,500
6,114 Dorman Products, Inc. (a) 593,425
7,574 Gentherm, Inc. (a) 563,733
40,797 Patrick Industries, Inc. 2,895,363
24,698 XPEL, Inc. (a) (b) 1,878,777
---------------
8,351,513
---------------
AUTOMOBILES -- 0.3%
46,913 Winnebago Industries, Inc. 2,987,420
---------------
BANKS -- 8.9%
27,941 1st Source Corp. 1,374,418
41,957 Ameris Bancorp 1,978,692
85,659 Associated Banc-Corp. 1,919,618
42,214 Atlantic Union Bankshares Corp. 1,633,260
17,422 Bancorp (The), Inc. (a) 591,128
6,375 Bank of Hawaii Corp. 487,624
58,224 BankUnited, Inc. 2,191,551
15,647 Banner Corp. 1,014,395
33,075 Berkshire Hills Bancorp, Inc. 1,026,979
48,488 Cathay General Bancorp 2,131,533
5,312 City Holding Co. 503,525
65,644 Columbia Banking System, Inc. 2,029,056
87,238 Customers Bancorp, Inc. (a) 2,649,418
62,138 Dime Community Bancshares,
Inc. 1,852,955
33,660 Eagle Bancorp, Inc. 1,598,513
30,298 Enterprise Financial Services
Corp. 1,615,489
27,364 FB Financial Corp. 1,027,792
23,084 First Bancorp 919,897
77,745 First BanCorp 1,045,670
60,007 First Busey Corp. 1,432,367
106,184 First Commonwealth Financial
Corp. 1,561,967
61,221 First Financial Bancorp 1,550,728
138,021 First Foundation, Inc. 2,143,466
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
BANKS (CONTINUED)
37,977 First Hawaiian, Inc. $ 1,042,089
36,084 First Merchants Corp. 1,538,622
88,140 Fulton Financial Corp. 1,474,582
31,819 Heartland Financial USA, Inc. 1,574,086
49,430 Hilltop Holdings, Inc. 1,616,361
154,399 Hope Bancorp, Inc. 1,990,203
24,691 Independent Bank Group, Inc. 1,513,558
32,417 International Bancshares Corp. 1,519,385
6,776 Lakeland Financial Corp. 479,131
11,753 National Bank Holdings Corp.,
Class A 496,329
22,777 NBT Bancorp, Inc. 895,364
70,739 Northwest Bancshares, Inc. 1,000,249
93,075 OceanFirst Financial Corp. 2,226,354
53,824 OFG Bancorp 1,523,757
15,667 Pacific Premier Bancorp, Inc. 506,671
107,727 PacWest Bancorp 2,979,729
3,513 Park National Corp. 440,003
39,463 Renasant Corp. 1,404,094
43,399 S&T Bancorp, Inc. 1,578,856
56,142 Sandy Spring Bancorp, Inc. 1,897,600
31,707 Seacoast Banking Corp. of
Florida 1,018,112
68,739 Simmons First National Corp.,
Class A 1,533,567
27,478 Southside Bancshares, Inc. 1,040,867
15,219 Stock Yards Bancorp, Inc. 912,531
16,398 Texas Capital Bancshares,
Inc. (a) 1,083,416
48,100 TowneBank 1,465,607
19,395 TriCo Bancshares 980,417
28,328 Trustmark Corp. 824,911
70,437 Veritex Holdings, Inc. 1,982,802
58,952 Washington Federal, Inc. 2,090,438
53,484 WesBanco, Inc. 1,988,000
8,380 Westamerica BanCorp 465,593
---------------
77,363,325
---------------
BEVERAGES -- 0.2%
13,944 MGP Ingredients, Inc. 1,360,098
---------------
BIOTECHNOLOGY -- 2.6%
31,059 ACADIA Pharmaceuticals,
Inc. (a) 591,053
121,489 Amicus Therapeutics, Inc. (a) 1,584,217
86,143 BioCryst Pharmaceuticals,
Inc. (a) 908,809
33,282 Celldex Therapeutics, Inc. (a) 1,466,405
92,944 Dynavax Technologies Corp. (a) 1,057,703
209,341 Emergent BioSolutions, Inc. (a) 2,761,208
92,597 FibroGen, Inc. (a) 2,185,289
97,528 ImmunityBio, Inc. (a) (c) 370,606
24,748 Insmed, Inc. (a) 532,824
119,725 Ironwood Pharmaceuticals,
Inc. (a) 1,379,232
34,077 Myriad Genetics, Inc. (a) 671,998
22,476 Prometheus Biosciences, Inc. (a) 2,554,622
8,207 Prothena Corp. PLC (a) 464,106
12,954 PTC Therapeutics, Inc. (a) 594,459
See Notes to Financial Statements Page 43
FIRST TRUST SMALL CAP CORE ALPHADEX(R) FUND (FYX)
PORTFOLIO OF INVESTMENTS (CONTINUED)
JANUARY 31, 2023 (UNAUDITED)
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
COMMON STOCKS (CONTINUED)
BIOTECHNOLOGY (CONTINUED)
43,603 REGENXBIO, Inc. (a) $ 1,012,026
41,516 REVOLUTION Medicines,
Inc. (a) 1,110,138
123,771 Roivant Sciences Ltd. (a) (c) 1,027,299
43,623 uniQure N.V. (a) 926,989
18,773 Vericel Corp. (a) 515,694
18,989 Xencor, Inc. (a) 625,118
---------------
22,339,795
---------------
BUILDING PRODUCTS -- 2.0%
32,824 AAON, Inc. 2,505,128
48,667 AZEK (The) Co., Inc. (a) 1,174,335
12,796 CSW Industrials, Inc. 1,730,147
32,332 Gibraltar Industries, Inc. (a) 1,732,025
207,758 Janus International Group,
Inc. (a) 2,285,338
204,959 JELD-WEN Holding, Inc. (a) 2,592,731
110,126 PGT Innovations, Inc. (a) 2,389,734
150,293 Resideo Technologies, Inc. (a) 2,890,135
---------------
17,299,573
---------------
CAPITAL MARKETS -- 2.3%
33,298 Artisan Partners Asset
Management, Inc., Class A 1,226,032
64,496 AssetMark Financial Holdings,
Inc. (a) 1,711,724
393,473 BGC Partners, Inc., Class A 1,711,608
27,235 Federated Hermes, Inc. 1,070,335
39,801 Focus Financial Partners, Inc.,
Class A (a) 1,797,015
37,573 Golub Capital BDC, Inc. (c) 514,750
7,740 Hamilton Lane, Inc., Class A 602,636
12,886 Moelis & Co., Class A 602,420
11,395 Piper Sandler Cos. 1,619,230
20,130 PJT Partners, Inc., Class A 1,611,004
10,377 StoneX Group, Inc. (a) 911,931
92,148 Victory Capital Holdings, Inc.,
Class A 2,731,267
72,680 Virtu Financial, Inc., Class A 1,403,451
10,331 Virtus Investment Partners, Inc. 2,219,925
---------------
19,733,328
---------------
CHEMICALS -- 2.0%
223,234 Ecovyst, Inc. (a) 2,341,725
21,059 Ingevity Corp. (a) 1,736,104
9,614 Innospec, Inc. 1,086,574
148,712 LSB Industries, Inc. (a) 1,890,129
94,634 Mativ Holdings, Inc. 2,608,113
32,573 Minerals Technologies, Inc. 2,262,195
3,179 NewMarket Corp. 1,095,197
2,962 Quaker Chemical Corp. 583,129
13,934 Stepan Co. 1,530,511
87,091 Trinseo PLC 2,416,775
---------------
17,550,452
---------------
COMMERCIAL SERVICES & SUPPLIES
-- 2.1%
44,526 ABM Industries, Inc. 2,088,715
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES
(CONTINUED)
31,495 Brady Corp., Class A $ 1,684,038
287,061 BrightView Holdings, Inc. (a) 2,282,135
27,618 Brink's (The) Co. 1,811,741
213,868 CoreCivic, Inc. (a) 2,275,555
69,569 HNI Corp. 2,210,207
37,890 KAR Auction Services, Inc. (a) 551,678
94,139 MillerKnoll, Inc. 2,248,039
33,417 Montrose Environmental Group,
Inc. (a) 1,809,865
5,124 UniFirst Corp. 1,016,807
---------------
17,978,780
---------------
COMMUNICATIONS EQUIPMENT
-- 1.5%
78,945 ADTRAN Holdings, Inc. 1,489,692
21,010 Clearfield, Inc. (a) 1,501,375
134,548 CommScope Holding Co.,
Inc. (a) 1,130,203
135,025 Extreme Networks, Inc. (a) 2,434,501
293,450 Infinera Corp. (a) 2,148,054
30,419 NetScout Systems, Inc. (a) 976,450
62,492 Viasat, Inc. (a) 2,152,849
94,094 Viavi Solutions, Inc. (a) 1,063,262
---------------
12,896,386
---------------
CONSTRUCTION & ENGINEERING
-- 1.3%
25,961 Ameresco, Inc., Class A (a) 1,673,706
36,398 Arcosa, Inc. 2,157,309
15,848 Dycom Industries, Inc. (a) 1,511,424
42,297 Granite Construction, Inc. 1,801,006
10,741 MYR Group, Inc. (a) 1,064,003
112,686 Primoris Services Corp. 2,997,448
---------------
11,204,896
---------------
CONSTRUCTION MATERIALS -- 0.3%
69,667 Summit Materials, Inc.,
Class A (d) 2,289,258
---------------
CONSUMER FINANCE -- 2.0%
65,648 Bread Financial Holdings, Inc. 2,693,538
51,571 Encore Capital Group, Inc. (a) 2,873,536
125,023 Green Dot Corp., Class A (a) 2,260,416
280,945 LendingClub Corp. (a) 2,722,357
120,235 Navient Corp. 2,280,858
21,794 Nelnet, Inc., Class A 2,081,109
58,551 PRA Group, Inc. (a) 2,356,092
---------------
17,267,906
---------------
CONTAINERS & PACKAGING -- 0.8%
149,204 O-I Glass, Inc. (a) 2,872,177
217,634 Pactiv Evergreen, Inc. 2,504,968
53,475 TriMas Corp. 1,646,495
---------------
7,023,640
---------------
DIVERSIFIED CONSUMER SERVICES
-- 1.5%
27,857 Adtalem Global Education,
Inc. (a) 1,063,580
Page 44 See Notes to Financial Statements
FIRST TRUST SMALL CAP CORE ALPHADEX(R) FUND (FYX)
PORTFOLIO OF INVESTMENTS (CONTINUED)
JANUARY 31, 2023 (UNAUDITED)
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
COMMON STOCKS (CONTINUED)
DIVERSIFIED CONSUMER SERVICES
(CONTINUED)
58,701 Chegg, Inc. (a) $ 1,218,633
41,797 Coursera, Inc. (a) 666,662
23,773 Frontdoor, Inc. (a) 646,150
3,274 Graham Holdings Co., Class B 2,138,937
23,398 Grand Canyon Education,
Inc. (a) 2,727,271
102,799 Laureate Education, Inc. 1,128,733
18,940 Strategic Education, Inc. 1,768,049
15,808 Stride, Inc. (a) 678,637
46,868 Udemy, Inc. (a) 587,725
---------------
12,624,377
---------------
DIVERSIFIED FINANCIAL SERVICES
-- 0.4%
71,064 Jackson Financial, Inc., Class A 3,129,659
---------------
DIVERSIFIED TELECOMMUNICATION
SERVICES -- 0.1%
371,778 Globalstar, Inc. (a) 524,207
65,061 Liberty Latin America Ltd.,
Class C (a) 640,851
---------------
1,165,058
---------------
ELECTRIC UTILITIES -- 0.2%
7,024 MGE Energy, Inc. 513,525
16,844 Otter Tail Corp. 1,080,542
---------------
1,594,067
---------------
ELECTRICAL EQUIPMENT -- 1.7%
127,900 Array Technologies, Inc. (a) 2,843,217
51,722 Bloom Energy Corp., Class A (a) 1,289,429
17,973 Encore Wire Corp. 2,901,381
13,393 EnerSys 1,111,887
57,663 Fluence Energy, Inc. (a) 1,391,985
415,516 GrafTech International Ltd. 2,717,475
80,172 Shoals Technologies Group,
Inc., Class A (a) 2,235,997
---------------
14,491,371
---------------
ELECTRONIC EQUIPMENT, INSTRUMENTS
& COMPONENTS -- 2.9%
23,057 Advanced Energy Industries,
Inc. 2,138,306
18,140 Badger Meter, Inc. 2,102,426
34,385 Belden, Inc. 2,788,279
37,631 CTS Corp. 1,674,956
44,667 ePlus, Inc. (a) 2,223,523
14,794 Insight Enterprises, Inc. (a) 1,667,580
33,432 Methode Electronics, Inc. 1,596,044
74,806 Mirion Technologies, Inc. (a) 594,708
24,873 OSI Systems, Inc. (a) 2,355,722
9,608 Plexus Corp. (a) 922,272
34,524 Sanmina Corp. (a) 2,103,547
163,946 TTM Technologies, Inc. (a) 2,577,231
114,619 Vishay Intertechnology, Inc. 2,623,629
---------------
25,368,223
---------------
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
ENERGY EQUIPMENT & SERVICES
-- 2.8%
220,251 Archrock, Inc. $ 2,182,687
49,191 Cactus, Inc., Class A 2,661,725
136,366 Expro Group Holdings N.V. (a) 2,575,954
154,424 Liberty Energy, Inc. 2,444,532
15,964 Nabors Industries Ltd. (a) 2,834,249
267,567 NexTier Oilfield Solutions,
Inc. (a) 2,520,481
278,101 RPC, Inc. 2,758,762
542,175 Transocean Ltd. (a) 3,654,259
48,553 Weatherford International
PLC (a) 2,761,695
---------------
24,394,344
---------------
ENTERTAINMENT -- 0.6%
57,097 Cinemark Holdings, Inc. (a) 681,738
21,991 Madison Square Garden
Entertainment Corp. (a) 1,149,909
8,091 Madison Square Garden Sports
Corp. 1,471,268
21,649 World Wrestling Entertainment,
Inc., Class A 1,831,938
---------------
5,134,853
---------------
EQUITY REAL ESTATE INVESTMENT
TRUSTS -- 6.0%
68,915 Acadia Realty Trust 1,070,250
52,799 Alexander & Baldwin, Inc. 1,057,036
55,977 American Assets Trust, Inc. 1,593,105
347,235 Apartment Investment and
Management Co., Class A 2,607,735
321,603 Brandywine Realty Trust 2,109,716
38,123 Corporate Office Properties
Trust 1,070,113
241,496 DiamondRock Hospitality Co. 2,325,606
27,779 Elme Communities 533,357
73,362 Empire State Realty Trust, Inc.,
Class A 611,839
39,605 Equity Commonwealth 1,010,720
42,136 Essential Properties Realty
Trust, Inc. 1,073,625
43,823 Getty Realty Corp. 1,596,472
157,347 Global Net Lease, Inc. 2,352,338
203,275 Hudson Pacific Properties, Inc. 2,315,302
20,890 InvenTrust Properties Corp. 519,534
324,027 iStar, Inc. 3,006,971
78,155 JBG SMITH Properties 1,574,042
246,739 LXP Industrial Trust 2,849,835
43,913 Macerich (The) Co. 603,365
18,938 National Health Investors, Inc. 1,114,123
22,723 NexPoint Residential Trust, Inc. 1,147,511
59,646 Outfront Media, Inc. 1,186,955
332,972 Paramount Group, Inc. 2,147,669
110,784 Pebblebrook Hotel Trust 1,816,858
269,609 Piedmont Office Realty Trust,
Inc., Class A 2,857,855
186,766 RLJ Lodging Trust 2,347,649
36,198 SITE Centers Corp. 494,103
29,328 SL Green Realty Corp. (c) 1,206,847
See Notes to Financial Statements Page 45
FIRST TRUST SMALL CAP CORE ALPHADEX(R) FUND (FYX)
PORTFOLIO OF INVESTMENTS (CONTINUED)
JANUARY 31, 2023 (UNAUDITED)
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
COMMON STOCKS (CONTINUED)
EQUITY REAL ESTATE INVESTMENT
TRUSTS (CONTINUED)
255,934 Sunstone Hotel Investors, Inc. $ 2,812,715
82,686 Tanger Factory Outlet Centers,
Inc. 1,580,129
105,279 Urban Edge Properties 1,658,144
31,040 Veris Residential, Inc. (a) 536,992
75,032 Xenia Hotels & Resorts, Inc. 1,117,977
---------------
51,906,488
---------------
FOOD & STAPLES RETAILING -- 1.7%
70,658 Andersons (The), Inc. 2,598,801
59,431 Chefs' Warehouse (The), Inc. (a) 2,272,047
25,630 Ingles Markets, Inc., Class A 2,434,850
24,406 PriceSmart, Inc. 1,813,610
45,826 Sprouts Farmers Market, Inc. (a) 1,464,141
51,094 United Natural Foods, Inc. (a) 2,126,532
24,035 Weis Markets, Inc. 2,075,182
---------------
14,785,163
---------------
FOOD PRODUCTS -- 1.8%
88,693 B&G Foods, Inc. (c) 1,243,476
36,323 Cal-Maine Foods, Inc. 2,078,402
75,520 Fresh Del Monte Produce, Inc. 2,159,872
91,680 Hain Celestial Group (The),
Inc. (a) 1,881,273
66,105 Hostess Brands, Inc. (a) 1,529,009
3,302 J & J Snack Foods Corp. 473,176
26,004 Simply Good Foods (The)
Co. (a) 943,945
34,410 Sovos Brands, Inc. (a) 466,600
46,462 Tootsie Roll Industries, Inc. 2,078,245
10,014 TreeHouse Foods, Inc. (a) 484,978
124,707 Utz Brands, Inc. 2,077,619
---------------
15,416,595
---------------
GAS UTILITIES -- 0.3%
4,184 Chesapeake Utilities Corp. 527,519
41,560 Northwest Natural Holding Co. 2,083,818
---------------
2,611,337
---------------
HEALTH CARE EQUIPMENT & SUPPLIES
-- 1.6%
11,141 AtriCure, Inc. (a) 482,183
54,819 Avanos Medical, Inc. (a) 1,679,654
15,816 Axonics, Inc. (a) 971,102
27,717 Enovis Corp. (a) 1,744,785
14,445 Integer Holdings Corp. (a) 950,625
28,007 Merit Medical Systems, Inc. (a) 1,998,299
32,467 Neogen Corp. (a) 695,119
77,624 Paragon 28, Inc. (a) 1,307,964
47,613 PROCEPT BioRobotics
Corp. (a) 1,851,670
37,424 Silk Road Medical, Inc. (a) 2,034,369
---------------
13,715,770
---------------
HEALTH CARE PROVIDERS & SERVICES
-- 1.9%
77,179 AdaptHealth Corp. (a) 1,653,946
4,970 Addus HomeCare Corp. (a) 534,374
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
HEALTH CARE PROVIDERS & SERVICES
(CONTINUED)
30,317 Agiliti, Inc. (a) $ 559,349
84,092 Alignment Healthcare, Inc. (a) 1,038,536
33,421 Apollo Medical Holdings,
Inc. (a) 1,191,125
3,403 CorVel Corp. (a) 606,279
385,697 Hims & Hers Health, Inc. (a) 3,193,571
100,094 LifeStance Health Group,
Inc. (a) (c) 528,496
53,513 NeoGenomics, Inc. (a) 635,734
395,571 OPKO Health, Inc. (a) 510,287
101,273 Owens & Minor, Inc. (a) 1,999,129
52,921 Patterson Cos., Inc. 1,597,685
99,824 Pediatrix Medical Group,
Inc. (a) 1,532,298
15,874 Progyny, Inc. (a) 545,907
6,102 US Physical Therapy, Inc. 605,013
---------------
16,731,729
---------------
HEALTH CARE TECHNOLOGY -- 0.4%
17,609 Evolent Health, Inc.,
Class A (a) 567,362
61,120 Phreesia, Inc. (a) 2,291,389
56,061 Veradigm, Inc. (a) 1,004,052
---------------
3,862,803
---------------
HOTELS, RESTAURANTS & LEISURE
-- 3.0%
49,151 Bloomin' Brands, Inc. 1,191,912
183,406 Bowlero Corp. (a) (c) 2,521,833
77,478 Brinker International, Inc. (a) 3,057,282
15,594 Cheesecake Factory (The), Inc. 612,065
15,657 Cracker Barrel Old Country
Store, Inc. 1,747,008
55,809 Dave & Buster's Entertainment,
Inc. (a) 2,419,320
15,308 Dine Brands Global, Inc. 1,183,462
34,457 Everi Holdings, Inc. (a) 598,518
26,442 Golden Entertainment, Inc. (a) 1,044,459
21,741 Jack in the Box, Inc. 1,651,881
41,343 Life Time Group Holdings,
Inc. (a) 776,835
32,154 Monarch Casino & Resort,
Inc. (a) 2,463,639
49,434 Red Rock Resorts, Inc., Class A 2,225,024
63,801 Six Flags Entertainment
Corp. (a) 1,713,057
163,297 Target Hospitality Corp. (a) 2,507,425
---------------
25,713,720
---------------
HOUSEHOLD DURABLES -- 3.9%
8,742 Cavco Industries, Inc. (a) 2,326,246
49,437 Century Communities, Inc. 3,025,544
102,036 Green Brick Partners, Inc. (a) 3,183,523
13,375 Helen of Troy Ltd. (a) 1,512,846
17,330 Installed Building Products,
Inc. 1,907,860
77,624 KB Home 2,984,643
108,340 La-Z-Boy, Inc. 3,080,106
26,699 LGI Homes, Inc. (a) 3,039,681
78,238 M.D.C. Holdings, Inc. 2,954,267
53,537 M/I Homes, Inc. (a) 3,201,513
Page 46 See Notes to Financial Statements
FIRST TRUST SMALL CAP CORE ALPHADEX(R) FUND (FYX)
PORTFOLIO OF INVESTMENTS (CONTINUED)
JANUARY 31, 2023 (UNAUDITED)
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
COMMON STOCKS (CONTINUED)
HOUSEHOLD DURABLES (CONTINUED)
26,815 Meritage Homes Corp. (a) $ 2,887,707
29,258 Sonos, Inc. (a) 539,518
132,992 Tri Pointe Homes, Inc. (a) 2,937,793
---------------
33,581,247
---------------
HOUSEHOLD PRODUCTS -- 0.3%
55,247 Central Garden & Pet Co.,
Class A (a) 2,189,439
8,116 Spectrum Brands Holdings, Inc. 550,914
---------------
2,740,353
---------------
INDEPENDENT POWER AND RENEWABLE
ELECTRICITY PRODUCERS -- 0.2%
89,657 Montauk Renewables, Inc. (a) 996,089
27,455 Sunnova Energy International,
Inc. (a) 534,824
---------------
1,530,913
---------------
INSURANCE -- 1.6%
38,577 Brighthouse Financial, Inc. (a) 2,170,728
39,337 BRP Group, Inc., Class A (a) 1,127,005
86,558 CNO Financial Group, Inc. 2,229,734
2,140 Enstar Group Ltd. (a) 518,522
467,357 Genworth Financial, Inc.,
Class A (a) 2,579,811
13,232 Horace Mann Educators Corp. 471,191
56,608 ProAssurance Corp. 1,097,629
11,737 Safety Insurance Group, Inc. 990,485
57,858 Stewart Information Services
Corp. 2,763,877
---------------
13,948,982
---------------
INTERACTIVE MEDIA & SERVICES
-- 0.5%
35,294 Cargurus, Inc. (a) 622,939
18,759 Shutterstock, Inc. 1,411,990
36,171 Yelp, Inc. (a) 1,139,748
60,227 ZipRecruiter, Inc., Class A (a) 1,182,858
---------------
4,357,535
---------------
INTERNET & DIRECT MARKETING
RETAIL -- 0.1%
51,081 Overstock.com, Inc. (a) 1,236,671
---------------
IT SERVICES -- 1.6%
149,234 AvidXchange Holdings, Inc. (a) 1,659,482
8,645 CSG Systems International,
Inc. 515,847
15,270 EVERTEC, Inc. 564,074
40,414 Flywire Corp. (a) 1,089,965
133,399 Kyndryl Holdings, Inc. (a) 1,786,213
129,554 Remitly Global, Inc. (a) 1,562,421
320,042 Sabre Corp. (a) 2,179,486
44,204 Shift4 Payments, Inc.,
Class A (a) 2,830,824
22,304 Squarespace, Inc., Class A (a) 529,051
71,506 Verra Mobility Corp. (a) 1,103,338
---------------
13,820,701
---------------
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
LEISURE PRODUCTS -- 0.7%
46,385 Malibu Boats, Inc., Class A (a) $ 2,810,467
101,449 Vista Outdoor, Inc. (a) 2,977,528
---------------
5,787,995
---------------
MACHINERY -- 3.2%
10,476 Alamo Group, Inc. 1,639,180
5,016 Albany International Corp.,
Class A 562,544
24,208 Barnes Group, Inc. 1,071,446
24,132 Energy Recovery, Inc. (a) 534,041
97,144 Enerpac Tool Group Corp. 2,578,202
18,197 EnPro Industries, Inc. 2,203,111
11,297 ESCO Technologies, Inc. 1,112,077
21,281 Federal Signal Corp. 1,133,213
9,083 Helios Technologies, Inc. 599,478
34,764 Hillenbrand, Inc. 1,629,041
137,161 Hillman Solutions Corp. (a) 1,316,746
5,567 Kadant, Inc. 1,134,388
82,205 Kennametal, Inc. 2,342,842
12,145 Lindsay Corp. 1,902,150
91,908 Mueller Water Products, Inc.,
Class A 1,162,636
77,472 Proto Labs, Inc. (a) 2,370,643
7,531 SPX Technologies, Inc. (a) 564,900
16,061 Tennant Co. 1,126,358
34,724 Terex Corp. 1,769,882
33,444 Trinity Industries, Inc. 962,184
---------------
27,715,062
---------------
MEDIA -- 1.7%
1,188,615 Advantage Solutions, Inc. (a) 3,078,513
214,984 Altice USA, Inc., Class A (a) 1,053,422
220,940 Gray Television, Inc. 2,863,382
56,253 Integral Ad Science Holding
Corp. (a) 578,281
37,030 John Wiley & Sons, Inc.,
Class A 1,695,974
50,123 Scholastic Corp. 2,217,441
271,385 WideOpenWest, Inc. (a) 3,118,214
---------------
14,605,227
---------------
METALS & MINING -- 1.9%
16,888 Alpha Metallurgical Resources,
Inc. 2,717,786
70,104 Arconic Corp. (a) 1,648,145
82,797 ATI, Inc. (a) 3,012,983
13,386 Carpenter Technology Corp. 646,410
88,932 Hecla Mining Co. 548,710
6,510 Kaiser Aluminum Corp. 569,755
22,601 Materion Corp. 2,039,740
71,372 Warrior Met Coal, Inc. 2,703,571
39,788 Worthington Industries, Inc. 2,262,744
---------------
16,149,844
---------------
MORTGAGE REAL ESTATE INVESTMENT
TRUSTS -- 1.6%
183,815 Apollo Commercial Real Estate
Finance, Inc. 2,237,029
74,975 Arbor Realty Trust, Inc. 1,119,377
See Notes to Financial Statements Page 47
FIRST TRUST SMALL CAP CORE ALPHADEX(R) FUND (FYX)
PORTFOLIO OF INVESTMENTS (CONTINUED)
JANUARY 31, 2023 (UNAUDITED)
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
COMMON STOCKS (CONTINUED)
MORTGAGE REAL ESTATE INVESTMENT
TRUSTS (CONTINUED)
89,902 Chimera Investment Corp. $ 655,386
134,456 Claros Mortgage Trust, Inc. 2,250,793
38,330 Franklin BSP Realty Trust, Inc. 555,785
106,260 KKR Real Estate Finance Trust,
Inc. 1,692,722
196,997 Ladder Capital Corp. 2,206,366
150,598 MFA Financial, Inc. 1,790,610
193,150 New York Mortgage Trust, Inc. 602,628
39,908 PennyMac Mortgage Investment
Trust 608,597
---------------
13,719,293
---------------
MULTILINE RETAIL -- 0.4%
6,119 Dillard's, Inc., Class A 2,406,664
41,516 Franchise Group, Inc. (c) 1,282,429
---------------
3,689,093
---------------
MULTI-UTILITIES -- 0.3%
33,455 Avista Corp. 1,334,855
24,998 NorthWestern Corp. 1,419,886
---------------
2,754,741
---------------
OIL, GAS & CONSUMABLE FUELS
-- 4.5%
17,315 Arch Resources, Inc. 2,562,966
39,994 Callon Petroleum Co. (a) 1,701,745
146,812 CNX Resources Corp. (a) 2,456,165
38,036 CONSOL Energy, Inc. 2,199,622
78,888 CVR Energy, Inc. 2,619,082
91,568 Delek US Holdings, Inc. 2,450,360
173,740 Earthstone Energy, Inc.,
Class A (a) 2,414,986
26,859 Gulfport Energy Corp. (a) 1,830,441
66,783 International Seaways, Inc. 2,593,852
29,895 Kinetik Holdings, Inc. (c) 935,414
388,729 Kosmos Energy Ltd. (a) 3,074,846
80,218 Northern Oil and Gas, Inc. 2,688,907
93,578 Peabody Energy Corp. (a) 2,609,890
263,013 Permian Resources Corp. 2,858,951
130,949 Talos Energy, Inc. (a) 2,594,100
19,232 Vital Energy, Inc. (a) 1,082,377
72,369 World Fuel Services Corp. 2,048,043
---------------
38,721,747
---------------
PAPER & FOREST PRODUCTS -- 0.1%
10,176 Sylvamo Corp. 483,665
---------------
PERSONAL PRODUCTS -- 1.5%
38,570 BellRing Brands, Inc. (a) 1,093,845
38,490 Edgewell Personal Care Co. 1,649,681
44,707 elf Beauty, Inc. (a) 2,572,888
99,690 Herbalife Nutrition Ltd. (a) 1,751,553
20,492 Inter Parfums, Inc. 2,422,564
4,286 Medifast, Inc. 477,675
11,728 Nu Skin Enterprises, Inc.,
Class A 502,897
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
PERSONAL PRODUCTS (CONTINUED)
37,177 USANA Health Sciences,
Inc. (a) $ 2,172,624
---------------
12,643,727
---------------
PHARMACEUTICALS -- 0.7%
17,647 Amphastar Pharmaceuticals,
Inc. (a) 533,998
24,346 Corcept Therapeutics, Inc. (a) 556,550
35,896 Harmony Biosciences Holdings,
Inc. (a) 1,729,110
7,403 Ligand Pharmaceuticals, Inc. (a) 515,989
23,697 Prestige Consumer Healthcare,
Inc. (a) 1,558,315
67,182 SIGA Technologies, Inc. 492,444
13,862 Supernus Pharmaceuticals,
Inc. (a) 568,481
---------------
5,954,887
---------------
PROFESSIONAL SERVICES -- 1.2%
42,217 CBIZ, Inc. (a) 2,009,107
114,107 First Advantage Corp. (a) 1,583,805
41,692 HireRight Holdings Corp. (a) 476,957
34,054 Huron Consulting Group, Inc. (a) 2,317,034
9,984 ICF International, Inc. 1,020,265
18,036 Kforce, Inc. 1,012,361
11,211 NV5 Global, Inc. (a) 1,494,314
31,962 Sterling Check Corp. (a) 445,870
---------------
10,359,713
---------------
REAL ESTATE MANAGEMENT &
DEVELOPMENT -- 1.3%
386,905 Anywhere Real Estate, Inc. (a) 3,280,954
89,253 eXp World Holdings, Inc. (c) 1,391,454
71,765 Marcus & Millichap, Inc. 2,600,764
310,203 Newmark Group, Inc., Class A 2,658,440
25,586 St. Joe (The) Co. 1,205,101
---------------
11,136,713
---------------
ROAD & RAIL -- 1.4%
21,179 ArcBest Corp. 1,767,388
161,168 Heartland Express, Inc. 2,710,846
99,993 Marten Transport Ltd. 2,208,845
105,655 Schneider National, Inc.,
Class B 2,799,857
61,409 Werner Enterprises, Inc. 2,884,381
---------------
12,371,317
---------------
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT -- 1.8%
12,027 Ambarella, Inc. (a) 1,080,506
31,153 Axcelis Technologies, Inc. (a) 3,425,272
61,711 Cohu, Inc. (a) 2,226,533
22,644 Impinj, Inc. (a) 2,938,738
14,565 MaxLinear, Inc. (a) 600,078
88,140 Photronics, Inc. (a) 1,597,097
69,021 Rambus, Inc. (a) 2,793,280
29,832 Ultra Clean Holdings, Inc. (a) 1,003,847
---------------
15,665,351
---------------
Page 48 See Notes to Financial Statements
FIRST TRUST SMALL CAP CORE ALPHADEX(R) FUND (FYX)
PORTFOLIO OF INVESTMENTS (CONTINUED)
JANUARY 31, 2023 (UNAUDITED)
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
COMMON STOCKS (CONTINUED)
SOFTWARE -- 3.0%
64,496 ACI Worldwide, Inc. (a) $ 1,801,373
208,635 Adeia, Inc. 2,284,553
24,991 Agilysys, Inc. (a) 2,088,248
33,891 Alkami Technology, Inc. (a) 554,796
9,759 Alteryx, Inc., Class A (a) 541,527
9,384 Appfolio, Inc., Class A (a) 1,054,105
16,802 Blackbaud, Inc. (a) 1,045,253
72,106 Clear Secure, Inc., Class A 2,263,407
15,738 CommVault Systems, Inc. (a) 979,376
32,445 Digital Turbine, Inc. (a) 563,245
84,236 E2open Parent Holdings, Inc. (a) 581,229
33,614 Freshworks, Inc., Class A (a) 543,875
9,994 InterDigital, Inc. 699,080
42,190 LiveRamp Holdings, Inc. (a) 1,129,004
70,638 Momentive Global, Inc. (a) 544,619
96,199 N-able, Inc. (a) 987,964
56,944 Nutanix, Inc., Class A (a) 1,587,029
37,234 PagerDuty, Inc. (a) 1,109,201
107,120 PowerSchool Holdings, Inc.,
Class A (a) 2,412,342
29,403 Progress Software Corp. 1,559,535
39,780 Samsara, Inc., Class A (a) 542,599
11,778 Workiva, Inc. (a) 1,019,150
---------------
25,891,510
---------------
SPECIALTY RETAIL -- 2.6%
106,260 American Eagle Outfitters, Inc. 1,715,036
15,818 Boot Barn Holdings, Inc. (a) 1,320,645
32,710 Buckle (The), Inc. 1,439,240
65,422 Foot Locker, Inc. 2,846,511
13,707 Group 1 Automotive, Inc. 2,931,242
21,879 Monro, Inc. 1,113,641
12,757 National Vision Holdings,
Inc. (a) 524,313
10,857 ODP (The) Corp. (a) 560,221
43,855 Rent-A-Center, Inc. 1,179,261
118,482 Sally Beauty Holdings, Inc. (a) 1,845,949
29,086 Signet Jewelers Ltd. 2,234,096
103,661 Urban Outfitters, Inc. (a) 2,839,275
41,459 Victoria's Secret & Co. (a) 1,747,497
36,654 Warby Parker, Inc.,
Class A (a) (c) 591,962
---------------
22,888,889
---------------
TECHNOLOGY HARDWARE, STORAGE
& PERIPHERALS -- 0.4%
37,191 Avid Technology, Inc. (a) 1,127,259
30,114 Super Micro Computer, Inc. (a) 2,178,146
33,868 Xerox Holdings Corp. 554,758
---------------
3,860,163
---------------
TEXTILES, APPAREL & LUXURY GOODS
-- 1.6%
19,882 Carter's, Inc. 1,657,562
49,458 Kontoor Brands, Inc. 2,362,114
95,580 Levi Strauss & Co., Class A 1,758,672
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
TEXTILES, APPAREL & LUXURY GOODS
(CONTINUED)
21,226 Oxford Industries, Inc. $ 2,488,112
61,885 Steven Madden Ltd. 2,218,577
226,196 Wolverine World Wide, Inc. 3,648,542
---------------
14,133,579
---------------
THRIFTS & MORTGAGE FINANCE
-- 1.8%
38,812 Axos Financial, Inc. (a) 1,867,633
171,490 Capitol Federal Financial, Inc. 1,435,371
22,870 Columbia Financial, Inc. (a) 453,970
61,607 Mr. Cooper Group, Inc. (a) 2,833,306
118,293 NMI Holdings, Inc., Class A (a) 2,747,946
43,635 PennyMac Financial Services,
Inc. 2,941,872
92,597 Provident Financial Services,
Inc. 2,172,326
21,811 WSFS Financial Corp. 1,053,689
---------------
15,506,113
---------------
TOBACCO -- 0.5%
37,453 Universal Corp. 2,036,319
166,766 Vector Group Ltd. 2,159,620
---------------
4,195,939
---------------
TRADING COMPANIES & DISTRIBUTORS
-- 2.0%
36,003 Boise Cascade Co. 2,699,145
312,952 Custom Truck One Source,
Inc. (a) 2,215,700
49,645 GMS, Inc. (a) 2,944,941
32,674 H&E Equipment Services, Inc. 1,662,780
10,015 McGrath RentCorp 996,893
155,736 NOW, Inc. (a) 2,186,534
47,290 Rush Enterprises, Inc., Class A 2,544,675
16,250 Veritiv Corp. 2,031,900
---------------
17,282,568
---------------
WATER UTILITIES -- 0.4%
10,685 American States Water Co. 1,006,207
8,154 California Water Service Group 498,780
24,361 SJW Group 1,885,785
---------------
3,390,772
---------------
WIRELESS TELECOMMUNICATION
SERVICES -- 0.8%
67,001 Gogo, Inc. (a) 1,123,607
235,683 Telephone and Data Systems,
Inc. 3,151,081
118,576 United States Cellular Corp. (a) 2,900,369
---------------
7,175,057
---------------
TOTAL COMMON STOCKS
-- 100.0% 864,116,893
(Cost $777,972,943) ---------------
See Notes to Financial Statements Page 49
FIRST TRUST SMALL CAP CORE ALPHADEX(R) FUND (FYX)
PORTFOLIO OF INVESTMENTS (CONTINUED)
JANUARY 31, 2023 (UNAUDITED)
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
MONEY MARKET FUNDS -- 0.8%
6,405,267 Goldman Sachs Financial Square
Treasury Obligations Fund -
Institutional Class -
4.24% (e) (f) $ 6,405,267
726,259 Morgan Stanley Institutional
Liquidity Funds - Treasury
Portfolio - Institutional
Class - 4.12% (e) 726,259
---------------
TOTAL MONEY MARKET FUNDS
-- 0.8% 7,131,526
(Cost $7,131,526) ---------------
PRINCIPAL
VALUE DESCRIPTION VALUE
---------------------------------------------------------------
REPURCHASE AGREEMENTS -- 0.1%
$ 1,218,615 BNP Paribas S.A., 4.21% (e),
dated 01/31/23, due 02/01/23,
with a maturity value of
$1,218,758. Collateralized by
U.S. Treasury Note, interest
rate of 2.13%, due 05/15/25.
The value of the collateral
including accrued interest is
$1,244,127. (f) 1,218,615
(Cost $1,218,615) ---------------
TOTAL INVESTMENTS -- 100.9% 872,467,034
(Cost $786,323,084)
NET OTHER ASSETS AND
LIABILITIES -- (0.9)% (8,043,825)
---------------
NET ASSETS -- 100.0% $ 864,423,209
===============
(a) Non-income producing security.
(b) This security may be resold to qualified foreign investors and foreign
institutional buyers under Regulation S of the Securities Act of 1933, as
amended.
(c) All or a portion of this security is on loan (see Note 2D - Securities
Lending in the Notes to Financial Statements). The remaining contractual
maturity of all of the securities lending transactions is overnight and
continuous. The aggregate value of such securities is $7,576,410 and the
total value of the collateral held by the Fund is $7,623,882.
(d) Non-income producing security which makes payment in-kind ("PIK")
distributions. For the six months ended January 31, 2023, the Fund
received 1,311 PIK shares of Summit Materials, Inc.
(e) Rate shown reflects yield as of January 31, 2023.
(f) This security serves as collateral for securities on loan.
---------------------------------
OFFSETTING ASSETS AND LIABILITIES
---------------------------------------------------------------
Offsetting assets and liabilities requires entities to disclose both gross and
net information about instruments and transactions eligible for offset, and to
disclose instruments and transactions subject to master netting or similar
agreements (see Note 2C - Offsetting on the Statements of Assets and Liabilities
in the Notes to Financial Statements).
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:
SECURITIES LENDING AGENCY AGREEMENT
---------------------------------------------------------------
Total gross amount presented on the
Statements of Assets and Liabilities(1) $ 7,576,410
Non-cash Collateral(2) (7,576,410)
---------------
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, 2023, 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:
REPURCHASE AGREEMENTS
---------------------------------------------------------------
Total gross amount presented on the
Statements of Assets and Liabilities(3) $ 1,218,615
Non-cash Collateral(4) (1,218,615)
---------------
Net Amount $ --
===============
(3) The amount is included in "Investments, at value" on the Statements of
Assets and Liabilities.
(4) At January 31, 2023, the value of the collateral received from each seller
exceeded the value of the repurchase agreements.
Page 50 See Notes to Financial Statements
FIRST TRUST SMALL CAP CORE ALPHADEX(R) FUND (FYX)
PORTFOLIO OF INVESTMENTS (CONTINUED)
JANUARY 31, 2023 (UNAUDITED)
-----------------------------
VALUATION INPUTS
A summary of the inputs used to value the Fund's investments as of January 31,
2023 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial
Statements):
<TABLE>
<CAPTION>
LEVEL 2 LEVEL 3
TOTAL LEVEL 1 SIGNIFICANT SIGNIFICANT
VALUE AT QUOTED OBSERVABLE UNOBSERVABLE
1/31/2023 PRICES INPUTS INPUTS
-----------------------------------------------------------
<S> <C> <C> <C> <C>
Common Stocks*.................................. $ 864,116,893 $ 864,116,893 $ -- $ --
Money Market Funds.............................. 7,131,526 7,131,526 -- --
Repurchase Agreements........................... 1,218,615 -- 1,218,615 --
-----------------------------------------------------------
Total Investments............................... $ 872,467,034 $ 871,248,419 $ 1,218,615 $ --
===========================================================
</TABLE>
* See Portfolio of Investments for industry breakout.
See Notes to Financial Statements Page 51
FIRST TRUST LARGE CAP VALUE ALPHADEX(R) FUND (FTA)
PORTFOLIO OF INVESTMENTS
JANUARY 31, 2023 (UNAUDITED)
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
COMMON STOCKS -- 99.6%
AEROSPACE & DEFENSE -- 1.3%
17,283 General Dynamics Corp. $ 4,027,976
10,027 L3Harris Technologies, Inc. 2,154,000
4,291 Lockheed Martin Corp. 1,987,849
20,685 Raytheon Technologies Corp. 2,065,397
88,451 Textron, Inc. 6,443,655
---------------
16,678,877
---------------
AIR FREIGHT & LOGISTICS -- 1.6%
82,520 Expeditors International of
Washington, Inc. 8,924,538
61,890 FedEx Corp. 11,997,995
---------------
20,922,533
---------------
AIRLINES -- 0.5%
185,996 Southwest Airlines Co. 6,653,077
---------------
AUTOMOBILES -- 1.9%
921,710 Ford Motor Co. 12,452,302
318,655 General Motors Co. 12,529,515
---------------
24,981,817
---------------
BANKS -- 9.1%
189,084 Bank of America Corp. 6,708,700
189,602 Citigroup, Inc. 9,901,017
217,820 Citizens Financial Group, Inc. 9,435,962
190,870 Fifth Third Bancorp 6,926,672
35,178 First Republic Bank 4,955,877
444,147 Huntington Bancshares, Inc. 6,737,710
46,699 JPMorgan Chase & Co. 6,535,992
492,285 KeyCorp 9,446,949
43,172 M&T Bank Corp. 6,734,832
39,651 PNC Financial Services Group
(The), Inc. 6,559,465
290,466 Regions Financial Corp. 6,837,570
37,265 SVB Financial Group (a) 11,270,427
199,293 Truist Financial Corp. 9,843,081
143,601 U.S. Bancorp 7,151,330
207,691 Wells Fargo & Co. 9,734,477
---------------
118,780,061
---------------
BEVERAGES -- 0.2%
58,539 Keurig Dr Pepper, Inc. 2,065,256
---------------
BIOTECHNOLOGY -- 1.5%
30,967 Biogen, Inc. (a) 9,008,300
59,678 Moderna, Inc. (a) 10,506,909
---------------
19,515,209
---------------
BUILDING PRODUCTS -- 1.1%
207,894 Carrier Global Corp. 9,465,414
32,617 Johnson Controls International
PLC 2,269,165
12,418 Trane Technologies PLC 2,224,312
---------------
13,958,891
---------------
CAPITAL MARKETS -- 5.6%
188,391 Bank of New York Mellon (The)
Corp. 9,526,933
2,946 BlackRock, Inc. 2,236,633
359,232 Carlyle Group (The), Inc. 12,921,575
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
CAPITAL MARKETS (CONTINUED)
406,351 Franklin Resources, Inc. $ 12,678,151
24,975 Goldman Sachs Group (The),
Inc. 9,136,105
73,660 Morgan Stanley 7,169,328
19,537 Raymond James Financial, Inc. 2,203,187
80,732 State Street Corp. 7,373,253
78,631 T. Rowe Price Group, Inc. 9,158,153
---------------
72,403,318
---------------
CHEMICALS -- 6.3%
28,877 Albemarle Corp. 8,127,431
104,845 Celanese Corp. 12,916,904
212,731 Dow, Inc. 12,625,585
124,955 DuPont de Nemours, Inc. 9,240,422
131,624 Eastman Chemical Co. 11,605,288
129,103 LyondellBasell Industries N.V.,
Class A 12,482,969
16,602 PPG Industries, Inc. 2,163,905
104,541 Westlake Corp. 12,832,408
---------------
81,994,912
---------------
COMMUNICATIONS EQUIPMENT
-- 0.3%
90,005 Cisco Systems, Inc. 4,380,543
---------------
CONSTRUCTION MATERIALS -- 0.5%
12,687 Martin Marietta Materials, Inc. 4,562,753
11,922 Vulcan Materials Co. 2,185,660
---------------
6,748,413
---------------
CONSUMER FINANCE -- 3.1%
14,129 American Express Co. 2,471,586
115,313 Capital One Financial Corp. 13,722,247
109,571 Discover Financial Services 12,790,223
326,216 Synchrony Financial 11,981,913
---------------
40,965,969
---------------
CONTAINERS & PACKAGING -- 2.6%
23,689 Avery Dennison Corp. 4,487,644
83,845 Ball Corp. 4,883,133
309,542 International Paper Co. 12,945,047
83,806 Packaging Corp. of America 11,959,116
---------------
34,274,940
---------------
DISTRIBUTORS -- 0.7%
160,563 LKQ Corp. 9,466,794
---------------
DIVERSIFIED TELECOMMUNICATION
SERVICES -- 1.8%
582,266 AT&T, Inc. 11,860,758
272,068 Verizon Communications, Inc. 11,309,867
---------------
23,170,625
---------------
ELECTRIC UTILITIES -- 6.4%
113,429 Alliant Energy Corp. 6,128,569
65,954 American Electric Power Co.,
Inc. 6,197,038
60,806 Duke Energy Corp. 6,229,575
98,436 Edison International 6,782,240
76,229 Entergy Corp. 8,254,076
136,273 Evergy, Inc. 8,537,503
74,694 Eversource Energy 6,149,557
Page 52 See Notes to Financial Statements
FIRST TRUST LARGE CAP VALUE ALPHADEX(R) FUND (FTA)
PORTFOLIO OF INVESTMENTS (CONTINUED)
JANUARY 31, 2023 (UNAUDITED)
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
COMMON STOCKS (CONTINUED)
ELECTRIC UTILITIES (CONTINUED)
198,373 Exelon Corp. $ 8,369,357
102,236 FirstEnergy Corp. 4,186,564
527,406 PG&E Corp. (a) 8,385,755
214,322 PPL Corp. 6,343,931
60,045 Southern (The) Co. 4,063,846
61,157 Xcel Energy, Inc. 4,205,767
---------------
83,833,778
---------------
ELECTRICAL EQUIPMENT -- 0.6%
14,940 AMETEK, Inc. 2,165,105
13,301 Eaton Corp. PLC 2,157,555
44,637 Emerson Electric Co. 4,027,150
---------------
8,349,810
---------------
ELECTRONIC EQUIPMENT,
INSTRUMENTS & COMPONENTS
-- 1.7%
74,700 TE Connectivity Ltd. 9,498,105
10,721 Teledyne Technologies, Inc. (a) 4,548,492
84,806 Trimble, Inc. (a) 4,923,836
8,140 Zebra Technologies Corp.,
Class A (a) 2,573,705
---------------
21,544,138
---------------
ENTERTAINMENT -- 1.2%
17,085 Electronic Arts, Inc. 2,198,498
29,081 Netflix, Inc. (a) 10,290,603
24,027 Walt Disney (The) Co. (a) 2,606,689
---------------
15,095,790
---------------
EQUITY REAL ESTATE INVESTMENT
TRUSTS -- 2.7%
14,330 Alexandria Real Estate Equities,
Inc. 2,303,404
126,895 Boston Properties, Inc. 9,458,753
145,350 Equity Residential 9,251,528
249,798 Healthpeak Properties, Inc. 6,864,449
202,447 Kimco Realty Corp. 4,546,960
46,336 Ventas, Inc. 2,400,668
---------------
34,825,762
---------------
FOOD & STAPLES RETAILING -- 1.5%
192,364 Kroger (The) Co. 8,585,205
286,924 Walgreens Boots Alliance, Inc. 10,576,019
---------------
19,161,224
---------------
FOOD PRODUCTS -- 4.2%
92,359 Archer-Daniels-Midland Co. 7,651,943
107,444 Bunge Ltd. 10,647,700
36,783 Campbell Soup Co. 1,910,141
53,939 Conagra Brands, Inc. 2,005,992
51,138 General Mills, Inc. 4,007,174
94,134 Hormel Foods Corp. 4,265,212
27,058 J.M. Smucker (The) Co. 4,134,462
60,190 Kellogg Co. 4,127,830
51,277 Kraft Heinz (The) Co. 2,078,257
31,319 Mondelez International, Inc.,
Class A 2,049,515
172,202 Tyson Foods, Inc., Class A 11,322,282
---------------
54,200,508
---------------
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
GAS UTILITIES -- 0.5%
55,880 Atmos Energy Corp. $ 6,568,135
---------------
HEALTH CARE EQUIPMENT & SUPPLIES
-- 0.9%
9,898 Align Technology, Inc. (a) 2,669,787
6,313 Cooper (The) Cos., Inc. 2,202,795
80,578 Medtronic PLC 6,743,573
---------------
11,616,155
---------------
HEALTH CARE PROVIDERS & SERVICES
-- 3.4%
52,284 Centene Corp. (a) 3,986,132
18,900 Cigna Corp. 5,985,063
22,401 CVS Health Corp. 1,976,216
8,359 Elevance Health, Inc. 4,179,416
26,098 HCA Healthcare, Inc. 6,656,817
4,075 Humana, Inc. 2,085,178
45,521 Laboratory Corp. of America
Holdings 11,476,755
54,817 Quest Diagnostics, Inc. 8,139,228
---------------
44,484,805
---------------
HOTELS, RESTAURANTS & LEISURE
-- 0.8%
255,760 MGM Resorts International 10,591,022
---------------
HOUSEHOLD DURABLES -- 3.1%
120,256 D.R. Horton, Inc. 11,868,065
67,857 Garmin Ltd. 6,709,700
118,448 Lennar Corp., Class A 12,129,075
1,860 NVR, Inc. (a) 9,802,200
---------------
40,509,040
---------------
HOUSEHOLD PRODUCTS -- 0.2%
15,377 Kimberly-Clark Corp. 1,999,164
---------------
INDUSTRIAL CONGLOMERATES -- 0.6%
71,512 3M Co. 8,229,601
---------------
INSURANCE -- 4.0%
119,206 Aflac, Inc. 8,761,641
169,504 American International Group,
Inc. 10,716,043
68,299 Arch Capital Group Ltd. (a) 4,395,041
19,435 Chubb Ltd. 4,421,268
82,584 Hartford Financial Services
Group (The), Inc. 6,409,344
107,362 Loews Corp. 6,600,616
74,623 Principal Financial Group, Inc. 6,906,359
22,869 Travelers (The) Cos., Inc. 4,370,723
---------------
52,581,035
---------------
INTERACTIVE MEDIA & SERVICES
-- 1.0%
89,077 Meta Platforms, Inc.,
Class A (a) 13,269,801
---------------
IT SERVICES -- 2.6%
50,863 Akamai Technologies, Inc. (a) 4,524,264
149,948 Cognizant Technology Solutions
Corp., Class A 10,009,029
6,370 EPAM Systems, Inc. (a) 2,118,980
42,425 Fiserv, Inc. (a) 4,525,899
See Notes to Financial Statements Page 53
FIRST TRUST LARGE CAP VALUE ALPHADEX(R) FUND (FTA)
PORTFOLIO OF INVESTMENTS (CONTINUED)
JANUARY 31, 2023 (UNAUDITED)
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
COMMON STOCKS (CONTINUED)
IT SERVICES (CONTINUED)
43,172 Global Payments, Inc. $ 4,866,348
120,294 SS&C Technologies Holdings,
Inc. 7,259,743
---------------
33,304,263
---------------
LIFE SCIENCES TOOLS & SERVICES
-- 0.4%
19,678 Charles River Laboratories
International, Inc. (a) 4,786,673
---------------
MACHINERY -- 3.6%
17,899 Caterpillar, Inc. 4,515,739
17,697 Cummins, Inc. 4,416,109
46,247 Dover Corp. 7,021,682
32,490 Fortive Corp. 2,210,295
86,647 PACCAR, Inc. 9,471,383
7,174 Parker-Hannifin Corp. 2,338,724
142,700 Stanley Black & Decker, Inc. 12,744,537
42,960 Westinghouse Air Brake
Technologies Corp. 4,459,678
---------------
47,178,147
---------------
MEDIA -- 3.3%
18,468 Charter Communications, Inc.,
Class A (a) 7,097,437
179,082 Comcast Corp., Class A 7,046,877
352,964 Fox Corp., Class A 11,979,598
25,591 Omnicom Group, Inc. 2,200,570
635,042 Paramount Global, Class B 14,707,573
---------------
43,032,055
---------------
METALS & MINING -- 1.8%
181,687 Newmont Corp. 9,616,693
109,720 Steel Dynamics, Inc. 13,236,621
---------------
22,853,314
---------------
MULTILINE RETAIL -- 0.5%
8,476 Dollar General Corp. 1,979,993
28,769 Target Corp. 4,952,296
---------------
6,932,289
---------------
MULTI-UTILITIES -- 3.6%
70,429 Ameren Corp. 6,118,167
285,949 CenterPoint Energy, Inc. 8,612,784
98,886 CMS Energy Corp. 6,248,607
89,978 Consolidated Edison, Inc. 8,575,803
36,482 DTE Energy Co. 4,245,410
34,071 Public Service Enterprise Group,
Inc. 2,110,017
40,522 Sempra Energy 6,496,892
45,732 WEC Energy Group, Inc. 4,298,351
---------------
46,706,031
---------------
OIL, GAS & CONSUMABLE FUELS
-- 1.7%
92,099 Marathon Petroleum Corp. 11,836,564
102,993 Phillips 66 10,327,108
---------------
22,163,672
---------------
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
PROFESSIONAL SERVICES -- 1.0%
19,972 Booz Allen Hamilton Holding
Corp. $ 1,890,150
35,711 Jacobs Solutions, Inc. 4,412,094
40,762 Leidos Holdings, Inc. 4,028,916
36,783 TransUnion 2,639,180
---------------
12,970,340
---------------
REAL ESTATE MANAGEMENT &
DEVELOPMENT -- 0.7%
111,431 CBRE Group, Inc., Class A (a) 9,528,465
---------------
ROAD & RAIL -- 0.5%
35,918 J.B. Hunt Transport Services,
Inc. 6,790,298
---------------
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT -- 3.2%
405,582 Intel Corp. 11,461,747
214,476 Micron Technology, Inc. 12,932,903
117,630 Skyworks Solutions, Inc. 12,900,482
49,088 Teradyne, Inc. 4,992,250
---------------
42,287,382
---------------
SPECIALTY RETAIL -- 1.2%
78,077 Best Buy Co., Inc. 6,926,991
70,420 CarMax, Inc. (a) 4,961,089
17,984 Ross Stores, Inc. 2,125,529
26,224 TJX (The) Cos., Inc. 2,146,697
---------------
16,160,306
---------------
TECHNOLOGY HARDWARE, STORAGE
& PERIPHERALS -- 3.2%
671,650 Hewlett Packard Enterprise Co. 10,833,714
233,065 HP, Inc. 6,791,514
142,785 NetApp, Inc. 9,456,651
339,764 Western Digital Corp. (a) 14,932,628
---------------
42,014,507
---------------
TEXTILES, APPAREL & LUXURY GOODS
-- 0.4%
155,298 VF Corp. 4,804,920
---------------
TRADING COMPANIES & DISTRIBUTORS
-- 0.8%
24,127 United Rentals, Inc. (a) 10,638,801
---------------
WIRELESS TELECOMMUNICATION
SERVICES -- 0.2%
14,910 T-Mobile US, Inc. (a) 2,226,212
---------------
TOTAL COMMON STOCKS
-- 99.6% 1,298,198,678
(Cost $1,179,134,823) ---------------
MONEY MARKET FUNDS -- 0.4%
4,704,454 Morgan Stanley Institutional
Liquidity Funds - Treasury
Portfolio - Institutional
Class - 4.12% (b) 4,704,454
(Cost $4,704,454) ---------------
Page 54 See Notes to Financial Statements
FIRST TRUST LARGE CAP VALUE ALPHADEX(R) FUND (FTA)
PORTFOLIO OF INVESTMENTS (CONTINUED)
JANUARY 31, 2023 (UNAUDITED)
DESCRIPTION VALUE
---------------------------------------------------------------
TOTAL INVESTMENTS -- 100.0% $ 1,302,903,132
(Cost $1,183,839,277)
NET OTHER ASSETS AND
LIABILITIES -- (0.0)% (1,382)
---------------
NET ASSETS -- 100.0% $ 1,302,901,750
===============
(a) Non-income producing security.
(b) Rate shown reflects yield as of January 31, 2023.
-----------------------------
VALUATION INPUTS
A summary of the inputs used to value the Fund's investments as of January 31,
2023 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial
Statements):
<TABLE>
<CAPTION>
LEVEL 2 LEVEL 3
TOTAL LEVEL 1 SIGNIFICANT SIGNIFICANT
VALUE AT QUOTED OBSERVABLE UNOBSERVABLE
1/31/2023 PRICES INPUTS INPUTS
-----------------------------------------------------------
<S> <C> <C> <C> <C>
Common Stocks*.................................. $1,298,198,678 $1,298,198,678 $ -- $ --
Money Market Funds.............................. 4,704,454 4,704,454 -- --
-----------------------------------------------------------
Total Investments............................... $1,302,903,132 $1,302,903,132 $ -- $ --
===========================================================
</TABLE>
* See Portfolio of Investments for industry breakout.
See Notes to Financial Statements Page 55
FIRST TRUST LARGE CAP GROWTH ALPHADEX(R) FUND (FTC)
PORTFOLIO OF INVESTMENTS
JANUARY 31, 2023 (UNAUDITED)
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
COMMON STOCKS -- 99.9%
AEROSPACE & DEFENSE -- 1.9%
30,153 HEICO Corp. $ 5,154,656
11,627 Northrop Grumman Corp. 5,209,361
10,075 TransDigm Group, Inc. 7,231,331
---------------
17,595,348
---------------
AIR FREIGHT & LOGISTICS -- 0.9%
50,599 C.H. Robinson Worldwide, Inc. 5,068,502
18,246 United Parcel Service, Inc.,
Class B 3,379,706
---------------
8,448,208
---------------
BEVERAGES -- 1.7%
23,512 Brown-Forman Corp., Class B 1,565,429
49,867 Coca-Cola (The) Co. 3,057,844
6,663 Constellation Brands, Inc.,
Class A 1,542,618
45,630 Monster Beverage Corp. (a) 4,749,170
25,644 PepsiCo, Inc. 4,385,637
---------------
15,300,698
---------------
BIOTECHNOLOGY -- 4.1%
28,667 AbbVie, Inc. 4,235,549
26,695 Alnylam Pharmaceuticals,
Inc. (a) 6,043,748
17,639 Amgen, Inc. 4,452,084
92,371 Gilead Sciences, Inc. 7,753,622
78,984 Incyte Corp. (a) 6,724,698
6,421 Regeneron Pharmaceuticals,
Inc. (a) 4,870,136
10,984 Vertex Pharmaceuticals, Inc. (a) 3,548,930
---------------
37,628,767
---------------
BUILDING PRODUCTS -- 0.9%
19,660 Carlisle Cos., Inc. 4,931,908
67,967 Masco Corp. 3,615,844
---------------
8,547,752
---------------
CAPITAL MARKETS -- 1.9%
3,849 FactSet Research Systems, Inc. 1,627,896
29,347 LPL Financial Holdings, Inc. 6,958,761
5,543 Moody's Corp. 1,789,003
6,819 MSCI, Inc. 3,624,708
35,846 Northern Trust Corp. 3,475,986
---------------
17,476,354
---------------
CHEMICALS -- 4.0%
25,725 Air Products and Chemicals, Inc. 8,245,120
74,461 CF Industries Holdings, Inc. 6,306,847
107,928 Corteva, Inc. 6,955,960
63,542 FMC Corp. 8,459,346
144,610 Mosaic (The) Co. 7,163,979
---------------
37,131,252
---------------
COMMERCIAL SERVICES & SUPPLIES
-- 2.2%
14,048 Cintas Corp. 6,233,659
76,085 Copart, Inc. (a) 5,068,022
24,591 Republic Services, Inc. 3,069,449
86,810 Rollins, Inc. 3,159,884
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES
(CONTINUED)
20,219 Waste Management, Inc. $ 3,128,486
---------------
20,659,500
---------------
COMMUNICATIONS EQUIPMENT
-- 1.0%
38,178 Arista Networks, Inc. (a) 4,811,191
17,977 Motorola Solutions, Inc. 4,620,269
---------------
9,431,460
---------------
DISTRIBUTORS -- 1.0%
45,704 Genuine Parts Co. 7,670,045
5,108 Pool Corp. 1,969,696
---------------
9,639,741
---------------
DIVERSIFIED FINANCIAL SERVICES
-- 0.4%
49,726 Apollo Global Management, Inc. 3,519,606
---------------
ELECTRIC UTILITIES -- 0.5%
55,416 NextEra Energy, Inc. 4,135,696
---------------
ELECTRICAL EQUIPMENT -- 0.2%
15,342 Generac Holdings, Inc. (a) 1,850,245
---------------
ELECTRONIC EQUIPMENT, INSTRUMENTS
& COMPONENTS -- 1.6%
83,320 Amphenol Corp., Class A 6,646,437
99,312 Corning, Inc. 3,437,188
27,081 Keysight Technologies, Inc. (a) 4,856,977
---------------
14,940,602
---------------
ENERGY EQUIPMENT & SERVICES
-- 1.8%
201,526 Halliburton Co. 8,306,902
148,336 Schlumberger Ltd. 8,452,185
---------------
16,759,087
---------------
ENTERTAINMENT -- 0.4%
45,483 Live Nation Entertainment,
Inc. (a) 3,660,927
---------------
EQUITY REAL ESTATE INVESTMENT
TRUSTS -- 3.4%
2,357 Equinix, Inc. 1,739,773
60,895 Gaming and Leisure Properties,
Inc. 3,261,536
395,267 Host Hotels & Resorts, Inc. 7,450,783
92,935 Iron Mountain, Inc. 5,072,392
13,699 Prologis, Inc. 1,771,007
24,346 Realty Income Corp. 1,651,389
27,000 Simon Property Group, Inc. 3,468,420
10,799 Sun Communities, Inc. 1,693,931
47,663 VICI Properties, Inc. 1,629,121
49,815 Weyerhaeuser Co. 1,715,131
19,760 WP Carey, Inc. 1,690,073
---------------
31,143,556
---------------
FOOD & STAPLES RETAILING -- 0.4%
41,492 Sysco Corp. 3,213,970
---------------
Page 56 See Notes to Financial Statements
FIRST TRUST LARGE CAP GROWTH ALPHADEX(R) FUND (FTC)
PORTFOLIO OF INVESTMENTS (CONTINUED)
JANUARY 31, 2023 (UNAUDITED)
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
COMMON STOCKS (CONTINUED)
FOOD PRODUCTS -- 0.5%
20,006 Hershey (The) Co. $ 4,493,348
---------------
HEALTH CARE EQUIPMENT & SUPPLIES
-- 4.1%
28,892 Abbott Laboratories 3,194,011
12,474 Becton, Dickinson and Co. 3,146,192
56,023 Dexcom, Inc. (a) 5,999,503
61,928 Hologic, Inc. (a) 5,039,081
7,775 IDEXX Laboratories, Inc. (a) 3,735,888
21,550 Insulet Corp. (a) 6,191,746
17,459 Intuitive Surgical, Inc. (a) 4,289,502
49,757 Zimmer Biomet Holdings, Inc. 6,336,056
---------------
37,931,979
---------------
HEALTH CARE PROVIDERS & SERVICES
-- 0.9%
21,140 McKesson Corp. 8,005,295
---------------
HOTELS, RESTAURANTS & LEISURE
-- 5.8%
3,935 Booking Holdings, Inc. (a) 9,578,183
2,286 Chipotle Mexican Grill, Inc. (a) 3,763,625
57,327 Darden Restaurants, Inc. 8,482,676
4,458 Domino's Pizza, Inc. 1,573,674
50,206 Hilton Worldwide Holdings, Inc. 7,284,389
42,609 Marriott International, Inc.,
Class A 7,421,636
12,036 McDonald's Corp. 3,218,426
63,952 Starbucks Corp. 6,979,721
36,171 Yum! Brands, Inc. 4,720,677
---------------
53,023,007
---------------
HOUSEHOLD PRODUCTS -- 1.0%
19,157 Church & Dwight Co., Inc. 1,549,035
40,259 Colgate-Palmolive Co. 3,000,503
30,568 Procter & Gamble (The) Co. 4,352,272
---------------
8,901,810
---------------
INSURANCE -- 2.4%
15,436 Aon PLC, Class A 4,919,144
24,572 Arthur J. Gallagher & Co. 4,809,232
27,107 Brown & Brown, Inc. 1,587,386
27,996 Marsh & McLennan Cos., Inc. 4,896,780
87,420 W.R. Berkley Corp. 6,131,639
---------------
22,344,181
---------------
INTERNET & DIRECT MARKETING
RETAIL -- 0.6%
38,678 Etsy, Inc. (a) 5,321,319
---------------
IT SERVICES -- 3.7%
5,788 Accenture PLC, Class A 1,615,141
13,280 Automatic Data Processing, Inc. 2,998,757
17,269 FleetCor Technologies, Inc. (a) 3,605,940
23,591 Gartner, Inc. (a) 7,977,061
8,796 Jack Henry & Associates, Inc. 1,584,071
13,323 Mastercard, Inc., Class A 4,937,504
22,600 Okta, Inc. (a) 1,663,586
13,364 Paychex, Inc. 1,548,353
15,440 VeriSign, Inc. (a) 3,366,692
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
IT SERVICES (CONTINUED)
22,299 Visa, Inc., Class A $ 5,133,453
---------------
34,430,558
---------------
LIFE SCIENCES TOOLS & SERVICES
-- 2.8%
42,392 Agilent Technologies, Inc. 6,446,975
5,818 Danaher Corp. 1,538,163
15,482 IQVIA Holdings, Inc. (a) 3,551,726
3,205 Mettler-Toledo International,
Inc. (a) 4,913,008
11,013 PerkinElmer, Inc. 1,514,618
5,760 Thermo Fisher Scientific, Inc. 3,285,101
13,523 Waters Corp. (a) 4,443,387
---------------
25,692,978
---------------
MACHINERY -- 4.3%
18,495 Deere & Co. 7,820,426
27,785 IDEX Corp. 6,659,509
28,797 Illinois Tool Works, Inc. 6,797,244
121,417 Ingersoll Rand, Inc. 6,799,352
19,488 Nordson Corp. 4,741,430
81,012 Otis Worldwide Corp. 6,661,617
---------------
39,479,578
---------------
METALS & MINING -- 2.1%
208,685 Freeport-McMoRan, Inc. 9,311,525
60,162 Nucor Corp. 10,168,581
---------------
19,480,106
---------------
MULTILINE RETAIL -- 0.4%
22,427 Dollar Tree, Inc. (a) 3,368,087
---------------
MULTI-UTILITIES -- 0.2%
25,184 Dominion Energy, Inc. 1,602,710
---------------
OIL, GAS & CONSUMABLE FUELS
-- 17.8%
169,881 APA Corp. 7,530,825
52,881 Cheniere Energy, Inc. 8,079,688
44,181 Chevron Corp. 7,688,378
67,204 ConocoPhillips 8,190,151
258,203 Coterra Energy, Inc. 6,462,821
128,923 Devon Energy Corp. 8,153,090
57,977 Diamondback Energy, Inc. 8,471,599
61,226 EOG Resources, Inc. 8,097,138
187,527 EQT Corp. 6,126,507
71,895 Exxon Mobil Corp. 8,340,539
55,916 Hess Corp. 8,396,347
438,609 Kinder Morgan, Inc. 8,026,545
292,946 Marathon Oil Corp. 8,047,227
125,894 Occidental Petroleum Corp. 8,156,672
120,700 ONEOK, Inc. 8,265,536
156,380 Ovintiv, Inc. 7,698,587
34,722 Pioneer Natural Resources Co. 7,998,213
107,892 Targa Resources Corp. 8,094,058
3,383 Texas Pacific Land Corp. 6,751,961
62,510 Valero Energy Corp. 8,753,275
192,828 Williams (The) Cos., Inc. 6,216,775
---------------
163,545,932
---------------
See Notes to Financial Statements Page 57
FIRST TRUST LARGE CAP GROWTH ALPHADEX(R) FUND (FTC)
PORTFOLIO OF INVESTMENTS (CONTINUED)
JANUARY 31, 2023 (UNAUDITED)
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
COMMON STOCKS (CONTINUED)
PERSONAL PRODUCTS -- 0.2%
6,224 Estee Lauder (The) Cos., Inc.,
Class A $ 1,724,546
---------------
PHARMACEUTICALS -- 2.4%
44,087 Bristol-Myers Squibb Co. 3,202,921
8,670 Eli Lilly & Co. 2,983,780
17,957 Johnson & Johnson 2,934,533
71,474 Merck & Co., Inc. 7,677,022
123,810 Pfizer, Inc. 5,467,450
---------------
22,265,706
---------------
PROFESSIONAL SERVICES -- 0.5%
41,045 CoStar Group, Inc. (a) 3,197,406
7,945 Equifax, Inc. 1,765,379
---------------
4,962,785
---------------
ROAD & RAIL -- 3.2%
204,779 CSX Corp. 6,331,767
25,745 Norfolk Southern Corp. 6,328,378
16,326 Old Dominion Freight Line, Inc. 5,440,476
256,532 Uber Technologies, Inc. (a) 7,934,535
15,319 Union Pacific Corp. 3,127,987
---------------
29,163,143
---------------
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT -- 6.9%
38,676 Analog Devices, Inc. 6,631,774
47,575 Applied Materials, Inc. 5,304,137
11,346 Broadcom, Inc. 6,637,523
23,943 Enphase Energy, Inc. (a) 5,300,501
16,827 KLA Corp. 6,604,261
7,547 Lam Research Corp. 3,774,255
90,307 Microchip Technology, Inc. 7,009,629
4,367 Monolithic Power Systems, Inc. 1,862,787
10,567 NVIDIA Corp. 2,064,475
29,316 NXP Semiconductors N.V. 5,403,232
101,716 ON Semiconductor Corp. (a) 7,471,040
14,047 QUALCOMM, Inc. 1,871,201
19,199 Texas Instruments, Inc. 3,402,255
---------------
63,337,070
---------------
SOFTWARE -- 4.1%
4,589 Adobe, Inc. (a) 1,699,490
8,264 Autodesk, Inc. (a) 1,778,082
9,613 Cadence Design Systems,
Inc. (a) 1,757,545
27,865 DocuSign, Inc. (a) 1,689,734
31,586 Fortinet, Inc. (a) 1,653,211
5,341 HubSpot, Inc. (a) 1,853,380
3,967 Intuit, Inc. 1,676,732
77,612 Oracle Corp. 6,865,558
4,977 Paycom Software, Inc. (a) 1,612,249
38,594 PTC, Inc. (a) 5,205,559
53,814 Splunk, Inc. (a) 5,153,767
9,934 Synopsys, Inc. (a) 3,514,152
18,957 Workday, Inc., Class A (a) 3,439,369
---------------
37,898,828
---------------
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
SPECIALTY RETAIL -- 4.5%
3,215 AutoZone, Inc. (a) $ 7,840,903
14,667 Home Depot (The), Inc. 4,754,601
23,252 Lowe's Cos., Inc. 4,842,229
9,396 O'Reilly Automotive, Inc. (a) 7,444,921
35,249 Tractor Supply Co. 8,036,419
16,906 Ulta Beauty, Inc. (a) 8,689,008
---------------
41,608,081
---------------
TEXTILES, APPAREL & LUXURY GOODS
-- 0.6%
39,593 NIKE, Inc., Class B 5,041,377
---------------
TOBACCO -- 1.0%
101,352 Altria Group, Inc. 4,564,894
45,774 Philip Morris International, Inc. 4,771,482
---------------
9,336,376
---------------
TRADING COMPANIES & DISTRIBUTORS
-- 1.1%
32,635 Fastenal Co. 1,649,699
14,256 W.W. Grainger, Inc. 8,403,627
---------------
10,053,326
---------------
WATER UTILITIES -- 0.5%
10,132 American Water Works Co., Inc. 1,585,557
66,458 Essential Utilities, Inc. 3,105,582
---------------
4,691,139
---------------
TOTAL COMMON STOCKS
-- 99.9% 918,786,034
(Cost $810,647,538) ---------------
MONEY MARKET FUNDS -- 0.1%
865,442 Morgan Stanley Institutional
Liquidity Funds - Treasury
Portfolio - Institutional
Class - 4.12% (b) 865,442
(Cost $865,442) ---------------
TOTAL INVESTMENTS -- 100.0% 919,651,476
(Cost $811,512,980)
NET OTHER ASSETS AND
LIABILITIES -- 0.0% 119,992
---------------
NET ASSETS -- 100.0% $ 919,771,468
===============
(a) Non-income producing security.
(b) Rate shown reflects yield as of January 31, 2023.
Page 58 See Notes to Financial Statements
FIRST TRUST LARGE CAP GROWTH ALPHADEX(R) FUND (FTC)
PORTFOLIO OF INVESTMENTS (CONTINUED)
JANUARY 31, 2023 (UNAUDITED)
-----------------------------
VALUATION INPUTS
A summary of the inputs used to value the Fund's investments as of January 31,
2023 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial
Statements):
<TABLE>
<CAPTION>
LEVEL 2 LEVEL 3
TOTAL LEVEL 1 SIGNIFICANT SIGNIFICANT
VALUE AT QUOTED OBSERVABLE UNOBSERVABLE
1/31/2023 PRICES INPUTS INPUTS
-----------------------------------------------------------
<S> <C> <C> <C> <C>
Common Stocks*.................................. $ 918,786,034 $ 918,786,034 $ -- $ --
Money Market Funds.............................. 865,442 865,442 -- --
-----------------------------------------------------------
Total Investments............................... $ 919,651,476 $ 919,651,476 $ -- $ --
===========================================================
</TABLE>
* See Portfolio of Investments for industry breakout.
See Notes to Financial Statements Page 59
FIRST TRUST MULTI CAP VALUE ALPHADEX(R) FUND (FAB)
PORTFOLIO OF INVESTMENTS
JANUARY 31, 2023 (UNAUDITED)
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
COMMON STOCKS -- 99.7%
AEROSPACE & DEFENSE -- 0.8%
1,417 BWX Technologies, Inc. $ 86,239
1,345 General Dynamics Corp. 313,466
714 Huntington Ingalls Industries,
Inc. 157,465
780 L3Harris Technologies, Inc. 167,560
334 Lockheed Martin Corp. 154,729
1,082 Moog, Inc., Class A 103,136
1,610 Raytheon Technologies Corp. 160,758
6,885 Textron, Inc. 501,572
---------------
1,644,925
---------------
AIR FREIGHT & LOGISTICS -- 1.1%
9,140 Air Transport Services Group,
Inc. (a) 258,753
6,423 Expeditors International of
Washington, Inc. 694,648
4,817 FedEx Corp. 933,824
3,857 GXO Logistics, Inc. (a) 201,837
2,390 Hub Group, Inc., Class A (a) 203,795
---------------
2,292,857
---------------
AIRLINES -- 0.6%
1,917 Alaska Air Group, Inc. (a) 98,419
2,056 Allegiant Travel Co. (a) 176,878
7,191 JetBlue Airways Corp. (a) 57,528
14,383 SkyWest, Inc. (a) 298,591
14,477 Southwest Airlines Co. 517,842
---------------
1,149,258
---------------
AUTO COMPONENTS -- 1.0%
8,181 BorgWarner, Inc. 386,798
6,278 Dana, Inc. 113,883
6,038 Gentex Corp. 178,181
40,553 Goodyear Tire & Rubber (The)
Co. (a) 456,221
4,452 LCI Industries 499,604
1,328 Lear Corp. 193,596
3,919 Patrick Industries, Inc. 278,131
---------------
2,106,414
---------------
AUTOMOBILES -- 1.3%
71,741 Ford Motor Co. 969,221
24,802 General Motors Co. 975,215
5,452 Thor Industries, Inc. 519,739
4,506 Winnebago Industries, Inc. 286,942
---------------
2,751,117
---------------
BANKS -- 8.9%
1,789 1st Source Corp. 88,001
4,030 Ameris Bancorp 190,055
6,054 Associated Banc-Corp. 135,670
2,703 Atlantic Union Bankshares Corp. 104,579
14,717 Bank of America Corp. 522,159
6,165 Bank OZK 281,556
5,592 BankUnited, Inc. 210,483
737 Banner Corp. 47,780
793 BOK Financial Corp. 79,696
6,677 Cadence Bank 170,798
3,427 Cathay General Bancorp 150,651
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
BANKS (CONTINUED)
14,757 Citigroup, Inc. $ 770,611
16,954 Citizens Financial Group, Inc. 734,447
4,640 Columbia Banking System, Inc. 143,422
2,463 Comerica, Inc. 180,562
8,379 Customers Bancorp, Inc. (a) 254,470
4,392 Dime Community Bancshares,
Inc. 130,969
3,172 Eagle Bancorp, Inc. 150,638
2,498 East West Bancorp, Inc. 196,143
4,772 Eastern Bankshares, Inc. 77,163
2,855 Enterprise Financial Services
Corp. 152,229
12,616 F.N.B. Corp. 180,030
1,289 FB Financial Corp. 48,415
14,856 Fifth Third Bancorp 539,124
1,088 First Bancorp 43,357
3,842 First Busey Corp. 91,709
326 First Citizens BancShares, Inc.,
Class A 253,524
10,007 First Commonwealth Financial
Corp. 147,203
5,769 First Financial Bancorp 146,129
13,257 First Foundation, Inc. 205,881
1,789 First Hawaiian, Inc. 49,090
2,310 First Merchants Corp. 98,498
2,738 First Republic Bank 385,729
5,644 Fulton Financial Corp. 94,424
5,104 Hancock Whitney Corp. 262,754
2,037 Heartland Financial USA, Inc. 100,770
3,165 Hilltop Holdings, Inc. 103,495
3,612 Home BancShares, Inc. 86,218
14,830 Hope Bancorp, Inc. 191,159
34,570 Huntington Bancshares, Inc. 524,427
2,327 Independent Bank Group, Inc. 142,645
2,076 International Bancshares Corp. 97,302
3,635 JPMorgan Chase & Co. 508,755
38,317 KeyCorp 735,303
3,360 M&T Bank Corp. 524,160
1,073 NBT Bancorp, Inc. 42,180
3,333 Northwest Bancshares, Inc. 47,129
6,578 OceanFirst Financial Corp. 157,346
4,579 Old National Bancorp 80,132
10,347 PacWest Bancorp 286,198
3,365 Pinnacle Financial Partners,
Inc. 264,926
3,086 PNC Financial Services Group
(The), Inc. 510,517
4,965 Popular, Inc. 340,798
2,265 Prosperity Bancshares, Inc. 171,823
22,608 Regions Financial Corp. 532,192
3,719 Renasant Corp. 132,322
2,779 S&T Bancorp, Inc. 101,100
5,392 Sandy Spring Bancorp, Inc. 182,250
1,494 Seacoast Banking Corp. of
Florida 47,972
6,478 Simmons First National Corp.,
Class A 144,524
2,639 Southside Bancshares, Inc. 99,965
2,900 SVB Financial Group (a) 877,076
Page 60 See Notes to Financial Statements
FIRST TRUST MULTI CAP VALUE ALPHADEX(R) FUND (FAB)
PORTFOLIO OF INVESTMENTS (CONTINUED)
JANUARY 31, 2023 (UNAUDITED)
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
COMMON STOCKS (CONTINUED)
BANKS (CONTINUED)
6,577 Synovus Financial Corp. $ 275,905
773 Texas Capital Bancshares,
Inc. (a) 51,072
3,080 TowneBank 93,848
914 TriCo Bancshares 46,203
15,512 Truist Financial Corp. 766,138
1,335 Trustmark Corp. 38,875
11,177 U.S. Bancorp 556,615
1,971 UMB Financial Corp. 177,764
2,033 United Bankshares, Inc. 81,727
2,436 United Community Banks, Inc. 79,267
21,836 Valley National Bancorp 259,412
4,978 Veritex Holdings, Inc. 140,131
4,167 Washington Federal, Inc. 147,762
1,739 Webster Financial Corp. 91,558
16,165 Wells Fargo & Co. 757,654
3,780 WesBanco, Inc. 140,503
1,948 Wintrust Financial Corp. 178,184
1,675 Zions Bancorp N.A. 89,043
---------------
18,322,294
---------------
BEVERAGES -- 0.2%
4,556 Keurig Dr Pepper, Inc. 160,736
4,794 Molson Coors Beverage Co.,
Class B 252,068
---------------
412,804
---------------
BIOTECHNOLOGY -- 1.1%
2,410 Biogen, Inc. (a) 701,069
20,107 Emergent BioSolutions, Inc. (a) 265,211
7,666 Ironwood Pharmaceuticals,
Inc. (a) 88,312
4,645 Moderna, Inc. (a) 817,799
16,263 Vir Biotechnology, Inc. (a) 480,572
---------------
2,352,963
---------------
BUILDING PRODUCTS -- 1.6%
2,293 AZEK (The) Co., Inc. (a) 55,330
16,181 Carrier Global Corp. 736,721
5,766 Fortune Brands Innovations, Inc. 371,965
2,070 Gibraltar Industries, Inc. (a) 110,890
19,686 JELD-WEN Holding, Inc. (a) 249,028
2,539 Johnson Controls International
PLC 176,638
344 Lennox International, Inc. 89,653
4,825 Owens Corning 466,336
10,578 PGT Innovations, Inc. (a) 229,543
14,436 Resideo Technologies, Inc. (a) 277,604
967 Trane Technologies PLC 173,209
4,155 UFP Industries, Inc. 388,700
---------------
3,325,617
---------------
CAPITAL MARKETS -- 4.3%
1,559 Affiliated Managers Group, Inc. 269,302
3,198 Artisan Partners Asset
Management, Inc., Class A 117,750
4,130 AssetMark Financial Holdings,
Inc. (a) 109,610
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
CAPITAL MARKETS (CONTINUED)
14,663 Bank of New York Mellon (The)
Corp. $ 741,508
25,196 BGC Partners, Inc., Class A 109,602
229 BlackRock, Inc. 173,859
27,961 Carlyle Group (The), Inc. 1,005,757
3,019 Evercore, Inc., Class A 391,896
2,616 Federated Hermes, Inc. 102,809
31,628 Franklin Resources, Inc. 986,794
1,944 Goldman Sachs Group (The),
Inc. 711,135
22,880 Invesco Ltd. 423,509
10,056 Jefferies Financial Group, Inc. 395,000
4,749 Lazard Ltd., Class A 190,340
5,733 Morgan Stanley 557,993
730 Piper Sandler Cos. 103,733
1,521 Raymond James Financial, Inc. 171,523
2,824 SEI Investments Co. 176,302
6,284 State Street Corp. 573,918
4,231 Stifel Financial Corp. 285,212
489 StoneX Group, Inc. (a) 42,973
6,120 T. Rowe Price Group, Inc. 712,796
7,081 Victory Capital Holdings, Inc.,
Class A 209,881
4,654 Virtu Financial, Inc., Class A 89,869
730 Virtus Investment Partners, Inc. 156,862
---------------
8,809,933
---------------
CHEMICALS -- 4.7%
2,248 Albemarle Corp. 632,700
7,315 Avient Corp. 296,404
8,161 Celanese Corp. 1,005,435
10,754 Chemours (The) Co. 391,338
16,558 Dow, Inc. 982,717
9,726 DuPont de Nemours, Inc. 719,238
10,245 Eastman Chemical Co. 903,302
15,778 Ecovyst, Inc. (a) 165,511
9,051 Element Solutions, Inc. 185,364
2,299 H.B. Fuller Co. 158,861
14,979 Huntsman Corp. 474,685
1,984 Ingevity Corp. (a) 163,561
453 Innospec, Inc. 51,198
10,049 LyondellBasell Industries N.V.,
Class A 971,638
9,090 Mativ Holdings, Inc. 250,520
3,129 Minerals Technologies, Inc. 217,309
150 NewMarket Corp. 51,676
7,775 Olin Corp. 502,187
1,292 PPG Industries, Inc. 168,399
1,313 Stepan Co. 144,220
8,365 Trinseo PLC 232,129
8,137 Westlake Corp. 998,817
---------------
9,667,209
---------------
COMMERCIAL SERVICES & SUPPLIES
-- 0.6%
3,147 ABM Industries, Inc. 147,626
2,017 Brady Corp., Class A 107,849
27,572 BrightView Holdings, Inc. (a) 219,197
20,542 CoreCivic, Inc. (a) 218,567
See Notes to Financial Statements Page 61
FIRST TRUST MULTI CAP VALUE ALPHADEX(R) FUND (FAB)
PORTFOLIO OF INVESTMENTS (CONTINUED)
JANUARY 31, 2023 (UNAUDITED)
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
COMMON STOCKS (CONTINUED)
COMMERCIAL SERVICES & SUPPLIES
(CONTINUED)
6,682 HNI Corp. $ 212,287
9,042 MillerKnoll, Inc. 215,923
242 UniFirst Corp. 48,023
---------------
1,169,472
---------------
COMMUNICATIONS EQUIPMENT
-- 0.4%
7,005 Cisco Systems, Inc. 340,933
574 F5, Inc. (a) 84,757
2,576 Juniper Networks, Inc. 83,205
1,578 Lumentum Holdings, Inc. (a) 94,964
4,417 Viasat, Inc. (a) 152,166
4,434 Viavi Solutions, Inc. (a) 50,104
---------------
806,129
---------------
CONSTRUCTION & ENGINEERING
-- 0.5%
2,573 Arcosa, Inc. 152,502
715 Comfort Systems USA, Inc. 86,544
556 EMCOR Group, Inc. 82,427
2,709 Granite Construction, Inc. 115,349
5,427 MDU Resources Group, Inc. 167,748
506 MYR Group, Inc. (a) 50,124
10,823 Primoris Services Corp. 287,892
---------------
942,586
---------------
CONSTRUCTION MATERIALS -- 0.4%
987 Martin Marietta Materials, Inc. 354,965
6,692 Summit Materials, Inc.,
Class A (b) 219,899
928 Vulcan Materials Co. 170,130
---------------
744,994
---------------
CONSUMER FINANCE -- 3.1%
13,468 Ally Financial, Inc. 437,575
1,100 American Express Co. 192,423
6,306 Bread Financial Holdings, Inc. 258,735
8,975 Capital One Financial Corp. 1,068,025
8,528 Discover Financial Services 995,473
4,953 Encore Capital Group, Inc. (a) 275,981
2,842 FirstCash Holdings, Inc. 261,976
12,008 Green Dot Corp., Class A (a) 217,105
26,985 LendingClub Corp. (a) 261,485
11,549 Navient Corp. 219,084
2,093 Nelnet, Inc., Class A 199,861
12,357 OneMain Holdings, Inc. 533,081
5,624 PRA Group, Inc. (a) 226,310
14,877 SLM Corp. 261,389
25,391 Synchrony Financial 932,611
---------------
6,341,114
---------------
CONTAINERS & PACKAGING -- 2.3%
1,844 Avery Dennison Corp. 349,327
6,526 Ball Corp. 380,074
5,449 Berry Global Group, Inc. 336,367
4,910 Greif, Inc., Class A 350,721
24,093 International Paper Co. 1,007,569
11,465 O-I Glass, Inc. (a) 220,701
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
CONTAINERS & PACKAGING
(CONTINUED)
6,523 Packaging Corp. of America $ 930,832
20,904 Pactiv Evergreen, Inc. 240,605
3,176 Silgan Holdings, Inc. 171,155
4,068 Sonoco Products Co. 248,596
3,424 TriMas Corp. 105,425
11,707 Westrock Co. 459,383
---------------
4,800,755
---------------
DISTRIBUTORS -- 0.4%
12,497 LKQ Corp. 736,823
---------------
DIVERSIFIED CONSUMER SERVICES
-- 0.2%
9,076 ADT, Inc. 79,778
1,313 Adtalem Global Education,
Inc. (a) 50,130
314 Graham Holdings Co., Class B 205,139
4,844 Laureate Education, Inc. 53,187
1,213 Strategic Education, Inc. 113,234
---------------
501,468
---------------
DIVERSIFIED FINANCIAL SERVICES
-- 0.3%
2,868 Equitable Holdings, Inc. 91,977
6,826 Jackson Financial, Inc., Class A 300,617
2,678 Voya Financial, Inc. 186,844
---------------
579,438
---------------
DIVERSIFIED TELECOMMUNICATION
SERVICES -- 1.3%
45,320 AT&T, Inc. 923,169
12,923 Frontier Communications
Parent, Inc. (a) 382,650
78,852 Lumen Technologies, Inc. 413,973
21,176 Verizon Communications, Inc. 880,286
---------------
2,600,078
---------------
ELECTRIC UTILITIES -- 3.9%
3,828 ALLETE, Inc. 236,800
8,829 Alliant Energy Corp. 477,031
5,133 American Electric Power Co.,
Inc. 482,297
4,733 Duke Energy Corp. 484,896
7,662 Edison International 527,912
5,933 Entergy Corp. 642,425
10,607 Evergy, Inc. 664,528
5,814 Eversource Energy 478,667
15,440 Exelon Corp. 651,414
7,957 FirstEnergy Corp. 325,839
1,967 Hawaiian Electric Industries,
Inc. 83,145
763 IDACORP, Inc. 80,733
12,936 NRG Energy, Inc. 442,670
41,050 PG&E Corp. (a) 652,695
4,331 Pinnacle West Capital Corp. 322,876
5,040 Portland General Electric Co. 239,803
16,681 PPL Corp. 493,758
4,674 Southern (The) Co. 316,336
4,760 Xcel Energy, Inc. 327,345
---------------
7,931,170
---------------
Page 62 See Notes to Financial Statements
FIRST TRUST MULTI CAP VALUE ALPHADEX(R) FUND (FAB)
PORTFOLIO OF INVESTMENTS (CONTINUED)
JANUARY 31, 2023 (UNAUDITED)
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
COMMON STOCKS (CONTINUED)
ELECTRICAL EQUIPMENT -- 0.9%
1,491 Acuity Brands, Inc. $ 281,083
1,163 AMETEK, Inc. 168,542
1,035 Eaton Corp. PLC 167,887
3,474 Emerson Electric Co. 313,424
631 EnerSys 52,386
39,910 GrafTech International Ltd. 261,011
351 Hubbell, Inc. 80,348
2,058 Regal Rexnord Corp. 286,474
6,854 Sunrun, Inc. (a) 180,123
---------------
1,791,278
---------------
ELECTRONIC EQUIPMENT, INSTRUMENTS
& COMPONENTS -- 2.4%
3,936 Arrow Electronics, Inc. (a) 462,441
9,899 Avnet, Inc. 454,166
7,036 Coherent Corp. (a) 305,362
3,157 ePlus, Inc. (a) 157,156
947 Insight Enterprises, Inc. (a) 106,746
2,609 IPG Photonics Corp. (a) 292,469
2,141 Methode Electronics, Inc. 102,211
1,758 OSI Systems, Inc. (a) 166,500
453 Plexus Corp. (a) 43,484
2,440 Sanmina Corp. (a) 148,669
2,608 TD SYNNEX Corp. 266,407
5,814 TE Connectivity Ltd. 739,250
835 Teledyne Technologies, Inc. (a) 354,257
6,601 Trimble, Inc. (a) 383,254
12,598 TTM Technologies, Inc. (a) 198,041
8,807 Vishay Intertechnology, Inc. 201,592
12,776 Vontier Corp. 294,231
634 Zebra Technologies Corp.,
Class A (a) 200,458
---------------
4,876,694
---------------
ENERGY EQUIPMENT & SERVICES
-- 0.1%
15,567 Archrock, Inc. 154,269
---------------
ENTERTAINMENT -- 0.6%
1,330 Electronic Arts, Inc. 171,145
2,264 Netflix, Inc. (a) 801,139
1,870 Walt Disney (The) Co. (a) 202,876
---------------
1,175,160
---------------
EQUITY REAL ESTATE INVESTMENT
TRUSTS -- 4.6%
3,247 Acadia Realty Trust 50,426
2,488 Alexander & Baldwin, Inc. 49,810
1,115 Alexandria Real Estate Equities,
Inc. 179,225
3,584 American Assets Trust, Inc. 102,001
11,997 Apartment Income REIT Corp. 459,005
33,352 Apartment Investment and
Management Co., Class A 250,474
9,877 Boston Properties, Inc. 736,232
30,890 Brandywine Realty Trust 202,638
15,235 Broadstone Net Lease, Inc. 275,906
3,662 Corporate Office Properties
Trust 102,792
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
EQUITY REAL ESTATE INVESTMENT
TRUSTS (CONTINUED)
3,255 Cousins Properties, Inc. $ 89,252
23,196 DiamondRock Hospitality Co. 223,377
15,750 Douglas Emmett, Inc. 263,812
6,913 Empire State Realty Trust, Inc.,
Class A 57,654
1,866 Equity Commonwealth 47,620
11,313 Equity Residential 720,072
15,113 Global Net Lease, Inc. 225,939
19,443 Healthpeak Properties, Inc. 534,294
5,884 Highwoods Properties, Inc. 178,697
19,524 Hudson Pacific Properties, Inc. 222,378
31,123 iStar, Inc. 288,821
7,365 JBG SMITH Properties 148,331
2,129 Kilroy Realty Corp. 87,374
15,757 Kimco Realty Corp. 353,902
23,699 LXP Industrial Trust 273,723
36,949 Medical Properties Trust, Inc. 478,490
892 National Health Investors, Inc. 52,476
1,071 NexPoint Residential Trust, Inc. 54,086
8,836 Omega Healthcare Investors, Inc. 260,132
31,982 Paramount Group, Inc. 206,284
20,947 Park Hotels & Resorts, Inc. 308,130
7,094 Pebblebrook Hotel Trust 116,342
17,067 Physicians Realty Trust 270,683
20,717 Piedmont Office Realty Trust,
Inc., Class A 219,600
13,200 RLJ Lodging Trust 165,924
6,623 Sabra Health Care REIT, Inc. 89,411
2,817 SL Green Realty Corp. (c) 115,920
24,583 Sunstone Hotel Investors, Inc. 270,167
6,741 Urban Edge Properties 106,171
3,607 Ventas, Inc. 186,879
11,868 Vornado Realty Trust 289,461
3,535 Xenia Hotels & Resorts, Inc. 52,672
---------------
9,366,583
---------------
FOOD & STAPLES RETAILING -- 1.4%
6,787 Andersons (The), Inc. 249,626
734 Casey's General Stores, Inc. 173,158
2,462 Ingles Markets, Inc., Class A 233,890
14,973 Kroger (The) Co. 668,245
1,563 PriceSmart, Inc. 116,146
4,319 Sprouts Farmers Market, Inc. (a) 137,992
4,908 United Natural Foods, Inc. (a) 204,271
2,420 US Foods Holding Corp. (a) 92,275
22,332 Walgreens Boots Alliance, Inc. 823,157
1,699 Weis Markets, Inc. 146,692
---------------
2,845,452
---------------
FOOD PRODUCTS -- 2.7%
7,189 Archer-Daniels-Midland Co. 595,609
4,179 B&G Foods, Inc. (c) 58,589
8,363 Bunge Ltd. 828,773
2,863 Campbell Soup Co. 148,676
4,198 Conagra Brands, Inc. 156,124
7,254 Fresh Del Monte Produce, Inc. 207,464
3,980 General Mills, Inc. 311,873
See Notes to Financial Statements Page 63
FIRST TRUST MULTI CAP VALUE ALPHADEX(R) FUND (FAB)
PORTFOLIO OF INVESTMENTS (CONTINUED)
JANUARY 31, 2023 (UNAUDITED)
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
COMMON STOCKS (CONTINUED)
FOOD PRODUCTS (CONTINUED)
5,871 Hain Celestial Group (The),
Inc. (a) $ 120,473
7,327 Hormel Foods Corp. 331,986
2,522 Ingredion, Inc. 259,262
2,106 J.M. Smucker (The) Co. 321,797
4,685 Kellogg Co. 321,297
3,991 Kraft Heinz (The) Co. 161,755
2,438 Mondelez International, Inc.,
Class A 159,543
3,648 Post Holdings, Inc. (a) 346,378
109 Seaboard Corp. 427,334
13,403 Tyson Foods, Inc., Class A 881,247
---------------
5,638,180
---------------
GAS UTILITIES -- 0.7%
4,349 Atmos Energy Corp. 511,182
2,937 Northwest Natural Holding Co. 147,261
3,991 Southwest Gas Holdings, Inc. 267,118
11,104 UGI Corp. 442,272
---------------
1,367,833
---------------
HEALTH CARE EQUIPMENT & SUPPLIES
-- 0.6%
770 Align Technology, Inc. (a) 207,692
5,166 Avanos Medical, Inc. (a) 158,286
491 Cooper (The) Cos., Inc. 171,325
1,775 Enovis Corp. (a) 111,736
681 Integer Holdings Corp. (a) 44,817
6,272 Medtronic PLC 524,904
330 Teleflex, Inc. 80,328
---------------
1,299,088
---------------
HEALTH CARE PROVIDERS & SERVICES
-- 2.5%
985 Amedisys, Inc. (a) 95,210
1,575 Apollo Medical Holdings,
Inc. (a) 56,133
4,070 Centene Corp. (a) 310,297
1,471 Cigna Corp. 465,822
1,744 CVS Health Corp. 153,856
2,205 DaVita, Inc. (a) 181,670
651 Elevance Health, Inc. 325,493
2,031 HCA Healthcare, Inc. 518,047
2,061 Henry Schein, Inc. (a) 177,555
317 Humana, Inc. 162,209
3,543 Laboratory Corp. of America
Holdings 893,261
9,727 Owens & Minor, Inc. (a) 192,011
3,389 Patterson Cos., Inc. 102,314
9,407 Pediatrix Medical Group,
Inc. (a) 144,397
4,707 Premier, Inc., Class A 157,026
4,267 Quest Diagnostics, Inc. 633,564
3,315 Select Medical Holdings Corp. 96,367
3,375 Tenet Healthcare Corp. (a) 185,119
2,337 Universal Health Services, Inc.,
Class B 346,367
---------------
5,196,718
---------------
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
HEALTH CARE TECHNOLOGY -- 0.0%
2,641 Veradigm, Inc. (a) $ 47,300
---------------
HOTELS, RESTAURANTS & LEISURE
-- 0.7%
4,721 Bloomin' Brands, Inc. 114,484
1,223 Marriott Vacations Worldwide
Corp. 195,729
19,907 MGM Resorts International 824,349
11,087 Penn Entertainment, Inc. (a) 393,034
---------------
1,527,596
---------------
HOUSEHOLD DURABLES -- 4.6%
840 Cavco Industries, Inc. (a) 223,524
4,748 Century Communities, Inc. 290,578
9,360 D.R. Horton, Inc. 923,738
5,281 Garmin Ltd. 522,185
9,801 Green Brick Partners, Inc. (a) 305,791
856 Helen of Troy Ltd. (a) 96,822
1,110 Installed Building Products,
Inc. 122,200
7,456 KB Home 286,683
10,406 La-Z-Boy, Inc. 295,843
7,663 Leggett & Platt, Inc. 280,159
9,219 Lennar Corp., Class A 944,026
2,564 LGI Homes, Inc. (a) 291,911
7,515 M.D.C. Holdings, Inc. 283,766
5,142 M/I Homes, Inc. (a) 307,492
2,576 Meritage Homes Corp. (a) 277,409
3,221 Mohawk Industries, Inc. (a) 386,713
25,175 Newell Brands, Inc. 401,793
145 NVR, Inc. (a) 764,150
9,040 PulteGroup, Inc. 514,286
13,562 Taylor Morrison Home Corp. (a) 485,520
8,245 Toll Brothers, Inc. 490,495
2,104 TopBuild Corp. (a) 420,926
12,774 Tri Pointe Homes, Inc. (a) 282,178
1,164 Whirlpool Corp. 181,107
---------------
9,379,295
---------------
HOUSEHOLD PRODUCTS -- 0.2%
5,306 Central Garden & Pet Co.,
Class A (a) 210,277
1,197 Kimberly-Clark Corp. 155,622
---------------
365,899
---------------
INDUSTRIAL CONGLOMERATES -- 0.3%
5,566 3M Co. 640,535
---------------
INSURANCE -- 3.6%
9,278 Aflac, Inc. 681,933
7,218 American Equity Investment
Life Holding Co. 343,938
600 American Financial Group, Inc. 85,554
13,193 American International Group,
Inc. 834,061
5,316 Arch Capital Group Ltd. (a) 342,085
658 Assurant, Inc. 87,244
3,967 Assured Guaranty Ltd. 248,334
3,039 Axis Capital Holdings Ltd. 190,150
3,705 Brighthouse Financial, Inc. (a) 208,480
1,513 Chubb Ltd. 344,192
6,118 CNO Financial Group, Inc. 157,600
Page 64 See Notes to Financial Statements
FIRST TRUST MULTI CAP VALUE ALPHADEX(R) FUND (FAB)
PORTFOLIO OF INVESTMENTS (CONTINUED)
JANUARY 31, 2023 (UNAUDITED)
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
COMMON STOCKS (CONTINUED)
INSURANCE (CONTINUED)
8,753 Fidelity National Financial,
Inc. $ 385,395
6,291 First American Financial Corp. 389,224
35,912 Genworth Financial, Inc.,
Class A (a) 198,234
6,428 Hartford Financial Services
Group (The), Inc. 498,877
8,356 Loews Corp. 513,727
13,635 Old Republic International Corp. 359,828
5,808 Principal Financial Group, Inc. 537,530
2,667 ProAssurance Corp. 51,713
553 Safety Insurance Group, Inc. 46,668
5,557 Stewart Information Services
Corp. 265,458
1,780 Travelers (The) Cos., Inc. 340,194
8,026 Unum Group 337,333
---------------
7,447,752
---------------
INTERACTIVE MEDIA & SERVICES
-- 0.7%
6,933 Meta Platforms, Inc.,
Class A (a) 1,032,809
884 Shutterstock, Inc. 66,539
1,704 Yelp, Inc. (a) 53,693
4,163 Ziff Davis, Inc. (a) 372,505
---------------
1,525,546
---------------
IT SERVICES -- 1.7%
3,959 Akamai Technologies, Inc. (a) 352,153
11,671 Cognizant Technology Solutions
Corp., Class A 779,039
15,532 DXC Technology Co. (a) 446,234
496 EPAM Systems, Inc. (a) 164,995
3,302 Fiserv, Inc. (a) 352,257
3,360 Global Payments, Inc. 378,739
8,542 Kyndryl Holdings, Inc. (a) 114,377
1,123 Maximus, Inc. 84,057
9,363 SS&C Technologies Holdings,
Inc. 565,057
1,865 TTEC Holdings, Inc. 94,817
17,935 Western Union (The) Co. 254,139
---------------
3,585,864
---------------
LEISURE PRODUCTS -- 0.8%
4,568 Brunswick Corp. 385,219
2,699 Hasbro, Inc. 159,700
3,564 Malibu Boats, Inc., Class A (a) 215,943
1,630 Polaris, Inc. 187,189
16,673 Topgolf Callaway Brands
Corp. (a) 408,322
9,744 Vista Outdoor, Inc. (a) 285,986
---------------
1,642,359
---------------
LIFE SCIENCES TOOLS & SERVICES
-- 0.3%
1,532 Charles River Laboratories
International, Inc. (a) 372,659
8,977 Syneos Health, Inc. (a) 322,454
---------------
695,113
---------------
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
MACHINERY -- 3.0%
671 Alamo Group, Inc. $ 104,991
5,937 Allison Transmission Holdings,
Inc. 267,640
1,393 Caterpillar, Inc. 351,440
1,378 Cummins, Inc. 343,866
1,398 Donaldson Co., Inc. 87,165
3,600 Dover Corp. 546,588
532 ESCO Technologies, Inc. 52,370
1,003 Federal Signal Corp. 53,410
2,529 Fortive Corp. 172,048
2,226 Hillenbrand, Inc. 104,310
6,463 Hillman Solutions Corp. (a) 62,045
1,015 ITT, Inc. 92,964
901 John Bean Technologies Corp. 100,669
5,810 Kennametal, Inc. 165,585
615 Middleby (The) Corp. (a) 95,602
4,331 Mueller Water Products, Inc.,
Class A 54,787
6,744 PACCAR, Inc. 737,187
558 Parker-Hannifin Corp. 181,908
7,441 Proto Labs, Inc. (a) 227,695
1,081 Snap-on, Inc. 268,877
11,107 Stanley Black & Decker, Inc. 991,966
757 Tennant Co. 53,088
2,223 Terex Corp. 113,306
3,495 Timken (The) Co. 287,813
727 Toro (The) Co. 81,075
1,576 Trinity Industries, Inc. 45,342
563 Watts Water Technologies, Inc.,
Class A 92,062
3,344 Westinghouse Air Brake
Technologies Corp. 347,141
---------------
6,082,940
---------------
MARINE -- 0.2%
6,585 Matson, Inc. 435,400
---------------
MEDIA -- 2.6%
114,167 Advantage Solutions, Inc. (a) 295,693
20,649 Altice USA, Inc., Class A (a) 101,180
1,437 Charter Communications, Inc.,
Class A (a) 552,253
13,938 Comcast Corp., Class A 548,460
29,317 DISH Network Corp.,
Class A (a) 421,872
27,473 Fox Corp., Class A 932,434
21,221 Gray Television, Inc. 275,024
2,471 Interpublic Group of (The) Cos.,
Inc. 90,093
3,490 John Wiley & Sons, Inc.,
Class A 159,842
4,523 News Corp., Class A 91,636
1,992 Omnicom Group, Inc. 171,292
49,428 Paramount Global, Class B 1,144,752
4,814 Scholastic Corp. 212,971
26,067 WideOpenWest, Inc. (a) 299,510
---------------
5,297,012
---------------
See Notes to Financial Statements Page 65
FIRST TRUST MULTI CAP VALUE ALPHADEX(R) FUND (FAB)
PORTFOLIO OF INVESTMENTS (CONTINUED)
JANUARY 31, 2023 (UNAUDITED)
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
COMMON STOCKS (CONTINUED)
METALS & MINING -- 1.8%
1,622 Alpha Metallurgical Resources,
Inc. $ 261,029
4,489 Arconic Corp. (a) 105,536
8,522 Commercial Metals Co. 462,489
14,142 Newmont Corp. 748,536
2,033 Reliance Steel & Aluminum Co. 462,406
8,540 Steel Dynamics, Inc. 1,030,266
16,431 United States Steel Corp. 468,119
3,822 Worthington Industries, Inc. 217,357
---------------
3,755,738
---------------
MORTGAGE REAL ESTATE INVESTMENT
TRUSTS -- 1.0%
19,526 Annaly Capital Management,
Inc. 458,275
8,472 Chimera Investment Corp. 61,761
9,503 Claros Mortgage Trust, Inc. 159,080
6,804 KKR Real Estate Finance Trust,
Inc. 108,388
18,922 Ladder Capital Corp. 211,927
18,202 New York Mortgage Trust, Inc. 56,790
3,761 PennyMac Mortgage Investment
Trust 57,355
50,381 Rithm Capital Corp. 474,085
17,964 Starwood Property Trust, Inc. 375,268
---------------
1,962,929
---------------
MULTILINE RETAIL -- 1.0%
588 Dillard's, Inc., Class A 231,266
660 Dollar General Corp. 154,176
16,301 Kohl's Corp. 527,663
19,933 Macy's, Inc. 471,017
15,301 Nordstrom, Inc. 298,982
1,758 Ollie's Bargain Outlet Holdings,
Inc. (a) 96,268
2,239 Target Corp. 385,422
---------------
2,164,794
---------------
MULTI-UTILITIES -- 2.0%
5,482 Ameren Corp. 476,221
3,153 Avista Corp. 125,805
3,511 Black Hills Corp. 254,126
22,257 CenterPoint Energy, Inc. 670,381
7,697 CMS Energy Corp. 486,374
7,003 Consolidated Edison, Inc. 667,456
2,840 DTE Energy Co. 330,491
2,356 NorthWestern Corp. 133,821
2,652 Public Service Enterprise Group,
Inc. 164,238
3,154 Sempra Energy 505,681
3,559 WEC Energy Group, Inc. 334,510
---------------
4,149,104
---------------
OIL, GAS & CONSUMABLE FUELS
-- 2.0%
9,460 California Resources Corp. 404,226
3,009 Chord Energy Corp. 431,280
7,932 HF Sinclair Corp. 451,331
7,169 Marathon Petroleum Corp. 921,360
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
OIL, GAS & CONSUMABLE FUELS
(CONTINUED)
10,093 PBF Energy, Inc., Class A $ 423,805
8,988 Peabody Energy Corp. (a) 250,675
25,262 Permian Resources Corp. 274,598
8,016 Phillips 66 803,764
6,951 World Fuel Services Corp. 196,713
---------------
4,157,752
---------------
PAPER & FOREST PRODUCTS -- 0.0%
959 Sylvamo Corp. 45,581
---------------
PERSONAL PRODUCTS -- 0.2%
3,627 Edgewell Personal Care Co. 155,453
9,395 Herbalife Nutrition Ltd. (a) 165,070
2,628 USANA Health Sciences,
Inc. (a) 153,581
---------------
474,104
---------------
PHARMACEUTICALS -- 0.4%
13,473 Elanco Animal Health, Inc. (a) 184,984
5,895 Organon & Co. 177,616
1,517 Prestige Consumer Healthcare,
Inc. (a) 99,758
29,586 Viatris, Inc. 359,766
---------------
822,124
---------------
PROFESSIONAL SERVICES -- 1.4%
19,694 Alight, Inc., Class A (a) 184,927
3,031 ASGN, Inc. (a) 275,670
1,555 Booz Allen Hamilton Holding
Corp. 147,165
548 CACI International, Inc.,
Class A (a) 168,833
7,307 First Advantage Corp. (a) 101,421
470 ICF International, Inc. 48,029
2,779 Jacobs Solutions, Inc. 343,346
1,732 Kforce, Inc. 97,217
6,505 Korn Ferry 351,205
3,173 Leidos Holdings, Inc. 313,619
2,968 ManpowerGroup, Inc. 258,691
2,230 Robert Half International, Inc. 187,231
2,863 TransUnion 205,420
2,428 TriNet Group, Inc. (a) 183,193
---------------
2,865,967
---------------
REAL ESTATE MANAGEMENT &
DEVELOPMENT -- 1.1%
37,162 Anywhere Real Estate, Inc. (a) 315,134
8,673 CBRE Group, Inc., Class A (a) 741,628
4,309 Howard Hughes (The) Corp. (a) 368,376
2,066 Jones Lang LaSalle, Inc. (a) 381,942
5,514 Marcus & Millichap, Inc. 199,827
29,795 Newmark Group, Inc., Class A 255,343
---------------
2,262,250
---------------
ROAD & RAIL -- 1.6%
15,480 Heartland Express, Inc. 260,374
2,796 J.B. Hunt Transport Services,
Inc. 528,584
7,854 Knight-Swift Transportation
Holdings, Inc. 464,171
Page 66 See Notes to Financial Statements
FIRST TRUST MULTI CAP VALUE ALPHADEX(R) FUND (FAB)
PORTFOLIO OF INVESTMENTS (CONTINUED)
JANUARY 31, 2023 (UNAUDITED)
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
COMMON STOCKS (CONTINUED)
ROAD & RAIL (CONTINUED)
9,604 Marten Transport Ltd. $ 212,152
4,925 Ryder System, Inc. 464,969
10,148 Schneider National, Inc.,
Class B 268,922
5,471 U-Haul Holding Co. 366,721
4,719 Werner Enterprises, Inc. 221,652
12,364 XPO, Inc. (a) 492,829
---------------
3,280,374
---------------
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT -- 2.6%
17,165 Amkor Technology, Inc. 502,248
4,362 Cohu, Inc. (a) 157,381
4,325 Diodes, Inc. (a) 385,747
31,568 Intel Corp. 892,112
16,694 Micron Technology, Inc. 1,006,648
3,886 MKS Instruments, Inc. 397,615
2,725 Qorvo, Inc. (a) 296,098
9,155 Skyworks Solutions, Inc. 1,004,029
2,595 Synaptics, Inc. (a) 324,453
3,821 Teradyne, Inc. 388,596
1,406 Ultra Clean Holdings, Inc. (a) 47,312
---------------
5,402,239
---------------
SOFTWARE -- 0.2%
6,078 ACI Worldwide, Inc. (a) 169,758
7,033 NCR Corp. (a) 192,845
---------------
362,603
---------------
SPECIALTY RETAIL -- 3.1%
6,267 Academy Sports & Outdoors,
Inc. 366,118
560 Advance Auto Parts, Inc. 85,277
10,014 American Eagle Outfitters, Inc. 161,626
2,296 Asbury Automotive Group,
Inc. (a) 505,120
3,069 AutoNation, Inc. (a) 388,904
5,861 Bath & Body Works, Inc. 269,665
6,077 Best Buy Co., Inc. 539,151
3,083 Buckle (The), Inc. 135,652
5,481 CarMax, Inc. (a) 386,137
6,284 Foot Locker, Inc. 273,417
14,596 Gap (The), Inc. 198,068
1,317 Group 1 Automotive, Inc. 281,640
2,010 Lithia Motors, Inc. 529,032
1,031 Monro, Inc. 52,478
2,865 Penske Automotive Group, Inc. 366,204
2,066 Rent-A-Center, Inc. 55,555
616 RH (a) 192,186
1,400 Ross Stores, Inc. 165,466
11,166 Sally Beauty Holdings, Inc. (a) 173,966
2,794 Signet Jewelers Ltd. 214,607
2,041 TJX (The) Cos., Inc. 167,076
9,957 Urban Outfitters, Inc. (a) 272,722
3,907 Victoria's Secret & Co. (a) 164,680
2,865 Williams-Sonoma, Inc. 386,603
---------------
6,331,350
---------------
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
TECHNOLOGY HARDWARE, STORAGE
& PERIPHERALS -- 1.6%
2,047 Dell Technologies, Inc., Class C $ 83,149
52,277 Hewlett Packard Enterprise Co. 843,228
18,140 HP, Inc. 528,600
11,113 NetApp, Inc. 736,014
26,445 Western Digital Corp. (a) 1,162,258
---------------
3,353,249
---------------
TEXTILES, APPAREL & LUXURY GOODS
-- 1.5%
1,273 Carter's, Inc. 106,130
1,880 Columbia Sportswear Co. 180,292
1,518 Crocs, Inc. (a) 184,847
206 Deckers Outdoor Corp. (a) 88,061
38,831 Hanesbrands, Inc. 327,734
9,007 Levi Strauss & Co., Class A 165,729
4,665 PVH Corp. 419,383
1,558 Ralph Lauren Corp. 192,958
7,849 Skechers U.S.A., Inc.,
Class A (a) 377,929
4,324 Tapestry, Inc. 197,045
16,205 Under Armour, Inc., Class A (a) 200,780
12,088 VF Corp. 374,003
21,726 Wolverine World Wide, Inc. 350,440
---------------
3,165,331
---------------
THRIFTS & MORTGAGE FINANCE
-- 1.6%
3,658 Axos Financial, Inc. (a) 176,023
10,981 Capitol Federal Financial, Inc. 91,911
10,587 Essent Group Ltd. 466,146
31,662 MGIC Investment Corp. 447,067
5,917 Mr. Cooper Group, Inc. (a) 272,123
28,717 New York Community Bancorp,
Inc. 286,883
11,362 NMI Holdings, Inc., Class A (a) 263,939
4,191 PennyMac Financial Services,
Inc. 282,557
6,545 Provident Financial Services,
Inc. 153,546
21,584 Radian Group, Inc. 477,006
4,196 Walker & Dunlop, Inc. 400,214
1,028 WSFS Financial Corp. 49,663
---------------
3,367,078
---------------
TOBACCO -- 0.1%
3,597 Universal Corp. 195,569
---------------
TRADING COMPANIES & DISTRIBUTORS
-- 1.9%
8,571 Air Lease Corp. 385,438
6,238 Beacon Roofing Supply, Inc. (a) 354,818
3,458 Boise Cascade Co. 259,246
1,548 GATX Corp. 177,169
2,092 H&E Equipment Services, Inc. 106,462
472 McGrath RentCorp 46,983
3,023 MSC Industrial Direct Co., Inc.,
Class A 250,002
11,007 NOW, Inc. (a) 154,538
3,634 Rush Enterprises, Inc., Class A 195,546
See Notes to Financial Statements Page 67
FIRST TRUST MULTI CAP VALUE ALPHADEX(R) FUND (FAB)
PORTFOLIO OF INVESTMENTS (CONTINUED)
JANUARY 31, 2023 (UNAUDITED)
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
COMMON STOCKS (CONTINUED)
TRADING COMPANIES & DISTRIBUTORS
(CONTINUED)
702 SiteOne Landscape Supply,
Inc. (a) $ 106,360
5,984 Triton International Ltd. 422,710
1,878 United Rentals, Inc. (a) 828,104
1,561 Veritiv Corp. 195,187
2,630 WESCO International, Inc. (a) 391,896
---------------
3,874,459
---------------
WIRELESS TELECOMMUNICATION
SERVICES -- 0.4%
22,638 Telephone and Data Systems,
Inc. 302,670
1,161 T-Mobile US, Inc. (a) 173,349
11,389 United States Cellular Corp. (a) 278,575
---------------
754,594
---------------
TOTAL COMMON STOCKS
-- 99.7% 205,120,473
(Cost $191,808,139) ---------------
MONEY MARKET FUNDS -- 0.4%
134,998 Goldman Sachs Financial Square
Treasury Obligations Fund -
Institutional Class -
4.24% (d) (e) 134,998
591,852 Morgan Stanley Institutional
Liquidity Funds - Treasury
Portfolio - Institutional
Class - 4.12% (d) 591,852
---------------
TOTAL MONEY MARKET FUNDS
-- 0.4% 726,850
(Cost $726,850) ---------------
PRINCIPAL
VALUE DESCRIPTION VALUE
---------------------------------------------------------------
REPURCHASE AGREEMENTS -- 0.0%
$ 25,684 BNP Paribas S.A., 4.21% (d),
dated 01/31/23, due 02/01/23,
with a maturity value of
$25,687. Collateralized by
U.S. Treasury Note, interest
rate of 2.13%, due 05/15/25.
The value of the collateral
including accrued interest is
$26,221. (e) 25,684
(Cost $25,684) ---------------
TOTAL INVESTMENTS -- 100.1% 205,873,007
(Cost $192,560,673)
NET OTHER ASSETS AND
LIABILITIES -- (0.1)% (212,860)
---------------
NET ASSETS -- 100.0% $ 205,660,147
===============
(a) Non-income producing security.
(b) Non-income producing security which makes payment in-kind ("PIK")
distributions. For the six months ended January 31, 2023, the Fund
received 115 PIK shares of Summit Materials, Inc.
(c) All or a portion of this security is on loan (see Note 2D - Securities
Lending in the Notes to Financial Statements). The remaining contractual
maturity of all of the securities lending transactions is overnight and
continuous. The aggregate value of such securities is $161,668 and the
total value of the collateral held by the Fund is $160,682.
(d) Rate shown reflects yield as of January 31, 2023.
(e) This security serves as collateral for securities on loan.
---------------------------------
OFFSETTING ASSETS AND LIABILITIES
---------------------------------------------------------------
Offsetting assets and liabilities requires entities to disclose both gross and
net information about instruments and transactions eligible for offset, and to
disclose instruments and transactions subject to master netting or similar
agreements (see Note 2C - Offsetting on the Statements of Assets and Liabilities
in the Notes to Financial Statements).
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:
SECURITIES LENDING AGENCY AGREEMENT
---------------------------------------------------------------
Total gross amount presented on the
Statements of Assets and Liabilities(1) $ 161,668
Non-cash Collateral(2) (160,682)
---------------
Net Amount $ 986
===============
(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) The collateral requirements are determined at the beginning of each
business day based on the market value of the loaned securities from the
end of the prior day. On January 31, 2023, the last business day of the
period, there was sufficient collateral based on the end of day market
value from the prior business day; however, as a result of market movement
from January 30 to January 31, the value of the related securities loaned
was above the collateral value received. See Note 2D - Securities Lending
in the Notes to Financial Statements.
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:
REPURCHASE AGREEMENTS
---------------------------------------------------------------
Total gross amount presented on the
Statements of Assets and Liabilities(3) $ 25,684
Non-cash Collateral(4) (25,684)
---------------
Net Amount $ --
===============
(3) The amount is included in "Investments, at value" on the Statements of
Assets and Liabilities.
(4) At January 31, 2023, the value of the collateral received from each seller
exceeded the value of the repurchase agreements.
Page 68 See Notes to Financial Statements
FIRST TRUST MULTI CAP VALUE ALPHADEX(R) FUND (FAB)
PORTFOLIO OF INVESTMENTS (CONTINUED)
JANUARY 31, 2023 (UNAUDITED)
-----------------------------
VALUATION INPUTS
A summary of the inputs used to value the Fund's investments as of January 31,
2023 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial
Statements):
<TABLE>
<CAPTION>
LEVEL 2 LEVEL 3
TOTAL LEVEL 1 SIGNIFICANT SIGNIFICANT
VALUE AT QUOTED OBSERVABLE UNOBSERVABLE
1/31/2023 PRICES INPUTS INPUTS
-----------------------------------------------------------
<S> <C> <C> <C> <C>
Common Stocks*.................................. $ 205,120,473 $ 205,120,473 $ -- $ --
Money Market Funds.............................. 726,850 726,850 -- --
Repurchase Agreements........................... 25,684 -- 25,684 --
-----------------------------------------------------------
Total Investments............................... $ 205,873,007 $ 205,847,323 $ 25,684 $ --
===========================================================
</TABLE>
* See Portfolio of Investments for industry breakout.
See Notes to Financial Statements Page 69
FIRST TRUST MULTI CAP GROWTH ALPHADEX(R) FUND (FAD)
PORTFOLIO OF INVESTMENTS
JANUARY 31, 2023 (UNAUDITED)
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
COMMON STOCKS -- 100.0%
AEROSPACE & DEFENSE -- 1.3%
4,576 AAR Corp. (a) $ 235,389
960 AeroVironment, Inc. (a) 85,411
1,717 Axon Enterprise, Inc. (a) 335,571
2,745 HEICO Corp. 469,258
1,059 Northrop Grumman Corp. 474,474
10,695 Rocket Lab USA, Inc. (a) 53,154
917 TransDigm Group, Inc. 658,177
---------------
2,311,434
---------------
AIR FREIGHT & LOGISTICS -- 0.5%
4,606 C.H. Robinson Worldwide, Inc. 461,383
1,567 Forward Air Corp. 169,001
1,661 United Parcel Service, Inc.,
Class B 307,667
---------------
938,051
---------------
AIRLINES -- 0.5%
22,400 American Airlines Group,
Inc. (a) 361,536
9,447 United Airlines Holdings,
Inc. (a) 462,525
---------------
824,061
---------------
AUTO COMPONENTS -- 0.6%
1,016 Dorman Products, Inc. (a) 98,613
2,342 Fox Factory Holding Corp. (a) 276,567
2,722 Visteon Corp. (a) 425,557
2,014 XPEL, Inc. (a) (b) 153,205
---------------
953,942
---------------
AUTOMOBILES -- 0.2%
8,561 Harley-Davidson, Inc. 394,063
---------------
BANKS -- 0.7%
808 BancFirst Corp. 69,593
2,093 Commerce Bancshares, Inc. 139,310
1,598 Cullen/Frost Bankers, Inc. 208,187
2,766 CVB Financial Corp. 66,993
9,509 First BanCorp 127,896
1,126 Lakeland Financial Corp. 79,619
5,964 OFG Bancorp 168,841
2,604 Pacific Premier Bancorp, Inc. 84,213
933 SouthState Corp. 74,267
1,862 Stock Yards Bancorp, Inc. 111,646
825 Triumph Financial, Inc. (a) 45,977
---------------
1,176,542
---------------
BEVERAGES -- 1.3%
2,141 Brown-Forman Corp., Class B 142,548
3,423 Celsius Holdings, Inc. (a) 343,395
4,540 Coca-Cola (The) Co. 278,393
417 Coca-Cola Consolidated, Inc. 211,327
607 Constellation Brands, Inc.,
Class A 140,533
2,433 Duckhorn Portfolio (The),
Inc. (a) 39,366
1,545 MGP Ingredients, Inc. 150,699
4,154 Monster Beverage Corp. (a) 432,348
3,062 National Beverage Corp. (a) 135,340
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
BEVERAGES (CONTINUED)
2,334 PepsiCo, Inc. $ 399,161
---------------
2,273,110
---------------
BIOTECHNOLOGY -- 4.3%
2,610 AbbVie, Inc. 385,627
2,533 ACADIA Pharmaceuticals,
Inc. (a) 48,203
5,452 Alkermes PLC (a) 156,145
2,430 Alnylam Pharmaceuticals,
Inc. (a) 550,152
1,606 Amgen, Inc. 405,354
9,906 Amicus Therapeutics, Inc. (a) 129,174
1,950 Arcus Biosciences, Inc. (a) 42,179
5,269 Arrowhead Pharmaceuticals,
Inc. (a) 184,362
10,536 BioCryst Pharmaceuticals,
Inc. (a) 111,155
2,714 Celldex Therapeutics, Inc. (a) 119,579
4,664 Cytokinetics, Inc. (a) 198,127
11,368 Dynavax Technologies Corp. (a) 129,368
4,316 Exact Sciences Corp. (a) 291,416
8,882 Exelixis, Inc. (a) 156,501
7,550 FibroGen, Inc. (a) 178,180
8,409 Gilead Sciences, Inc. 705,851
6,259 Halozyme Therapeutics, Inc. (a) 324,028
7,953 ImmunityBio, Inc. (a) 30,221
7,191 Incyte Corp. (a) 612,242
2,018 Insmed, Inc. (a) 43,448
3,772 Ionis Pharmaceuticals, Inc. (a) 150,390
1,773 Natera, Inc. (a) 76,115
1,868 Prometheus Biosciences, Inc. (a) 212,317
1,364 Prothena Corp. PLC (a) 77,134
2,153 PTC Therapeutics, Inc. (a) 98,801
585 Regeneron Pharmaceuticals,
Inc. (a) 443,705
5,333 REGENXBIO, Inc. (a) 123,779
3,450 REVOLUTION Medicines,
Inc. (a) 92,253
15,139 Roivant Sciences Ltd. (a) 125,654
1,057 Sage Therapeutics, Inc. (a) 46,867
2,199 Sarepta Therapeutics, Inc. (a) 274,809
5,336 uniQure N.V. (a) 113,390
1,025 United Therapeutics Corp. (a) 269,749
1,531 Vericel Corp. (a) 42,057
1,000 Vertex Pharmaceuticals, Inc. (a) 323,100
3,156 Xencor, Inc. (a) 103,896
---------------
7,375,328
---------------
BUILDING PRODUCTS -- 1.5%
3,733 A.O. Smith Corp. 252,724
2,728 AAON, Inc. 208,201
869 Advanced Drainage Systems,
Inc. 87,630
1,353 Allegion PLC 159,045
5,489 Builders FirstSource, Inc. (a) 437,473
1,790 Carlisle Cos., Inc. 449,039
1,418 CSW Industrials, Inc. 191,728
17,267 Janus International Group,
Inc. (a) 189,937
Page 70 See Notes to Financial Statements
FIRST TRUST MULTI CAP GROWTH ALPHADEX(R) FUND (FAD)
PORTFOLIO OF INVESTMENTS (CONTINUED)
JANUARY 31, 2023 (UNAUDITED)
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
COMMON STOCKS (CONTINUED)
BUILDING PRODUCTS (CONTINUED)
6,188 Masco Corp. $ 329,202
2,410 Simpson Manufacturing Co.,
Inc. 258,135
---------------
2,563,114
---------------
CAPITAL MARKETS -- 1.7%
2,082 Ares Management Corp.,
Class A 172,785
1,103 Cohen & Steers, Inc. 81,037
350 FactSet Research Systems, Inc. 148,029
4,410 Focus Financial Partners, Inc.,
Class A (a) 199,111
6,245 Golub Capital BDC, Inc. 85,556
1,287 Hamilton Lane, Inc., Class A 100,206
2,452 Houlihan Lokey, Inc. 242,920
1,969 Interactive Brokers Group, Inc.,
Class A 157,402
2,672 LPL Financial Holdings, Inc. 633,585
255 MarketAxess Holdings, Inc. 92,782
2,142 Moelis & Co., Class A 100,139
505 Moody's Corp. 162,989
621 MSCI, Inc. 330,099
3,263 Northern Trust Corp. 316,413
1,641 PJT Partners, Inc., Class A 131,329
---------------
2,954,382
---------------
CHEMICALS -- 3.1%
2,342 Air Products and Chemicals, Inc. 750,634
1,987 Ashland, Inc. 217,120
11,187 Axalta Coating Systems Ltd. (a) 336,729
583 Balchem Corp. 76,157
4,263 Cabot Corp. 321,132
6,779 CF Industries Holdings, Inc. 574,181
9,826 Corteva, Inc. 633,286
5,785 FMC Corp. 770,157
3,585 Livent Corp. (a) 92,923
12,359 LSB Industries, Inc. (a) 157,083
13,165 Mosaic (The) Co. 652,194
4,411 Perimeter Solutions S.A. (a) 41,022
2,924 RPM International, Inc. 262,897
977 Sensient Technologies Corp. 73,949
8,727 Valvoline, Inc. 319,932
---------------
5,279,396
---------------
COMMERCIAL SERVICES & SUPPLIES
-- 1.9%
2,252 Brink's (The) Co. 147,731
2,694 Casella Waste Systems, Inc.,
Class A (a) 215,843
1,279 Cintas Corp. 567,544
3,121 Clean Harbors, Inc. (a) 406,666
6,927 Copart, Inc. (a) 461,408
5,216 Driven Brands Holdings, Inc. (a) 152,255
2,725 Montrose Environmental Group,
Inc. (a) 147,586
2,239 Republic Services, Inc. 279,472
7,903 Rollins, Inc. 287,669
1,472 Tetra Tech, Inc. 228,925
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES
(CONTINUED)
1,841 Waste Management, Inc. $ 284,858
---------------
3,179,957
---------------
COMMUNICATIONS EQUIPMENT
-- 1.1%
8,748 ADTRAN Holdings, Inc. 165,075
3,476 Arista Networks, Inc. (a) 438,046
3,123 Calix, Inc. (a) 164,395
1,746 Clearfield, Inc. (a) 124,769
16,457 CommScope Holding Co.,
Inc. (a) 138,239
11,222 Extreme Networks, Inc. (a) 202,333
24,389 Infinera Corp. (a) 178,527
1,637 Motorola Solutions, Inc. 420,725
3,721 NetScout Systems, Inc. (a) 119,444
---------------
1,951,553
---------------
CONSTRUCTION & ENGINEERING
-- 0.6%
2,877 Ameresco, Inc., Class A (a) 185,480
1,756 Dycom Industries, Inc. (a) 167,470
1,077 Valmont Industries, Inc. 355,119
6,308 WillScot Mobile Mini Holdings
Corp. (a) 305,686
---------------
1,013,755
---------------
CONSTRUCTION MATERIALS -- 0.2%
2,681 Eagle Materials, Inc. 391,640
---------------
CONSUMER FINANCE -- 0.1%
150 Credit Acceptance Corp. (a) (c) 69,396
15,451 SoFi Technologies, Inc. (a) 107,075
3,050 Upstart Holdings, Inc. (a) (c) 56,974
---------------
233,445
---------------
CONTAINERS & PACKAGING -- 0.3%
16,007 Graphic Packaging Holding Co. 385,609
2,856 Sealed Air Corp. 156,394
---------------
542,003
---------------
DISTRIBUTORS -- 0.5%
3,696 Funko, Inc., Class A (a) 44,721
4,161 Genuine Parts Co. 698,299
465 Pool Corp. 179,309
---------------
922,329
---------------
DIVERSIFIED CONSUMER SERVICES
-- 0.6%
6,505 Chegg, Inc. (a) 135,044
3,408 Coursera, Inc. (a) 54,358
1,945 Grand Canyon Education,
Inc. (a) 226,709
3,902 H&R Block, Inc. 152,100
7,717 Mister Car Wash, Inc. (a) 79,253
3,091 Service Corp. International 229,198
1,289 Stride, Inc. (a) 55,337
7,791 Udemy, Inc. (a) 97,699
---------------
1,029,698
---------------
See Notes to Financial Statements Page 71
FIRST TRUST MULTI CAP GROWTH ALPHADEX(R) FUND (FAD)
PORTFOLIO OF INVESTMENTS (CONTINUED)
JANUARY 31, 2023 (UNAUDITED)
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
COMMON STOCKS (CONTINUED)
DIVERSIFIED FINANCIAL SERVICES
-- 0.2%
4,527 Apollo Global Management, Inc. $ 320,421
2,212 Compass Diversified Holdings 49,372
---------------
369,793
---------------
DIVERSIFIED TELECOMMUNICATION
SERVICES -- 0.3%
706 Cogent Communications
Holdings, Inc. 48,410
61,797 Globalstar, Inc. (a) 87,134
5,543 Iridium Communications,
Inc. (a) 331,693
3,411 Radius Global Infrastructure,
Inc., Class A (a) 45,946
---------------
513,183
---------------
ELECTRIC UTILITIES -- 0.4%
1,167 MGE Energy, Inc. 85,319
5,045 NextEra Energy, Inc. 376,508
3,602 OGE Energy Corp. 141,631
2,060 Otter Tail Corp. 132,149
---------------
735,607
---------------
ELECTRICAL EQUIPMENT -- 0.9%
10,630 Array Technologies, Inc. (a) 236,305
3,140 Atkore, Inc. (a) 408,985
6,326 Bloom Energy Corp.,
Class A (a) 157,707
1,494 Encore Wire Corp. 241,177
7,053 Fluence Energy, Inc. (a) 170,259
1,397 Generac Holdings, Inc. (a) 168,478
6,663 Shoals Technologies Group, Inc.,
Class A (a) 185,831
---------------
1,568,742
---------------
ELECTRONIC EQUIPMENT, INSTRUMENTS
& COMPONENTS -- 1.6%
1,916 Advanced Energy Industries,
Inc. 177,690
7,585 Amphenol Corp., Class A 605,055
1,508 Badger Meter, Inc. 174,777
2,858 Belden, Inc. 231,755
1,512 Cognex Corp. 82,767
9,041 Corning, Inc. 312,909
4,170 CTS Corp. 185,607
5,222 Jabil, Inc. 410,606
2,465 Keysight Technologies, Inc. (a) 442,098
647 Littelfuse, Inc. 166,078
---------------
2,789,342
---------------
ENERGY EQUIPMENT & SERVICES
-- 2.8%
4,088 Cactus, Inc., Class A 221,202
12,286 ChampionX Corp. 405,684
11,333 Expro Group Holdings N.V. (a) 214,080
18,347 Halliburton Co. 756,263
7,185 Helmerich & Payne, Inc. 348,041
12,834 Liberty Energy, Inc. 203,162
1,327 Nabors Industries Ltd. (a) 235,596
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
ENERGY EQUIPMENT & SERVICES
(CONTINUED)
22,237 NexTier Oilfield Solutions,
Inc. (a) $ 209,473
21,149 Patterson-UTI Energy, Inc. 355,303
23,113 RPC, Inc. 229,281
13,504 Schlumberger Ltd. 769,458
45,060 Transocean Ltd. (a) 303,704
5,267 Valaris Ltd. (a) 382,595
4,035 Weatherford International
PLC (a) 229,511
---------------
4,863,353
---------------
ENTERTAINMENT -- 0.9%
17,501 AMC Entertainment Holdings,
Inc., Class A (a) (c) 93,630
9,491 Cinemark Holdings, Inc. (a) 113,323
6,320 Endeavor Group Holdings, Inc.,
Class A (a) 141,758
4,141 Live Nation Entertainment,
Inc. (a) 333,309
3,655 Madison Square Garden
Entertainment Corp. (a) 191,120
660 Madison Square Garden Sports
Corp. 120,014
8,136 Warner Music Group Corp.,
Class A 296,557
2,399 World Wrestling Entertainment,
Inc., Class A 203,003
---------------
1,492,714
---------------
EQUITY REAL ESTATE INVESTMENT
TRUSTS -- 3.4%
183 Alexander's, Inc. 43,422
18,056 Apple Hospitality REIT, Inc. 320,133
9,426 Brixmor Property Group, Inc. 221,794
3,777 EPR Properties 160,447
215 Equinix, Inc. 158,698
3,502 Essential Properties Realty
Trust, Inc. 89,231
1,555 Four Corners Property Trust, Inc. 44,722
5,544 Gaming and Leisure Properties,
Inc. 296,937
3,573 Getty Realty Corp. 130,164
35,984 Host Hotels & Resorts, Inc. 678,298
398 Innovative Industrial Properties,
Inc. 35,732
3,472 InvenTrust Properties Corp. 86,349
8,461 Iron Mountain, Inc. 461,801
10,152 Kite Realty Group Trust 220,298
1,509 Lamar Advertising Co., Class A 160,769
1,135 LTC Properties, Inc. 43,300
1,557 National Retail Properties, Inc. 73,724
7,295 Outfront Media, Inc. 145,171
2,237 Phillips Edison & Co., Inc. 74,984
1,619 PotlatchDeltic Corp. 79,250
1,247 Prologis, Inc. 161,212
4,322 Rayonier, Inc. 157,278
2,216 Realty Income Corp. 150,311
1,140 Regency Centers Corp. 75,958
Page 72 See Notes to Financial Statements
FIRST TRUST MULTI CAP GROWTH ALPHADEX(R) FUND (FAD)
PORTFOLIO OF INVESTMENTS (CONTINUED)
JANUARY 31, 2023 (UNAUDITED)
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
COMMON STOCKS (CONTINUED)
EQUITY REAL ESTATE INVESTMENT
TRUSTS (CONTINUED)
2,683 Retail Opportunity Investments
Corp. $ 42,472
3,484 Ryman Hospitality Properties,
Inc. 323,629
991 Saul Centers, Inc. 42,425
2,458 Simon Property Group, Inc. 315,755
6,017 SITE Centers Corp. 82,132
1,784 Spirit Realty Capital, Inc. 78,282
2,205 STAG Industrial, Inc. 78,498
983 Sun Communities, Inc. 154,193
9,163 Tanger Factory Outlet Centers,
Inc. 175,105
1,253 Terreno Realty Corp. 80,731
4,339 VICI Properties, Inc. 148,307
4,535 Weyerhaeuser Co. 156,140
1,799 WP Carey, Inc. 153,869
---------------
5,901,521
---------------
FOOD & STAPLES RETAILING -- 0.5%
3,230 BJ's Wholesale Club Holdings,
Inc. (a) 234,078
6,174 Chefs' Warehouse (The), Inc. (a) 236,032
2,440 Grocery Outlet Holding Corp. (a) 74,152
3,777 Sysco Corp. 292,566
---------------
836,828
---------------
FOOD PRODUCTS -- 1.3%
3,774 Cal-Maine Foods, Inc. 215,948
3,414 Darling Ingredients, Inc. (a) 226,314
9,914 Flowers Foods, Inc. 274,519
1,821 Hershey (The) Co. 408,997
5,390 Hostess Brands, Inc. (a) 124,671
3,189 Lamb Weston Holdings, Inc. 318,549
3,181 Simply Good Foods (The)
Co. (a) 115,470
5,720 Sovos Brands, Inc. (a) 77,563
4,827 Tootsie Roll Industries, Inc. 215,912
10,364 Utz Brands, Inc. 172,664
---------------
2,150,607
---------------
GAS UTILITIES -- 0.6%
695 Chesapeake Utilities Corp. 87,626
4,501 National Fuel Gas Co. 261,328
7,178 New Jersey Resources Corp. 358,326
2,822 ONE Gas, Inc. 232,420
2,069 Spire, Inc. 149,423
---------------
1,089,123
---------------
HEALTH CARE EQUIPMENT & SUPPLIES
-- 3.6%
2,630 Abbott Laboratories 290,746
1,852 AtriCure, Inc. (a) 80,155
72 Atrion Corp. 49,486
1,934 Axonics, Inc. (a) 118,748
1,136 Becton, Dickinson and Co. 286,522
927 CONMED Corp. 88,769
5,100 Dexcom, Inc. (a) 546,159
923 Glaukos Corp. (a) 45,273
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
HEALTH CARE EQUIPMENT & SUPPLIES
(CONTINUED)
2,877 Globus Medical, Inc.,
Class A (a) $ 217,213
3,623 Haemonetics Corp. (a) 306,506
5,638 Hologic, Inc. (a) 458,764
708 IDEXX Laboratories, Inc. (a) 340,194
1,414 Inspire Medical Systems,
Inc. (a) 357,827
1,962 Insulet Corp. (a) 563,722
2,541 Integra LifeSciences Holdings
Corp. (a) 145,599
1,589 Intuitive Surgical, Inc. (a) 390,401
2,796 Lantheus Holdings, Inc. (a) 160,770
2,328 Merit Medical Systems, Inc. (a) 166,103
8,602 Paragon 28, Inc. (a) 144,944
961 Penumbra, Inc. (a) 240,644
3,957 PROCEPT BioRobotics
Corp. (a) 153,888
831 QuidelOrtho Corp. (a) 71,142
693 Shockwave Medical, Inc. (a) 130,235
3,110 Silk Road Medical, Inc. (a) 169,060
4,530 Zimmer Biomet Holdings, Inc. 576,850
---------------
6,099,720
---------------
HEALTH CARE PROVIDERS & SERVICES
-- 2.0%
3,461 Acadia Healthcare Co., Inc. (a) 290,793
8,552 AdaptHealth Corp. (a) 183,269
5,039 Agiliti, Inc. (a) 92,969
10,286 Alignment Healthcare, Inc. (a) 127,032
2,771 AMN Healthcare Services,
Inc. (a) 265,573
29,430 Cano Health, Inc. (a) 40,613
279 Chemed Corp. 140,934
566 CorVel Corp. (a) 100,839
1,156 HealthEquity, Inc. (a) 70,343
32,055 Hims & Hers Health, Inc. (a) 265,415
16,638 LifeStance Health Group,
Inc. (a) (c) 87,849
1,925 McKesson Corp. 728,959
9,935 Oak Street Health, Inc. (a) 288,711
7,102 Option Care Health, Inc. (a) 205,035
6,273 Privia Health Group, Inc. (a) 169,622
2,639 Progyny, Inc. (a) 90,755
5,114 Surgery Partners, Inc. (a) 169,785
1,014 US Physical Therapy, Inc. 100,538
---------------
3,419,034
---------------
HEALTH CARE TECHNOLOGY -- 0.2%
2,122 Doximity, Inc., Class A (a) 74,843
2,927 Evolent Health, Inc.,
Class A (a) 94,308
5,080 Phreesia, Inc. (a) 190,449
---------------
359,600
---------------
HOTELS, RESTAURANTS & LEISURE
-- 7.3%
358 Booking Holdings, Inc. (a) 871,408
15,243 Bowlero Corp. (a) 209,591
5,225 Boyd Gaming Corp. 325,570
6,439 Brinker International, Inc. (a) 254,083
See Notes to Financial Statements Page 73
FIRST TRUST MULTI CAP GROWTH ALPHADEX(R) FUND (FAD)
PORTFOLIO OF INVESTMENTS (CONTINUED)
JANUARY 31, 2023 (UNAUDITED)
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
COMMON STOCKS (CONTINUED)
HOTELS, RESTAURANTS & LEISURE
(CONTINUED)
6,849 Caesars Entertainment, Inc. (a) $ 356,559
208 Chipotle Mexican Grill, Inc. (a) 342,447
1,265 Choice Hotels International,
Inc. 155,456
1,011 Churchill Downs, Inc. 250,829
1,735 Cracker Barrel Old Country
Store, Inc. 193,591
5,219 Darden Restaurants, Inc. 772,256
5,798 Dave & Buster's Entertainment,
Inc. (a) 251,343
1,872 Dine Brands Global, Inc. 144,724
406 Domino's Pizza, Inc. 143,318
1,430 Dutch Bros, Inc., Class A (a) 54,497
5,728 Everi Holdings, Inc. (a) 99,495
3,234 Golden Entertainment, Inc. (a) 127,743
9,241 Hilton Grand Vacations, Inc. (a) 437,654
4,571 Hilton Worldwide Holdings, Inc. 663,206
2,409 Jack in the Box, Inc. 183,036
3,907 Krispy Kreme, Inc. 47,666
4,862 Light & Wonder, Inc. (a) 317,246
3,879 Marriott International, Inc.,
Class A 675,644
1,096 McDonald's Corp. 293,070
2,672 Monarch Casino & Resort,
Inc. (a) 204,729
23,278 Norwegian Cruise Line
Holdings Ltd. (a) 354,058
1,731 Papa John's International, Inc. 155,253
3,616 Planet Fitness, Inc.,
Class A (a) 306,094
4,109 Red Rock Resorts, Inc., Class A 184,946
7,205 Royal Caribbean Cruises Ltd. (a) 467,893
6,656 SeaWorld Entertainment, Inc. (a) 415,268
5,203 Six Flags Entertainment
Corp. (a) 139,701
5,822 Starbucks Corp. 635,413
13,572 Target Hospitality Corp. (a) 208,398
3,133 Texas Roadhouse, Inc. 314,647
5,871 Travel + Leisure Co. 248,754
897 Vail Resorts, Inc. 235,319
12,590 Wendy's (The) Co. 280,757
1,035 Wingstop, Inc. 164,017
1,998 Wyndham Hotels & Resorts, Inc. 154,865
4,319 Wynn Resorts Ltd. (a) 447,621
3,293 Yum! Brands, Inc. 429,770
---------------
12,517,935
---------------
HOUSEHOLD DURABLES -- 0.4%
4,149 Skyline Champion Corp. (a) 244,584
10,374 Tempur Sealy International, Inc. 422,740
---------------
667,324
---------------
HOUSEHOLD PRODUCTS -- 0.5%
1,744 Church & Dwight Co., Inc. 141,020
3,665 Colgate-Palmolive Co. 273,152
2,783 Procter & Gamble (The) Co. 396,244
---------------
810,416
---------------
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
INDEPENDENT POWER AND RENEWABLE
ELECTRICITY PRODUCERS -- 0.5%
2,235 Clearway Energy, Inc., Class C $ 75,521
10,966 Montauk Renewables, Inc. (a) 121,832
1,647 Ormat Technologies, Inc. 152,430
4,564 Sunnova Energy International,
Inc. (a) 88,907
15,351 Vistra Corp. 353,994
---------------
792,684
---------------
INSURANCE -- 2.1%
1,405 Aon PLC, Class A 447,745
2,237 Arthur J. Gallagher & Co. 437,826
2,468 Brown & Brown, Inc. 144,526
4,811 BRP Group, Inc., Class A (a) 137,835
356 Enstar Group Ltd. (a) 86,259
859 Erie Indemnity Co., Class A 209,897
817 Kinsale Capital Group, Inc. 227,485
2,549 Marsh & McLennan Cos., Inc. 445,846
893 Palomar Holdings, Inc. (a) 45,641
1,628 RLI Corp. 215,629
5,148 Ryan Specialty Holdings,
Inc. (a) 219,408
848 Trupanion, Inc. (a) 50,049
7,959 W.R. Berkley Corp. 558,244
201 White Mountains Insurance
Group Ltd. 307,120
---------------
3,533,510
---------------
INTERACTIVE MEDIA & SERVICES
-- 0.3%
5,867 Cargurus, Inc. (a) 103,553
5,867 Pinterest, Inc., Class A (a) 154,243
10,011 ZipRecruiter, Inc., Class A (a) 196,616
---------------
454,412
---------------
INTERNET & DIRECT MARKETING
RETAIL -- 0.3%
3,521 Etsy, Inc. (a) 484,419
1,251 Xometry, Inc., Class A (a) 43,810
---------------
528,229
---------------
IT SERVICES -- 3.5%
527 Accenture PLC, Class A 147,059
1,209 Automatic Data Processing, Inc. 273,004
16,537 AvidXchange Holdings, Inc. (a) 183,892
1,605 Concentrix Corp. 227,605
21,000 Cyxtera Technologies, Inc. (a) 67,620
1,245 EVERTEC, Inc. 45,990
1,682 ExlService Holdings, Inc. (a) 286,949
1,572 FleetCor Technologies, Inc. (a) 328,249
4,943 Flywire Corp. (a) 133,313
2,148 Gartner, Inc. (a) 726,325
2,856 GoDaddy, Inc., Class A (a) 234,563
801 Jack Henry & Associates, Inc. 144,252
1,213 Mastercard, Inc., Class A 449,538
2,058 Okta, Inc. (a) 151,490
1,217 Paychex, Inc. 141,002
1,020 Perficient, Inc. (a) 75,623
14,356 Remitly Global, Inc. (a) 173,133
Page 74 See Notes to Financial Statements
FIRST TRUST MULTI CAP GROWTH ALPHADEX(R) FUND (FAD)
PORTFOLIO OF INVESTMENTS (CONTINUED)
JANUARY 31, 2023 (UNAUDITED)
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
COMMON STOCKS (CONTINUED)
IT SERVICES (CONTINUED)
5,009 Repay Holdings Corp. (a) $ 48,788
33,248 Sabre Corp. (a) 226,419
3,674 Shift4 Payments, Inc.,
Class A (a) 235,283
3,707 Squarespace, Inc., Class A (a) 87,930
6,990 Thoughtworks Holding, Inc. (a) 75,492
11,852 Toast, Inc., Class A (a) 264,418
1,406 VeriSign, Inc. (a) 306,578
8,746 Verra Mobility Corp. (a) 134,951
2,030 Visa, Inc., Class A 467,326
1,741 WEX, Inc. (a) 322,033
---------------
5,958,825
---------------
LEISURE PRODUCTS -- 0.3%
3,355 Acushnet Holdings Corp. 157,517
3,993 Mattel, Inc. (a) 81,697
5,078 Peloton Interactive, Inc.,
Class A (a) 65,659
3,449 YETI Holdings, Inc. (a) 154,377
---------------
459,250
---------------
LIFE SCIENCES TOOLS & SERVICES
-- 1.9%
3,859 Agilent Technologies, Inc. 586,877
3,126 Bruker Corp. 219,195
3,949 Cytek Biosciences, Inc. (a) 47,585
530 Danaher Corp. 140,121
1,409 IQVIA Holdings, Inc. (a) 323,239
1,677 Medpace Holdings, Inc. (a) 370,734
292 Mettler-Toledo International,
Inc. (a) 447,613
162 OmniAb, Inc. - 12.5 Earnout
Shares (a) (d) (e) (f) (g) 0
162 OmniAb, Inc. - 15 Earnout
Shares (a) (d) (e) (f) (g) 0
1,003 PerkinElmer, Inc. 137,943
421 Repligen Corp. (a) 78,011
8,551 Sotera Health Co. (a) 147,419
524 Thermo Fisher Scientific, Inc. 298,853
1,231 Waters Corp. (a) 404,482
---------------
3,202,072
---------------
MACHINERY -- 3.7%
2,568 AGCO Corp. 354,718
2,836 Crane Holdings Co. 328,721
1,684 Deere & Co. 712,063
4,011 Energy Recovery, Inc. (a) 88,763
8,074 Enerpac Tool Group Corp. 214,284
1,890 EnPro Industries, Inc. 228,822
2,680 Franklin Electric Co., Inc. 242,004
2,118 Graco, Inc. 144,702
741 Helios Technologies, Inc. 48,906
2,529 IDEX Corp. 606,151
2,622 Illinois Tool Works, Inc. 618,897
11,054 Ingersoll Rand, Inc. 619,024
681 Kadant, Inc. 138,767
1,972 Lincoln Electric Holdings, Inc. 329,068
1,262 Lindsay Corp. 197,654
4,829 Mueller Industries, Inc. 316,541
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
MACHINERY (CONTINUED)
1,774 Nordson Corp. $ 431,614
7,375 Otis Worldwide Corp. 606,446
10,695 Proterra, Inc. (a) 54,545
---------------
6,281,690
---------------
MARINE -- 0.2%
4,428 Kirby Corp. (a) 313,414
---------------
MEDIA -- 0.3%
9,350 Integral Ad Science Holding
Corp. (a) 96,118
1,628 Nexstar Media Group, Inc. 333,366
---------------
429,484
---------------
METALS & MINING -- 1.8%
6,881 ATI, Inc. (a) 250,400
17,686 Cleveland-Cliffs, Inc. (a) 377,596
18,998 Freeport-McMoRan, Inc. 847,691
1,878 Materion Corp. 169,489
5,477 Nucor Corp. 925,723
1,896 Royal Gold, Inc. 240,849
5,932 Warrior Met Coal, Inc. 224,704
---------------
3,036,452
---------------
MORTGAGE REAL ESTATE INVESTMENT
TRUSTS -- 0.6%
27,529 AGNC Investment Corp. 319,336
15,277 Apollo Commercial Real Estate
Finance, Inc. 185,921
9,170 Arbor Realty Trust, Inc. 136,908
3,365 Blackstone Mortgage Trust, Inc.,
Class A 80,222
6,371 Franklin BSP Realty Trust, Inc. 92,380
16,688 MFA Financial, Inc. 198,420
2,557 Two Harbors Investment Corp. 45,873
---------------
1,059,060
---------------
MULTILINE RETAIL -- 0.2%
2,042 Dollar Tree, Inc. (a) 306,668
3,450 Franchise Group, Inc. 106,570
---------------
413,238
---------------
MULTI-UTILITIES -- 0.2%
2,293 Dominion Energy, Inc. 145,927
5,196 NiSource, Inc. 144,189
---------------
290,116
---------------
OIL, GAS & CONSUMABLE FUELS
-- 13.0%
19,805 Antero Midstream Corp. 215,874
11,493 Antero Resources Corp. (a) 331,458
15,466 APA Corp. 685,608
1,439 Arch Resources, Inc. 213,001
4,432 Callon Petroleum Co. (a) 188,582
4,814 Cheniere Energy, Inc. 735,531
3,774 Chesapeake Energy Corp. 327,281
4,022 Chevron Corp. 699,908
6,148 Civitas Resources, Inc. 409,149
12,202 CNX Resources Corp. (a) 204,139
25,978 Comstock Resources, Inc. 315,633
6,118 ConocoPhillips 745,601
3,161 CONSOL Energy, Inc. 182,801
See Notes to Financial Statements Page 75
FIRST TRUST MULTI CAP GROWTH ALPHADEX(R) FUND (FAD)
PORTFOLIO OF INVESTMENTS (CONTINUED)
JANUARY 31, 2023 (UNAUDITED)
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
COMMON STOCKS (CONTINUED)
OIL, GAS & CONSUMABLE FUELS
(CONTINUED)
23,506 Coterra Energy, Inc. $ 588,355
6,556 CVR Energy, Inc. 217,659
7,610 Delek US Holdings, Inc. 203,644
4,093 Denbury, Inc. (a) 355,191
11,737 Devon Energy Corp. 742,248
5,278 Diamondback Energy, Inc. 771,221
2,578 DT Midstream, Inc. 140,913
14,440 Earthstone Energy, Inc.,
Class A (a) 200,716
5,574 EOG Resources, Inc. 737,162
17,072 EQT Corp. 557,742
6,018 Equitrans Midstream Corp. 43,631
6,545 Exxon Mobil Corp. 759,285
2,232 Gulfport Energy Corp. (a) 152,111
5,090 Hess Corp. 764,314
5,550 International Seaways, Inc. 215,562
39,930 Kinder Morgan, Inc. 730,719
3,657 Kinetik Holdings, Inc. (c) 114,428
32,307 Kosmos Energy Ltd. (a) 255,548
15,188 Magnolia Oil & Gas Corp.,
Class A 358,589
26,669 Marathon Oil Corp. 732,597
6,222 Matador Resources Co. 411,648
8,281 Murphy Oil Corp. 361,134
6,667 Northern Oil and Gas, Inc. 223,478
11,461 Occidental Petroleum Corp. 742,558
10,988 ONEOK, Inc. 752,458
14,237 Ovintiv, Inc. 700,888
5,611 PDC Energy, Inc. 380,033
3,161 Pioneer Natural Resources Co. 728,136
14,235 Range Resources Corp. 356,160
8,181 SM Energy Co. 268,909
48,705 Southwestern Energy Co. (a) 268,852
10,883 Talos Energy, Inc. (a) 215,592
9,822 Targa Resources Corp. 736,846
24,000 Tellurian, Inc. (a) 47,760
308 Texas Pacific Land Corp. 614,722
5,691 Valero Energy Corp. 796,911
2,352 Vital Energy, Inc. (a) 132,371
17,555 Williams (The) Cos., Inc. 565,973
---------------
22,200,630
---------------
PAPER & FOREST PRODUCTS -- 0.2%
4,813 Louisiana-Pacific Corp. 327,717
---------------
PERSONAL PRODUCTS -- 0.5%
4,431 Beauty Health (The) Co. (a) 50,513
4,718 BellRing Brands, Inc. (a) 133,803
3,716 elf Beauty, Inc. (a) 213,856
567 Estee Lauder (The) Cos., Inc.,
Class A 157,104
1,703 Inter Parfums, Inc. 201,329
713 Medifast, Inc. 79,464
---------------
836,069
---------------
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
PHARMACEUTICALS -- 1.7%
2,933 Amphastar Pharmaceuticals,
Inc. (a) $ 88,753
4,013 Bristol-Myers Squibb Co. 291,545
1,985 Corcept Therapeutics, Inc. (a) 45,377
789 Eli Lilly & Co. 271,534
2,983 Harmony Biosciences Holdings,
Inc. (a) 143,691
4,038 Intra-Cellular Therapies,
Inc. (a) 193,501
1,788 Jazz Pharmaceuticals PLC (a) 280,108
1,635 Johnson & Johnson 267,192
1,230 Ligand Pharmaceuticals, Inc. (a) 85,731
6,507 Merck & Co., Inc. 698,917
11,271 Pfizer, Inc. 497,727
11,167 SIGA Technologies, Inc. 81,854
---------------
2,945,930
---------------
PROFESSIONAL SERVICES -- 1.0%
4,386 CBIZ, Inc. (a) 208,730
3,737 CoStar Group, Inc. (a) 291,112
723 Equifax, Inc. 160,651
1,438 Exponent, Inc. 147,453
449 FTI Consulting, Inc. (a) 71,625
6,930 HireRight Holdings Corp. (a) 79,279
2,830 Huron Consulting Group, Inc. (a) 192,553
6,745 KBR, Inc. 345,546
5,209 Legalzoom.com, Inc. (a) 44,172
1,242 NV5 Global, Inc. (a) 165,546
5,313 Sterling Check Corp. (a) 74,116
---------------
1,780,783
---------------
REAL ESTATE MANAGEMENT &
DEVELOPMENT -- 0.2%
10,917 eXp World Holdings, Inc. 170,196
2,563 Kennedy-Wilson Holdings, Inc. 45,826
3,130 St. Joe (The) Co. 147,423
---------------
363,445
---------------
ROAD & RAIL -- 2.5%
1,727 ArcBest Corp. 144,118
2,173 Avis Budget Group, Inc. (a) 434,687
18,643 CSX Corp. 576,441
13,885 Hertz Global Holdings, Inc. (a) 250,208
2,186 Landstar System, Inc. 377,806
6,464 Lyft, Inc., Class A (a) 105,040
2,344 Norfolk Southern Corp. 576,179
1,486 Old Dominion Freight Line, Inc. 495,195
1,019 Saia, Inc. (a) 277,963
23,354 Uber Technologies, Inc. (a) 722,339
1,395 Union Pacific Corp. 284,845
---------------
4,244,821
---------------
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT -- 5.1%
9,491 Allegro MicroSystems, Inc. (a) 362,272
999 Ambarella, Inc. (a) 89,750
3,521 Analog Devices, Inc. 603,746
4,331 Applied Materials, Inc. 482,863
2,589 Axcelis Technologies, Inc. (a) 284,661
1,033 Broadcom, Inc. 604,315
2,869 Cirrus Logic, Inc. (a) 259,329
Page 76 See Notes to Financial Statements
FIRST TRUST MULTI CAP GROWTH ALPHADEX(R) FUND (FAD)
PORTFOLIO OF INVESTMENTS (CONTINUED)
JANUARY 31, 2023 (UNAUDITED)
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
COMMON STOCKS (CONTINUED)
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT (CONTINUED)
2,180 Enphase Energy, Inc. (a) $ 482,608
1,506 Impinj, Inc. (a) 195,449
1,532 KLA Corp. 601,279
687 Lam Research Corp. 343,569
4,392 Lattice Semiconductor Corp. (a) 332,870
3,393 MACOM Technology Solutions
Holdings, Inc. (a) 227,399
2,421 MaxLinear, Inc. (a) 99,745
8,221 Microchip Technology, Inc. 638,114
398 Monolithic Power Systems, Inc. 169,771
962 NVIDIA Corp. 187,946
2,669 NXP Semiconductors N.V. 491,923
9,260 ON Semiconductor Corp. (a) 680,147
2,092 Onto Innovation, Inc. (a) 164,536
9,767 Photronics, Inc. (a) 176,978
993 Power Integrations, Inc. 85,487
1,279 QUALCOMM, Inc. 170,376
5,736 Rambus, Inc. (a) 232,136
1,050 Silicon Laboratories, Inc. (a) 164,756
701 SiTime Corp. (a) 80,776
1,748 Texas Instruments, Inc. 309,763
659 Universal Display Corp. 87,337
1,032 Wolfspeed, Inc. (a) 79,474
---------------
8,689,375
---------------
SOFTWARE -- 4.9%
21,674 Adeia, Inc. 237,330
418 Adobe, Inc. (a) 154,802
2,077 Agilysys, Inc. (a) 173,554
5,633 Alkami Technology, Inc. (a) 92,212
2,387 Alteryx, Inc., Class A (a) 132,455
1,148 Appfolio, Inc., Class A (a) 128,955
752 Autodesk, Inc. (a) 161,800
3,854 Bentley Systems, Inc., Class B 150,499
2,055 Blackbaud, Inc. (a) 127,841
1,059 Blackline, Inc. (a) 76,036
11,441 Box, Inc., Class A (a) 365,998
875 Cadence Design Systems,
Inc. (a) 159,976
16,375 CCC Intelligent Solutions
Holdings, Inc. (a) 151,469
5,993 Clear Secure, Inc., Class A 188,120
1,925 CommVault Systems, Inc. (a) 119,793
1,813 Confluent, Inc., Class A (a) 41,880
5,393 Digital Turbine, Inc. (a) 93,622
2,537 DocuSign, Inc. (a) 153,844
9,548 Dropbox, Inc., Class A (a) 221,800
1,860 Dynatrace, Inc. (a) 71,480
476 Fair Isaac Corp. (a) 316,992
2,876 Fortinet, Inc. (a) 150,530
5,587 Freshworks, Inc., Class A (a) 90,398
486 HubSpot, Inc. (a) 168,647
1,661 InterDigital, Inc. 116,187
361 Intuit, Inc. 152,584
1,893 Jamf Holding Corp. (a) 37,614
5,160 LiveRamp Holdings, Inc. (a) 138,082
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
SOFTWARE (CONTINUED)
5,760 Momentive Global, Inc. (a) $ 44,410
11,766 N-able, Inc. (a) 120,837
1,262 New Relic, Inc. (a) 77,045
6,310 Nutanix, Inc., Class A (a) 175,860
7,066 Oracle Corp. 625,058
4,554 PagerDuty, Inc. (a) 135,664
453 Paycom Software, Inc. (a) 146,745
367 Paylocity Holding Corp. (a) 76,442
8,903 PowerSchool Holdings, Inc.,
Class A (a) 200,495
1,510 Procore Technologies, Inc. (a) 84,484
3,258 Progress Software Corp. 172,804
3,514 PTC, Inc. (a) 473,968
3,884 Qualtrics International, Inc.,
Class A (a) 61,251
6,612 Samsara, Inc., Class A (a) 90,188
5,429 Smartsheet, Inc., Class A (a) 234,587
4,899 Splunk, Inc. (a) 469,177
4,935 Sprinklr, Inc., Class A (a) 49,054
714 Sprout Social, Inc., Class A (a) 45,675
1,109 SPS Commerce, Inc. (a) 150,913
904 Synopsys, Inc. (a) 319,790
1,867 Tenable Holdings, Inc. (a) 75,109
1,726 Workday, Inc., Class A (a) 313,148
979 Workiva, Inc. (a) 84,713
---------------
8,401,917
---------------
SPECIALTY RETAIL -- 3.3%
293 AutoZone, Inc. (a) 714,583
1,935 Boot Barn Holdings, Inc. (a) 161,553
1,405 Burlington Stores, Inc. (a) 322,911
2,961 Dick's Sporting Goods, Inc. 387,180
1,611 Five Below, Inc. (a) 317,577
2,046 Floor & Decor Holdings, Inc.,
Class A (a) 185,716
1,335 Home Depot (The), Inc. 432,767
3,302 Leslie's, Inc. (a) 51,148
2,117 Lowe's Cos., Inc. 440,865
1,274 Murphy USA, Inc. 346,566
855 O'Reilly Automotive, Inc. (a) 677,459
3,209 Tractor Supply Co. 731,620
1,539 Ulta Beauty, Inc. (a) 790,985
6,093 Warby Parker, Inc., Class A (a) 98,402
---------------
5,659,332
---------------
TECHNOLOGY HARDWARE, STORAGE
& PERIPHERALS -- 0.3%
4,549 Avid Technology, Inc. (a) 137,880
5,324 Pure Storage, Inc., Class A (a) 154,077
2,503 Super Micro Computer, Inc. (a) 181,042
---------------
472,999
---------------
TEXTILES, APPAREL & LUXURY GOODS
-- 0.6%
4,110 Kontoor Brands, Inc. 196,294
3,604 NIKE, Inc., Class B 458,897
1,764 Oxford Industries, Inc. 206,776
5,143 Steven Madden Ltd. 184,377
---------------
1,046,344
---------------
See Notes to Financial Statements Page 77
FIRST TRUST MULTI CAP GROWTH ALPHADEX(R) FUND (FAD)
PORTFOLIO OF INVESTMENTS (CONTINUED)
JANUARY 31, 2023 (UNAUDITED)
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
COMMON STOCKS (CONTINUED)
THRIFTS & MORTGAGE FINANCE
-- 0.0%
1,865 Columbia Financial, Inc. (a) $ 37,020
---------------
TOBACCO -- 0.6%
9,227 Altria Group, Inc. 415,584
4,167 Philip Morris International,
Inc. 434,368
13,860 Vector Group Ltd. 179,487
---------------
1,029,439
---------------
TRADING COMPANIES & DISTRIBUTORS
-- 1.7%
2,826 Applied Industrial Technologies,
Inc. 404,712
7,378 Core & Main, Inc., Class A (a) 162,833
32,512 Custom Truck One Source,
Inc. (a) 230,185
2,971 Fastenal Co. 150,184
4,126 GMS, Inc. (a) 244,754
2,707 Herc Holdings, Inc. 420,451
11,200 Univar Solutions, Inc. (a) 386,176
1,298 W.W. Grainger, Inc. 765,145
571 Watsco, Inc. 164,088
---------------
2,928,528
---------------
WATER UTILITIES -- 0.5%
1,307 American States Water Co. 123,080
922 American Water Works Co., Inc. 144,284
1,995 California Water Service Group 122,034
6,050 Essential Utilities, Inc. 282,717
2,025 SJW Group 156,755
---------------
828,870
---------------
WIRELESS TELECOMMUNICATION
SERVICES -- 0.1%
8,195 Gogo, Inc. (a) 137,430
---------------
TOTAL COMMON STOCKS
-- 100.0% 171,175,730
(Cost $148,506,898) ---------------
MONEY MARKET FUNDS -- 0.3%
337,911 Goldman Sachs Financial Square
Treasury Obligations Fund -
Institutional Class -
4.24% (h) (i) 337,911
98,296 Morgan Stanley Institutional
Liquidity Funds - Treasury
Portfolio - Institutional
Class - 4.12% (h) 98,296
---------------
TOTAL MONEY MARKET FUNDS
-- 0.3% 436,207
(Cost $436,207) ---------------
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
REPURCHASE AGREEMENTS -- 0.0%
$ 64,288 BNP Paribas S.A., 4.21% (h),
dated 01/31/23, due 02/01/23,
with a maturity value of
$64,296. Collateralized by
U.S. Treasury Note, interest
rate of 2.13%, due 05/15/25.
The value of the collateral
including accrued interest is
$65,634. (i) $ 64,288
(Cost $64,288) ---------------
TOTAL INVESTMENTS -- 100.3% 171,676,225
(Cost $149,007,393)
NET OTHER ASSETS AND
LIABILITIES -- (0.3)% (448,234)
---------------
NET ASSETS -- 100.0% $ 171,227,991
===============
(a) Non-income producing security.
(b) This security may be resold to qualified foreign investors and foreign
institutional buyers under Regulation S of the Securities Act of 1933, as
amended.
(c) All or a portion of this security is on loan (see Note 2D - Securities
Lending in the Notes to Financial Statements). The remaining contractual
maturity of all of the securities lending transactions is overnight and
continuous. The aggregate value of such securities is $399,084 and the
total value of the collateral held by the Fund is $402,199.
(d) This security is fair valued by the Advisor's Pricing Committee in
accordance with procedures approved by the Trust's Board of Trustees, and
in accordance with provisions of the Investment Company Act of 1940 and
rules thereunder, as amended. At January 31, 2023, securities noted as
such are valued at $0 or 0.0% of net assets.
(e) This security's value was determined using significant unobservable inputs
(see Note 2A - Portfolio Valuation in the Notes to Financial Statements).
(f) Pursuant to procedures adopted by the Trust's Board of Trustees, this
security has been determined to be illiquid by First Trust Advisors, L.P.,
the Fund's Advisor.
(g) Restricted security as to resale, excluding Rule 144A securities (see Note
2F - Restricted Securities in the Notes to Financial Statements).
(h) Rate shown reflects yield as of January 31, 2023.
(i) This security serves as collateral for securities on loan.
Page 78 See Notes to Financial Statements
FIRST TRUST MULTI CAP GROWTH ALPHADEX(R) FUND (FAD)
PORTFOLIO OF INVESTMENTS (CONTINUED)
JANUARY 31, 2023 (UNAUDITED)
---------------------------------
OFFSETTING ASSETS AND LIABILITIES
---------------------------------------------------------------
Offsetting assets and liabilities requires entities to disclose both gross and
net information about instruments and transactions eligible for offset, and to
disclose instruments and transactions subject to master netting or similar
agreements (see Note 2C - Offsetting on the Statements of Assets and Liabilities
in the Notes to Financial Statements).
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:
SECURITIES LENDING AGENCY AGREEMENT
---------------------------------------------------------------
Total gross amount presented on the
Statements of Assets and Liabilities(1) $ 399,084
Non-cash Collateral(2) (399,084)
---------------
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, 2023, 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:
REPURCHASE AGREEMENTS
---------------------------------------------------------------
Total gross amount presented on the
Statements of Assets and Liabilities(3) $ 64,288
Non-cash Collateral(4) (64,288)
---------------
Net Amount $ --
===============
(3) The amount is included in "Investments, at value" on the Statements of
Assets and Liabilities.
(4) At January 31, 2023, the value of the collateral received from each seller
exceeded the value of the repurchase agreements.
See Notes to Financial Statements Page 79
FIRST TRUST MULTI CAP GROWTH ALPHADEX(R) FUND (FAD)
PORTFOLIO OF INVESTMENTS (CONTINUED)
JANUARY 31, 2023 (UNAUDITED)
-----------------------------
VALUATION INPUTS
A summary of the inputs used to value the Fund's investments as of January 31,
2023 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial
Statements):
<TABLE>
<CAPTION>
LEVEL 2 LEVEL 3
TOTAL LEVEL 1 SIGNIFICANT SIGNIFICANT
VALUE AT QUOTED OBSERVABLE UNOBSERVABLE
1/31/2023 PRICES INPUTS INPUTS
-----------------------------------------------------------
<S> <C> <C> <C> <C>
Common Stocks:
Life Sciences Tools & Services............... $ 3,202,072 $ 3,202,072 $ -- $ --**
Other Industry Categories*................... 167,973,658 167,973,658 -- --
Money Market Funds.............................. 436,207 436,207 -- --
Repurchase Agreements........................... 64,288 -- 64,288 --
-----------------------------------------------------------
Total Investments............................... $ 171,676,225 $ 171,611,937 $ 64,288 $ --**
===========================================================
</TABLE>
* See Portfolio of Investments for industry breakout.
** Investment is valued at $0.
Level 3 investments are fair valued by the Advisor's Pricing Committee and are
footnoted in the Portfolio of Investments.
Level 3 investments values are based on unobservable and non-quantitative
inputs.
Page 80 See Notes to Financial Statements
FIRST TRUST MID CAP VALUE ALPHADEX(R) FUND (FNK)
PORTFOLIO OF INVESTMENTS
JANUARY 31, 2023 (UNAUDITED)
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
COMMON STOCKS -- 99.9%
AEROSPACE & DEFENSE -- 0.4%
5,828 BWX Technologies, Inc. $ 354,692
2,935 Huntington Ingalls Industries,
Inc. 647,285
---------------
1,001,977
---------------
AIR FREIGHT & LOGISTICS -- 0.3%
15,860 GXO Logistics, Inc. (a) 829,954
---------------
AIRLINES -- 0.2%
7,883 Alaska Air Group, Inc. (a) 404,713
---------------
AUTO COMPONENTS -- 2.8%
33,640 BorgWarner, Inc. 1,590,499
24,826 Gentex Corp. 732,615
166,754 Goodyear Tire & Rubber (The)
Co. (a) 1,875,982
18,308 LCI Industries 2,054,524
5,461 Lear Corp. 796,105
---------------
7,049,725
---------------
AUTOMOBILES -- 0.8%
22,417 Thor Industries, Inc. 2,137,013
---------------
BANKS -- 6.2%
25,350 Bank OZK 1,157,734
3,262 BOK Financial Corp. 327,831
27,454 Cadence Bank 702,273
10,129 Comerica, Inc. 742,557
10,274 East West Bancorp, Inc. 806,714
19,624 Eastern Bankshares, Inc. 317,320
51,878 F.N.B. Corp. 740,299
1,340 First Citizens BancShares, Inc.,
Class A 1,042,091
20,986 Hancock Whitney Corp. 1,080,359
14,853 Home BancShares, Inc. 354,541
18,828 Old National Bancorp 329,490
13,835 Pinnacle Financial Partners,
Inc. 1,089,230
20,418 Popular, Inc. 1,401,492
9,315 Prosperity Bancshares, Inc. 706,636
27,045 Synovus Financial Corp. 1,134,538
8,105 UMB Financial Corp. 730,990
8,361 United Bankshares, Inc. 336,112
10,014 United Community Banks, Inc. 325,856
89,791 Valley National Bancorp 1,066,717
7,150 Webster Financial Corp. 376,448
8,011 Wintrust Financial Corp. 732,766
6,886 Zions Bancorp N.A. 366,060
---------------
15,868,054
---------------
BEVERAGES -- 0.4%
19,711 Molson Coors Beverage Co.,
Class B 1,036,404
---------------
BIOTECHNOLOGY -- 0.8%
66,873 Vir Biotechnology, Inc. (a) 1,976,097
---------------
BUILDING PRODUCTS -- 2.1%
23,710 Fortune Brands Innovations,
Inc. 1,529,532
1,414 Lennox International, Inc. 368,517
19,842 Owens Corning 1,917,729
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
BUILDING PRODUCTS (CONTINUED)
17,085 UFP Industries, Inc. $ 1,598,302
---------------
5,414,080
---------------
CAPITAL MARKETS -- 3.4%
6,409 Affiliated Managers Group, Inc. 1,107,091
12,413 Evercore, Inc., Class A 1,611,331
94,082 Invesco Ltd. 1,741,458
41,345 Jefferies Financial Group, Inc. 1,624,032
19,527 Lazard Ltd., Class A 782,642
11,614 SEI Investments Co. 725,062
17,398 Stifel Financial Corp. 1,172,799
---------------
8,764,415
---------------
CHEMICALS -- 3.2%
30,081 Avient Corp. 1,218,882
44,221 Chemours (The) Co. 1,609,202
37,219 Element Solutions, Inc. 762,245
9,453 H.B. Fuller Co. 653,202
61,592 Huntsman Corp. 1,951,851
31,972 Olin Corp. 2,065,072
---------------
8,260,454
---------------
COMMUNICATIONS EQUIPMENT
-- 0.4%
2,358 F5, Inc. (a) 348,182
10,592 Juniper Networks, Inc. 342,122
6,488 Lumentum Holdings, Inc. (a) 390,448
---------------
1,080,752
---------------
CONSTRUCTION & ENGINEERING
-- 0.5%
2,942 Comfort Systems USA, Inc. 356,099
2,287 EMCOR Group, Inc. 339,048
22,311 MDU Resources Group, Inc. 689,633
---------------
1,384,780
---------------
CONSUMER FINANCE -- 2.4%
55,379 Ally Financial, Inc. 1,799,264
11,684 FirstCash Holdings, Inc. 1,077,031
50,812 OneMain Holdings, Inc. 2,192,029
61,177 SLM Corp. 1,074,880
---------------
6,143,204
---------------
CONTAINERS & PACKAGING -- 2.5%
22,406 Berry Global Group, Inc. 1,383,122
20,191 Greif, Inc., Class A 1,442,243
13,059 Silgan Holdings, Inc. 703,750
16,728 Sonoco Products Co. 1,022,248
48,139 Westrock Co. 1,888,974
---------------
6,440,337
---------------
DIVERSIFIED CONSUMER SERVICES
-- 0.1%
37,322 ADT, Inc. 328,060
---------------
DIVERSIFIED FINANCIAL SERVICES
-- 0.5%
11,794 Equitable Holdings, Inc. 378,234
11,011 Voya Financial, Inc. 768,237
---------------
1,146,471
---------------
See Notes to Financial Statements Page 81
FIRST TRUST MID CAP VALUE ALPHADEX(R) FUND (FNK)
PORTFOLIO OF INVESTMENTS (CONTINUED)
JANUARY 31, 2023 (UNAUDITED)
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
COMMON STOCKS (CONTINUED)
DIVERSIFIED TELECOMMUNICATION
SERVICES -- 1.3%
53,141 Frontier Communications Parent,
Inc. (a) $ 1,573,505
324,244 Lumen Technologies, Inc. 1,702,281
---------------
3,275,786
---------------
ELECTRIC UTILITIES -- 2.3%
15,744 ALLETE, Inc. 973,924
8,088 Hawaiian Electric Industries,
Inc. 341,880
3,139 IDACORP, Inc. 332,138
53,192 NRG Energy, Inc. 1,820,230
17,807 Pinnacle West Capital Corp. 1,327,512
20,721 Portland General Electric Co. 985,905
---------------
5,781,589
---------------
ELECTRICAL EQUIPMENT -- 1.3%
6,132 Acuity Brands, Inc. 1,156,005
1,443 Hubbell, Inc. 330,317
8,464 Regal Rexnord Corp. 1,178,189
28,186 Sunrun, Inc. (a) 740,728
---------------
3,405,239
---------------
ELECTRONIC EQUIPMENT, INSTRUMENTS
& COMPONENTS -- 3.3%
16,187 Arrow Electronics, Inc. (a) 1,901,811
40,706 Avnet, Inc. 1,867,591
28,933 Coherent Corp. (a) 1,255,692
10,727 IPG Photonics Corp. (a) 1,202,497
10,722 TD SYNNEX Corp. 1,095,252
52,536 Vontier Corp. 1,209,904
---------------
8,532,747
---------------
EQUITY REAL ESTATE INVESTMENT
TRUSTS -- 4.9%
49,331 Apartment Income REIT Corp. 1,887,404
62,649 Broadstone Net Lease, Inc. 1,134,573
13,385 Cousins Properties, Inc. 367,017
64,766 Douglas Emmett, Inc. 1,084,830
24,196 Highwoods Properties, Inc. 734,833
8,755 Kilroy Realty Corp. 359,305
151,935 Medical Properties Trust, Inc. 1,967,558
36,334 Omega Healthcare Investors, Inc. 1,069,673
86,134 Park Hotels & Resorts, Inc. 1,267,031
70,182 Physicians Realty Trust 1,113,087
27,234 Sabra Health Care REIT, Inc. 367,659
48,800 Vornado Realty Trust 1,190,232
---------------
12,543,202
---------------
FOOD & STAPLES RETAILING -- 0.4%
3,017 Casey's General Stores, Inc. 711,740
9,951 US Foods Holding Corp. (a) 379,432
---------------
1,091,172
---------------
FOOD PRODUCTS -- 1.7%
10,370 Ingredion, Inc. 1,066,036
15,001 Post Holdings, Inc. (a) 1,424,345
448 Seaboard Corp. 1,756,384
---------------
4,246,765
---------------
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
GAS UTILITIES -- 1.1%
16,412 Southwest Gas Holdings, Inc. $ 1,098,455
45,659 UGI Corp. 1,818,598
---------------
2,917,053
---------------
HEALTH CARE EQUIPMENT & SUPPLIES
-- 0.1%
1,357 Teleflex, Inc. 330,321
---------------
HEALTH CARE PROVIDERS & SERVICES
-- 2.0%
4,052 Amedisys, Inc. (a) 391,666
9,068 DaVita, Inc. (a) 747,113
8,477 Henry Schein, Inc. (a) 730,294
19,355 Premier, Inc., Class A 645,683
13,634 Select Medical Holdings Corp. 396,340
13,876 Tenet Healthcare Corp. (a) 761,099
9,611 Universal Health Services, Inc.,
Class B 1,424,446
---------------
5,096,641
---------------
HOTELS, RESTAURANTS & LEISURE
-- 0.9%
5,029 Marriott Vacations Worldwide
Corp. 804,841
45,591 Penn Entertainment, Inc. (a) 1,616,201
---------------
2,421,042
---------------
HOUSEHOLD DURABLES -- 5.1%
31,509 Leggett & Platt, Inc. 1,151,969
13,246 Mohawk Industries, Inc. (a) 1,590,315
103,519 Newell Brands, Inc. 1,652,163
37,175 PulteGroup, Inc. 2,114,886
55,768 Taylor Morrison Home Corp. (a) 1,996,494
33,906 Toll Brothers, Inc. 2,017,068
8,653 TopBuild Corp. (a) 1,731,119
4,786 Whirlpool Corp. 744,654
---------------
12,998,668
---------------
INSURANCE -- 3.9%
29,681 American Equity Investment
Life Holding Co. 1,414,300
2,465 American Financial Group, Inc. 351,484
2,708 Assurant, Inc. 359,054
16,311 Assured Guaranty Ltd. 1,021,068
12,498 Axis Capital Holdings Ltd. 782,000
35,992 Fidelity National Financial,
Inc. 1,584,728
25,870 First American Financial Corp. 1,600,577
56,068 Old Republic International Corp. 1,479,634
33,001 Unum Group 1,387,032
---------------
9,979,877
---------------
INTERACTIVE MEDIA & SERVICES
-- 0.6%
17,117 Ziff Davis, Inc. (a) 1,531,629
---------------
IT SERVICES -- 1.4%
63,869 DXC Technology Co. (a) 1,834,956
4,617 Maximus, Inc. 345,582
7,670 TTEC Holdings, Inc. 389,943
73,750 Western Union (The) Co. 1,045,038
---------------
3,615,519
---------------
Page 82 See Notes to Financial Statements
FIRST TRUST MID CAP VALUE ALPHADEX(R) FUND (FNK)
PORTFOLIO OF INVESTMENTS (CONTINUED)
JANUARY 31, 2023 (UNAUDITED)
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
COMMON STOCKS (CONTINUED)
LEISURE PRODUCTS -- 1.8%
18,785 Brunswick Corp. $ 1,584,139
11,098 Hasbro, Inc. 656,669
6,703 Polaris, Inc. 769,773
68,560 Topgolf Callaway Brands
Corp. (a) 1,679,034
---------------
4,689,615
---------------
LIFE SCIENCES TOOLS & SERVICES
-- 0.5%
36,915 Syneos Health, Inc. (a) 1,325,987
---------------
MACHINERY -- 2.2%
24,411 Allison Transmission Holdings,
Inc. 1,100,448
5,750 Donaldson Co., Inc. 358,512
4,173 ITT, Inc. 382,205
3,706 John Bean Technologies Corp. 414,071
2,528 Middleby (The) Corp. (a) 392,978
4,445 Snap-on, Inc. 1,105,605
14,371 Timken (The) Co. 1,183,452
2,990 Toro (The) Co. 333,445
2,315 Watts Water Technologies, Inc.,
Class A 378,549
---------------
5,649,265
---------------
MARINE -- 0.7%
27,076 Matson, Inc. 1,790,265
---------------
MEDIA -- 1.0%
120,552 DISH Network Corp.,
Class A (a) 1,734,743
10,163 Interpublic Group of (The)
Cos., Inc. 370,543
18,599 News Corp., Class A 376,816
---------------
2,482,102
---------------
METALS & MINING -- 2.2%
35,041 Commercial Metals Co. 1,901,675
8,361 Reliance Steel & Aluminum Co. 1,901,710
67,566 United States Steel Corp. 1,924,955
---------------
5,728,340
---------------
MORTGAGE REAL ESTATE INVESTMENT
TRUSTS -- 2.1%
80,291 Annaly Capital Management,
Inc. 1,884,430
207,167 Rithm Capital Corp. 1,949,441
73,871 Starwood Property Trust, Inc. 1,543,165
---------------
5,377,036
---------------
MULTILINE RETAIL -- 2.2%
67,031 Kohl's Corp. 2,169,794
81,964 Macy's, Inc. 1,936,809
62,919 Nordstrom, Inc. 1,229,437
7,227 Ollie's Bargain Outlet Holdings,
Inc. (a) 395,751
---------------
5,731,791
---------------
MULTI-UTILITIES -- 0.4%
14,437 Black Hills Corp. 1,044,950
---------------
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
OIL, GAS & CONSUMABLE FUELS
-- 2.7%
38,901 California Resources Corp. $ 1,662,240
12,372 Chord Energy Corp. 1,773,279
32,619 HF Sinclair Corp. 1,856,021
41,504 PBF Energy, Inc., Class A 1,742,753
---------------
7,034,293
---------------
PHARMACEUTICALS -- 1.2%
55,404 Elanco Animal Health, Inc. (a) 760,697
24,241 Organon & Co. 730,381
121,656 Viatris, Inc. 1,479,337
---------------
2,970,415
---------------
PROFESSIONAL SERVICES -- 2.6%
80,984 Alight, Inc., Class A (a) 760,440
12,464 ASGN, Inc. (a) 1,133,601
2,252 CACI International, Inc.,
Class A (a) 693,819
26,749 Korn Ferry 1,444,178
12,204 ManpowerGroup, Inc. 1,063,701
9,172 Robert Half International, Inc. 770,081
9,985 TriNet Group, Inc. (a) 753,368
---------------
6,619,188
---------------
REAL ESTATE MANAGEMENT &
DEVELOPMENT -- 1.2%
17,718 Howard Hughes (The) Corp. (a) 1,514,712
8,496 Jones Lang LaSalle, Inc. (a) 1,570,655
---------------
3,085,367
---------------
ROAD & RAIL -- 2.9%
32,295 Knight-Swift Transportation
Holdings, Inc. 1,908,634
20,253 Ryder System, Inc. 1,912,086
22,496 U-Haul Holding Co. 1,507,907
50,842 XPO, Inc. (a) 2,026,562
---------------
7,355,189
---------------
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT -- 3.1%
70,582 Amkor Technology, Inc. 2,065,230
17,784 Diodes, Inc. (a) 1,586,155
15,981 MKS Instruments, Inc. 1,635,176
11,205 Qorvo, Inc. (a) 1,217,535
10,673 Synaptics, Inc. (a) 1,334,445
---------------
7,838,541
---------------
SOFTWARE -- 0.3%
28,921 NCR Corp. (a) 793,014
---------------
SPECIALTY RETAIL -- 5.3%
25,772 Academy Sports & Outdoors,
Inc. 1,505,600
2,303 Advance Auto Parts, Inc. 350,701
9,442 Asbury Automotive Group,
Inc. (a) 2,077,240
12,619 AutoNation, Inc. (a) 1,599,080
24,099 Bath & Body Works, Inc. 1,108,795
60,019 Gap (The), Inc. 814,458
8,267 Lithia Motors, Inc. 2,175,874
11,781 Penske Automotive Group, Inc. 1,505,847
See Notes to Financial Statements Page 83
FIRST TRUST MID CAP VALUE ALPHADEX(R) FUND (FNK)
PORTFOLIO OF INVESTMENTS (CONTINUED)
JANUARY 31, 2023 (UNAUDITED)
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
COMMON STOCKS (CONTINUED)
SPECIALTY RETAIL (CONTINUED)
2,534 RH (a) $ 790,583
11,782 Williams-Sonoma, Inc. 1,589,863
---------------
13,518,041
---------------
TECHNOLOGY HARDWARE, STORAGE
& PERIPHERALS -- 0.1%
8,416 Dell Technologies, Inc., Class C 341,858
---------------
TEXTILES, APPAREL & LUXURY GOODS
-- 3.5%
7,731 Columbia Sportswear Co. 741,403
6,244 Crocs, Inc. (a) 760,332
848 Deckers Outdoor Corp. (a) 362,503
159,675 Hanesbrands, Inc. 1,347,657
19,182 PVH Corp. 1,724,462
6,406 Ralph Lauren Corp. 793,383
32,280 Skechers U.S.A., Inc.,
Class A (a) 1,554,282
17,780 Tapestry, Inc. 810,234
66,635 Under Armour, Inc., Class A (a) 825,608
---------------
8,919,864
---------------
THRIFTS & MORTGAGE FINANCE
-- 3.3%
43,534 Essent Group Ltd. 1,916,802
130,197 MGIC Investment Corp. 1,838,382
118,086 New York Community Bancorp,
Inc. 1,179,679
88,754 Radian Group, Inc. 1,961,463
17,254 Walker & Dunlop, Inc. 1,645,687
---------------
8,542,013
---------------
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
TRADING COMPANIES & DISTRIBUTORS
-- 3.3%
35,242 Air Lease Corp. $ 1,584,833
25,650 Beacon Roofing Supply, Inc. (a) 1,458,972
6,366 GATX Corp. 728,589
12,430 MSC Industrial Direct Co., Inc.,
Class A 1,027,961
2,885 SiteOne Landscape Supply,
Inc. (a) 437,106
24,608 Triton International Ltd. 1,738,309
10,815 WESCO International, Inc. (a) 1,611,543
---------------
8,587,313
---------------
TOTAL INVESTMENTS -- 99.9% 256,458,187
(Cost $240,689,747)
NET OTHER ASSETS AND
LIABILITIES -- 0.1% 383,625
---------------
NET ASSETS -- 100.0% $ 256,841,812
===============
(a) Non-income producing security.
-----------------------------
VALUATION INPUTS
A summary of the inputs used to value the Fund's investments as of January 31,
2023 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial
Statements):
<TABLE>
<CAPTION>
LEVEL 2 LEVEL 3
TOTAL LEVEL 1 SIGNIFICANT SIGNIFICANT
VALUE AT QUOTED OBSERVABLE UNOBSERVABLE
1/31/2023 PRICES INPUTS INPUTS
-----------------------------------------------------------
<S> <C> <C> <C> <C>
Common Stocks*.................................. $ 256,458,187 $ 256,458,187 $ -- $ --
===========================================================
</TABLE>
* See Portfolio of Investments for industry breakout.
Page 84 See Notes to Financial Statements
FIRST TRUST MID CAP GROWTH ALPHADEX(R) FUND (FNY)
PORTFOLIO OF INVESTMENTS
JANUARY 31, 2023 (UNAUDITED)
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
COMMON STOCKS -- 100.0%
AEROSPACE & DEFENSE -- 0.6%
8,707 Axon Enterprise, Inc. (a) $ 1,701,696
---------------
AIRLINES -- 1.6%
113,588 American Airlines Group,
Inc. (a) 1,833,310
47,906 United Airlines Holdings,
Inc. (a) 2,345,478
---------------
4,178,788
---------------
AUTO COMPONENTS -- 1.3%
11,878 Fox Factory Holding Corp. (a) 1,402,673
13,805 Visteon Corp. (a) 2,158,274
---------------
3,560,947
---------------
AUTOMOBILES -- 0.8%
43,414 Harley-Davidson, Inc. 1,998,346
---------------
BANKS -- 1.1%
4,096 BancFirst Corp. 352,789
10,613 Commerce Bancshares, Inc. 706,401
8,105 Cullen/Frost Bankers, Inc. 1,055,919
14,027 CVB Financial Corp. 339,734
4,730 SouthState Corp. 376,508
---------------
2,831,351
---------------
BEVERAGES -- 1.3%
17,360 Celsius Holdings, Inc. (a) 1,741,555
2,115 Coca-Cola Consolidated, Inc. 1,071,840
15,525 National Beverage Corp. (a) 686,205
---------------
3,499,600
---------------
BIOTECHNOLOGY -- 4.0%
27,647 Alkermes PLC (a) 791,810
26,716 Arrowhead Pharmaceuticals,
Inc. (a) 934,793
23,650 Cytokinetics, Inc. (a) 1,004,652
21,887 Exact Sciences Corp. (a) 1,477,810
45,039 Exelixis, Inc. (a) 793,587
31,741 Halozyme Therapeutics, Inc. (a) 1,643,232
19,127 Ionis Pharmaceuticals, Inc. (a) 762,593
8,992 Natera, Inc. (a) 386,027
11,150 Sarepta Therapeutics, Inc. (a) 1,393,416
5,196 United Therapeutics Corp. (a) 1,367,431
---------------
10,555,351
---------------
BUILDING PRODUCTS -- 2.3%
18,932 A.O. Smith Corp. 1,281,696
4,407 Advanced Drainage Systems,
Inc. 444,402
6,863 Allegion PLC 806,746
27,837 Builders FirstSource, Inc. (a) 2,218,609
12,222 Simpson Manufacturing Co., Inc. 1,309,098
---------------
6,060,551
---------------
CAPITAL MARKETS -- 1.4%
10,555 Ares Management Corp.,
Class A 875,959
5,595 Cohen & Steers, Inc. 411,065
12,433 Houlihan Lokey, Inc. 1,231,737
9,985 Interactive Brokers Group, Inc.,
Class A 798,201
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
CAPITAL MARKETS (CONTINUED)
1,295 MarketAxess Holdings, Inc. $ 471,186
---------------
3,788,148
---------------
CHEMICALS -- 3.2%
10,078 Ashland, Inc. 1,101,223
56,727 Axalta Coating Systems Ltd. (a) 1,707,483
2,958 Balchem Corp. 386,403
21,616 Cabot Corp. 1,628,333
18,179 Livent Corp. (a) 471,200
14,826 RPM International, Inc. 1,333,006
4,954 Sensient Technologies Corp. 374,968
44,252 Valvoline, Inc. 1,622,278
---------------
8,624,894
---------------
COMMERCIAL SERVICES & SUPPLIES
-- 1.9%
13,663 Casella Waste Systems, Inc.,
Class A (a) 1,094,679
15,826 Clean Harbors, Inc. (a) 2,062,128
26,452 Driven Brands Holdings, Inc. (a) 772,134
7,464 Tetra Tech, Inc. 1,160,801
---------------
5,089,742
---------------
COMMUNICATIONS EQUIPMENT
-- 0.3%
15,836 Calix, Inc. (a) 833,607
---------------
CONSTRUCTION & ENGINEERING
-- 1.3%
5,462 Valmont Industries, Inc. 1,800,985
31,987 WillScot Mobile Mini Holdings
Corp. (a) 1,550,090
---------------
3,351,075
---------------
CONSTRUCTION MATERIALS -- 0.7%
13,594 Eagle Materials, Inc. 1,985,812
---------------
CONSUMER FINANCE -- 0.3%
762 Credit Acceptance Corp. (a) (b) 352,532
78,354 SoFi Technologies, Inc. (a) (b) 542,993
---------------
895,525
---------------
CONTAINERS & PACKAGING -- 1.0%
81,170 Graphic Packaging Holding Co. 1,955,385
14,483 Sealed Air Corp. 793,089
---------------
2,748,474
---------------
DIVERSIFIED CONSUMER SERVICES
-- 0.9%
19,786 H&R Block, Inc. 771,258
39,134 Mister Car Wash, Inc. (a) 401,906
15,673 Service Corp. International 1,162,153
---------------
2,335,317
---------------
DIVERSIFIED TELECOMMUNICATION
SERVICES -- 0.6%
28,109 Iridium Communications, Inc. (a) 1,682,043
---------------
ELECTRIC UTILITIES -- 0.3%
18,266 OGE Energy Corp. 718,219
---------------
ELECTRICAL EQUIPMENT -- 0.8%
15,924 Atkore, Inc. (a) 2,074,101
---------------
See Notes to Financial Statements Page 85
FIRST TRUST MID CAP GROWTH ALPHADEX(R) FUND (FNY)
PORTFOLIO OF INVESTMENTS (CONTINUED)
JANUARY 31, 2023 (UNAUDITED)
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
COMMON STOCKS (CONTINUED)
ELECTRONIC EQUIPMENT, INSTRUMENTS
& COMPONENTS -- 1.3%
7,667 Cognex Corp. $ 419,691
26,481 Jabil, Inc. 2,082,201
3,281 Littelfuse, Inc. 842,200
---------------
3,344,092
---------------
ENERGY EQUIPMENT & SERVICES
-- 2.8%
62,299 ChampionX Corp. 2,057,113
36,434 Helmerich & Payne, Inc. 1,764,863
107,247 Patterson-UTI Energy, Inc. 1,801,749
26,709 Valaris Ltd. (a) 1,940,142
---------------
7,563,867
---------------
ENTERTAINMENT -- 1.0%
87,729 AMC Entertainment Holdings,
Inc., Class A (a) (b) 469,350
32,050 Endeavor Group Holdings, Inc.,
Class A (a) 718,881
41,257 Warner Music Group Corp.,
Class A 1,503,818
---------------
2,692,049
---------------
EQUITY REAL ESTATE INVESTMENT
TRUSTS -- 4.0%
91,561 Apple Hospitality REIT, Inc. 1,623,377
47,800 Brixmor Property Group, Inc. 1,124,734
19,152 EPR Properties 813,577
51,479 Kite Realty Group Trust 1,117,094
7,653 Lamar Advertising Co., Class A 815,351
7,894 National Retail Properties, Inc. 373,781
11,344 Phillips Edison & Co., Inc. 380,251
8,211 PotlatchDeltic Corp. 401,928
21,918 Rayonier, Inc. 797,596
5,779 Regency Centers Corp. 385,055
17,667 Ryman Hospitality Properties,
Inc. 1,641,088
9,046 Spirit Realty Capital, Inc. 396,938
11,179 STAG Industrial, Inc. 397,972
6,351 Terreno Realty Corp. 409,195
---------------
10,677,937
---------------
FOOD & STAPLES RETAILING -- 0.6%
16,379 BJ's Wholesale Club Holdings,
Inc. (a) 1,186,986
12,374 Grocery Outlet Holding Corp. (a) 376,046
---------------
1,563,032
---------------
FOOD PRODUCTS -- 1.6%
17,313 Darling Ingredients, Inc. (a) 1,147,679
50,273 Flowers Foods, Inc. 1,392,059
16,169 Lamb Weston Holdings, Inc. 1,615,122
---------------
4,154,860
---------------
GAS UTILITIES -- 1.9%
22,825 National Fuel Gas Co. 1,325,220
36,397 New Jersey Resources Corp. 1,816,938
14,310 ONE Gas, Inc. 1,178,572
10,492 Spire, Inc. 757,732
---------------
5,078,462
---------------
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
HEALTH CARE EQUIPMENT & SUPPLIES
-- 3.1%
14,591 Globus Medical, Inc.,
Class A (a) $ 1,101,621
18,370 Haemonetics Corp. (a) 1,554,102
7,170 Inspire Medical Systems,
Inc. (a) 1,814,440
12,884 Integra LifeSciences Holdings
Corp. (a) 738,253
14,176 Lantheus Holdings, Inc. (a) 815,120
4,871 Penumbra, Inc. (a) 1,219,747
4,216 QuidelOrtho Corp. (a) 360,932
3,513 Shockwave Medical, Inc. (a) 660,198
---------------
8,264,413
---------------
HEALTH CARE PROVIDERS & SERVICES
-- 3.1%
17,552 Acadia Healthcare Co., Inc. (a) 1,474,719
14,053 AMN Healthcare Services,
Inc. (a) 1,346,840
1,415 Chemed Corp. 714,773
5,860 HealthEquity, Inc. (a) 356,581
50,378 Oak Street Health, Inc. (a) 1,463,985
36,013 Option Care Health, Inc. (a) 1,039,695
31,811 Privia Health Group, Inc. (a) 860,169
25,930 Surgery Partners, Inc. (a) 860,876
---------------
8,117,638
---------------
HEALTH CARE TECHNOLOGY -- 0.1%
10,763 Doximity, Inc., Class A (a) 379,611
---------------
HOTELS, RESTAURANTS & LEISURE
-- 10.3%
26,497 Boyd Gaming Corp. 1,651,028
34,731 Caesars Entertainment, Inc. (a) 1,808,096
6,414 Choice Hotels International,
Inc. 788,216
5,125 Churchill Downs, Inc. 1,271,513
46,862 Hilton Grand Vacations, Inc. (a) 2,219,384
24,655 Light & Wonder, Inc. (a) 1,608,739
118,042 Norwegian Cruise Line Holdings
Ltd. (a) 1,795,419
8,777 Papa John's International, Inc. 787,209
18,336 Planet Fitness, Inc.,
Class A (a) 1,552,142
36,537 Royal Caribbean Cruises Ltd. (a) 2,372,713
33,751 SeaWorld Entertainment, Inc. (a) 2,105,725
15,886 Texas Roadhouse, Inc. 1,595,431
29,770 Travel + Leisure Co. 1,261,355
4,546 Vail Resorts, Inc. 1,192,598
63,846 Wendy's (The) Co. 1,423,766
5,249 Wingstop, Inc. 831,809
10,130 Wyndham Hotels & Resorts, Inc. 785,176
21,900 Wynn Resorts Ltd. (a) 2,269,716
---------------
27,320,035
---------------
HOUSEHOLD DURABLES -- 1.3%
21,037 Skyline Champion Corp. (a) 1,240,131
52,609 Tempur Sealy International, Inc. 2,143,817
---------------
3,383,948
---------------
INDEPENDENT POWER AND RENEWABLE
ELECTRICITY PRODUCERS -- 1.1%
11,333 Clearway Energy, Inc., Class C 382,942
Page 86 See Notes to Financial Statements
FIRST TRUST MID CAP GROWTH ALPHADEX(R) FUND (FNY)
PORTFOLIO OF INVESTMENTS (CONTINUED)
JANUARY 31, 2023 (UNAUDITED)
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
COMMON STOCKS (CONTINUED)
INDEPENDENT POWER AND RENEWABLE
ELECTRICITY PRODUCERS
(CONTINUED)
8,354 Ormat Technologies, Inc. $ 773,163
77,847 Vistra Corp. 1,795,152
---------------
2,951,257
---------------
INSURANCE -- 2.3%
4,357 Erie Indemnity Co., Class A 1,064,633
4,144 Kinsale Capital Group, Inc. 1,153,855
8,255 RLI Corp. 1,093,375
26,105 Ryan Specialty Holdings,
Inc. (a) 1,112,595
1,022 White Mountains Insurance
Group Ltd. 1,561,575
---------------
5,986,033
---------------
INTERACTIVE MEDIA & SERVICES
-- 0.3%
29,754 Pinterest, Inc., Class A (a) 782,233
---------------
IT SERVICES -- 2.8%
8,138 Concentrix Corp. 1,154,050
8,528 ExlService Holdings, Inc. (a) 1,454,877
14,483 GoDaddy, Inc., Class A (a) 1,189,489
5,172 Perficient, Inc. (a) 383,452
35,447 Thoughtworks Holding, Inc. (a) 382,828
60,101 Toast, Inc., Class A (a) 1,340,853
8,828 WEX, Inc. (a) 1,632,915
---------------
7,538,464
---------------
LEISURE PRODUCTS -- 0.7%
17,014 Acushnet Holdings Corp. 798,807
20,247 Mattel, Inc. (a) 414,254
17,488 YETI Holdings, Inc. (a) 782,763
---------------
1,995,824
---------------
LIFE SCIENCES TOOLS & SERVICES
-- 1.6%
15,854 Bruker Corp. 1,111,683
8,503 Medpace Holdings, Inc. (a) 1,879,758
2,134 Repligen Corp. (a) 395,430
43,362 Sotera Health Co. (a) 747,561
---------------
4,134,432
---------------
MACHINERY -- 3.3%
13,022 AGCO Corp. 1,798,729
14,383 Crane Holdings Co. 1,667,134
13,588 Franklin Electric Co., Inc. 1,226,996
10,740 Graco, Inc. 733,757
10,000 Lincoln Electric Holdings, Inc. 1,668,700
24,488 Mueller Industries, Inc. 1,605,188
---------------
8,700,504
---------------
MARINE -- 0.6%
22,453 Kirby Corp. (a) 1,589,223
---------------
MEDIA -- 0.6%
8,255 Nexstar Media Group, Inc. 1,690,376
---------------
METALS & MINING -- 1.2%
89,685 Cleveland-Cliffs, Inc. (a) 1,914,775
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
METALS & MINING (CONTINUED)
9,613 Royal Gold, Inc. $ 1,221,139
---------------
3,135,914
---------------
MORTGAGE REAL ESTATE INVESTMENT
TRUSTS -- 0.8%
139,598 AGNC Investment Corp. 1,619,337
17,062 Blackstone Mortgage Trust, Inc.,
Class A 406,758
---------------
2,026,095
---------------
MULTI-UTILITIES -- 0.3%
26,346 NiSource, Inc. 731,101
---------------
OIL, GAS & CONSUMABLE FUELS
-- 8.6%
100,428 Antero Midstream Corp. 1,094,665
58,278 Antero Resources Corp. (a) 1,680,738
19,138 Chesapeake Energy Corp. 1,659,647
31,176 Civitas Resources, Inc. 2,074,763
131,731 Comstock Resources, Inc. 1,600,532
20,755 Denbury, Inc. (a) 1,801,119
13,073 DT Midstream, Inc. 714,570
77,016 Magnolia Oil & Gas Corp.,
Class A 1,818,348
31,552 Matador Resources Co. 2,087,480
41,991 Murphy Oil Corp. 1,831,227
28,451 PDC Energy, Inc. 1,926,986
72,184 Range Resources Corp. 1,806,044
41,483 SM Energy Co. 1,363,546
246,980 Southwestern Energy Co. (a) 1,363,330
---------------
22,822,995
---------------
PAPER & FOREST PRODUCTS -- 0.6%
24,406 Louisiana-Pacific Corp. 1,661,805
---------------
PHARMACEUTICALS -- 0.9%
20,476 Intra-Cellular Therapies,
Inc. (a) 981,210
9,069 Jazz Pharmaceuticals PLC (a) 1,420,749
---------------
2,401,959
---------------
PROFESSIONAL SERVICES -- 1.1%
7,291 Exponent, Inc. 747,619
2,274 FTI Consulting, Inc. (a) 362,749
34,205 KBR, Inc. 1,752,322
---------------
2,862,690
---------------
ROAD & RAIL -- 2.8%
11,017 Avis Budget Group, Inc. (a) 2,203,841
70,411 Hertz Global Holdings, Inc. (a) 1,268,806
11,086 Landstar System, Inc. 1,915,993
32,778 Lyft, Inc., Class A (a) 532,643
5,168 Saia, Inc. (a) 1,409,727
---------------
7,331,010
---------------
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT -- 3.5%
48,129 Allegro MicroSystems, Inc. (a) 1,837,084
14,549 Cirrus Logic, Inc. (a) 1,315,084
22,269 Lattice Semiconductor Corp. (a) 1,687,768
17,206 MACOM Technology Solutions
Holdings, Inc. (a) 1,153,146
10,610 Onto Innovation, Inc. (a) 834,476
See Notes to Financial Statements Page 87
FIRST TRUST MID CAP GROWTH ALPHADEX(R) FUND (FNY)
PORTFOLIO OF INVESTMENTS (CONTINUED)
JANUARY 31, 2023 (UNAUDITED)
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
COMMON STOCKS (CONTINUED)
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT (CONTINUED)
5,036 Power Integrations, Inc. $ 433,549
5,324 Silicon Laboratories, Inc. (a) 835,389
3,555 SiTime Corp. (a) 409,643
3,343 Universal Display Corp. 443,048
5,232 Wolfspeed, Inc. (a) 402,916
---------------
9,352,103
---------------
SOFTWARE -- 3.9%
19,546 Bentley Systems, Inc., Class B 763,271
5,370 Blackline, Inc. (a) 385,566
58,016 Box, Inc., Class A (a) 1,855,932
83,036 CCC Intelligent Solutions
Holdings, Inc. (a) 768,083
48,420 Dropbox, Inc., Class A (a) 1,124,797
9,431 Dynatrace, Inc. (a) 362,433
2,414 Fair Isaac Corp. (a) 1,607,603
6,399 New Relic, Inc. (a) 390,659
1,859 Paylocity Holding Corp. (a) 387,211
7,656 Procore Technologies, Inc. (a) 428,353
27,531 Smartsheet, Inc., Class A (a) 1,189,615
5,625 SPS Commerce, Inc. (a) 765,450
9,468 Tenable Holdings, Inc. (a) 380,898
---------------
10,409,871
---------------
SPECIALTY RETAIL -- 3.0%
7,126 Burlington Stores, Inc. (a) 1,637,769
15,015 Dick's Sporting Goods, Inc. 1,963,361
8,169 Five Below, Inc. (a) 1,610,355
10,375 Floor & Decor Holdings, Inc.,
Class A (a) 941,739
6,461 Murphy USA, Inc. 1,757,586
---------------
7,910,810
---------------
TECHNOLOGY HARDWARE, STORAGE
& PERIPHERALS -- 0.3%
26,996 Pure Storage, Inc., Class A (a) 781,264
---------------
TRADING COMPANIES & DISTRIBUTORS
-- 2.9%
14,331 Applied Industrial Technologies,
Inc. 2,052,342
37,412 Core & Main, Inc., Class A (a) 825,683
13,727 Herc Holdings, Inc. 2,132,078
56,794 Univar Solutions, Inc. (a) 1,958,257
2,896 Watsco, Inc. 832,224
---------------
7,800,584
---------------
TOTAL COMMON STOCKS
-- 100.0% 265,650,078
(Cost $236,863,086) ---------------
MONEY MARKET FUNDS -- 0.2%
641,297 Goldman Sachs Financial Square
Treasury Obligations Fund -
Institutional Class -
4.24% (c) (d) 641,297
(Cost $641,297) ---------------
PRINCIPAL
VALUE DESCRIPTION VALUE
---------------------------------------------------------------
REPURCHASE AGREEMENTS -- 0.1%
$ 122,008 BNP Paribas S.A., 4.21% (c),
dated 01/31/23, due 02/01/23,
with a maturity value of
$122,022. Collateralized by
U.S. Treasury Note, interest
rate of 2.13%, due 05/15/25.
The value of the collateral
including accrued interest is
$124,562. (d) $ 122,008
(Cost $122,008) ---------------
TOTAL INVESTMENTS -- 100.3% 266,413,383
(Cost $237,626,391)
NET OTHER ASSETS AND
LIABILITIES -- (0.3)% (705,621)
---------------
NET ASSETS -- 100.0% $ 265,707,762
===============
(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 remaining contractual
maturity of all of the securities lending transactions is overnight and
continuous. The aggregate value of such securities is $780,874 and the
total value of the collateral held by the Fund is $763,305.
(c) Rate shown reflects yield as of January 31, 2023.
(d) This security serves as collateral for securities on loan.
Page 88 See Notes to Financial Statements
FIRST TRUST MID CAP GROWTH ALPHADEX(R) FUND (FNY)
PORTFOLIO OF INVESTMENTS (CONTINUED)
JANUARY 31, 2023 (UNAUDITED)
---------------------------------
OFFSETTING ASSETS AND LIABILITIES
---------------------------------------------------------------
Offsetting assets and liabilities requires entities to disclose both gross and
net information about instruments and transactions eligible for offset, and to
disclose instruments and transactions subject to master netting or similar
agreements (see Note 2C - Offsetting on the Statements of Assets and Liabilities
in the Notes to Financial Statements).
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:
SECURITIES LENDING AGENCY AGREEMENT
---------------------------------------------------------------
Total gross amount presented on the
Statements of Assets and Liabilities(1) $ 780,874
Non-cash Collateral(2) (763,305)
---------------
Net Amount $ 17,569
===============
(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) The collateral requirements are determined at the beginning of each
business day based on the market value of the loaned securities from the
end of the prior day. On January 31, 2023, the last business day of the
period, there was sufficient collateral based on the end of day market
value from the prior business day; however, as a result of market movement
from January 30 to January 31, the value of the related securities loaned
was above the collateral value received. See Note 2D - Securities Lending
in the Notes to Financial Statements.
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:
REPURCHASE AGREEMENTS
---------------------------------------------------------------
Total gross amount presented on the
Statements of Assets and Liabilities(3) $ 122,008
Non-cash Collateral(4) (122,008)
---------------
Net Amount $ --
===============
(3) The amount is included in "Investments, at value" on the Statements of
Assets and Liabilities.
(4) At January 31, 2023, the value of the collateral received from each seller
exceeded the value of the repurchase agreements.
See Notes to Financial Statements Page 89
FIRST TRUST MID CAP GROWTH ALPHADEX(R) FUND (FNY)
PORTFOLIO OF INVESTMENTS (CONTINUED)
JANUARY 31, 2023 (UNAUDITED)
-----------------------------
VALUATION INPUTS
A summary of the inputs used to value the Fund's investments as of January 31,
2023 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial
Statements):
<TABLE>
<CAPTION>
LEVEL 2 LEVEL 3
TOTAL LEVEL 1 SIGNIFICANT SIGNIFICANT
VALUE AT QUOTED OBSERVABLE UNOBSERVABLE
1/31/2023 PRICES INPUTS INPUTS
-----------------------------------------------------------
<S> <C> <C> <C> <C>
Common Stocks*.................................. $ 265,650,078 $ 265,650,078 $ -- $ --
Money Market Funds.............................. 641,297 641,297 -- --
Repurchase Agreements........................... 122,008 -- 122,008 --
-----------------------------------------------------------
Total Investments............................... $ 266,413,383 $ 266,291,375 $ 122,008 $ --
===========================================================
</TABLE>
* See Portfolio of Investments for industry breakout.
Page 90 See Notes to Financial Statements
FIRST TRUST SMALL CAP VALUE ALPHADEX(R) FUND (FYT)
PORTFOLIO OF INVESTMENTS
JANUARY 31, 2023 (UNAUDITED)
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
COMMON STOCKS -- 99.9%
AEROSPACE & DEFENSE -- 0.2%
5,264 Moog, Inc., Class A $ 501,764
---------------
AIR FREIGHT & LOGISTICS -- 1.1%
44,454 Air Transport Services Group,
Inc. (a) 1,258,493
11,622 Hub Group, Inc., Class A (a) 991,008
---------------
2,249,501
---------------
AIRLINES -- 1.3%
9,999 Allegiant Travel Co. (a) 860,214
34,972 JetBlue Airways Corp. (a) 279,776
69,950 SkyWest, Inc. (a) 1,452,162
---------------
2,592,152
---------------
AUTO COMPONENTS -- 0.9%
30,533 Dana, Inc. 553,869
19,057 Patrick Industries, Inc. 1,352,475
---------------
1,906,344
---------------
AUTOMOBILES -- 0.7%
21,915 Winnebago Industries, Inc. 1,395,547
---------------
BANKS -- 12.5%
8,702 1st Source Corp. 428,051
19,599 Ameris Bancorp 924,289
29,444 Associated Banc-Corp. 659,840
13,145 Atlantic Union Bankshares Corp. 508,580
27,198 BankUnited, Inc. 1,023,733
3,586 Banner Corp. 232,480
16,667 Cathay General Bancorp 732,681
22,564 Columbia Banking System, Inc. 697,453
40,750 Customers Bancorp, Inc. (a) 1,237,577
21,359 Dime Community Bancshares,
Inc. 636,925
15,427 Eagle Bancorp, Inc. 732,628
13,887 Enterprise Financial Services
Corp. 740,455
6,270 FB Financial Corp. 235,501
5,290 First Bancorp 210,807
18,688 First Busey Corp. 446,083
48,665 First Commonwealth Financial
Corp. 715,862
28,059 First Financial Bancorp 710,734
64,474 First Foundation, Inc. 1,001,281
8,703 First Hawaiian, Inc. 238,810
11,236 First Merchants Corp. 479,103
27,448 Fulton Financial Corp. 459,205
9,909 Heartland Financial USA, Inc. 490,198
15,393 Hilltop Holdings, Inc. 503,351
72,125 Hope Bancorp, Inc. 929,691
11,315 Independent Bank Group, Inc. 693,610
10,095 International Bancshares Corp. 473,153
5,219 NBT Bancorp, Inc. 205,159
16,211 Northwest Bancshares, Inc. 229,224
31,993 OceanFirst Financial Corp. 765,273
50,322 PacWest Bancorp 1,391,907
18,086 Renasant Corp. 643,500
13,516 S&T Bancorp, Inc. 491,712
26,226 Sandy Spring Bancorp, Inc. 886,439
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
BANKS (CONTINUED)
7,266 Seacoast Banking Corp. of
Florida $ 233,311
31,505 Simmons First National Corp.,
Class A 702,877
12,835 Southside Bancshares, Inc. 486,190
3,758 Texas Capital Bancshares,
Inc. (a) 248,291
14,979 TowneBank 456,410
4,445 TriCo Bancshares 224,695
6,491 Trustmark Corp. 189,018
24,212 Veritex Holdings, Inc. 681,568
20,263 Washington Federal, Inc. 718,526
18,385 WesBanco, Inc. 683,370
---------------
25,379,551
---------------
BIOTECHNOLOGY -- 0.8%
97,788 Emergent BioSolutions, Inc. (a) 1,289,824
37,284 Ironwood Pharmaceuticals,
Inc. (a) 429,511
---------------
1,719,335
---------------
BUILDING PRODUCTS -- 2.2%
11,152 AZEK (The) Co., Inc. (a) 269,098
10,069 Gibraltar Industries, Inc. (a) 539,396
95,742 JELD-WEN Holding, Inc. (a) 1,211,136
51,443 PGT Innovations, Inc. (a) 1,116,313
70,207 Resideo Technologies, Inc. (a) 1,350,081
---------------
4,486,024
---------------
CAPITAL MARKETS -- 2.5%
15,553 Artisan Partners Asset
Management, Inc., Class A 572,661
20,085 AssetMark Financial Holdings,
Inc. (a) 533,056
122,535 BGC Partners, Inc., Class A 533,027
12,722 Federated Hermes, Inc. 499,975
3,548 Piper Sandler Cos. 504,171
2,379 StoneX Group, Inc. (a) 209,066
34,435 Victory Capital Holdings, Inc.,
Class A 1,020,653
22,634 Virtu Financial, Inc., Class A 437,063
3,551 Virtus Investment Partners, Inc. 763,039
---------------
5,072,711
---------------
CHEMICALS -- 3.1%
76,733 Ecovyst, Inc. (a) 804,929
9,652 Ingevity Corp. (a) 795,711
2,204 Innospec, Inc. 249,096
44,207 Mativ Holdings, Inc. 1,218,345
15,216 Minerals Technologies, Inc. 1,056,751
728 NewMarket Corp. 250,804
6,386 Stepan Co. 701,438
40,684 Trinseo PLC 1,128,981
---------------
6,206,055
---------------
COMMERCIAL SERVICES & SUPPLIES
-- 2.8%
15,305 ABM Industries, Inc. 717,957
9,809 Brady Corp., Class A 524,487
134,094 BrightView Holdings, Inc. (a) 1,066,047
See Notes to Financial Statements Page 91
FIRST TRUST SMALL CAP VALUE ALPHADEX(R) FUND (FYT)
PORTFOLIO OF INVESTMENTS (CONTINUED)
JANUARY 31, 2023 (UNAUDITED)
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
COMMON STOCKS (CONTINUED)
COMMERCIAL SERVICES & SUPPLIES
(CONTINUED)
99,904 CoreCivic, Inc. (a) $ 1,062,979
32,497 HNI Corp. 1,032,430
43,975 MillerKnoll, Inc. 1,050,123
1,175 UniFirst Corp. 233,167
---------------
5,687,190
---------------
COMMUNICATIONS EQUIPMENT
-- 0.5%
21,478 Viasat, Inc. (a) 739,917
21,563 Viavi Solutions, Inc. (a) 243,662
---------------
983,579
---------------
CONSTRUCTION & ENGINEERING
-- 1.5%
12,510 Arcosa, Inc. 741,468
13,173 Granite Construction, Inc. 560,906
2,462 MYR Group, Inc. (a) 243,886
52,638 Primoris Services Corp. 1,400,171
---------------
2,946,431
---------------
CONSTRUCTION MATERIALS -- 0.5%
32,544 Summit Materials, Inc.,
Class A (b) 1,069,396
---------------
CONSUMER FINANCE -- 4.0%
30,666 Bread Financial Holdings, Inc. 1,258,226
24,090 Encore Capital Group, Inc. (a) 1,342,295
58,401 Green Dot Corp., Class A (a) 1,055,890
131,236 LendingClub Corp. (a) 1,271,677
56,165 Navient Corp. 1,065,450
10,180 Nelnet, Inc., Class A 972,088
27,351 PRA Group, Inc. (a) 1,100,604
---------------
8,066,230
---------------
CONTAINERS & PACKAGING -- 1.4%
55,758 O-I Glass, Inc. (a) 1,073,342
101,663 Pactiv Evergreen, Inc. 1,170,141
16,653 TriMas Corp. 512,746
---------------
2,756,229
---------------
DIVERSIFIED CONSUMER SERVICES
-- 1.0%
6,384 Adtalem Global Education,
Inc. (a) 243,741
1,529 Graham Holdings Co., Class B 998,911
23,556 Laureate Education, Inc. 258,645
5,899 Strategic Education, Inc. 550,672
---------------
2,051,969
---------------
DIVERSIFIED FINANCIAL SERVICES
-- 0.7%
33,196 Jackson Financial, Inc., Class A 1,461,952
---------------
ELECTRICAL EQUIPMENT -- 0.7%
3,068 EnerSys 254,705
194,098 GrafTech International Ltd. 1,269,401
---------------
1,524,106
---------------
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
ELECTRONIC EQUIPMENT, INSTRUMENTS
& COMPONENTS -- 2.7%
15,354 ePlus, Inc. (a) $ 764,322
4,608 Insight Enterprises, Inc. (a) 519,414
10,411 Methode Electronics, Inc. 497,021
8,550 OSI Systems, Inc. (a) 809,771
2,203 Plexus Corp. (a) 211,466
11,866 Sanmina Corp. (a) 722,995
61,268 TTM Technologies, Inc. (a) 963,133
42,832 Vishay Intertechnology, Inc. 980,424
---------------
5,468,546
---------------
ENERGY EQUIPMENT & SERVICES
-- 0.4%
75,707 Archrock, Inc. 750,256
---------------
EQUITY REAL ESTATE INVESTMENT
TRUSTS -- 8.6%
15,792 Acadia Realty Trust 245,250
12,099 Alexander & Baldwin, Inc. 242,222
17,433 American Assets Trust, Inc. 496,143
162,204 Apartment Investment and
Management Co., Class A 1,218,152
150,230 Brandywine Realty Trust 985,509
17,809 Corporate Office Properties
Trust 499,899
112,809 DiamondRock Hospitality Co. 1,086,351
33,622 Empire State Realty Trust, Inc.,
Class A 280,407
9,075 Equity Commonwealth 231,594
73,502 Global Net Lease, Inc. 1,098,855
94,955 Hudson Pacific Properties, Inc. 1,081,537
151,361 iStar, Inc. 1,404,630
35,820 JBG SMITH Properties 721,415
115,259 LXP Industrial Trust 1,331,241
4,339 National Health Investors, Inc. 255,263
5,207 NexPoint Residential Trust, Inc. 262,954
155,540 Paramount Group, Inc. 1,003,233
34,500 Pebblebrook Hotel Trust 565,800
100,753 Piedmont Office Realty Trust,
Inc., Class A 1,067,982
64,197 RLJ Lodging Trust 806,956
13,699 SL Green Realty Corp. (c) 563,714
119,553 Sunstone Hotel Investors, Inc. 1,313,887
32,786 Urban Edge Properties 516,380
17,194 Xenia Hotels & Resorts, Inc. 256,191
---------------
17,535,565
---------------
FOOD & STAPLES RETAILING -- 2.6%
33,007 Andersons (The), Inc. 1,213,997
11,973 Ingles Markets, Inc., Class A 1,137,435
7,601 PriceSmart, Inc. 564,830
21,004 Sprouts Farmers Market, Inc. (a) 671,078
23,867 United Natural Foods, Inc. (a) 993,345
8,261 Weis Markets, Inc. 713,255
---------------
5,293,940
---------------
FOOD PRODUCTS -- 0.9%
20,325 B&G Foods, Inc. (c) 284,956
35,277 Fresh Del Monte Produce, Inc. 1,008,922
Page 92 See Notes to Financial Statements
FIRST TRUST SMALL CAP VALUE ALPHADEX(R) FUND (FYT)
PORTFOLIO OF INVESTMENTS (CONTINUED)
JANUARY 31, 2023 (UNAUDITED)
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
COMMON STOCKS (CONTINUED)
FOOD PRODUCTS (CONTINUED)
28,551 Hain Celestial Group (The),
Inc. (a) $ 585,867
---------------
1,879,745
---------------
GAS UTILITIES -- 0.4%
14,287 Northwest Natural Holding Co. 716,350
---------------
HEALTH CARE EQUIPMENT & SUPPLIES
-- 0.8%
25,124 Avanos Medical, Inc. (a) 769,799
8,632 Enovis Corp. (a) 543,385
3,310 Integer Holdings Corp. (a) 217,831
---------------
1,531,015
---------------
HEALTH CARE PROVIDERS & SERVICES
-- 1.2%
7,659 Apollo Medical Holdings,
Inc. (a) 272,967
47,307 Owens & Minor, Inc. (a) 933,840
16,481 Patterson Cos., Inc. 497,561
45,751 Pediatrix Medical Group,
Inc. (a) 702,278
---------------
2,406,646
---------------
HEALTH CARE TECHNOLOGY -- 0.1%
12,848 Veradigm, Inc. (a) 230,108
---------------
HOTELS, RESTAURANTS & LEISURE
-- 0.3%
22,960 Bloomin' Brands, Inc. 556,780
---------------
HOUSEHOLD DURABLES -- 7.3%
4,083 Cavco Industries, Inc. (a) 1,086,486
23,094 Century Communities, Inc. 1,413,353
47,664 Green Brick Partners, Inc. (a) 1,487,117
4,165 Helen of Troy Ltd. (a) 471,103
5,396 Installed Building Products,
Inc. 594,046
36,260 KB Home 1,394,197
50,609 La-Z-Boy, Inc. 1,438,814
12,472 LGI Homes, Inc. (a) 1,419,937
36,547 M.D.C. Holdings, Inc. 1,380,015
25,009 M/I Homes, Inc. (a) 1,495,538
12,527 Meritage Homes Corp. (a) 1,349,033
62,125 Tri Pointe Homes, Inc. (a) 1,372,341
---------------
14,901,980
---------------
HOUSEHOLD PRODUCTS -- 0.5%
25,808 Central Garden & Pet Co.,
Class A (a) 1,022,771
---------------
INSURANCE -- 2.2%
18,020 Brighthouse Financial, Inc. (a) 1,013,985
29,753 CNO Financial Group, Inc. 766,437
174,652 Genworth Financial, Inc.,
Class A (a) 964,079
12,972 ProAssurance Corp. 251,527
2,690 Safety Insurance Group, Inc. 227,009
27,028 Stewart Information Services
Corp. 1,291,128
---------------
4,514,165
---------------
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
INTERACTIVE MEDIA & SERVICES
-- 0.3%
4,299 Shutterstock, Inc. $ 323,586
8,290 Yelp, Inc. (a) 261,218
---------------
584,804
---------------
IT SERVICES -- 0.3%
41,542 Kyndryl Holdings, Inc. (a) 556,247
---------------
LEISURE PRODUCTS -- 1.2%
17,335 Malibu Boats, Inc., Class A (a) 1,050,328
47,389 Vista Outdoor, Inc. (a) 1,390,867
---------------
2,441,195
---------------
MACHINERY -- 2.5%
3,263 Alamo Group, Inc. 510,562
2,588 ESCO Technologies, Inc. 254,763
4,877 Federal Signal Corp. 259,700
10,825 Hillenbrand, Inc. 507,259
31,432 Hillman Solutions Corp. (a) 301,747
28,256 Kennametal, Inc. 805,296
21,061 Mueller Water Products, Inc.,
Class A 266,422
36,189 Proto Labs, Inc. (a) 1,107,383
3,681 Tennant Co. 258,149
10,813 Terex Corp. 551,139
7,664 Trinity Industries, Inc. 220,493
---------------
5,042,913
---------------
MEDIA -- 3.2%
555,234 Advantage Solutions, Inc. (a) 1,438,056
100,424 Altice USA, Inc., Class A (a) 492,077
103,207 Gray Television, Inc. 1,337,563
16,971 John Wiley & Sons, Inc.,
Class A 777,272
23,415 Scholastic Corp. 1,035,880
126,772 WideOpenWest, Inc. (a) 1,456,610
---------------
6,537,458
---------------
METALS & MINING -- 1.4%
7,890 Alpha Metallurgical Resources,
Inc. 1,269,738
21,832 Arconic Corp. (a) 513,270
18,585 Worthington Industries, Inc. 1,056,929
---------------
2,839,937
---------------
MORTGAGE REAL ESTATE INVESTMENT
TRUSTS -- 1.6%
41,203 Chimera Investment Corp. 300,370
46,218 Claros Mortgage Trust, Inc. 773,689
33,092 KKR Real Estate Finance Trust,
Inc. 527,156
92,022 Ladder Capital Corp. 1,030,646
88,524 New York Mortgage Trust, Inc. 276,195
18,291 PennyMac Mortgage Investment
Trust 278,938
---------------
3,186,994
---------------
MULTILINE RETAIL -- 0.6%
2,859 Dillard's, Inc., Class A 1,124,473
---------------
See Notes to Financial Statements Page 93
FIRST TRUST SMALL CAP VALUE ALPHADEX(R) FUND (FYT)
PORTFOLIO OF INVESTMENTS (CONTINUED)
JANUARY 31, 2023 (UNAUDITED)
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
COMMON STOCKS (CONTINUED)
MULTI-UTILITIES -- 0.6%
15,334 Avista Corp. $ 611,826
11,457 NorthWestern Corp. 650,758
---------------
1,262,584
---------------
OIL, GAS & CONSUMABLE FUELS
-- 1.7%
43,712 Peabody Energy Corp. (a) 1,219,128
122,861 Permian Resources Corp. 1,335,499
33,807 World Fuel Services Corp. 956,738
---------------
3,511,365
---------------
PAPER & FOREST PRODUCTS -- 0.1%
4,663 Sylvamo Corp. 221,632
---------------
PERSONAL PRODUCTS -- 1.1%
17,643 Edgewell Personal Care Co. 756,179
45,689 Herbalife Nutrition Ltd. (a) 802,756
12,780 USANA Health Sciences,
Inc. (a) 746,863
---------------
2,305,798
---------------
PHARMACEUTICALS -- 0.2%
7,379 Prestige Consumer Healthcare,
Inc. (a) 485,243
---------------
PROFESSIONAL SERVICES -- 0.6%
35,535 First Advantage Corp. (a) 493,226
2,289 ICF International, Inc. 233,913
8,425 Kforce, Inc. 472,895
---------------
1,200,034
---------------
REAL ESTATE MANAGEMENT &
DEVELOPMENT -- 1.8%
180,733 Anywhere Real Estate, Inc. (a) 1,532,616
26,818 Marcus & Millichap, Inc. 971,884
144,904 Newmark Group, Inc., Class A 1,241,827
---------------
3,746,327
---------------
ROAD & RAIL -- 2.3%
75,286 Heartland Express, Inc. 1,266,310
46,710 Marten Transport Ltd. 1,031,824
49,354 Schneider National, Inc.,
Class B 1,307,881
22,949 Werner Enterprises, Inc. 1,077,915
---------------
4,683,930
---------------
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT -- 0.5%
21,212 Cohu, Inc. (a) 765,329
6,835 Ultra Clean Holdings, Inc. (a) 229,998
---------------
995,327
---------------
SOFTWARE -- 0.4%
29,558 ACI Worldwide, Inc. (a) 825,555
---------------
SPECIALTY RETAIL -- 4.3%
48,701 American Eagle Outfitters, Inc. 786,034
14,991 Buckle (The), Inc. 659,604
30,561 Foot Locker, Inc. 1,329,709
6,403 Group 1 Automotive, Inc. 1,369,282
5,014 Monro, Inc. 255,213
10,050 Rent-A-Center, Inc. 270,244
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
SPECIALTY RETAIL (CONTINUED)
54,302 Sally Beauty Holdings, Inc. (a) $ 846,025
13,587 Signet Jewelers Ltd. 1,043,617
48,422 Urban Outfitters, Inc. (a) 1,326,279
18,998 Victoria's Secret & Co. (a) 800,766
---------------
8,686,773
---------------
TEXTILES, APPAREL & LUXURY GOODS
-- 1.5%
6,191 Carter's, Inc. 516,144
43,806 Levi Strauss & Co., Class A 806,030
105,663 Wolverine World Wide, Inc. 1,704,344
---------------
3,026,518
---------------
THRIFTS & MORTGAGE FINANCE
-- 3.1%
17,787 Axos Financial, Inc. (a) 855,911
53,406 Capitol Federal Financial, Inc. 447,008
28,779 Mr. Cooper Group, Inc. (a) 1,323,546
55,258 NMI Holdings, Inc., Class A (a) 1,283,643
20,383 PennyMac Financial Services,
Inc. 1,374,222
31,829 Provident Financial Services,
Inc. 746,708
4,997 WSFS Financial Corp. 241,405
---------------
6,272,443
---------------
TOBACCO -- 0.5%
17,496 Universal Corp. 951,258
---------------
TRADING COMPANIES & DISTRIBUTORS
-- 2.3%
16,818 Boise Cascade Co. 1,260,845
10,175 H&E Equipment Services, Inc. 517,806
2,296 McGrath RentCorp 228,544
53,532 NOW, Inc. (a) 751,589
17,673 Rush Enterprises, Inc., Class A 950,984
7,591 Veritiv Corp. 949,179
---------------
4,658,947
---------------
WIRELESS TELECOMMUNICATION
SERVICES -- 1.4%
110,094 Telephone and Data Systems,
Inc. 1,471,957
55,389 United States Cellular Corp. (a) 1,354,815
---------------
2,826,772
---------------
TOTAL COMMON STOCKS
-- 99.9% 202,838,460
(Cost $197,110,965) ---------------
MONEY MARKET FUNDS -- 0.1%
258,797 Goldman Sachs Financial Square
Treasury Obligations Fund -
Institutional Class -
4.24% (d) (e) 258,797
(Cost $258,797) ---------------
Page 94 See Notes to Financial Statements
FIRST TRUST SMALL CAP VALUE ALPHADEX(R) FUND (FYT)
PORTFOLIO OF INVESTMENTS (CONTINUED)
JANUARY 31, 2023 (UNAUDITED)
PRINCIPAL
VALUE DESCRIPTION VALUE
---------------------------------------------------------------
REPURCHASE AGREEMENTS -- 0.0%
$ 49,237 BNP Paribas S.A., 4.21% (d),
dated 01/31/23, due 02/01/23,
with a maturity value of
49,242. Collateralized by
U.S. Treasury Note, interest
rate of 2.13%, due 05/15/25.
The value of the collateral
including accrued interest is
$50,268. (e) $ 49,237
(Cost $49,237) ---------------
TOTAL INVESTMENTS -- 100.0% 203,146,494
(Cost $197,418,999)
NET OTHER ASSETS AND
LIABILITIES -- (0.0)% (38,059)
---------------
NET ASSETS -- 100.0% $ 203,108,435
===============
(a) Non-income producing security.
(b) Non-income producing security which makes payment in-kind ("PIK")
distributions. For the six months ended January 31, 2023, the Fund
received 564 PIK shares of Summit Materials, Inc.
(c) All or a portion of this security is on loan (see Note 2D - Securities
Lending in the Notes to Financial Statements). The remaining contractual
maturity of all of the securities lending transactions is overnight and
continuous. The aggregate value of such securities is $300,611 and the
total value of the collateral held by the Fund is $308,034.
(d) Rate shown reflects yield as of January 31, 2023.
(e) This security serves as collateral for securities on loan.
---------------------------------
OFFSETTING ASSETS AND LIABILITIES
---------------------------------------------------------------
Offsetting assets and liabilities requires entities to disclose both gross and
net information about instruments and transactions eligible for offset, and to
disclose instruments and transactions subject to master netting or similar
agreements (see Note 2C - Offsetting on the Statements of Assets and Liabilities
in the Notes to Financial Statements).
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:
SECURITIES LENDING AGENCY AGREEMENT
---------------------------------------------------------------
Total gross amount presented on the
Statements of Assets and Liabilities(1) $ 300,611
Non-cash Collateral(2) (300,611)
---------------
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, 2023, 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:
REPURCHASE AGREEMENTS
---------------------------------------------------------------
Total gross amount presented on the
Statements of Assets and Liabilities(3) $ 49,237
Non-cash Collateral(4) (49,237)
---------------
Net Amount $ --
===============
(3) The amount is included in "Investments, at value" on the Statements of
Assets and Liabilities.
(4) At January 31, 2023, the value of the collateral received from each seller
exceeded the value of the repurchase agreements.
See Notes to Financial Statements Page 95
FIRST TRUST SMALL CAP VALUE ALPHADEX(R) FUND (FYT)
PORTFOLIO OF INVESTMENTS (CONTINUED)
JANUARY 31, 2023 (UNAUDITED)
-----------------------------
VALUATION INPUTS
A summary of the inputs used to value the Fund's investments as of January 31,
2023 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial
Statements):
<TABLE>
<CAPTION>
LEVEL 2 LEVEL 3
TOTAL LEVEL 1 SIGNIFICANT SIGNIFICANT
VALUE AT QUOTED OBSERVABLE UNOBSERVABLE
1/31/2023 PRICES INPUTS INPUTS
-----------------------------------------------------------
<S> <C> <C> <C> <C>
Common Stocks*.................................. $ 202,838,460 $ 202,838,460 $ -- $ --
Money Market Funds.............................. 258,797 258,797 -- --
Repurchase Agreements........................... 49,237 -- 49,237 --
-----------------------------------------------------------
Total Investments............................... $ 203,146,494 $ 203,097,257 $ 49,237 $ --
===========================================================
</TABLE>
* See Portfolio of Investments for industry breakout.
Page 96 See Notes to Financial Statements
FIRST TRUST SMALL CAP GROWTH ALPHADEX(R) FUND (FYC)
PORTFOLIO OF INVESTMENTS
JANUARY 31, 2023 (UNAUDITED)
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
COMMON STOCKS -- 99.9%
AEROSPACE & DEFENSE -- 1.1%
29,063 AAR Corp. (a) $ 1,495,001
6,093 AeroVironment, Inc. (a) 542,094
67,924 Rocket Lab USA, Inc. (a) 337,582
---------------
2,374,677
---------------
AIR FREIGHT & LOGISTICS -- 0.5%
9,953 Forward Air Corp. 1,073,431
---------------
AUTO COMPONENTS -- 0.7%
6,454 Dorman Products, Inc. (a) 626,425
12,791 XPEL, Inc. (a) (b) 973,012
---------------
1,599,437
---------------
BANKS -- 1.8%
60,394 First BanCorp 812,299
7,154 Lakeland Financial Corp. 505,859
37,879 OFG Bancorp 1,072,355
16,540 Pacific Premier Bancorp, Inc. 534,904
11,822 Stock Yards Bancorp, Inc. 708,847
5,240 Triumph Financial, Inc. (a) 292,025
---------------
3,926,289
---------------
BEVERAGES -- 0.5%
15,454 Duckhorn Portfolio (The),
Inc. (a) 250,046
9,814 MGP Ingredients, Inc. 957,257
---------------
1,207,303
---------------
BIOTECHNOLOGY -- 5.3%
16,086 ACADIA Pharmaceuticals,
Inc. (a) 306,117
62,917 Amicus Therapeutics, Inc. (a) 820,438
12,382 Arcus Biosciences, Inc. (a) 267,823
66,917 BioCryst Pharmaceuticals,
Inc. (a) 705,974
17,236 Celldex Therapeutics, Inc. (a) 759,418
72,201 Dynavax Technologies
Corp. (a) (c) 821,647
47,954 FibroGen, Inc. (a) 1,131,714
50,506 ImmunityBio, Inc. (a) (c) 191,923
12,816 Insmed, Inc. (a) 275,928
11,863 Prometheus Biosciences, Inc. (a) 1,348,349
8,664 Prothena Corp. PLC (a) 489,949
13,675 PTC Therapeutics, Inc. (a) 627,546
33,871 REGENXBIO, Inc. (a) 786,146
21,913 REVOLUTION Medicines,
Inc. (a) 585,954
96,146 Roivant Sciences Ltd. (a) 798,012
6,714 Sage Therapeutics, Inc. (a) 297,699
33,886 uniQure N.V. (a) 720,077
9,721 Vericel Corp. (a) 267,036
20,045 Xencor, Inc. (a) 659,881
---------------
11,861,631
---------------
BUILDING PRODUCTS -- 1.7%
17,325 AAON, Inc. 1,322,244
9,005 CSW Industrials, Inc. 1,217,566
109,661 Janus International Group,
Inc. (a) 1,206,271
---------------
3,746,081
---------------
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
CAPITAL MARKETS -- 1.8%
28,011 Focus Financial Partners, Inc.,
Class A (a) $ 1,264,696
39,666 Golub Capital BDC, Inc. 543,424
8,173 Hamilton Lane, Inc., Class A 636,350
13,604 Moelis & Co., Class A 635,987
10,425 PJT Partners, Inc., Class A 834,313
---------------
3,914,770
---------------
CHEMICALS -- 0.6%
78,495 LSB Industries, Inc. (a) 997,671
28,016 Perimeter Solutions S.A. (a) 260,549
---------------
1,258,220
---------------
COMMERCIAL SERVICES & SUPPLIES
-- 0.8%
14,302 Brink's (The) Co. 938,211
17,306 Montrose Environmental Group,
Inc. (a) 937,293
---------------
1,875,504
---------------
COMMUNICATIONS EQUIPMENT
-- 2.6%
55,561 ADTRAN Holdings, Inc. 1,048,436
11,089 Clearfield, Inc. (a) 792,420
104,520 CommScope Holding Co.,
Inc. (a) 877,968
71,271 Extreme Networks, Inc. (a) 1,285,016
154,893 Infinera Corp. (a) 1,133,817
23,631 NetScout Systems, Inc. (a) 758,555
---------------
5,896,212
---------------
CONSTRUCTION & ENGINEERING
-- 1.0%
18,270 Ameresco, Inc., Class A (a) 1,177,867
11,154 Dycom Industries, Inc. (a) 1,063,757
---------------
2,241,624
---------------
CONSUMER FINANCE -- 0.2%
19,370 Upstart Holdings, Inc. (a) (c) 361,832
---------------
DISTRIBUTORS -- 0.1%
23,470 Funko, Inc., Class A (a) 283,987
---------------
DIVERSIFIED CONSUMER SERVICES
-- 1.6%
41,314 Chegg, Inc. (a) 857,679
21,646 Coursera, Inc. (a) 345,254
12,351 Grand Canyon Education,
Inc. (a) 1,439,632
8,187 Stride, Inc. (a) 351,468
49,477 Udemy, Inc. (a) 620,441
---------------
3,614,474
---------------
DIVERSIFIED FINANCIAL SERVICES
-- 0.1%
14,047 Compass Diversified Holdings 313,529
---------------
DIVERSIFIED TELECOMMUNICATION
SERVICES -- 0.5%
4,486 Cogent Communications
Holdings, Inc. 307,605
392,474 Globalstar, Inc. (a) 553,388
See Notes to Financial Statements Page 97
FIRST TRUST SMALL CAP GROWTH ALPHADEX(R) FUND (FYC)
PORTFOLIO OF INVESTMENTS (CONTINUED)
JANUARY 31, 2023 (UNAUDITED)
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
COMMON STOCKS (CONTINUED)
DIVERSIFIED TELECOMMUNICATION
SERVICES (CONTINUED)
21,664 Radius Global Infrastructure,
Inc., Class A (a) $ 291,814
---------------
1,152,807
---------------
ELECTRIC UTILITIES -- 0.6%
7,414 MGE Energy, Inc. 542,037
13,085 Otter Tail Corp. 839,403
---------------
1,381,440
---------------
ELECTRICAL EQUIPMENT -- 2.8%
67,510 Array Technologies, Inc. (a) 1,500,747
40,177 Bloom Energy Corp., Class A (a) 1,001,613
9,486 Encore Wire Corp. 1,531,325
44,794 Fluence Energy, Inc. (a) (c) 1,081,327
42,317 Shoals Technologies Group, Inc.,
Class A (a) 1,180,221
---------------
6,295,233
---------------
ELECTRONIC EQUIPMENT, INSTRUMENTS
& COMPONENTS -- 2.2%
12,172 Advanced Energy Industries, Inc. 1,128,831
9,577 Badger Meter, Inc. 1,109,974
18,149 Belden, Inc. 1,471,703
26,483 CTS Corp. 1,178,758
---------------
4,889,266
---------------
ENERGY EQUIPMENT & SERVICES
-- 5.2%
25,964 Cactus, Inc., Class A 1,404,912
71,979 Expro Group Holdings N.V. (a) 1,359,683
81,511 Liberty Energy, Inc. 1,290,319
8,426 Nabors Industries Ltd. (a) 1,495,952
141,230 NexTier Oilfield Solutions,
Inc. (a) 1,330,387
146,790 RPC, Inc. 1,456,157
286,179 Transocean Ltd. (a) 1,928,846
25,629 Weatherford International
PLC (a) 1,457,778
---------------
11,724,034
---------------
ENTERTAINMENT -- 1.8%
60,275 Cinemark Holdings, Inc. (a) 719,684
23,215 Madison Square Garden
Entertainment Corp. (a) 1,213,912
4,191 Madison Square Garden Sports
Corp. 762,092
15,236 World Wrestling Entertainment,
Inc., Class A 1,289,270
---------------
3,984,958
---------------
EQUITY REAL ESTATE INVESTMENT
TRUSTS -- 2.7%
1,164 Alexander's, Inc. 276,194
22,241 Essential Properties Realty Trust,
Inc. 566,701
9,877 Four Corners Property Trust, Inc. 284,063
22,694 Getty Realty Corp. 826,742
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
EQUITY REAL ESTATE INVESTMENT
TRUSTS (CONTINUED)
2,526 Innovative Industrial Properties,
Inc. $ 226,784
22,052 InvenTrust Properties Corp. 548,433
7,207 LTC Properties, Inc. 274,947
46,334 Outfront Media, Inc. 922,047
17,037 Retail Opportunity Investments
Corp. 269,696
6,295 Saul Centers, Inc. 269,489
38,214 SITE Centers Corp. 521,621
58,193 Tanger Factory Outlet Centers,
Inc. 1,112,068
---------------
6,098,785
---------------
FOOD & STAPLES RETAILING -- 0.7%
39,211 Chefs' Warehouse (The), Inc. (a) 1,499,037
---------------
FOOD PRODUCTS -- 2.6%
23,966 Cal-Maine Foods, Inc. 1,371,335
34,234 Hostess Brands, Inc. (a) 791,832
20,200 Simply Good Foods (The)
Co. (a) 733,260
36,324 Sovos Brands, Inc. (a) 492,553
30,656 Tootsie Roll Industries, Inc. 1,371,243
65,824 Utz Brands, Inc. 1,096,628
---------------
5,856,851
---------------
GAS UTILITIES -- 0.3%
4,417 Chesapeake Utilities Corp. 556,895
---------------
HEALTH CARE EQUIPMENT & SUPPLIES
-- 2.9%
11,762 AtriCure, Inc. (a) 509,059
457 Atrion Corp. 314,096
12,285 Axonics, Inc. (a) 754,299
5,889 CONMED Corp. 563,931
5,862 Glaukos Corp. (a) 287,531
14,783 Merit Medical Systems, Inc. (a) 1,054,767
54,630 Paragon 28, Inc. (a) 920,516
25,132 PROCEPT BioRobotics
Corp. (a) 977,383
19,753 Silk Road Medical, Inc. (a) 1,073,773
---------------
6,455,355
---------------
HEALTH CARE PROVIDERS & SERVICES
-- 3.1%
54,318 AdaptHealth Corp. (a) 1,164,035
32,005 Agiliti, Inc. (a) 590,492
65,325 Alignment Healthcare, Inc. (a) 806,764
186,912 Cano Health, Inc. (a) 257,938
3,592 CorVel Corp. (a) 639,951
203,585 Hims & Hers Health, Inc. (a) 1,685,684
105,665 LifeStance Health Group, Inc. (a) 557,911
16,759 Progyny, Inc. (a) 576,342
6,442 US Physical Therapy, Inc. 638,724
---------------
6,917,841
---------------
HEALTH CARE TECHNOLOGY -- 0.8%
18,589 Evolent Health, Inc., Class A (a) 598,937
32,261 Phreesia, Inc. (a) 1,209,465
---------------
1,808,402
---------------
Page 98 See Notes to Financial Statements
FIRST TRUST SMALL CAP GROWTH ALPHADEX(R) FUND (FYC)
PORTFOLIO OF INVESTMENTS (CONTINUED)
JANUARY 31, 2023 (UNAUDITED)
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
COMMON STOCKS (CONTINUED)
HOTELS, RESTAURANTS & LEISURE
-- 6.5%
96,808 Bowlero Corp. (a) (c) $ 1,331,110
40,895 Brinker International, Inc. (a) 1,613,717
11,019 Cracker Barrel Old Country
Store, Inc. 1,229,500
36,822 Dave & Buster's Entertainment,
Inc. (a) 1,596,234
11,892 Dine Brands Global, Inc. 919,370
9,084 Dutch Bros, Inc., Class A (a) (c) 346,191
36,375 Everi Holdings, Inc. (a) 631,834
20,540 Golden Entertainment, Inc. (a) 811,330
15,301 Jack in the Box, Inc. 1,162,570
24,814 Krispy Kreme, Inc. 302,731
16,973 Monarch Casino & Resort,
Inc. (a) 1,300,471
26,093 Red Rock Resorts, Inc., Class A 1,174,446
33,041 Six Flags Entertainment
Corp. (a) 887,151
86,194 Target Hospitality Corp. (a) 1,323,509
---------------
14,630,164
---------------
INDEPENDENT POWER AND RENEWABLE
ELECTRICITY PRODUCERS -- 0.6%
69,648 Montauk Renewables, Inc. (a) 773,789
28,983 Sunnova Energy International,
Inc. (a) 564,589
---------------
1,338,378
---------------
INSURANCE -- 0.9%
30,557 BRP Group, Inc., Class A (a) 875,458
2,260 Enstar Group Ltd. (a) 547,598
5,670 Palomar Holdings, Inc. (a) 289,794
5,388 Trupanion, Inc. (a) 318,000
---------------
2,030,850
---------------
INTERACTIVE MEDIA & SERVICES
-- 0.9%
37,259 Cargurus, Inc. (a) 657,622
63,580 ZipRecruiter, Inc., Class A (a) 1,248,711
---------------
1,906,333
---------------
INTERNET & DIRECT MARKETING
RETAIL -- 0.1%
7,945 Xometry, Inc., Class A (a) 278,234
---------------
IT SERVICES -- 3.8%
105,029 AvidXchange Holdings, Inc. (a) 1,167,922
133,370 Cyxtera Technologies, Inc. (a) 429,451
7,908 EVERTEC, Inc. 292,121
31,395 Flywire Corp. (a) 846,723
91,177 Remitly Global, Inc. (a) 1,099,595
31,809 Repay Holdings Corp. (a) 309,820
211,160 Sabre Corp. (a) 1,438,000
23,333 Shift4 Payments, Inc.,
Class A (a) 1,494,245
23,544 Squarespace, Inc., Class A (a) 558,464
55,546 Verra Mobility Corp. (a) 857,075
---------------
8,493,416
---------------
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
LEISURE PRODUCTS -- 0.2%
32,250 Peloton Interactive, Inc.,
Class A (a) $ 416,993
---------------
LIFE SCIENCES TOOLS & SERVICES
-- 0.1%
25,080 Cytek Biosciences, Inc. (a) 302,214
1,080 OmniAb, Inc. - 12.5 Earnout
Shares (a) (d) (e) (f) (g) 0
1,080 OmniAb, Inc. - 15 Earnout
Shares (a) (d) (e) (f) (g) 0
---------------
302,214
---------------
MACHINERY -- 2.8%
25,476 Energy Recovery, Inc. (a) 563,784
51,277 Enerpac Tool Group Corp. 1,360,892
12,006 EnPro Industries, Inc. 1,453,566
4,704 Helios Technologies, Inc. 310,464
4,324 Kadant, Inc. 881,102
8,013 Lindsay Corp. 1,254,996
67,924 Proterra, Inc. (a) 346,412
---------------
6,171,216
---------------
MEDIA -- 0.3%
59,385 Integral Ad Science Holding
Corp. (a) 610,478
---------------
METALS & MINING -- 1.8%
43,702 ATI, Inc. (a) 1,590,316
11,929 Materion Corp. 1,076,592
37,674 Warrior Met Coal, Inc. 1,427,091
---------------
4,093,999
---------------
MORTGAGE REAL ESTATE INVESTMENT
TRUSTS -- 1.9%
97,024 Apollo Commercial Real Estate
Finance, Inc. 1,180,782
58,242 Arbor Realty Trust, Inc. 869,553
40,464 Franklin BSP Realty Trust, Inc. 586,728
105,989 MFA Financial, Inc. 1,260,209
16,239 Two Harbors Investment Corp. 291,328
---------------
4,188,600
---------------
MULTILINE RETAIL -- 0.3%
21,913 Franchise Group, Inc. 676,893
---------------
OIL, GAS & CONSUMABLE FUELS
-- 8.0%
9,139 Arch Resources, Inc. 1,352,755
28,148 Callon Petroleum Co. (a) 1,197,697
77,493 CNX Resources Corp. (a) 1,296,458
20,078 CONSOL Energy, Inc. 1,161,111
41,639 CVR Energy, Inc. 1,382,415
48,333 Delek US Holdings, Inc. 1,293,391
91,705 Earthstone Energy, Inc.,
Class A (a) 1,274,699
38,220 Equitrans Midstream Corp. 277,095
14,177 Gulfport Energy Corp. (a) 966,163
35,251 International Seaways, Inc. 1,369,149
23,223 Kinetik Holdings, Inc. (c) 726,648
205,184 Kosmos Energy Ltd. (a) 1,623,005
42,343 Northern Oil and Gas, Inc. 1,419,337
69,120 Talos Energy, Inc. (a) 1,369,267
See Notes to Financial Statements Page 99
FIRST TRUST SMALL CAP GROWTH ALPHADEX(R) FUND (FYC)
PORTFOLIO OF INVESTMENTS (CONTINUED)
JANUARY 31, 2023 (UNAUDITED)
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
COMMON STOCKS (CONTINUED)
OIL, GAS & CONSUMABLE FUELS
(CONTINUED)
152,423 Tellurian, Inc. (a) $ 303,322
14,940 Vital Energy, Inc. (a) 840,823
---------------
17,853,335
---------------
PERSONAL PRODUCTS -- 1.9%
28,141 Beauty Health (The) Co. (a) 320,807
29,961 BellRing Brands, Inc. (a) 849,694
23,598 elf Beauty, Inc. (a) 1,358,065
10,816 Inter Parfums, Inc. 1,278,668
4,525 Medifast, Inc. 504,311
---------------
4,311,545
---------------
PHARMACEUTICALS -- 1.3%
18,629 Amphastar Pharmaceuticals,
Inc. (a) 563,713
12,609 Corcept Therapeutics, Inc. (a) 288,242
18,947 Harmony Biosciences Holdings,
Inc. (a) 912,677
7,814 Ligand Pharmaceuticals, Inc. (a) 544,636
70,923 SIGA Technologies, Inc. 519,866
---------------
2,829,134
---------------
PROFESSIONAL SERVICES -- 2.2%
27,855 CBIZ, Inc. (a) 1,325,620
44,012 HireRight Holdings Corp. (a) 503,497
17,975 Huron Consulting Group, Inc. (a) 1,223,019
33,083 Legalzoom.com, Inc. (a) 280,544
7,890 NV5 Global, Inc. (a) 1,051,658
33,741 Sterling Check Corp. (a) 470,687
---------------
4,855,025
---------------
REAL ESTATE MANAGEMENT &
DEVELOPMENT -- 1.0%
69,334 eXp World Holdings, Inc. (c) 1,080,917
16,279 Kennedy-Wilson Holdings, Inc. 291,068
19,876 St. Joe (The) Co. 936,160
---------------
2,308,145
---------------
ROAD & RAIL -- 0.4%
10,968 ArcBest Corp. 915,280
---------------
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT -- 3.1%
6,348 Ambarella, Inc. (a) 570,304
16,443 Axcelis Technologies, Inc. (a) 1,807,908
9,562 Impinj, Inc. (a) 1,240,956
15,375 MaxLinear, Inc. (a) 633,450
62,031 Photronics, Inc. (a) 1,124,002
36,432 Rambus, Inc. (a) 1,474,403
---------------
6,851,023
---------------
SOFTWARE -- 8.2%
137,656 Adeia, Inc. 1,507,333
13,191 Agilysys, Inc. (a) 1,102,240
35,778 Alkami Technology, Inc. (a) 585,686
15,161 Alteryx, Inc., Class A (a) 841,284
7,290 Appfolio, Inc., Class A (a) 818,886
13,053 Blackbaud, Inc. (a) 812,027
38,061 Clear Secure, Inc., Class A 1,194,735
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
SOFTWARE (CONTINUED)
12,224 CommVault Systems, Inc. (a) $ 760,700
11,514 Confluent, Inc., Class A (a) 265,973
34,251 Digital Turbine, Inc. (a) 594,597
35,485 Freshworks, Inc., Class A (a) 574,147
10,550 InterDigital, Inc. 737,973
12,023 Jamf Holding Corp. (a) 238,897
32,773 LiveRamp Holdings, Inc. (a) 877,006
36,582 Momentive Global, Inc. (a) 282,047
74,729 N-able, Inc. (a) 767,467
40,075 Nutanix, Inc., Class A (a) 1,116,890
28,923 PagerDuty, Inc. (a) 861,616
56,542 PowerSchool Holdings, Inc.,
Class A (a) 1,273,326
20,693 Progress Software Corp. 1,097,557
24,671 Qualtrics International, Inc.,
Class A (a) 389,062
41,995 Samsara, Inc., Class A (a) 572,812
31,342 Sprinklr, Inc., Class A (a) 311,539
4,535 Sprout Social, Inc., Class A (a) 290,104
6,216 Workiva, Inc. (a) 537,870
---------------
18,411,774
---------------
SPECIALTY RETAIL -- 0.9%
12,287 Boot Barn Holdings, Inc. (a) 1,025,841
20,973 Leslie's, Inc. (a) 324,872
38,694 Warby Parker, Inc.,
Class A (a) (c) 624,908
---------------
1,975,621
---------------
TECHNOLOGY HARDWARE, STORAGE
& PERIPHERALS -- 0.9%
28,892 Avid Technology, Inc. (a) 875,717
15,895 Super Micro Computer, Inc. (a) 1,149,685
---------------
2,025,402
---------------
TEXTILES, APPAREL & LUXURY GOODS
-- 1.7%
26,106 Kontoor Brands, Inc. 1,246,823
11,205 Oxford Industries, Inc. 1,313,450
32,666 Steven Madden Ltd. 1,171,076
---------------
3,731,349
---------------
THRIFTS & MORTGAGE FINANCE
-- 0.1%
11,844 Columbia Financial, Inc. (a) 235,103
---------------
TOBACCO -- 0.5%
88,026 Vector Group Ltd. 1,139,937
---------------
TRADING COMPANIES & DISTRIBUTORS
-- 1.4%
206,484 Custom Truck One Source,
Inc. (a) 1,461,907
26,204 GMS, Inc. (a) 1,554,421
---------------
3,016,328
---------------
WATER UTILITIES -- 1.1%
8,300 American States Water Co. 781,611
12,668 California Water Service Group 774,901
12,858 SJW Group 995,338
---------------
2,551,850
---------------
Page 100 See Notes to Financial Statements
FIRST TRUST SMALL CAP GROWTH ALPHADEX(R) FUND (FYC)
PORTFOLIO OF INVESTMENTS (CONTINUED)
JANUARY 31, 2023 (UNAUDITED)
SHARES DESCRIPTION VALUE
---------------------------------------------------------------
COMMON STOCKS (CONTINUED)
WIRELESS TELECOMMUNICATION
SERVICES -- 0.4%
52,047 Gogo, Inc. (a) $ 872,828
---------------
TOTAL COMMON STOCKS
-- 99.9% 223,191,352
(Cost $204,399,545) ---------------
PRINCIPAL
VALUE DESCRIPTION VALUE
---------------------------------------------------------------
REPURCHASE AGREEMENTS -- 2.3%
$ 159,376 Bank of America Corp., 4.27%
(h), dated 01/31/23, due
02/01/23, with a maturity
value of $159,395.
Collateralized by U.S.
Treasury Note, interest rate
of 1.13%, due 08/31/28. The
value of the collateral
including accrued interest is
$162,564. (i) 159,376
2,500,716 Citigroup, Inc., 4.26% (h),
dated 01/31/23, due 02/01/23,
with a maturity value of
$2,501,012. Collateralized by
U.S. Treasury Securities,
interest rates of 0.13% to
7.50%, due 03/31/23 to
08/15/52. The value of the
collateral including accrued
interest is $2,550,731. (i) 2,500,716
2,500,716 JPMorgan Chase & Co., 4.28% (h),
dated 01/31/23, due 02/01/23,
with a maturity value of
$2,501,013. Collateralized by
U.S. Treasury Securities,
interest rates of 0.25% to
1.50%, due 09/30/25 to
07/31/28. The value of the
collateral including accrued
interest is $2,550,730. (i) 2,500,716
---------------
TOTAL REPURCHASE AGREEMENTS
-- 2.3% 5,160,808
(Cost $5,160,808) ---------------
TOTAL INVESTMENTS -- 102.2% 228,352,160
(Cost $209,560,353)
NET OTHER ASSETS AND
LIABILITIES -- (2.2)% (4,855,726)
---------------
NET ASSETS -- 100.0% $ 223,496,434
===============
(a) Non-income producing security.
(b) This security may be resold to qualified foreign investors and foreign
institutional buyers under Regulation S of the Securities Act of 1933, as
amended.
(c) All or a portion of this security is on loan (see Note 2D - Securities
Lending in the Notes to Financial Statements). The remaining contractual
maturity of all of the securities lending transactions is overnight and
continuous. The aggregate value of such securities is $5,122,281 and the
total value of the collateral held by the Fund is $5,160,808.
(d) This security is fair valued by the Advisor's Pricing Committee in
accordance with procedures approved by the Trust's Board of Trustees, and
in accordance with provisions of the Investment Company Act of 1940 and
rules thereunder, as amended. At January 31, 2023, securities noted as
such are valued at $0 or 0.00% of net assets.
(e) This security's value was determined using significant unobservable inputs
(see Note 2A-Portfolio Valuation in the Notes to Financial Statements).
(f) Pursuant to procedures adopted by the Trust's Board of Trustees, this
security has been determined to be illiquid by First Trust Advisors, L.P.,
the Fund's Advisor.
(g) Restricted security as to resale, excluding Rule 144A securities (see Note
2F - Restricted Securities in the Notes to Financial Statements).
(h) Rate shown reflects yield as of January 31, 2023.
(i) This security serves as collateral for securities on loan.
See Notes to Financial Statements Page 101
FIRST TRUST SMALL CAP GROWTH ALPHADEX(R) FUND (FYC)
PORTFOLIO OF INVESTMENTS (CONTINUED)
JANUARY 31, 2023 (UNAUDITED)
---------------------------------
OFFSETTING ASSETS AND LIABILITIES
---------------------------------------------------------------
Offsetting assets and liabilities requires entities to disclose both gross and
net information about instruments and transactions eligible for offset, and to
disclose instruments and transactions subject to master netting or similar
agreements (see Note 2C - Offsetting on the Statements of Assets and Liabilities
in the Notes to Financial Statements).
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:
SECURITIES LENDING AGENCY AGREEMENT
---------------------------------------------------------------
Total gross amount presented on the
Statements of Assets and Liabilities(1) $ 5,122,281
Non-cash Collateral(2) (5,122,281)
---------------
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, 2023, 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:
REPURCHASE AGREEMENTS
---------------------------------------------------------------
Total gross amount presented on the
Statements of Assets and Liabilities(3) $ 5,160,808
Non-cash Collateral(4) (5,160,808)
---------------
Net Amount $ --
===============
(3) The amount is included in "Investments, at value" on the Statements of
Assets and Liabilities.
(4) At January 31, 2023, the value of the collateral received from each seller
exceeded the value of the repurchase agreements.
Page 102 See Notes to Financial Statements
FIRST TRUST SMALL CAP GROWTH ALPHADEX(R) FUND (FYC)
PORTFOLIO OF INVESTMENTS (CONTINUED)
JANUARY 31, 2023 (UNAUDITED)
-----------------------------
VALUATION INPUTS
A summary of the inputs used to value the Fund's investments as of January 31,
2023 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial
Statements):
<TABLE>
<CAPTION>
LEVEL 2 LEVEL 3
TOTAL LEVEL 1 SIGNIFICANT SIGNIFICANT
VALUE AT QUOTED OBSERVABLE UNOBSERVABLE
1/31/2023 PRICES INPUTS INPUTS
-----------------------------------------------------------
<S> <C> <C> <C> <C>
Common Stocks:
Life Sciences Tools & Services............... $ 302,214 $ 302,214 $ -- $ --**
Other Industry Categories*................... 222,889,138 222,889,138 -- --
Repurchase Agreements........................... 5,160,808 -- 5,160,808 --
-----------------------------------------------------------
Total Investments............................... $ 228,352,160 $ 223,191,352 $ 5,160,808 $ --**
===========================================================
</TABLE>
* See Portfolio of Investments for industry breakout.
** Investment is valued at $0.
Level 3 investments are fair valued by the Advisor's Pricing Committee and are
footnoted in the Portfolio of Investments.
Level 3 investments values are based on unobservable inputs.
See Notes to Financial Statements Page 103
FIRST TRUST EXCHANGE-TRADED ALPHADEX(R) FUND
STYLE FUNDS
STATEMENTS OF ASSETS AND LIABILITIES
JANUARY 31, 2023 (UNAUDITED)
<TABLE>
<CAPTION>
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)
---------------- ---------------- ----------------
<S> <C> <C> <C>
ASSETS:
Investments, at value................................................ $ 1,204,284,351 $ 1,036,714,911 $ 872,467,034
Cash................................................................. -- -- --
Receivables:
Dividends......................................................... 904,745 400,808 217,780
Securities lending income......................................... 44 32,876 7,244
Capital shares sold............................................... -- -- 4,343,834
Investment securities sold........................................ -- 11,448 --
Prepaid expenses..................................................... 17,770 16,209 15,744
---------------- ---------------- ----------------
Total Assets...................................................... 1,205,206,910 1,037,176,252 877,051,636
---------------- ---------------- ----------------
LIABILITIES:
Payables:
Investment advisory fees.......................................... 492,407 416,822 348,801
Licensing fees.................................................... 37,813 32,510 27,721
Shareholder reporting fees........................................ 36,531 71,137 71,137
Audit and tax fees................................................ 18,559 18,648 18,552
Trustees' fees.................................................... 906 895 906
Collateral for securities on loan................................. -- 2,100,931 7,623,882
Investment securities purchased................................... -- 7,311 4,342,415
Other liabilities.................................................... 259,977 231,818 195,013
---------------- ---------------- ----------------
Total Liabilities................................................. 846,193 2,880,072 12,628,427
---------------- ---------------- ----------------
NET ASSETS........................................................... $ 1,204,360,717 $ 1,034,296,180 $ 864,423,209
================ ================ ================
NET ASSETS CONSIST OF:
Paid-in capital...................................................... $ 1,341,308,321 $ 1,209,625,459 $ 1,150,582,351
Par value............................................................ 141,500 107,000 99,500
Accumulated distributable earnings (loss)............................ (137,089,104) (175,436,279) (286,258,642)
---------------- ---------------- ----------------
NET ASSETS........................................................... $ 1,204,360,717 $ 1,034,296,180 $ 864,423,209
================ ================ ================
NET ASSET VALUE, per share........................................... $ 85.11 $ 96.66 $ 86.88
================ ================ ================
Number of shares outstanding (unlimited number of shares
authorized, par value $0.01 per share)............................ 14,150,002 10,700,002 9,950,002
================ ================ ================
Investments, at cost................................................. $ 1,047,908,163 $ 896,876,221 $ 786,323,084
================ ================ ================
Securities on loan, at value......................................... $ -- $ 2,110,139 $ 7,576,410
================ ================ ================
</TABLE>
Page 104 See Notes to Financial Statements
<TABLE>
<CAPTION>
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)
---------------- ---------------- ---------------- ---------------- ---------------- ----------------
<S> <C> <C> <C> <C> <C>
$ 1,302,903,132 $ 919,651,476 $ 205,873,007 $ 171,676,225 $ 256,458,187 $ 266,413,383
-- -- -- -- 403,598 100,755
923,629 813,166 113,143 101,866 111,481 88,943
52 -- 125 4,269 42 18,277
-- -- -- -- 4,846,070 --
-- -- 3,129 -- 4,461 --
18,439 15,863 12,193 11,725 -- --
---------------- ---------------- ---------------- ---------------- ---------------- ----------------
1,303,845,252 920,480,505 206,001,597 171,794,085 261,823,839 266,621,358
---------------- ---------------- ---------------- ---------------- ---------------- ----------------
531,371 382,876 83,274 70,255 140,936 150,291
40,991 30,382 6,266 5,830 -- --
78,784 64,810 9,756 14,160 -- --
18,556 18,481 19,070 18,961 -- --
868 949 836 863 -- --
-- -- 160,682 402,199 -- 763,305
-- -- 1,050 -- 4,841,091 --
272,932 211,539 60,516 53,826 -- --
---------------- ---------------- ---------------- ---------------- ---------------- ----------------
943,502 709,037 341,450 566,094 4,982,027 913,596
---------------- ---------------- ---------------- ---------------- ---------------- ----------------
$ 1,302,901,750 $ 919,771,468 $ 205,660,147 $ 171,227,991 $ 256,841,812 $ 265,707,762
================ ================ ================ ================ ================ ================
$ 1,414,639,233 $ 1,078,447,944 $ 232,675,637 $ 222,279,139 $ 285,649,947 $ 388,573,384
182,000 96,500 27,000 17,000 53,000 43,500
(111,919,483) (158,772,976) (27,042,490) (51,068,148) (28,861,135) (122,909,122)
---------------- ---------------- ---------------- ---------------- ---------------- ----------------
$ 1,302,901,750 $ 919,771,468 $ 205,660,147 $ 171,227,991 $ 256,841,812 $ 265,707,762
================ ================ ================ ================ ================ ================
$ 71.59 $ 95.31 $ 76.17 $ 100.72 $ 48.46 $ 61.08
================ ================ ================ ================ ================ ================
18,200,002 9,650,002 2,700,002 1,700,002 5,300,002 4,350,002
================ ================ ================ ================ ================ ================
$ 1,183,839,277 $ 811,512,980 $ 192,560,673 $ 149,007,393 $ 240,689,747 $ 237,626,391
================ ================ ================ ================ ================ ================
$ -- $ -- $ 161,668 $ 399,084 $ -- $ 780,874
================ ================ ================ ================ ================ ================
</TABLE>
See Notes to Financial Statements Page 105
FIRST TRUST EXCHANGE-TRADED ALPHADEX(R) FUND
STYLE FUNDS
STATEMENTS OF ASSETS AND LIABILITIES (CONTINUED)
JANUARY 31, 2023 (UNAUDITED)
<TABLE>
<CAPTION>
FIRST TRUST FIRST TRUST
SMALL CAP VALUE SMALL CAP GROWTH
ALPHADEX(R) FUND ALPHADEX(R) FUND
(FYT) (FYC)
---------------- ----------------
<S> <C> <C>
ASSETS:
Investments, at value................................................ $ 203,146,494 $ 228,352,160
Cash................................................................. 323,242 358,852
Receivables:
Dividends......................................................... 48,456 65,135
Securities lending income......................................... 440 8,218
Capital shares sold............................................... 5,006,232 --
Investment securities sold........................................ -- --
Prepaid expenses..................................................... -- --
---------------- ----------------
Total Assets...................................................... 208,524,864 228,784,365
---------------- ----------------
LIABILITIES:
Payables:
Investment advisory fees.......................................... 108,603 127,123
Licensing fees.................................................... -- --
Shareholder reporting fees........................................ -- --
Audit and tax fees................................................ -- --
Trustees' fees.................................................... -- --
Collateral for securities on loan................................. 308,034 5,160,808
Investment securities purchased................................... 4,999,792 --
Other liabilities.................................................... -- --
---------------- ----------------
Total Liabilities................................................. 5,416,429 5,287,931
---------------- ----------------
NET ASSETS........................................................... $ 203,108,435 $ 223,496,434
================ ================
NET ASSETS CONSIST OF:
Paid-in capital...................................................... $ 262,644,787 $ 379,731,961
Par value............................................................ 40,000 37,000
Accumulated distributable earnings (loss)............................ (59,576,352) (156,272,527)
---------------- ----------------
NET ASSETS........................................................... $ 203,108,435 $ 223,496,434
================ ================
NET ASSET VALUE, per share........................................... $ 50.78 $ 60.40
================ ================
Number of shares outstanding (unlimited number of shares
authorized, par value $0.01 per share)............................ 4,000,002 3,700,002
================ ================
Investments, at cost................................................. $ 197,418,999 $ 209,560,353
================ ================
Securities on loan, at value......................................... $ 300,611 $ 5,122,281
================ ================
</TABLE>
Page 106 See Notes to Financial Statements
FIRST TRUST EXCHANGE-TRADED ALPHADEX(R) FUND
STYLE FUNDS
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED JANUARY 31, 2023 (UNAUDITED)
<TABLE>
<CAPTION>
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)
---------------- ---------------- ----------------
<S> <C> <C> <C>
INVESTMENT INCOME:
Dividends............................................................ $ 13,613,629 $ 9,264,651 $ 8,188,254
Securities lending income (net of fees).............................. 83,728 74,802 97,909
Foreign withholding tax.............................................. (2,337) (3,384) (6,304)
---------------- ---------------- ----------------
Total investment income........................................... 13,695,020 9,336,069 8,279,859
---------------- ---------------- ----------------
EXPENSES:
Investment advisory fees............................................. 2,791,335 2,419,885 2,030,224
Accounting and administration fees................................... 274,748 243,282 204,960
Licensing fees....................................................... 59,608 52,179 44,386
Shareholder reporting fees........................................... 56,628 93,534 87,796
Custodian fees....................................................... 47,181 43,620 29,368
Transfer agent fees.................................................. 26,551 24,161 20,302
Legal fees........................................................... 15,632 13,293 11,203
Audit and tax fees................................................... 14,974 14,932 14,781
Trustees' fees and expenses.......................................... 4,744 4,692 4,652
Listing fees......................................................... 3,698 4,367 3,180
Other expenses....................................................... 11,634 10,127 8,730
---------------- ---------------- ----------------
Total expenses.................................................... 3,306,733 2,924,072 2,459,582
---------------- ---------------- ----------------
NET INVESTMENT INCOME (LOSS)......................................... 10,388,287 6,411,997 5,820,277
---------------- ---------------- ----------------
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments....................................................... (29,995,828) (39,432,465) (66,152,453)
In-kind redemptions............................................... 2,601,577 5,414,774 6,896,879
---------------- ---------------- ----------------
Net realized gain (loss)............................................. (27,394,251) (34,017,691) (59,255,574)
---------------- ---------------- ----------------
Net change in unrealized appreciation (depreciation) on investments.. 75,000,738 78,571,263 81,762,343
---------------- ---------------- ----------------
NET REALIZED AND UNREALIZED GAIN (LOSS).............................. 47,606,487 44,553,572 22,506,769
---------------- ---------------- ----------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING
FROM OPERATIONS................................................... $ 57,994,774 $ 50,965,569 $ 28,327,046
================ ================ ================
</TABLE>
See Notes to Financial Statements Page 107
FIRST TRUST EXCHANGE-TRADED ALPHADEX(R) FUND
STYLE FUNDS
STATEMENTS OF OPERATIONS (CONTINUED)
FOR THE SIX MONTHS ENDED JANUARY 31, 2023 (UNAUDITED)
<TABLE>
<CAPTION>
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)
---------------- ---------------- ----------------
<S> <C> <C> <C>
INVESTMENT INCOME:
Dividends............................................................ $ 17,697,352 $ 8,256,614 $ 2,546,753
Securities lending income (net of fees).............................. 28,454 102,939 7,429
Foreign withholding tax.............................................. -- (6,419) (458)
---------------- ---------------- ----------------
Total investment income........................................... 17,725,806 8,353,134 2,553,724
---------------- ---------------- ----------------
EXPENSES:
Investment advisory fees............................................. 2,994,802 2,281,031 467,834
Accounting and administration fees................................... 290,799 228,920 48,548
Licensing fees....................................................... 63,677 49,402 13,138
Shareholder reporting fees........................................... 113,058 80,214 15,728
Custodian fees....................................................... 49,256 36,023 21,349
Transfer agent fees.................................................. 27,577 22,810 4,678
Legal fees........................................................... 15,040 12,525 2,449
Audit and tax fees................................................... 14,867 14,893 14,689
Trustees' fees and expenses.......................................... 4,741 4,721 4,403
Listing fees......................................................... 3,698 3,692 4,681
Other expenses....................................................... 10,927 10,332 1,879
---------------- ---------------- ----------------
Total expenses.................................................... 3,588,442 2,744,563 599,376
---------------- ---------------- ----------------
NET INVESTMENT INCOME (LOSS)......................................... 14,137,364 5,608,571 1,954,348
---------------- ---------------- ----------------
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments....................................................... (12,976,694) (70,617,685) (10,400,403)
In-kind redemptions............................................... 16,379,705 4,924,691 6,493,917
---------------- ---------------- ----------------
Net realized gain (loss)............................................. 3,403,011 (65,692,994) (3,906,486)
---------------- ---------------- ----------------
Net change in unrealized appreciation (depreciation) on investments.. 98,985,230 49,629,172 17,877,437
---------------- ---------------- ----------------
NET REALIZED AND UNREALIZED GAIN (LOSS).............................. 102,388,241 (16,063,822) 13,970,951
---------------- ---------------- ----------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING
FROM OPERATIONS................................................... $ 116,525,605 $ (10,455,251) $ 15,925,299
================ ================ ================
</TABLE>
(a) Fund is subject to a Unitary Fee (see Note 3 in the Notes to Financial
Statements).
Page 108 See Notes to Financial Statements
<TABLE>
<CAPTION>
FIRST TRUST FIRST TRUST FIRST TRUST FIRST TRUST FIRST TRUST
MULTI CAP MID CAP MID CAP SMALL CAP SMALL CAP
GROWTH VALUE GROWTH VALUE GROWTH
ALPHADEX(R) FUND ALPHADEX(R) FUND ALPHADEX(R) FUND ALPHADEX(R) FUND ALPHADEX(R) FUND
(FAD) (FNK) (FNY) (FYT) (FYC)
---------------- ---------------- ---------------- ---------------- ----------------
<S> <C> <C> <C> <C>
$ 1,286,050 $ 2,803,309 $ 1,569,134 $ 2,469,114 $ 1,383,847
34,461 3,844 70,069 24,088 69,573
(1,016) (1,375) -- (710) (2,712)
---------------- ---------------- ---------------- ---------------- ----------------
1,319,495 2,805,778 1,639,203 2,492,492 1,450,708
---------------- ---------------- ---------------- ---------------- ----------------
425,209 792,425 (a) 944,861 (a) 680,052 (a) 744,302 (a)
44,560 -- -- -- --
12,285 -- -- -- --
18,832 -- -- -- --
11,376 -- -- -- --
4,252 -- -- -- --
2,545 -- -- -- --
14,622 -- -- -- --
4,420 -- -- -- --
4,682 -- -- -- --
2,319 -- -- -- --
---------------- ---------------- ---------------- ---------------- ----------------
545,102 792,425 944,861 680,052 744,302
---------------- ---------------- ---------------- ---------------- ----------------
774,393 2,013,353 694,342 1,812,440 706,406
---------------- ---------------- ---------------- ---------------- ----------------
(16,146,072) (12,025,799) (27,753,520) (18,562,501) (34,476,540)
1,199,196 4,932,919 2,932,289 1,541,774 2,255,147
---------------- ---------------- ---------------- ---------------- ----------------
(14,946,876) (7,092,880) (24,821,231) (17,020,727) (32,221,393)
---------------- ---------------- ---------------- ---------------- ----------------
12,467,002 26,238,175 20,955,419 20,885,849 31,849,382
---------------- ---------------- ---------------- ---------------- ----------------
(2,479,874) 19,145,295 (3,865,812) 3,865,122 (372,011)
---------------- ---------------- ---------------- ---------------- ----------------
$ (1,705,481) $ 21,158,648 $ (3,171,470) $ 5,677,562 $ 334,395
================ ================ ================ ================ ================
</TABLE>
See Notes to Financial Statements Page 109
FIRST TRUST EXCHANGE-TRADED ALPHADEX(R) FUND
STYLE FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
FIRST TRUST FIRST TRUST
LARGE CAP CORE MID CAP CORE
ALPHADEX(R) FUND ALPHADEX(R) FUND
(FEX) (FNX)
------------------------------- -------------------------------
SIX MONTHS SIX MONTHS
ENDED ENDED
1/31/2023 YEAR ENDED 1/31/2023 YEAR ENDED
(UNAUDITED) 7/31/2022 (UNAUDITED) 7/31/2022
-------------- -------------- -------------- --------------
<S> <C> <C> <C> <C>
OPERATIONS:
Net investment income (loss).............................. $ 10,388,287 $ 13,537,699 $ 6,411,997 $ 11,286,980
Net realized gain (loss).................................. (27,394,251) 75,775,406 (34,017,691) 45,120,425
Net change in unrealized appreciation (depreciation)...... 75,000,738 (145,056,854) 78,571,263 (115,208,047)
-------------- -------------- -------------- --------------
Net increase (decrease) in net assets resulting
from operations........................................ 57,994,774 (55,743,749) 50,965,569 (58,800,642)
-------------- -------------- -------------- --------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Investment operations..................................... (11,384,551) (12,780,587) (7,300,341) (11,863,187)
-------------- -------------- -------------- --------------
SHAREHOLDER TRANSACTIONS:
Proceeds from shares sold................................. 64,985,911 117,700,738 45,764,716 292,232,090
Cost of shares redeemed................................... (11,964,945) (134,355,401) (30,628,629) (273,376,258)
-------------- -------------- -------------- --------------
Net increase (decrease) in net assets resulting
from shareholder transactions.......................... 53,020,966 (16,654,663) 15,136,087 18,855,832
-------------- -------------- -------------- --------------
Total increase (decrease) in net assets................... 99,631,189 (85,178,999) 58,801,315 (51,807,997)
NET ASSETS:
Beginning of period....................................... 1,104,729,528 1,189,908,527 975,494,865 1,027,302,862
-------------- -------------- -------------- --------------
End of period............................................. $1,204,360,717 $1,104,729,528 $1,034,296,180 $ 975,494,865
============== ============== ============== ==============
CHANGES IN SHARES OUTSTANDING:
Shares outstanding, beginning of period................... 13,500,002 13,700,002 10,550,002 10,350,002
Shares sold............................................... 800,000 1,350,000 500,000 3,050,000
Shares redeemed........................................... (150,000) (1,550,000) (350,000) (2,850,000)
-------------- -------------- -------------- --------------
Shares outstanding, end of period......................... 14,150,002 13,500,002 10,700,002 10,550,002
============== ============== ============== ==============
</TABLE>
Page 110 See Notes to Financial Statements
<TABLE>
<CAPTION>
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
1/31/2023 YEAR ENDED 1/31/2023 YEAR ENDED 1/31/2023 YEAR ENDED 1/31/2023 YEAR ENDED
(UNAUDITED) 7/31/2022 (UNAUDITED) 7/31/2022 (UNAUDITED) 7/31/2022 (UNAUDITED) 7/31/2022
-------------- -------------- -------------- -------------- -------------- -------------- -------------- --------------
<S> <C> <C> <C> <C> <C> <C> <C>
$ 5,820,277 $ 10,602,007 $ 14,137,364 $ 20,518,915 $ 5,608,571 $ 3,595,317 $ 1,954,348 $ 2,694,333
(59,255,574) 43,061,168 3,403,011 136,797,917 (65,692,994) 34,895,405 (3,906,486) 17,079,575
81,762,343 (117,062,484) 98,985,230 (137,057,638) 49,629,172 (199,373,147) 17,877,437 (20,229,557)
-------------- -------------- -------------- -------------- -------------- -------------- -------------- --------------
28,327,046 (63,399,309) 116,525,605 20,259,194 (10,455,251) (160,882,425) 15,925,299 (455,649)
-------------- -------------- -------------- -------------- -------------- -------------- -------------- --------------
(4,806,916) (9,613,591) (15,846,552) (19,926,672) (5,933,276) (2,104,295) (2,120,047) (2,513,652)
-------------- -------------- -------------- -------------- -------------- -------------- -------------- --------------
56,635,067 296,774,587 136,716,860 590,343,175 42,988,745 146,870,105 56,650,629 101,835,616
(43,724,809) (313,468,453) (94,533,239) (496,617,438) (36,533,050) (248,289,677) (41,689,638) (88,914,640)
-------------- -------------- -------------- -------------- -------------- -------------- -------------- --------------
12,910,258 (16,693,866) 42,183,621 93,725,737 6,455,695 (101,419,572) 14,960,991 12,920,976
-------------- -------------- -------------- -------------- -------------- -------------- -------------- --------------
36,430,388 (89,706,766) 142,862,674 94,058,259 (9,932,832) (264,406,292) 28,766,243 9,951,675
827,992,821 917,699,587 1,160,039,076 1,065,980,817 929,704,300 1,194,110,592 176,893,904 166,942,229
-------------- -------------- -------------- -------------- -------------- -------------- -------------- --------------
$ 864,423,209 $ 827,992,821 $1,302,901,750 $1,160,039,076 $ 919,771,468 $ 929,704,300 $ 205,660,147 $ 176,893,904
============== ============== ============== ============== ============== ============== ============== ==============
9,800,002 10,050,002 17,550,002 16,200,002 9,600,002 10,600,002 2,500,002 2,350,002
700,000 3,300,000 2,100,000 8,700,000 450,000 1,350,000 800,000 1,400,000
(550,000) (3,550,000) (1,450,000) (7,350,000) (400,000) (2,350,000) (600,000) (1,250,000)
-------------- -------------- -------------- -------------- -------------- -------------- -------------- --------------
9,950,002 9,800,002 18,200,002 17,550,002 9,650,002 9,600,002 2,700,002 2,500,002
============== ============== ============== ============== ============== ============== ============== ==============
</TABLE>
See Notes to Financial Statements Page 111
FIRST TRUST EXCHANGE-TRADED ALPHADEX(R) FUND
STYLE FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
<TABLE>
<CAPTION>
FIRST TRUST FIRST TRUST
MULTI CAP GROWTH MID CAP VALUE
ALPHADEX(R) FUND ALPHADEX(R) FUND
(FAD) (FNK)
------------------------------- -------------------------------
SIX MONTHS SIX MONTHS
ENDED ENDED
1/31/2023 YEAR ENDED 1/31/2023 YEAR ENDED
(UNAUDITED) 7/31/2022 (UNAUDITED) 7/31/2022
-------------- -------------- -------------- --------------
<S> <C> <C> <C> <C>
OPERATIONS:
Net investment income (loss).............................. $ 774,393 $ 871,124 $ 2,013,353 $ 3,202,980
Net realized gain (loss).................................. (14,946,876) 265,415 (7,092,880) 10,435,310
Net change in unrealized appreciation (depreciation)...... 12,467,002 (37,297,428) 26,238,175 (18,825,308)
-------------- -------------- -------------- --------------
Net increase (decrease) in net assets resulting
from operations........................................ (1,705,481) (36,160,889) 21,158,648 (5,187,018)
-------------- -------------- -------------- --------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Investment operations..................................... (688,731) (548,985) (2,282,996) (2,896,736)
-------------- -------------- -------------- --------------
SHAREHOLDER TRANSACTIONS:
Proceeds from shares sold................................. 4,979,045 77,610,274 79,805,272 270,963,252
Cost of shares redeemed................................... (14,042,521) (79,443,452) (64,732,705) 180,759,426)
-------------- -------------- -------------- --------------
Net increase (decrease) in net assets resulting
from shareholder transactions.......................... (9,063,476) (1,833,178) 15,072,567 90,203,826
-------------- -------------- -------------- --------------
Total increase (decrease) in net assets................... (11,457,688) (38,543,052) 33,948,219 82,120,072
NET ASSETS:
Beginning of period....................................... 182,685,679 221,228,731 222,893,593 140,773,521
-------------- -------------- -------------- --------------
End of period............................................. $ 171,227,991 $ 182,685,679 $ 256,841,812 $ 222,893,593
============== ============== ============== ==============
CHANGES IN SHARES OUTSTANDING:
Shares outstanding, beginning of period................... 1,800,002 1,850,002 5,000,002 3,150,002
Shares sold............................................... 50,000 650,000 1,800,000 5,900,000
Shares redeemed........................................... (150,000) (700,000) (1,500,000) (4,050,000)
-------------- -------------- -------------- --------------
Shares outstanding, end of period......................... 1,700,002 1,800,002 5,300,002 5,000,002
============== ============== ============== ==============
</TABLE>
Page 112 See Notes to Financial Statements
<TABLE>
<CAPTION>
FIRST TRUST FIRST TRUST FIRST TRUST
MID CAP GROWTH SMALL CAP VALUE SMALL CAP GROWTH
ALPHADEX(R) FUND ALPHADEX(R) FUND ALPHADEX(R) FUND
(FNY) (FYT) (FYC)
------------------------------- ------------------------------- -------------------------------
SIX MONTHS SIX MONTHS SIX MONTHS
ENDED ENDED ENDED
1/31/2023 YEAR ENDED 1/31/2023 YEAR ENDED 1/31/2023 YEAR ENDED
(UNAUDITED) 7/31/2022 (UNAUDITED) 7/31/2022 (UNAUDITED) 7/31/2022
-------------- -------------- -------------- -------------- -------------- --------------
<S> <C> <C> <C> <C> <C>
$ 694,342 $ 337,265 $ 1,812,440 $ 3,058,043 $ 706,406 $ 2,574,987
(24,821,231) (16,773,148) (17,020,727) 9,493,179 (32,221,393) 3,931,586
20,955,419 (52,725,413) 20,885,849 (21,876,108) 31,849,382 (53,232,094)
-------------- -------------- -------------- -------------- -------------- --------------
(3,171,470) (69,161,296) 5,677,562 (9,324,886) 334,395 (46,725,521)
-------------- -------------- -------------- -------------- -------------- --------------
(600,590) -- (1,686,086) (2,856,336) -- (2,337,676)
-------------- -------------- -------------- -------------- -------------- --------------
33,313,855 38,997,641 28,898,359 142,579,606 41,261,388 78,477,080
(45,463,029) (151,779,469) (53,503,010) (175,667,971) (19,825,979) (222,514,171)
-------------- -------------- -------------- -------------- -------------- --------------
(12,149,174) (112,781,828) (24,604,651) (33,088,365) 21,435,409 (144,037,091)
-------------- -------------- -------------- -------------- -------------- --------------
(15,921,234) (181,943,124) (20,613,175) (45,269,587) 21,769,804 (193,100,288)
281,628,996 463,572,120 223,721,610 268,991,197 201,726,630 394,826,918
-------------- -------------- -------------- -------------- -------------- --------------
$ 265,707,762 $ 281,628,996 $ 203,108,435 $ 223,721,610 $ 223,496,434 $ 201,726,630
============== ============== ============== ============== ============== ==============
4,600,002 6,300,002 4,600,002 5,350,002 3,350,002 5,550,002
550,000 550,000 600,000 2,850,000 700,000 1,100,000
(800,000) (2,250,000) (1,200,000) (3,600,000) (350,000) (3,300,000)
-------------- -------------- -------------- -------------- -------------- --------------
4,350,002 4,600,002 4,000,002 4,600,002 3,700,002 3,350,002
============== ============== ============== ============== ============== ==============
</TABLE>
See Notes to Financial Statements Page 113
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)
<TABLE>
<CAPTION>
SIX MONTHS ENDED YEAR ENDED JULY 31,
1/31/2023 -------------------------------------------------------------------
(UNAUDITED) 2022 2021 2020 2019 2018
---------- ---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 81.83 $ 86.85 $ 62.29 $ 62.11 $ 60.79 $ 54.07
---------- ---------- ---------- ---------- ---------- ----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss) 0.75 1.01 0.71 0.93 0.77 0.69
Net realized and unrealized gain (loss) 3.36 (5.08) 24.55 0.20 1.28 6.69
---------- ---------- ---------- ---------- ---------- ----------
Total from investment operations 4.11 (4.07) 25.26 1.13 2.05 7.38
---------- ---------- ---------- ---------- ---------- ----------
DISTRIBUTIONS PAID TO SHAREHOLDERS FROM:
Net investment income (0.83) (0.95) (0.70) (0.95) (0.73) (0.66)
---------- ---------- ---------- ---------- ---------- ----------
Net asset value, end of period $ 85.11 $ 81.83 $ 86.85 $ 62.29 $ 62.11 $ 60.79
========== ========== ========== ========== ========== ==========
TOTAL RETURN (a) 5.14% (4.73)% 40.77% 1.95% 3.48% 13.72%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's) $1,204,361 $1,104,730 $1,189,909 $ 924,980 $1,434,679 $1,540,924
RATIOS TO AVERAGE NET ASSETS:
Ratio of total expenses to average net
assets 0.59% (b) 0.59% 0.59% 0.59% 0.60% 0.61%
Ratio of net expenses to average net
assets 0.59% (b) 0.59% 0.59% 0.59% 0.60% 0.61%
Ratio of net investment income (loss) to
average net assets 1.86% (b) 1.16% 0.94% 1.49% 1.29% 1.17%
Portfolio turnover rate (c) 42% 87% 91% 104% 102% 87%
</TABLE>
FIRST TRUST MID CAP CORE ALPHADEX(R) FUND (FNX)
<TABLE>
<CAPTION>
SIX MONTHS ENDED YEAR ENDED JULY 31,
1/31/2023 -------------------------------------------------------------------
(UNAUDITED) 2022 2021 2020 2019 2018
---------- ---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 92.46 $ 99.26 $ 64.83 $ 69.86 $ 69.63 $ 59.91
---------- ---------- ---------- ---------- ---------- ----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss) 0.60 1.08 0.70 0.85 0.63 0.61
Net realized and unrealized gain (loss) 4.28 (6.74) 34.51 (4.93) 0.16 9.71
---------- ---------- ---------- ---------- ---------- ----------
Total from investment operations 4.88 (5.66) 35.21 (4.08) 0.79 10.32
---------- ---------- ---------- ---------- ---------- ----------
DISTRIBUTIONS PAID TO SHAREHOLDERS FROM:
Net investment income (0.68) (1.14) (0.78) (0.95) (0.56) (0.60)
---------- ---------- ---------- ---------- ---------- ----------
Net asset value, end of period $ 96.66 $ 92.46 $ 99.26 $ 64.83 $ 69.86 $ 69.63
========== ========== ========== ========== ========== ==========
TOTAL RETURN (a) 5.38% (5.74)% 54.62% (5.86)% 1.22% 17.30%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's) $1,034,296 $ 975,495 $1,027,303 $ 589,912 $ 887,176 $ 901,732
RATIOS TO AVERAGE NET ASSETS:
Ratio of total expenses to average net
assets 0.60% (b) 0.59% 0.59% 0.60% 0.61% 0.62%
Ratio of net expenses to average net
assets 0.60% (b) 0.59% 0.59% 0.60% 0.61% 0.62%
Ratio of net investment income (loss) to
average net assets 1.32% (b) 1.12% 0.79% 1.32% 0.94% 0.94%
Portfolio turnover rate (c) 50% 95% 114% 115% 114% 101%
</TABLE>
(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 114 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)
<TABLE>
<CAPTION>
SIX MONTHS ENDED YEAR ENDED JULY 31,
1/31/2023 -------------------------------------------------------------------
(UNAUDITED) 2022 2021 2020 2019 2018
---------- ---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 84.49 $ 91.31 $ 55.98 $ 61.84 $ 66.80 $ 56.23
---------- ---------- ---------- ---------- ---------- ----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss) 0.58 1.05 0.61 0.51 0.60 0.52
Net realized and unrealized gain (loss) 2.29 (6.92) 35.35 (5.75) (4.98) 10.53
---------- ---------- ---------- ---------- ---------- ----------
Total from investment operations 2.87 (5.87) 35.96 (5.24) (4.38) 11.05
---------- ---------- ---------- ---------- ---------- ----------
DISTRIBUTIONS PAID TO SHAREHOLDERS FROM:
Net investment income (0.48) (0.95) (0.63) (0.62) (0.58) (0.48)
---------- ---------- ---------- ---------- ---------- ----------
Net asset value, end of period $ 86.88 $ 84.49 $ 91.31 $ 55.98 $ 61.84 $ 66.80
========== ========== ========== ========== ========== ==========
TOTAL RETURN (a) 3.47% (6.50)% 64.45% (8.55)% (6.52)% 19.72% (b)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's) $ 864,423 $ 827,993 $ 917,700 $ 397,470 $ 602,918 $ 728,102
RATIOS TO AVERAGE NET ASSETS:
Ratio of total expenses to average net
assets 0.61% (c) 0.59% 0.60% 0.61% 0.62% 0.63%
Ratio of net expenses to average net
assets 0.61% (c) 0.59% 0.60% 0.61% 0.62% 0.63%
Ratio of net investment income (loss) to
average net assets 1.43% (c) 1.18% 0.77% 0.93% 0.96% 0.87%
Portfolio turnover rate (d) 54% 94% 116% 123% 117% 116%
</TABLE>
FIRST TRUST LARGE CAP VALUE ALPHADEX(R) FUND (FTA)
<TABLE>
<CAPTION>
SIX MONTHS ENDED YEAR ENDED JULY 31,
1/31/2023 -------------------------------------------------------------------
(UNAUDITED) 2022 2021 2020 2019 2018
---------- ---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 66.10 $ 65.80 $ 46.39 $ 52.79 $ 54.07 $ 50.94
---------- ---------- ---------- ---------- ---------- ----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss) 0.78 1.21 1.01 1.11 1.02 1.02
Net realized and unrealized gain (loss) 5.59 0.27 (e) 19.41 (6.28) (1.43) 3.08
---------- ---------- ---------- ---------- ---------- ----------
Total from investment operations 6.37 1.48 20.42 (5.17) (0.41) 4.10
---------- ---------- ---------- ---------- ---------- ----------
DISTRIBUTIONS PAID TO SHAREHOLDERS FROM:
Net investment income (0.88) (1.18) (1.01) (1.23) (0.87) (0.97)
---------- ---------- ---------- ---------- ---------- ----------
Net asset value, end of period $ 71.59 $ 66.10 $ 65.80 $ 46.39 $ 52.79 $ 54.07
========== ========== ========== ========== ========== ==========
TOTAL RETURN (a) 9.83% 2.24% 44.43% (9.84)% (0.65)% 8.12%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's) $1,302,902 $1,160,039 $1,065,981 $ 617,016 $1,166,569 $1,146,354
RATIOS TO AVERAGE NET ASSETS:
Ratio of total expenses to average net
assets 0.60% (c) 0.59% 0.59% 0.60% 0.60% 0.61%
Ratio of net expenses to average net
assets 0.60% (c) 0.59% 0.59% 0.60% 0.60% 0.61%
Ratio of net investment income (loss) to
average net assets 2.36% (c) 1.79% 1.76% 2.12% 1.99% 1.92%
Portfolio turnover rate (d) 39% 75% 91% 94% 96% 82%
</TABLE>
(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) 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.
(c) Annualized.
(d) 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.
(e) The per share amount does not correlate with the aggregate realized and
unrealized gain (loss) due to the timing of the Fund share sales and
repurchases in relation to market value fluctuation of the underlying
investments.
See Notes to Financial Statements Page 115
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)
<TABLE>
<CAPTION>
SIX MONTHS ENDED YEAR ENDED JULY 31,
1/31/2023 -------------------------------------------------------------------
(UNAUDITED) 2022 2021 2020 2019 2018
---------- ---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 96.84 $ 112.65 $ 82.09 $ 71.35 $ 66.91 $ 55.88
---------- ---------- ---------- ---------- ---------- ----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss) 0.58 0.37 (0.07) 0.55 0.37 0.23
Net realized and unrealized gain (loss) (1.50) (15.96) 30.67 10.80 4.39 11.03
---------- ---------- ---------- ---------- ---------- ----------
Total from investment operations (0.92) (15.59) 30.60 11.35 4.76 11.26
---------- ---------- ---------- ---------- ---------- ----------
DISTRIBUTIONS PAID TO SHAREHOLDERS FROM:
Net investment income (0.61) (0.22) (0.04) (0.61) (0.32) (0.23)
---------- ---------- ---------- ---------- ---------- ----------
Net asset value, end of period $ 95.31 $ 96.84 $ 112.65 $ 82.09 $ 71.35 $ 66.91
========== ========== ========== ========== ========== ==========
TOTAL RETURN (a) (0.90)% (13.84)% 37.30% 16.10% 7.16% 20.19%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's) $ 919,771 $ 929,704 $1,194,111 $ 989,147 $1,041,726 $ 899,998
RATIOS TO AVERAGE NET ASSETS:
Ratio of total expenses to average net
assets 0.60% (b) 0.59% 0.59% 0.60% 0.61% 0.61%
Ratio of net expenses to average net
assets 0.60% (b) 0.59% 0.59% 0.60% 0.61% 0.61%
Ratio of net investment income (loss) to
average net assets 1.23% (b) 0.32% (0.07)% 0.76% 0.56% 0.36%
Portfolio turnover rate (c) 63% 121% 116% 138% 132% 119%
</TABLE>
FIRST TRUST MULTI CAP VALUE ALPHADEX(R) FUND (FAB)
<TABLE>
<CAPTION>
SIX MONTHS ENDED YEAR ENDED JULY 31,
1/31/2023 -------------------------------------------------------------------
(UNAUDITED) 2022 2021 2020 2019 2018
---------- ---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 70.76 $ 71.04 $ 46.72 $ 54.39 $ 57.35 $ 52.84
---------- ---------- ---------- ---------- ---------- ----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss) 0.72 1.20 0.84 0.95 0.92 0.96
Net realized and unrealized gain (loss) 5.48 (0.35) 24.34 (7.54) (3.04) 4.45
---------- ---------- ---------- ---------- ---------- ----------
Total from investment operations 6.20 0.85 25.18 (6.59) (2.12) 5.41
---------- ---------- ---------- ---------- ---------- ----------
DISTRIBUTIONS PAID TO SHAREHOLDERS FROM:
Net investment income (0.79) (1.13) (0.86) (1.08) (0.84) (0.90)
---------- ---------- ---------- ---------- ---------- ----------
Net asset value, end of period $ 76.17 $ 70.76 $ 71.04 $ 46.72 $ 54.39 $ 57.35
========== ========== ========== ========== ========== ==========
TOTAL RETURN (a) 8.95% 1.20% 54.35% (12.24)% (3.62)% 10.30%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's) $ 205,660 $ 176,894 $ 166,942 $ 51,387 $ 84,301 $ 91,766
RATIOS TO AVERAGE NET ASSETS:
Ratio of total expenses to average net
assets 0.64% (b) 0.66% 0.69% 0.74% 0.73% 0.70%
Ratio of net expenses to average net
assets 0.64% (b) 0.66% 0.69% 0.70% 0.70% 0.70%
Ratio of net investment income (loss) to
average net assets 2.09% (b) 1.64% 1.43% 1.86% 1.69% 1.67%
Portfolio turnover rate (c) 39% 76% 92% 98% 96% 89%
</TABLE>
(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 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 MULTI CAP GROWTH ALPHADEX(R) FUND (FAD)
<TABLE>
<CAPTION>
SIX MONTHS ENDED YEAR ENDED JULY 31,
1/31/2023 -------------------------------------------------------------------
(UNAUDITED) 2022 2021 2020 2019 2018
---------- ---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 101.49 $ 119.58 $ 83.11 $ 75.90 $ 72.71 $ 59.33
---------- ---------- ---------- ---------- ---------- ----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss) 0.45 0.46 (0.11) 0.42 0.22 0.12
Net realized and unrealized gain (loss) (0.82) (18.27) 36.71 7.27 3.14 13.40
---------- ---------- ---------- ---------- ---------- ----------
Total from investment operations (0.37) (17.81) 36.60 7.69 3.36 13.52
---------- ---------- ---------- ---------- ---------- ----------
DISTRIBUTIONS PAID TO SHAREHOLDERS FROM:
Net investment income (0.40) (0.28) (0.13) (0.48) (0.17) (0.14)
---------- ---------- ---------- ---------- ---------- ----------
Net asset value, end of period $ 100.72 $ 101.49 $ 119.58 $ 83.11 $ 75.90 $ 72.71
========== ========== ========== ========== ========== ==========
TOTAL RETURN (a) (0.33)% (14.91)% 44.10% 10.23% 4.65% 22.82%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's) $ 171,228 $ 182,686 $ 221,229 $ 170,367 $ 185,955 $ 192,685
RATIOS TO AVERAGE NET ASSETS:
Ratio of total expenses to average net
assets 0.64% (b) 0.63% 0.63% 0.63% 0.66% 0.69%
Ratio of net expenses to average net
assets 0.64% (b) 0.63% 0.63% 0.63% 0.66% 0.69%
Ratio of net investment income (loss) to
average net assets 0.91% (b) 0.39% (0.09)% 0.56% 0.31% 0.18%
Portfolio turnover rate (c) 61% 115% 104% 123% 130% 118%
</TABLE>
(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 117
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)
<TABLE>
<CAPTION>
SIX MONTHS ENDED YEAR ENDED JULY 31,
1/31/2023 -------------------------------------------------------------------
(UNAUDITED) 2022 2021 2020 2019 2018
---------- ---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 44.58 $ 44.69 $ 27.71 $ 34.67 $ 36.71 $ 33.65
---------- ---------- ---------- ---------- ---------- ----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss) 0.38 0.74 0.54 0.63 0.51 0.58
Net realized and unrealized gain (loss) 3.94 (0.16) 16.98 (6.86) (2.10) 3.04
---------- ---------- ---------- ---------- ---------- ----------
Total from investment operations 4.32 0.58 17.52 (6.23) (1.59) 3.62
---------- ---------- ---------- ---------- ---------- ----------
DISTRIBUTIONS PAID TO SHAREHOLDERS FROM:
Net investment income (0.44) (0.69) (0.54) (0.73) (0.45) (0.56)
---------- ---------- ---------- ---------- ---------- ----------
Net asset value, end of period $ 48.46 $ 44.58 $ 44.69 $ 27.71 $ 34.67 $ 36.71
========== ========== ========== ========== ========== ==========
TOTAL RETURN (a) 9.88% 1.31% 63.76% (18.19)% (4.26)% 10.80%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's) $ 256,842 $ 222,894 $ 140,774 $ 34,636 $ 55,473 $ 49,565
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 1.78% (b) 1.63% 1.33% 2.04% 1.49% 1.61%
Portfolio turnover rate (c) 45% 84% 102% 107% 113% 94%
</TABLE>
FIRST TRUST MID CAP GROWTH ALPHADEX(R) FUND (FNY)
<TABLE>
<CAPTION>
SIX MONTHS ENDED YEAR ENDED JULY 31,
1/31/2023 -------------------------------------------------------------------
(UNAUDITED) 2022 2021 2020 2019 2018
---------- ---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 61.22 $ 73.58 $ 51.23 $ 46.59 $ 43.80 $ 35.07
---------- ---------- ---------- ---------- ---------- ----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss) 0.15 0.01 (0.18) 0.11 0.04 0.03
Net realized and unrealized gain (loss) (0.16) (12.37) 22.69 4.67 2.77 8.75
---------- ---------- ---------- ---------- ---------- ----------
Total from investment operations (0.01) (12.36) 22.51 4.78 2.81 8.78
---------- ---------- ---------- ---------- ---------- ----------
DISTRIBUTIONS PAID TO SHAREHOLDERS FROM:
Net investment income (0.13) -- (0.16) (0.14) (0.02) (0.05)
---------- ---------- ---------- ---------- ---------- ----------
Net asset value, end of period $ 61.08 $ 61.22 $ 73.58 $ 51.23 $ 46.59 $ 43.80
========== ========== ========== ========== ========== ==========
TOTAL RETURN (a) 0.01% (16.80)% 44.02% 10.28% 6.43% 25.06%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's) $ 265,708 $ 281,629 $ 463,572 $ 338,149 $ 309,826 $ 214,639
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 0.51% (b) 0.09% (0.24)% 0.23% 0.09% 0.02%
Portfolio turnover rate (c) 67% 136% 138% 135% 144% 124%
</TABLE>
(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 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 SMALL CAP VALUE ALPHADEX(R) FUND (FYT)
<TABLE>
<CAPTION>
SIX MONTHS ENDED YEAR ENDED JULY 31,
1/31/2023 -------------------------------------------------------------------
(UNAUDITED) 2022 2021 2020 2019 2018
---------- ---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 48.64 $ 50.28 $ 30.78 $ 34.66 $ 38.98 $ 34.33
---------- ---------- ---------- ---------- ---------- ----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss) 0.45 0.67 0.45 0.38 0.57 0.48
Net realized and unrealized gain (loss) 2.10 (1.69) 19.52 (3.75) (4.36) 4.60
---------- ---------- ---------- ---------- ---------- ----------
Total from investment operations 2.55 (1.02) 19.97 (3.37) (3.79) 5.08
---------- ---------- ---------- ---------- ---------- ----------
DISTRIBUTIONS PAID TO SHAREHOLDERS FROM:
Net investment income (0.41) (0.62) (0.47) (0.51) (0.53) (0.43)
---------- ---------- ---------- ---------- ---------- ----------
Net asset value, end of period $ 50.78 $ 48.64 $ 50.28 $ 30.78 $ 34.66 $ 38.98
========== ========== ========== ========== ========== ==========
TOTAL RETURN (a) 5.39% (2.06)% 65.22% (9.83)% (9.69)% 14.86% (b)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's) $ 203,108 $ 223,722 $ 268,991 $ 46,176 $ 60,659 $ 76,003
RATIOS TO AVERAGE NET ASSETS:
Ratio of total expenses to average net
assets 0.70% (c) 0.70% 0.70% 0.70% 0.70% 0.70%
Ratio of net expenses to average net
assets 0.70% (c) 0.70% 0.70% 0.70% 0.70% 0.70%
Ratio of net investment income (loss) to
average net assets 1.87% (c) 1.29% 1.08% 1.18% 1.58% 1.28%
Portfolio turnover rate (d) 53% 90% 109% 120% 120% 123%
</TABLE>
FIRST TRUST SMALL CAP GROWTH ALPHADEX(R) FUND (FYC)
<TABLE>
<CAPTION>
SIX MONTHS ENDED YEAR ENDED JULY 31,
1/31/2023 -------------------------------------------------------------------
(UNAUDITED) 2022 2021 2020 2019 2018
---------- ---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 60.22 $ 71.14 $ 44.46 $ 46.87 $ 48.79 $ 38.83
---------- ---------- ---------- ---------- ---------- ----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss) 0.21 0.54 0.03 0.17 0.02 0.06
Net realized and unrealized gain (loss) (0.03) (10.99) 26.72 (2.40) (1.93) 9.97
---------- ---------- ---------- ---------- ---------- ----------
Total from investment operations 0.18 (10.45) 26.75 (2.23) (1.91) 10.03
---------- ---------- ---------- ---------- ---------- ----------
DISTRIBUTIONS PAID TO SHAREHOLDERS FROM:
Net investment income -- (0.47) (0.07) (0.18) (0.01) (0.07)
---------- ---------- ---------- ---------- ---------- ----------
Net asset value, end of period $ 60.40 $ 60.22 $ 71.14 $ 44.46 $ 46.87 $ 48.79
========== ========== ========== ========== ========== ==========
TOTAL RETURN (a) 0.30% (14.81)% 60.24% (4.79)% (3.90)% 25.85% (e)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's) $ 223,496 $ 201,727 $ 394,827 $ 146,704 $ 278,851 $ 361,010
RATIOS TO AVERAGE NET ASSETS:
Ratio of total expenses to average net
assets 0.70% (c) 0.70% 0.70% 0.70% 0.70% 0.70%
Ratio of net expenses to average net
assets 0.70% (c) 0.70% 0.70% 0.70% 0.70% 0.70%
Ratio of net investment income (loss) to
average net assets 0.66% (c) 0.88% 0.02% 0.44% 0.04% 0.11%
Portfolio turnover rate (d) 68% 132% 151% 137% 152% 141%
</TABLE>
(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) 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.
(c) Annualized.
(d) 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.
(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 119
--------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS
--------------------------------------------------------------------------------
FIRST TRUST EXCHANGE-TRADED ALPHADEX(R) FUND
STYLE FUNDS
JANUARY 31, 2023 (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 exchange-traded funds considered either a
Sector Fund or a Style Fund. This report covers the eleven Style Funds (each a
"Fund" and collectively, the "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")
Each Fund represents a separate series of shares of beneficial interest in the
Trust. Unlike conventional mutual funds, each Fund issues and redeems shares on
a continuous basis, at net asset value ("NAV"), only in large blocks of shares
known as "Creation Units." 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:
<TABLE>
<CAPTION>
FUND INDEX
<S> <C>
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
</TABLE>
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 readily available market quotations such as 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
Page 120
--------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
--------------------------------------------------------------------------------
FIRST TRUST EXCHANGE-TRADED ALPHADEX(R) FUND
STYLE FUNDS
JANUARY 31, 2023 (UNAUDITED)
Committee of the Funds' investment advisor, First Trust Advisors L.P. ("First
Trust" or the "Advisor"), in accordance with valuation procedures approved by
the Trust's Board of Trustees, and in accordance with provisions of the 1940 Act
and rules thereunder. 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 primary exchange for such securities.
Shares of open-end funds are valued based on NAV per share.
Securities traded in an over-the-counter market are valued at the mean of
their most recent bid and asked price, if available, and otherwise at
their last trade price.
Overnight repurchase agreements are valued at amortized cost when it
represents the most appropriate reflection of fair market value.
Certain securities may not be able to be priced by pre-established pricing
methods. Such securities may be valued by 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 last sale price on the exchange on which they are principally
traded or, for Nasdaq and AIM securities, the official closing
price;
2) the type of security;
3) the size of the holding;
4) the initial cost of the security;
5) transactions in comparable securities;
6) price quotes from dealers and/or third-party pricing services;
7) relationships among various securities;
8) information obtained by contacting the issuer, analysts, or the
appropriate stock exchange;
9) an analysis of the issuer's financial statements;
10) the existence of merger proposals or tender offers that might affect
the value of the security; and
11) other relevant factors.
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.
Page 121
--------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
--------------------------------------------------------------------------------
FIRST TRUST EXCHANGE-TRADED ALPHADEX(R) FUND
STYLE FUNDS
JANUARY 31, 2023 (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, 2023, 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 with the exception of FYC.
The Bank of New York Mellon ("BNYM") acts as FYC's 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
Page 122
--------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
--------------------------------------------------------------------------------
FIRST TRUST EXCHANGE-TRADED ALPHADEX(R) FUND
STYLE FUNDS
JANUARY 31, 2023 (UNAUDITED)
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, 2023, all the Funds except FEX, FTA, FTC,
and FNK had securities in the securities lending program. During the six months
ended January 31, 2023, all the Funds participated in the securities lending
program.
In the event of a default by a borrower with respect to any loan, BBH or BNYM
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
and BNYM to exercise these remedies, a Fund sustains losses as a result of a
borrower's default, BBH or BNYM 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 or BNYM.
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 or BNYM 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, 2023, were received as
collateral for lending securities.
F. RESTRICTED SECURITIES
As of January 31, 2023, FAD and FYC held restricted securities as shown in the
following tables that the Advisor has deemed illiquid pursuant to procedures
adopted by FAD and FYC's Board of Trustees.
<TABLE>
<CAPTION>
ACQUISITION CURRENT CARRYING % OF NET
SECURITY DATE SHARES PRICE COST VALUE ASSETS
-----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
FAD
OmniAB, Inc. - 12.5 Earnout Shares 11/02/2022 162 $0.00 $0.00 $0.00 0.00%
OmniAB, Inc. - 15 Earnout Shares 11/02/2022 162 0.00 0.00 0.00 0.00
-------------------------------
$0.00 $0.00 0.00%
===============================
FYC
OmniAB, Inc. - 12.5 Earnout Shares 11/02/2022 1,080 $0.00 $0.00 $0.00 0.00%
OmniAB, Inc. - 15 Earnout Shares 11/02/2022 1,080 0.00 0.00 0.00 0.00
-------------------------------
$0.00 $0.00 0.00%
===============================
</TABLE>
G. 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. A Fund may also designate a portion of the amount paid to
redeeming shareholders as a distribution for tax purposes.
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
Page 123
--------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
--------------------------------------------------------------------------------
FIRST TRUST EXCHANGE-TRADED ALPHADEX(R) FUND
STYLE FUNDS
JANUARY 31, 2023 (UNAUDITED)
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, 2022, was as
follows:
<TABLE>
<CAPTION>
Distributions paid from Distributions paid from Distributions paid from
Ordinary Income Capital Gains Return of Capital
----------------------- ----------------------- -----------------------
<S> <C> <C> <C>
First Trust Large Cap Core AlphaDEX(R) Fund $ 12,780,587 $ -- $ --
First Trust Mid Cap Core AlphaDEX(R) Fund 11,863,187 -- --
First Trust Small Cap Core AlphaDEX(R) Fund 9,613,591 -- --
First Trust Large Cap Value AlphaDEX(R) Fund 19,926,672 -- --
First Trust Large Cap Growth AlphaDEX(R) Fund 2,104,295 -- --
First Trust Multi Cap Value AlphaDEX(R) Fund 2,513,652 -- --
First Trust Multi Cap Growth AlphaDEX(R) Fund 548,985 -- --
First Trust Mid Cap Value AlphaDEX(R) Fund 2,896,736 -- --
First Trust Mid Cap Growth AlphaDEX(R) Fund -- -- --
First Trust Small Cap Value AlphaDEX(R) Fund 2,856,336 -- --
First Trust Small Cap Growth AlphaDEX(R) Fund 2,337,676 -- --
</TABLE>
As of July 31, 2022, the components of distributable earnings on a tax basis for
each Fund were as follows:
<TABLE>
<CAPTION>
Accumulated
Undistributed Capital and Net Unrealized
Ordinary Other Appreciation
Income Gain (Loss) (Depreciation)
----------------------- ----------------------- -----------------------
<S> <C> <C> <C>
First Trust Large Cap Core AlphaDEX(R) Fund $ 1,806,887 $ (263,438,750) $ 77,932,536
First Trust Mid Cap Core AlphaDEX(R) Fund 1,495,999 (271,775,189) 51,177,683
First Trust Small Cap Core AlphaDEX(R) Fund 341,829 (302,093,125) (8,027,476)
First Trust Large Cap Value AlphaDEX(R) Fund 2,258,014 (225,179,454) 10,322,904
First Trust Large Cap Growth AlphaDEX(R) Fund 1,118,330 (201,630,686) 58,127,907
First Trust Multi Cap Value AlphaDEX(R) Fund 356,206 (33,769,693) (7,434,255)
First Trust Multi Cap Growth AlphaDEX(R) Fund 18,597 (58,614,542) 9,922,009
First Trust Mid Cap Value AlphaDEX(R) Fund 419,163 (34,261,605) (13,894,345)
First Trust Mid Cap Growth AlphaDEX(R) Fund -- (126,446,869) 7,309,807
First Trust Small Cap Value AlphaDEX(R) Fund 392,935 (44,751,387) (19,209,376)
First Trust Small Cap Growth AlphaDEX(R) Fund (732,602) (142,562,991) (13,311,329)
</TABLE>
H. 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. The taxable years ended 2019,
2020, 2021, and 2022 remain open to federal and state audit. As of January 31,
2023, 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.
Each Fund intends to utilize provisions of the federal income tax laws, which
allow it to carry a realized capital loss forward indefinitely following the
year of the loss and offset such loss against any future realized capital gains.
Each Fund is 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. At July 31, 2022, for
federal income tax purposes, each applicable Fund had a capital loss
carryforward available that is shown in the table below, to the extent provided
by regulations, to offset future capital gains. 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 each applicable Fund's
shareholders.
Page 124
--------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
--------------------------------------------------------------------------------
FIRST TRUST EXCHANGE-TRADED ALPHADEX(R) FUND
STYLE FUNDS
JANUARY 31, 2023 (UNAUDITED)
<TABLE>
<CAPTION>
Non-Expiring
Capital Loss
Carryforward
---------------------
<S> <C>
First Trust Large Cap Core AlphaDEX(R) Fund $ 263,438,750
First Trust Mid Cap Core AlphaDEX(R) Fund 271,775,189
First Trust Small Cap Core AlphaDEX(R) Fund 302,093,125
First Trust Large Cap Value AlphaDEX(R) Fund 225,179,454
First Trust Large Cap Growth AlphaDEX(R) Fund 201,630,686
First Trust Multi Cap Value AlphaDEX(R) Fund 33,769,693
First Trust Multi Cap Growth AlphaDEX(R) Fund 58,614,542
First Trust Mid Cap Value AlphaDEX(R) Fund 34,261,605
First Trust Mid Cap Growth AlphaDEX(R) Fund 126,446,869
First Trust Small Cap Value AlphaDEX(R) Fund 44,751,387
First Trust Small Cap Growth AlphaDEX(R) Fund 142,562,991
</TABLE>
During the taxable year ended July 31, 2022, the following Funds utilized
capital loss carryforwards in the following amounts:
<TABLE>
<CAPTION>
Capital Loss
Carryforward
Utilized
---------------------
<S> <C>
First Trust Large Cap Core AlphaDEX(R) Fund $ 39,646,001
First Trust Mid Cap Core AlphaDEX(R) Fund --
First Trust Small Cap Core AlphaDEX(R) Fund --
First Trust Large Cap Value AlphaDEX(R) Fund 17,259,772
First Trust Large Cap Growth AlphaDEX(R) Fund --
First Trust Multi Cap Value AlphaDEX(R) Fund 2,356,314
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 --
</TABLE>
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, 2022, the following Fund
listed below incurred and elected to defer net late year ordinary or capital
losses as follows:
<TABLE>
<CAPTION>
Qualified Late Year Losses
-------------------------------------
Ordinary Losses Capital Losses
--------------- --------------
<S> <C> <C>
First Trust Small Cap Growth AlphaDEX(R) Fund $ 732,602 $ --
</TABLE>
As of January 31, 2023, the aggregate cost, gross unrealized appreciation, gross
unrealized depreciation, and net unrealized appreciation/(depreciation) on
investments (including short positions and derivatives, if any) for federal
income tax purposes were as follows:
<TABLE>
<CAPTION>
Gross Gross Net Unrealized
Unrealized Unrealized Appreciation
Tax Cost Appreciation (Depreciation) (Depreciation)
----------------------------------------------------------------------
<S> <C> <C> <C> <C>
First Trust Large Cap Core AlphaDEX(R) Fund $ 1,047,908,163 $ 181,977,408 $ (25,601,220) $ 156,376,188
First Trust Mid Cap Core AlphaDEX(R) Fund 896,876,221 162,232,034 (22,393,344) 139,838,690
First Trust Small Cap Core AlphaDEX(R) Fund 786,323,084 122,684,318 (36,540,368) 86,143,950
First Trust Large Cap Value AlphaDEX(R) Fund 1,183,839,277 152,631,046 (33,567,191) 119,063,855
First Trust Large Cap Growth AlphaDEX(R) Fund 811,512,980 122,920,437 (14,781,941) 108,138,496
First Trust Multi Cap Value AlphaDEX(R) Fund 192,560,673 19,982,092 (6,669,758) 13,312,334
First Trust Multi Cap Growth AlphaDEX(R) Fund 149,007,393 25,771,987 (3,103,155) 22,668,832
First Trust Mid Cap Value AlphaDEX(R) Fund 240,689,747 24,208,124 (8,439,684) 15,768,440
First Trust Mid Cap Growth AlphaDEX(R) Fund 237,626,391 33,847,404 (5,060,412) 28,786,992
First Trust Small Cap Value AlphaDEX(R) Fund 197,418,999 19,352,018 (13,624,523) 5,727,495
First Trust Small Cap Growth AlphaDEX(R) Fund 209,560,353 27,455,101 (8,663,294) 18,791,807
</TABLE>
Page 125
--------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
--------------------------------------------------------------------------------
FIRST TRUST EXCHANGE-TRADED ALPHADEX(R) FUND
STYLE FUNDS
JANUARY 31, 2023 (UNAUDITED)
I. 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 and First Trust Small Cap Growth 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 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. Effective November 1, 2022, the
management fee payable by each Fund to First Trust for these services will be
reduced at certain levels of each Fund's net assets ("breakpoints") and
calculated pursuant to the schedule below:
<TABLE>
<CAPTION>
Breakpoints
-------------------------------------------------------------------------
<S> <C>
Fund net assets up to and including $2.5 billion 0.7000%
Fund net assets greater than $2.5 billion up to and including $5 billion 0.6825%
Fund net assets greater than $5 billion up to and including $7.5 billion 0.6650%
Fund net assets greater than $7.5 billion up to and including $10 billion 0.6475%
Fund net assets greater than $10 billion up to and including $15 billion 0.6300%
Fund net assets greater than $15 billion 0.5950%
</TABLE>
Prior to November 1, 2022, First Trust was paid an annual unitary management fee
of 0.70% of such Unitary Fee Fund's average daily net assets.
Effective November 1, 2022, 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 each Fund's average daily net assets and calculated pursuant
to the schedule below:
<TABLE>
<CAPTION>
Breakpoints
-------------------------------------------------------------------------
<S> <C>
Fund net assets up to and including $2.5 billion 0.5000%
Fund net assets greater than $2.5 billion up to and including $5 billion 0.4875%
Fund net assets greater than $5 billion up to and including $7.5 billion 0.4750%
Fund net assets greater than $7.5 billion up to and including $10 billion 0.4625%
Fund net assets greater than $10 billion up to and including $15 billion 0.4500%
Fund net assets greater than $15 billion 0.4250%
</TABLE>
Prior to November 1, 2022, First Trust was paid an annual management fee of
0.50% of such Fund's average daily net assets.
Page 126
--------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
--------------------------------------------------------------------------------
FIRST TRUST EXCHANGE-TRADED ALPHADEX(R) FUND
STYLE FUNDS
JANUARY 31, 2023 (UNAUDITED)
For 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, 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, 2023.
Prior to November 1, 2022, expenses reimbursed and fees waived by First Trust
under the Recovery Agreement were subject to recovery by First Trust for up to
three years from the date the fee or expense was incurred, but no reimbursement
payment would be made by a Fund if it results in the Fund's expenses 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. Effective November 1,
2022, in connection with the introduction of breakpoints discussed above, First
Trust has agreed to remove its ability to recover previous expenses borne and
fees waived under the Recovery Agreement.
The Trust has multiple service agreements with 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 target outcome fund or an index fund.
Additionally, the Lead Independent Trustee and the Chairs 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 Chairs
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, 2023, the cost of purchases and proceeds
from sales of investments for each Fund, excluding short-term investments and
in-kind transactions, were as follows:
<TABLE>
<CAPTION>
Purchases Sales
--------------- ---------------
<S> <C> <C>
First Trust Large Cap Core AlphaDEX(R) Fund $ 460,736,086 $ 461,895,260
First Trust Mid Cap Core AlphaDEX(R) Fund 479,087,140 478,996,842
First Trust Small Cap Core AlphaDEX(R) Fund 435,617,792 434,465,411
First Trust Large Cap Value AlphaDEX(R) Fund 464,509,400 468,415,045
First Trust Large Cap Growth AlphaDEX(R) Fund 568,361,001 568,945,326
First Trust Multi Cap Value AlphaDEX(R) Fund 71,848,244 72,318,913
First Trust Multi Cap Growth AlphaDEX(R) Fund 103,118,927 102,870,200
First Trust Mid Cap Value AlphaDEX(R) Fund 103,880,532 104,186,153
First Trust Mid Cap Growth AlphaDEX(R) Fund 180,498,497 180,115,620
First Trust Small Cap Value AlphaDEX(R) Fund 103,651,578 103,623,912
First Trust Small Cap Growth AlphaDEX(R) Fund 143,280,876 142,708,610
</TABLE>
Page 127
--------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
--------------------------------------------------------------------------------
FIRST TRUST EXCHANGE-TRADED ALPHADEX(R) FUND
STYLE FUNDS
JANUARY 31, 2023 (UNAUDITED)
For the six months ended January 31, 2023, the cost of in-kind purchases and
proceeds from in-kind sales for each Fund were as follows:
<TABLE>
<CAPTION>
Purchases Sales
--------------- ---------------
<S> <C> <C>
First Trust Large Cap Core AlphaDEX(R) Fund $ 64,805,941 $ 11,930,350
First Trust Mid Cap Core AlphaDEX(R) Fund 45,641,212 30,579,721
First Trust Small Cap Core AlphaDEX(R) Fund 56,508,811 43,672,108
First Trust Large Cap Value AlphaDEX(R) Fund 136,260,562 94,080,158
First Trust Large Cap Growth AlphaDEX(R) Fund 42,938,074 36,475,486
First Trust Multi Cap Value AlphaDEX(R) Fund 56,524,488 41,662,529
First Trust Multi Cap Growth AlphaDEX(R) Fund 4,965,425 13,979,474
First Trust Mid Cap Value AlphaDEX(R) Fund 79,593,536 64,516,109
First Trust Mid Cap Growth AlphaDEX(R) Fund 33,237,815 45,326,071
First Trust Small Cap Value AlphaDEX(R) Fund 28,846,698 53,425,316
First Trust Small Cap Growth AlphaDEX(R) Fund 41,175,762 19,750,853
</TABLE>
5. CREATIONS, REDEMPTIONS AND TRANSACTION FEES
Each Fund generally issues and redeems its shares in primary market transactions
through a creation and redemption mechanism and does not sell or redeem
individual shares. Instead, financial entities known as "Authorized
Participants" have contractual arrangements with a Fund or one of the Fund's
service providers to purchase and redeem Fund shares directly with the Fund in
large blocks of shares known as "Creation Units." Prior to the start of trading
on every business day, a Fund publishes through the National Securities Clearing
Corporation ("NSCC") the "basket" of securities, cash or other assets that it
will accept in exchange for a Creation Unit of the Fund's shares. An Authorized
Participant that wishes to effectuate a creation of a Fund's shares deposits
with the Fund the "basket" of securities, cash or other assets identified by the
Fund that day, and then receives the Creation Unit of the Fund's shares in
return for those assets. After purchasing a Creation Unit, the Authorized
Participant may continue to hold the Fund's shares or sell them in the secondary
market. The redemption process is the reverse of the purchase process: the
Authorized Participant redeems a Creation Unit of a Fund's shares for a basket
of securities, cash or other assets. The combination of the creation and
redemption process with secondary market trading in a Fund's shares and
underlying securities provides arbitrage opportunities that are designed to help
keep the market price of a Fund's shares at or close to the NAV per share of the
Fund.
Each Fund imposes fees in connection with the purchase of Creation Units. These
fees may vary based upon various fact-based circumstances, including, but not
limited to, the composition of the securities included in the Creation Unit or
the countries in which the transactions are settled. The price for each Creation
Unit will equal the daily NAV per share of a Fund times the number of shares in
a Creation Unit, plus the fees described above and, if applicable, any
operational processing and brokerage costs, transfer fees, stamp taxes and part
or all of the spread between the expected bid and offer side of the market
related to the securities comprising the creation basket.
Each Fund also imposes fees in connection with the redemption of Creation Units.
These fees may vary based upon various fact-based circumstances, including, but
not limited to, the composition of the securities included in the Creation Unit
or the countries in which the transactions are settled. The price received for
each Creation Unit will equal the daily NAV per share of a Fund times the number
of shares in a Creation Unit, minus the fees described above and, if applicable,
any operational processing and brokerage costs, transfer fees, stamp taxes and
part or all of the spread between the expected bid and offer side of the market
related to the securities comprising the redemption basket. Investors who use
the services of a broker or other such intermediary in addition to an Authorized
Participant to effect a redemption of a Creation Unit may also be assessed an
amount to cover the cost of such services. The redemption fee charged by a Fund
will comply with Rule 22c-2 of the 1940 Act which limits redemption fees to no
more than 2% of the value of the shares redeemed.
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, 2023.
Page 128
--------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
--------------------------------------------------------------------------------
FIRST TRUST EXCHANGE-TRADED ALPHADEX(R) FUND
STYLE FUNDS
JANUARY 31, 2023 (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:
On March 10, 2023, Silicon Valley Bank was placed in receivership under the
Federal Deposit Insurance Company. The parent company of Silicon Valley Bank is
SVB Financial Group, which is held in FEX, FTA and FAB. Since that event, SVB
Financial Group has been valued at zero.
Page 129
--------------------------------------------------------------------------------
ADDITIONAL INFORMATION
--------------------------------------------------------------------------------
FIRST TRUST EXCHANGE-TRADED ALPHADEX(R) FUND
STYLE FUNDS
JANUARY 31, 2023 (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 significant
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
more broadly diversified.
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.
DEFINED OUTCOME FUNDS RISK. To the extent a fund's investment strategy is
designed to deliver returns tied to the price performance of an underlying ETF,
an investor may not realize the returns the fund seeks to achieve if that
investor does not hold shares for the entire target outcome period. In the event
an investor purchases shares after the first day of the target outcome period or
sells shares prior to the end of the target outcome period, the buffer that the
fund seeks to provide against a decline in the value of the underlying ETF may
not be available, the enhanced returns that the fund seeks to provide (if any)
may not be available and the investor may not participate in a gain in the value
of the underlying ETF up to the cap for the investor's investment period.
Additionally, the fund will not participate in gains of the underlying ETF above
the cap and a shareholder may lose their entire investment. If the fund seeks
enhanced returns, there are certain time periods when the value of the fund may
fall faster than the value of the underlying ETF, and it is very unlikely that,
on any given day during which the underlying ETF share price increases in value,
the fund's share price will increase at the same rate as the enhanced returns
sought by the fund, which is designed for an entire target outcome period.
Trading flexible exchange options involves risks different from, or possibly
greater than, the risks associated with investing directly in securities, such
as less liquidity and correlation and valuation risks. A fund may experience
substantial downside from specific flexible exchange option positions and
certain positions may expire worthless.
Page 130
--------------------------------------------------------------------------------
ADDITIONAL INFORMATION (CONTINUED)
--------------------------------------------------------------------------------
FIRST TRUST EXCHANGE-TRADED ALPHADEX(R) FUND
STYLE FUNDS
JANUARY 31, 2023 (UNAUDITED)
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.
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 OR MODEL CONSTITUENT RISK. Certain funds may be a constituent of one or
more indices or ETF models. 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 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. In addition, index rebalances may potentially result in increased
trading activity in a fund's shares.
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. The United Kingdom's Financial
Conduct Authority, which regulates LIBOR has ceased making LIBOR available as a
reference rate over a phase-out period that began December 31, 2021. There is no
assurance that any alternative reference rate, including the Secured Overnight
Financing Rate ("SOFR") will be similar to or produce the same value or economic
equivalence as LIBOR or that instruments using an alternative rate will have the
same volume or liquidity. 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, and they could result in
losses to the fund.
Page 131
--------------------------------------------------------------------------------
ADDITIONAL INFORMATION (CONTINUED)
--------------------------------------------------------------------------------
FIRST TRUST EXCHANGE-TRADED ALPHADEX(R) FUND
STYLE FUNDS
JANUARY 31, 2023 (UNAUDITED)
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. Market risk is the risk that a particular security, or shares of a
fund in general, may fall in value. 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. In February
2022, Russia invaded Ukraine which has caused and could continue to cause
significant market disruptions and volatility within the markets in Russia,
Europe, and the United States. The hostilities and sanctions resulting from
those hostilities could have a significant impact on certain fund investments as
well as fund performance. The COVID-19 global pandemic and the ensuing policies
enacted by governments and central banks have caused and may continue to cause
significant volatility and uncertainty in global financial markets. While the
U.S. has resumed "reasonably" normal business activity, many countries continue
to impose lockdown measures. Additionally, there is no guarantee that vaccines
will be effective against emerging variants of the disease. These events also
adversely affect the prices and liquidity of a fund's portfolio securities or
other instruments and could result in disruptions in the trading markets. Any of
such circumstances could have a materially negative impact on the value of a
fund's shares and result in increased market volatility. During any such events,
a fund's shares may trade at increased premiums or discounts to their net asset
value and the bid/ask spread on a fund's shares may widen.
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;
capital controls; lack of liquidity; currency exchange rates; excessive
taxation; government seizure of assets; the imposition of sanctions by foreign
governments; 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.
OPERATIONAL RISK. Each fund is subject to risks arising from various operational
factors, including, but not limited to, human error, processing and
communication errors, errors of a fund's service providers, counterparties or
other third-parties, failed or inadequate processes and technology or systems
failures. Each fund relies on third-parties for a range of services, including
custody. Any delay or failure relating to engaging or maintaining such service
providers may affect a fund's ability to meet its investment objective. Although
the funds and the funds' investment advisor seek to reduce these operational
risks through controls and procedures, there is no way to completely protect
against such risks.
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.
PREFERRED SECURITIES RISK. Preferred securities combine some of the
characteristics of both common stocks and bonds. Preferred securities are
typically subordinated to bonds and other debt securities in a company's capital
structure in terms of priority to corporate income, subjecting them to greater
credit risk than those debt securities. Generally, holders of preferred
securities have no voting rights with respect to the issuing company unless
preferred dividends have been in arrears for a specified number of periods, at
which time the preferred security holders may obtain limited rights. In certain
circumstances, an issuer of preferred securities may defer payment on the
securities and, in some cases, redeem the securities prior to a specified date.
Preferred securities may also be substantially less liquid than other
securities, including common stock.
VALUATION RISK. The valuation of certain securities may carry more risk than
that of common stock. Uncertainties in the conditions of the financial markets,
unreliable reference data, lack of transparency and inconsistency of valuation
models and processes may lead to inaccurate asset pricing. A fund may hold
investments in sizes smaller than institutionally sized round lot positions
(sometimes referred to as odd lots). However, third-party pricing services
generally provide evaluations on the basis of institutionally-sized round lots.
If a fund sells certain of its investments in an odd lot transaction, the sale
price may be less than the value at which such securities have been held by the
fund. Odd lots often trade at lower prices than institutional round lots. There
is no assurance that the fund will be able to sell a portfolio security at the
price established by the pricing service, which could result in a loss to the
fund.
NOT FDIC INSURED NOT BANK GUARANTEED MAY LOSE VALUE
Page 132
--------------------------------------------------------------------------------
ADDITIONAL INFORMATION (CONTINUED)
--------------------------------------------------------------------------------
FIRST TRUST EXCHANGE-TRADED ALPHADEX(R) FUND
STYLE FUNDS
JANUARY 31, 2023 (UNAUDITED)
ADVISORY AGREEMENTS
BOARD CONSIDERATIONS REGARDING APPROVAL OF AMENDMENTS TO THE INVESTMENT
MANAGEMENT AGREEMENTS
The Board of Trustees of First Trust Exchange-Traded AlphaDEX(R) Fund (the
"Trust"), including the Independent Trustees, unanimously approved the amendment
(as applicable to a specific Fund, the "Amendment" and collectively, the
"Amendments") of the Investment Management Agreements (as applicable to a
specific Fund, the "Agreement" and collectively, the "Agreements") with First
Trust Advisors L.P. (the "Advisor") on behalf of the following eleven series of
the Trust (each a "Fund" and collectively, the "Funds"):
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 Growth AlphaDEX(R) Fund (FNY)
First Trust Mid Cap Value AlphaDEX(R) Fund (FNK)
First Trust Small Cap Growth AlphaDEX(R) Fund (FYC)
First Trust Small Cap Value AlphaDEX(R) Fund (FYT)
The Board approved the Amendment for each Fund at a meeting held on October 24,
2022. As part of the review process, the Board reviewed information and had
preliminary discussions with the Advisor regarding the proposed Amendments at
meetings held on April 18, 2022, June 12-13, 2022 and September 18-19, 2022.
Following those preliminary discussions, the Board requested and received
information from the Advisor regarding the proposed Amendments, and that
information was considered at an executive session of the Independent Trustees
and their counsel held prior to the October 24, 2022 meeting, as well as at the
October meeting.
In reviewing the Amendment for each Fund, the Board considered that the purpose
of the Amendments is to modify the advisory fee rate for each of FEX, FNX, FYX,
FTA, FTC, FAB and FAD and the unitary fee rate for each of FNY, FNK, FYC and FYT
under the applicable Agreement by introducing a breakpoint schedule pursuant to
which the advisory fee rate or unitary fee rate paid by each Fund, as
applicable, to the Advisor will be reduced as assets of such Fund meet certain
thresholds. The Board noted the Advisor's representations that the quality and
quantity of the services provided to each Fund by the Advisor under the
applicable Agreement will not be reduced or modified as a result of the
applicable Amendment, and that the obligations of the Advisor under each
Agreement will remain the same in all respects.
The Board noted that it, including the Independent Trustees, last approved the
continuation of the applicable Agreement for each Fund for a one-year period
ending June 30, 2023 at a meeting held on June 12-13, 2022. The Board noted that
in connection with such approval it had determined for each Fund, based upon the
information provided, that the terms of the applicable Agreement were fair and
reasonable and that the continuation of the applicable Agreement was in the best
interests of the Fund in light of the nature, extent and quality of the services
provided and such other matters as the Board considered to be relevant in the
exercise of its business judgment.
The Board noted that with respect to FEX, FNX, FYX, FTA, FTC, FAB and FAD, the
Advisor had previously agreed to waive management fees and reimburse certain
expenses for a specified period to prevent each Fund's expense ratio from
exceeding a particular expense cap, that the expense cap for each Fund would
continue following entry into the applicable Amendment, and that under the
current terms of the expense caps, expenses reimbursed and fees waived are
subject to recovery by the Advisor for up to three years from the date the fee
was waived or expense was incurred under certain conditions. The Board noted
that in connection with the applicable Amendment, the Advisor agreed to amend
the terms of the expense caps to eliminate its ability to recover any fees
waived or expenses reimbursed.
Based on all of the information considered, the Board, including the Independent
Trustees, unanimously determined that the terms of the Amendments are fair and
reasonable and that the Amendments are in the best interests of each Fund.
Page 133
This page is intentionally left blank.
This page is intentionally left blank.
This page is intentionally left blank.
--------------------------------------------------------------------------------
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
320 South Canal Street
Chicago, IL 60606
[BLANK BACK COVER]
| (b) | Not applicable. |
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.
| (registrant) | First Trust Exchange-Traded AlphaDEX® Fund |
| By (Signature and Title)* | /s/ James M. Dykas | |
| James M. Dykas, President and Chief Executive Officer (principal executive officer) |
| Date: | April 6, 2023 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below 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 (principal executive officer) |
| Date: | April 6, 2023 |
| By (Signature and Title)* | /s/ Donald P. Swade | |
| Donald P. Swade, Treasurer, Chief Financial Officer and Chief Accounting Officer (principal financial officer) |
| Date: | April 6, 2023 |
* Print the name and title of each signing officer under his or her signature.
| This ‘N-CSRS’ Filing | Date | Other Filings | ||
|---|---|---|---|---|
 | ||||
| 11/30/23 | ||||
| 6/30/23 | ||||
| Filed on / Effective on: | 4/6/23 | |||
| 3/12/23 | ||||
| 3/10/23 | SC 13G, SC 13G/A | |||
| 2/17/23 | ||||
| 2/10/23 | ||||
| 2/1/23 | SC 13G/A | |||
| For Period end: | 1/31/23 | NPORT-P | ||
| 11/1/22 | 497, 497K | |||
| 10/24/22 | ||||
| 10/1/22 | ||||
| 8/1/22 | ||||
| 7/31/22 | 24F-2NT, N-CEN, N-CSR | |||
| 6/30/22 | N-PX | |||
| 4/18/22 | ||||
| 12/31/21 | ||||
| 9/18/20 | ||||
| 1/1/19 | ||||
| 7/31/12 | 24F-2NT, N-CSR, N-CSR/A, NSAR-B | |||
| 6/30/09 | 497, N-PX | |||
| 9/18/08 | ||||
| 5/10/07 | 497 | |||
| 5/8/07 | ||||
| 12/6/06 | ||||
| List all Filings | ||||