First Trust Exchange-Traded AlphaDEX® Fund
Semi-Annual Report
January 31, 2024
AlphaDEX® Style Funds
First Trust Large Cap Core AlphaDEX® Fund (FEX)
First Trust Mid Cap Core AlphaDEX® Fund (FNX)
First Trust Small Cap Core AlphaDEX® Fund (FYX)
First Trust Large Cap Value AlphaDEX® Fund (FTA)
First Trust Large Cap Growth AlphaDEX® Fund (FTC)
First Trust Multi Cap Value AlphaDEX® Fund (FAB)
First Trust Multi Cap Growth AlphaDEX® Fund (FAD)
First Trust Mid Cap Value AlphaDEX® Fund (FNK)
First Trust Mid Cap Growth AlphaDEX® Fund (FNY)
First Trust Small Cap Value AlphaDEX® Fund (FYT)
First Trust Small Cap Growth AlphaDEX® Fund (FYC)
AlphaDEX® is a registered trademark of First Trust Portfolios L.P.

Table of Contents
First Trust Exchange-Traded AlphaDEX® Fund
Style Funds
Semi-Annual Report
January 31, 2024
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139

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® 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 by 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® Fund
Semi-Annual Letter from the Chairman and CEO
January 31, 2024
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® Fund (the “Funds”), which contains detailed information about the Funds for the six-month period ended January 31, 2024.
While there were many noteworthy financial and economic developments over the past six months, perhaps chief among them was the December 2023 statement from the Federal Reserve (the “Fed”). After voting on December 13 to keep the Federal Funds target rate unchanged, the Fed revealed that it was planning up to three interest rate cuts totaling 75 basis points in 2024. The timing of the Fed’s statement came as a surprise to many, especially given its September 2023 announcement that its policy rate was likely to remain “higher for longer” due to stubbornly high inflation.
With December’s announcement effectively taking further interest rate hikes off the table, the discussion now focuses on the timing of the Fed’s cuts. As expected, there are numerous opinions. At the end of December 2023, the futures market for the Federal Funds target rate indicated an 84.3% chance that the Fed would cut its policy rate at its March 2024 meeting. Since then, better than expected economic data and a re-acceleration in the rate of inflation have changed the calculus substantially. As of January 31, 2024, the same futures market indicated a 34.9% chance of the first interest rate cut occurring in March, representing a decline of 49.4 percentage points from where it stood last month.
Falling interest rates could be a boon to an already exuberant U.S. consumer. Consumer sentiment is surging, and shoppers are spending in droves. The University of Michigan’s “Survey of Consumers” revealed that the metric rose by 21.7% on a year-over-year basis in January 2024, reaching its highest level since July 2021. Adobe Analytics reported that a record $222.1 billion was spent online over the 2023 holiday shopping season (which runs from November 1 through December 31), up from $211.7 billion over the same period in 2022. In addition, real discretionary consumer spending rose to $10.9 trillion in 2023, an increase of $1.2 trillion from the $9.7 trillion in real discretionary spending in 2019 (pre-COVID-19). That said, there is data that suggests all this spending may not be sustainable. The Federal Reserve Bank of New York reported that aggregate household debt rose to a record $17.5 trillion at the end of 2023, while the share of credit card balances that moved into serious delinquency (90 days or more past due) rose to 6.3% in the fourth quarter of the year. The last time this share of credit card balances were seriously delinquent was in the second quarter of 2011.
Keep in mind that higher interest rates have been very good for some investors. Take the large portion of cash in money market funds, CDs, and even investments in the broader fixed income markets, as an example. Higher interest rates and recent disinflation have created an environment where, for the first time in many years, these assets are earning a positive real return. By the Fed’s own admission, interest rates are not likely to remain at these levels for long. For the time being, however, investors with capital on hand are being rewarded.
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,
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® Fund
Semi-Annual Report
January 31, 2024
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/Global
On January 19, 2024, the S&P 500® Index (the “Index”) closed trading at a record 4,839.81, ending a streak of 745 consecutive days where the Index remained below its previous record close. Continued progress in implementing artificial intelligence into global workflows combined with data suggesting the Federal Reserve could begin cutting interest rates in 2024 bolstered investor sentiment, leading to a series of record highs for the Index in January. The American Association of Individual Investors reported that just 19.3% of respondents to its Investor Sentiment Survey were bearish on December 14, 2023, representing a nearly six-year low for the metric. The U.S. economy remains robust, with gross domestic product (“GDP”) increasing by 4.9% and 3.3% in the third and fourth quarters of 2023, respectively. That said, inflation remains stubbornly high, with the trailing 12-month rate of increase in the Consumer Price Index coming in at 3.1% on January 31, 2024.
As many investors are likely aware, central banks around the globe have been battling inflation by constricting growth with higher policy rates. As a result, global growth is expected to remain muted through 2024. The global growth forecast from the International Monetary Fund (“IMF”) released in January 2024 projected that real GDP will grow at a rate of 3.1% in 2024, unchanged from 3.1% in 2023. The IMF is projecting a 2.1% growth rate for the U.S. in 2024, down from 2.5% in 2023. As has been the case for many years, Emerging Market and Developing Economies are expected to grow faster than Advanced Economies. Their 2024 growth rate estimate stood at 4.1% in the IMF’s latest report.
Style/Equity Investing
For the six-month period ended January 31, 2024, the Index posted a total return of 6.43%, according to Bloomberg. Large-capitalization (“cap”) growth stocks outperformed large-cap value stocks in the period, with the S&P 500® Growth Index posting a total return of 7.09%, compared to 5.70% for the S&P 500® Value Index. The S&P MidCap 400® Index posted a total return of 0.98% during the same period. Mid-cap growth stocks outperformed mid-cap value stocks over the period. The S&P MidCap 400® Growth Index posted a total return of 2.12%, compared to -0.11% for the S&P MidCap 400® Value Index during the same period. The S&P SmallCap 600® Index posted a total return of -0.36% during the same period. Small-cap growth stocks outperformed small-cap value stocks during the period. The S&P SmallCap 600® Growth Index posted a total return of 1.54%, as compared to -2.37% for the S&P SmallCap 600® Value Index over the same period.
The Index closed at 4,845.65 on January 31, 2024, 1.67% below its all-time high of 4,927.93 set just two days prior, according to Bloomberg. A Bloomberg survey of 20 equity strategists found that their average 2024 year-end price target for the Index was 4,867 as of January 19, 2024. The highest and lowest estimates were 5,200 and 4,200, respectively. Brian Wesbury, Chief Economist at First Trust, has a year-end price target of 4,500. Keep in mind that these forecasts are subject to change. Earnings projections for the companies that comprise the Index are positive for 2024 and 2025. As of January 26, 2024, Bloomberg’s consensus year-over-year earnings growth rate estimates for 2024 and 2025 stood at 9.60% and 13.56%, respectively. In part, these earnings estimates are reflective of easier comparisons (2023 earnings are expected to finish the year down 3.09%), but they are also indicative of higher expectations regarding revenue growth. The Index’s revenue growth rates for the 2024 and 2025 calendar years are estimated to come in at 4.69% and 5.59%, respectively. For comparison, the Index’s 2023 revenue growth rate was expected to total 2.19% as of January 26, 2024.
Investors continued to funnel capital into exchange-traded funds (“ETFs”) and related exchange-traded products (“ETPs”) in 2023. ETFGI, an independent research and consultancy firm, reported that total assets invested in ETFs/ETPs listed in the U.S. stood at $8.12 trillion as of year-end, up 24.7% from $6.51 trillion at the end of 2022, according to its own release. Net inflows to ETFs/ETPs listed in the U.S. stood at $603.98 billion in 2023, their third-highest level on record. Globally, the ETFs industry gathered net inflows of $974.87 billion in 2023, their second-highest total on record. Total assets invested in the global ETFs industry stood at a record $11.63 trillion at the end of 2023.
Page 3

Fund Performance Overview (Unaudited)
First Trust Large Cap Core AlphaDEX® Fund (FEX)
The First Trust Large Cap Core AlphaDEX® 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® Large Cap CoreTM Index (the “Index”). The Fund will normally invest at least 90% of its net assets (including investment borrowings) in the securities that comprise the Index. The shares of the Fund are listed and trade on Nasdaq, Inc. 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® stock selection methodology which uses fundamental growth and value factors to objectively select stocks from the Nasdaq US 500 Large CapTM Index that may generate positive alpha relative to traditional passive indices. The Index is a modified equal-dollar weighted index where higher ranked stocks receive a higher weight within the Index.
Performance
 
 
 
Average Annual Total Returns
Cumulative Total Returns
 
6 Months
Ended
1/31/24
1 Year
Ended
1/31/24
5 Years
Ended
1/31/24
10 Years
Ended
1/31/24
Inception
(5/8/07)
to 1/31/24
5 Years
Ended
1/31/24
10 Years
Ended
1/31/24
Inception
(5/8/07)
to 1/31/24
Fund Performance
NAV
4.35%
8.05%
11.18%
10.06%
8.17%
69.84%
160.78%
272.31%
Market Price
4.34%
8.04%
11.18%
10.06%
8.17%
69.84%
160.71%
272.37%
Index Performance
Nasdaq AlphaDEX® Large
Cap CoreTM Index(1)
4.69%
8.73%
11.87%
N/A
N/A
75.18%
N/A
N/A
Nasdaq US 500 Large CapTM
Index(1)
6.71%
21.51%
14.32%
N/A
N/A
95.23%
N/A
N/A
S&P 500® Index
6.43%
20.82%
14.30%
12.62%
9.39%
95.06%
228.07%
349.13%
(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.)

Nasdaq® 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® 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® Fund (FEX) (Continued)
Sector Allocation
% of Total
Long-Term
Investments
Financials
16.7%
Industrials
16.2
Information Technology
16.0
Consumer Discretionary
11.9
Health Care
7.5
Utilities
7.2
Materials
6.5
Communication Services
5.9
Energy
4.7
Consumer Staples
4.5
Real Estate
2.9
Total
100.0%
Top Ten Holdings
% of Total
Long-Term
Investments
Super Micro Computer, Inc.
0.7%
Crowdstrike Holdings, Inc., Class A
0.5
Deckers Outdoor Corp.
0.5
Verizon Communications, Inc.
0.5
Marathon Petroleum Corp.
0.5
DraftKings, Inc., Class A
0.5
Arista Networks, Inc.
0.5
United Rentals, Inc.
0.5
Everest Group Ltd.
0.5
Fox Corp., Class A
0.5
Total
5.2%
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® Fund (FNX)
The First Trust Mid Cap Core AlphaDEX® 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® Mid Cap CoreTM Index (the “Index”). The Fund will normally invest at least 90% of its net assets (including investment borrowings) in the securities that comprise the Index. The shares of the Fund are listed and trade on Nasdaq, Inc. 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® stock selection methodology which uses fundamental growth and value factors to objectively select stocks from the Nasdaq US 600 Mid CapTM Index that may generate positive alpha relative to traditional passive indices. The Index is a modified equal-dollar weighted index where higher ranked stocks receive a higher weight within the Index.
Performance
 
 
 
Average Annual Total Returns
Cumulative Total Returns
 
6 Months
Ended
1/31/24
1 Year
Ended
1/31/24
5 Years
Ended
1/31/24
10 Years
Ended
1/31/24
Inception
(5/8/07)
to 1/31/24
5 Years
Ended
1/31/24
10 Years
Ended
1/31/24
Inception
(5/8/07)
to 1/31/24
Fund Performance
NAV
1.36%
6.47%
10.63%
8.76%
8.56%
65.74%
131.52%
294.99%
Market Price
1.36%
6.47%
10.63%
8.75%
8.56%
65.75%
131.45%
295.04%
Index Performance
Nasdaq AlphaDEX® Mid Cap
CoreTM Index(1)
1.70%
7.15%
11.34%
N/A
N/A
71.12%
N/A
N/A
Nasdaq US 600 Mid CapTM
Index(1)
0.20%
5.26%
8.74%
N/A
N/A
52.01%
N/A
N/A
S&P MidCap 400® Index
0.98%
4.78%
10.02%
9.32%
8.58%
61.19%
143.78%
296.62%
Russell 3000® Index
5.83%
19.15%
13.53%
11.96%
9.16%
88.60%
209.47%
334.21%
(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.)

Nasdaq® 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® 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® Fund (FNX) (Continued)
Sector Allocation
% of Total
Long-Term
Investments
Industrials
19.5%
Financials
17.4
Consumer Discretionary
17.1
Information Technology
12.4
Health Care
7.6
Energy
6.7
Materials
6.0
Consumer Staples
4.6
Utilities
3.4
Real Estate
2.9
Communication Services
2.4
Total
100.0%
Top Ten Holdings
% of Total
Long-Term
Investments
Nutanix, Inc., Class A
0.4%
Vertiv Holdings Co., Class A
0.4
Sanmina Corp.
0.4
PBF Energy, Inc., Class A
0.4
M.D.C. Holdings, Inc.
0.4
CVR Energy, Inc.
0.4
Helmerich & Payne, Inc.
0.4
elf Beauty, Inc.
0.4
Wingstop, Inc.
0.4
Viatris, Inc.
0.4
Total
4.0%
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 Small Cap Core AlphaDEX® Fund (FYX)
The First Trust Small Cap Core AlphaDEX® 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® Small Cap CoreTM Index (the “Index”). The Fund will normally invest at least 90% of its net assets (including investment borrowings) in the securities that comprise the Index. The shares of the Fund are listed and trade on Nasdaq, Inc. 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® stock selection methodology which uses fundamental growth and value factors to objectively select stocks from the Nasdaq US 700 Small CapTM Index that may generate positive alpha relative to traditional passive indices. The Index is a modified equal-dollar weighted index where higher ranked stocks receive a higher weight within the Index.
Performance
 
 
 
Average Annual Total Returns
Cumulative Total Returns
 
6 Months
Ended
1/31/24
1 Year
Ended
1/31/24
5 Years
Ended
1/31/24
10 Years
Ended
1/31/24
Inception
(5/8/07)
to 1/31/24
5 Years
Ended
1/31/24
10 Years
Ended
1/31/24
Inception
(5/8/07)
to 1/31/24
Fund Performance
NAV
-0.51%
2.07%
8.79%
7.58%
7.40%
52.37%
107.67%
230.21%
Market Price
-0.45%
2.16%
8.81%
7.59%
7.40%
52.52%
107.79%
230.49%
Index Performance
Nasdaq AlphaDEX® Small
Cap CoreTM Index(1)
-0.14%
2.82%
9.54%
N/A
N/A
57.74%
N/A
N/A
Nasdaq US 700 Small CapTM
Index(1)
-2.02%
1.44%
7.84%
N/A
N/A
45.83%
N/A
N/A
S&P SmallCap 600® Index
-0.36%
1.81%
7.93%
8.65%
8.11%
46.49%
129.19%
268.90%
Russell 3000® Index
5.83%
19.15%
13.53%
11.96%
9.16%
88.60%
209.47%
334.21%
(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.)

Nasdaq® 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® 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® Fund (FYX) (Continued)
Sector Allocation
% of Total
Long-Term
Investments
Financials
22.4%
Industrials
18.2
Consumer Discretionary
13.6
Information Technology
9.6
Health Care
8.3
Real Estate
7.4
Energy
6.1
Consumer Staples
5.1
Materials
4.4
Communication Services
3.1
Utilities
1.8
Total
100.0%
Top Ten Holdings
% of Total
Long-Term
Investments
Oscar Health, Inc., Class A
0.5%
Alpha Metallurgical Resources, Inc.
0.4
FTAI Aviation Ltd.
0.4
Modine Manufacturing Co.
0.4
Liberty Energy, Inc.
0.4
RxSight, Inc.
0.4
Bread Financial Holdings, Inc.
0.4
Peabody Energy Corp.
0.4
NMI Holdings, Inc., Class A
0.4
Arch Resources, Inc.
0.4
Total
4.1%
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 Large Cap Value AlphaDEX® Fund (FTA)
The First Trust Large Cap Value AlphaDEX® 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® Large Cap ValueTM Index (the “Index”). The Fund will normally invest at least 90% of its net assets (including investment borrowings) in the securities that comprise the Index. The shares of the Fund are listed and trade on Nasdaq, Inc. 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® stock selection methodology which uses fundamental growth and value factors to objectively select stocks from the Nasdaq US 500 Large Cap ValueTM Index that may generate positive alpha relative to traditional passive indices. The Index is a modified equal-dollar weighted index where higher ranked stocks receive a higher weight within the Index.
Performance
 
 
 
Average Annual Total Returns
Cumulative Total Returns
 
6 Months
Ended
1/31/24
1 Year
Ended
1/31/24
5 Years
Ended
1/31/24
10 Years
Ended
1/31/24
Inception
(5/8/07)
to 1/31/24
5 Years
Ended
1/31/24
10 Years
Ended
1/31/24
Inception
(5/8/07)
to 1/31/24
Fund Performance
NAV
1.19%
0.33%
8.96%
8.30%
7.17%
53.59%
121.93%
218.83%
Market Price
1.17%
0.31%
8.96%
8.29%
7.17%
53.60%
121.84%
218.76%
Index Performance
Nasdaq AlphaDEX® Large
Cap ValueTM Index(1)
1.52%
0.97%
9.65%
N/A
N/A
58.51%
N/A
N/A
Nasdaq US 500 Large Cap
ValueTM Index(1)
5.17%
12.95%
12.20%
N/A
N/A
77.78%
N/A
N/A
S&P 500® Index
6.43%
20.82%
14.30%
12.62%
9.39%
95.06%
228.07%
349.13%
S&P 500® Value Index
5.70%
14.57%
12.32%
10.50%
7.27%
78.74%
171.29%
223.42%
(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.)

Nasdaq® 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® 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® Fund (FTA) (Continued)
Sector Allocation
% of Total
Long-Term
Investments
Financials
23.2%
Utilities
13.8
Materials
9.6
Industrials
8.8
Energy
8.5
Health Care
8.3
Consumer Discretionary
8.1
Consumer Staples
7.9
Communication Services
5.7
Information Technology
4.2
Real Estate
1.9
Total
100.0%
Top Ten Holdings
% of Total
Long-Term
Investments
Verizon Communications, Inc.
1.0%
Marathon Petroleum Corp.
1.0
Everest Group Ltd.
1.0
Fox Corp., Class A
1.0
Phillips 66
1.0
General Motors Co.
1.0
Berkshire Hathaway, Inc., Class B
1.0
Nucor Corp.
1.0
Cincinnati Financial Corp.
1.0
Valero Energy Corp.
1.0
Total
10.0%
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® Fund (FTC)
The First Trust Large Cap Growth AlphaDEX® 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® Large Cap GrowthTM Index (the “Index”). The Fund will normally invest at least 90% of its net assets (including investment borrowings) in the securities that comprise the Index. The shares of the Fund are listed and trade on Nasdaq, Inc. 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® stock selection methodology which uses fundamental growth and value factors to objectively select stocks from the Nasdaq US 500 Large Cap GrowthTM Index that may generate positive alpha relative to traditional passive indices. The Index is a modified equal-dollar weighted index where higher ranked stocks receive a higher weight within the Index.
Performance
 
 
 
Average Annual Total Returns
Cumulative Total Returns
 
6 Months
Ended
1/31/24
1 Year
Ended
1/31/24
5 Years
Ended
1/31/24
10 Years
Ended
1/31/24
Inception
(5/8/07)
to 1/31/24
5 Years
Ended
1/31/24
10 Years
Ended
1/31/24
Inception
(5/8/07)
to 1/31/24
Fund Performance
NAV
7.59%
18.02%
12.91%
11.54%
8.83%
83.51%
198.03%
311.78%
Market Price
7.70%
18.03%
12.93%
11.54%
8.83%
83.67%
198.03%
311.88%
Index Performance
Nasdaq AlphaDEX® Large
Cap GrowthTM Index(1)
7.94%
18.79%
13.61%
N/A
N/A
89.27%
N/A
N/A
Nasdaq US 500 Large Cap
GrowthTM Index(1)
7.70%
27.19%
16.02%
N/A
N/A
110.25%
N/A
N/A
S&P 500® Index
6.43%
20.82%
14.30%
12.62%
9.39%
95.06%
228.07%
349.13%
S&P 500® Growth Index
7.09%
26.67%
15.21%
14.02%
11.08%
102.98%
271.34%
480.52%
(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.)

Nasdaq® 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® 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® Fund (FTC) (Continued)
Sector Allocation
% of Total
Long-Term
Investments
Information Technology
28.5%
Industrials
23.6
Consumer Discretionary
16.6
Financials
10.8
Communication Services
6.5
Health Care
5.3
Real Estate
3.9
Materials
2.6
Energy
1.3
Consumer Staples
0.6
Utilities
0.3
Total
100.0%
Top Ten Holdings
% of Total
Long-Term
Investments
Super Micro Computer, Inc.
1.6%
Crowdstrike Holdings, Inc., Class A
1.0
Deckers Outdoor Corp.
1.0
DraftKings, Inc., Class A
1.0
Meta Platforms, Inc., Class A
1.0
Arista Networks, Inc.
1.0
United Rentals, Inc.
1.0
ServiceNow, Inc.
1.0
Apollo Global Management, Inc.
1.0
Bank of New York Mellon (The) Corp.
0.9
Total
10.5%
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® Fund (FAB)
The First Trust Multi Cap Value AlphaDEX® 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® Multi Cap ValueTM Index (the “Index”). The Fund will normally invest at least 90% of its net assets (including investment borrowings) in the securities that comprise the Index. The shares of the Fund are listed and trade on Nasdaq, Inc. 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® stock selection methodology which uses fundamental growth and value factors to objectively select value stocks from the Nasdaq US 500 Large CapTM Index, Nasdaq US 600 Mid CapTM Index, and Nasdaq US 700 Small CapTM Index (together, the “Nasdaq US Multi Cap ValueTM Index”) that may generate positive alpha relative to traditional passive indices. The Index is a modified equal-dollar weighted index where higher ranked stocks receive a higher weight within the Index.
Performance
 
 
 
Average Annual Total Returns
Cumulative Total Returns
 
6 Months
Ended
1/31/24
1 Year
Ended
1/31/24
5 Years
Ended
1/31/24
10 Years
Ended
1/31/24
Inception
(5/8/07)
to 1/31/24
5 Years
Ended
1/31/24
10 Years
Ended
1/31/24
Inception
(5/8/07)
to 1/31/24
Fund Performance
NAV
2.02%
2.25%
9.40%
7.77%
7.40%
56.68%
111.42%
229.99%
Market Price
1.95%
2.25%
9.39%
7.76%
7.39%
56.63%
111.19%
229.93%
Index Performance
Nasdaq AlphaDEX® Multi
Cap ValueTM Index(1)
2.40%
2.97%
10.18%
N/A
N/A
62.38%
N/A
N/A
Nasdaq US Multi Cap
ValueTM Index(1)
4.56%
11.56%
11.83%
N/A
N/A
74.89%
N/A
N/A
S&P Composite 1500® Index
5.95%
19.34%
13.87%
12.29%
9.33%
91.48%
218.79%
345.23%
S&P Composite 1500® Value
Index
5.13%
13.20%
12.04%
10.33%
7.35%
76.56%
167.19%
227.72%
(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.)

Nasdaq® 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® 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® Fund (FAB) (Continued)
Sector Allocation
% of Total
Long-Term
Investments
Financials
24.9%
Consumer Discretionary
12.8
Industrials
11.0
Energy
9.3
Utilities
9.2
Materials
8.4
Consumer Staples
6.4
Health Care
6.2
Information Technology
4.4
Communication Services
4.3
Real Estate
3.1
Total
100.0%
Top Ten Holdings
% of Total
Long-Term
Investments
Verizon Communications, Inc.
0.5%
Marathon Petroleum Corp.
0.5
Everest Group Ltd.
0.5
Fox Corp., Class A
0.5
Phillips 66
0.5
General Motors Co.
0.5
Berkshire Hathaway, Inc., Class B
0.5
Nucor Corp.
0.5
Cincinnati Financial Corp.
0.5
Valero Energy Corp.
0.5
Total
5.0%
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® Fund (FAD)
The First Trust Multi Cap Growth AlphaDEX® 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® Multi Cap GrowthTM Index (the “Index”). The Fund will normally invest at least 90% of its net assets (including investment borrowings) in the securities that comprise the Index. The shares of the Fund are listed and trade on Nasdaq, Inc. 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® stock selection methodology which uses fundamental growth and value factors to objectively select growth stocks from the Nasdaq US 500 Large CapTM Index, Nasdaq US 600 Mid CapTM Index and Nasdaq US 700 Small CapTM Index (together the “Nasdaq US Multi Cap GrowthTM Index”) that may generate positive alpha relative to traditional passive indices. The Index is a modified equal-dollar weighted index where higher ranked stocks receive a higher weight within the Index.
Performance
 
 
 
Average Annual Total Returns
Cumulative Total Returns
 
6 Months
Ended
1/31/24
1 Year
Ended
1/31/24
5 Years
Ended
1/31/24
10 Years
Ended
1/31/24
Inception
(5/8/07)
to 1/31/24
5 Years
Ended
1/31/24
10 Years
Ended
1/31/24
Inception
(5/8/07)
to 1/31/24
Fund Performance
NAV
2.62%
11.72%
11.11%
10.34%
8.60%
69.32%
167.61%
297.63%
Market Price
2.55%
11.68%
11.11%
10.31%
8.60%
69.31%
166.89%
297.55%
Index Performance
Nasdaq AlphaDEX® Multi
Cap GrowthTM Index(1)
2.99%
12.48%
11.86%
N/A
N/A
75.16%
N/A
N/A
Nasdaq US Multi Cap
GrowthTM Index(1)
6.90%
25.09%
15.12%
N/A
N/A
102.18%
N/A
N/A
S&P Composite 1500® Index
5.95%
19.34%
13.87%
12.29%
9.33%
91.48%
218.79%
345.23%
S&P Composite 1500® Growth
Index
6.68%
25.14%
14.74%
13.60%
10.93%
98.84%
257.99%
467.42%
(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.)

Nasdaq® 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® 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® Fund (FAD) (Continued)
Sector Allocation
% of Total
Long-Term
Investments
Information Technology
24.7%
Industrials
24.3
Consumer Discretionary
14.8
Financials
9.5
Health Care
9.4
Communication Services
4.7
Real Estate
4.5
Consumer Staples
2.6
Energy
2.5
Materials
2.4
Utilities
0.6
Total
100.0%
Top Ten Holdings
% of Total
Long-Term
Investments
Super Micro Computer, Inc.
0.8%
Crowdstrike Holdings, Inc., Class A
0.5
Deckers Outdoor Corp.
0.5
DraftKings, Inc., Class A
0.5
Meta Platforms, Inc., Class A
0.5
Arista Networks, Inc.
0.5
United Rentals, Inc.
0.5
ServiceNow, Inc.
0.5
Apollo Global Management, Inc.
0.5
Bank of New York Mellon (The) Corp.
0.5
Total
5.3%
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® Fund (FNK)
The First Trust Mid Cap Value AlphaDEX® 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® Mid Cap ValueTM Index (the “Index”). The Fund will normally invest at least 90% of its net assets (including investment borrowings) in the securities that comprise the Index. The shares of the Fund are listed and trade on Nasdaq, Inc. 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® stock selection methodology which uses fundamental growth and value factors to objectively select stocks from the Nasdaq US 600 Mid Cap ValueTM Index that may generate positive alpha relative to traditional passive indices. The Index is a modified equal-dollar weighted index where higher ranked stocks receive a higher weight within the Index.
Performance
 
 
 
Average Annual Total Returns
Cumulative Total Returns
 
6 Months
Ended
1/31/24
1 Year
Ended
1/31/24
5 Years
Ended
1/31/24
10 Years
Ended
1/31/24
Inception
(4/19/11)
to 1/31/24
5 Years
Ended
1/31/24
10 Years
Ended
1/31/24
Inception
(4/19/11)
to 1/31/24
Fund Performance
NAV
2.09%
4.01%
9.50%
7.28%
8.86%
57.45%
101.90%
195.93%
Market Price
2.11%
3.93%
9.50%
7.26%
8.86%
57.45%
101.62%
195.92%
Index Performance
Nasdaq AlphaDEX® Mid Cap
ValueTM Index(1)
2.51%
4.86%
10.35%
N/A
N/A
63.63%
N/A
N/A
Nasdaq US 600 Mid Cap
ValueTM Index(1)
0.95%
4.31%
8.54%
N/A
N/A
50.66%
N/A
N/A
S&P MidCap 400® Value
Index
-0.11%
0.38%
9.75%
9.01%
10.02%
59.20%
136.96%
239.00%
Russell 3000® Index
5.83%
19.15%
13.53%
11.96%
12.42%
88.60%
209.47%
347.26%
(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.)

Nasdaq® 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® 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® Fund (FNK) (Continued)
Sector Allocation
% of Total
Long-Term
Investments
Financials
24.2%
Consumer Discretionary
20.2
Industrials
12.4
Energy
11.6
Materials
8.0
Utilities
5.4
Information Technology
5.1
Health Care
5.0
Consumer Staples
2.8
Communication Services
2.8
Real Estate
2.5
Total
100.0%
Top Ten Holdings
% of Total
Long-Term
Investments
Sanmina Corp.
0.9%
PBF Energy, Inc., Class A
0.9
CVR Energy, Inc.
0.8
Helmerich & Payne, Inc.
0.8
Viatris, Inc.
0.8
Unum Group
0.8
Essent Group Ltd.
0.8
Commercial Metals Co.
0.8
MGIC Investment Corp.
0.8
TEGNA, Inc.
0.8
Total
8.2%
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 Mid Cap Growth AlphaDEX® Fund (FNY)
The First Trust Mid Cap Growth AlphaDEX® 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® Mid Cap GrowthTM Index (the “Index”). The Fund will normally invest at least 90% of its net assets (including investment borrowings) in the securities that comprise the Index. The shares of the Fund are listed and trade on Nasdaq, Inc. 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® stock selection methodology which uses fundamental growth and value factors to objectively select stocks from the Nasdaq US 600 Mid Cap GrowthTM Index that may generate positive alpha relative to traditional passive indices. The Index is a modified equal-dollar weighted index where higher ranked stocks receive a higher weight within the Index.
Performance
 
 
 
Average Annual Total Returns
Cumulative Total Returns
 
6 Months
Ended
1/31/24
1 Year
Ended
1/31/24
5 Years
Ended
1/31/24
10 Years
Ended
1/31/24
Inception
(4/19/11)
to 1/31/24
5 Years
Ended
1/31/24
10 Years
Ended
1/31/24
Inception
(4/19/11)
to 1/31/24
Fund Performance
NAV
-0.28%
9.05%
10.41%
9.63%
10.08%
64.08%
150.70%
241.23%
Market Price
-0.30%
9.05%
10.41%
9.63%
10.07%
64.10%
150.84%
241.18%
Index Performance
Nasdaq AlphaDEX® Mid Cap
GrowthTM Index(1)
0.10%
9.85%
11.23%
N/A
N/A
70.27%
N/A
N/A
Nasdaq US 600 Mid Cap
GrowthTM Index(1)
-0.52%
6.39%
7.88%
N/A
N/A
46.10%
N/A
N/A
S&P MidCap 400® Growth
Index
2.12%
9.28%
9.86%
9.29%
9.98%
60.00%
143.08%
237.47%
Russell 3000® Index
5.83%
19.15%
13.53%
11.96%
12.42%
88.60%
209.47%
347.26%
(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.)

Nasdaq® 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® 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® Fund (FNY) (Continued)
Sector Allocation
% of Total
Long-Term
Investments
Industrials
26.9%
Information Technology
22.6
Consumer Discretionary
12.8
Health Care
11.9
Financials
8.1
Consumer Staples
5.9
Real Estate
3.8
Materials
2.8
Energy
2.3
Communication Services
2.0
Utilities
0.9
Total
100.0%
Top Ten Holdings
% of Total
Long-Term
Investments
Nutanix, Inc., Class A
0.9%
Vertiv Holdings Co., Class A
0.9
elf Beauty, Inc.
0.8
Wingstop, Inc.
0.8
Installed Building Products, Inc.
0.8
Comfort Systems USA, Inc.
0.8
Insight Enterprises, Inc.
0.8
Parsons Corp.
0.8
Elastic N.V.
0.8
Texas Roadhouse, Inc.
0.8
Total
8.2%
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

Fund Performance Overview (Unaudited) (Continued)
First Trust Small Cap Value AlphaDEX® Fund (FYT)
The First Trust Small Cap Value AlphaDEX® 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® Small Cap ValueTM Index (the “Index”). The Fund will normally invest at least 90% of its net assets (including investment borrowings) in the securities that comprise the Index. The shares of the Fund are listed and trade on Nasdaq, Inc. 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® stock selection methodology which uses fundamental growth and value factors to objectively select stocks from the Nasdaq US 700 Small Cap ValueTM Index that may generate positive alpha relative to traditional passive indices. The Index is a modified equal-dollar weighted index where higher ranked stocks receive a higher weight within the Index.
Performance
 
 
 
Average Annual Total Returns
Cumulative Total Returns
 
6 Months
Ended
1/31/24
1 Year
Ended
1/31/24
5 Years
Ended
1/31/24
10 Years
Ended
1/31/24
Inception
(4/19/11)
to 1/31/24
5 Years
Ended
1/31/24
10 Years
Ended
1/31/24
Inception
(4/19/11)
to 1/31/24
Fund Performance
NAV
3.87%
4.09%
9.69%
6.84%
9.02%
58.77%
93.78%
201.82%
Market Price
3.89%
4.07%
9.69%
6.84%
9.02%
58.78%
93.78%
201.83%
Index Performance
Nasdaq AlphaDEX® Small
Cap ValueTM Index(1)
4.37%
5.03%
10.58%
N/A
N/A
65.32%
N/A
N/A
Nasdaq US 700 Small Cap
ValueTM Index(1)
-1.05%
-0.17%
8.73%
N/A
N/A
51.98%
N/A
N/A
S&P SmallCap 600® Value
Index
-2.37%
-2.88%
7.57%
7.98%
9.77%
44.01%
115.43%
229.14%
Russell 3000® Index
5.83%
19.15%
13.53%
11.96%
12.42%
88.60%
209.47%
347.26%
(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.)

Nasdaq® 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® 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® Fund (FYT) (Continued)
Sector Allocation
% of Total
Long-Term
Investments
Financials
30.2%
Industrials
14.7
Consumer Discretionary
13.8
Consumer Staples
8.0
Energy
7.9
Real Estate
6.8
Materials
6.1
Information Technology
4.0
Utilities
3.0
Health Care
2.8
Communication Services
2.7
Total
100.0%
Top Ten Holdings
% of Total
Long-Term
Investments
Liberty Energy, Inc.
0.8%
Bread Financial Holdings, Inc.
0.7
Peabody Energy Corp.
0.7
NMI Holdings, Inc., Class A
0.7
Arch Resources, Inc.
0.7
Urban Outfitters, Inc.
0.7
Encore Wire Corp.
0.7
Warrior Met Coal, Inc.
0.7
Sphere Entertainment Co.
0.7
Patterson-UTI Energy, Inc.
0.7
Total
7.1%
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 23

Fund Performance Overview (Unaudited) (Continued)
First Trust Small Cap Growth AlphaDEX® Fund (FYC)
The First Trust Small Cap Growth AlphaDEX® 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® Small Cap GrowthTM Index (the “Index”). The Fund will normally invest at least 90% of its net assets (including investment borrowings) in the securities that comprise the Index. The shares of the Fund are listed and trade on Nasdaq, Inc. 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® stock selection methodology which uses fundamental growth and value factors to objectively select stocks from the Nasdaq US 700 Small Cap GrowthTM Index that may generate positive alpha relative to traditional passive indices. The Index is a modified equal-dollar weighted index where higher ranked stocks receive a higher weight within the Index.
Performance
 
 
 
Average Annual Total Returns
Cumulative Total Returns
 
6 Months
Ended
1/31/24
1 Year
Ended
1/31/24
5 Years
Ended
1/31/24
10 Years
Ended
1/31/24
Inception
(4/19/11)
to 1/31/24
5 Years
Ended
1/31/24
10 Years
Ended
1/31/24
Inception
(4/19/11)
to 1/31/24
Fund Performance
NAV
-5.03%
0.72%
6.91%
7.97%
9.26%
39.65%
115.31%
210.34%
Market Price
-4.99%
0.77%
6.91%
7.98%
9.27%
39.69%
115.42%
210.49%
Index Performance
Nasdaq AlphaDEX® Small
Cap GrowthTM Index(1)
-4.67%
1.47%
7.75%
N/A
N/A
45.24%
N/A
N/A
Nasdaq US 700 Small Cap
GrowthTM Index(1)
-2.96%
3.11%
6.63%
N/A
N/A
37.83%
N/A
N/A
S&P SmallCap 600® Growth
Index
1.54%
6.43%
7.96%
9.13%
10.59%
46.67%
139.66%
262.06%
Russell 3000® Index
5.83%
19.15%
13.53%
11.96%
12.42%
88.60%
209.47%
347.26%
(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.)

Nasdaq® 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® 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® Fund (FYC) (Continued)
Sector Allocation
% of Total
Long-Term
Investments
Industrials
22.5%
Information Technology
17.8
Health Care
16.3
Consumer Discretionary
13.2
Financials
8.5
Real Estate
7.1
Energy
5.6
Communication Services
4.0
Consumer Staples
2.5
Materials
1.5
Utilities
1.0
Total
100.0%
Top Ten Holdings
% of Total
Long-Term
Investments
Oscar Health, Inc., Class A
0.9%
FTAI Aviation Ltd.
0.8
Modine Manufacturing Co.
0.8
RxSight, Inc.
0.7
Janus International Group, Inc.
0.7
First Watch Restaurant Group, Inc.
0.7
Archrock, Inc.
0.7
Construction Partners, Inc., Class A
0.7
LiveRamp Holdings, Inc.
0.7
IES Holdings, Inc.
0.7
Total
7.4%
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 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 Securities and Exchange Commission 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 its 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® Fund
Style Funds
Understanding Your Fund Expenses
January 31, 2024 (Unaudited)

As a shareholder of First Trust Large Cap Core AlphaDEX® Fund, First Trust Mid Cap Core AlphaDEX® Fund, First Trust Small Cap Core AlphaDEX® Fund, First Trust Large Cap Value AlphaDEX® Fund, First Trust Large Cap Growth AlphaDEX® Fund, First Trust Multi Cap Value AlphaDEX® Fund, First Trust Multi Cap Growth AlphaDEX® Fund, First Trust Mid Cap Value AlphaDEX® Fund, First Trust Mid Cap Growth AlphaDEX® Fund, First Trust Small Cap Value AlphaDEX® Fund or First Trust Small Cap Growth AlphaDEX® 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, 2024.
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.
 
Beginning
Account Value
August 1, 2023
Ending
Account Value
January 31, 2024
Annualized
Expense Ratio
Based on the
Six-Month
Period (a)
Expenses Paid
During the
Six-Month
Period (b)
First Trust Large Cap Core AlphaDEX® Fund (FEX)
Actual
$1,000.00
$1,043.50
0.59%
$3.03
Hypothetical (5% return before expenses)
$1,000.00
$1,022.17
0.59%
$3.00
First Trust Mid Cap Core AlphaDEX® Fund (FNX)
Actual
$1,000.00
$1,013.60
0.60%
$3.04
Hypothetical (5% return before expenses)
$1,000.00
$1,022.12
0.60%
$3.05
First Trust Small Cap Core AlphaDEX® Fund (FYX)
Actual
$1,000.00
$994.90
0.60%
$3.01
Hypothetical (5% return before expenses)
$1,000.00
$1,022.12
0.60%
$3.05
First Trust Large Cap Value AlphaDEX® Fund (FTA)
Actual
$1,000.00
$1,011.90
0.59%
$2.98
Hypothetical (5% return before expenses)
$1,000.00
$1,022.17
0.59%
$3.00
First Trust Large Cap Growth AlphaDEX® Fund (FTC)
Actual
$1,000.00
$1,075.90
0.59%
$3.08
Hypothetical (5% return before expenses)
$1,000.00
$1,022.17
0.59%
$3.00
First Trust Multi Cap Value AlphaDEX® Fund (FAB)
Actual
$1,000.00
$1,020.20
0.65%
$3.30
Hypothetical (5% return before expenses)
$1,000.00
$1,021.87
0.65%
$3.30
Page 27

First Trust Exchange-Traded AlphaDEX® Fund
Style Funds
Understanding Your Fund Expenses (Continued)
January 31, 2024 (Unaudited)
 
Beginning
Account Value
August 1, 2023
Ending
Account Value
January 31, 2024
Annualized
Expense Ratio
Based on the
Six-Month
Period (a)
Expenses Paid
During the
Six-Month
Period (b)
First Trust Multi Cap Growth AlphaDEX® Fund (FAD)
Actual
$1,000.00
$1,026.20
0.65%
$3.31
Hypothetical (5% return before expenses)
$1,000.00
$1,021.87
0.65%
$3.30
First Trust Mid Cap Value AlphaDEX® Fund (FNK)
Actual
$1,000.00
$1,020.90
0.70%
$3.56
Hypothetical (5% return before expenses)
$1,000.00
$1,021.62
0.70%
$3.56
First Trust Mid Cap Growth AlphaDEX® Fund (FNY)
Actual
$1,000.00
$997.20
0.70%
$3.51
Hypothetical (5% return before expenses)
$1,000.00
$1,021.62
0.70%
$3.56
First Trust Small Cap Value AlphaDEX® Fund (FYT)
Actual
$1,000.00
$1,038.70
0.70%
$3.59
Hypothetical (5% return before expenses)
$1,000.00
$1,021.62
0.70%
$3.56
First Trust Small Cap Growth AlphaDEX® Fund (FYC)
Actual
$1,000.00
$949.70
0.70%
$3.43
Hypothetical (5% return before expenses)
$1,000.00
$1,021.62
0.70%
$3.56
(a)
These expense ratios reflect expense caps for certain Funds. See Note 3 in the 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, 2023 through January 31, 2024), multiplied by 184/366 (to reflect the six-month period).
Page 28

First Trust Large Cap Core AlphaDEX® Fund (FEX)
Portfolio of Investments
January 31, 2024 (Unaudited)
Shares
Description
Value
COMMON STOCKS — 99.8%
Aerospace & Defense — 3.1%
19,151
Axon Enterprise, Inc. (a)
$4,769,748
18,979
Boeing (The) Co. (a)
4,005,328
7,620
General Dynamics Corp.
2,019,224
11,063
HEICO Corp.
1,986,804
73,127
Howmet Aerospace, Inc.
4,114,125
9,395
L3Harris Technologies, Inc.
1,958,106
4,366
Lockheed Martin Corp.
1,874,804
8,454
Northrop Grumman Corp.
3,776,909
23,518
RTX Corp.
2,142,960
49,211
Textron, Inc.
4,168,664
3,913
TransDigm Group, Inc.
4,275,657
 
35,092,329
Air Freight & Logistics —
0.8%
15,556
Expeditors International of
Washington, Inc.
1,965,190
15,644
FedEx Corp.
3,774,741
18,877
United Parcel Service, Inc.,
Class B
2,678,646
 
8,418,577
Automobile Components —
0.4%
55,138
Aptiv PLC (a)
4,484,374
Automobiles — 1.0%
405,824
Ford Motor Co.
4,756,257
137,723
General Motors Co.
5,343,652
3,981
Tesla, Inc. (a)
745,602
 
10,845,511
Banks — 4.3%
117,541
Bank of America Corp.
3,997,569
76,935
Citigroup, Inc.
4,321,439
119,420
Citizens Financial Group, Inc.
3,905,034
86,059
Fifth Third Bancorp
2,946,660
2,789
First Citizens BancShares, Inc.,
Class A
4,211,390
311,132
Huntington Bancshares, Inc.
3,960,710
17,450
JPMorgan Chase & Co.
3,042,582
28,871
M&T Bank Corp.
3,987,085
19,169
PNC Financial Services Group
(The), Inc.
2,898,545
204,210
Regions Financial Corp.
3,812,601
107,193
Truist Financial Corp.
3,972,573
68,581
U.S. Bancorp
2,848,855
80,407
Wells Fargo & Co.
4,034,823
 
47,939,866
Shares
Description
Value
 
Beverages — 0.4%
59,388
Keurig Dr Pepper, Inc.
$1,867,159
48,492
Molson Coors Beverage Co.,
Class B
2,996,320
 
4,863,479
Biotechnology — 0.8%
3,435
Amgen, Inc.
1,079,483
13,373
Exact Sciences Corp. (a)
874,594
15,758
Incyte Corp. (a)
926,098
3,380
Regeneron Pharmaceuticals,
Inc. (a)
3,186,596
7,296
Vertex Pharmaceuticals, Inc. (a)
3,161,941
 
9,228,712
Broadline Retail — 0.1%
61,112
Coupang, Inc. (a)
855,568
Building Products — 2.1%
29,633
Builders FirstSource, Inc. (a)
5,148,141
9,500
Carlisle Cos., Inc.
2,985,470
34,331
Johnson Controls
International PLC
1,808,900
11,054
Lennox International, Inc.
4,732,881
59,086
Masco Corp.
3,975,897
20,282
Trane Technologies PLC
5,112,078
 
23,763,367
Capital Markets — 4.7%
10,419
Ameriprise Financial, Inc.
4,030,382
24,959
Ares Management Corp.,
Class A
3,032,019
95,043
Bank of New York Mellon (The)
Corp.
5,271,085
1,219
BlackRock, Inc.
943,884
16,622
Cboe Global Markets, Inc.
3,055,955
4,698
CME Group, Inc.
967,036
4,149
FactSet Research Systems, Inc.
1,974,592
132,850
Franklin Resources, Inc.
3,537,796
7,695
Goldman Sachs Group (The),
Inc.
2,954,957
8,693
LPL Financial Holdings, Inc.
2,079,279
5,067
Moody’s Corp.
1,986,467
31,831
Morgan Stanley
2,776,936
3,498
MSCI, Inc.
2,093,973
46,902
Northern Trust Corp.
3,735,275
17,747
Raymond James Financial, Inc.
1,955,364
6,737
S&P Global, Inc.
3,020,534
51,092
State Street Corp.
3,774,166
45,938
T. Rowe Price Group, Inc.
4,981,976
 
52,171,676
Chemicals — 4.0%
31,841
Celanese Corp.
4,658,020
62,226
CF Industries Holdings, Inc.
4,698,685
41,294
Corteva, Inc.
1,878,051
See Notes to Financial Statements
Page 29

First Trust Large Cap Core AlphaDEX® Fund (FEX)
Portfolio of Investments (Continued)
January 31, 2024 (Unaudited)
Shares
Description
Value
COMMON STOCKS (Continued)
Chemicals (Continued)
54,124
Dow, Inc.
$2,901,046
64,305
DuPont de Nemours, Inc.
3,974,049
14,965
Ecolab, Inc.
2,966,362
24,439
International Flavors &
Fragrances, Inc.
1,971,739
2,409
Linde PLC
975,236
52,030
LyondellBasell Industries N.V.,
Class A
4,897,064
138,456
Mosaic (The) Co.
4,251,984
13,233
PPG Industries, Inc.
1,866,382
8,864
RPM International, Inc.
945,434
12,689
Sherwin-Williams (The) Co.
3,862,278
35,346
Westlake Corp.
4,890,119
 
44,736,449
Commercial Services &
Supplies — 1.2%
6,568
Cintas Corp.
3,970,816
40,383
Copart, Inc. (a)
1,939,999
17,999
Republic Services, Inc.
3,079,989
45,312
Rollins, Inc.
1,962,463
11,049
Waste Management, Inc.
2,051,026
 
13,004,293
Communications Equipment
— 0.7%
21,006
Arista Networks, Inc. (a)
5,433,832
6,320
Motorola Solutions, Inc.
2,019,240
 
7,453,072
Construction & Engineering
— 0.4%
22,924
Quanta Services, Inc.
4,448,402
Construction Materials —
0.4%
5,949
Martin Marietta Materials, Inc.
3,024,591
8,716
Vulcan Materials Co.
1,969,903
 
4,994,494
Consumer Finance — 1.2%
5,281
American Express Co.
1,060,108
30,183
Capital One Financial Corp.
4,084,364
35,210
Discover Financial Services
3,715,359
129,536
Synchrony Financial
5,035,064
 
13,894,895
Consumer Staples Distribution
& Retail — 1.2%
21,833
Dollar General Corp.
2,883,484
13,930
Dollar Tree, Inc. (a)
1,819,537
64,936
Kroger (The) Co.
2,996,147
13,530
Sysco Corp.
1,094,983
Shares
Description
Value
 
Consumer Staples Distribution
& Retail (Continued)
20,841
Target Corp.
$2,898,566
12,552
Walmart, Inc.
2,074,218
 
13,766,935
Containers & Packaging —
0.5%
4,894
Avery Dennison Corp.
976,108
17,202
Ball Corp.
953,851
24,292
Packaging Corp. of America
4,029,557
 
5,959,516
Distributors — 0.8%
21,431
Genuine Parts Co.
3,005,269
103,515
LKQ Corp.
4,831,045
2,481
Pool Corp.
921,071
 
8,757,385
Diversified REITs — 0.3%
61,064
WP Carey, Inc.
3,783,525
Diversified Telecommunication
Services — 0.7%
117,925
AT&T, Inc.
2,086,093
131,220
Verizon Communications, Inc.
5,557,167
 
7,643,260
Electric Utilities — 3.8%
57,859
Alliant Energy Corp.
2,815,419
48,727
American Electric Power Co.,
Inc.
3,807,528
25,393
Constellation Energy Corp.
3,097,946
20,392
Duke Energy Corp.
1,954,165
41,519
Edison International
2,801,702
39,110
Entergy Corp.
3,901,614
94,771
Evergy, Inc.
4,811,524
48,092
Eversource Energy
2,607,548
110,240
Exelon Corp.
3,837,454
53,978
FirstEnergy Corp.
1,979,913
54,875
PG&E Corp.
925,741
146,036
PPL Corp.
3,826,143
28,219
Southern (The) Co.
1,961,785
63,925
Xcel Energy, Inc.
3,827,190
 
42,155,672
Electrical Equipment — 0.6%
6,000
AMETEK, Inc.
972,300
16,434
Eaton Corp. PLC
4,044,079
3,007
Hubbell, Inc.
1,009,059
3,187
Rockwell Automation, Inc.
807,203
 
6,832,641
Electronic Equipment,
Instruments & Components
— 1.2%
19,962
Amphenol Corp., Class A
2,018,158
64,986
Corning, Inc.
2,111,395
See Notes to Financial Statements
Page 30

First Trust Large Cap Core AlphaDEX® Fund (FEX)
Portfolio of Investments (Continued)
January 31, 2024 (Unaudited)
Shares
Description
Value
COMMON STOCKS (Continued)
Electronic Equipment,
Instruments & Components
(Continued)
31,065
Jabil, Inc.
$3,892,134
21,127
TE Connectivity Ltd.
3,004,048
2,217
Teledyne Technologies, Inc. (a)
927,748
18,597
Trimble, Inc. (a)
945,844
3,620
Zebra Technologies Corp.,
Class A (a)
867,171
 
13,766,498
Energy Equipment & Services
— 0.5%
86,840
Baker Hughes Co.
2,474,940
54,739
Halliburton Co.
1,951,445
19,012
Schlumberger N.V.
925,885
 
5,352,270
Entertainment — 1.9%
7,231
Electronic Arts, Inc.
994,841
52,852
Live Nation Entertainment,
Inc. (a)
4,695,900
8,129
Netflix, Inc. (a)
4,585,650
86,561
ROBLOX Corp., Class A (a)
3,359,432
24,589
Take-Two Interactive Software,
Inc. (a)
4,055,464
10,958
Walt Disney (The) Co.
1,052,516
260,825
Warner Bros Discovery, Inc. (a)
2,613,467
 
21,357,270
Financial Services — 2.2%
53,085
Apollo Global Management, Inc.
5,329,734
13,870
Berkshire Hathaway, Inc.,
Class B (a)
5,322,474
22,343
Fiserv, Inc. (a)
3,169,801
10,503
FleetCor Technologies, Inc. (a)
3,045,135
23,372
Global Payments, Inc.
3,113,852
2,319
Mastercard, Inc., Class A
1,041,764
32,222
PayPal Holdings, Inc. (a)
1,976,820
7,600
Visa, Inc., Class A
2,076,776
 
25,076,356
Food Products — 2.7%
68,498
Archer-Daniels-Midland Co.
3,807,119
68,661
Campbell Soup Co.
3,064,340
172,610
Conagra Brands, Inc.
5,031,582
45,565
General Mills, Inc.
2,957,624
92,438
Hormel Foods Corp.
2,807,342
35,392
Kellanova
1,938,066
107,019
Kraft Heinz (The) Co.
3,973,616
27,460
Lamb Weston Holdings, Inc.
2,813,002
14,461
McCormick & Co., Inc.
985,662
Shares
Description
Value
 
Food Products (Continued)
27,321
Mondelez International, Inc.,
Class A
$2,056,452
18,407
Tyson Foods, Inc., Class A
1,007,967
 
30,442,772
Gas Utilities — 0.3%
34,147
Atmos Energy Corp.
3,890,709
Ground Transportation —
1.2%
28,539
CSX Corp.
1,018,842
14,860
J.B. Hunt Transport Services,
Inc.
2,986,563
8,372
Norfolk Southern Corp.
1,969,429
80,347
Uber Technologies, Inc. (a)
5,244,249
8,057
Union Pacific Corp.
1,965,344
 
13,184,427
Health Care Equipment &
Supplies — 1.6%
8,989
Abbott Laboratories
1,017,105
4,058
Becton Dickinson & Co.
969,091
17,114
Boston Scientific Corp. (a)
1,082,632
15,947
Dexcom, Inc. (a)
1,935,169
25,592
GE HealthCare Technologies,
Inc.
1,877,429
13,848
Hologic, Inc. (a)
1,030,845
5,348
IDEXX Laboratories, Inc. (a)
2,754,648
2,933
Intuitive Surgical, Inc. (a)
1,109,319
36,030
Medtronic PLC
3,154,066
4,500
STERIS PLC
985,275
3,303
Stryker Corp.
1,108,090
8,130
Zimmer Biomet Holdings, Inc.
1,021,128
 
18,044,797
Health Care Providers &
Services — 2.5%
53,330
Centene Corp. (a)
4,016,282
13,217
Cigna Group (The)
3,977,656
62,652
CVS Health Corp.
4,659,429
6,294
Elevance Health, Inc.
3,105,711
7,311
HCA Healthcare, Inc.
2,229,124
6,483
Humana, Inc.
2,450,963
8,706
Laboratory Corp. of America
Holdings
1,935,344
2,738
Molina Healthcare, Inc. (a)
975,933
28,703
Quest Diagnostics, Inc.
3,686,326
1,879
UnitedHealth Group, Inc.
961,560
 
27,998,328
Health Care REITs — 0.2%
39,704
Ventas, Inc.
1,841,868
10,972
Welltower, Inc.
949,188
 
2,791,056
See Notes to Financial Statements
Page 31

First Trust Large Cap Core AlphaDEX® Fund (FEX)
Portfolio of Investments (Continued)
January 31, 2024 (Unaudited)
Shares
Description
Value
COMMON STOCKS (Continued)
Hotel & Resort REITs — 0.3%
203,266
Host Hotels & Resorts, Inc.
$3,906,773
Hotels, Restaurants & Leisure
— 5.4%
14,535
Airbnb, Inc., Class A (a)
2,095,075
1,395
Booking Holdings, Inc. (a)
4,892,921
84,420
Caesars Entertainment, Inc. (a)
3,703,505
266,828
Carnival Corp. (a)
4,424,008
1,731
Chipotle Mexican Grill, Inc. (a)
4,169,581
18,065
Darden Restaurants, Inc.
2,937,008
4,800
Domino’s Pizza, Inc.
2,045,856
50,025
DoorDash, Inc., Class A (a)
5,212,605
140,340
DraftKings, Inc., Class A (a)
5,480,277
32,591
Expedia Group, Inc. (a)
4,834,223
27,168
Hilton Worldwide Holdings, Inc.
5,188,001
20,105
Las Vegas Sands Corp.
983,537
21,937
Marriott International, Inc.,
Class A
5,258,957
110,720
MGM Resorts International (a)
4,801,926
38,204
Royal Caribbean Cruises Ltd. (a)
4,871,010
 
60,898,490
Household Durables — 1.8%
32,551
D.R. Horton, Inc.
4,651,863
23,091
Garmin Ltd.
2,759,144
33,191
Lennar Corp., Class A
4,973,671
424
NVR, Inc. (a)
2,999,923
47,927
PulteGroup, Inc.
5,011,247
 
20,395,848
Household Products — 0.1%
8,142
Kimberly-Clark Corp.
984,938
Industrial Conglomerates —
0.5%
31,008
General Electric Co.
4,106,079
4,718
Honeywell International, Inc.
954,263
 
5,060,342
Industrial REITs — 0.2%
14,845
Prologis, Inc.
1,880,713
Insurance — 4.3%
35,978
Aflac, Inc.
3,034,385
58,415
American International Group,
Inc.
4,060,427
26,644
Arch Capital Group Ltd. (a)
2,196,265
27,827
Brown & Brown, Inc.
2,158,262
13,133
Chubb Ltd.
3,217,585
47,816
Cincinnati Financial Corp.
5,298,013
13,992
Everest Group Ltd.
5,386,500
49,235
Hartford Financial Services
Group (The), Inc.
4,281,476
56,870
Loews Corp.
4,143,548
3,484
Markel Group, Inc. (a)
5,217,046
Shares
Description
Value
 
Insurance (Continued)
14,962
MetLife, Inc.
$1,037,166
25,153
Principal Financial Group, Inc.
1,989,602
10,388
Travelers (The) Cos., Inc.
2,195,608
41,971
W.R. Berkley Corp.
3,436,585
 
47,652,468
Interactive Media & Services
— 1.4%
14,166
Alphabet, Inc., Class A (a)
1,984,656
27,107
Match Group, Inc. (a)
1,040,367
11,181
Meta Platforms, Inc., Class A (a)
4,362,155
106,846
Pinterest, Inc., Class A (a)
4,003,520
233,762
Snap, Inc., Class A (a)
3,714,478
 
15,105,176
IT Services — 2.5%
8,458
Accenture PLC, Class A
3,077,697
16,720
Akamai Technologies, Inc. (a)
2,060,406
59,416
Cloudflare, Inc., Class A (a)
4,696,835
52,398
Cognizant Technology Solutions
Corp., Class A
4,040,934
3,327
EPAM Systems, Inc. (a)
925,272
10,966
Gartner, Inc. (a)
5,016,287
6,049
International Business Machines
Corp.
1,110,959
7,259
MongoDB, Inc. (a)
2,907,375
19,888
Snowflake, Inc., Class A (a)
3,890,888
 
27,726,653
Life Sciences Tools & Services
— 1.1%
7,117
Agilent Technologies, Inc.
925,922
43,337
Avantor, Inc. (a)
996,317
8,554
Danaher Corp.
2,052,190
8,552
IQVIA Holdings, Inc. (a)
1,780,783
36,205
Revvity, Inc.
3,880,452
1,865
Thermo Fisher Scientific, Inc.
1,005,198
6,010
Waters Corp. (a)
1,909,437
 
12,550,299
Machinery — 3.4%
13,385
Caterpillar, Inc.
4,019,649
20,650
Cummins, Inc.
4,941,545
2,474
Deere & Co.
973,717
19,297
Dover Corp.
2,890,305
26,875
Fortive Corp.
2,101,088
11,403
Graco, Inc.
972,676
3,776
Illinois Tool Works, Inc.
985,158
63,964
Ingersoll Rand, Inc.
5,108,165
3,745
Nordson Corp.
942,691
11,059
Otis Worldwide Corp.
978,058
50,660
PACCAR, Inc.
5,085,758
6,442
Parker-Hannifin Corp.
2,992,309
See Notes to Financial Statements
Page 32

First Trust Large Cap Core AlphaDEX® Fund (FEX)
Portfolio of Investments (Continued)
January 31, 2024 (Unaudited)
Shares
Description
Value
COMMON STOCKS (Continued)
Machinery (Continued)
13,701
Snap-on, Inc.
$3,972,331
15,593
Westinghouse Air Brake
Technologies Corp.
2,051,571
 
38,015,021
Media — 1.7%
7,637
Charter Communications, Inc.,
Class A (a)
2,831,112
112,817
Comcast Corp., Class A
5,250,503
166,734
Fox Corp., Class A
5,385,508
90,937
Interpublic Group of (The) Cos.,
Inc.
3,000,012
22,874
Omnicom Group, Inc.
2,067,352
 
18,534,487
Metals & Mining — 1.5%
46,483
Freeport-McMoRan, Inc.
1,844,910
28,424
Nucor Corp.
5,313,298
17,688
Reliance Steel & Aluminum Co.
5,048,509
41,889
Steel Dynamics, Inc.
5,055,584
 
17,262,301
Multi-Utilities — 3.1%
54,708
Ameren Corp.
3,806,036
138,523
CenterPoint Energy, Inc.
3,870,333
51,115
CMS Energy Corp.
2,921,733
54,380
Consolidated Edison, Inc.
4,943,142
84,204
Dominion Energy, Inc.
3,849,807
35,893
DTE Energy Co.
3,783,840
80,900
Public Service Enterprise Group,
Inc.
4,691,391
52,958
Sempra
3,789,674
35,265
WEC Energy Group, Inc.
2,848,001
 
34,503,957
Office REITs — 0.2%
15,610
Alexandria Real Estate Equities,
Inc.
1,887,249
Oil, Gas & Consumable Fuels
— 4.2%
5,795
Cheniere Energy, Inc.
950,322
31,899
Diamondback Energy, Inc.
4,904,152
127,961
EQT Corp.
4,529,819
49,479
Exxon Mobil Corp.
5,086,936
224,353
Kinder Morgan, Inc.
3,796,053
204,760
Marathon Oil Corp.
4,678,766
33,344
Marathon Petroleum Corp.
5,521,766
82,850
Occidental Petroleum Corp.
4,769,675
14,090
ONEOK, Inc.
961,643
37,156
Phillips 66
5,361,982
11,389
Targa Resources Corp.
967,609
38,054
Valero Energy Corp.
5,285,701
 
46,814,424
Shares
Description
Value
 
Passenger Airlines — 0.7%
73,781
Delta Air Lines, Inc.
$2,887,788
102,777
Southwest Airlines Co.
3,072,005
47,959
United Airlines Holdings,
Inc. (a)
1,984,543
 
7,944,336
Pharmaceuticals — 1.4%
96,413
Bristol-Myers Squibb Co.
4,711,703
3,395
Eli Lilly & Co.
2,191,846
12,624
Johnson & Johnson
2,005,954
171,831
Pfizer, Inc.
4,653,183
10,026
Zoetis, Inc.
1,882,983
 
15,445,669
Professional Services — 0.9%
14,426
Broadridge Financial Solutions,
Inc.
2,945,789
8,001
Equifax, Inc.
1,954,964
15,245
Jacobs Solutions, Inc.
2,054,569
48,572
SS&C Technologies Holdings,
Inc.
2,963,864
 
9,919,186
Residential REITs — 0.4%
32,355
Equity Residential
1,947,447
3,990
Essex Property Trust, Inc.
930,747
29,005
Invitation Homes, Inc.
955,135
7,403
Sun Communities, Inc.
927,966
 
4,761,295
Retail REITs — 0.3%
20,809
Simon Property Group, Inc.
2,884,336
Semiconductors &
Semiconductor Equipment
— 3.6%
26,848
Advanced Micro Devices,
Inc. (a)
4,502,141
4,983
Analog Devices, Inc.
958,530
18,314
Applied Materials, Inc.
3,008,990
3,545
Broadcom, Inc.
4,183,100
5,743
First Solar, Inc. (a)
840,201
5,106
KLA Corp.
3,033,168
3,790
Lam Research Corp.
3,127,394
21,943
Microchip Technology, Inc.
1,869,105
6,274
Monolithic Power Systems, Inc.
3,781,465
7,992
NVIDIA Corp.
4,917,238
12,922
NXP Semiconductors N.V.
2,720,986
13,681
QUALCOMM, Inc.
2,031,765
44,004
Skyworks Solutions, Inc.
4,596,658
9,117
Teradyne, Inc.
880,611
 
40,451,352
Software — 6.4%
6,634
Adobe, Inc. (a)
4,098,353
5,453
ANSYS, Inc. (a)
1,787,657
See Notes to Financial Statements
Page 33

First Trust Large Cap Core AlphaDEX® Fund (FEX)
Portfolio of Investments (Continued)
January 31, 2024 (Unaudited)
Shares
Description
Value
COMMON STOCKS (Continued)
Software (Continued)
12,190
Autodesk, Inc. (a)
$3,093,944
10,898
Cadence Design Systems,
Inc. (a)
3,143,637
19,375
Crowdstrike Holdings, Inc.,
Class A (a)
5,667,187
40,756
Datadog, Inc., Class A (a)
5,071,677
54,274
Dynatrace, Inc. (a)
3,093,618
4,250
Fair Isaac Corp. (a)
5,095,027
6,818
HubSpot, Inc. (a)
4,165,798
6,333
Intuit, Inc.
3,998,213
5,262
Microsoft Corp.
2,092,066
115,248
Palantir Technologies, Inc.,
Class A (a)
1,854,340
13,421
Palo Alto Networks, Inc. (a)
4,543,143
16,966
PTC, Inc. (a)
3,064,908
1,814
Roper Technologies, Inc.
974,118
7,002
ServiceNow, Inc. (a)
5,359,331
5,764
Synopsys, Inc. (a)
3,074,229
72,590
Unity Software, Inc. (a)
2,351,916
14,336
Workday, Inc., Class A (a)
4,172,779
22,328
Zscaler, Inc. (a)
5,262,040
 
71,963,981
Specialized REITs — 0.9%
14,704
Digital Realty Trust, Inc.
2,065,324
1,229
Equinix, Inc.
1,019,787
56,553
Iron Mountain, Inc.
3,818,459
3,243
Public Storage
918,385
3,900
SBA Communications Corp.
873,054
31,035
VICI Properties, Inc.
934,774
28,455
Weyerhaeuser Co.
932,471
 
10,562,254
Specialty Retail — 1.8%
383
AutoZone, Inc. (a)
1,057,896
50,557
Best Buy Co., Inc.
3,664,877
25,785
CarMax, Inc. (a)
1,835,376
2,855
Home Depot (The), Inc.
1,007,701
8,891
Lowe’s Cos., Inc.
1,892,360
1,042
O’Reilly Automotive, Inc. (a)
1,066,018
28,597
Ross Stores, Inc.
4,011,587
21,093
TJX (The) Cos., Inc.
2,001,937
4,602
Tractor Supply Co.
1,033,609
6,058
Ulta Beauty, Inc. (a)
3,041,419
 
20,612,780
Technology Hardware, Storage
& Peripherals — 1.6%
5,139
Apple, Inc.
947,632
291,343
Hewlett Packard Enterprise Co.
4,454,634
65,762
HP, Inc.
1,888,027
Shares
Description
Value
 
Technology Hardware, Storage
& Peripherals (Continued)
33,668
NetApp, Inc.
$2,935,850
13,922
Super Micro Computer, Inc. (a)
7,373,230
 
17,599,373
Textiles, Apparel & Luxury
Goods — 0.6%
7,401
Deckers Outdoor Corp. (a)
5,578,356
9,113
NIKE, Inc., Class B
925,243
 
6,503,599
Trading Companies &
Distributors — 1.4%
45,827
Fastenal Co.
3,126,776
8,627
United Rentals, Inc.
5,395,326
4,776
W.W. Grainger, Inc.
4,277,577
6,928
Watsco, Inc.
2,708,709
 
15,508,388
Wireless Telecommunication
Services — 0.3%
18,513
T-Mobile US, Inc.
2,984,851
Total Common Stocks
1,117,319,020
(Cost $958,419,383)
MONEY MARKET FUNDS — 0.2%
1,777,460
Morgan Stanley Institutional
Liquidity Funds - Treasury
Portfolio - Institutional Class -
5.18% (b)
1,777,460
(Cost $1,777,460)
Total Investments — 100.0%
1,119,096,480
(Cost $960,196,843)
Net Other Assets and
Liabilities — 0.0%
115,417
Net Assets — 100.0%
$1,119,211,897
(a)
Non-income producing security.
(b)
Rate shown reflects yield as of January 31, 2024.
Abbreviations throughout the Portfolio of Investments:
REITs
Real Estate Investment Trusts
See Notes to Financial Statements
Page 34

First Trust Large Cap Core AlphaDEX® Fund (FEX)
Portfolio of Investments (Continued)
January 31, 2024 (Unaudited)

Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of January 31, 2024 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
 
Total
Value at
1/31/2024
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Common
Stocks*
$1,117,319,020
$1,117,319,020
$
$
Money Market
Funds
1,777,460
1,777,460
Total
Investments
$1,119,096,480
$1,119,096,480
$
$
*
See Portfolio of Investments for industry breakout.
See Notes to Financial Statements
Page 35

First Trust Mid Cap Core AlphaDEX® Fund (FNX)
Portfolio of Investments
January 31, 2024 (Unaudited)
Shares
Description
Value
COMMON STOCKS — 99.8%
Aerospace & Defense — 1.0%
10,873
BWX Technologies, Inc.
$885,932
11,235
Curtiss-Wright Corp.
2,500,574
22,627
Hexcel Corp.
1,502,207
6,428
Huntington Ingalls Industries,
Inc.
1,664,338
301,751
Rocket Lab USA, Inc. (a)
1,463,492
18,386
Woodward, Inc.
2,533,039
 
10,549,582
Air Freight & Logistics —
0.2%
9,658
C.H. Robinson Worldwide, Inc.
812,141
27,283
GXO Logistics, Inc. (a)
1,483,650
 
2,295,791
Automobile Components —
1.4%
91,787
Adient PLC (a)
3,185,927
116,366
BorgWarner, Inc.
3,944,807
76,639
Gentex Corp.
2,539,050
174,792
Goodyear Tire & Rubber (The)
Co. (a)
2,436,600
23,634
Lear Corp.
3,140,959
 
15,247,343
Automobiles — 0.6%
113,238
Harley-Davidson, Inc.
3,674,573
21,168
Thor Industries, Inc.
2,392,408
 
6,066,981
Banks — 6.0%
66,974
Bank OZK
3,021,197
38,965
BOK Financial Corp.
3,266,826
84,591
Cadence Bank
2,251,812
62,546
Columbia Banking System, Inc.
1,260,927
44,850
Comerica, Inc.
2,358,213
15,621
Commerce Bancshares, Inc.
814,167
15,380
Cullen/Frost Bankers, Inc.
1,632,126
34,789
East West Bancorp, Inc.
2,532,987
242,365
F.N.B. Corp.
3,194,371
235,690
First Horizon Corp.
3,356,226
20,191
Glacier Bancorp, Inc.
780,584
51,512
Hancock Whitney Corp.
2,323,706
98,816
Home BancShares, Inc.
2,316,247
173,822
KeyCorp
2,525,634
407,792
New York Community Bancorp,
Inc.
2,638,414
197,595
Old National Bancorp
3,254,390
28,698
Pinnacle Financial Partners, Inc.
2,536,329
30,498
Popular, Inc.
2,606,054
36,956
Prosperity Bancshares, Inc.
2,361,858
29,639
SouthState Corp.
2,463,001
66,482
Synovus Financial Corp.
2,503,712
Shares
Description
Value
 
Banks (Continued)
66,659
United Bankshares, Inc.
$2,389,725
307,309
Valley National Bancorp
2,956,313
49,310
Webster Financial Corp.
2,439,859
38,046
Western Alliance Bancorp
2,433,422
35,984
Wintrust Financial Corp.
3,489,728
57,056
Zions Bancorp N.A.
2,390,646
 
66,098,474
Beverages — 0.6%
2,413
Boston Beer (The) Co., Inc.,
Class A (a)
842,789
30,607
Celsius Holdings, Inc. (a)
1,527,289
4,493
Coca-Cola Consolidated, Inc.
3,870,225
 
6,240,303
Biotechnology — 1.9%
133,239
ACADIA Pharmaceuticals,
Inc. (a)
3,452,222
30,077
Alkermes PLC (a)
813,583
117,595
Amicus Therapeutics, Inc. (a)
1,461,706
27,137
Blueprint Medicines Corp. (a)
2,158,206
62,002
Bridgebio Pharma, Inc. (a)
2,126,049
104,336
Exelixis, Inc. (a)
2,270,351
16,491
Ionis Pharmaceuticals, Inc. (a)
847,472
53,279
Natera, Inc. (a)
3,513,217
18,997
Neurocrine Biosciences, Inc. (a)
2,655,211
148,592
Roivant Sciences Ltd. (a)
1,485,920
 
20,783,937
Broadline Retail — 1.0%
10,336
Dillard’s, Inc., Class A
4,002,823
10,295
Etsy, Inc. (a)
685,235
207,342
Macy’s, Inc.
3,792,285
90,444
Nordstrom, Inc.
1,641,559
10,995
Ollie’s Bargain Outlet Holdings,
Inc. (a)
790,870
 
10,912,772
Building Products — 2.6%
30,363
A.O. Smith Corp.
2,356,472
45,179
AAON, Inc.
3,169,759
17,797
Advanced Drainage Systems,
Inc.
2,321,085
19,757
Allegion PLC
2,447,695
87,252
AZEK (The) Co., Inc. (a)
3,364,437
10,959
Fortune Brands Innovations, Inc.
850,309
22,514
Owens Corning
3,411,546
21,072
Simpson Manufacturing Co., Inc.
3,813,821
30,234
Trex Co., Inc. (a)
2,463,466
26,582
UFP Industries, Inc.
3,015,728
28,369
Zurn Elkay Water Solutions
Corp.
841,141
 
28,055,459
See Notes to Financial Statements
Page 36

First Trust Mid Cap Core AlphaDEX® Fund (FNX)
Portfolio of Investments (Continued)
January 31, 2024 (Unaudited)
Shares
Description
Value
COMMON STOCKS (Continued)
Capital Markets — 2.0%
27,552
Affiliated Managers Group, Inc.
$4,100,840
9,755
Evercore, Inc., Class A
1,675,226
6,957
Houlihan Lokey, Inc.
833,309
10,065
Interactive Brokers Group, Inc.,
Class A
893,269
187,072
Invesco Ltd.
2,961,350
41,293
Jefferies Financial Group, Inc.
1,683,103
2,848
MarketAxess Holdings, Inc.
642,252
327,450
Robinhood Markets, Inc.,
Class A (a)
3,516,813
39,386
SEI Investments Co.
2,490,771
24,132
Stifel Financial Corp.
1,760,429
18,362
Tradeweb Markets, Inc., Class A
1,751,551
 
22,308,913
Chemicals — 2.0%
29,688
Ashland, Inc.
2,779,391
20,071
Avient Corp.
726,771
24,562
Axalta Coating Systems Ltd. (a)
796,300
5,609
Balchem Corp.
786,157
39,969
Cabot Corp.
2,881,765
27,867
Eastman Chemical Co.
2,328,288
26,467
FMC Corp.
1,487,445
20,498
H.B. Fuller Co.
1,553,133
66,402
Huntsman Corp.
1,629,505
6,113
NewMarket Corp.
3,409,893
61,860
Olin Corp.
3,221,050
 
21,599,698
Commercial Services &
Supplies — 0.4%
9,561
Clean Harbors, Inc. (a)
1,605,866
58,509
Driven Brands Holdings, Inc. (a)
767,053
16,835
Stericycle, Inc. (a)
808,080
9,996
Tetra Tech, Inc.
1,581,167
 
4,762,166
Communications Equipment
— 0.3%
37,074
Ciena Corp. (a)
1,964,922
4,663
F5, Inc. (a)
856,593
 
2,821,515
Construction & Engineering
— 1.9%
27,079
AECOM
2,388,097
120,569
API Group Corp. (a)
3,800,335
30,287
Arcosa, Inc.
2,370,866
20,284
Comfort Systems USA, Inc.
4,411,161
15,493
EMCOR Group, Inc.
3,534,108
11,019
MasTec, Inc. (a)
723,618
Shares
Description
Value
 
Construction & Engineering
(Continued)
168,554
MDU Resources Group, Inc.
$3,288,489
3,574
Valmont Industries, Inc.
806,688
 
21,323,362
Construction Materials —
0.6%
16,452
Eagle Materials, Inc.
3,722,759
86,775
Summit Materials, Inc.,
Class A (a)
3,139,519
 
6,862,278
Consumer Finance — 1.5%
95,571
Ally Financial, Inc.
3,505,544
1,565
Credit Acceptance Corp. (a)
846,774
30,791
FirstCash Holdings, Inc.
3,533,883
67,833
OneMain Holdings, Inc.
3,228,851
43,637
SLM Corp.
867,504
419,268
SoFi Technologies, Inc. (a)
3,282,868
40,839
Upstart Holdings, Inc. (a) (b)
1,297,047
 
16,562,471
Consumer Staples Distribution
& Retail — 1.0%
25,032
BJ’s Wholesale Club Holdings,
Inc. (a)
1,610,559
6,073
Casey’s General Stores, Inc.
1,647,969
48,261
Performance Food Group Co. (a)
3,507,610
52,027
Sprouts Farmers Market, Inc. (a)
2,620,600
36,747
US Foods Holding Corp. (a)
1,690,729
 
11,077,467
Containers & Packaging —
2.3%
13,497
AptarGroup, Inc.
1,752,990
49,522
Berry Global Group, Inc.
3,241,710
9,061
Crown Holdings, Inc.
801,899
67,695
Graphic Packaging Holding Co.
1,726,899
63,602
Greif, Inc., Class A
3,982,121
92,319
International Paper Co.
3,307,790
254,683
O-I Glass, Inc. (a)
3,708,185
22,846
Sealed Air Corp.
789,329
55,315
Silgan Holdings, Inc.
2,541,171
59,735
Sonoco Products Co.
3,398,922
 
25,251,016
Diversified Consumer Services
— 0.8%
367,012
ADT, Inc.
2,396,588
26,560
Bright Horizons Family
Solutions, Inc. (a)
2,609,520
18,390
Duolingo, Inc. (a)
3,289,787
12,189
Service Corp. International
818,126
 
9,114,021
See Notes to Financial Statements
Page 37

First Trust Mid Cap Core AlphaDEX® Fund (FNX)
Portfolio of Investments (Continued)
January 31, 2024 (Unaudited)
Shares
Description
Value
COMMON STOCKS (Continued)
Diversified REITs — 0.1%
32,642
Essential Properties Realty Trust,
Inc.
$813,112
Diversified Telecommunication
Services — 0.3%
131,704
Frontier Communications Parent,
Inc. (a)
3,243,870
Electric Utilities — 1.8%
293,989
Hawaiian Electric Industries, Inc.
3,813,037
25,458
IDACORP, Inc.
2,356,902
80,691
NRG Energy, Inc.
4,279,851
95,544
OGE Energy Corp.
3,175,882
46,456
Pinnacle West Capital Corp.
3,200,818
77,006
Portland General Electric Co.
3,151,856
 
19,978,346
Electrical Equipment — 1.0%
12,221
Acuity Brands, Inc.
2,910,553
5,215
Atkore, Inc. (a)
795,444
16,529
EnerSys
1,579,677
5,636
Regal Rexnord Corp.
752,181
86,856
Vertiv Holdings Co., Class A
4,892,598
 
10,930,453
Electronic Equipment,
Instruments & Components
— 3.0%
7,659
Advanced Energy Industries,
Inc.
797,915
34,124
Arrow Electronics, Inc. (a)
3,792,883
82,771
Avnet, Inc.
3,749,526
10,810
Badger Meter, Inc.
1,556,532
19,168
Coherent Corp. (a)
911,247
23,543
Insight Enterprises, Inc. (a)
4,349,334
7,688
IPG Photonics Corp. (a)
752,578
44,198
Itron, Inc. (a)
3,188,444
81,210
Sanmina Corp. (a)
4,857,982
31,014
TD SYNNEX Corp.
3,100,780
174,039
Vishay Intertechnology, Inc.
3,781,867
72,446
Vontier Corp.
2,505,907
 
33,344,995
Energy Equipment & Services
— 1.1%
115,177
Helmerich & Payne, Inc.
4,637,026
164,565
NOV, Inc.
3,210,663
12,167
Valaris Ltd. (a)
752,773
42,642
Weatherford
International PLC (a)
3,818,591
 
12,419,053
Entertainment — 0.5%
35,160
Endeavor Group Holdings, Inc.,
Class A
870,210
Shares
Description
Value
 
Entertainment (Continued)
36,412
Roku, Inc. (a)
$3,206,441
46,625
Warner Music Group Corp.,
Class A
1,701,346
 
5,777,997
Financial Services — 3.3%
84,894
Affirm Holdings, Inc. (a)
3,439,056
115,560
Corebridge Financial, Inc.
2,793,085
75,166
Equitable Holdings, Inc.
2,457,177
79,100
Essent Group Ltd.
4,363,156
16,441
Euronet Worldwide, Inc. (a)
1,638,346
216,262
MGIC Investment Corp.
4,290,638
51,249
Mr. Cooper Group, Inc. (a)
3,452,133
18,883
PennyMac Financial Services,
Inc.
1,646,975
146,119
Radian Group, Inc.
4,234,529
44,894
Shift4 Payments, Inc.,
Class A (a)
3,223,838
11,436
Voya Financial, Inc.
827,623
209,985
Western Union (The) Co.
2,639,511
4,288
WEX, Inc. (a)
876,424
 
35,882,491
Food Products — 1.7%
83,703
Darling Ingredients, Inc. (a)
3,624,340
37,066
Flowers Foods, Inc.
845,105
48,084
Freshpet, Inc. (a)
4,140,032
15,374
Ingredion, Inc.
1,653,781
37,898
Post Holdings, Inc. (a)
3,519,587
1,167
Seaboard Corp.
4,204,701
21,071
Simply Good Foods (The)
Co. (a)
796,484
 
18,784,030
Gas Utilities — 0.9%
83,152
National Fuel Gas Co.
3,921,448
56,147
New Jersey Resources Corp.
2,292,482
52,375
ONE Gas, Inc.
3,214,254
13,171
Southwest Gas Holdings, Inc.
772,874
 
10,201,058
Ground Transportation —
1.9%
4,707
Avis Budget Group, Inc.
770,583
401,512
Hertz Global Holdings, Inc. (a)
3,352,625
57,890
Knight-Swift Transportation
Holdings, Inc.
3,321,728
4,308
Landstar System, Inc.
825,930
278,298
Lyft, Inc., Class A (a)
3,475,942
29,004
Ryder System, Inc.
3,293,984
5,711
Saia, Inc. (a)
2,573,263
47,379
U-Haul Holding Co.
3,026,097
 
20,640,152
See Notes to Financial Statements
Page 38

First Trust Mid Cap Core AlphaDEX® Fund (FNX)
Portfolio of Investments (Continued)
January 31, 2024 (Unaudited)
Shares
Description
Value
COMMON STOCKS (Continued)
Health Care Equipment &
Supplies — 1.5%
7,618
CONMED Corp.
$728,281
138,710
Envista Holdings Corp. (a)
3,259,685
10,497
Glaukos Corp. (a)
934,548
31,313
Globus Medical, Inc.,
Class A (a)
1,653,013
33,461
ICU Medical, Inc. (a)
3,062,685
38,316
Integra LifeSciences Holdings
Corp. (a)
1,538,387
7,119
Masimo Corp. (a)
917,924
33,962
QuidelOrtho Corp. (a)
2,326,737
6,693
Teleflex, Inc.
1,625,261
 
16,046,521
Health Care Providers &
Services — 2.1%
1,428
Chemed Corp.
846,504
13,502
CorVel Corp. (a)
3,177,561
7,965
DaVita, Inc. (a)
861,494
25,010
Encompass Health Corp.
1,776,710
29,743
Ensign Group (The), Inc.
3,367,503
22,041
Henry Schein, Inc. (a)
1,649,548
213,115
LifeStance Health Group,
Inc. (a) (b)
1,274,428
49,530
Option Care Health, Inc. (a)
1,547,317
44,881
Progyny, Inc. (a)
1,709,517
106,512
Select Medical Holdings Corp.
2,768,247
11,040
Tenet Healthcare Corp. (a)
913,450
21,892
Universal Health Services, Inc.,
Class B
3,476,669
 
23,368,948
Health Care REITs — 0.5%
96,847
Healthcare Realty Trust, Inc.
1,560,205
84,276
Healthpeak Properties, Inc.
1,559,106
679,709
Medical Properties Trust, Inc. (b)
2,107,098
 
5,226,409
Health Care Technology —
0.1%
38,716
Teladoc Health, Inc. (a)
752,252
Hotel & Resort REITs — 0.6%
200,925
Apple Hospitality REIT, Inc.
3,226,855
30,322
Ryman Hospitality Properties,
Inc.
3,332,388
 
6,559,243
Hotels, Restaurants & Leisure
— 3.0%
59,384
Aramark
1,726,887
13,327
Boyd Gaming Corp.
846,131
12,367
Churchill Downs, Inc.
1,496,036
20,765
Hilton Grand Vacations, Inc. (a)
865,901
31,988
Hyatt Hotels Corp., Class A
4,106,300
Shares
Description
Value
 
Hotels, Restaurants & Leisure
(Continued)
55,328
Life Time Group Holdings,
Inc. (a)
$735,862
40,644
Light & Wonder, Inc. (a)
3,266,965
39,315
Marriott Vacations Worldwide
Corp.
3,298,135
208,170
Norwegian Cruise Line Holdings
Ltd. (a)
3,705,426
96,195
Penn Entertainment, Inc. (a)
2,169,197
22,859
Planet Fitness, Inc., Class A (a)
1,548,926
27,303
Texas Roadhouse, Inc.
3,432,533
16,258
Wingstop, Inc.
4,570,286
9,157
Wynn Resorts Ltd.
864,696
 
32,633,281
Household Durables — 3.8%
22,820
Installed Building Products, Inc.
4,446,477
66,789
KB Home
3,979,957
95,645
Leggett & Platt, Inc.
2,219,920
75,507
M.D.C. Holdings, Inc.
4,725,228
23,948
Meritage Homes Corp.
3,966,028
8,061
Mohawk Industries, Inc. (a)
840,359
33,706
Skyline Champion Corp. (a)
2,308,187
78,195
Taylor Morrison Home Corp. (a)
4,077,087
49,108
Tempur Sealy International, Inc.
2,449,998
40,585
Toll Brothers, Inc.
4,032,120
11,147
TopBuild Corp. (a)
4,114,692
72,489
Worthington Enterprises, Inc.
4,134,773
 
41,294,826
Household Products — 0.2%
62,172
Reynolds Consumer Products,
Inc.
1,689,213
Independent Power and
Renewable Electricity
Producers — 0.2%
64,980
Vistra Corp.
2,666,129
Industrial REITs — 0.4%
9,092
EastGroup Properties, Inc.
1,613,193
15,840
First Industrial Realty Trust, Inc.
816,077
14,873
Rexford Industrial Realty, Inc.
782,171
21,251
STAG Industrial, Inc.
785,012
 
3,996,453
Insurance — 3.7%
14,036
American Financial Group, Inc.
1,689,934
9,904
Assurant, Inc.
1,663,377
44,598
Assured Guaranty Ltd.
3,618,236
60,274
Axis Capital Holdings Ltd.
3,587,508
14,174
Enstar Group Ltd. (a)
3,782,899
9,965
Erie Indemnity Co., Class A
3,446,196
16,354
Fidelity National Financial, Inc.
818,191
25,895
First American Financial Corp.
1,562,763
13,708
Globe Life, Inc.
1,683,616
See Notes to Financial Statements
Page 39

First Trust Mid Cap Core AlphaDEX® Fund (FNX)
Portfolio of Investments (Continued)
January 31, 2024 (Unaudited)
Shares
Description
Value
COMMON STOCKS (Continued)
Insurance (Continued)
61,871
Lincoln National Corp.
$1,698,359
113,517
Old Republic International Corp.
3,183,017
8,111
Primerica, Inc.
1,899,272
10,315
Reinsurance Group of America,
Inc.
1,793,675
8,513
RenaissanceRe Holdings Ltd.
1,948,030
8,387
Selective Insurance Group, Inc.
879,461
92,253
Unum Group
4,459,510
1,664
White Mountains Insurance
Group Ltd.
2,622,414
 
40,336,458
Interactive Media & Services
— 0.2%
47,785
IAC, Inc. (a)
2,399,285
IT Services — 1.1%
90,961
DigitalOcean Holdings, Inc. (a)
3,067,205
109,447
DXC Technology Co. (a)
2,385,944
39,297
GoDaddy, Inc., Class A (a)
4,191,418
27,649
Okta, Inc. (a)
2,285,190
 
11,929,757
Leisure Products — 0.9%
26,415
Acushnet Holdings Corp.
1,673,126
25,872
Brunswick Corp.
2,087,353
35,216
Polaris, Inc.
3,168,032
232,730
Topgolf Callaway Brands
Corp. (a)
3,065,054
 
9,993,565
Life Sciences Tools & Services
— 0.8%
44,729
10X Genomics, Inc., Class A (a)
1,863,857
11,356
Bruker Corp.
812,068
7,060
Charles River Laboratories
International, Inc. (a)
1,526,937
13,610
Medpace Holdings, Inc. (a)
3,968,404
49,516
Sotera Health Co. (a)
728,875
 
8,900,141
Machinery — 4.5%
34,361
AGCO Corp.
4,203,381
28,697
Allison Transmission Holdings,
Inc.
1,737,316
6,119
Chart Industries, Inc. (a)
714,210
12,767
Donaldson Co., Inc.
824,620
28,897
Esab Corp.
2,484,853
54,362
Federal Signal Corp.
4,184,787
40,482
Flowserve Corp.
1,616,446
8,633
Franklin Electric Co., Inc.
813,747
34,872
Hillenbrand, Inc.
1,623,989
27,969
ITT, Inc.
3,378,096
41,948
John Bean Technologies Corp.
4,142,784
Shares
Description
Value
 
Machinery (Continued)
11,510
Lincoln Electric Holdings, Inc.
$2,557,752
17,009
Middleby (The) Corp. (a)
2,399,460
88,479
Mueller Industries, Inc.
4,246,992
30,786
Oshkosh Corp.
3,389,539
11,714
RBC Bearings, Inc. (a)
3,145,678
43,562
Terex Corp.
2,676,014
41,640
Timken (The) Co.
3,410,732
12,015
Watts Water Technologies, Inc.,
Class A
2,379,090
 
49,929,486
Marine Transportation —
0.1%
21,261
Kirby Corp. (a)
1,672,390
Media — 1.3%
4,498
Cable One, Inc.
2,469,087
68,123
New York Times (The) Co.,
Class A
3,308,053
33,985
News Corp., Class A
837,390
21,291
Nexstar Media Group, Inc.
3,783,624
272,660
TEGNA, Inc.
4,250,769
 
14,648,923
Metals & Mining — 1.0%
73,398
ATI, Inc. (a)
2,999,776
163,437
Cleveland-Cliffs, Inc. (a)
3,276,912
83,368
Commercial Metals Co.
4,353,477
 
10,630,165
Mortgage REITs — 0.8%
85,051
AGNC Investment Corp.
806,283
43,074
Annaly Capital Management,
Inc.
826,590
78,452
Blackstone Mortgage Trust, Inc.,
Class A (b)
1,548,643
390,609
Rithm Capital Corp.
4,179,516
79,387
Starwood Property Trust, Inc.
1,613,938
 
8,974,970
Multi-Utilities — 0.3%
61,860
Black Hills Corp.
3,201,874
Office REITs — 0.6%
11,890
Boston Properties, Inc.
790,685
137,059
Cousins Properties, Inc.
3,140,022
83,770
Kilroy Realty Corp.
2,995,615
 
6,926,322
Oil, Gas & Consumable Fuels
— 5.6%
66,587
Antero Midstream Corp.
815,025
183,939
Antero Resources Corp. (a)
4,109,197
76,293
California Resources Corp.
3,637,650
54,221
Chesapeake Energy Corp.
4,180,981
25,096
Chord Energy Corp.
3,858,761
471,380
Comstock Resources, Inc.
3,681,478
See Notes to Financial Statements
Page 40


First Trust Mid Cap Core AlphaDEX® Fund (FNX)
Portfolio of Investments (Continued)
January 31, 2024 (Unaudited)
Shares
Description
Value
COMMON STOCKS (Continued)
Oil, Gas & Consumable Fuels
(Continued)
137,679
CVR Energy, Inc.
$4,643,913
60,901
DT Midstream, Inc.
3,269,775
163,919
Equitrans Midstream Corp.
1,670,335
75,072
HF Sinclair Corp.
4,240,817
97,790
Murphy Oil Corp.
3,784,473
94,984
Ovintiv, Inc.
4,029,221
94,898
PBF Energy, Inc., Class A
4,793,298
184,046
Permian Resources Corp.
2,480,940
137,046
Range Resources Corp.
3,979,816
107,741
SM Energy Co.
3,995,036
636,903
Southwestern Energy Co. (a)
4,108,025
 
61,278,741
Paper & Forest Products —
0.1%
11,780
Louisiana-Pacific Corp.
783,959
Passenger Airlines — 0.2%
21,355
Alaska Air Group, Inc. (a)
765,149
121,447
American Airlines Group,
Inc. (a)
1,728,191
 
2,493,340
Personal Care Products —
1.2%
75,260
BellRing Brands, Inc. (a)
4,159,620
134,355
Coty, Inc., Class A (a)
1,623,008
28,903
elf Beauty, Inc. (a)
4,610,896
17,380
Inter Parfums, Inc.
2,418,427
 
12,811,951
Pharmaceuticals — 1.3%
20,966
Axsome Therapeutics, Inc. (a)
1,887,569
46,599
Intra-Cellular Therapies, Inc. (a)
3,137,977
6,782
Jazz Pharmaceuticals PLC (a)
832,287
57,860
Organon & Co.
963,369
77,782
Perrigo Co. PLC
2,495,247
385,199
Viatris, Inc.
4,533,792
 
13,850,241
Professional Services — 2.6%
97,812
Alight, Inc., Class A (a)
872,483
26,026
ASGN, Inc. (a)
2,415,733
7,730
CACI International, Inc.,
Class A (a)
2,657,033
25,486
Concentrix Corp.
2,264,941
142,622
Dun & Bradstreet Holdings, Inc.
1,652,989
27,045
ExlService Holdings, Inc. (a)
845,968
8,379
FTI Consulting, Inc. (a)
1,605,500
72,113
Genpact Ltd.
2,588,857
21,354
Insperity, Inc.
2,449,090
20,997
ManpowerGroup, Inc.
1,556,717
9,949
Maximus, Inc.
807,063
Shares
Description
Value
 
Professional Services
(Continued)
66,524
Parsons Corp. (a)
$4,334,038
18,979
Robert Half, Inc.
1,509,590
20,133
Science Applications
International Corp.
2,570,179
7,014
TriNet Group, Inc. (a)
797,492
 
28,927,673
Real Estate Management &
Development — 0.3%
8,835
Jones Lang LaSalle, Inc. (a)
1,564,325
41,593
St. Joe (The) Co.
2,295,934
 
3,860,259
Retail REITs — 0.1%
78,306
Kimco Realty Corp.
1,581,781
Semiconductors &
Semiconductor Equipment
— 1.4%
100,311
Amkor Technology, Inc.
3,175,846
6,434
Axcelis Technologies, Inc. (a)
836,742
20,059
Cirrus Logic, Inc. (a)
1,548,555
17,952
MACOM Technology Solutions
Holdings, Inc. (a)
1,548,001
24,332
MKS Instruments, Inc.
2,590,141
10,914
Onto Innovation, Inc. (a)
1,762,611
24,450
Rambus, Inc. (a)
1,675,558
13,088
Universal Display Corp.
2,221,950
 
15,359,404
Software — 6.6%
29,746
Altair Engineering, Inc.,
Class A (a)
2,529,005
4,816
Appfolio, Inc., Class A (a)
1,055,956
83,749
AppLovin Corp., Class A (a)
3,444,596
3,791
Aspen Technology, Inc. (a)
727,834
28,870
Blackbaud, Inc. (a)
2,336,160
42,104
DocuSign, Inc. (a)
2,564,976
68,054
DoubleVerify Holdings, Inc. (a)
2,722,841
56,604
Dropbox, Inc., Class A (a)
1,793,215
37,015
Elastic N.V. (a)
4,332,976
10,602
Five9, Inc. (a)
804,268
146,248
Gen Digital, Inc.
3,433,903
53,007
Gitlab, Inc., Class A (a)
3,769,328
30,607
Guidewire Software, Inc. (a)
3,418,190
7,750
Manhattan Associates, Inc. (a)
1,879,840
3,962
MicroStrategy, Inc., Class A (a)
1,985,794
49,619
nCino, Inc. (a)
1,562,006
148,020
NCR Voyix Corp. (a)
2,175,894
87,476
Nutanix, Inc., Class A (a)
4,916,151
34,152
Pegasystems, Inc.
1,664,568
35,414
PowerSchool Holdings, Inc.,
Class A (a)
833,646
24,108
Procore Technologies, Inc. (a)
1,721,070
See Notes to Financial Statements
Page 41

First Trust Mid Cap Core AlphaDEX® Fund (FNX)
Portfolio of Investments (Continued)
January 31, 2024 (Unaudited)
Shares
Description
Value
COMMON STOCKS (Continued)
Software (Continued)
21,253
Qualys, Inc. (a)
$4,020,430
49,152
RingCentral, Inc., Class A (a)
1,665,761
124,977
Samsara, Inc., Class A (a)
3,924,278
152,031
SentinelOne, Inc., Class A (a)
4,074,431
52,343
Smartsheet, Inc., Class A (a)
2,353,865
8,609
SPS Commerce, Inc. (a)
1,582,334
18,114
Tenable Holdings, Inc. (a)
853,169
167,944
UiPath, Inc., Class A (a)
3,859,353
 
72,005,838
Specialized REITs — 0.3%
18,000
CubeSmart
777,960
15,701
Lamar Advertising Co., Class A
1,643,581
16,993
PotlatchDeltic Corp.
760,097
 
3,181,638
Specialty Retail — 4.1%
50,566
Academy Sports & Outdoors,
Inc.
3,172,005
41,013
Advance Auto Parts, Inc.
2,741,719
18,544
Asbury Automotive Group,
Inc. (a)
3,876,809
27,779
AutoNation, Inc. (a)
3,879,615
38,662
Bath & Body Works, Inc.
1,649,321
78,801
Carvana Co. (a)
3,393,171
35,307
Chewy, Inc., Class A (a)
629,171
17,033
Dick’s Sporting Goods, Inc.
2,539,109
11,742
Five Below, Inc. (a)
2,107,219
22,437
Floor & Decor Holdings, Inc.,
Class A (a)
2,256,265
13,689
Group 1 Automotive, Inc.
3,559,961
12,670
Lithia Motors, Inc.
3,735,750
4,681
Murphy USA, Inc.
1,650,146
20,792
Penske Automotive Group, Inc.
3,084,909
31,115
Signet Jewelers Ltd.
3,095,320
27,045
Wayfair, Inc., Class A (a)
1,359,011
12,404
Williams-Sonoma, Inc.
2,398,810
 
45,128,311
Technology Hardware, Storage
& Peripherals — 0.1%
67,340
IonQ, Inc. (a) (b)
691,582
Textiles, Apparel & Luxury
Goods — 1.5%
41,958
Columbia Sportswear Co.
3,325,591
8,931
Crocs, Inc. (a)
906,318
27,330
PVH Corp.
3,286,706
23,144
Ralph Lauren Corp.
3,325,099
40,152
Skechers U.S.A., Inc.,
Class A (a)
2,507,091
90,665
Tapestry, Inc.
3,516,895
 
16,867,700
Shares
Description
Value
 
Trading Companies &
Distributors — 2.9%
99,470
Air Lease Corp.
$4,158,841
19,325
Applied Industrial Technologies,
Inc.
3,410,089
28,764
Beacon Roofing Supply, Inc. (a)
2,384,248
32,248
Boise Cascade Co.
4,368,314
103,235
Core & Main, Inc., Class A (a)
4,264,638
6,940
GATX Corp.
851,191
22,415
Herc Holdings, Inc.
3,305,988
16,478
MSC Industrial Direct Co., Inc.,
Class A
1,626,049
82,936
Rush Enterprises, Inc., Class A
3,724,656
5,134
SiteOne Landscape Supply,
Inc. (a)
793,460
19,193
WESCO International, Inc.
3,330,369
 
32,217,843
Water Utilities — 0.1%
44,677
Essential Utilities, Inc.
1,602,117
Total Common Stocks
1,096,368,095
(Cost $947,266,698)
MONEY MARKET FUNDS — 0.3%
558,119
Goldman Sachs Financial Square
Treasury Obligations Fund -
Institutional Class -
5.14% (c) (d)
558,119
2,272,554
Morgan Stanley Institutional
Liquidity Funds - Treasury
Portfolio - Institutional Class -
5.18% (c)
2,272,554
Total Money Market Funds
2,830,673
(Cost $2,830,673)
Principal
Value
Description
Value
REPURCHASE AGREEMENTS — 0.6%
$6,357,408
BNP Paribas S.A., 5.21% (c),
dated 01/31/24, due 02/01/24,
with a maturity value of
$6,358,328. Collateralized by
U.S. Treasury Floating Rate
Note, interest rate of 5.45%,
due 04/30/25. The value of the
collateral including accrued
interest is $6,577,363. (d)
6,357,408
(Cost $6,357,408)
Total Investments — 100.7%
1,105,556,176
(Cost $956,454,779)
Net Other Assets and
Liabilities — (0.7)%
(7,268,514
)
Net Assets — 100.0%
$1,098,287,662
See Notes to Financial Statements
Page 42

First Trust Mid Cap Core AlphaDEX® Fund (FNX)
Portfolio of Investments (Continued)
January 31, 2024 (Unaudited)
(a)
Non-income producing security.
(b)
All or a portion of this security is on loan (see Note 2D -
Securities Lending in the Notes to Financial Statements). The
remaining contractual maturity of all of the securities lending
transactions is overnight and continuous. The aggregate
value of such securities, including those sold and pending
settlement, is $6,497,371 and the total value of the collateral
held by the Fund is $6,915,527.
(c)
Rate shown reflects yield as of January 31, 2024.
(d)
This security serves as collateral for securities on loan.
Abbreviations throughout the Portfolio of Investments:
REITs
Real Estate Investment Trusts

Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of January 31, 2024 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
 
Total
Value at
1/31/2024
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Common
Stocks*
$1,096,368,095
$1,096,368,095
$
$
Money Market
Funds
2,830,673
2,830,673
Repurchase
Agreements
6,357,408
6,357,408
Total
Investments
$1,105,556,176
$1,099,198,768
$6,357,408
$
*
See Portfolio of Investments for industry breakout.

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)
$6,497,371
Non-cash Collateral(2)
(6,497,371
)
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, 2024, 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)
$6,357,408
Non-cash Collateral(4)
(6,357,408
)
Net Amount
$
(3)
The amount is included in “Investments, at value” on the
Statements of Assets and Liabilities.
(4)
At January 31, 2024, the value of the collateral received from
each seller exceeded the value of the repurchase agreements.
See Notes to Financial Statements
Page 43

First Trust Small Cap Core AlphaDEX® Fund (FYX)
Portfolio of Investments
January 31, 2024 (Unaudited)
Shares
Description
Value
COMMON STOCKS — 99.9%
Aerospace & Defense — 1.3%
26,990
AAR Corp. (a)
$1,641,532
13,362
AeroVironment, Inc. (a)
1,611,992
15,351
Mercury Systems, Inc. (a)
455,311
19,388
Moog, Inc., Class A
2,710,442
88,325
Spirit AeroSystems Holdings,
Inc., Class A (a)
2,425,404
36,267
V2X, Inc. (a)
1,410,423
229,142
Virgin Galactic Holdings,
Inc. (a) (b)
407,873
 
10,662,977
Air Freight & Logistics —
0.6%
159,398
Air Transport Services Group,
Inc. (a)
2,469,075
61,060
Hub Group, Inc., Class A (a)
2,764,797
 
5,233,872
Automobile Components —
1.4%
191,169
American Axle & Manufacturing
Holdings, Inc. (a)
1,546,557
115,277
Dana, Inc.
1,563,156
13,461
Dorman Products, Inc. (a)
1,095,860
174,167
Garrett Motion, Inc. (a)
1,496,095
10,722
Gentherm, Inc. (a)
516,264
4,466
LCI Industries
496,976
47,018
Modine Manufacturing Co. (a)
3,248,474
22,377
Patrick Industries, Inc.
2,246,427
 
12,209,809
Automobiles — 0.3%
38,515
Winnebago Industries, Inc.
2,531,206
Banks — 12.5%
30,650
1st Source Corp.
1,602,076
31,748
Ameris Bancorp
1,575,971
104,983
Associated Banc-Corp.
2,205,693
46,092
Atlantic Union Bankshares Corp.
1,574,503
30,846
Axos Financial, Inc. (a)
1,709,794
11,536
BancFirst Corp.
1,021,051
43,677
Bancorp (The), Inc. (a)
1,906,064
7,747
Bank of Hawaii Corp.
489,843
69,245
BankUnited, Inc.
1,956,864
41,927
Banner Corp.
1,952,960
50,384
Cathay General Bancorp
2,074,309
15,275
City Holding Co.
1,561,258
29,118
Columbia Financial, Inc. (a)
523,542
21,546
Community Bank System, Inc.
986,160
38,972
Customers Bancorp, Inc. (a)
2,082,664
83,418
CVB Financial Corp.
1,398,920
39,536
Eastern Bankshares, Inc.
551,923
50,293
Enterprise Financial Services
Corp.
2,093,698
Shares
Description
Value
 
Banks (Continued)
28,176
FB Financial Corp.
$1,049,556
45,507
First Bancorp
1,572,722
102,383
First BanCorp
1,707,748
90,475
First Busey Corp.
2,129,781
109,080
First Commonwealth Financial
Corp.
1,528,211
118,189
First Financial Bancorp
2,649,797
73,675
First Hawaiian, Inc.
1,598,011
54,770
First Interstate BancSystem, Inc.,
Class A
1,507,270
60,561
First Merchants Corp.
2,047,567
136,427
Fulton Financial Corp.
2,126,897
59,708
Heartland Financial USA, Inc.
2,117,843
31,888
Hilltop Holdings, Inc.
1,004,153
185,894
Hope Bancorp, Inc.
2,059,706
34,122
Independent Bank Corp.
1,913,903
22,068
Independent Bank Group, Inc.
1,066,988
41,340
International Bancshares Corp.
2,185,232
8,615
Lakeland Financial Corp.
576,860
12,339
Live Oak Bancshares, Inc.
448,769
60,381
National Bank Holdings Corp.,
Class A
2,113,335
26,790
NBT Bancorp, Inc.
952,920
13,951
Nicolet Bankshares, Inc.
1,084,969
134,952
Northwest Bancshares, Inc.
1,669,356
161,693
OceanFirst Financial Corp.
2,785,970
59,915
OFG Bancorp
2,203,075
77,142
Pacific Premier Bancorp, Inc.
1,957,093
8,452
Park National Corp.
1,104,507
42,426
Pathward Financial, Inc.
2,196,818
124,548
Provident Financial Services,
Inc.
2,061,269
66,675
Renasant Corp.
2,108,930
67,193
S&T Bancorp, Inc.
2,240,215
39,451
Seacoast Banking Corp. of
Florida
968,917
8,425
ServisFirst Bancshares, Inc.
565,655
113,185
Simmons First National Corp.,
Class A
2,151,647
80,661
Stellar Bancorp, Inc.
2,018,945
21,806
Stock Yards Bancorp, Inc.
1,084,194
34,746
Texas Capital Bancshares,
Inc. (a)
2,119,506
56,593
TowneBank
1,590,829
39,195
TriCo Bancshares
1,424,738
7,002
Triumph Financial, Inc. (a)
494,691
60,408
Trustmark Corp.
1,630,412
20,158
UMB Financial Corp.
1,663,035
57,560
United Community Banks, Inc.
1,573,690
96,502
Veritex Holdings, Inc.
2,027,507
68,130
WaFd, Inc.
1,978,495
71,584
WesBanco, Inc.
2,100,275
See Notes to Financial Statements
Page 44

First Trust Small Cap Core AlphaDEX® Fund (FYX)
Portfolio of Investments (Continued)
January 31, 2024 (Unaudited)
Shares
Description
Value
COMMON STOCKS (Continued)
Banks (Continued)
29,856
Westamerica BanCorp
$1,424,728
48,892
WSFS Financial Corp.
2,176,183
 
106,030,211
Beverages — 0.3%
227,979
Duckhorn Portfolio (The),
Inc. (a)
1,967,459
21,887
Vita Coco (The) Co., Inc. (a)
430,955
 
2,398,414
Biotechnology — 2.7%
18,758
Apellis Pharmaceuticals, Inc. (a)
1,187,194
133,588
Catalyst Pharmaceuticals,
Inc. (a)
1,923,667
42,466
Celldex Therapeutics, Inc. (a)
1,495,653
20,172
Cytokinetics, Inc. (a)
1,576,038
47,336
Ideaya Biosciences, Inc. (a)
2,060,536
36,231
Insmed, Inc. (a)
1,007,222
49,073
Ironwood Pharmaceuticals,
Inc. (a)
696,346
22,051
Kymera Therapeutics, Inc. (a)
722,832
20,414
Merus N.V. (a)
728,372
58,662
Myriad Genetics, Inc. (a)
1,254,780
24,483
Protagonist Therapeutics, Inc. (a)
612,320
227,748
Recursion Pharmaceuticals, Inc.,
Class A (a)
2,143,109
50,990
Relay Therapeutics, Inc. (a)
471,657
98,606
TG Therapeutics, Inc. (a)
1,601,361
76,153
Twist Bioscience Corp. (a)
2,467,357
23,480
Ultragenyx Pharmaceutical,
Inc. (a)
1,035,703
40,814
Veracyte, Inc. (a)
1,021,166
15,765
Vericel Corp. (a)
677,580
 
22,682,893
Broadline Retail — 0.2%
78,298
Kohl’s Corp.
2,016,956
Building Products — 2.6%
30,232
American Woodmark Corp. (a)
2,759,577
11,420
Armstrong World Industries, Inc.
1,132,978
38,657
AZZ, Inc.
2,414,130
8,121
CSW Industrials, Inc.
1,718,160
28,433
Gibraltar Industries, Inc. (a)
2,300,798
46,053
Griffon Corp.
2,683,048
172,077
Janus International Group,
Inc. (a)
2,434,890
118,940
JELD-WEN Holding, Inc. (a)
2,212,284
151,218
Masterbrand, Inc. (a)
2,127,637
119,320
Resideo Technologies, Inc. (a)
2,000,996
 
21,784,498
Shares
Description
Value
 
Capital Markets — 2.2%
12,706
Artisan Partners Asset
Management, Inc., Class A
$532,381
37,489
AssetMark Financial Holdings,
Inc. (a)
1,149,788
26,746
B. Riley Financial, Inc. (b)
626,391
7,413
Cohen & Steers, Inc.
522,024
18,003
Donnelley Financial Solutions,
Inc. (a)
1,118,346
66,320
Federated Hermes, Inc.
2,318,547
185,894
Golub Capital BDC, Inc.
2,836,743
14,847
Hamilton Lane, Inc., Class A
1,721,361
3,211
Piper Sandler Cos.
557,076
5,511
PJT Partners, Inc., Class A
529,993
17,637
StepStone Group, Inc., Class A
589,958
22,812
StoneX Group, Inc. (a)
1,499,889
65,203
Victory Capital Holdings, Inc.,
Class A
2,199,297
55,420
Virtu Financial, Inc., Class A
930,502
6,967
Virtus Investment Partners, Inc.
1,644,978
 
18,777,274
Chemicals — 1.6%
93,691
AdvanSix, Inc.
2,377,878
229,846
Ecovyst, Inc. (a)
2,128,374
47,556
Ingevity Corp. (a)
2,071,539
9,111
Innospec, Inc.
1,057,878
23,618
Minerals Technologies, Inc.
1,543,436
60,736
Orion S.A.
1,360,486
25,519
Sensient Technologies Corp.
1,582,944
17,813
Stepan Co.
1,590,167
 
13,712,702
Commercial Services &
Supplies — 1.8%
62,614
ABM Industries, Inc.
2,554,025
37,056
ACV Auctions, Inc., Class A (a)
480,616
28,697
Brady Corp., Class A
1,728,420
31,917
Brink’s (The) Co.
2,580,170
35,066
Cimpress PLC (a)
2,637,665
26,841
HNI Corp.
1,092,966
15,318
Matthews International Corp.,
Class A
503,962
63,126
MillerKnoll, Inc.
1,678,520
37,906
Openlane, Inc. (a)
533,717
9,208
UniFirst Corp.
1,560,019
 
15,350,080
Communications Equipment
— 0.4%
12,849
Calix, Inc. (a)
426,330
43,052
Harmonic, Inc. (a)
503,709
127,881
NetScout Systems, Inc. (a)
2,750,720
 
3,680,759
See Notes to Financial Statements
Page 45

First Trust Small Cap Core AlphaDEX® Fund (FYX)
Portfolio of Investments (Continued)
January 31, 2024 (Unaudited)
Shares
Description
Value
COMMON STOCKS (Continued)
Construction & Engineering
— 1.9%
35,453
Ameresco, Inc., Class A (a)
$724,305
64,499
Construction Partners, Inc.,
Class A (a)
2,934,705
19,512
Dycom Industries, Inc. (a)
2,179,490
11,038
Granite Construction, Inc.
497,924
35,433
IES Holdings, Inc. (a)
2,904,089
15,527
MYR Group, Inc. (a)
2,233,559
67,618
Primoris Services Corp.
2,217,870
31,924
Sterling Infrastructure, Inc. (a)
2,397,492
 
16,089,434
Construction Materials —
0.4%
16,966
Knife River Corp. (a)
1,111,103
7,312
United States Lime & Minerals,
Inc.
1,891,395
 
3,002,498
Consumer Finance — 1.7%
85,215
Bread Financial Holdings, Inc.
3,090,748
22,124
Encore Capital Group, Inc. (a)
1,107,970
50,704
Enova International, Inc. (a)
2,759,819
150,751
Navient Corp.
2,595,932
19,090
Nelnet, Inc., Class A
1,663,312
90,812
PROG Holdings, Inc. (a)
2,782,479
 
14,000,260
Consumer Staples Distribution
& Retail — 1.5%
29,270
Andersons (The), Inc.
1,542,822
76,303
Chefs’ Warehouse (The), Inc. (a)
2,427,961
41,647
Grocery Outlet Holding
Corp. (a)
1,032,013
32,500
Ingles Markets, Inc., Class A
2,738,125
172,952
United Natural Foods, Inc. (a)
2,578,714
43,886
Weis Markets, Inc.
2,666,075
 
12,985,710
Containers & Packaging —
0.1%
81,897
Pactiv Evergreen, Inc.
1,195,696
Diversified Consumer Services
— 2.2%
28,569
Adtalem Global Education,
Inc. (a)
1,442,163
148,257
Chegg, Inc. (a)
1,460,332
86,949
Coursera, Inc. (a)
1,664,204
47,819
Frontdoor, Inc. (a)
1,566,551
4,030
Graham Holdings Co., Class B
2,903,212
8,504
Grand Canyon Education,
Inc. (a)
1,110,537
122,844
Laureate Education, Inc.
1,550,291
64,977
Mister Car Wash, Inc. (a)
539,309
Shares
Description
Value
 
Diversified Consumer Services
(Continued)
12,155
Strategic Education, Inc.
$1,143,299
37,824
Stride, Inc. (a)
2,267,549
190,563
Udemy, Inc. (a)
2,589,751
 
18,237,198
Diversified REITs — 0.9%
29,516
Alexander & Baldwin, Inc.
511,217
99,760
American Assets Trust, Inc.
2,237,617
163,008
Broadstone Net Lease, Inc.
2,619,539
173,808
Empire State Realty Trust, Inc.,
Class A
1,654,652
56,422
Global Net Lease, Inc.
476,766
 
7,499,791
Diversified Telecommunication
Services — 0.9%
29,524
Cogent Communications
Holdings, Inc.
2,279,253
1,446,904
Globalstar, Inc. (a)
2,300,577
382,424
Liberty Latin America Ltd.,
Class C (a)
2,722,859
 
7,302,689
Electric Utilities — 0.4%
45,897
ALLETE, Inc.
2,712,972
6,607
Otter Tail Corp.
597,405
 
3,310,377
Electrical Equipment — 0.7%
13,141
Encore Wire Corp.
2,963,295
47,078
Fluence Energy, Inc. (a)
935,440
769,039
GrafTech International Ltd.
1,022,822
24,984
Vicor Corp. (a)
941,147
 
5,862,704
Electronic Equipment,
Instruments & Components
— 1.7%
29,615
Crane NXT Co.
1,725,962
12,835
CTS Corp.
527,005
21,095
ePlus, Inc. (a)
1,593,516
49,397
Methode Electronics, Inc.
1,025,482
273,853
Mirion Technologies, Inc. (a)
2,587,911
16,391
Napco Security Technologies,
Inc.
569,587
13,051
OSI Systems, Inc. (a)
1,670,920
25,058
PC Connection, Inc.
1,616,492
10,385
Plexus Corp. (a)
983,667
12,752
Rogers Corp. (a)
1,469,923
71,018
TTM Technologies, Inc. (a)
987,860
 
14,758,325
Energy Equipment & Services
— 2.6%
182,273
Archrock, Inc.
2,978,341
See Notes to Financial Statements
Page 46

First Trust Small Cap Core AlphaDEX® Fund (FYX)
Portfolio of Investments (Continued)
January 31, 2024 (Unaudited)
Shares
Description
Value
COMMON STOCKS (Continued)
Energy Equipment & Services
(Continued)
12,366
Cactus, Inc., Class A
$524,813
43,185
Diamond Offshore Drilling,
Inc. (a)
526,857
35,264
Expro Group Holdings N.V. (a)
620,646
218,443
Helix Energy Solutions Group,
Inc. (a)
2,053,364
154,741
Liberty Energy, Inc.
3,217,065
6,877
Nabors Industries Ltd. (a)
581,657
52,763
Oceaneering International,
Inc. (a)
1,096,415
259,907
Patterson-UTI Energy, Inc.
2,882,369
334,964
ProPetro Holding Corp. (a)
2,833,796
385,577
RPC, Inc.
2,818,568
31,142
Tidewater, Inc. (a)
2,092,431
 
22,226,322
Entertainment — 0.5%
79,688
Cinemark Holdings, Inc. (a)
1,102,085
82,656
Sphere Entertainment Co. (a)
2,924,369
 
4,026,454
Financial Services — 2.1%
135,932
AvidXchange Holdings, Inc. (a)
1,489,815
28,774
Cannae Holdings, Inc. (a)
582,673
25,007
Compass Diversified Holdings
552,405
27,425
EVERTEC, Inc.
1,101,388
14,680
Federal Agricultural Mortgage
Corp., Class C
2,734,737
54,825
Jackson Financial, Inc., Class A
2,745,088
52,738
Merchants Bancorp
2,306,760
94,576
NMI Holdings, Inc., Class A (a)
3,018,866
107,754
Payoneer Global, Inc. (a)
504,289
57,816
Remitly Global, Inc. (a)
990,966
15,171
Walker & Dunlop, Inc.
1,465,367
 
17,492,354
Food Products — 1.1%
48,910
Cal-Maine Foods, Inc.
2,710,592
106,933
Fresh Del Monte Produce, Inc.
2,628,413
51,269
Hain Celestial Group (The),
Inc. (a)
549,091
3,359
J & J Snack Foods Corp.
534,854
40,631
TreeHouse Foods, Inc. (a)
1,710,565
69,137
Utz Brands, Inc.
1,223,725
 
9,357,240
Gas Utilities — 0.6%
72,086
Northwest Natural Holding Co.
2,657,090
36,022
Spire, Inc.
2,044,969
 
4,702,059
Shares
Description
Value
 
Ground Transportation —
1.3%
14,010
ArcBest Corp.
$1,669,011
157,475
Heartland Express, Inc.
2,039,301
107,036
Marten Transport Ltd.
1,980,166
110,295
Schneider National, Inc., Class B
2,704,434
66,249
Werner Enterprises, Inc.
2,620,148
 
11,013,060
Health Care Equipment &
Supplies — 1.7%
37,155
Alphatec Holdings, Inc. (a)
597,824
25,029
Avanos Medical, Inc. (a)
480,306
18,043
Axonics, Inc. (a)
1,224,759
29,656
Embecta Corp.
508,304
20,043
Enovis Corp. (a)
1,176,524
8,648
Inari Medical, Inc. (a)
492,504
11,332
Integer Holdings Corp. (a)
1,148,158
5,245
iRhythm Technologies, Inc. (a)
628,246
14,919
Omnicell, Inc. (a)
479,944
40,186
PROCEPT BioRobotics
Corp. (a)
1,860,612
69,618
RxSight, Inc. (a)
3,168,315
21,338
TransMedics Group, Inc. (a)
1,830,160
6,527
UFP Technologies, Inc. (a)
1,099,865
 
14,695,521
Health Care Providers &
Services — 2.2%
46,744
Accolade, Inc. (a)
529,142
154,019
AdaptHealth Corp. (a)
1,112,017
12,092
Addus HomeCare Corp. (a)
1,047,167
14,659
Apollo Medical Holdings,
Inc. (a)
509,400
19,419
Fulgent Genetics, Inc. (a)
477,513
252,315
Hims & Hers Health, Inc. (a)
2,164,863
104,092
NeoGenomics, Inc. (a)
1,545,766
371,787
OPKO Health, Inc. (a) (b)
379,223
58,266
Owens & Minor, Inc. (a)
1,148,423
59,198
Patterson Cos., Inc.
1,767,652
301,827
Pediatrix Medical Group, Inc. (a)
2,825,101
125,536
Premier, Inc., Class A
2,714,089
24,377
Privia Health Group, Inc. (a)
491,440
48,439
RadNet, Inc. (a)
1,790,790
 
18,502,586
Health Care REITs — 0.5%
25,085
CareTrust REIT, Inc.
524,778
52,434
LTC Properties, Inc.
1,634,368
30,155
National Health Investors, Inc.
1,603,643
39,341
Sabra Health Care REIT, Inc.
524,809
 
4,287,598
Health Care Technology —
0.4%
31,917
Certara, Inc. (a)
515,779
See Notes to Financial Statements
Page 47

First Trust Small Cap Core AlphaDEX® Fund (FYX)
Portfolio of Investments (Continued)
January 31, 2024 (Unaudited)
Shares
Description
Value
COMMON STOCKS (Continued)
Health Care Technology
(Continued)
50,990
Evolent Health, Inc., Class A (a)
$1,499,616
389,861
Multiplan Corp. (a)
393,760
31,363
Schrodinger, Inc. (a)
829,551
 
3,238,706
Hotel & Resort REITs — 1.5%
179,361
DiamondRock Hospitality Co.
1,639,360
183,464
Park Hotels & Resorts, Inc.
2,766,637
105,394
Pebblebrook Hotel Trust
1,604,097
239,506
RLJ Lodging Trust
2,773,479
131,475
Service Properties Trust
1,016,302
104,641
Sunstone Hotel Investors, Inc.
1,116,519
164,875
Xenia Hotels & Resorts, Inc.
2,197,784
 
13,114,178
Hotels, Restaurants & Leisure
— 3.1%
59,829
Bloomin’ Brands, Inc.
1,592,648
158,587
Bowlero Corp., Class A (a) (b)
1,714,325
65,007
Brinker International, Inc. (a)
2,781,650
48,106
Cheesecake Factory (The), Inc.
1,653,403
21,850
Cracker Barrel Old Country
Store, Inc.
1,690,097
52,127
Dave & Buster’s Entertainment,
Inc. (a)
2,790,358
111,721
First Watch Restaurant Group,
Inc. (a)
2,397,533
70,297
Golden Entertainment, Inc.
2,697,999
20,632
Jack in the Box, Inc.
1,608,677
111,610
Krispy Kreme, Inc.
1,483,297
7,365
Papa John’s International, Inc.
541,180
21,054
Red Rock Resorts, Inc., Class A
1,151,233
255,181
Sabre Corp. (a)
1,046,242
22,722
Shake Shack, Inc., Class A (a)
1,716,874
49,682
Sweetgreen, Inc., Class A (a)
530,604
28,723
Travel + Leisure Co.
1,160,984
 
26,557,104
Household Durables — 2.0%
6,478
Cavco Industries, Inc. (a)
2,150,178
24,639
Century Communities, Inc.
2,136,201
32,425
Green Brick Partners, Inc. (a)
1,691,612
13,941
Helen of Troy Ltd. (a)
1,596,245
76,029
La-Z-Boy, Inc.
2,646,570
12,647
LGI Homes, Inc. (a)
1,492,472
20,379
M/I Homes, Inc. (a)
2,596,692
79,294
Tri Pointe Homes, Inc. (a)
2,738,022
 
17,047,992
Household Products — 0.7%
50,990
Central Garden & Pet Co.,
Class A (a)
2,104,867
Shares
Description
Value
 
Household Products
(Continued)
35,188
Spectrum Brands Holdings, Inc.
$2,766,481
4,697
WD-40 Co.
1,216,429
 
6,087,777
Independent Power and
Renewable Electricity
Producers — 0.2%
40,933
Clearway Energy, Inc., Class C
992,216
73,626
Sunnova Energy International,
Inc. (a)
774,545
 
1,766,761
Industrial REITs — 0.4%
22,273
Innovative Industrial Properties,
Inc.
2,076,512
169,778
LXP Industrial Trust
1,543,282
 
3,619,794
Insurance — 2.2%
10,609
Brighthouse Financial, Inc. (a)
549,228
23,372
BRP Group, Inc., Class A (a)
524,468
60,365
CNO Financial Group, Inc.
1,640,721
336,167
Genworth Financial, Inc.,
Class A (a)
2,074,150
14,813
Goosehead Insurance, Inc.,
Class A (a)
1,143,564
17,168
Horace Mann Educators Corp.
632,297
139,219
Lemonade, Inc. (a) (b)
2,202,445
15,047
Mercury General Corp.
602,632
306,775
Oscar Health, Inc., Class A (a)
3,840,823
10,115
Palomar Holdings, Inc. (a)
605,585
241,982
SiriusPoint Ltd. (a)
2,855,388
28,667
Stewart Information Services
Corp.
1,767,607
 
18,438,908
Interactive Media & Services
— 1.2%
46,474
Cargurus, Inc. (a)
1,080,056
59,188
Cars.com, Inc. (a)
1,031,647
46,512
Shutterstock, Inc.
2,184,669
130,376
TripAdvisor, Inc. (a)
2,816,121
47,436
Yelp, Inc. (a)
2,074,376
16,710
Ziff Davis, Inc. (a)
1,126,254
 
10,313,123
IT Services — 0.6%
63,078
Fastly, Inc., Class A (a)
1,269,129
135,081
Kyndryl Holdings, Inc. (a)
2,771,862
34,013
Squarespace, Inc., Class A (a)
1,054,403
 
5,095,394
See Notes to Financial Statements
Page 48

First Trust Small Cap Core AlphaDEX® Fund (FYX)
Portfolio of Investments (Continued)
January 31, 2024 (Unaudited)
Shares
Description
Value
COMMON STOCKS (Continued)
Leisure Products — 0.3%
51,204
Malibu Boats, Inc., Class A (a)
$2,137,767
18,986
Vista Outdoor, Inc. (a)
532,937
 
2,670,704
Life Sciences Tools & Services
— 0.2%
8,618
Azenta, Inc. (a)
561,893
123,114
Cytek Biosciences, Inc. (a)
929,511
85,710
Maravai LifeSciences Holdings,
Inc., Class A (a)
497,118
 
1,988,522
Machinery — 3.5%
10,684
Alamo Group, Inc.
2,268,000
11,432
Albany International Corp.,
Class A
1,016,419
30,184
Astec Industries, Inc.
1,074,550
51,615
Barnes Group, Inc.
1,708,973
28,774
Columbus McKinnon Corp.
1,124,200
36,114
Enerpac Tool Group Corp.
1,127,840
7,164
Enpro, Inc.
1,070,158
9,594
ESCO Technologies, Inc.
977,341
50,828
Greenbrier (The) Cos., Inc.
2,310,641
37,137
Helios Technologies, Inc.
1,532,273
121,910
Hillman Solutions Corp. (a)
1,071,589
8,011
Kadant, Inc.
2,291,146
87,072
Kennametal, Inc.
2,135,005
13,039
Lindsay Corp.
1,696,504
38,986
Mueller Water Products, Inc.,
Class A
534,498
7,090
Standex International Corp.
1,046,909
30,284
Tennant Co.
2,862,444
63,339
Trinity Industries, Inc.
1,592,343
87,650
Wabash National Corp.
2,217,545
 
29,658,378
Marine Transportation —
0.3%
25,611
Matson, Inc.
2,869,200
Media — 0.5%
78,026
Integral Ad Science Holding
Corp. (a)
1,135,278
60,107
Magnite, Inc. (a)
531,947
74,456
Scholastic Corp.
2,862,089
 
4,529,314
Metals & Mining — 2.0%
8,283
Alpha Metallurgical Resources,
Inc.
3,306,905
16,916
Arch Resources, Inc.
2,993,455
23,788
Carpenter Technology Corp.
1,465,103
44,345
Compass Minerals International,
Inc.
997,319
Shares
Description
Value
 
Metals & Mining (Continued)
15,771
Kaiser Aluminum Corp.
$1,023,538
12,942
Materion Corp.
1,513,826
80,940
Ryerson Holding Corp.
2,777,861
46,038
Warrior Met Coal, Inc.
2,954,258
 
17,032,265
Mortgage REITs — 1.8%
95,639
Apollo Commercial Real Estate
Finance, Inc.
1,067,331
147,932
Arbor Realty Trust, Inc. (b)
1,967,496
562,524
Chimera Investment Corp.
2,700,115
41,189
Claros Mortgage Trust, Inc.
483,559
83,109
Franklin BSP Realty Trust, Inc.
1,065,457
20,355
Hannon Armstrong Sustainable
Infrastructure Capital, Inc.
484,245
97,550
Ladder Capital Corp.
1,066,222
99,627
MFA Financial, Inc.
1,102,871
150,206
PennyMac Mortgage Investment
Trust
2,153,954
273,853
Ready Capital Corp.
2,566,003
40,301
Two Harbors Investment Corp.
502,150
 
15,159,403
Multi-Utilities — 0.6%
78,540
Avista Corp.
2,671,146
44,126
Northwestern Energy Group,
Inc.
2,123,343
 
4,794,489
Office REITs — 1.5%
154,869
Douglas Emmett, Inc.
2,098,475
125,312
Easterly Government Properties,
Inc.
1,538,831
87,718
Equity Commonwealth
1,676,291
122,256
Highwoods Properties, Inc.
2,808,220
99,012
JBG SMITH Properties
1,584,192
434,352
Paramount Group, Inc.
2,063,172
12,428
SL Green Realty Corp. (b)
558,639
 
12,327,820
Oil, Gas & Consumable Fuels
— 3.5%
86,636
Callon Petroleum Co. (a)
2,782,748
140,349
CNX Resources Corp. (a)
2,835,050
27,922
CONSOL Energy, Inc.
2,641,421
87,039
Delek US Holdings, Inc.
2,352,664
63,985
Dorian LPG Ltd.
2,395,598
21,074
Gulfport Energy Corp. (a)
2,674,291
78,848
HighPeak Energy, Inc. (b)
1,076,275
37,031
International Seaways, Inc.
1,986,343
77,179
Par Pacific Holdings, Inc. (a)
2,823,980
115,420
Peabody Energy Corp.
3,081,714
197,259
Talos Energy, Inc. (a)
2,558,449
123,222
World Kinect Corp.
2,781,121
 
29,989,654
See Notes to Financial Statements
Page 49

First Trust Small Cap Core AlphaDEX® Fund (FYX)
Portfolio of Investments (Continued)
January 31, 2024 (Unaudited)
Shares
Description
Value
COMMON STOCKS (Continued)
Paper & Forest Products —
0.3%
57,158
Sylvamo Corp.
$2,653,846
Passenger Airlines — 0.9%
13,592
Allegiant Travel Co.
1,065,613
404,612
JetBlue Airways Corp. (a)
2,148,490
43,019
SkyWest, Inc. (a)
2,291,192
178,448
Sun Country Airlines Holdings,
Inc. (a)
2,428,677
 
7,933,972
Personal Care Products —
1.1%
61,304
Edgewell Personal Care Co.
2,271,313
73,578
Herbalife Ltd. (a)
886,615
33,407
Medifast, Inc.
1,825,693
144,542
Nu Skin Enterprises, Inc.,
Class A
2,682,699
41,895
USANA Health Sciences,
Inc. (a)
1,961,524
 
9,627,844
Pharmaceuticals — 1.1%
36,307
Amphastar Pharmaceuticals,
Inc. (a)
1,937,342
68,197
Arvinas, Inc. (a)
2,830,175
69,137
Corcept Therapeutics, Inc. (a)
1,458,791
15,721
Ligand Pharmaceuticals, Inc. (a)
1,149,205
16,639
Pacira BioSciences, Inc. (a)
542,265
38,797
Supernus Pharmaceuticals,
Inc. (a)
1,073,901
 
8,991,679
Professional Services — 1.7%
35,878
CBIZ, Inc. (a)
2,283,994
21,102
CSG Systems International, Inc.
1,061,642
67,761
First Advantage Corp.
1,109,248
21,845
Huron Consulting Group, Inc. (a)
2,261,613
4,187
ICF International, Inc.
582,160
8,310
Kforce, Inc.
567,989
18,919
Korn Ferry
1,109,978
49,682
Legalzoom.com, Inc. (a)
512,221
10,105
NV5 Global, Inc. (a)
1,059,913
40,330
Sterling Check Corp. (a)
550,101
103,627
TTEC Holdings, Inc.
2,111,918
48,754
Verra Mobility Corp. (a)
1,165,708
 
14,376,485
Real Estate Management &
Development — 0.9%
96,020
DigitalBridge Group, Inc.
1,885,833
84,880
Forestar Group, Inc. (a)
2,653,349
Shares
Description
Value
 
Real Estate Management &
Development (Continued)
626,562
Opendoor Technologies, Inc. (a)
$2,142,842
163,197
Redfin Corp. (a)
1,331,687
 
8,013,711
Residential REITs — 0.1%
38,452
Elme Communities
556,785
Retail REITs — 0.8%
99,129
Acadia Realty Trust
1,691,141
44,309
InvenTrust Properties Corp.
1,100,192
145,534
Macerich (The) Co.
2,297,982
40,013
Retail Opportunity Investments
Corp.
543,777
40,506
Tanger, Inc.
1,089,611
 
6,722,703
Semiconductors &
Semiconductor Equipment
— 1.2%
47,589
Cohu, Inc. (a)
1,516,186
57,667
Credo Technology Group
Holding Ltd. (a)
1,182,750
16,694
Ichor Holdings Ltd. (a)
604,323
12,471
Impinj, Inc. (a)
1,209,438
138,446
indie Semiconductor, Inc.,
Class A (a)
840,367
139,132
Navitas Semiconductor Corp. (a)
797,226
71,584
Photronics, Inc. (a)
2,091,684
16,445
Ultra Clean Holdings, Inc. (a)
628,199
36,185
Veeco Instruments, Inc. (a)
1,153,578
 
10,023,751
Software — 5.2%
36,693
ACI Worldwide, Inc. (a)
1,103,359
181,242
Adeia, Inc.
2,200,278
13,237
Agilysys, Inc. (a)
1,108,069
8,688
Alarm.com Holdings, Inc. (a)
528,404
115,752
Alkami Technology, Inc. (a)
2,849,814
29,531
Asana, Inc., Class A (a)
514,430
385,400
Aurora Innovation, Inc. (a)
1,152,346
273,520
AvePoint, Inc. (a)
2,106,104
8,990
BlackLine, Inc. (a)
527,533
31,699
Braze, Inc., Class A (a)
1,713,331
28,027
Clearwater Analytics Holdings,
Inc., Class A (a)
528,309
7,030
CommVault Systems, Inc. (a)
644,510
71,699
Freshworks, Inc., Class A (a)
1,591,718
14,766
Intapp, Inc. (a)
636,119
25,861
InterDigital, Inc.
2,716,698
59,282
LiveRamp Holdings, Inc. (a)
2,340,453
95,599
Marathon Digital Holdings,
Inc. (a)
1,694,970
90,658
MeridianLink, Inc. (a)
2,062,470
10,339
Progress Software Corp.
587,359
See Notes to Financial Statements
Page 50

First Trust Small Cap Core AlphaDEX® Fund (FYX)
Portfolio of Investments (Continued)
January 31, 2024 (Unaudited)
Shares
Description
Value
COMMON STOCKS (Continued)
Software (Continued)
28,945
PROS Holdings, Inc. (a)
$996,287
51,731
Q2 Holdings, Inc. (a)
2,201,154
39,328
Rapid7, Inc. (a)
2,164,220
108,868
Riot Platforms, Inc. (a)
1,186,661
205,490
SEMrush Holdings, Inc.,
Class A (a)
2,371,355
44,948
SolarWinds Corp. (a)
531,285
27,412
Sprout Social, Inc., Class A (a)
1,681,178
61,992
Varonis Systems, Inc. (a)
2,782,201
20,769
Verint Systems, Inc. (a)
616,632
83,356
Vertex, Inc., Class A (a)
2,022,217
63,650
Zeta Global Holdings Corp.,
Class A (a)
616,132
59,724
Zuora, Inc., Class A (a)
545,877
 
44,321,473
Specialized REITs — 0.8%
23,174
EPR Properties
1,025,913
40,612
National Storage Affiliates Trust
1,516,858
80,430
Outfront Media, Inc.
1,047,199
23,991
Safehold, Inc.
476,461
485,639
Uniti Group, Inc.
2,554,461
 
6,620,892
Specialty Retail — 2.6%
12,728
Abercrombie & Fitch Co.,
Class A (a)
1,296,983
79,593
American Eagle Outfitters, Inc.
1,577,533
7,314
Boot Barn Holdings, Inc. (a)
524,706
37,591
Buckle (The), Inc.
1,398,009
72,090
Foot Locker, Inc.
2,030,055
97,381
Guess?, Inc.
2,175,492
76,537
Monro, Inc.
2,438,469
26,822
National Vision Holdings,
Inc. (a)
509,886
39,887
ODP (The) Corp. (a)
2,039,821
169,096
Sally Beauty Holdings, Inc. (a)
2,083,263
9,987
Sonic Automotive, Inc., Class A
504,943
16,526
Upbound Group, Inc.
548,663
78,649
Urban Outfitters, Inc. (a)
2,988,662
42,306
Victoria’s Secret & Co. (a)
1,102,071
2,689
Winmark Corp.
969,842
 
22,188,398
Technology Hardware, Storage
& Peripherals — 0.4%
39,815
Corsair Gaming, Inc. (a)
506,845
153,137
Xerox Holdings Corp.
2,826,909
 
3,333,754
Textiles, Apparel & Luxury
Goods — 1.4%
22,489
Carter’s, Inc.
1,701,068
Shares
Description
Value
 
Textiles, Apparel & Luxury
Goods (Continued)
80,776
Figs, Inc., Class A (a) (b)
$465,270
17,988
Kontoor Brands, Inc.
1,054,457
67,884
Levi Strauss & Co., Class A
1,105,151
28,070
Oxford Industries, Inc.
2,664,685
53,467
Steven Madden Ltd.
2,239,198
319,340
Under Armour, Inc., Class A (a)
2,433,371
 
11,663,200
Tobacco — 0.3%
41,696
Universal Corp.
2,416,283
49,770
Vector Group Ltd.
521,092
 
2,937,375
Trading Companies &
Distributors — 1.6%
181,683
Custom Truck One Source,
Inc. (a)
1,188,207
247,968
DNOW, Inc. (a)
2,501,997
60,496
FTAI Aviation Ltd.
3,263,759
34,054
GMS, Inc. (a)
2,865,985
42,920
H&E Equipment Services, Inc.
2,308,667
14,080
McGrath RentCorp
1,769,152
 
13,897,767
Water Utilities — 0.1%
10,824
California Water Service Group
490,002
Total Common Stocks
848,272,650
(Cost $758,244,846)
MONEY MARKET FUNDS — 0.2%
763,467
Goldman Sachs Financial Square
Treasury Obligations Fund -
Institutional Class -
5.14% (c) (d)
763,467
913,723
Morgan Stanley Institutional
Liquidity Funds - Treasury
Portfolio - Institutional Class -
5.18% (c)
913,723
Total Money Market Funds
1,677,190
(Cost $1,677,190)
See Notes to Financial Statements
Page 51

First Trust Small Cap Core AlphaDEX® Fund (FYX)
Portfolio of Investments (Continued)
January 31, 2024 (Unaudited)
Principal
Value
Description
Value
REPURCHASE AGREEMENTS — 1.0%
$8,696,482
BNP Paribas S.A., 5.21% (c),
dated 01/31/24, due 02/01/24,
with a maturity value of
$8,697,740. Collateralized by
U.S. Treasury Floating Rate
Note, interest rate of 5.45%,
due 04/30/25. The value of the
collateral including accrued
interest is $8,997,365. (d)
$8,696,482
(Cost $8,696,482)
Total Investments — 101.1%
858,646,322
(Cost $768,618,518)
Net Other Assets and
Liabilities — (1.1)%
(9,705,081
)
Net Assets — 100.0%
$848,941,241
(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, including those sold and pending
settlement, is $8,654,737 and the total value of the collateral
held by the Fund is $9,459,949.
(c)
Rate shown reflects yield as of January 31, 2024.
(d)
This security serves as collateral for securities on loan.
Abbreviations throughout the Portfolio of Investments:
REITs
Real Estate Investment Trusts

Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of January 31, 2024 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
 
Total
Value at
1/31/2024
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Common Stocks*
$848,272,650
$848,272,650
$
$
Money Market
Funds
1,677,190
1,677,190
Repurchase
Agreements
8,696,482
8,696,482
Total Investments
$858,646,322
$849,949,840
$8,696,482
$
*
See Portfolio of Investments for industry breakout.

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)
$8,654,737
Non-cash Collateral(2)
(8,654,737
)
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, 2024, 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)
$8,696,482
Non-cash Collateral(4)
(8,696,482
)
Net Amount
$
(3)
The amount is included in “Investments, at value” on the
Statements of Assets and Liabilities.
(4)
At January 31, 2024, the value of the collateral received from
each seller exceeded the value of the repurchase agreements.
See Notes to Financial Statements
Page 52

First Trust Large Cap Value AlphaDEX® Fund (FTA)
Portfolio of Investments
January 31, 2024 (Unaudited)
Shares
Description
Value
COMMON STOCKS — 99.9%
Aerospace & Defense — 2.5%
15,991
General Dynamics Corp.
$4,237,455
19,714
L3Harris Technologies, Inc.
4,108,792
9,162
Lockheed Martin Corp.
3,934,254
12,954
Northrop Grumman Corp.
5,787,329
24,025
RTX Corp.
2,189,158
103,264
Textron, Inc.
8,747,494
 
29,004,482
Air Freight & Logistics —
1.3%
15,891
Expeditors International of
Washington, Inc.
2,007,510
32,827
FedEx Corp.
7,920,827
38,570
United Parcel Service, Inc.,
Class B
5,473,083
 
15,401,420
Automobile Components —
0.8%
115,699
Aptiv PLC (a)
9,409,800
Automobiles — 1.9%
851,559
Ford Motor Co.
9,980,271
288,990
General Motors Co.
11,212,812
 
21,193,083
Banks — 8.0%
246,640
Bank of America Corp.
8,388,226
161,439
Citigroup, Inc.
9,068,029
250,586
Citizens Financial Group, Inc.
8,194,162
175,831
Fifth Third Bancorp
6,020,453
652,861
Huntington Bancshares, Inc.
8,310,921
35,652
JPMorgan Chase & Co.
6,216,283
60,581
M&T Bank Corp.
8,366,236
39,164
PNC Financial Services Group
(The), Inc.
5,921,988
428,503
Regions Financial Corp.
8,000,151
224,929
Truist Financial Corp.
8,335,869
140,120
U.S. Bancorp
5,820,585
168,720
Wells Fargo & Co.
8,466,370
 
91,109,273
Beverages — 0.9%
124,615
Keurig Dr Pepper, Inc.
3,917,896
99,075
Molson Coors Beverage Co.,
Class B
6,121,844
 
10,039,740
Biotechnology — 0.5%
32,195
Incyte Corp. (a)
1,892,100
4,727
Regeneron Pharmaceuticals,
Inc. (a)
4,456,521
 
6,348,621
Shares
Description
Value
 
Building Products — 0.7%
13,290
Carlisle Cos., Inc.
$4,176,515
72,037
Johnson Controls
International PLC
3,795,630
 
7,972,145
Capital Markets — 3.5%
2,490
BlackRock, Inc.
1,928,032
278,765
Franklin Resources, Inc.
7,423,512
15,720
Goldman Sachs Group (The),
Inc.
6,036,637
44,528
Morgan Stanley
3,884,623
37,240
Raymond James Financial, Inc.
4,103,103
107,209
State Street Corp.
7,919,529
77,114
T. Rowe Price Group, Inc.
8,363,013
 
39,658,449
Chemicals — 6.1%
66,811
Celanese Corp.
9,773,781
130,573
CF Industries Holdings, Inc.
9,859,567
86,648
Corteva, Inc.
3,940,751
110,583
Dow, Inc.
5,927,249
134,934
DuPont de Nemours, Inc.
8,338,921
24,965
International Flavors &
Fragrances, Inc.
2,014,176
87,342
LyondellBasell Industries N.V.,
Class A
8,220,629
290,525
Mosaic (The) Co.
8,922,023
13,516
PPG Industries, Inc.
1,906,297
74,167
Westlake Corp.
10,261,004
 
69,164,398
Consumer Finance — 2.5%
79,168
Capital One Financial Corp.
10,713,014
73,882
Discover Financial Services
7,796,029
271,812
Synchrony Financial
10,565,332
 
29,074,375
Consumer Staples Distribution
& Retail — 2.2%
30,542
Dollar General Corp.
4,033,682
14,230
Dollar Tree, Inc. (a)
1,858,723
132,670
Kroger (The) Co.
6,121,394
56,779
Sysco Corp.
4,595,124
42,581
Target Corp.
5,922,165
12,822
Walmart, Inc.
2,118,836
 
24,649,924
Containers & Packaging —
0.5%
37,226
Packaging Corp. of America
6,175,049
Distributors — 1.4%
43,786
Genuine Parts Co.
6,140,111
173,768
LKQ Corp.
8,109,753
5,069
Pool Corp.
1,881,866
 
16,131,730
See Notes to Financial Statements
Page 53

First Trust Large Cap Value AlphaDEX® Fund (FTA)
Portfolio of Investments (Continued)
January 31, 2024 (Unaudited)
Shares
Description
Value
COMMON STOCKS (Continued)
Diversified REITs — 0.7%
128,134
WP Carey, Inc.
$7,939,183
Diversified Telecommunication
Services — 1.2%
120,469
AT&T, Inc.
2,131,096
275,345
Verizon Communications, Inc.
11,660,861
 
13,791,957
Electric Utilities — 7.2%
118,215
Alliant Energy Corp.
5,752,342
102,246
American Electric Power Co.,
Inc.
7,989,503
35,522
Constellation Energy Corp.
4,333,684
42,789
Duke Energy Corp.
4,100,470
84,828
Edison International
5,724,193
82,068
Entergy Corp.
8,187,104
198,860
Evergy, Inc.
10,096,122
98,257
Eversource Energy
5,327,495
231,320
Exelon Corp.
8,052,249
55,142
FirstEnergy Corp.
2,022,609
306,436
PPL Corp.
8,028,623
59,216
Southern (The) Co.
4,116,696
134,136
Xcel Energy, Inc.
8,030,722
 
81,761,812
Electronic Equipment,
Instruments & Components
— 0.6%
66,386
Corning, Inc.
2,156,881
29,552
TE Connectivity Ltd.
4,201,999
 
6,358,880
Energy Equipment & Services
— 0.4%
177,426
Baker Hughes Co.
5,056,641
Entertainment — 0.2%
22,389
Walt Disney (The) Co.
2,150,463
Financial Services — 1.9%
29,105
Berkshire Hathaway, Inc.,
Class B (a)
11,168,752
47,751
Global Payments, Inc.
6,361,866
67,614
PayPal Holdings, Inc. (a)
4,148,119
 
21,678,737
Food Products — 4.7%
143,734
Archer-Daniels-Midland Co.
7,988,736
140,282
Campbell Soup Co.
6,260,786
362,195
Conagra Brands, Inc.
10,557,984
93,098
General Mills, Inc.
6,042,991
188,863
Hormel Foods Corp.
5,735,769
36,156
Kellanova
1,979,903
224,565
Kraft Heinz (The) Co.
8,338,098
Shares
Description
Value
 
Food Products (Continued)
57,327
Mondelez International, Inc.,
Class A
$4,315,003
37,609
Tyson Foods, Inc., Class A
2,059,469
 
53,278,739
Gas Utilities — 0.7%
71,652
Atmos Energy Corp.
8,164,029
Ground Transportation —
0.5%
20,787
J.B. Hunt Transport Services,
Inc.
4,177,771
8,552
Norfolk Southern Corp.
2,011,773
 
6,189,544
Health Care Equipment &
Supplies — 1.1%
53,701
GE HealthCare Technologies,
Inc.
3,939,505
50,403
Medtronic PLC
4,412,279
9,195
STERIS PLC
2,013,245
16,611
Zimmer Biomet Holdings, Inc.
2,086,342
 
12,451,371
Health Care Providers &
Services — 4.0%
111,904
Centene Corp. (a)
8,427,490
20,252
Cigna Group (The)
6,094,839
131,465
CVS Health Corp.
9,777,052
8,805
Elevance Health, Inc.
4,344,739
9,069
Humana, Inc.
3,428,626
18,269
Laboratory Corp. of America
Holdings
4,061,199
5,595
Molina Healthcare, Inc. (a)
1,994,282
43,983
Quest Diagnostics, Inc.
5,648,737
3,839
UnitedHealth Group, Inc.
1,964,570
 
45,741,534
Health Care REITs — 0.2%
40,558
Ventas, Inc.
1,881,486
Hotels, Restaurants & Leisure
— 0.5%
129,361
Caesars Entertainment, Inc. (a)
5,675,067
Household Durables — 2.1%
68,302
D.R. Horton, Inc.
9,761,039
32,303
Garmin Ltd.
3,859,885
69,649
Lennar Corp., Class A
10,436,903
 
24,057,827
Household Products — 0.2%
16,636
Kimberly-Clark Corp.
2,012,457
Industrial Conglomerates —
0.2%
9,639
Honeywell International, Inc.
1,949,584
Insurance — 7.3%
73,508
Aflac, Inc.
6,199,665
See Notes to Financial Statements
Page 54

First Trust Large Cap Value AlphaDEX® Fund (FTA)
Portfolio of Investments (Continued)
January 31, 2024 (Unaudited)
Shares
Description
Value
COMMON STOCKS (Continued)
Insurance (Continued)
122,573
American International Group,
Inc.
$8,520,049
26,834
Chubb Ltd.
6,574,330
100,333
Cincinnati Financial Corp.
11,116,897
29,358
Everest Group Ltd.
11,301,949
103,314
Hartford Financial Services
Group (The), Inc.
8,984,186
119,333
Loews Corp.
8,694,602
7,311
Markel Group, Inc. (a)
10,947,711
52,781
Principal Financial Group, Inc.
4,174,977
10,612
Travelers (The) Cos., Inc.
2,242,952
58,714
W.R. Berkley Corp.
4,807,502
 
83,564,820
Interactive Media & Services
— 0.4%
113,759
Match Group, Inc. (a)
4,366,070
IT Services — 1.1%
17,081
Akamai Technologies, Inc. (a)
2,104,892
80,291
Cognizant Technology Solutions
Corp., Class A
6,192,042
6,798
EPAM Systems, Inc. (a)
1,890,592
12,360
International Business Machines
Corp.
2,270,037
 
12,457,563
Life Sciences Tools & Services
— 1.1%
8,738
Danaher Corp.
2,096,333
75,972
Revvity, Inc.
8,142,679
3,808
Thermo Fisher Scientific, Inc.
2,052,436
 
12,291,448
Machinery — 2.2%
34,664
Cummins, Inc.
8,295,095
26,996
Dover Corp.
4,043,461
27,455
Fortive Corp.
2,146,432
20,997
Snap-on, Inc.
6,087,660
32,720
Westinghouse Air Brake
Technologies Corp.
4,304,970
 
24,877,618
Media — 3.4%
15,602
Charter Communications, Inc.,
Class A (a)
5,783,817
236,728
Comcast Corp., Class A
11,017,321
349,865
Fox Corp., Class A
11,300,640
185,797
Interpublic Group of (The) Cos.,
Inc.
6,129,443
47,997
Omnicom Group, Inc.
4,337,969
 
38,569,190
Metals & Mining — 3.0%
47,486
Freeport-McMoRan, Inc.
1,884,719
Shares
Description
Value
 
Metals & Mining (Continued)
59,645
Nucor Corp.
$11,149,440
37,116
Reliance Steel & Aluminum Co.
10,593,649
87,896
Steel Dynamics, Inc.
10,608,168
 
34,235,976
Multi-Utilities — 5.9%
114,797
Ameren Corp.
7,986,427
212,265
CenterPoint Energy, Inc.
5,930,684
104,433
CMS Energy Corp.
5,969,390
114,109
Consolidated Edison, Inc.
10,372,508
176,689
Dominion Energy, Inc.
8,078,221
55,001
DTE Energy Co.
5,798,206
169,754
Public Service Enterprise Group,
Inc.
9,844,035
111,125
Sempra
7,952,105
72,050
WEC Energy Group, Inc.
5,818,758
 
67,750,334
Office REITs — 0.3%
32,753
Alexandria Real Estate Equities,
Inc.
3,959,838
Oil, Gas & Consumable Fuels
— 8.1%
66,936
Diamondback Energy, Inc.
10,290,741
268,508
EQT Corp.
9,505,183
103,826
Exxon Mobil Corp.
10,674,351
470,771
Kinder Morgan, Inc.
7,965,445
429,656
Marathon Oil Corp.
9,817,640
69,968
Marathon Petroleum Corp.
11,586,701
173,848
Occidental Petroleum Corp.
10,008,429
77,967
Phillips 66
11,251,418
79,850
Valero Energy Corp.
11,091,165
 
92,191,073
Passenger Airlines — 0.5%
209,986
Southwest Airlines Co.
6,276,481
Pharmaceuticals — 1.6%
161,848
Bristol-Myers Squibb Co.
7,909,512
12,897
Johnson & Johnson
2,049,333
288,447
Pfizer, Inc.
7,811,145
 
17,769,990
Professional Services — 0.7%
31,990
Jacobs Solutions, Inc.
4,311,292
67,946
SS&C Technologies Holdings,
Inc.
4,146,065
 
8,457,357
Residential REITs — 0.4%
67,890
Equity Residential
4,086,299
Semiconductors &
Semiconductor Equipment
— 1.2%
28,709
QUALCOMM, Inc.
4,263,574
See Notes to Financial Statements
Page 55

First Trust Large Cap Value AlphaDEX® Fund (FTA)
Portfolio of Investments (Continued)
January 31, 2024 (Unaudited)
Shares
Description
Value
COMMON STOCKS (Continued)
Semiconductors &
Semiconductor Equipment
(Continued)
73,870
Skyworks Solutions, Inc.
$7,716,460
18,627
Teradyne, Inc.
1,799,182
 
13,779,216
Specialized REITs — 0.3%
15,021
Digital Realty Trust, Inc.
2,109,850
58,138
Weyerhaeuser Co.
1,905,182
 
4,015,032
Specialty Retail — 1.2%
77,471
Best Buy Co., Inc.
5,615,873
26,341
CarMax, Inc. (a)
1,874,952
5,833
Home Depot (The), Inc.
2,058,816
18,657
Lowe’s Cos., Inc.
3,970,956
 
13,520,597
Technology Hardware, Storage
& Peripherals — 1.3%
611,337
Hewlett Packard Enterprise Co.
9,347,342
201,542
HP, Inc.
5,786,271
 
15,133,613
Textiles, Apparel & Luxury
Goods — 0.2%
18,619
NIKE, Inc., Class B
1,890,387
Wireless Telecommunication
Services — 0.5%
37,825
T-Mobile US, Inc.
6,098,525
Total Common Stocks
1,140,763,227
(Cost $1,074,139,986)
MONEY MARKET FUNDS — 0.2%
2,104,828
Morgan Stanley Institutional
Liquidity Funds - Treasury
Portfolio - Institutional Class -
5.18% (b)
2,104,828
(Cost $2,104,828)
Total Investments — 100.1%
1,142,868,055
(Cost $1,076,244,814)
Net Other Assets and
Liabilities — (0.1)%
(1,101,154
)
Net Assets — 100.0%
$1,141,766,901
(a)
Non-income producing security.
(b)
Rate shown reflects yield as of January 31, 2024.
Abbreviations throughout the Portfolio of Investments:
REITs
Real Estate Investment Trusts

Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of January 31, 2024 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
 
Total
Value at
1/31/2024
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Common
Stocks*
$1,140,763,227
$1,140,763,227
$
$
Money Market
Funds
2,104,828
2,104,828
Total
Investments
$1,142,868,055
$1,142,868,055
$
$
*
See Portfolio of Investments for industry breakout.
See Notes to Financial Statements
Page 56

First Trust Large Cap Growth AlphaDEX® Fund (FTC)
Portfolio of Investments
January 31, 2024 (Unaudited)
Shares
Description
Value
COMMON STOCKS — 99.9%
Aerospace & Defense — 3.4%
35,880
Axon Enterprise, Inc. (a)
$8,936,273
35,558
Boeing (The) Co. (a)
7,504,160
20,726
HEICO Corp.
3,722,182
137,012
Howmet Aerospace, Inc.
7,708,295
7,330
TransDigm Group, Inc.
8,009,345
 
35,880,255
Automobiles — 0.3%
14,921
Tesla, Inc. (a)
2,794,554
Banks — 0.9%
6,533
First Citizens BancShares, Inc.,
Class A
9,864,830
Beverages — 0.2%
31,332
Monster Beverage Corp. (a)
1,723,887
Biotechnology — 1.2%
12,872
Amgen, Inc.
4,045,155
50,117
Exact Sciences Corp. (a)
3,277,652
13,308
Vertex Pharmaceuticals, Inc. (a)
5,767,421
 
13,090,228
Broadline Retail — 0.2%
111,487
Coupang, Inc. (a)
1,560,818
Building Products — 3.4%
55,522
Builders FirstSource, Inc. (a)
9,645,837
20,711
Lennox International, Inc.
8,867,622
110,705
Masco Corp.
7,449,339
38,002
Trane Technologies PLC
9,578,404
 
35,541,202
Capital Markets — 5.7%
19,523
Ameriprise Financial, Inc.
7,552,082
45,534
Ares Management Corp.,
Class A
5,531,470
178,075
Bank of New York Mellon (The)
Corp.
9,876,040
30,325
Cboe Global Markets, Inc.
5,575,251
8,571
CME Group, Inc.
1,764,255
7,771
FactSet Research Systems, Inc.
3,698,374
16,289
LPL Financial Holdings, Inc.
3,896,166
9,492
Moody’s Corp.
3,721,244
6,555
MSCI, Inc.
3,923,954
109,845
Northern Trust Corp.
8,748,056
12,292
S&P Global, Inc.
5,511,118
 
59,798,010
Chemicals — 1.5%
12,492
Albemarle Corp.
1,433,332
27,300
Ecolab, Inc.
5,411,406
4,394
Linde PLC
1,778,823
23,772
Sherwin-Williams (The) Co.
7,235,721
 
15,859,282
Shares
Description
Value
 
Commercial Services &
Supplies — 2.8%
12,303
Cintas Corp.
$7,438,025
110,509
Copart, Inc. (a)
5,308,852
44,964
Republic Services, Inc.
7,694,240
123,998
Rollins, Inc.
5,370,353
20,701
Waste Management, Inc.
3,842,727
 
29,654,197
Communications Equipment
— 1.7%
39,355
Arista Networks, Inc. (a)
10,180,351
35,728
Cisco Systems, Inc.
1,792,831
17,295
Motorola Solutions, Inc.
5,525,753
 
17,498,935
Construction & Engineering
— 0.8%
42,950
Quanta Services, Inc.
8,334,448
Construction Materials —
1.1%
14,862
Martin Marietta Materials, Inc.
7,556,138
16,332
Vulcan Materials Co.
3,691,195
 
11,247,333
Electric Utilities — 0.3%
205,631
PG&E Corp.
3,468,995
Electrical Equipment — 1.5%
10,946
AMETEK, Inc.
1,773,799
30,792
Eaton Corp. PLC
7,577,296
11,272
Hubbell, Inc.
3,782,545
11,943
Rockwell Automation, Inc.
3,024,923
 
16,158,563
Electronic Equipment,
Instruments & Components
— 1.5%
54,625
Amphenol Corp., Class A
5,522,587
58,203
Jabil, Inc.
7,292,254
11,345
Keysight Technologies, Inc. (a)
1,738,735
4,045
Teledyne Technologies, Inc. (a)
1,692,711
 
16,246,287
Energy Equipment & Services
— 0.7%
102,561
Halliburton Co.
3,656,299
71,244
Schlumberger N.V.
3,469,583
 
7,125,882
Entertainment — 3.4%
13,193
Electronic Arts, Inc.
1,815,093
79,220
Live Nation Entertainment,
Inc. (a)
7,038,697
15,230
Netflix, Inc. (a)
8,591,395
162,185
ROBLOX Corp., Class A (a)
6,294,400
See Notes to Financial Statements
Page 57

First Trust Large Cap Growth AlphaDEX® Fund (FTC)
Portfolio of Investments (Continued)
January 31, 2024 (Unaudited)
Shares
Description
Value
COMMON STOCKS (Continued)
Entertainment (Continued)
46,070
Take-Two Interactive Software,
Inc. (a)
$7,598,325
475,830
Warner Bros Discovery, Inc. (a)
4,767,817
 
36,105,727
Financial Services — 3.0%
99,462
Apollo Global Management, Inc.
9,985,985
55,820
Fiserv, Inc. (a)
7,919,183
26,238
FleetCor Technologies, Inc. (a)
7,607,183
4,233
Mastercard, Inc., Class A
1,901,591
14,241
Visa, Inc., Class A
3,891,496
 
31,305,438
Food Products — 0.5%
50,095
Lamb Weston Holdings, Inc.
5,131,732
Ground Transportation —
1.6%
52,061
CSX Corp.
1,858,578
150,541
Uber Technologies, Inc. (a)
9,825,811
22,045
Union Pacific Corp.
5,377,437
 
17,061,826
Health Care Equipment &
Supplies — 1.7%
64,132
Boston Scientific Corp. (a)
4,056,990
29,878
Dexcom, Inc. (a)
3,625,695
9,756
IDEXX Laboratories, Inc. (a)
5,025,120
8,318
Insulet Corp. (a)
1,587,657
5,349
Intuitive Surgical, Inc. (a)
2,023,099
6,027
Stryker Corp.
2,021,938
 
18,340,499
Health Care Providers &
Services — 0.4%
13,697
HCA Healthcare, Inc.
4,176,215
Health Care REITs — 0.2%
20,016
Welltower, Inc.
1,731,584
Hotel & Resort REITs — 0.9%
476,055
Host Hotels & Resorts, Inc.
9,149,777
Hotels, Restaurants & Leisure
— 10.9%
27,234
Airbnb, Inc., Class A (a)
3,925,509
2,613
Booking Holdings, Inc. (a)
9,165,019
499,936
Carnival Corp. (a)
8,288,939
3,241
Chipotle Mexican Grill, Inc. (a)
7,806,823
32,957
Darden Restaurants, Inc.
5,358,149
13,136
Domino’s Pizza, Inc.
5,598,826
93,729
DoorDash, Inc., Class A (a)
9,766,562
262,946
DraftKings, Inc., Class A (a)
10,268,041
61,064
Expedia Group, Inc. (a)
9,057,623
50,903
Hilton Worldwide Holdings, Inc.
9,720,437
75,341
Las Vegas Sands Corp.
3,685,682
Shares
Description
Value
 
Hotels, Restaurants & Leisure
(Continued)
41,102
Marriott International, Inc.,
Class A
$9,853,382
6,087
McDonald’s Corp.
1,781,787
207,448
MGM Resorts International (a)
8,997,020
71,580
Royal Caribbean Cruises Ltd. (a)
9,126,450
18,800
Starbucks Corp.
1,748,964
 
114,149,213
Household Durables — 1.4%
773
NVR, Inc. (a)
5,469,199
89,798
PulteGroup, Inc.
9,389,279
 
14,858,478
Industrial Conglomerates —
0.7%
58,098
General Electric Co.
7,693,337
Industrial REITs — 0.3%
27,814
Prologis, Inc.
3,523,756
Insurance — 1.1%
49,920
Arch Capital Group Ltd. (a)
4,114,905
8,027
Arthur J. Gallagher & Co.
1,863,548
52,137
Brown & Brown, Inc.
4,043,746
9,527
Marsh & McLennan Cos., Inc.
1,846,714
 
11,868,913
Interactive Media & Services
— 3.0%
38,763
Alphabet, Inc., Class A (a)
5,430,696
26,185
Meta Platforms, Inc., Class A (a)
10,215,816
200,191
Pinterest, Inc., Class A (a)
7,501,157
547,479
Snap, Inc., Class A (a)
8,699,441
 
31,847,110
IT Services — 3.5%
15,431
Accenture PLC, Class A
5,615,032
111,323
Cloudflare, Inc., Class A (a)
8,800,083
20,546
Gartner, Inc. (a)
9,398,562
13,243
MongoDB, Inc. (a)
5,304,087
37,261
Snowflake, Inc., Class A (a)
7,289,742
 
36,407,506
Life Sciences Tools & Services
— 1.0%
26,668
Agilent Technologies, Inc.
3,469,507
16,023
IQVIA Holdings, Inc. (a)
3,336,469
11,262
Waters Corp. (a)
3,578,050
 
10,384,026
Machinery — 4.6%
25,078
Caterpillar, Inc.
7,531,174
9,271
Deere & Co.
3,648,880
42,732
Graco, Inc.
3,645,040
14,153
Illinois Tool Works, Inc.
3,692,518
119,844
Ingersoll Rand, Inc.
9,570,742
6,832
Nordson Corp.
1,719,751
See Notes to Financial Statements
Page 58

First Trust Large Cap Growth AlphaDEX® Fund (FTC)
Portfolio of Investments (Continued)
January 31, 2024 (Unaudited)
Shares
Description
Value
COMMON STOCKS (Continued)
Machinery (Continued)
20,174
Otis Worldwide Corp.
$1,784,189
94,919
PACCAR, Inc.
9,528,918
16,096
Parker-Hannifin Corp.
7,476,592
 
48,597,804
Oil, Gas & Consumable Fuels
— 0.7%
10,573
Cheniere Energy, Inc.
1,733,866
25,705
ONEOK, Inc.
1,754,366
42,679
Targa Resources Corp.
3,626,008
 
7,114,240
Passenger Airlines — 0.9%
134,600
Delta Air Lines, Inc.
5,268,244
89,858
United Airlines Holdings,
Inc. (a)
3,718,324
 
8,986,568
Pharmaceuticals — 0.9%
9,289
Eli Lilly & Co.
5,997,071
18,785
Zoetis, Inc.
3,528,011
 
9,525,082
Professional Services — 0.9%
26,318
Broadridge Financial Solutions,
Inc.
5,374,135
14,993
Equifax, Inc.
3,663,390
 
9,037,525
Residential REITs — 0.5%
50,194
American Homes 4 Rent,
Class A
1,759,300
7,281
Essex Property Trust, Inc.
1,698,439
52,915
Invitation Homes, Inc.
1,742,491
 
5,200,230
Retail REITs — 0.5%
37,962
Simon Property Group, Inc.
5,261,913
Semiconductors &
Semiconductor Equipment
— 6.4%
50,303
Advanced Micro Devices,
Inc. (a)
8,435,310
9,090
Analog Devices, Inc.
1,748,552
33,412
Applied Materials, Inc.
5,489,592
6,643
Broadcom, Inc.
7,838,740
10,477
First Solar, Inc. (a)
1,532,785
9,316
KLA Corp.
5,534,077
9,467
Lam Research Corp.
7,811,884
29,927
Marvell Technology, Inc.
2,026,058
60,045
Microchip Technology, Inc.
5,114,633
11,756
Monolithic Power Systems, Inc.
7,085,576
14,974
NVIDIA Corp.
9,213,053
23,575
NXP Semiconductors N.V.
4,964,188
 
66,794,448
Shares
Description
Value
 
Software — 13.1%
12,428
Adobe, Inc. (a)
$7,677,770
14,922
ANSYS, Inc. (a)
4,891,879
22,239
Autodesk, Inc. (a)
5,644,481
19,882
Cadence Design Systems,
Inc. (a)
5,735,162
36,302
Crowdstrike Holdings, Inc.,
Class A (a)
10,618,335
76,362
Datadog, Inc., Class A (a)
9,502,487
99,012
Dynatrace, Inc. (a)
5,643,684
7,962
Fair Isaac Corp. (a)
9,545,084
12,773
HubSpot, Inc. (a)
7,804,303
11,863
Intuit, Inc.
7,489,468
14,400
Microsoft Corp.
5,725,152
215,931
Palantir Technologies, Inc.,
Class A (a)
3,474,330
25,146
Palo Alto Networks, Inc. (a)
8,512,172
30,950
PTC, Inc. (a)
5,591,118
3,312
Roper Technologies, Inc.
1,778,544
13,120
ServiceNow, Inc. (a)
10,042,048
10,517
Synopsys, Inc. (a)
5,609,242
132,426
Unity Software, Inc. (a)
4,290,602
26,860
Workday, Inc., Class A (a)
7,818,140
41,836
Zscaler, Inc. (a)
9,859,490
 
137,253,491
Specialized REITs — 1.5%
15,669
Crown Castle, Inc.
1,696,169
2,241
Equinix, Inc.
1,859,515
105,961
Iron Mountain, Inc.
7,154,487
5,917
Public Storage
1,675,635
7,115
SBA Communications Corp.
1,592,764
56,618
VICI Properties, Inc.
1,705,334
 
15,683,904
Specialty Retail — 2.9%
1,435
AutoZone, Inc. (a)
3,963,656
3,903
O’Reilly Automotive, Inc. (a)
3,992,964
53,581
Ross Stores, Inc.
7,516,343
57,722
TJX (The) Cos., Inc.
5,478,395
8,395
Tractor Supply Co.
1,885,517
15,132
Ulta Beauty, Inc. (a)
7,597,021
 
30,433,896
Technology Hardware, Storage
& Peripherals — 2.3%
9,375
Apple, Inc.
1,728,750
61,422
NetApp, Inc.
5,355,998
32,606
Super Micro Computer, Inc. (a)
17,268,464
 
24,353,212
Textiles, Apparel & Luxury
Goods — 1.0%
13,867
Deckers Outdoor Corp. (a)
10,451,974
See Notes to Financial Statements
Page 59

First Trust Large Cap Growth AlphaDEX® Fund (FTC)
Portfolio of Investments (Continued)
January 31, 2024 (Unaudited)
Shares
Description
Value
COMMON STOCKS (Continued)
Trading Companies &
Distributors — 2.9%
83,603
Fastenal Co.
$5,704,233
16,164
United Rentals, Inc.
10,108,966
8,949
W.W. Grainger, Inc.
8,015,082
17,306
Watsco, Inc.
6,766,300
 
30,594,581
Total Common Stocks
1,048,871,711
(Cost $847,447,282)
MONEY MARKET FUNDS — 0.1%
1,359,569
Morgan Stanley Institutional
Liquidity Funds - Treasury
Portfolio - Institutional Class -
5.18% (b)
1,359,569
(Cost $1,359,569)
Total Investments — 100.0%
1,050,231,280
(Cost $848,806,851)
Net Other Assets and
Liabilities — (0.0)%
(359,265
)
Net Assets — 100.0%
$1,049,872,015
(a)
Non-income producing security.
(b)
Rate shown reflects yield as of January 31, 2024.
Abbreviations throughout the Portfolio of Investments:
REITs
Real Estate Investment Trusts

Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of January 31, 2024 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
 
Total
Value at
1/31/2024
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Common
Stocks*
$1,048,871,711
$1,048,871,711
$
$
Money Market
Funds
1,359,569
1,359,569
Total
Investments
$1,050,231,280
$1,050,231,280
$
$
*
See Portfolio of Investments for industry breakout.
See Notes to Financial Statements
Page 60

First Trust Multi Cap Value AlphaDEX® Fund (FAB)
Portfolio of Investments
January 31, 2024 (Unaudited)
Shares
Description
Value
COMMON STOCKS — 99.9%
Aerospace & Defense — 1.3%
1,108
General Dynamics Corp.
$293,609
273
Huntington Ingalls Industries,
Inc.
70,685
1,367
L3Harris Technologies, Inc.
284,910
635
Lockheed Martin Corp.
272,675
898
Northrop Grumman Corp.
401,191
1,665
RTX Corp.
151,715
7,157
Textron, Inc.
606,269
 
2,081,054
Air Freight & Logistics —
0.9%
11,629
Air Transport Services Group,
Inc. (a)
180,133
1,101
Expeditors International of
Washington, Inc.
139,089
2,276
FedEx Corp.
549,176
3,564
Hub Group, Inc., Class A (a)
161,378
2,674
United Parcel Service, Inc.,
Class B
379,441
 
1,409,217
Automobile Components —
1.3%
5,857
Adient PLC (a)
203,296
13,683
American Axle & Manufacturing
Holdings, Inc. (a)
110,695
8,019
Aptiv PLC (a)
652,185
7,921
BorgWarner, Inc.
268,522
5,607
Dana, Inc.
76,031
482
Dorman Products, Inc. (a)
39,240
4,347
Gentex Corp.
144,016
14,873
Goodyear Tire & Rubber (The)
Co. (a)
207,330
2,011
Lear Corp.
267,262
1,202
Patrick Industries, Inc.
120,669
 
2,089,246
Automobiles — 1.3%
59,025
Ford Motor Co.
691,773
20,031
General Motors Co.
777,203
7,708
Harley-Davidson, Inc.
250,125
1,201
Thor Industries, Inc.
135,737
2,248
Winnebago Industries, Inc.
147,738
 
2,002,576
Banks — 10.9%
1,491
1st Source Corp.
77,935
2,273
Ameris Bancorp
112,832
7,659
Associated Banc-Corp.
160,916
2,241
Atlantic Union Bankshares Corp.
76,553
2,208
Axos Financial, Inc. (a)
122,389
17,096
Bank of America Corp.
581,435
4,274
Bank OZK
192,800
Shares
Description
Value
 
Banks (Continued)
3,717
BankUnited, Inc.
$105,042
2,251
Banner Corp.
104,852
2,486
BOK Financial Corp.
208,426
4,798
Cadence Bank
127,723
2,705
Cathay General Bancorp
111,365
11,190
Citigroup, Inc.
628,542
17,369
Citizens Financial Group, Inc.
567,966
5,322
Columbia Banking System, Inc.
107,292
3,816
Comerica, Inc.
200,645
771
Community Bank System, Inc.
35,289
654
Cullen/Frost Bankers, Inc.
69,402
2,092
Customers Bancorp, Inc. (a)
111,796
4,057
CVB Financial Corp.
68,036
2,960
East West Bancorp, Inc.
215,518
2,830
Eastern Bankshares, Inc.
39,507
3,670
Enterprise Financial Services
Corp.
152,782
20,622
F.N.B. Corp.
271,798
1,008
FB Financial Corp.
37,548
12,188
Fifth Third Bancorp
417,317
2,213
First Bancorp
76,481
4,980
First BanCorp
83,066
4,858
First Busey Corp.
114,357
7,808
First Commonwealth Financial
Corp.
109,390
8,623
First Financial Bancorp
193,328
3,584
First Hawaiian, Inc.
77,737
20,055
First Horizon Corp.
285,583
3,920
First Interstate BancSystem, Inc.,
Class A
107,878
4,418
First Merchants Corp.
149,373
7,324
Fulton Financial Corp.
114,181
4,383
Hancock Whitney Corp.
197,717
4,356
Heartland Financial USA, Inc.
154,507
1,141
Hilltop Holdings, Inc.
35,930
5,605
Home BancShares, Inc.
131,381
9,980
Hope Bancorp, Inc.
110,578
45,253
Huntington Bancshares, Inc.
576,071
1,832
Independent Bank Corp.
102,757
790
Independent Bank Group, Inc.
38,197
3,015
International Bancshares Corp.
159,373
2,472
JPMorgan Chase & Co.
431,018
9,861
KeyCorp
143,280
4,199
M&T Bank Corp.
579,882
3,242
National Bank Holdings Corp.,
Class A
113,470
959
NBT Bancorp, Inc.
34,112
34,699
New York Community Bancorp,
Inc.
224,503
500
Nicolet Bankshares, Inc.
38,885
9,659
Northwest Bancshares, Inc.
119,482
11,796
OceanFirst Financial Corp.
203,245
See Notes to Financial Statements
Page 61

First Trust Multi Cap Value AlphaDEX® Fund (FAB)
Portfolio of Investments (Continued)
January 31, 2024 (Unaudited)
Shares
Description
Value
COMMON STOCKS (Continued)
Banks (Continued)
3,217
OFG Bancorp
$118,289
16,813
Old National Bancorp
276,910
4,141
Pacific Premier Bancorp, Inc.
105,057
303
Park National Corp.
39,596
2,277
Pathward Financial, Inc.
117,903
2,441
Pinnacle Financial Partners, Inc.
215,736
2,715
PNC Financial Services Group
(The), Inc.
410,535
2,595
Popular, Inc.
221,743
2,096
Prosperity Bancshares, Inc.
133,955
9,086
Provident Financial Services,
Inc.
150,373
29,702
Regions Financial Corp.
554,536
3,580
Renasant Corp.
113,235
4,902
S&T Bancorp, Inc.
163,433
1,412
Seacoast Banking Corp. of
Florida
34,679
603
ServisFirst Bancshares, Inc.
40,485
8,258
Simmons First National Corp.,
Class A
156,985
1,681
SouthState Corp.
139,691
4,330
Stellar Bancorp, Inc.
108,380
780
Stock Yards Bancorp, Inc.
38,782
5,657
Synovus Financial Corp.
213,043
2,535
Texas Capital Bancshares,
Inc. (a)
154,635
2,753
TowneBank
77,387
1,907
TriCo Bancshares
69,319
15,591
Truist Financial Corp.
577,802
2,938
Trustmark Corp.
79,297
9,712
U.S. Bancorp
403,436
980
UMB Financial Corp.
80,850
3,781
United Bankshares, Inc.
135,549
2,800
United Community Banks, Inc.
76,552
26,148
Valley National Bancorp
251,544
7,040
Veritex Holdings, Inc.
147,910
4,971
WaFd, Inc.
144,358
4,196
Webster Financial Corp.
207,618
11,695
Wells Fargo & Co.
586,855
3,843
WesBanco, Inc.
112,754
1,453
Westamerica BanCorp
69,337
3,237
Western Alliance Bancorp
207,039
3,061
Wintrust Financial Corp.
296,856
2,625
WSFS Financial Corp.
116,839
4,855
Zions Bancorp N.A.
203,424
 
16,964,175
Beverages — 0.5%
16,632
Duckhorn Portfolio (The),
Inc. (a)
143,534
Shares
Description
Value
 
Beverages (Continued)
8,637
Keurig Dr Pepper, Inc.
$271,547
6,868
Molson Coors Beverage Co.,
Class B
424,374
 
839,455
Biotechnology — 0.3%
2,232
Incyte Corp. (a)
131,175
328
Regeneron Pharmaceuticals,
Inc. (a)
309,232
 
440,407
Broadline Retail — 0.6%
704
Dillard’s, Inc., Class A
272,638
5,713
Kohl’s Corp.
147,167
17,643
Macy’s, Inc.
322,690
7,695
Nordstrom, Inc.
139,664
935
Ollie’s Bargain Outlet Holdings,
Inc. (a)
67,255
 
949,414
Building Products — 1.1%
2,205
American Woodmark Corp. (a)
201,272
833
Armstrong World Industries, Inc.
82,642
2,075
AZZ, Inc.
129,584
922
Carlisle Cos., Inc.
289,748
932
Fortune Brands Innovations, Inc.
72,314
8,677
JELD-WEN Holding, Inc. (a)
161,392
4,993
Johnson Controls
International PLC
263,081
11,032
Masterbrand, Inc. (a)
155,220
8,705
Resideo Technologies, Inc. (a)
145,983
1,697
UFP Industries, Inc.
192,525
 
1,693,761
Capital Markets — 3.0%
2,344
Affiliated Managers Group, Inc.
348,881
910
Artisan Partners Asset
Management, Inc., Class A
38,129
173
BlackRock, Inc.
133,956
1,313
Donnelley Financial Solutions,
Inc. (a)
81,563
415
Evercore, Inc., Class A
71,268
3,560
Federated Hermes, Inc.
124,458
19,323
Franklin Resources, Inc.
514,571
1,089
Goldman Sachs Group (The),
Inc.
418,187
10,849
Golub Capital BDC, Inc.
165,556
592
Houlihan Lokey, Inc.
70,910
15,918
Invesco Ltd.
251,982
3,513
Jefferies Financial Group, Inc.
143,190
3,087
Morgan Stanley
269,310
394
PJT Partners, Inc., Class A
37,891
2,581
Raymond James Financial, Inc.
284,374
2,235
SEI Investments Co.
141,341
7,431
State Street Corp.
548,928
See Notes to Financial Statements
Page 62

First Trust Multi Cap Value AlphaDEX® Fund (FAB)
Portfolio of Investments (Continued)
January 31, 2024 (Unaudited)
Shares
Description
Value
COMMON STOCKS (Continued)
Capital Markets (Continued)
1,027
Stifel Financial Corp.
$74,920
1,110
StoneX Group, Inc. (a)
72,982
5,346
T. Rowe Price Group, Inc.
579,774
3,501
Victory Capital Holdings, Inc.,
Class A
118,089
1,984
Virtu Financial, Inc., Class A
33,311
499
Virtus Investment Partners, Inc.
117,819
 
4,641,390
Chemicals — 4.3%
6,835
AdvanSix, Inc.
173,472
2,526
Ashland, Inc.
236,484
2,551
Cabot Corp.
183,927
4,631
Celanese Corp.
677,469
9,050
CF Industries Holdings, Inc.
683,366
6,006
Corteva, Inc.
273,153
7,665
Dow, Inc.
410,844
9,353
DuPont de Nemours, Inc.
578,015
1,580
Eastman Chemical Co.
132,009
12,339
Ecovyst, Inc. (a)
114,259
2,252
FMC Corp.
126,562
872
H.B. Fuller Co.
66,071
5,650
Huntsman Corp.
138,651
2,553
Ingevity Corp. (a)
111,209
326
Innospec, Inc.
37,852
1,731
International Flavors &
Fragrances, Inc.
139,657
6,054
LyondellBasell Industries N.V.,
Class A
569,803
1,149
Minerals Technologies, Inc.
75,087
20,138
Mosaic (The) Co.
618,438
5,264
Olin Corp.
274,097
4,348
Orion S.A.
97,395
937
PPG Industries, Inc.
132,155
1,241
Sensient Technologies Corp.
76,979
867
Stepan Co.
77,397
5,141
Westlake Corp.
711,257
 
6,715,608
Commercial Services &
Supplies — 0.3%
3,655
ABM Industries, Inc.
149,088
1,396
Brady Corp., Class A
84,081
961
HNI Corp.
39,132
3,070
MillerKnoll, Inc.
81,631
448
UniFirst Corp.
75,900
 
429,832
Communications Equipment
— 0.2%
1,578
Ciena Corp. (a)
83,634
Shares
Description
Value
 
Communications Equipment
(Continued)
396
F5, Inc. (a)
$72,745
7,464
NetScout Systems, Inc. (a)
160,551
 
316,930
Construction & Engineering
— 0.3%
1,269
Ameresco, Inc., Class A (a)
25,926
790
Granite Construction, Inc.
35,637
14,342
MDU Resources Group, Inc.
279,812
4,933
Primoris Services Corp.
161,802
 
503,177
Construction Materials —
0.2%
607
Knife River Corp. (a)
39,753
7,384
Summit Materials, Inc.,
Class A (a)
267,153
 
306,906
Consumer Finance — 2.2%
8,132
Ally Financial, Inc.
298,282
6,217
Bread Financial Holdings, Inc.
225,491
5,487
Capital One Financial Corp.
742,501
5,121
Discover Financial Services
540,368
792
Encore Capital Group, Inc. (a)
39,663
3,699
Enova International, Inc. (a)
201,336
8,798
Navient Corp.
151,501
928
Nelnet, Inc., Class A
80,857
4,328
OneMain Holdings, Inc.
206,013
5,301
PROG Holdings, Inc. (a)
162,423
18,840
Synchrony Financial
732,311
 
3,380,746
Consumer Staples Distribution
& Retail — 1.8%
1,423
Andersons (The), Inc.
75,006
1,065
BJ’s Wholesale Club Holdings,
Inc. (a)
68,522
516
Casey’s General Stores, Inc.
140,022
2,117
Dollar General Corp.
279,592
986
Dollar Tree, Inc. (a)
128,791
1,491
Grocery Outlet Holding
Corp. (a)
36,947
2,371
Ingles Markets, Inc., Class A
199,757
9,196
Kroger (The) Co.
424,303
2,951
Sprouts Farmers Market, Inc. (a)
148,642
3,936
Sysco Corp.
318,540
2,952
Target Corp.
410,564
10,094
United Natural Foods, Inc. (a)
150,502
1,563
US Foods Holding Corp. (a)
71,914
888
Walmart, Inc.
146,742
3,202
Weis Markets, Inc.
194,522
 
2,794,366
See Notes to Financial Statements
Page 63

First Trust Multi Cap Value AlphaDEX® Fund (FAB)
Portfolio of Investments (Continued)
January 31, 2024 (Unaudited)
Shares
Description
Value
COMMON STOCKS (Continued)
Containers & Packaging —
1.4%
574
AptarGroup, Inc.
$74,551
3,160
Berry Global Group, Inc.
206,854
5,412
Greif, Inc., Class A
338,845
7,855
International Paper Co.
281,445
21,670
O-I Glass, Inc. (a)
315,515
2,580
Packaging Corp. of America
427,970
2,932
Pactiv Evergreen, Inc.
42,807
1,944
Sealed Air Corp.
67,165
3,137
Silgan Holdings, Inc.
144,114
5,083
Sonoco Products Co.
289,223
 
2,188,489
Distributors — 0.7%
3,035
Genuine Parts Co.
425,598
12,044
LKQ Corp.
562,093
351
Pool Corp.
130,309
 
1,118,000
Diversified Consumer Services
— 0.5%
31,228
ADT, Inc.
203,919
2,045
Adtalem Global Education,
Inc. (a)
103,232
7,211
Chegg, Inc. (a)
71,028
235
Graham Holdings Co., Class B
169,294
886
Strategic Education, Inc.
83,337
2,030
Stride, Inc. (a)
121,698
 
752,508
Diversified REITs — 0.6%
7,278
American Assets Trust, Inc.
163,245
9,514
Broadstone Net Lease, Inc.
152,890
8,881
WP Carey, Inc.
550,267
 
866,402
Diversified Telecommunication
Services — 0.9%
8,350
AT&T, Inc.
147,712
11,207
Frontier Communications Parent,
Inc. (a)
276,028
27,901
Liberty Latin America Ltd.,
Class C (a)
198,655
19,086
Verizon Communications, Inc.
808,292
 
1,430,687
Electric Utilities — 4.5%
3,348
ALLETE, Inc.
197,900
8,194
Alliant Energy Corp.
398,720
7,087
American Electric Power Co.,
Inc.
553,778
2,462
Constellation Energy Corp.
300,364
2,966
Duke Energy Corp.
284,232
5,880
Edison International
396,782
Shares
Description
Value
 
Electric Utilities (Continued)
5,688
Entergy Corp.
$567,435
13,784
Evergy, Inc.
699,814
6,811
Eversource Energy
369,292
16,034
Exelon Corp.
558,144
3,822
FirstEnergy Corp.
140,191
25,015
Hawaiian Electric Industries, Inc.
324,445
1,444
IDACORP, Inc.
133,686
6,097
OGE Energy Corp.
202,664
3,953
Pinnacle West Capital Corp.
272,362
6,552
Portland General Electric Co.
268,173
21,240
PPL Corp.
556,488
4,105
Southern (The) Co.
285,380
9,297
Xcel Energy, Inc.
556,611
 
7,066,461
Electrical Equipment — 0.3%
693
Acuity Brands, Inc.
165,045
959
Encore Wire Corp.
216,255
18,349
GrafTech International Ltd.
24,404
894
Vicor Corp. (a)
33,677
 
439,381
Electronic Equipment,
Instruments & Components
— 1.6%
2,903
Arrow Electronics, Inc. (a)
322,669
7,043
Avnet, Inc.
319,048
4,602
Corning, Inc.
149,519
2,120
Crane NXT Co.
123,554
1,026
ePlus, Inc. (a)
77,504
1,768
Methode Electronics, Inc.
36,704
1,218
PC Connection, Inc.
78,573
372
Plexus Corp. (a)
35,236
620
Rogers Corp. (a)
71,467
6,909
Sanmina Corp. (a)
413,296
1,979
TD SYNNEX Corp.
197,860
2,048
TE Connectivity Ltd.
291,205
2,542
TTM Technologies, Inc. (a)
35,359
14,809
Vishay Intertechnology, Inc.
321,800
 
2,473,794
Energy Equipment & Services
— 1.2%
12,298
Baker Hughes Co.
350,493
9,800
Helmerich & Payne, Inc.
394,548
11,290
Liberty Energy, Inc.
234,719
10,502
NOV, Inc.
204,894
18,962
Patterson-UTI Energy, Inc.
210,289
24,438
ProPetro Holding Corp. (a)
206,746
28,130
RPC, Inc.
205,630
 
1,807,319
See Notes to Financial Statements
Page 64

First Trust Multi Cap Value AlphaDEX® Fund (FAB)
Portfolio of Investments (Continued)
January 31, 2024 (Unaudited)
Shares
Description
Value
COMMON STOCKS (Continued)
Entertainment — 0.2%
6,030
Sphere Entertainment Co. (a)
$213,341
1,552
Walt Disney (The) Co.
149,070
 
362,411
Financial Services — 2.5%
2,018
Berkshire Hathaway, Inc.,
Class B (a)
774,387
6,555
Corebridge Financial, Inc.
158,434
6,731
Essent Group Ltd.
371,282
3,310
Global Payments, Inc.
440,991
3,999
Jackson Financial, Inc., Class A
200,230
2,831
Merchants Bancorp
123,828
18,401
MGIC Investment Corp.
365,076
4,361
Mr. Cooper Group, Inc. (a)
293,757
6,900
NMI Holdings, Inc., Class A (a)
220,248
4,687
PayPal Holdings, Inc. (a)
287,548
803
PennyMac Financial Services,
Inc.
70,038
12,433
Radian Group, Inc.
360,308
738
Walker & Dunlop, Inc.
71,284
17,867
Western Union (The) Co.
224,588
 
3,961,999
Food Products — 3.2%
9,963
Archer-Daniels-Midland Co.
553,743
3,568
Cal-Maine Foods, Inc.
197,739
9,724
Campbell Soup Co.
433,982
25,106
Conagra Brands, Inc.
731,840
5,698
Darling Ingredients, Inc. (a)
246,723
7,802
Fresh Del Monte Produce, Inc.
191,773
6,453
General Mills, Inc.
418,864
13,091
Hormel Foods Corp.
397,574
2,506
Kellanova
137,229
15,565
Kraft Heinz (The) Co.
577,928
3,973
Mondelez International, Inc.,
Class A
299,048
2,419
Post Holdings, Inc. (a)
224,652
100
Seaboard Corp.
360,300
2,908
TreeHouse Foods, Inc. (a)
122,427
2,606
Tyson Foods, Inc., Class A
142,705
 
5,036,527
Gas Utilities — 1.1%
4,967
Atmos Energy Corp.
565,940
7,075
National Fuel Gas Co.
333,657
3,185
New Jersey Resources Corp.
130,043
5,259
Northwest Natural Holding Co.
193,847
4,456
ONE Gas, Inc.
273,465
2,628
Spire, Inc.
149,192
 
1,646,144
Shares
Description
Value
 
Ground Transportation —
1.4%
681
ArcBest Corp.
$81,128
11,489
Heartland Express, Inc.
148,783
34,164
Hertz Global Holdings, Inc. (a)
285,269
1,441
J.B. Hunt Transport Services,
Inc.
289,612
4,926
Knight-Swift Transportation
Holdings, Inc.
282,654
5,746
Marten Transport Ltd.
106,301
593
Norfolk Southern Corp.
139,497
2,468
Ryder System, Inc.
280,291
8,047
Schneider National, Inc., Class B
197,312
3,023
U-Haul Holding Co.
193,079
3,867
Werner Enterprises, Inc.
152,940
 
2,156,866
Health Care Equipment &
Supplies — 1.1%
718
Enovis Corp. (a)
42,147
8,852
Envista Holdings Corp. (a)
208,022
3,722
GE HealthCare Technologies,
Inc.
273,046
1,333
Globus Medical, Inc.,
Class A (a)
70,369
2,135
ICU Medical, Inc. (a)
195,416
405
Integer Holdings Corp. (a)
41,035
1,630
Integra LifeSciences Holdings
Corp. (a)
65,444
3,494
Medtronic PLC
305,865
1,927
QuidelOrtho Corp. (a)
132,019
637
STERIS PLC
139,471
285
Teleflex, Inc.
69,206
1,151
Zimmer Biomet Holdings, Inc.
144,566
 
1,686,606
Health Care Providers &
Services — 2.9%
5,513
AdaptHealth Corp. (a)
39,804
432
Addus HomeCare Corp. (a)
37,411
7,757
Centene Corp. (a)
584,180
1,404
Cigna Group (The)
422,534
9,113
CVS Health Corp.
677,734
677
DaVita, Inc. (a)
73,224
610
Elevance Health, Inc.
300,998
1,064
Encompass Health Corp.
75,586
1,390
Fulgent Genetics, Inc. (a)
34,180
938
Henry Schein, Inc. (a)
70,200
629
Humana, Inc.
237,800
1,266
Laboratory Corp. of America
Holdings
281,432
388
Molina Healthcare, Inc. (a)
138,299
2,085
Owens & Minor, Inc. (a)
41,095
4,238
Patterson Cos., Inc.
126,547
See Notes to Financial Statements
Page 65

First Trust Multi Cap Value AlphaDEX® Fund (FAB)
Portfolio of Investments (Continued)
January 31, 2024 (Unaudited)
Shares
Description
Value
COMMON STOCKS (Continued)
Health Care Providers &
Services (Continued)
22,020
Pediatrix Medical Group, Inc. (a)
$206,107
9,159
Premier, Inc., Class A
198,017
3,049
Quest Diagnostics, Inc.
391,583
6,042
Select Medical Holdings Corp.
157,032
939
Tenet Healthcare Corp. (a)
77,693
267
UnitedHealth Group, Inc.
136,635
1,863
Universal Health Services, Inc.,
Class B
295,863
 
4,603,954
Health Care REITs — 0.4%
4,121
Healthcare Realty Trust, Inc.
66,389
3,586
Healthpeak Properties, Inc.
66,341
2,551
LTC Properties, Inc.
79,515
57,835
Medical Properties Trust, Inc. (b)
179,289
1,466
National Health Investors, Inc.
77,962
2,811
Ventas, Inc.
130,402
 
599,898
Hotel & Resort REITs — 0.4%
12,822
Apple Hospitality REIT, Inc.
205,921
5,126
Pebblebrook Hotel Trust
78,018
17,473
RLJ Lodging Trust
202,337
12,029
Xenia Hotels & Resorts, Inc.
160,347
 
646,623
Hotels, Restaurants & Leisure
— 0.7%
8,966
Caesars Entertainment, Inc. (a)
393,338
1,063
Cracker Barrel Old Country
Store, Inc.
82,223
5,129
Golden Entertainment, Inc.
196,851
3,345
Marriott Vacations Worldwide
Corp.
280,612
8,185
Penn Entertainment, Inc. (a)
184,572
 
1,137,596
Household Durables — 3.1%
1,797
Century Communities, Inc.
155,800
4,735
D.R. Horton, Inc.
676,679
2,239
Garmin Ltd.
267,538
678
Helen of Troy Ltd. (a)
77,631
5,683
KB Home
338,650
5,547
La-Z-Boy, Inc.
193,091
5,426
Leggett & Platt, Inc.
125,937
4,827
Lennar Corp., Class A
723,326
615
LGI Homes, Inc. (a)
72,576
5,140
M.D.C. Holdings, Inc.
321,661
1,487
M/I Homes, Inc. (a)
189,473
2,037
Meritage Homes Corp.
337,348
1,912
Skyline Champion Corp. (a)
130,934
6,654
Taylor Morrison Home Corp. (a)
346,940
Shares
Description
Value
 
Household Durables
(Continued)
3,454
Toll Brothers, Inc.
$343,155
5,785
Tri Pointe Homes, Inc. (a)
199,756
4,935
Worthington Enterprises, Inc.
281,492
 
4,781,987
Household Products — 0.3%
2,737
Central Garden & Pet Co.,
Class A (a)
112,983
1,153
Kimberly-Clark Corp.
139,478
2,645
Reynolds Consumer Products,
Inc.
71,865
2,567
Spectrum Brands Holdings, Inc.
201,818
 
526,144
Independent Power and
Renewable Electricity
Producers — 0.2%
1,465
Clearway Energy, Inc., Class C
35,511
5,529
Vistra Corp.
226,855
 
262,366
Industrial Conglomerates —
0.1%
668
Honeywell International, Inc.
135,110
Industrial REITs — 0.1%
1,196
Innovative Industrial Properties,
Inc.
111,503
8,258
LXP Industrial Trust
75,065
 
186,568
Insurance — 5.4%
5,095
Aflac, Inc.
429,712
597
American Financial Group, Inc.
71,879
8,496
American International Group,
Inc.
590,557
422
Assurant, Inc.
70,875
3,795
Assured Guaranty Ltd.
307,888
5,129
Axis Capital Holdings Ltd.
305,278
1,860
Chubb Ltd.
455,700
6,954
Cincinnati Financial Corp.
770,503
4,321
CNO Financial Group, Inc.
117,445
1,206
Enstar Group Ltd. (a)
321,869
2,035
Everest Group Ltd.
783,414
1,102
First American Financial Corp.
66,506
24,526
Genworth Financial, Inc.,
Class A (a)
151,325
583
Globe Life, Inc.
71,604
7,161
Hartford Financial Services
Group (The), Inc.
622,721
2,632
Lincoln National Corp.
72,248
8,271
Loews Corp.
602,625
507
Markel Group, Inc. (a)
759,197
9,659
Old Republic International Corp.
270,838
3,659
Principal Financial Group, Inc.
289,427
See Notes to Financial Statements
Page 66

First Trust Multi Cap Value AlphaDEX® Fund (FAB)
Portfolio of Investments (Continued)
January 31, 2024 (Unaudited)
Shares
Description
Value
COMMON STOCKS (Continued)
Insurance (Continued)
878
Reinsurance Group of America,
Inc.
$152,676
1,394
Stewart Information Services
Corp.
85,954
736
Travelers (The) Cos., Inc.
155,561
7,850
Unum Group
379,469
4,070
W.R. Berkley Corp.
333,252
142
White Mountains Insurance
Group Ltd.
223,788
 
8,462,311
Interactive Media & Services
— 0.4%
2,711
IAC, Inc. (a)
136,119
7,885
Match Group, Inc. (a)
302,626
2,497
Shutterstock, Inc.
117,284
1,219
Ziff Davis, Inc. (a)
82,161
 
638,190
IT Services — 0.7%
1,184
Akamai Technologies, Inc. (a)
145,904
5,565
Cognizant Technology Solutions
Corp., Class A
429,173
9,313
DXC Technology Co. (a)
203,023
472
EPAM Systems, Inc. (a)
131,268
857
International Business Machines
Corp.
157,397
 
1,066,765
Leisure Products — 0.6%
1,124
Acushnet Holdings Corp.
71,194
2,201
Brunswick Corp.
177,577
2,988
Malibu Boats, Inc., Class A (a)
124,749
2,997
Polaris, Inc.
269,610
19,803
Topgolf Callaway Brands
Corp. (a)
260,805
 
903,935
Life Sciences Tools & Services
— 0.6%
301
Charles River Laboratories
International, Inc. (a)
65,100
605
Danaher Corp.
145,145
5,266
Revvity, Inc.
564,410
264
Thermo Fisher Scientific, Inc.
142,291
 
916,946
Machinery — 2.5%
2,924
AGCO Corp.
357,693
409
Albany International Corp.,
Class A
36,364
2,202
Astec Industries, Inc.
78,391
2,511
Barnes Group, Inc.
83,139
2,402
Cummins, Inc.
574,799
1,871
Dover Corp.
280,238
Shares
Description
Value
 
Machinery (Continued)
1,722
Flowserve Corp.
$68,759
1,903
Fortive Corp.
148,777
1,806
Helios Technologies, Inc.
74,516
1,484
Hillenbrand, Inc.
69,110
3,569
John Bean Technologies Corp.
352,474
6,352
Kennametal, Inc.
155,751
635
Lindsay Corp.
82,620
964
Middleby (The) Corp. (a)
135,992
6,023
Mueller Industries, Inc.
289,104
1,964
Oshkosh Corp.
216,236
1,456
Snap-on, Inc.
422,138
2,657
Timken (The) Co.
217,635
2,268
Westinghouse Air Brake
Technologies Corp.
298,401
 
3,942,137
Marine Transportation —
0.1%
1,868
Matson, Inc.
209,272
Media — 2.4%
255
Cable One, Inc.
139,977
1,082
Charter Communications, Inc.,
Class A (a)
401,108
16,409
Comcast Corp., Class A
763,675
24,251
Fox Corp., Class A
783,307
12,878
Interpublic Group of (The) Cos.,
Inc.
424,845
1,812
Nexstar Media Group, Inc.
322,011
3,327
Omnicom Group, Inc.
300,694
4,800
Paramount Global, Class B
70,032
5,433
Scholastic Corp.
208,845
23,200
TEGNA, Inc.
361,688
 
3,776,182
Metals & Mining — 2.4%
483
Alpha Metallurgical Resources,
Inc.
192,833
1,234
Arch Resources, Inc.
218,369
10,430
Cleveland-Cliffs, Inc. (a)
209,121
7,094
Commercial Metals Co.
370,449
1,587
Compass Minerals International,
Inc.
35,692
3,292
Freeport-McMoRan, Inc.
130,659
564
Kaiser Aluminum Corp.
36,604
4,134
Nucor Corp.
772,769
2,572
Reliance Steel & Aluminum Co.
734,100
4,724
Ryerson Holding Corp.
162,128
6,092
Steel Dynamics, Inc.
735,243
3,359
Warrior Met Coal, Inc.
215,547
 
3,813,514
Mortgage REITs — 0.9%
7,237
AGNC Investment Corp.
68,607
See Notes to Financial Statements
Page 67

First Trust Multi Cap Value AlphaDEX® Fund (FAB)
Portfolio of Investments (Continued)
January 31, 2024 (Unaudited)
Shares
Description
Value
COMMON STOCKS (Continued)
Mortgage REITs (Continued)
3,423
Apollo Commercial Real Estate
Finance, Inc.
$38,201
10,793
Arbor Realty Trust, Inc. (b)
143,547
6,675
Blackstone Mortgage Trust, Inc.,
Class A (b)
131,764
41,039
Chimera Investment Corp.
196,987
2,948
Claros Mortgage Trust, Inc.
34,609
2,974
Franklin BSP Realty Trust, Inc.
38,127
3,566
MFA Financial, Inc.
39,476
10,959
PennyMac Mortgage Investment
Trust
157,152
19,979
Ready Capital Corp.
187,203
33,236
Rithm Capital Corp.
355,625
3,378
Starwood Property Trust, Inc.
68,675
 
1,459,973
Multi-Utilities — 3.4%
7,957
Ameren Corp.
553,569
5,730
Avista Corp.
194,877
5,264
Black Hills Corp.
272,465
14,713
CenterPoint Energy, Inc.
411,081
7,238
CMS Energy Corp.
413,724
7,909
Consolidated Edison, Inc.
718,928
12,247
Dominion Energy, Inc.
559,933
3,812
DTE Energy Co.
401,861
3,219
Northwestern Energy Group,
Inc.
154,898
11,766
Public Service Enterprise Group,
Inc.
682,310
7,703
Sempra
551,227
4,994
WEC Energy Group, Inc.
403,315
 
5,318,188
Office REITs — 0.9%
2,271
Alexandria Real Estate Equities,
Inc.
274,564
8,747
Cousins Properties, Inc.
200,394
8,314
Douglas Emmett, Inc.
112,655
6,094
Easterly Government Properties,
Inc.
74,834
6,279
Equity Commonwealth
119,992
8,919
Highwoods Properties, Inc.
204,869
4,816
JBG SMITH Properties
77,056
7,128
Kilroy Realty Corp.
254,897
23,318
Paramount Group, Inc.
110,761
 
1,430,022
Oil, Gas & Consumable Fuels
— 8.1%
15,651
Antero Resources Corp. (a)
349,643
6,492
California Resources Corp.
309,539
6,321
Callon Petroleum Co. (a)
203,031
4,613
Chesapeake Energy Corp.
355,708
Shares
Description
Value
 
Oil, Gas & Consumable Fuels
(Continued)
2,135
Chord Energy Corp.
$328,278
10,239
CNX Resources Corp. (a)
206,828
40,109
Comstock Resources, Inc.
313,251
11,715
CVR Energy, Inc.
395,147
4,673
Delek US Holdings, Inc.
126,311
4,640
Diamondback Energy, Inc.
713,354
5,182
DT Midstream, Inc.
278,222
18,611
EQT Corp.
658,829
7,196
Exxon Mobil Corp.
739,821
1,538
Gulfport Energy Corp. (a)
195,172
6,388
HF Sinclair Corp.
360,858
32,631
Kinder Morgan, Inc.
552,117
29,782
Marathon Oil Corp.
680,519
4,850
Marathon Petroleum Corp.
803,160
8,321
Murphy Oil Corp.
322,023
12,050
Occidental Petroleum Corp.
693,719
8,082
Ovintiv, Inc.
342,838
5,631
Par Pacific Holdings, Inc. (a)
206,038
8,075
PBF Energy, Inc., Class A
407,868
8,421
Peabody Energy Corp.
224,841
5,404
Phillips 66
779,851
11,661
Range Resources Corp.
338,635
9,167
SM Energy Co.
339,912
54,193
Southwestern Energy Co. (a)
349,545
14,391
Talos Energy, Inc. (a)
186,651
5,535
Valero Energy Corp.
768,811
8,990
World Kinect Corp.
202,904
 
12,733,424
Paper & Forest Products —
0.1%
3,336
Sylvamo Corp.
154,891
Passenger Airlines — 0.6%
29,519
JetBlue Airways Corp. (a)
156,746
2,310
SkyWest, Inc. (a)
123,030
14,555
Southwest Airlines Co.
435,049
13,018
Sun Country Airlines Holdings,
Inc. (a)
177,175
 
892,000
Personal Care Products —
0.4%
4,473
Edgewell Personal Care Co.
165,725
7,900
Herbalife Ltd. (a)
95,195
2,438
Medifast, Inc.
133,237
10,545
Nu Skin Enterprises, Inc.,
Class A
195,715
2,249
USANA Health Sciences,
Inc. (a)
105,298
 
695,170
Pharmaceuticals — 1.3%
11,218
Bristol-Myers Squibb Co.
548,224
See Notes to Financial Statements
Page 68

First Trust Multi Cap Value AlphaDEX® Fund (FAB)
Portfolio of Investments (Continued)
January 31, 2024 (Unaudited)
Shares
Description
Value
COMMON STOCKS (Continued)
Pharmaceuticals (Continued)
894
Johnson & Johnson
$142,057
562
Ligand Pharmaceuticals, Inc. (a)
41,082
14,770
Organon & Co.
245,920
4,412
Perrigo Co. PLC
141,537
19,993
Pfizer, Inc.
541,410
1,388
Supernus Pharmaceuticals,
Inc. (a)
38,420
32,776
Viatris, Inc.
385,774
 
2,084,424
Professional Services — 1.2%
1,476
ASGN, Inc. (a)
137,002
438
CACI International, Inc.,
Class A (a)
150,554
1,446
Concentrix Corp.
128,506
756
CSG Systems International, Inc.
38,035
6,068
Dun & Bradstreet Holdings, Inc.
70,328
4,090
Genpact Ltd.
146,831
300
ICF International, Inc.
41,712
2,217
Jacobs Solutions, Inc.
298,785
595
Kforce, Inc.
40,668
677
Korn Ferry
39,720
893
ManpowerGroup, Inc.
66,207
361
NV5 Global, Inc. (a)
37,865
807
Robert Half, Inc.
64,189
1,142
Science Applications
International Corp.
145,788
4,710
SS&C Technologies Holdings,
Inc.
287,404
596
TriNet Group, Inc. (a)
67,765
5,563
TTEC Holdings, Inc.
113,374
 
1,874,733
Real Estate Management &
Development — 0.1%
4,954
Forestar Group, Inc. (a)
154,862
376
Jones Lang LaSalle, Inc. (a)
66,575
 
221,437
Residential REITs — 0.2%
4,706
Equity Residential
283,254
Retail REITs — 0.2%
4,821
Acadia Realty Trust
82,246
1,586
InvenTrust Properties Corp.
39,380
6,663
Kimco Realty Corp.
134,593
 
256,219
Semiconductors &
Semiconductor Equipment
— 0.9%
6,402
Amkor Technology, Inc.
202,687
853
Cirrus Logic, Inc. (a)
65,852
2,315
Cohu, Inc. (a)
73,756
Shares
Description
Value
 
Semiconductors &
Semiconductor Equipment
(Continued)
3,843
Photronics, Inc. (a)
$112,293
1,989
QUALCOMM, Inc.
295,386
5,120
Skyworks Solutions, Inc.
534,835
1,292
Teradyne, Inc.
124,794
 
1,409,603
Software — 0.2%
1,313
ACI Worldwide, Inc. (a)
39,482
13,223
Adeia, Inc.
160,527
322
Aspen Technology, Inc. (a)
61,821
8,396
NCR Voyix Corp. (a)
123,421
 
385,251
Specialized REITs — 0.2%
1,042
Digital Realty Trust, Inc.
146,359
4,030
Weyerhaeuser Co.
132,063
 
278,422
Specialty Retail — 3.1%
456
Abercrombie & Fitch Co.,
Class A (a)
46,466
4,303
Academy Sports & Outdoors,
Inc.
269,927
3,490
Advance Auto Parts, Inc.
233,306
5,697
American Eagle Outfitters, Inc.
112,915
1,578
Asbury Automotive Group,
Inc. (a)
329,897
1,891
AutoNation, Inc. (a)
264,097
3,290
Bath & Body Works, Inc.
140,351
5,370
Best Buy Co., Inc.
389,271
1,724
Buckle (The), Inc.
64,116
1,825
CarMax, Inc. (a)
129,903
966
Dick’s Sporting Goods, Inc.
144,002
3,870
Foot Locker, Inc.
108,979
1,165
Group 1 Automotive, Inc.
302,970
7,105
Guess?, Inc.
158,726
404
Home Depot (The), Inc.
142,596
862
Lithia Motors, Inc.
254,161
1,293
Lowe’s Cos., Inc.
275,202
4,109
Monro, Inc.
130,913
398
Murphy USA, Inc.
140,303
2,910
ODP (The) Corp. (a)
148,817
1,327
Penske Automotive Group, Inc.
196,887
12,336
Sally Beauty Holdings, Inc. (a)
151,980
1,986
Signet Jewelers Ltd.
197,567
5,738
Urban Outfitters, Inc. (a)
218,044
3,087
Victoria’s Secret & Co. (a)
80,416
704
Williams-Sonoma, Inc.
136,147
 
4,767,959
Technology Hardware, Storage
& Peripherals — 0.8%
42,374
Hewlett Packard Enterprise Co.
647,898
See Notes to Financial Statements
Page 69

First Trust Multi Cap Value AlphaDEX® Fund (FAB)
Portfolio of Investments (Continued)
January 31, 2024 (Unaudited)
Shares
Description
Value
COMMON STOCKS (Continued)
Technology Hardware, Storage
& Peripherals (Continued)
13,970
HP, Inc.
$401,079
11,173
Xerox Holdings Corp.
206,254
 
1,255,231
Textiles, Apparel & Luxury
Goods — 1.0%
1,094
Carter’s, Inc.
82,750
2,678
Columbia Sportswear Co.
212,258
1,312
Kontoor Brands, Inc.
76,910
2,430
Levi Strauss & Co., Class A
39,560
1,291
NIKE, Inc., Class B
131,075
1,638
Oxford Industries, Inc.
155,495
2,325
PVH Corp.
279,605
2,277
Skechers U.S.A., Inc.,
Class A (a)
142,176
5,786
Tapestry, Inc.
224,439
23,298
Under Armour, Inc., Class A (a)
177,531
 
1,521,799
Tobacco — 0.1%
2,434
Universal Corp.
141,050
Trading Companies &
Distributors — 0.9%
8,464
Air Lease Corp.
353,880
1,631
Beacon Roofing Supply, Inc. (a)
135,193
2,195
Boise Cascade Co.
297,335
18,091
DNOW, Inc. (a)
182,538
5,645
Rush Enterprises, Inc., Class A
253,517
1,225
WESCO International, Inc.
212,562
 
1,435,025
Water Utilities — 0.0%
1,901
Essential Utilities, Inc.
68,170
Wireless Telecommunication
Services — 0.3%
2,622
T-Mobile US, Inc.
422,745
Total Common Stocks
156,250,342
(Cost $150,236,332)
MONEY MARKET FUNDS — 0.1%
32,428
Goldman Sachs Financial Square
Treasury Obligations Fund -
Institutional Class -
5.14% (c) (d)
32,428
136,960
Morgan Stanley Institutional
Liquidity Funds - Treasury
Portfolio - Institutional Class -
5.18% (c)
136,960
Total Money Market Funds
169,388
(Cost $169,388)
Principal
Value
Description
Value
REPURCHASE AGREEMENTS — 0.3%
$369,380
BNP Paribas S.A., 5.21% (c),
dated 01/31/24, due 02/01/24,
with a maturity value of
$369,434. Collateralized by
U.S. Treasury Floating Rate
Note, interest rate of 5.45%,
due 04/30/25. The value of the
collateral including accrued
interest is $382,160. (d)
$369,380
(Cost $369,380)
Total Investments — 100.3%
156,789,110
(Cost $150,775,100)
Net Other Assets and
Liabilities — (0.3)%
(409,429
)
Net Assets — 100.0%
$156,379,681
(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, including those sold and pending
settlement, is $375,155 and the total value of the collateral
held by the Fund is $401,808.
(c)
Rate shown reflects yield as of January 31, 2024.
(d)
This security serves as collateral for securities on loan.
Abbreviations throughout the Portfolio of Investments:
REITs
Real Estate Investment Trusts

Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of January 31, 2024 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
 
Total
Value at
1/31/2024
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Common Stocks*
$156,250,342
$156,250,342
$
$
Money Market
Funds
169,388
169,388
Repurchase
Agreements
369,380
369,380
Total Investments
$156,789,110
$156,419,730
$369,380
$
*
See Portfolio of Investments for industry breakout.
See Notes to Financial Statements
Page 70

First Trust Multi Cap Value AlphaDEX® Fund (FAB)
Portfolio of Investments (Continued)
January 31, 2024 (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)
$375,155
Non-cash Collateral(2)
(375,155
)
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, 2024, 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)
$369,380
Non-cash Collateral(4)
(369,380
)
Net Amount
$
(3)
The amount is included in “Investments, at value” on the
Statements of Assets and Liabilities.
(4)
At January 31, 2024, the value of the collateral received from
each seller exceeded the value of the repurchase agreements.
See Notes to Financial Statements
Page 71

First Trust Multi Cap Growth AlphaDEX® Fund (FAD)
Portfolio of Investments
January 31, 2024 (Unaudited)
Shares
Description
Value
COMMON STOCKS — 99.9%
Aerospace & Defense — 2.9%
2,862
AAR Corp. (a)
$174,067
1,417
AeroVironment, Inc. (a)
170,947
3,036
Axon Enterprise, Inc. (a)
756,146
3,009
Boeing (The) Co. (a)
635,019
2,017
BWX Technologies, Inc.
164,345
1,389
Curtiss-Wright Corp.
309,150
1,754
HEICO Corp.
315,001
2,099
Hexcel Corp.
139,353
11,594
Howmet Aerospace, Inc.
652,278
1,542
Moog, Inc., Class A
215,571
41,982
Rocket Lab USA, Inc. (a)
203,613
7,024
Spirit AeroSystems Holdings,
Inc., Class A (a)
192,879
620
TransDigm Group, Inc.
677,461
2,830
V2X, Inc. (a)
110,059
17,879
Virgin Galactic Holdings,
Inc. (a)
31,825
2,274
Woodward, Inc.
313,289
 
5,061,003
Air Freight & Logistics —
0.1%
3,796
GXO Logistics, Inc. (a)
206,426
Automobile Components —
0.3%
18,468
Garrett Motion, Inc. (a)
158,640
3,739
Modine Manufacturing Co. (a)
258,327
620
Visteon Corp. (a)
71,480
 
488,447
Automobiles — 0.1%
1,263
Tesla, Inc. (a)
236,547
Banks — 0.8%
1,350
BancFirst Corp.
119,489
4,631
Bancorp (The), Inc. (a)
202,097
1,620
City Holding Co.
165,580
553
First Citizens BancShares, Inc.,
Class A
835,030
 
1,322,196
Beverages — 0.5%
4,258
Celsius Holdings, Inc. (a)
212,474
417
Coca-Cola Consolidated, Inc.
359,200
445
MGP Ingredients, Inc.
37,803
2,651
Monster Beverage Corp. (a)
145,858
3,481
Vita Coco (The) Co., Inc. (a)
68,541
 
823,876
Biotechnology — 3.3%
12,358
ACADIA Pharmaceuticals,
Inc. (a)
320,196
8,369
Alkermes PLC (a)
226,381
1,089
Amgen, Inc.
342,229
Shares
Description
Value
 
Biotechnology (Continued)
10,907
Amicus Therapeutics, Inc. (a)
$135,574
1,492
Apellis Pharmaceuticals, Inc. (a)
94,429
2,517
Blueprint Medicines Corp. (a)
200,177
7,668
Bridgebio Pharma, Inc. (a)
262,936
10,624
Catalyst Pharmaceuticals,
Inc. (a)
152,986
3,314
Celldex Therapeutics, Inc. (a)
116,719
2,139
Cytokinetics, Inc. (a)
167,120
3,133
Dynavax Technologies Corp. (a)
40,478
4,241
Exact Sciences Corp. (a)
277,361
12,903
Exelixis, Inc. (a)
280,769
2,094
Halozyme Therapeutics, Inc. (a)
70,882
3,693
Ideaya Biosciences, Inc. (a)
160,756
4,241
Insmed, Inc. (a)
117,900
1,530
Ionis Pharmaceuticals, Inc. (a)
78,627
3,829
Ironwood Pharmaceuticals,
Inc. (a)
54,334
3,507
Kymera Therapeutics, Inc. (a)
114,959
12,034
MannKind Corp. (a)
40,194
3,247
Merus N.V. (a)
115,853
6,866
Myriad Genetics, Inc. (a)
146,864
4,942
Natera, Inc. (a)
325,875
2,349
Neurocrine Biosciences, Inc. (a)
328,320
1,910
Protagonist Therapeutics, Inc. (a)
47,769
1,589
PTC Therapeutics, Inc. (a)
41,457
18,112
Recursion Pharmaceuticals, Inc.,
Class A (a)
170,434
8,110
Relay Therapeutics, Inc. (a)
75,017
13,782
Roivant Sciences Ltd. (a)
137,820
2,027
Syndax Pharmaceuticals, Inc. (a)
41,533
7,694
TG Therapeutics, Inc. (a)
124,951
6,056
Twist Bioscience Corp. (a)
196,214
1,867
Ultragenyx Pharmaceutical,
Inc. (a)
82,353
4,777
Veracyte, Inc. (a)
119,521
2,508
Vericel Corp. (a)
107,794
1,126
Vertex Pharmaceuticals, Inc. (a)
487,986
 
5,804,768
Broadline Retail — 0.2%
9,434
Coupang, Inc. (a)
132,076
1,910
Etsy, Inc. (a)
127,130
 
259,206
Building Products — 3.7%
2,816
A.O. Smith Corp.
218,550
5,238
AAON, Inc.
367,498
2,201
Advanced Drainage Systems,
Inc.
287,054
2,443
Allegion PLC
302,663
8,093
AZEK (The) Co., Inc. (a)
312,066
4,698
Builders FirstSource, Inc. (a)
816,184
861
CSW Industrials, Inc.
182,162
See Notes to Financial Statements
Page 72

First Trust Multi Cap Growth AlphaDEX® Fund (FAD)
Portfolio of Investments (Continued)
January 31, 2024 (Unaudited)
Shares
Description
Value
COMMON STOCKS (Continued)
Building Products (Continued)
2,827
Gibraltar Industries, Inc. (a)
$228,761
3,662
Griffon Corp.
213,348
3,221
Hayward Holdings, Inc. (a)
40,327
17,106
Janus International Group,
Inc. (a)
242,050
1,753
Lennox International, Inc.
750,564
9,368
Masco Corp.
630,373
2,088
Owens Corning
316,395
1,954
Simpson Manufacturing Co., Inc.
353,654
3,216
Trane Technologies PLC
810,593
3,739
Trex Co., Inc. (a)
304,654
 
6,376,896
Capital Markets — 3.5%
1,652
Ameriprise Financial, Inc.
639,043
3,853
Ares Management Corp.,
Class A
468,063
4,388
AssetMark Financial Holdings,
Inc. (a)
134,580
15,069
Bank of New York Mellon (The)
Corp.
835,727
2,566
Cboe Global Markets, Inc.
471,759
725
CME Group, Inc.
149,234
1,179
Cohen & Steers, Inc.
83,025
658
FactSet Research Systems, Inc.
313,155
1,158
Hamilton Lane, Inc., Class A
134,259
1,867
Interactive Brokers Group, Inc.,
Class A
165,696
1,378
LPL Financial Holdings, Inc.
329,604
264
MarketAxess Holdings, Inc.
59,535
803
Moody’s Corp.
314,808
555
MSCI, Inc.
332,234
9,295
Northern Trust Corp.
740,254
30,372
Robinhood Markets, Inc.,
Class A (a)
326,195
1,040
S&P Global, Inc.
466,284
1,703
Tradeweb Markets, Inc., Class A
162,449
 
6,125,904
Chemicals — 1.1%
1,057
Albemarle Corp.
121,280
1,041
Balchem Corp.
145,907
2,310
Ecolab, Inc.
457,888
372
Linde PLC
150,597
709
NewMarket Corp.
395,487
2,012
Sherwin-Williams (The) Co.
612,413
 
1,883,572
Commercial Services &
Supplies — 2.1%
2,891
ACV Auctions, Inc., Class A (a)
37,496
2,538
Brink’s (The) Co.
205,172
2,789
Cimpress PLC (a)
209,789
Shares
Description
Value
 
Commercial Services &
Supplies (Continued)
1,041
Cintas Corp.
$629,357
1,330
Clean Harbors, Inc. (a)
223,387
9,351
Copart, Inc. (a)
449,222
10,854
Driven Brands Holdings, Inc. (a)
142,296
2,436
Matthews International Corp.,
Class A
80,144
1,363
Montrose Environmental Group,
Inc. (a)
39,813
3,805
Republic Services, Inc.
651,112
10,493
Rollins, Inc.
454,452
1,391
Tetra Tech, Inc.
220,028
1,752
Waste Management, Inc.
325,224
 
3,667,492
Communications Equipment
— 1.0%
3,330
Arista Networks, Inc. (a)
861,404
3,023
Cisco Systems, Inc.
151,694
2,483
Extreme Networks, Inc. (a)
33,545
6,848
Harmonic, Inc. (a)
80,122
2,625
Juniper Networks, Inc.
97,020
1,463
Motorola Solutions, Inc.
467,429
 
1,691,214
Construction & Engineering
— 2.1%
2,512
AECOM
221,533
11,183
API Group Corp. (a)
352,488
3,746
Arcosa, Inc.
293,237
1,881
Comfort Systems USA, Inc.
409,061
5,129
Construction Partners, Inc.,
Class A (a)
233,370
1,552
Dycom Industries, Inc. (a)
173,358
1,437
EMCOR Group, Inc.
327,794
2,818
IES Holdings, Inc. (a)
230,963
2,044
MasTec, Inc. (a)
134,229
1,543
MYR Group, Inc. (a)
221,961
3,635
Quanta Services, Inc.
705,372
2,539
Sterling Infrastructure, Inc. (a)
190,679
1,739
WillScot Mobile Mini Holdings
Corp. (a)
82,255
 
3,576,300
Construction Materials —
0.9%
1,526
Eagle Materials, Inc.
345,303
1,258
Martin Marietta Materials, Inc.
639,593
775
United States Lime & Minerals,
Inc.
200,469
1,382
Vulcan Materials Co.
312,346
 
1,497,711
Consumer Finance — 0.5%
2,856
FirstCash Holdings, Inc.
327,783
See Notes to Financial Statements
Page 73

First Trust Multi Cap Growth AlphaDEX® Fund (FAD)
Portfolio of Investments (Continued)
January 31, 2024 (Unaudited)
Shares
Description
Value
COMMON STOCKS (Continued)
Consumer Finance
(Continued)
38,888
SoFi Technologies, Inc. (a)
$304,493
7,576
Upstart Holdings, Inc. (a) (b)
240,614
 
872,890
Consumer Staples Distribution
& Retail — 0.3%
6,068
Chefs’ Warehouse (The), Inc. (a)
193,084
4,476
Performance Food Group Co. (a)
325,315
 
518,399
Containers & Packaging —
0.1%
9,418
Graphic Packaging Holding Co.
240,253
Diversified Consumer Services
— 0.9%
3,285
Bright Horizons Family
Solutions, Inc. (a)
322,751
9,220
Coursera, Inc. (a)
176,471
1,706
Duolingo, Inc. (a)
305,186
5,071
Frontdoor, Inc. (a)
166,126
995
Grand Canyon Education,
Inc. (a)
129,937
13,026
Laureate Education, Inc.
164,388
10,335
Mister Car Wash, Inc. (a)
85,781
15,155
Udemy, Inc. (a)
205,956
 
1,556,596
Diversified REITs — 0.2%
18,430
Empire State Realty Trust, Inc.,
Class A
175,454
6,055
Essential Properties Realty Trust,
Inc.
150,830
 
326,284
Diversified Telecommunication
Services — 0.2%
2,348
Cogent Communications
Holdings, Inc.
181,266
115,068
Globalstar, Inc. (a)
182,958
 
364,224
Electric Utilities — 0.5%
606
MGE Energy, Inc.
39,081
7,484
NRG Energy, Inc.
396,951
1,051
Otter Tail Corp.
95,032
17,401
PG&E Corp.
293,555
 
824,619
Electrical Equipment — 1.3%
926
AMETEK, Inc.
150,058
2,607
Array Technologies, Inc. (a)
34,517
967
Atkore, Inc. (a)
147,496
6,033
Bloom Energy Corp., Class A (a)
68,294
2,606
Eaton Corp. PLC
641,284
Shares
Description
Value
 
Electrical Equipment
(Continued)
1,533
EnerSys
$146,509
5,510
Fluence Energy, Inc. (a)
109,484
954
Hubbell, Inc.
320,134
1,010
Rockwell Automation, Inc.
255,813
8,056
Vertiv Holdings Co., Class A
453,794
 
2,327,383
Electronic Equipment,
Instruments & Components
— 1.9%
710
Advanced Energy Industries,
Inc.
73,968
4,622
Amphenol Corp., Class A
467,284
1,504
Badger Meter, Inc.
216,561
1,002
CTS Corp.
41,142
2,184
Insight Enterprises, Inc. (a)
403,472
5,124
Itron, Inc. (a)
369,645
4,925
Jabil, Inc.
617,053
960
Keysight Technologies, Inc. (a)
147,130
289
Littelfuse, Inc.
69,909
21,779
Mirion Technologies, Inc. (a)
205,812
2,607
Napco Security Technologies,
Inc.
90,593
1,384
OSI Systems, Inc. (a)
177,193
342
Teledyne Technologies, Inc. (a)
143,117
8,959
Vontier Corp.
309,892
 
3,332,771
Energy Equipment & Services
— 1.2%
14,496
Archrock, Inc.
236,865
1,967
Cactus, Inc., Class A
83,479
6,869
Diamond Offshore Drilling,
Inc. (a)
83,802
5,609
Expro Group Holdings N.V. (a)
98,718
8,679
Halliburton Co.
309,406
21,715
Helix Energy Solutions Group,
Inc. (a)
204,121
537
Nabors Industries Ltd. (a)
45,419
6,175
Oceaneering International,
Inc. (a)
128,317
6,029
Schlumberger N.V.
293,612
2,477
Tidewater, Inc. (a)
166,430
2,257
Valaris Ltd. (a)
139,641
3,955
Weatherford
International PLC (a)
354,170
 
2,143,980
Entertainment — 2.2%
9,327
Cinemark Holdings, Inc. (a)
128,992
1,116
Electronic Arts, Inc.
153,539
3,261
Endeavor Group Holdings, Inc.,
Class A
80,710
See Notes to Financial Statements
Page 74

First Trust Multi Cap Growth AlphaDEX® Fund (FAD)
Portfolio of Investments (Continued)
January 31, 2024 (Unaudited)
Shares
Description
Value
COMMON STOCKS (Continued)
Entertainment (Continued)
6,704
Live Nation Entertainment,
Inc. (a)
$595,650
1,289
Netflix, Inc. (a)
727,138
13,724
ROBLOX Corp., Class A (a)
532,629
4,221
Roku, Inc. (a)
371,701
3,899
Take-Two Interactive Software,
Inc. (a)
643,062
40,265
Warner Bros Discovery, Inc. (a)
403,455
6,487
Warner Music Group Corp.,
Class A
236,711
 
3,873,587
Financial Services — 2.7%
7,874
Affirm Holdings, Inc. (a)
318,976
8,417
Apollo Global Management, Inc.
845,067
14,414
AvidXchange Holdings, Inc. (a)
157,977
6,972
Equitable Holdings, Inc.
227,915
2,288
Euronet Worldwide, Inc. (a)
227,999
2,181
EVERTEC, Inc.
87,589
1,167
Federal Agricultural Mortgage
Corp., Class C
217,400
4,723
Fiserv, Inc. (a)
670,052
2,220
FleetCor Technologies, Inc. (a)
643,645
358
Mastercard, Inc., Class A
160,824
17,139
Payoneer Global, Inc. (a)
80,211
6,767
Remitly Global, Inc. (a)
115,986
5,205
Shift4 Payments, Inc.,
Class A (a)
373,771
4,238
Toast, Inc., Class A (a)
75,309
1,205
Visa, Inc., Class A
329,278
796
WEX, Inc. (a)
162,695
 
4,694,694
Food Products — 0.9%
4,460
Freshpet, Inc. (a)
384,006
2,139
Ingredion, Inc.
230,092
534
J & J Snack Foods Corp.
85,029
4,239
Lamb Weston Holdings, Inc.
434,243
3,909
Simply Good Foods (The)
Co. (a)
147,760
2,686
Tootsie Roll Industries, Inc.
87,537
8,092
Utz Brands, Inc.
143,229
 
1,511,896
Gas Utilities — 0.0%
415
Chesapeake Utilities Corp.
42,031
Ground Transportation —
1.3%
873
Avis Budget Group, Inc.
142,919
4,405
CSX Corp.
157,259
799
Landstar System, Inc.
153,184
25,813
Lyft, Inc., Class A (a)
322,404
530
Saia, Inc. (a)
238,807
Shares
Description
Value
 
Ground Transportation
(Continued)
12,739
Uber Technologies, Inc. (a)
$831,475
1,866
Union Pacific Corp.
455,173
 
2,301,221
Health Care Equipment &
Supplies — 2.0%
5,910
Alphatec Holdings, Inc. (a)
95,092
2,112
Axonics, Inc. (a)
143,363
5,427
Boston Scientific Corp. (a)
343,312
707
CONMED Corp.
67,589
2,528
Dexcom, Inc. (a)
306,773
4,717
Embecta Corp.
80,849
1,947
Glaukos Corp. (a)
173,341
905
Haemonetics Corp. (a)
69,196
826
IDEXX Laboratories, Inc. (a)
425,456
1,375
Inari Medical, Inc. (a)
78,306
704
Insulet Corp. (a)
134,372
453
Intuitive Surgical, Inc. (a)
171,334
834
iRhythm Technologies, Inc. (a)
99,896
1,248
Lantheus Holdings, Inc. (a)
64,809
772
LeMaitre Vascular, Inc.
44,807
1,321
Masimo Corp. (a)
170,330
1,019
Merit Medical Systems, Inc. (a)
79,788
3,136
PROCEPT BioRobotics
Corp. (a)
145,197
5,537
RxSight, Inc. (a)
251,989
510
Stryker Corp.
171,095
2,263
TransMedics Group, Inc. (a)
194,097
519
UFP Technologies, Inc. (a)
87,457
 
3,398,448
Health Care Providers &
Services — 1.6%
7,435
Accolade, Inc. (a)
84,164
5,531
Agiliti, Inc. (a)
39,215
6,166
agilon health, Inc. (a)
36,318
265
Chemed Corp.
157,089
1,252
CorVel Corp. (a)
294,646
3,448
Ensign Group (The), Inc.
390,382
1,159
HCA Healthcare, Inc.
353,379
1,167
HealthEquity, Inc. (a)
88,202
25,082
Hims & Hers Health, Inc. (a)
215,204
29,650
LifeStance Health Group,
Inc. (a) (b)
177,307
11,037
NeoGenomics, Inc. (a)
163,899
4,594
Option Care Health, Inc. (a)
143,517
3,877
Privia Health Group, Inc. (a)
78,160
6,244
Progyny, Inc. (a)
237,834
5,136
RadNet, Inc. (a)
189,878
470
US Physical Therapy, Inc.
43,362
 
2,692,556
See Notes to Financial Statements
Page 75

First Trust Multi Cap Growth AlphaDEX® Fund (FAD)
Portfolio of Investments (Continued)
January 31, 2024 (Unaudited)
Shares
Description
Value
COMMON STOCKS (Continued)
Health Care REITs — 0.1%
1,694
Welltower, Inc.
$146,548
Health Care Technology —
0.3%
2,490
Certara, Inc. (a)
40,239
2,760
Doximity, Inc., Class A (a)
74,382
5,407
Evolent Health, Inc., Class A (a)
159,020
3,857
Phreesia, Inc. (a)
98,276
2,494
Schrodinger, Inc. (a)
65,966
3,591
Teladoc Health, Inc. (a)
69,773
 
507,656
Hotel & Resort REITs — 1.0%
19,019
DiamondRock Hospitality Co.
173,834
40,284
Host Hotels & Resorts, Inc.
774,258
14,590
Park Hotels & Resorts, Inc.
220,017
3,516
Ryman Hospitality Properties,
Inc.
386,408
15,388
Service Properties Trust
118,949
12,247
Sunstone Hotel Investors, Inc.
130,676
 
1,804,142
Hotels, Restaurants & Leisure
— 8.7%
2,304
Airbnb, Inc., Class A (a)
332,099
5,508
Aramark
160,173
6,344
Bloomin’ Brands, Inc.
168,877
221
Booking Holdings, Inc. (a)
775,151
15,765
Bowlero Corp., Class A (a) (b)
170,420
1,236
Boyd Gaming Corp.
78,474
5,170
Brinker International, Inc. (a)
221,224
42,305
Carnival Corp. (a)
701,417
3,754
Cheesecake Factory (The), Inc.
129,025
274
Chipotle Mexican Grill, Inc. (a)
660,003
683
Choice Hotels International, Inc.
82,725
1,721
Churchill Downs, Inc.
208,189
2,789
Darden Restaurants, Inc.
453,436
4,145
Dave & Buster’s Entertainment,
Inc. (a)
221,882
1,112
Domino’s Pizza, Inc.
473,957
7,931
DoorDash, Inc., Class A (a)
826,410
22,250
DraftKings, Inc., Class A (a)
868,862
3,887
Everi Holdings, Inc. (a)
40,464
5,167
Expedia Group, Inc. (a)
766,421
11,106
First Watch Restaurant Group,
Inc. (a)
238,335
1,926
Hilton Grand Vacations, Inc. (a)
80,314
4,307
Hilton Worldwide Holdings, Inc.
822,465
2,967
Hyatt Hotels Corp., Class A
380,874
1,610
Jack in the Box, Inc.
125,532
11,835
Krispy Kreme, Inc.
157,287
6,375
Las Vegas Sands Corp.
311,865
Shares
Description
Value
 
Hotels, Restaurants & Leisure
(Continued)
10,264
Life Time Group Holdings,
Inc. (a)
$136,511
4,712
Light & Wonder, Inc. (a)
378,750
3,478
Marriott International, Inc.,
Class A
833,781
515
McDonald’s Corp.
150,751
17,554
MGM Resorts International (a)
761,317
633
Monarch Casino & Resort, Inc.
43,633
19,308
Norwegian Cruise Line Holdings
Ltd. (a)
343,682
1,171
Papa John’s International, Inc.
86,045
3,180
Planet Fitness, Inc., Class A (a)
215,477
2,464
Red Rock Resorts, Inc., Class A
134,731
6,057
Royal Caribbean Cruises Ltd. (a)
772,267
20,294
Sabre Corp. (a)
83,205
1,465
SeaWorld Entertainment, Inc. (a)
72,371
2,409
Shake Shack, Inc., Class A (a)
182,024
1,591
Starbucks Corp.
148,011
7,902
Sweetgreen, Inc., Class A (a)
84,393
4,502
Target Hospitality Corp. (a)
43,534
3,166
Texas Roadhouse, Inc.
398,029
3,362
Travel + Leisure Co.
135,892
1,508
Wingstop, Inc.
423,914
1,699
Wynn Resorts Ltd.
160,437
 
15,044,636
Household Durables — 1.6%
515
Cavco Industries, Inc. (a)
170,939
3,438
Green Brick Partners, Inc. (a)
179,361
2,116
Installed Building Products, Inc.
412,303
65
NVR, Inc. (a)
459,894
7,599
PulteGroup, Inc.
794,551
6,073
Tempur Sealy International, Inc.
302,982
1,034
TopBuild Corp. (a)
381,680
 
2,701,710
Household Products — 0.1%
1,383
Energizer Holdings, Inc.
43,730
550
WD-40 Co.
142,439
 
186,169
Independent Power and
Renewable Electricity
Producers — 0.1%
8,617
Sunnova Energy International,
Inc. (a)
90,651
Industrial Conglomerates —
0.4%
4,916
General Electric Co.
650,977
Industrial REITs — 0.4%
843
EastGroup Properties, Inc.
149,574
1,469
First Industrial Realty Trust, Inc.
75,683
2,354
Prologis, Inc.
298,228
See Notes to Financial Statements
Page 76

First Trust Multi Cap Growth AlphaDEX® Fund (FAD)
Portfolio of Investments (Continued)
January 31, 2024 (Unaudited)
Shares
Description
Value
COMMON STOCKS (Continued)
Industrial REITs (Continued)
1,379
Rexford Industrial Realty, Inc.
$72,522
3,942
STAG Industrial, Inc.
145,617
 
741,624
Insurance — 1.8%
4,224
Arch Capital Group Ltd. (a)
348,184
679
Arthur J. Gallagher & Co.
157,637
1,687
Brighthouse Financial, Inc. (a)
87,336
4,412
Brown & Brown, Inc.
342,195
3,717
BRP Group, Inc., Class A (a)
83,409
924
Erie Indemnity Co., Class A
319,547
1,734
Goosehead Insurance, Inc.,
Class A (a)
133,865
231
Kinsale Capital Group, Inc.
91,839
11,072
Lemonade, Inc. (a) (b)
175,159
806
Marsh & McLennan Cos., Inc.
156,235
24,397
Oscar Health, Inc., Class A (a)
305,450
1,609
Palomar Holdings, Inc. (a)
96,331
752
Primerica, Inc.
176,088
1,185
RenaissanceRe Holdings Ltd.
271,164
581
RLI Corp.
79,231
19,244
SiriusPoint Ltd. (a)
227,079
 
3,050,749
Interactive Media & Services
— 2.0%
3,280
Alphabet, Inc., Class A (a)
459,528
5,439
Cargurus, Inc. (a)
126,402
6,927
Cars.com, Inc. (a)
120,737
2,216
Meta Platforms, Inc., Class A (a)
864,550
16,940
Pinterest, Inc., Class A (a)
634,742
46,328
Snap, Inc., Class A (a)
736,152
10,368
TripAdvisor, Inc. (a)
223,949
4,716
Yelp, Inc. (a)
206,231
3,151
ZipRecruiter, Inc., Class A (a)
43,862
 
3,416,153
IT Services — 2.6%
1,306
Accenture PLC, Class A
475,227
9,420
Cloudflare, Inc., Class A (a)
744,651
8,437
DigitalOcean Holdings, Inc. (a)
284,496
7,383
Fastly, Inc., Class A (a)
148,546
1,739
Gartner, Inc. (a)
795,488
3,645
GoDaddy, Inc., Class A (a)
388,776
10,743
Kyndryl Holdings, Inc. (a)
220,446
1,121
MongoDB, Inc. (a)
448,983
3,419
Okta, Inc. (a)
282,580
665
Perficient, Inc. (a)
45,307
3,153
Snowflake, Inc., Class A (a)
616,853
3,981
Squarespace, Inc., Class A (a)
123,411
 
4,574,764
Shares
Description
Value
 
Leisure Products — 0.0%
7,193
Peloton Interactive, Inc.,
Class A (a)
$39,993
Life Sciences Tools & Services
— 1.1%
4,149
10X Genomics, Inc., Class A (a)
172,889
2,257
Agilent Technologies, Inc.
293,636
2,106
Bruker Corp.
150,600
14,409
Cytek Biosciences, Inc. (a)
108,788
1,356
IQVIA Holdings, Inc. (a)
282,360
1,262
Medpace Holdings, Inc. (a)
367,974
162
OmniAb, Inc. - 12.5 Earnout
Shares (a) (c) (d) (e) (f)
0
162
OmniAb, Inc. - 15 Earnout
Shares (a) (c) (d) (e) (f)
0
4,465
Pacific Biosciences of
California, Inc. (a)
29,067
9,185
Sotera Health Co. (a)
135,203
953
Waters Corp. (a)
302,777
 
1,843,294
Machinery — 5.2%
1,062
Alamo Group, Inc.
225,441
3,992
Allison Transmission Holdings,
Inc.
241,676
2,122
Caterpillar, Inc.
637,258
1,135
Chart Industries, Inc. (a)
132,477
3,368
Columbus McKinnon Corp.
131,588
785
Deere & Co.
308,960
2,368
Donaldson Co., Inc.
152,949
4,227
Enerpac Tool Group Corp.
132,009
838
Enpro, Inc.
125,181
3,574
Esab Corp.
307,328
1,123
ESCO Technologies, Inc.
114,400
5,042
Federal Signal Corp.
388,133
801
Franklin Electric Co., Inc.
75,502
3,616
Graco, Inc.
308,445
5,053
Greenbrier (The) Cos., Inc.
229,710
14,268
Hillman Solutions Corp. (a)
125,416
1,198
Illinois Tool Works, Inc.
312,558
10,141
Ingersoll Rand, Inc.
809,860
3,243
ITT, Inc.
391,690
637
Kadant, Inc.
182,182
1,423
Lincoln Electric Holdings, Inc.
316,219
6,201
Mueller Water Products, Inc.,
Class A
85,016
578
Nordson Corp.
145,494
1,707
Otis Worldwide Corp.
150,967
8,032
PACCAR, Inc.
806,333
1,362
Parker-Hannifin Corp.
632,649
1,087
RBC Bearings, Inc. (a)
291,903
830
Standex International Corp.
122,558
2,408
Tennant Co.
227,604
See Notes to Financial Statements
Page 77

First Trust Multi Cap Growth AlphaDEX® Fund (FAD)
Portfolio of Investments (Continued)
January 31, 2024 (Unaudited)
Shares
Description
Value
COMMON STOCKS (Continued)
Machinery (Continued)
4,040
Terex Corp.
$248,177
806
Toro (The) Co.
74,539
6,716
Trinity Industries, Inc.
168,840
6,971
Wabash National Corp.
176,366
1,114
Watts Water Technologies, Inc.,
Class A
220,583
 
9,000,011
Marine Transportation —
0.1%
1,972
Kirby Corp. (a)
155,118
Media — 0.3%
6,205
Integral Ad Science Holding
Corp. (a)
90,283
4,690
Magnite, Inc. (a)
41,506
6,319
New York Times (The) Co.,
Class A
306,851
 
438,640
Metals & Mining — 0.3%
6,808
ATI, Inc. (a)
278,243
2,522
Carpenter Technology Corp.
155,330
1,372
Materion Corp.
160,483
 
594,056
Mortgage REITs — 0.3%
11,986
Annaly Capital Management,
Inc.
230,011
11,417
Ladder Capital Corp.
124,788
9,434
Two Harbors Investment Corp.
117,548
 
472,347
Multi-Utilities — 0.0%
2,915
NiSource, Inc.
75,703
Office REITs — 0.0%
1,709
COPT Defense Properties
40,264
Oil, Gas & Consumable Fuels
— 1.2%
12,352
Antero Midstream Corp.
151,188
895
Cheniere Energy, Inc.
146,771
2,221
CONSOL Energy, Inc.
210,107
5,089
Dorian LPG Ltd.
190,532
22,806
Equitrans Midstream Corp.
232,393
9,228
HighPeak Energy, Inc. (b)
125,962
3,927
International Seaways, Inc.
210,644
6,528
Kosmos Energy Ltd. (a)
39,560
1,182
Northern Oil and Gas, Inc.
39,597
2,175
ONEOK, Inc.
148,444
22,761
Permian Resources Corp.
306,818
3,611
Targa Resources Corp.
306,791
 
2,108,807
Passenger Airlines — 0.6%
1,981
Alaska Air Group, Inc. (a)
70,979
Shares
Description
Value
 
Passenger Airlines (Continued)
1,081
Allegiant Travel Co.
$84,750
11,265
American Airlines Group,
Inc. (a)
160,301
11,390
Delta Air Lines, Inc.
445,805
7,604
United Airlines Holdings,
Inc. (a)
314,654
 
1,076,489
Personal Care Products —
0.8%
6,981
BellRing Brands, Inc. (a)
385,840
18,693
Coty, Inc., Class A (a)
225,811
2,681
elf Beauty, Inc. (a)
427,700
2,150
Inter Parfums, Inc.
299,173
 
1,338,524
Pharmaceuticals — 1.1%
3,609
Amphastar Pharmaceuticals,
Inc. (a)
192,576
5,424
Arvinas, Inc. (a)
225,096
2,917
Axsome Therapeutics, Inc. (a)
262,618
5,498
Corcept Therapeutics, Inc. (a)
116,008
786
Eli Lilly & Co.
507,449
1,356
Harmony Biosciences Holdings,
Inc. (a)
42,768
4,322
Intra-Cellular Therapies, Inc. (a)
291,044
715
Prestige Consumer Healthcare,
Inc. (a)
44,001
1,590
Zoetis, Inc.
298,618
 
1,980,178
Professional Services — 1.5%
2,227
Broadridge Financial Solutions,
Inc.
454,753
3,567
CBIZ, Inc. (a)
227,075
1,153
Dayforce, Inc. (a)
80,157
1,269
Equifax, Inc.
310,067
5,017
ExlService Holdings, Inc. (a)
156,932
7,931
First Advantage Corp.
129,830
1,166
FTI Consulting, Inc. (a)
223,417
1,737
Huron Consulting Group, Inc. (a)
179,832
1,981
Insperity, Inc.
227,201
7,902
Legalzoom.com, Inc. (a)
81,470
6,170
Parsons Corp. (a)
401,976
5,706
Verra Mobility Corp. (a)
136,430
 
2,609,140
Real Estate Management &
Development — 0.5%
10,182
DigitalBridge Group, Inc.
199,974
49,829
Opendoor Technologies, Inc. (a)
170,415
17,305
Redfin Corp. (a)
141,209
5,144
St. Joe (The) Co.
283,949
 
795,547
See Notes to Financial Statements
Page 78

First Trust Multi Cap Growth AlphaDEX® Fund (FAD)
Portfolio of Investments (Continued)
January 31, 2024 (Unaudited)
Shares
Description
Value
COMMON STOCKS (Continued)
Residential REITs — 0.3%
4,248
American Homes 4 Rent,
Class A
$148,892
2,228
Apartment Income REIT Corp.
72,833
5,594
Apartment Investment and
Management Co., Class A (a)
41,564
616
Essex Property Trust, Inc.
143,694
4,478
Invitation Homes, Inc.
147,461
 
554,444
Retail REITs — 0.6%
3,326
Brixmor Property Group, Inc.
74,635
3,385
Kite Realty Group Trust
72,439
11,574
Macerich (The) Co.
182,754
2,454
NETSTREIT Corp.
44,589
2,121
Phillips Edison & Co., Inc.
73,620
3,212
Simon Property Group, Inc.
445,215
3,214
SITE Centers Corp.
42,811
4,741
Tanger, Inc.
127,533
 
1,063,596
Semiconductors &
Semiconductor Equipment
— 4.3%
4,257
Advanced Micro Devices,
Inc. (a)
713,856
769
Analog Devices, Inc.
147,925
2,827
Applied Materials, Inc.
464,476
597
Axcelis Technologies, Inc. (a)
77,640
562
Broadcom, Inc.
663,160
4,586
Credo Technology Group
Holding Ltd. (a)
94,059
887
First Solar, Inc. (a)
129,768
1,460
Impinj, Inc. (a)
141,591
16,204
indie Semiconductor, Inc.,
Class A (a)
98,358
788
KLA Corp.
468,103
801
Lam Research Corp.
660,961
2,498
MACOM Technology Solutions
Holdings, Inc. (a)
215,403
2,533
Marvell Technology, Inc.
171,484
5,081
Microchip Technology, Inc.
432,800
2,257
MKS Instruments, Inc.
240,258
995
Monolithic Power Systems, Inc.
599,706
16,284
Navitas Semiconductor Corp. (a)
93,307
1,267
NVIDIA Corp.
779,547
1,995
NXP Semiconductors N.V.
420,087
1,518
Onto Innovation, Inc. (a)
245,157
3,402
Rambus, Inc. (a)
233,139
2,314
SMART Global Holdings,
Inc. (a)
45,470
Shares
Description
Value
 
Semiconductors &
Semiconductor Equipment
(Continued)
1,214
Universal Display Corp.
$206,101
4,235
Veeco Instruments, Inc. (a)
135,012
 
7,477,368
Software — 13.5%
1,052
Adobe, Inc. (a)
649,905
1,549
Agilysys, Inc. (a)
129,667
9,205
Alkami Technology, Inc. (a)
226,627
3,678
Altair Engineering, Inc.,
Class A (a)
312,704
1,263
ANSYS, Inc. (a)
414,049
893
Appfolio, Inc., Class A (a)
195,799
1,163
Appian Corp., Class A (a)
37,949
7,768
AppLovin Corp., Class A (a)
319,498
4,697
Asana, Inc., Class A (a)
81,822
40,866
Aurora Innovation, Inc. (a)
122,189
1,882
Autodesk, Inc. (a)
477,670
27,190
AvePoint, Inc. (a)
209,363
3,570
Blackbaud, Inc. (a)
288,884
1,430
BlackLine, Inc. (a)
83,912
3,361
Braze, Inc., Class A (a)
181,662
2,695
C3.ai, Inc., Class A (a) (b)
66,782
1,682
Cadence Design Systems,
Inc. (a)
485,190
2,121
Clear Secure, Inc., Class A
40,363
4,458
Clearwater Analytics Holdings,
Inc., Class A (a)
84,033
1,118
CommVault Systems, Inc. (a)
102,498
3,072
Crowdstrike Holdings, Inc.,
Class A (a)
898,560
6,462
Datadog, Inc., Class A (a)
804,131
3,905
DocuSign, Inc. (a)
237,893
898
Dolby Laboratories, Inc.,
Class A
74,696
6,312
DoubleVerify Holdings, Inc. (a)
252,543
7,875
Dropbox, Inc., Class A (a)
249,480
8,378
Dynatrace, Inc. (a)
477,546
3,433
Elastic N.V. (a)
401,867
885
Envestnet, Inc. (a)
45,223
1,802
Everbridge, Inc. (a)
40,293
674
Fair Isaac Corp. (a)
808,011
1,967
Five9, Inc. (a)
149,217
7,603
Freshworks, Inc., Class A (a)
168,787
13,565
Gen Digital, Inc.
318,506
4,917
Gitlab, Inc., Class A (a)
349,648
2,839
Guidewire Software, Inc. (a)
317,060
1,853
HashiCorp, Inc., Class A (a)
40,507
1,081
HubSpot, Inc. (a)
660,491
2,349
Intapp, Inc. (a)
101,195
2,057
InterDigital, Inc.
216,088
See Notes to Financial Statements
Page 79

First Trust Multi Cap Growth AlphaDEX® Fund (FAD)
Portfolio of Investments (Continued)
January 31, 2024 (Unaudited)
Shares
Description
Value
COMMON STOCKS (Continued)
Software (Continued)
1,004
Intuit, Inc.
$633,855
2,426
Jamf Holding Corp. (a)
44,978
5,893
LiveRamp Holdings, Inc. (a)
232,656
1,078
Manhattan Associates, Inc. (a)
261,480
9,503
Marathon Digital Holdings,
Inc. (a)
168,488
7,210
MeridianLink, Inc. (a)
164,027
1,219
Microsoft Corp.
484,650
490
MicroStrategy, Inc., Class A (a)
245,593
3,306
N-able, Inc. (a)
42,912
6,903
nCino, Inc. (a)
217,306
8,114
Nutanix, Inc., Class A (a)
456,007
1,892
PagerDuty, Inc. (a)
44,803
18,272
Palantir Technologies, Inc.,
Class A (a)
293,996
2,128
Palo Alto Networks, Inc. (a)
720,349
4,752
Pegasystems, Inc.
231,612
3,285
PowerSchool Holdings, Inc.,
Class A (a)
77,329
3,354
Procore Technologies, Inc. (a)
239,442
807
Progress Software Corp.
45,846
3,388
PROS Holdings, Inc. (a)
116,615
2,619
PTC, Inc. (a)
473,122
5,143
Q2 Holdings, Inc. (a)
218,835
1,971
Qualys, Inc. (a)
372,854
3,128
Rapid7, Inc. (a)
172,134
6,838
RingCentral, Inc., Class A (a)
231,740
11,544
Riot Platforms, Inc. (a)
125,830
280
Roper Technologies, Inc.
150,360
11,592
Samsara, Inc., Class A (a)
363,989
16,342
SEMrush Holdings, Inc.,
Class A (a)
188,587
14,101
SentinelOne, Inc., Class A (a)
377,907
1,110
ServiceNow, Inc. (a)
849,594
6,473
Smartsheet, Inc., Class A (a)
291,091
3,638
Sprinklr, Inc., Class A (a)
45,402
2,139
Sprout Social, Inc., Class A (a)
131,185
799
SPS Commerce, Inc. (a)
146,856
890
Synopsys, Inc. (a)
474,681
1,680
Tenable Holdings, Inc. (a)
79,128
15,577
UiPath, Inc., Class A (a)
357,959
11,206
Unity Software, Inc. (a)
363,074
4,930
Varonis Systems, Inc. (a)
221,258
6,629
Vertex, Inc., Class A (a)
160,820
2,273
Workday, Inc., Class A (a)
661,602
762
Workiva, Inc. (a)
70,820
10,124
Zeta Global Holdings Corp.,
Class A (a)
98,000
Shares
Description
Value
 
Software (Continued)
3,540
Zscaler, Inc. (a)
$834,272
9,499
Zuora, Inc., Class A (a)
86,821
 
23,392,173
Specialized REITs — 1.3%
1,326
Crown Castle, Inc.
143,539
3,339
CubeSmart
144,311
1,843
EPR Properties
81,590
190
Equinix, Inc.
157,656
1,731
Four Corners Property Trust, Inc.
40,523
8,966
Iron Mountain, Inc.
605,384
1,456
Lamar Advertising Co., Class A
152,414
4,306
National Storage Affiliates Trust
160,829
6,396
Outfront Media, Inc.
83,276
501
Public Storage
141,878
2,316
Rayonier, Inc.
70,175
602
SBA Communications Corp.
134,764
38,622
Uniti Group, Inc.
203,152
4,791
VICI Properties, Inc.
144,305
 
2,263,796
Specialty Retail — 2.2%
121
AutoZone, Inc. (a)
334,218
1,163
Boot Barn Holdings, Inc. (a)
83,434
7,309
Carvana Co. (a)
314,726
6,550
Chewy, Inc., Class A (a)
116,721
1,452
Five Below, Inc. (a)
260,576
2,775
Floor & Decor Holdings, Inc.,
Class A (a)
279,054
330
O’Reilly Automotive, Inc. (a)
337,606
4,534
Ross Stores, Inc.
636,030
4,884
TJX (The) Cos., Inc.
463,540
710
Tractor Supply Co.
159,466
1,280
Ulta Beauty, Inc. (a)
642,624
2,509
Wayfair, Inc., Class A (a)
126,077
315
Winmark Corp.
113,611
 
3,867,683
Technology Hardware, Storage
& Peripherals — 1.3%
793
Apple, Inc.
146,229
12,492
IonQ, Inc. (a) (b)
128,293
5,198
NetApp, Inc.
453,266
2,170
Pure Storage, Inc., Class A (a)
86,778
2,759
Super Micro Computer, Inc. (a)
1,461,194
 
2,275,760
Textiles, Apparel & Luxury
Goods — 0.9%
828
Crocs, Inc. (a)
84,025
1,173
Deckers Outdoor Corp. (a)
884,125
12,848
Figs, Inc., Class A (a)
74,004
See Notes to Financial Statements
Page 80

First Trust Multi Cap Growth AlphaDEX® Fund (FAD)
Portfolio of Investments (Continued)
January 31, 2024 (Unaudited)
Shares
Description
Value
COMMON STOCKS (Continued)
Textiles, Apparel & Luxury
Goods (Continued)
2,147
Ralph Lauren Corp.
$308,460
4,252
Steven Madden Ltd.
178,074
 
1,528,688
Tobacco — 0.0%
3,883
Vector Group Ltd.
40,655
Trading Companies &
Distributors — 3.0%
1,793
Applied Industrial Technologies,
Inc.
316,393
9,575
Core & Main, Inc., Class A (a)
395,543
21,264
Custom Truck One Source,
Inc. (a)
139,067
7,075
Fastenal Co.
482,727
4,811
FTAI Aviation Ltd.
259,553
644
GATX Corp.
78,987
2,708
GMS, Inc. (a)
227,905
4,267
H&E Equipment Services, Inc.
229,522
2,599
Herc Holdings, Inc.
383,327
1,493
McGrath RentCorp
187,595
2,293
MSC Industrial Direct Co., Inc.,
Class A
226,273
952
SiteOne Landscape Supply,
Inc. (a)
147,132
1,368
United Rentals, Inc.
855,547
757
W.W. Grainger, Inc.
677,999
1,464
Watsco, Inc.
572,395
 
5,179,965
Water Utilities — 0.0%
545
American States Water Co.
40,657
670
SJW Group
39,892
 
80,549
Total Common Stocks
173,251,957
(Cost $140,705,927)
MONEY MARKET FUNDS — 0.2%
88,945
Goldman Sachs Financial Square
Treasury Obligations Fund -
Institutional Class -
5.14% (g) (h)
88,945
274,123
Morgan Stanley Institutional
Liquidity Funds - Treasury
Portfolio - Institutional Class -
5.18% (g)
274,123
Total Money Market Funds
363,068
(Cost $363,068)
Principal
Value
Description
Value
REPURCHASE AGREEMENTS — 0.6%
$1,013,146
BNP Paribas S.A., 5.21% (g),
dated 01/31/24, due 02/01/24,
with a maturity value of
$1,013,293. Collateralized by
U.S. Treasury Floating Rate
Note, interest rate of 5.45%,
due 04/30/25. The value of the
collateral including accrued
interest is $1,048,199. (h)
$1,013,146
(Cost $1,013,146)
Total Investments — 100.7%
174,628,171
(Cost $142,082,141)
Net Other Assets and
Liabilities — (0.7)%
(1,189,564
)
Net Assets — 100.0%
$173,438,607
(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, including those sold and pending
settlement, is $1,026,387 and the total value of the collateral
held by the Fund is $1,102,091.
(c)
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.
(d)
Restricted security as to resale, excluding Rule 144A
securities (see Note 2F - Restricted Securities in the Notes to
Financial Statements).
(e)
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, 2024, securities
noted as such are valued at $0 or 0.0% of net assets.
(f)
This security’s value was determined using significant
unobservable inputs (see Note 2A - Portfolio Valuation in the
Notes to Financial Statements).
(g)
Rate shown reflects yield as of January 31, 2024.
(h)
This security serves as collateral for securities on loan.
Abbreviations throughout the Portfolio of Investments:
REITs
Real Estate Investment Trusts
See Notes to Financial Statements
Page 81

First Trust Multi Cap Growth AlphaDEX® Fund (FAD)
Portfolio of Investments (Continued)
January 31, 2024 (Unaudited)

Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of January 31, 2024 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
 
Total
Value at
1/31/2024
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Common Stocks:
Life
Sciences Tools
& Services
$1,843,294
$1,843,294
$
$—**
Other Industry
Categories*
171,408,663
171,408,663
Money Market
Funds
363,068
363,068
Repurchase
Agreements
1,013,146
1,013,146
Total Investments
$174,628,171
$173,615,025
$1,013,146
$—**
*
See Portfolio of Investments for industry breakout.
**
Investments are valued at $0.
Level 3 investments are fair valued by the Advisor’s Pricing Committee and are footnoted in the Portfolio of Investments. All Level 3 values are based on unobservable inputs.

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)
$1,026,387
Non-cash Collateral(2)
(1,026,387
)
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, 2024, 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)
$1,013,146
Non-cash Collateral(4)
(1,013,146
)
Net Amount
$
(3)
The amount is included in “Investments, at value” on the
Statements of Assets and Liabilities.
(4)
At January 31, 2024, the value of the collateral received from
each seller exceeded the value of the repurchase agreements.
See Notes to Financial Statements
Page 82

First Trust Mid Cap Value AlphaDEX® Fund (FNK)
Portfolio of Investments
January 31, 2024 (Unaudited)
Shares
Description
Value
COMMON STOCKS — 100.0%
Aerospace & Defense — 0.1%
1,349
Huntington Ingalls Industries,
Inc.
$349,283
Automobile Components —
2.3%
28,897
Adient PLC (a)
1,003,015
39,077
BorgWarner, Inc.
1,324,710
21,447
Gentex Corp.
710,539
73,372
Goodyear Tire & Rubber (The)
Co. (a)
1,022,806
9,921
Lear Corp.
1,318,501
 
5,379,571
Automobiles — 0.8%
38,027
Harley-Davidson, Inc.
1,233,976
5,924
Thor Industries, Inc.
669,531
 
1,903,507
Banks — 10.5%
21,085
Bank OZK
951,144
12,267
BOK Financial Corp.
1,028,465
23,672
Cadence Bank
630,149
26,254
Columbia Banking System, Inc.
529,281
18,826
Comerica, Inc.
989,871
3,228
Cullen/Frost Bankers, Inc.
342,555
14,603
East West Bancorp, Inc.
1,063,244
101,736
F.N.B. Corp.
1,340,881
98,934
First Horizon Corp.
1,408,820
21,623
Hancock Whitney Corp.
975,414
27,653
Home BancShares, Inc.
648,186
48,643
KeyCorp
706,783
171,177
New York Community Bancorp,
Inc.
1,107,515
82,943
Old National Bancorp
1,366,071
12,046
Pinnacle Financial Partners, Inc.
1,064,626
12,802
Popular, Inc.
1,093,931
10,342
Prosperity Bancshares, Inc.
660,957
8,294
SouthState Corp.
689,231
27,906
Synovus Financial Corp.
1,050,940
18,654
United Bankshares, Inc.
668,746
128,997
Valley National Bancorp
1,240,951
20,699
Webster Financial Corp.
1,024,187
15,970
Western Alliance Bancorp
1,021,441
15,104
Wintrust Financial Corp.
1,464,786
23,950
Zions Bancorp N.A.
1,003,505
 
24,071,680
Broadline Retail — 1.7%
3,471
Dillard’s, Inc., Class A
1,344,214
87,035
Macy’s, Inc.
1,591,870
Shares
Description
Value
 
Broadline Retail (Continued)
37,965
Nordstrom, Inc.
$689,065
4,615
Ollie’s Bargain Outlet Holdings,
Inc. (a)
331,957
 
3,957,106
Building Products — 0.6%
4,600
Fortune Brands Innovations, Inc.
356,914
8,369
UFP Industries, Inc.
949,463
 
1,306,377
Capital Markets — 2.4%
11,565
Affiliated Managers Group, Inc.
1,721,335
2,047
Evercore, Inc., Class A
351,531
2,921
Houlihan Lokey, Inc.
349,877
78,526
Invesco Ltd.
1,243,067
17,334
Jefferies Financial Group, Inc.
706,534
11,022
SEI Investments Co.
697,031
5,065
Stifel Financial Corp.
369,492
 
5,438,867
Chemicals — 2.5%
12,462
Ashland, Inc.
1,166,692
12,583
Cabot Corp.
907,234
7,798
Eastman Chemical Co.
651,523
11,110
FMC Corp.
624,382
4,302
H.B. Fuller Co.
325,963
27,873
Huntsman Corp.
684,003
25,967
Olin Corp.
1,352,102
 
5,711,899
Communications Equipment
— 0.3%
7,781
Ciena Corp. (a)
412,393
1,957
F5, Inc. (a)
359,501
 
771,894
Construction & Engineering
— 0.6%
70,753
MDU Resources Group, Inc.
1,380,391
Construction Materials —
0.6%
36,425
Summit Materials, Inc.,
Class A (a)
1,317,856
Consumer Finance — 1.1%
40,118
Ally Financial, Inc.
1,471,528
21,355
OneMain Holdings, Inc.
1,016,498
 
2,488,026
Consumer Staples Distribution
& Retail — 0.9%
5,254
BJ’s Wholesale Club Holdings,
Inc. (a)
338,042
2,550
Casey’s General Stores, Inc.
691,968
14,559
Sprouts Farmers Market, Inc. (a)
733,337
7,713
US Foods Holding Corp. (a)
354,875
 
2,118,222
See Notes to Financial Statements
Page 83

First Trust Mid Cap Value AlphaDEX® Fund (FNK)
Portfolio of Investments (Continued)
January 31, 2024 (Unaudited)
Shares
Description
Value
COMMON STOCKS (Continued)
Containers & Packaging —
3.7%
2,833
AptarGroup, Inc.
$367,950
15,591
Berry Global Group, Inc.
1,020,587
26,698
Greif, Inc., Class A
1,671,562
38,753
International Paper Co.
1,388,520
106,907
O-I Glass, Inc. (a)
1,556,566
9,590
Sealed Air Corp.
331,334
15,480
Silgan Holdings, Inc.
711,151
25,074
Sonoco Products Co.
1,426,711
 
8,474,381
Diversified Consumer Services
— 0.4%
154,059
ADT, Inc.
1,006,005
Diversified Telecommunication
Services — 0.6%
55,285
Frontier Communications Parent,
Inc. (a)
1,361,670
Electric Utilities — 2.6%
123,406
Hawaiian Electric Industries, Inc.
1,600,576
7,124
IDACORP, Inc.
659,540
30,080
OGE Energy Corp.
999,859
19,500
Pinnacle West Capital Corp.
1,343,550
32,324
Portland General Electric Co.
1,323,021
 
5,926,546
Electrical Equipment — 0.4%
3,420
Acuity Brands, Inc.
814,507
Electronic Equipment,
Instruments & Components
— 3.4%
14,324
Arrow Electronics, Inc. (a)
1,592,113
34,745
Avnet, Inc.
1,573,948
34,089
Sanmina Corp. (a)
2,039,204
9,764
TD SYNNEX Corp.
976,205
73,055
Vishay Intertechnology, Inc.
1,587,485
 
7,768,955
Energy Equipment & Services
— 1.3%
48,347
Helmerich & Payne, Inc.
1,946,450
51,809
NOV, Inc.
1,010,794
 
2,957,244
Financial Services — 4.0%
32,339
Corebridge Financial, Inc.
781,634
33,203
Essent Group Ltd.
1,831,477
90,779
MGIC Investment Corp.
1,801,055
21,513
Mr. Cooper Group, Inc. (a)
1,449,116
3,963
PennyMac Financial Services,
Inc.
345,653
Shares
Description
Value
 
Financial Services (Continued)
61,336
Radian Group, Inc.
$1,777,517
88,144
Western Union (The) Co.
1,107,970
 
9,094,422
Food Products — 1.8%
28,108
Darling Ingredients, Inc. (a)
1,217,076
11,932
Post Holdings, Inc. (a)
1,108,125
491
Seaboard Corp.
1,769,073
 
4,094,274
Gas Utilities — 1.6%
34,904
National Fuel Gas Co.
1,646,073
15,712
New Jersey Resources Corp.
641,521
21,985
ONE Gas, Inc.
1,349,219
 
3,636,813
Ground Transportation —
2.2%
168,541
Hertz Global Holdings, Inc. (a)
1,407,317
24,300
Knight-Swift Transportation
Holdings, Inc.
1,394,334
12,175
Ryder System, Inc.
1,382,715
14,916
U-Haul Holding Co.
952,685
 
5,137,051
Health Care Equipment &
Supplies — 1.6%
43,669
Envista Holdings Corp. (a)
1,026,222
6,572
Globus Medical, Inc.,
Class A (a)
346,936
10,534
ICU Medical, Inc. (a)
964,177
8,042
Integra LifeSciences Holdings
Corp. (a)
322,886
9,504
QuidelOrtho Corp. (a)
651,119
1,405
Teleflex, Inc.
341,176
 
3,652,516
Health Care Providers &
Services — 1.6%
3,343
DaVita, Inc. (a)
361,579
5,249
Encompass Health Corp.
372,889
4,626
Henry Schein, Inc. (a)
346,210
29,807
Select Medical Holdings Corp.
774,684
4,634
Tenet Healthcare Corp. (a)
383,417
9,190
Universal Health Services, Inc.,
Class B
1,459,464
 
3,698,243
Health Care REITs — 0.7%
20,327
Healthcare Realty Trust, Inc.
327,468
17,688
Healthpeak Properties, Inc.
327,228
285,318
Medical Properties Trust, Inc. (b)
884,486
 
1,539,182
Hotel & Resort REITs — 0.4%
63,256
Apple Hospitality REIT, Inc.
1,015,891
See Notes to Financial Statements
Page 84

First Trust Mid Cap Value AlphaDEX® Fund (FNK)
Portfolio of Investments (Continued)
January 31, 2024 (Unaudited)
Shares
Description
Value
COMMON STOCKS (Continued)
Hotels, Restaurants & Leisure
— 1.0%
16,503
Marriott Vacations Worldwide
Corp.
$1,384,437
40,380
Penn Entertainment, Inc. (a)
910,569
 
2,295,006
Household Durables — 4.8%
28,036
KB Home
1,670,665
26,766
Leggett & Platt, Inc.
621,239
25,356
M.D.C. Holdings, Inc.
1,586,778
10,052
Meritage Homes Corp.
1,664,712
9,433
Skyline Champion Corp. (a)
645,972
32,823
Taylor Morrison Home Corp. (a)
1,711,391
17,036
Toll Brothers, Inc.
1,692,527
24,342
Worthington Enterprises, Inc.
1,388,468
 
10,981,752
Household Products — 0.1%
13,049
Reynolds Consumer Products,
Inc.
354,541
Independent Power and
Renewable Electricity
Producers — 0.5%
27,276
Vistra Corp.
1,119,134
Insurance — 5.0%
2,946
American Financial Group, Inc.
354,698
2,079
Assurant, Inc.
349,168
18,721
Assured Guaranty Ltd.
1,518,835
25,301
Axis Capital Holdings Ltd.
1,505,916
5,949
Enstar Group Ltd. (a)
1,587,729
5,435
First American Financial Corp.
328,002
2,877
Globe Life, Inc.
353,353
12,986
Lincoln National Corp.
356,466
47,650
Old Republic International Corp.
1,336,106
4,330
Reinsurance Group of America,
Inc.
752,944
38,725
Unum Group
1,871,966
698
White Mountains Insurance
Group Ltd.
1,100,027
 
11,415,210
Interactive Media & Services
— 0.3%
13,373
IAC, Inc. (a)
671,458
IT Services — 0.4%
45,941
DXC Technology Co. (a)
1,001,514
Leisure Products — 1.7%
5,544
Acushnet Holdings Corp.
351,157
10,860
Brunswick Corp.
876,185
Shares
Description
Value
 
Leisure Products (Continued)
14,782
Polaris, Inc.
$1,329,789
97,692
Topgolf Callaway Brands
Corp. (a)
1,286,603
 
3,843,734
Life Sciences Tools & Services
— 0.1%
1,482
Charles River Laboratories
International, Inc. (a)
320,527
Machinery — 3.7%
14,423
AGCO Corp.
1,764,366
8,497
Flowserve Corp.
339,285
7,319
Hillenbrand, Inc.
340,846
17,608
John Bean Technologies Corp.
1,738,966
4,760
Middleby (The) Corp. (a)
671,493
29,712
Mueller Industries, Inc.
1,426,176
9,692
Oshkosh Corp.
1,067,089
13,109
Timken (The) Co.
1,073,758
 
8,421,979
Media — 1.9%
1,258
Cable One, Inc.
690,554
8,937
Nexstar Media Group, Inc.
1,588,194
23,680
Paramount Global, Class B
345,491
114,453
TEGNA, Inc.
1,784,323
 
4,408,562
Metals & Mining — 1.2%
51,454
Cleveland-Cliffs, Inc. (a)
1,031,653
34,995
Commercial Metals Co.
1,827,439
 
2,859,092
Mortgage REITs — 1.3%
35,701
AGNC Investment Corp.
338,446
32,931
Blackstone Mortgage Trust, Inc.,
Class A (b)
650,058
163,964
Rithm Capital Corp.
1,754,415
16,662
Starwood Property Trust, Inc.
338,738
 
3,081,657
Multi-Utilities — 0.6%
25,967
Black Hills Corp.
1,344,052
Office REITs — 1.0%
43,149
Cousins Properties, Inc.
988,543
35,163
Kilroy Realty Corp.
1,257,429
 
2,245,972
Oil, Gas & Consumable Fuels
— 10.3%
77,211
Antero Resources Corp. (a)
1,724,894
32,025
California Resources Corp.
1,526,952
22,760
Chesapeake Energy Corp.
1,755,023
10,534
Chord Energy Corp.
1,619,708
197,869
Comstock Resources, Inc.
1,545,357
57,793
CVR Energy, Inc.
1,949,358
25,564
DT Midstream, Inc.
1,372,531
See Notes to Financial Statements
Page 85

First Trust Mid Cap Value AlphaDEX® Fund (FNK)
Portfolio of Investments (Continued)
January 31, 2024 (Unaudited)
Shares
Description
Value
COMMON STOCKS (Continued)
Oil, Gas & Consumable Fuels
(Continued)
31,512
HF Sinclair Corp.
$1,780,113
41,049
Murphy Oil Corp.
1,588,596
39,871
Ovintiv, Inc.
1,691,328
39,835
PBF Energy, Inc., Class A
2,012,066
57,528
Range Resources Corp.
1,670,613
45,226
SM Energy Co.
1,676,980
267,349
Southwestern Energy Co. (a)
1,724,401
 
23,637,920
Pharmaceuticals — 1.7%
72,863
Organon & Co.
1,213,169
21,767
Perrigo Co. PLC
698,285
161,693
Viatris, Inc.
1,903,127
 
3,814,581
Professional Services — 2.1%
7,284
ASGN, Inc. (a)
676,101
2,163
CACI International, Inc.,
Class A (a)
743,488
7,132
Concentrix Corp.
633,821
29,934
Dun & Bradstreet Holdings, Inc.
346,935
20,180
Genpact Ltd.
724,462
4,407
ManpowerGroup, Inc.
326,735
3,983
Robert Half, Inc.
316,808
5,634
Science Applications
International Corp.
719,236
2,945
TriNet Group, Inc. (a)
334,847
 
4,822,433
Real Estate Management &
Development — 0.1%
1,854
Jones Lang LaSalle, Inc. (a)
328,269
Retail REITs — 0.3%
32,870
Kimco Realty Corp.
663,974
Semiconductors &
Semiconductor Equipment
— 0.6%
31,580
Amkor Technology, Inc.
999,823
4,210
Cirrus Logic, Inc. (a)
325,012
 
1,324,835
Software — 0.4%
1,591
Aspen Technology, Inc. (a)
305,456
41,423
NCR Voyix Corp. (a)
608,918
 
914,374
Specialty Retail — 5.6%
21,226
Academy Sports & Outdoors,
Inc.
1,331,507
17,216
Advance Auto Parts, Inc.
1,150,889
7,784
Asbury Automotive Group,
Inc. (a)
1,627,323
9,328
AutoNation, Inc. (a)
1,302,748
Shares
Description
Value
 
Specialty Retail (Continued)
16,229
Bath & Body Works, Inc.
$692,329
4,767
Dick’s Sporting Goods, Inc.
710,617
5,746
Group 1 Automotive, Inc.
1,494,305
4,255
Lithia Motors, Inc.
1,254,587
1,965
Murphy USA, Inc.
692,702
6,546
Penske Automotive Group, Inc.
971,230
9,796
Signet Jewelers Ltd.
974,506
3,471
Williams-Sonoma, Inc.
671,257
 
12,874,000
Textiles, Apparel & Luxury
Goods — 1.8%
13,210
Columbia Sportswear Co.
1,047,025
11,471
PVH Corp.
1,379,502
11,236
Skechers U.S.A., Inc.,
Class A (a)
701,576
28,543
Tapestry, Inc.
1,107,183
 
4,235,286
Trading Companies &
Distributors — 2.7%
41,753
Air Lease Corp.
1,745,693
8,049
Beacon Roofing Supply, Inc. (a)
667,182
10,830
Boise Cascade Co.
1,467,032
27,851
Rush Enterprises, Inc., Class A
1,250,788
6,042
WESCO International, Inc.
1,048,408
 
6,179,103
Water Utilities — 0.1%
9,377
Essential Utilities, Inc.
336,259
Total Common Stocks
229,867,603
(Cost $216,794,905)
MONEY MARKET FUNDS — 0.0%
93,288
Goldman Sachs Financial Square
Treasury Obligations Fund -
Institutional Class -
5.14% (c) (d)
93,288
(Cost $93,288)
See Notes to Financial Statements
Page 86

First Trust Mid Cap Value AlphaDEX® Fund (FNK)
Portfolio of Investments (Continued)
January 31, 2024 (Unaudited)
Principal
Value
Description
Value
REPURCHASE AGREEMENTS — 0.5%
$1,062,622
BNP Paribas S.A., 5.21% (c),
dated 01/31/24, due 02/01/24,
with a maturity value of
$1,062,776. Collateralized by
U.S. Treasury Floating Rate
Note, interest rate of 5.45%,
due 04/30/25. The value of the
collateral including accrued
interest is $1,099,387. (d)
$1,062,622
(Cost $1,062,622)
Total Investments — 100.5%
231,023,513
(Cost $217,950,815)
Net Other Assets and
Liabilities — (0.5)%
(1,085,607
)
Net Assets — 100.0%
$229,937,906
(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, including those sold and pending
settlement, is $1,095,533 and the total value of the collateral
held by the Fund is $1,155,910.
(c)
Rate shown reflects yield as of January 31, 2024.
(d)
This security serves as collateral for securities on loan.
Abbreviations throughout the Portfolio of Investments:
REITs
Real Estate Investment Trusts

Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of January 31, 2024 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
 
Total
Value at
1/31/2024
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Common Stocks*
$229,867,603
$229,867,603
$
$
Money Market
Funds
93,288
93,288
Repurchase
Agreements
1,062,622
1,062,622
Total Investments
$231,023,513
$229,960,891
$1,062,622
$
*
See Portfolio of Investments for industry breakout.

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)
$1,095,533
Non-cash Collateral(2)
(1,095,533
)
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, 2024, 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)
$1,062,622
Non-cash Collateral(4)
(1,062,622
)
Net Amount
$
(3)
The amount is included in “Investments, at value” on the
Statements of Assets and Liabilities.
(4)
At January 31, 2024, the value of the collateral received from
each seller exceeded the value of the repurchase agreements.
See Notes to Financial Statements
Page 87

First Trust Mid Cap Growth AlphaDEX® Fund (FNY)
Portfolio of Investments
January 31, 2024 (Unaudited)
Shares
Description
Value
COMMON STOCKS — 99.9%
Aerospace & Defense — 2.2%
11,710
BWX Technologies, Inc.
$954,131
8,066
Curtiss-Wright Corp.
1,795,250
12,184
Hexcel Corp.
808,896
243,739
Rocket Lab USA, Inc. (a)
1,182,134
13,202
Woodward, Inc.
1,818,839
 
6,559,250
Air Freight & Logistics —
0.4%
22,038
GXO Logistics, Inc. (a)
1,198,426
Automobile Components —
0.1%
3,598
Visteon Corp. (a)
414,813
Beverages — 1.1%
24,723
Celsius Holdings, Inc. (a)
1,233,677
2,420
Coca-Cola Consolidated, Inc.
2,084,564
 
3,318,241
Biotechnology — 4.7%
71,749
ACADIA Pharmaceuticals,
Inc. (a)
1,859,016
48,590
Alkermes PLC (a)
1,314,359
63,325
Amicus Therapeutics, Inc. (a)
787,130
14,613
Blueprint Medicines Corp. (a)
1,162,172
44,518
Bridgebio Pharma, Inc. (a)
1,526,522
74,913
Exelixis, Inc. (a)
1,630,107
12,156
Halozyme Therapeutics, Inc. (a)
411,481
8,881
Ionis Pharmaceuticals, Inc. (a)
456,395
28,691
Natera, Inc. (a)
1,891,884
13,640
Neurocrine Biosciences, Inc. (a)
1,906,463
80,017
Roivant Sciences Ltd. (a)
800,170
 
13,745,699
Broadline Retail — 0.2%
11,086
Etsy, Inc. (a)
737,884
Building Products — 4.8%
16,349
A.O. Smith Corp.
1,268,846
30,411
AAON, Inc.
2,133,636
12,778
Advanced Drainage Systems,
Inc.
1,666,507
14,186
Allegion PLC
1,757,503
46,985
AZEK (The) Co., Inc. (a)
1,811,742
12,124
Owens Corning
1,837,150
11,347
Simpson Manufacturing Co., Inc.
2,053,693
21,708
Trex Co., Inc. (a)
1,768,768
 
14,297,845
Capital Markets — 1.4%
10,839
Interactive Brokers Group, Inc.,
Class A
961,961
1,534
MarketAxess Holdings, Inc.
345,933
Shares
Description
Value
 
Capital Markets (Continued)
176,332
Robinhood Markets, Inc.,
Class A (a)
$1,893,806
9,888
Tradeweb Markets, Inc., Class A
943,216
 
4,144,916
Chemicals — 1.1%
6,041
Balchem Corp.
846,706
4,116
NewMarket Corp.
2,295,946
 
3,142,652
Commercial Services &
Supplies — 1.2%
7,724
Clean Harbors, Inc. (a)
1,297,323
63,014
Driven Brands Holdings, Inc. (a)
826,114
8,074
Tetra Tech, Inc.
1,277,145
 
3,400,582
Communications Equipment
— 0.2%
15,241
Juniper Networks, Inc.
563,307
Construction & Engineering
— 3.6%
14,582
AECOM
1,285,987
64,926
API Group Corp. (a)
2,046,467
21,747
Arcosa, Inc.
1,702,355
10,922
Comfort Systems USA, Inc.
2,375,207
8,342
EMCOR Group, Inc.
1,902,894
11,868
MasTec, Inc. (a)
779,372
10,097
WillScot Mobile Mini Holdings
Corp. (a)
477,588
 
10,569,870
Construction Materials —
0.7%
8,860
Eagle Materials, Inc.
2,004,841
Consumer Finance — 1.7%
16,581
FirstCash Holdings, Inc.
1,903,001
225,775
SoFi Technologies, Inc. (a)
1,767,818
43,984
Upstart Holdings, Inc. (a) (b)
1,396,932
 
5,067,751
Consumer Staples Distribution
& Retail — 0.6%
25,990
Performance Food Group Co. (a)
1,888,953
Containers & Packaging —
0.5%
54,681
Graphic Packaging Holding Co.
1,394,912
Diversified Consumer Services
— 1.2%
19,070
Bright Horizons Family
Solutions, Inc. (a)
1,873,627
9,903
Duolingo, Inc. (a)
1,771,548
 
3,645,175
See Notes to Financial Statements
Page 88

First Trust Mid Cap Growth AlphaDEX® Fund (FNY)
Portfolio of Investments (Continued)
January 31, 2024 (Unaudited)
Shares
Description
Value
COMMON STOCKS (Continued)
Diversified REITs — 0.3%
35,156
Essential Properties Realty Trust,
Inc.
$875,736
Electric Utilities — 0.8%
43,452
NRG Energy, Inc.
2,304,694
Electrical Equipment — 1.5%
5,616
Atkore, Inc. (a)
856,608
8,900
EnerSys
850,573
46,772
Vertiv Holdings Co., Class A
2,634,667
 
4,341,848
Electronic Equipment,
Instruments & Components
— 2.8%
4,125
Advanced Energy Industries,
Inc.
429,743
8,732
Badger Meter, Inc.
1,257,321
12,679
Insight Enterprises, Inc. (a)
2,342,318
29,751
Itron, Inc. (a)
2,146,237
1,679
Littelfuse, Inc.
406,150
52,017
Vontier Corp.
1,799,268
 
8,381,037
Energy Equipment & Services
— 1.0%
13,105
Valaris Ltd. (a)
810,806
22,963
Weatherford
International PLC (a)
2,056,337
 
2,867,143
Entertainment — 1.4%
18,933
Endeavor Group Holdings, Inc.,
Class A
468,592
24,509
Roku, Inc. (a)
2,158,262
37,661
Warner Music Group Corp.,
Class A
1,374,250
 
4,001,104
Financial Services — 2.7%
45,715
Affirm Holdings, Inc. (a)
1,851,915
40,477
Equitable Holdings, Inc.
1,323,193
13,281
Euronet Worldwide, Inc. (a)
1,323,452
30,218
Shift4 Payments, Inc.,
Class A (a)
2,169,954
24,606
Toast, Inc., Class A (a)
437,249
4,619
WEX, Inc. (a)
944,077
 
8,049,840
Food Products — 1.5%
25,893
Freshpet, Inc. (a)
2,229,387
12,419
Ingredion, Inc.
1,335,912
22,691
Simply Good Foods (The)
Co. (a)
857,720
 
4,423,019
Shares
Description
Value
 
Ground Transportation —
1.7%
5,069
Avis Budget Group, Inc.
$829,846
4,641
Landstar System, Inc.
889,773
149,864
Lyft, Inc., Class A (a)
1,871,801
3,075
Saia, Inc. (a)
1,385,533
 
4,976,953
Health Care Equipment &
Supplies — 1.2%
4,103
CONMED Corp.
392,247
11,305
Glaukos Corp. (a)
1,006,484
5,254
Haemonetics Corp. (a)
401,721
7,247
Lantheus Holdings, Inc. (a)
376,337
7,667
Masimo Corp. (a)
988,583
5,915
Merit Medical Systems, Inc. (a)
463,144
 
3,628,516
Health Care Providers &
Services — 3.0%
35,800
agilon health, Inc. (a)
210,862
1,537
Chemed Corp.
911,118
7,269
CorVel Corp. (a)
1,710,687
20,020
Ensign Group (The), Inc.
2,266,664
6,777
HealthEquity, Inc. (a)
512,206
172,143
LifeStance Health Group,
Inc. (a) (b)
1,029,415
26,672
Option Care Health, Inc. (a)
833,233
36,253
Progyny, Inc. (a)
1,380,877
 
8,855,062
Health Care Technology —
0.3%
16,023
Doximity, Inc., Class A (a)
431,820
20,849
Teladoc Health, Inc. (a)
405,096
 
836,916
Hotel & Resort REITs — 0.8%
20,412
Ryman Hospitality Properties,
Inc.
2,243,279
Hotels, Restaurants & Leisure
— 6.1%
31,979
Aramark
929,949
7,176
Boyd Gaming Corp.
455,604
3,965
Choice Hotels International, Inc.
480,241
9,990
Churchill Downs, Inc.
1,208,490
11,182
Hilton Grand Vacations, Inc. (a)
466,289
17,226
Hyatt Hotels Corp., Class A
2,211,302
59,588
Life Time Group Holdings,
Inc. (a)
792,520
27,360
Light & Wonder, Inc. (a)
2,199,197
112,099
Norwegian Cruise Line Holdings
Ltd. (a)
1,995,362
18,465
Planet Fitness, Inc., Class A (a)
1,251,189
8,504
SeaWorld Entertainment, Inc. (a)
420,098
18,379
Texas Roadhouse, Inc.
2,310,608
See Notes to Financial Statements
Page 89

First Trust Mid Cap Growth AlphaDEX® Fund (FNY)
Portfolio of Investments (Continued)
January 31, 2024 (Unaudited)
Shares
Description
Value
COMMON STOCKS (Continued)
Hotels, Restaurants & Leisure
(Continued)
8,756
Wingstop, Inc.
$2,461,399
9,863
Wynn Resorts Ltd.
931,363
 
18,113,611
Household Durables — 2.2%
12,288
Installed Building Products, Inc.
2,394,317
35,260
Tempur Sealy International, Inc.
1,759,122
6,003
TopBuild Corp. (a)
2,215,887
 
6,369,326
Industrial REITs — 0.9%
4,896
EastGroup Properties, Inc.
868,697
8,530
First Industrial Realty Trust, Inc.
439,466
8,009
Rexford Industrial Realty, Inc.
421,193
22,888
STAG Industrial, Inc.
845,483
 
2,574,839
Insurance — 1.8%
5,366
Erie Indemnity Co., Class A
1,855,724
1,342
Kinsale Capital Group, Inc.
533,539
4,367
Primerica, Inc.
1,022,576
6,877
RenaissanceRe Holdings Ltd.
1,573,664
3,375
RLI Corp.
460,249
 
5,445,752
IT Services — 1.9%
48,983
DigitalOcean Holdings, Inc. (a)
1,651,707
21,161
GoDaddy, Inc., Class A (a)
2,257,032
19,852
Okta, Inc. (a)
1,640,768
 
5,549,507
Life Sciences Tools & Services
— 1.6%
24,086
10X Genomics, Inc., Class A (a)
1,003,663
12,229
Bruker Corp.
874,496
7,329
Medpace Holdings, Inc. (a)
2,136,990
53,329
Sotera Health Co. (a)
785,003
 
4,800,152
Machinery — 5.6%
23,180
Allison Transmission Holdings,
Inc.
1,403,317
6,591
Chart Industries, Inc. (a)
769,302
13,751
Donaldson Co., Inc.
888,177
20,748
Esab Corp.
1,784,121
29,274
Federal Signal Corp.
2,253,513
4,649
Franklin Electric Co., Inc.
438,215
18,827
ITT, Inc.
2,273,925
8,264
Lincoln Electric Holdings, Inc.
1,836,426
6,308
RBC Bearings, Inc. (a)
1,693,950
23,457
Terex Corp.
1,440,963
Shares
Description
Value
 
Machinery (Continued)
4,680
Toro (The) Co.
$432,806
6,469
Watts Water Technologies, Inc.,
Class A
1,280,927
 
16,495,642
Marine Transportation —
0.3%
11,449
Kirby Corp. (a)
900,578
Media — 0.6%
36,685
New York Times (The) Co.,
Class A
1,781,424
Metals & Mining — 0.5%
39,524
ATI, Inc. (a)
1,615,346
Mortgage REITs — 0.5%
69,586
Annaly Capital Management,
Inc.
1,335,355
Multi-Utilities — 0.1%
16,923
NiSource, Inc.
439,490
Oil, Gas & Consumable Fuels
— 1.4%
71,715
Antero Midstream Corp.
877,792
132,404
Equitrans Midstream Corp.
1,349,197
132,145
Permian Resources Corp.
1,781,314
 
4,008,303
Passenger Airlines — 0.5%
11,500
Alaska Air Group, Inc. (a)
412,045
65,399
American Airlines Group,
Inc. (a)
930,628
 
1,342,673
Personal Care Products —
2.6%
40,528
BellRing Brands, Inc. (a)
2,239,982
108,525
Coty, Inc., Class A (a)
1,310,982
15,564
elf Beauty, Inc. (a)
2,482,925
12,480
Inter Parfums, Inc.
1,736,592
 
7,770,481
Pharmaceuticals — 1.1%
16,936
Axsome Therapeutics, Inc. (a)
1,524,748
25,093
Intra-Cellular Therapies, Inc. (a)
1,689,763
 
3,214,511
Professional Services — 2.1%
6,694
Dayforce, Inc. (a)
465,367
29,128
ExlService Holdings, Inc. (a)
911,124
6,768
FTI Consulting, Inc. (a)
1,296,817
11,499
Insperity, Inc.
1,318,820
35,823
Parsons Corp. (a)
2,333,868
 
6,325,996
Real Estate Management &
Development — 0.6%
29,863
St. Joe (The) Co.
1,648,438
See Notes to Financial Statements
Page 90

First Trust Mid Cap Growth AlphaDEX® Fund (FNY)
Portfolio of Investments (Continued)
January 31, 2024 (Unaudited)
Shares
Description
Value
COMMON STOCKS (Continued)
Residential REITs — 0.1%
12,937
Apartment Income REIT Corp.
$422,911
Retail REITs — 0.4%
19,308
Brixmor Property Group, Inc.
433,271
19,654
Kite Realty Group Trust
420,596
12,317
Phillips Edison & Co., Inc.
427,523
 
1,281,390
Semiconductors &
Semiconductor Equipment
— 2.4%
3,464
Axcelis Technologies, Inc. (a)
450,493
14,501
MACOM Technology Solutions
Holdings, Inc. (a)
1,250,421
13,103
MKS Instruments, Inc.
1,394,815
8,816
Onto Innovation, Inc. (a)
1,423,784
19,749
Rambus, Inc. (a)
1,353,399
7,048
Universal Display Corp.
1,196,539
 
7,069,451
Software — 14.8%
21,357
Altair Engineering, Inc.,
Class A (a)
1,815,772
5,187
Appfolio, Inc., Class A (a)
1,137,302
45,098
AppLovin Corp., Class A (a)
1,854,881
20,729
Blackbaud, Inc. (a)
1,677,391
15,649
C3.ai, Inc., Class A (a) (b)
387,782
22,672
DocuSign, Inc. (a)
1,381,178
5,213
Dolby Laboratories, Inc.,
Class A
433,617
36,647
DoubleVerify Holdings, Inc. (a)
1,466,247
45,721
Dropbox, Inc., Class A (a)
1,448,441
19,933
Elastic N.V. (a)
2,333,357
11,420
Five9, Inc. (a)
866,321
78,754
Gen Digital, Inc.
1,849,144
28,544
Gitlab, Inc., Class A (a)
2,029,764
16,482
Guidewire Software, Inc. (a)
1,840,710
6,260
Manhattan Associates, Inc. (a)
1,518,426
2,845
MicroStrategy, Inc., Class A (a)
1,425,942
40,080
nCino, Inc. (a)
1,261,718
47,106
Nutanix, Inc., Class A (a)
2,647,357
27,587
Pegasystems, Inc.
1,344,590
19,070
PowerSchool Holdings, Inc.,
Class A (a)
448,908
19,472
Procore Technologies, Inc. (a)
1,390,106
11,445
Qualys, Inc. (a)
2,165,051
39,702
RingCentral, Inc., Class A (a)
1,345,501
67,300
Samsara, Inc., Class A (a)
2,113,220
81,868
SentinelOne, Inc., Class A (a)
2,194,062
37,582
Smartsheet, Inc., Class A (a)
1,690,063
4,636
SPS Commerce, Inc. (a)
852,097
9,754
Tenable Holdings, Inc. (a)
459,413
Shares
Description
Value
 
Software (Continued)
90,438
UiPath, Inc., Class A (a)
$2,078,265
4,425
Workiva, Inc. (a)
411,260
 
43,867,886
Specialized REITs — 0.7%
19,387
CubeSmart
837,906
8,455
Lamar Advertising Co., Class A
885,070
13,448
Rayonier, Inc.
407,474
 
2,130,450
Specialty Retail — 2.2%
42,434
Carvana Co. (a)
1,827,208
38,028
Chewy, Inc., Class A (a)
677,659
8,431
Five Below, Inc. (a)
1,513,027
16,110
Floor & Decor Holdings, Inc.,
Class A (a)
1,620,022
14,563
Wayfair, Inc., Class A (a)
731,791
 
6,369,707
Technology Hardware, Storage
& Peripherals — 0.4%
72,525
IonQ, Inc. (a) (b)
744,832
12,599
Pure Storage, Inc., Class A (a)
503,834
 
1,248,666
Textiles, Apparel & Luxury
Goods — 0.8%
4,810
Crocs, Inc. (a)
488,119
12,463
Ralph Lauren Corp.
1,790,559
 
2,278,678
Trading Companies &
Distributors — 3.0%
10,407
Applied Industrial Technologies,
Inc.
1,836,419
55,591
Core & Main, Inc., Class A (a)
2,296,464
3,737
GATX Corp.
458,343
15,088
Herc Holdings, Inc.
2,225,329
13,311
MSC Industrial Direct Co., Inc.,
Class A
1,313,530
5,530
SiteOne Landscape Supply,
Inc. (a)
854,662
 
8,984,747
Total Common Stocks
295,265,574
(Cost $254,965,580)
MONEY MARKET FUNDS — 0.1%
262,206
Goldman Sachs Financial Square
Treasury Obligations Fund -
Institutional Class -
5.14% (c) (d)
262,206
(Cost $262,206)
See Notes to Financial Statements
Page 91

First Trust Mid Cap Growth AlphaDEX® Fund (FNY)
Portfolio of Investments (Continued)
January 31, 2024 (Unaudited)
Principal
Value
Description
Value
REPURCHASE AGREEMENTS — 1.0%
$2,986,731
BNP Paribas S.A., 5.21% (c),
dated 01/31/24, due 02/01/24,
with a maturity value of
$2,987,163. Collateralized by
U.S. Treasury Floating Rate
Note, interest rate of 5.45%,
due 04/30/25. The value of the
collateral including accrued
interest is $3,090,066. (d)
$2,986,731
(Cost $2,986,731)
Total Investments — 101.0%
298,514,511
(Cost $258,214,517)
Net Other Assets and
Liabilities — (1.0)%
(2,892,131
)
Net Assets — 100.0%
$295,622,380
(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, including those sold and pending
settlement, is $3,044,943 and the total value of the collateral
held by the Fund is $3,248,937.
(c)
Rate shown reflects yield as of January 31, 2024.
(d)
This security serves as collateral for securities on loan.
Abbreviations throughout the Portfolio of Investments:
REITs
Real Estate Investment Trusts

Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of January 31, 2024 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
 
Total
Value at
1/31/2024
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Common Stocks*
$295,265,574
$295,265,574
$
$
Money Market
Funds
262,206
262,206
Repurchase
Agreements
2,986,731
2,986,731
Total Investments
$298,514,511
$295,527,780
$2,986,731
$
*
See Portfolio of Investments for industry breakout.

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)
$3,044,943
Non-cash Collateral(2)
(3,044,943
)
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, 2024, 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)
$2,986,731
Non-cash Collateral(4)
(2,986,731
)
Net Amount
$
(3)
The amount is included in “Investments, at value” on the
Statements of Assets and Liabilities.
(4)
At January 31, 2024, the value of the collateral received from
each seller exceeded the value of the repurchase agreements.
See Notes to Financial Statements
Page 92

First Trust Small Cap Value AlphaDEX® Fund (FYT)
Portfolio of Investments
January 31, 2024 (Unaudited)
Shares
Description
Value
COMMON STOCKS — 99.9%
Air Freight & Logistics —
1.1%
73,062
Air Transport Services Group,
Inc. (a)
$1,131,730
22,388
Hub Group, Inc., Class A (a)
1,013,729
 
2,145,459
Automobile Components —
1.1%
85,974
American Axle & Manufacturing
Holdings, Inc. (a)
695,530
35,226
Dana, Inc.
477,664
3,027
Dorman Products, Inc. (a)
246,428
7,548
Patrick Industries, Inc.
757,744
 
2,177,366
Automobiles — 0.5%
14,124
Winnebago Industries, Inc.
928,229
Banks — 18.8%
9,368
1st Source Corp.
489,665
14,278
Ameris Bancorp
708,760
48,120
Associated Banc-Corp.
1,011,001
14,083
Atlantic Union Bankshares Corp.
481,075
13,870
Axos Financial, Inc. (a)
768,814
23,357
BankUnited, Inc.
660,069
14,141
Banner Corp.
658,688
16,995
Cathay General Bancorp
699,684
4,843
Community Bank System, Inc.
221,664
13,147
Customers Bancorp, Inc. (a)
702,576
25,489
CVB Financial Corp.
427,451
17,779
Eastern Bankshares, Inc.
248,195
23,055
Enterprise Financial Services
Corp.
959,780
6,337
FB Financial Corp.
236,053
13,906
First Bancorp
480,591
31,287
First BanCorp
521,867
30,515
First Busey Corp.
718,323
49,056
First Commonwealth Financial
Corp.
687,275
54,174
First Financial Bancorp
1,214,581
22,512
First Hawaiian, Inc.
488,285
24,632
First Interstate BancSystem, Inc.,
Class A
677,873
27,759
First Merchants Corp.
938,532
46,017
Fulton Financial Corp.
717,405
27,369
Heartland Financial USA, Inc.
970,778
7,171
Hilltop Holdings, Inc.
225,815
62,699
Hope Bancorp, Inc.
694,705
11,511
Independent Bank Corp.
645,652
4,962
Independent Bank Group, Inc.
239,913
18,949
International Bancshares Corp.
1,001,644
20,365
National Bank Holdings Corp.,
Class A
712,775
Shares
Description
Value
 
Banks (Continued)
6,022
NBT Bancorp, Inc.
$214,203
3,135
Nicolet Bankshares, Inc.
243,809
60,690
Northwest Bancshares, Inc.
750,735
74,117
OceanFirst Financial Corp.
1,277,036
20,208
OFG Bancorp
743,048
26,021
Pacific Premier Bancorp, Inc.
660,153
1,902
Park National Corp.
248,553
14,308
Pathward Financial, Inc.
740,868
57,087
Provident Financial Services,
Inc.
944,790
22,489
Renasant Corp.
711,327
30,799
S&T Bancorp, Inc.
1,026,839
8,872
Seacoast Banking Corp. of
Florida
217,896
3,788
ServisFirst Bancshares, Inc.
254,326
51,880
Simmons First National Corp.,
Class A
986,239
27,208
Stellar Bancorp, Inc.
681,016
4,902
Stock Yards Bancorp, Inc.
243,728
15,925
Texas Capital Bancshares,
Inc. (a)
971,425
17,295
TowneBank
486,163
11,978
TriCo Bancshares
435,400
18,458
Trustmark Corp.
498,181
6,159
UMB Financial Corp.
508,118
17,590
United Community Banks, Inc.
480,911
44,235
Veritex Holdings, Inc.
929,377
31,229
WaFd, Inc.
906,890
24,144
WesBanco, Inc.
708,385
9,122
Westamerica BanCorp
435,302
16,491
WSFS Financial Corp.
734,014
 
36,248,221
Beverages — 0.5%
104,498
Duckhorn Portfolio (The),
Inc. (a)
901,818
Broadline Retail — 0.5%
35,890
Kohl’s Corp.
924,526
Building Products — 2.9%
13,856
American Woodmark Corp. (a)
1,264,776
5,236
Armstrong World Industries, Inc.
519,463
13,038
AZZ, Inc.
814,223
54,520
JELD-WEN Holding, Inc. (a)
1,014,072
69,316
Masterbrand, Inc. (a)
975,276
54,692
Resideo Technologies, Inc. (a)
917,185
 
5,504,995
Capital Markets — 2.6%
5,714
Artisan Partners Asset
Management, Inc., Class A
239,417
8,254
Donnelley Financial Solutions,
Inc. (a)
512,738
22,368
Federated Hermes, Inc.
781,985
See Notes to Financial Statements
Page 93

First Trust Small Cap Value AlphaDEX® Fund (FYT)
Portfolio of Investments (Continued)
January 31, 2024 (Unaudited)
Shares
Description
Value
COMMON STOCKS (Continued)
Capital Markets (Continued)
68,166
Golub Capital BDC, Inc.
$1,040,213
2,476
PJT Partners, Inc., Class A
238,117
6,970
StoneX Group, Inc. (a)
458,278
21,992
Victory Capital Holdings, Inc.,
Class A
741,790
12,460
Virtu Financial, Inc., Class A
209,203
3,132
Virtus Investment Partners, Inc.
739,497
 
4,961,238
Chemicals — 2.5%
42,944
AdvanSix, Inc.
1,089,919
77,527
Ecovyst, Inc. (a)
717,900
16,041
Ingevity Corp. (a)
698,746
2,050
Innospec, Inc.
238,025
7,219
Minerals Technologies, Inc.
471,762
27,314
Orion S.A.
611,834
7,796
Sensient Technologies Corp.
483,586
5,445
Stepan Co.
486,075
 
4,797,847
Commercial Services &
Supplies — 1.4%
22,959
ABM Industries, Inc.
936,497
8,767
Brady Corp., Class A
528,036
6,037
HNI Corp.
245,827
19,291
MillerKnoll, Inc.
512,948
2,814
UniFirst Corp.
476,748
 
2,700,056
Communications Equipment
— 0.5%
46,895
NetScout Systems, Inc. (a)
1,008,711
Construction & Engineering
— 0.7%
7,973
Ameresco, Inc., Class A (a)
162,888
4,964
Granite Construction, Inc.
223,926
30,995
Primoris Services Corp.
1,016,636
 
1,403,450
Construction Materials —
0.1%
3,817
Knife River Corp. (a)
249,975
Consumer Finance — 2.8%
39,061
Bread Financial Holdings, Inc.
1,416,742
4,974
Encore Capital Group, Inc. (a)
249,098
23,241
Enova International, Inc. (a)
1,265,008
55,280
Navient Corp.
951,922
5,834
Nelnet, Inc., Class A
508,316
33,300
PROG Holdings, Inc. (a)
1,020,312
 
5,411,398
Consumer Staples Distribution
& Retail — 2.1%
8,945
Andersons (The), Inc.
471,491
Shares
Description
Value
 
Consumer Staples Distribution
& Retail (Continued)
9,367
Grocery Outlet Holding
Corp. (a)
$232,114
14,896
Ingles Markets, Inc., Class A
1,254,988
63,420
United Natural Foods, Inc. (a)
945,592
20,117
Weis Markets, Inc.
1,222,108
 
4,126,293
Containers & Packaging —
0.1%
18,416
Pactiv Evergreen, Inc.
268,874
Diversified Consumer Services
— 1.8%
12,850
Adtalem Global Education,
Inc. (a)
648,668
45,303
Chegg, Inc. (a)
446,235
1,478
Graham Holdings Co., Class B
1,064,751
5,571
Strategic Education, Inc.
524,008
12,756
Stride, Inc. (a)
764,722
 
3,448,384
Diversified REITs — 1.0%
45,727
American Assets Trust, Inc.
1,025,657
59,775
Broadstone Net Lease, Inc.
960,584
 
1,986,241
Diversified Telecommunication
Services — 0.7%
175,293
Liberty Latin America Ltd.,
Class C (a)
1,248,086
Electric Utilities — 0.7%
21,036
ALLETE, Inc.
1,243,438
Electrical Equipment — 0.9%
6,022
Encore Wire Corp.
1,357,961
115,285
GrafTech International Ltd.
153,329
5,618
Vicor Corp. (a)
211,630
 
1,722,920
Electronic Equipment,
Instruments & Components
— 1.5%
13,319
Crane NXT Co.
776,231
6,446
ePlus, Inc. (a)
486,931
11,107
Methode Electronics, Inc.
230,581
7,656
PC Connection, Inc.
493,889
2,337
Plexus Corp. (a)
221,361
3,898
Rogers Corp. (a)
449,322
15,970
TTM Technologies, Inc. (a)
222,143
 
2,880,458
Energy Equipment & Services
— 2.8%
70,927
Liberty Energy, Inc.
1,474,572
119,134
Patterson-UTI Energy, Inc.
1,321,196
See Notes to Financial Statements
Page 94

First Trust Small Cap Value AlphaDEX® Fund (FYT)
Portfolio of Investments (Continued)
January 31, 2024 (Unaudited)
Shares
Description
Value
COMMON STOCKS (Continued)
Energy Equipment & Services
(Continued)
153,538
ProPetro Holding Corp. (a)
$1,298,932
176,736
RPC, Inc.
1,291,940
 
5,386,640
Entertainment — 0.7%
37,887
Sphere Entertainment Co. (a)
1,340,442
Financial Services — 2.0%
25,131
Jackson Financial, Inc., Class A
1,258,309
17,787
Merchants Bancorp
778,003
43,351
NMI Holdings, Inc., Class A (a)
1,383,764
4,638
Walker & Dunlop, Inc.
447,985
 
3,868,061
Food Products — 1.7%
22,419
Cal-Maine Foods, Inc.
1,242,461
49,014
Fresh Del Monte Produce, Inc.
1,204,764
18,273
TreeHouse Foods, Inc. (a)
769,293
 
3,216,518
Gas Utilities — 1.1%
33,044
Northwest Natural Holding Co.
1,218,002
16,511
Spire, Inc.
937,329
 
2,155,331
Ground Transportation —
2.2%
4,282
ArcBest Corp.
510,115
72,180
Heartland Express, Inc.
934,731
36,103
Marten Transport Ltd.
667,905
50,555
Schneider National, Inc., Class B
1,239,608
24,292
Werner Enterprises, Inc.
960,749
 
4,313,108
Health Care Equipment &
Supplies — 0.3%
4,507
Enovis Corp. (a)
264,561
2,546
Integer Holdings Corp. (a)
257,961
 
522,522
Health Care Providers &
Services — 2.2%
34,633
AdaptHealth Corp. (a)
250,050
2,720
Addus HomeCare Corp. (a)
235,552
8,733
Fulgent Genetics, Inc. (a)
214,745
13,102
Owens & Minor, Inc. (a)
258,240
26,624
Patterson Cos., Inc.
794,993
138,351
Pediatrix Medical Group, Inc. (a)
1,294,965
57,544
Premier, Inc., Class A
1,244,101
 
4,292,646
Health Care REITs — 0.5%
16,025
LTC Properties, Inc.
499,499
9,217
National Health Investors, Inc.
490,160
 
989,659
Shares
Description
Value
 
Hotel & Resort REITs — 1.4%
32,205
Pebblebrook Hotel Trust
$490,160
109,784
RLJ Lodging Trust
1,271,299
75,573
Xenia Hotels & Resorts, Inc.
1,007,388
 
2,768,847
Hotels, Restaurants & Leisure
— 0.9%
6,676
Cracker Barrel Old Country
Store, Inc.
516,389
32,221
Golden Entertainment, Inc.
1,236,642
 
1,753,031
Household Durables — 2.9%
11,295
Century Communities, Inc.
979,276
4,262
Helen of Troy Ltd. (a)
487,999
34,850
La-Z-Boy, Inc.
1,213,128
3,864
LGI Homes, Inc. (a)
455,991
9,340
M/I Homes, Inc. (a)
1,190,103
36,345
Tri Pointe Homes, Inc. (a)
1,254,993
 
5,581,490
Household Products — 1.0%
17,197
Central Garden & Pet Co.,
Class A (a)
709,892
16,130
Spectrum Brands Holdings, Inc.
1,268,141
 
1,978,033
Independent Power and
Renewable Electricity
Producers — 0.1%
9,203
Clearway Energy, Inc., Class C
223,081
Industrial REITs — 0.6%
7,515
Innovative Industrial Properties,
Inc.
700,624
51,880
LXP Industrial Trust
471,589
 
1,172,213
Insurance — 1.2%
27,148
CNO Financial Group, Inc.
737,883
154,088
Genworth Financial, Inc.,
Class A (a)
950,723
8,759
Stewart Information Services
Corp.
540,080
 
2,228,686
Interactive Media & Services
— 0.7%
15,688
Shutterstock, Inc.
736,865
7,662
Ziff Davis, Inc. (a)
516,419
 
1,253,284
Leisure Products — 0.4%
18,777
Malibu Boats, Inc., Class A (a)
783,940
Machinery — 1.7%
2,572
Albany International Corp.,
Class A
228,677
13,835
Astec Industries, Inc.
492,526
See Notes to Financial Statements
Page 95

First Trust Small Cap Value AlphaDEX® Fund (FYT)
Portfolio of Investments (Continued)
January 31, 2024 (Unaudited)
Shares
Description
Value
COMMON STOCKS (Continued)
Machinery (Continued)
15,772
Barnes Group, Inc.
$522,211
11,347
Helios Technologies, Inc.
468,177
39,910
Kennametal, Inc.
978,593
3,985
Lindsay Corp.
518,488
 
3,208,672
Marine Transportation —
0.7%
11,741
Matson, Inc.
1,315,344
Media — 0.7%
34,128
Scholastic Corp.
1,311,880
Metals & Mining — 2.8%
3,037
Alpha Metallurgical Resources,
Inc.
1,212,492
7,755
Arch Resources, Inc.
1,372,325
9,972
Compass Minerals International,
Inc.
224,270
3,547
Kaiser Aluminum Corp.
230,200
29,680
Ryerson Holding Corp.
1,018,618
21,102
Warrior Met Coal, Inc.
1,354,115
 
5,412,020
Mortgage REITs — 2.7%
21,507
Apollo Commercial Real Estate
Finance, Inc.
240,018
67,806
Arbor Realty Trust, Inc. (b)
901,820
257,843
Chimera Investment Corp.
1,237,647
18,522
Claros Mortgage Trust, Inc.
217,448
18,690
Franklin BSP Realty Trust, Inc.
239,606
22,403
MFA Financial, Inc.
248,001
68,849
PennyMac Mortgage Investment
Trust
987,295
125,525
Ready Capital Corp.
1,176,169
 
5,248,004
Multi-Utilities — 1.1%
35,998
Avista Corp.
1,224,292
20,225
Northwestern Energy Group,
Inc.
973,227
 
2,197,519
Office REITs — 2.3%
52,236
Douglas Emmett, Inc.
707,798
38,291
Easterly Government Properties,
Inc.
470,214
39,449
Equity Commonwealth
753,870
56,037
Highwoods Properties, Inc.
1,287,170
30,257
JBG SMITH Properties
484,112
146,504
Paramount Group, Inc.
695,894
 
4,399,058
Oil, Gas & Consumable Fuels
— 5.1%
39,713
Callon Petroleum Co. (a)
1,275,582
Shares
Description
Value
 
Oil, Gas & Consumable Fuels
(Continued)
64,331
CNX Resources Corp. (a)
$1,299,486
29,359
Delek US Holdings, Inc.
793,574
9,661
Gulfport Energy Corp. (a)
1,225,981
35,376
Par Pacific Holdings, Inc. (a)
1,294,408
52,905
Peabody Energy Corp.
1,412,563
90,418
Talos Energy, Inc. (a)
1,172,721
56,480
World Kinect Corp.
1,274,754
 
9,749,069
Paper & Forest Products —
0.5%
20,958
Sylvamo Corp.
973,080
Passenger Airlines — 1.5%
185,461
JetBlue Airways Corp. (a)
984,798
14,510
SkyWest, Inc. (a)
772,803
81,794
Sun Country Airlines Holdings,
Inc. (a)
1,113,216
 
2,870,817
Personal Care Products —
2.3%
28,101
Edgewell Personal Care Co.
1,041,142
49,635
Herbalife Ltd. (a)
598,102
15,313
Medifast, Inc.
836,856
66,252
Nu Skin Enterprises, Inc.,
Class A
1,229,637
14,131
USANA Health Sciences,
Inc. (a)
661,613
 
4,367,350
Pharmaceuticals — 0.3%
3,536
Ligand Pharmaceuticals, Inc. (a)
258,482
8,724
Supernus Pharmaceuticals,
Inc. (a)
241,480
 
499,962
Professional Services — 1.0%
4,744
CSG Systems International, Inc.
238,671
1,881
ICF International, Inc.
261,534
3,735
Kforce, Inc.
255,287
4,252
Korn Ferry
249,465
2,273
NV5 Global, Inc. (a)
238,415
34,951
TTEC Holdings, Inc.
712,301
 
1,955,673
Real Estate Management &
Development — 0.5%
31,127
Forestar Group, Inc. (a)
973,030
Retail REITs — 0.4%
30,290
Acadia Realty Trust
516,747
9,965
InvenTrust Properties Corp.
247,431
 
764,178
See Notes to Financial Statements
Page 96

First Trust Small Cap Value AlphaDEX® Fund (FYT)
Portfolio of Investments (Continued)
January 31, 2024 (Unaudited)
Shares
Description
Value
COMMON STOCKS (Continued)
Semiconductors &
Semiconductor Equipment
— 0.6%
14,544
Cohu, Inc. (a)
$463,372
24,144
Photronics, Inc. (a)
705,488
 
1,168,860
Software — 0.7%
8,249
ACI Worldwide, Inc. (a)
248,047
83,078
Adeia, Inc.
1,008,567
 
1,256,614
Specialty Retail — 4.0%
2,863
Abercrombie & Fitch Co.,
Class A (a)
291,740
35,796
American Eagle Outfitters, Inc.
709,477
10,829
Buckle (The), Inc.
402,730
24,317
Foot Locker, Inc.
684,767
44,636
Guess?, Inc.
997,168
25,816
Monro, Inc.
822,498
18,282
ODP (The) Corp. (a)
934,941
77,507
Sally Beauty Holdings, Inc. (a)
954,886
36,050
Urban Outfitters, Inc. (a)
1,369,900
19,392
Victoria’s Secret & Co. (a)
505,162
 
7,673,269
Technology Hardware, Storage
& Peripherals — 0.7%
70,195
Xerox Holdings Corp.
1,295,800
Textiles, Apparel & Luxury
Goods — 1.7%
6,873
Carter’s, Inc.
519,874
8,243
Kontoor Brands, Inc.
483,205
15,263
Levi Strauss & Co., Class A
248,482
10,293
Oxford Industries, Inc.
977,114
146,376
Under Armour, Inc., Class A (a)
1,115,385
 
3,344,060
Tobacco — 0.5%
15,292
Universal Corp.
886,171
Trading Companies &
Distributors — 0.6%
113,661
DNOW, Inc. (a)
1,146,840
Total Common Stocks
192,132,785
(Cost $182,052,759)
MONEY MARKET FUNDS — 0.1%
73,333
Goldman Sachs Financial Square
Treasury Obligations Fund -
Institutional Class -
5.14% (c) (d)
73,333
(Cost $73,333)
Principal
Value
Description
Value
REPURCHASE AGREEMENTS — 0.4%
$835,324
BNP Paribas S.A., 5.21% (c),
dated 01/31/24, due 02/01/24,
with a maturity value of
$835,445. Collateralized by
U.S. Treasury Floating Rate
Note, interest rate of 5.45%,
due 04/30/25. The value of the
collateral including accrued
interest is $864,224. (d)
$835,324
(Cost $835,324)
Total Investments — 100.4%
193,041,442
(Cost $182,961,416)
Net Other Assets and
Liabilities — (0.4)%
(706,977
)
Net Assets — 100.0%
$192,334,465
(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, including those sold and pending
settlement, is $833,458 and the total value of the collateral
held by the Fund is $908,657.
(c)
Rate shown reflects yield as of January 31, 2024.
(d)
This security serves as collateral for securities on loan.
Abbreviations throughout the Portfolio of Investments:
REITs
Real Estate Investment Trusts

Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of January 31, 2024 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
 
Total
Value at
1/31/2024
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Common Stocks*
$192,132,785
$192,132,785
$
$
Money Market
Funds
73,333
73,333
Repurchase
Agreements
835,324
835,324
Total Investments
$193,041,442
$192,206,118
$835,324
$
*
See Portfolio of Investments for industry breakout.
See Notes to Financial Statements
Page 97

First Trust Small Cap Value AlphaDEX® Fund (FYT)
Portfolio of Investments (Continued)
January 31, 2024 (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)
$833,458
Non-cash Collateral(2)
(833,458
)
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, 2024, 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)
$835,324
Non-cash Collateral(4)
(835,324
)
Net Amount
$
(3)
The amount is included in “Investments, at value” on the
Statements of Assets and Liabilities.
(4)
At January 31, 2024, the value of the collateral received from
each seller exceeded the value of the repurchase agreements.
See Notes to Financial Statements
Page 98

First Trust Small Cap Growth AlphaDEX® Fund (FYC)
Portfolio of Investments
January 31, 2024 (Unaudited)
Shares
Description
Value
COMMON STOCKS — 99.8%
Aerospace & Defense — 2.7%
20,538
AAR Corp. (a)
$1,249,121
10,167
AeroVironment, Inc. (a)
1,226,547
11,062
Moog, Inc., Class A
1,546,468
50,404
Spirit AeroSystems Holdings,
Inc., Class A (a)
1,384,094
20,306
V2X, Inc. (a)
789,700
128,298
Virgin Galactic Holdings,
Inc. (a) (b)
228,370
 
6,424,300
Automobile Components —
1.2%
132,524
Garrett Motion, Inc. (a)
1,138,381
26,829
Modine Manufacturing Co. (a)
1,853,616
 
2,991,997
Banks — 1.5%
9,688
BancFirst Corp.
857,485
33,231
Bancorp (The), Inc. (a)
1,450,201
11,621
City Holding Co.
1,187,782
 
3,495,468
Beverages — 0.3%
3,191
MGP Ingredients, Inc.
271,075
24,979
Vita Coco (The) Co., Inc. (a)
491,837
 
762,912
Biotechnology — 6.9%
10,705
Apellis Pharmaceuticals, Inc. (a)
677,519
76,234
Catalyst Pharmaceuticals,
Inc. (a)
1,097,770
23,775
Celldex Therapeutics, Inc. (a)
837,355
15,350
Cytokinetics, Inc. (a)
1,199,295
22,484
Dynavax Technologies Corp. (a)
290,493
26,501
Ideaya Biosciences, Inc. (a)
1,153,589
30,426
Insmed, Inc. (a)
845,843
27,473
Ironwood Pharmaceuticals,
Inc. (a)
389,842
25,169
Kymera Therapeutics, Inc. (a)
825,040
86,351
MannKind Corp. (a)
288,412
23,298
Merus N.V. (a)
831,273
49,268
Myriad Genetics, Inc. (a)
1,053,843
13,706
Protagonist Therapeutics, Inc. (a)
342,787
11,408
PTC Therapeutics, Inc. (a)
297,635
129,970
Recursion Pharmaceuticals, Inc.,
Class A (a) (b)
1,223,018
58,194
Relay Therapeutics, Inc. (a)
538,294
14,546
Syndax Pharmaceuticals, Inc. (a)
298,048
55,209
TG Therapeutics, Inc. (a)
896,594
43,456
Twist Bioscience Corp. (a)
1,407,974
13,396
Ultragenyx Pharmaceutical,
Inc. (a)
590,898
Shares
Description
Value
 
Biotechnology (Continued)
34,275
Veracyte, Inc. (a)
$857,560
17,994
Vericel Corp. (a)
773,382
 
16,716,464
Building Products — 2.7%
6,177
CSW Industrials, Inc.
1,306,868
20,285
Gibraltar Industries, Inc. (a)
1,641,462
26,284
Griffon Corp.
1,531,306
23,113
Hayward Holdings, Inc. (a)
289,375
122,745
Janus International Group,
Inc. (a)
1,736,841
 
6,505,852
Capital Markets — 1.1%
31,488
AssetMark Financial Holdings,
Inc. (a)
965,737
8,462
Cohen & Steers, Inc.
595,894
8,313
Hamilton Lane, Inc., Class A
963,809
 
2,525,440
Commercial Services &
Supplies — 1.7%
20,745
ACV Auctions, Inc., Class A (a)
269,063
18,215
Brink’s (The) Co.
1,472,501
20,010
Cimpress PLC (a)
1,505,152
17,486
Matthews International Corp.,
Class A
575,289
9,781
Montrose Environmental Group,
Inc. (a)
285,703
 
4,107,708
Communications Equipment
— 0.3%
17,820
Extreme Networks, Inc. (a)
240,748
49,135
Harmonic, Inc. (a)
574,880
 
815,628
Construction & Engineering
— 3.1%
36,807
Construction Partners, Inc.,
Class A (a)
1,674,719
11,133
Dycom Industries, Inc. (a)
1,243,556
20,222
IES Holdings, Inc. (a)
1,657,395
11,073
MYR Group, Inc. (a)
1,592,851
18,219
Sterling Infrastructure, Inc. (a)
1,368,247
 
7,536,768
Construction Materials —
0.6%
5,566
United States Lime & Minerals,
Inc.
1,439,757
Consumer Staples Distribution
& Retail — 0.6%
43,542
Chefs’ Warehouse (The), Inc. (a)
1,385,506
See Notes to Financial Statements
Page 99

First Trust Small Cap Growth AlphaDEX® Fund (FYC)
Portfolio of Investments (Continued)
January 31, 2024 (Unaudited)
Shares
Description
Value
COMMON STOCKS (Continued)
Diversified Consumer Services
— 2.8%
66,158
Coursera, Inc. (a)
$1,266,264
36,386
Frontdoor, Inc. (a)
1,192,005
7,140
Grand Canyon Education,
Inc. (a)
932,413
93,468
Laureate Education, Inc.
1,179,566
74,160
Mister Car Wash, Inc. (a) (b)
615,528
108,746
Udemy, Inc. (a)
1,477,858
 
6,663,634
Diversified REITs — 0.5%
132,247
Empire State Realty Trust, Inc.,
Class A
1,258,991
Diversified Telecommunication
Services — 1.1%
16,851
Cogent Communications
Holdings, Inc.
1,300,897
825,695
Globalstar, Inc. (a)
1,312,855
 
2,613,752
Electric Utilities — 0.4%
4,345
MGE Energy, Inc.
280,209
7,539
Otter Tail Corp.
681,676
 
961,885
Electrical Equipment — 0.6%
18,711
Array Technologies, Inc. (a)
247,734
43,292
Bloom Energy Corp.,
Class A (a) (b)
490,065
39,537
Fluence Energy, Inc. (a)
785,600
 
1,523,399
Electronic Equipment,
Instruments & Components
— 1.5%
7,187
CTS Corp.
295,098
156,275
Mirion Technologies, Inc. (a)
1,476,799
18,709
Napco Security Technologies,
Inc.
650,138
9,929
OSI Systems, Inc. (a)
1,271,210
 
3,693,245
Energy Equipment & Services
— 3.1%
104,015
Archrock, Inc.
1,699,605
14,111
Cactus, Inc., Class A
598,871
49,287
Diamond Offshore Drilling,
Inc. (a)
601,302
40,247
Expro Group Holdings N.V. (a)
708,347
155,824
Helix Energy Solutions Group,
Inc. (a)
1,464,746
3,850
Nabors Industries Ltd. (a)
325,633
Shares
Description
Value
 
Energy Equipment & Services
(Continued)
44,313
Oceaneering International,
Inc. (a)
$920,824
17,770
Tidewater, Inc. (a)
1,193,966
 
7,513,294
Entertainment — 0.4%
66,928
Cinemark Holdings, Inc. (a)
925,614
Financial Services — 2.0%
103,430
AvidXchange Holdings, Inc. (a)
1,133,593
15,653
EVERTEC, Inc.
628,624
8,379
Federal Agricultural Mortgage
Corp., Class C
1,560,924
122,981
Payoneer Global, Inc. (a)
575,551
48,557
Remitly Global, Inc. (a)
832,267
 
4,730,959
Food Products — 0.9%
3,834
J & J Snack Foods Corp.
610,488
19,276
Tootsie Roll Industries, Inc.
628,205
58,066
Utz Brands, Inc.
1,027,768
 
2,266,461
Gas Utilities — 0.1%
2,975
Chesapeake Utilities Corp.
301,308
Health Care Equipment &
Supplies — 3.6%
42,405
Alphatec Holdings, Inc. (a)
682,296
15,151
Axonics, Inc. (a)
1,028,450
33,847
Embecta Corp.
580,138
9,867
Inari Medical, Inc. (a)
561,926
5,987
iRhythm Technologies, Inc. (a)
717,123
5,536
LeMaitre Vascular, Inc.
321,309
22,498
PROCEPT BioRobotics
Corp. (a)
1,041,657
39,731
RxSight, Inc. (a)
1,808,158
16,236
TransMedics Group, Inc. (a)
1,392,562
3,727
UFP Technologies, Inc. (a)
628,037
 
8,761,656
Health Care Providers &
Services — 2.4%
53,351
Accolade, Inc. (a)
603,934
39,687
Agiliti, Inc. (a)
281,381
179,985
Hims & Hers Health, Inc. (a)
1,544,271
79,201
NeoGenomics, Inc. (a)
1,176,135
27,823
Privia Health Group, Inc. (a)
560,912
36,858
RadNet, Inc. (a)
1,362,640
3,374
US Physical Therapy, Inc.
311,285
 
5,840,558
Health Care Technology —
1.1%
17,867
Certara, Inc. (a)
288,731
38,798
Evolent Health, Inc., Class A (a)
1,141,049
See Notes to Financial Statements
Page 100

First Trust Small Cap Growth AlphaDEX® Fund (FYC)
Portfolio of Investments (Continued)
January 31, 2024 (Unaudited)
Shares
Description
Value
COMMON STOCKS (Continued)
Health Care Technology
(Continued)
27,678
Phreesia, Inc. (a)
$705,235
17,899
Schrodinger, Inc. (a)
473,429
 
2,608,444
Hotel & Resort REITs — 1.9%
136,474
DiamondRock Hospitality Co.
1,247,372
104,698
Park Hotels & Resorts, Inc.
1,578,846
110,417
Service Properties Trust
853,524
87,885
Sunstone Hotel Investors, Inc.
937,733
 
4,617,475
Hotels, Restaurants & Leisure
— 6.7%
45,523
Bloomin’ Brands, Inc.
1,211,822
113,125
Bowlero Corp., Class A (a) (b)
1,222,881
37,099
Brinker International, Inc. (a)
1,587,466
26,936
Cheesecake Factory (The), Inc.
925,790
29,748
Dave & Buster’s Entertainment,
Inc. (a)
1,592,411
27,893
Everi Holdings, Inc. (a)
290,366
79,693
First Watch Restaurant Group,
Inc. (a)
1,710,212
11,549
Jack in the Box, Inc.
900,476
84,925
Krispy Kreme, Inc.
1,128,653
4,547
Monarch Casino & Resort, Inc.
313,425
8,405
Papa John’s International, Inc.
617,599
17,682
Red Rock Resorts, Inc., Class A
966,852
145,621
Sabre Corp. (a)
597,046
17,289
Shake Shack, Inc., Class A (a)
1,306,357
56,704
Sweetgreen, Inc., Class A (a)
605,599
32,306
Target Hospitality Corp. (a) (b)
312,399
24,126
Travel + Leisure Co.
975,173
 
16,264,527
Household Durables — 1.0%
3,696
Cavco Industries, Inc. (a)
1,226,776
24,670
Green Brick Partners, Inc. (a)
1,287,034
 
2,513,810
Household Products — 0.6%
9,922
Energizer Holdings, Inc.
313,734
3,942
WD-40 Co.
1,020,899
 
1,334,633
Independent Power and
Renewable Electricity
Producers — 0.3%
61,835
Sunnova Energy International,
Inc. (a)
650,504
Insurance — 3.3%
12,106
Brighthouse Financial, Inc. (a)
626,728
26,673
BRP Group, Inc., Class A (a)
598,542
Shares
Description
Value
 
Insurance (Continued)
12,437
Goosehead Insurance, Inc.,
Class A (a)
$960,136
79,447
Lemonade, Inc. (a) (b)
1,256,852
175,064
Oscar Health, Inc., Class A (a)
2,191,801
11,543
Palomar Holdings, Inc. (a)
691,079
138,090
SiriusPoint Ltd. (a)
1,629,462
 
7,954,600
Interactive Media & Services
— 2.1%
39,031
Cargurus, Inc. (a)
907,080
49,707
Cars.com, Inc. (a)
866,393
74,401
TripAdvisor, Inc. (a)
1,607,062
33,837
Yelp, Inc. (a)
1,479,692
22,615
ZipRecruiter, Inc., Class A (a)
314,801
 
5,175,028
IT Services — 1.6%
52,975
Fastly, Inc., Class A (a)
1,065,857
77,089
Kyndryl Holdings, Inc. (a)
1,581,866
4,777
Perficient, Inc. (a)
325,457
28,566
Squarespace, Inc., Class A (a)
885,546
 
3,858,726
Leisure Products — 0.1%
51,612
Peloton Interactive, Inc.,
Class A (a)
286,963
Life Sciences Tools & Services
— 0.4%
103,394
Cytek Biosciences, Inc. (a)
780,625
1,080
OmniAb, Inc. - 12.5 Earnout
Shares (a) (c) (d) (e) (f)
0
1,080
OmniAb, Inc. - 15 Earnout
Shares (a) (c) (d) (e) (f)
0
32,044
Pacific Biosciences of
California, Inc. (a)
208,606
 
989,231
Machinery — 6.1%
7,619
Alamo Group, Inc.
1,617,361
24,166
Columbus McKinnon Corp.
944,165
30,330
Enerpac Tool Group Corp.
947,206
6,015
Enpro, Inc.
898,521
8,059
ESCO Technologies, Inc.
820,970
36,256
Greenbrier (The) Cos., Inc.
1,648,198
102,387
Hillman Solutions Corp. (a)
899,982
4,571
Kadant, Inc.
1,307,306
44,495
Mueller Water Products, Inc.,
Class A
610,026
5,951
Standex International Corp.
878,725
17,282
Tennant Co.
1,633,495
48,192
Trinity Industries, Inc.
1,211,547
50,017
Wabash National Corp.
1,265,430
 
14,682,932
See Notes to Financial Statements
Page 101

First Trust Small Cap Growth AlphaDEX® Fund (FYC)
Portfolio of Investments (Continued)
January 31, 2024 (Unaudited)
Shares
Description
Value
COMMON STOCKS (Continued)
Media — 0.4%
44,529
Integral Ad Science Holding
Corp. (a)
$647,897
33,656
Magnite, Inc. (a)
297,856
 
945,753
Metals & Mining — 0.9%
18,098
Carpenter Technology Corp.
1,114,656
9,847
Materion Corp.
1,151,803
 
2,266,459
Mortgage REITs — 0.7%
81,926
Ladder Capital Corp.
895,451
67,693
Two Harbors Investment Corp.
843,455
 
1,738,906
Office REITs — 0.1%
12,262
COPT Defense Properties
288,893
Oil, Gas & Consumable Fuels
— 2.4%
15,933
CONSOL Energy, Inc.
1,507,262
36,511
Dorian LPG Ltd.
1,366,972
66,222
HighPeak Energy, Inc. (b)
903,930
28,175
International Seaways, Inc.
1,511,307
46,847
Kosmos Energy Ltd. (a)
283,893
8,479
Northern Oil and Gas, Inc.
284,046
 
5,857,410
Passenger Airlines — 0.3%
7,757
Allegiant Travel Co.
608,149
Pharmaceuticals — 1.9%
25,901
Amphastar Pharmaceuticals,
Inc. (a)
1,382,077
38,915
Arvinas, Inc. (a)
1,614,973
39,453
Corcept Therapeutics, Inc. (a)
832,458
9,734
Harmony Biosciences Holdings,
Inc. (a)
307,010
5,133
Prestige Consumer Healthcare,
Inc. (a)
315,885
 
4,452,403
Professional Services — 2.2%
25,593
CBIZ, Inc. (a)
1,629,250
56,907
First Advantage Corp.
931,568
12,467
Huron Consulting Group, Inc. (a)
1,290,709
56,704
Legalzoom.com, Inc. (a)
584,618
40,947
Verra Mobility Corp. (a)
979,043
 
5,415,188
Real Estate Management &
Development — 1.5%
73,059
DigitalBridge Group, Inc.
1,434,879
357,553
Opendoor Technologies, Inc. (a)
1,222,831
124,173
Redfin Corp. (a)
1,013,252
 
3,670,962
Shares
Description
Value
 
Residential REITs — 0.1%
40,145
Apartment Investment and
Management Co., Class A (a)
$298,277
Retail REITs — 1.2%
83,050
Macerich (The) Co.
1,311,360
17,608
NETSTREIT Corp.
319,937
23,060
SITE Centers Corp.
307,159
34,017
Tanger, Inc.
915,057
 
2,853,513
Semiconductors &
Semiconductor Equipment
— 1.8%
32,907
Credo Technology Group
Holding Ltd. (a)
674,923
10,475
Impinj, Inc. (a)
1,015,865
116,271
indie Semiconductor, Inc.,
Class A (a)
705,765
116,852
Navitas Semiconductor Corp. (a)
669,562
16,607
SMART Global Holdings,
Inc. (a)
326,328
30,390
Veeco Instruments, Inc. (a)
968,833
 
4,361,276
Software — 12.5%
11,118
Agilysys, Inc. (a)
930,688
66,057
Alkami Technology, Inc. (a)
1,626,323
8,344
Appian Corp., Class A (a)
272,265
33,704
Asana, Inc., Class A (a)
587,124
293,248
Aurora Innovation, Inc. (a)
876,812
195,110
AvePoint, Inc. (a)
1,502,347
10,260
BlackLine, Inc. (a)
602,057
24,117
Braze, Inc., Class A (a)
1,303,524
15,220
Clear Secure, Inc., Class A
289,637
31,990
Clearwater Analytics Holdings,
Inc., Class A (a)
603,011
8,022
CommVault Systems, Inc. (a)
735,457
6,345
Envestnet, Inc. (a)
324,229
12,932
Everbridge, Inc. (a)
289,160
54,555
Freshworks, Inc., Class A (a)
1,211,121
13,295
HashiCorp, Inc., Class A (a)
290,629
16,855
Intapp, Inc. (a)
726,113
14,755
InterDigital, Inc.
1,550,013
17,407
Jamf Holding Corp. (a)
322,726
42,290
LiveRamp Holdings, Inc. (a)
1,669,609
68,190
Marathon Digital Holdings,
Inc. (a) (b)
1,209,009
51,737
MeridianLink, Inc. (a)
1,177,017
23,725
N-able, Inc. (a)
307,951
13,579
PagerDuty, Inc. (a)
321,551
5,787
Progress Software Corp.
328,759
24,310
PROS Holdings, Inc. (a)
836,750
36,899
Q2 Holdings, Inc. (a)
1,570,052
22,446
Rapid7, Inc. (a)
1,235,203
See Notes to Financial Statements
Page 102

First Trust Small Cap Growth AlphaDEX® Fund (FYC)
Portfolio of Investments (Continued)
January 31, 2024 (Unaudited)
Shares
Description
Value
COMMON STOCKS (Continued)
Software (Continued)
82,834
Riot Platforms, Inc. (a)
$902,891
117,267
SEMrush Holdings, Inc.,
Class A (a)
1,353,261
26,105
Sprinklr, Inc., Class A (a)
325,790
15,349
Sprout Social, Inc., Class A (a)
941,354
35,375
Varonis Systems, Inc. (a)
1,587,630
47,570
Vertex, Inc., Class A (a)
1,154,048
72,646
Zeta Global Holdings Corp.,
Class A (a)
703,213
68,164
Zuora, Inc., Class A (a)
623,019
 
30,290,343
Specialized REITs — 1.7%
13,223
EPR Properties
585,382
12,422
Four Corners Property Trust, Inc.
290,799
30,900
National Storage Affiliates Trust
1,154,115
45,900
Outfront Media, Inc.
597,618
277,136
Uniti Group, Inc.
1,457,736
 
4,085,650
Specialty Retail — 0.6%
8,345
Boot Barn Holdings, Inc. (a)
598,671
2,257
Winmark Corp.
814,032
 
1,412,703
Textiles, Apparel & Luxury
Goods — 0.8%
92,191
Figs, Inc., Class A (a)
531,020
30,509
Steven Madden Ltd.
1,277,717
 
1,808,737
Tobacco — 0.1%
27,864
Vector Group Ltd.
291,736
Trading Companies &
Distributors — 3.1%
152,583
Custom Truck One Source,
Inc. (a)
997,893
34,525
FTAI Aviation Ltd.
1,862,624
19,433
GMS, Inc. (a)
1,635,481
30,618
H&E Equipment Services, Inc.
1,646,942
10,714
McGrath RentCorp
1,346,214
 
7,489,154
Water Utilities — 0.2%
3,909
American States Water Co.
291,611
4,809
SJW Group
286,328
 
577,939
Total Common Stocks
241,412,880
(Cost $216,767,249)
Principal
Value
Description
Value
REPURCHASE AGREEMENTS — 2.8%
$3,408,668
Citigroup, Inc., 5.29% (g), dated
01/31/24, due 02/01/24, with a
maturity value of $3,409,169.
Collateralized by
U.S. Treasury Securities,
interest rates of 0.25% to
4.50%, due 10/31/25 to
07/15/26. The value of the
collateral including accrued
interest is $3,476,842. (h)
$3,408,668
3,274,996
JPMorgan Chase & Co., 5.31%
(g), dated 01/31/24, due
02/01/24, with a maturity
value of $3,275,479.
Collateralized by
U.S. Treasury Securities,
interest rates of 0.38% to
2.00%, due 12/31/25 to
02/15/50. The value of the
collateral including accrued
interest is $3,340,496. (h)
3,274,996
Total Repurchase Agreements
6,683,664
(Cost $6,683,664)
Total Investments — 102.6%
248,096,544
(Cost $223,450,913)
Net Other Assets and
Liabilities — (2.6)%
(6,210,548
)
Net Assets — 100.0%
$241,885,996
(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, including those sold and pending
settlement, is $6,250,995 and the total value of the collateral
held by the Fund is $6,683,664.
(c)
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.
(d)
Restricted security as to resale, excluding Rule 144A
securities (see Note 2F - Restricted Securities in the Notes to
Financial Statements).
(e)
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, 2024, securities
noted as such are valued at $0 or 0.0% of net assets.
(f)
This security’s value was determined using significant
unobservable inputs (see Note 2A - Portfolio Valuation in the
Notes to Financial Statements).
See Notes to Financial Statements
Page 103

First Trust Small Cap Growth AlphaDEX® Fund (FYC)
Portfolio of Investments (Continued)
January 31, 2024 (Unaudited)
(g)
Rate shown reflects yield as of January 31, 2024.
(h)
This security serves as collateral for securities on loan.
Abbreviations throughout the Portfolio of Investments:
REITs
Real Estate Investment Trusts

Valuation Inputs
A summary of the inputs used to value the Fund’s investments as of January 31, 2024 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):
 
Total
Value at
1/31/2024
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Common Stocks:
Life
Sciences Tools
& Services
$989,231
$989,231
$
$—**
Other Industry
Categories*
240,423,649
240,423,649
Repurchase
Agreements
6,683,664
6,683,664
Total Investments
$248,096,544
$241,412,880
$6,683,664
$—**
*
See Portfolio of Investments for industry breakout.
**
Investments are valued at $0.
Level 3 investments are fair valued by the Advisor’s Pricing Committee and are footnoted in the Portfolio of Investments. All Level 3 values are based on unobservable inputs.

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)
$6,250,995
Non-cash Collateral(2)
(6,250,995
)
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, 2024, 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)
$6,683,664
Non-cash Collateral(4)
(6,683,664
)
Net Amount
$
(3)
The amount is included in “Investments, at value” on the
Statements of Assets and Liabilities.
(4)
At January 31, 2024, the value of the collateral received from
each seller exceeded the value of the repurchase agreements.
See Notes to Financial Statements
Page 104

This page intentionally left blank.
Page 105

First Trust Exchange-Traded AlphaDEX® Fund
Style Funds
Statements of Assets and Liabilities
January 31, 2024 (Unaudited)

 
First Trust
Large Cap Core
AlphaDEX®
Fund
(FEX)
First Trust Mid
Cap Core
AlphaDEX®
Fund
(FNX)
First Trust
Small Cap Core
AlphaDEX®
Fund
(FYX)
ASSETS:
Investments, at value
$1,119,096,480
$1,105,556,176
$858,646,322
Cash
Receivables:
Dividends
852,769
360,632
297,819
Investment securities sold
Capital shares sold
5,084,664
Securities lending income
4,155
36,571
Prepaid expenses
17,643
17,277
15,724
Total Assets
1,119,966,892
1,111,022,904
858,996,436
 
LIABILITIES:
Payables:
Investment advisory fees
468,084
462,334
362,400
Shareholder reporting fees
53,688
60,416
47,256
Licensing fees
36,025
34,701
27,716
Audit and tax fees
19,642
19,670
19,699
Trustees’ fees
357
355
375
Investment securities purchased
5,075,024
Capital shares redeemed
Collateral for securities on loan
6,915,527
9,459,949
Other liabilities
177,199
167,215
137,800
Total Liabilities
754,995
12,735,242
10,055,195
NET ASSETS
$1,119,211,897
$1,098,287,662
$848,941,241
 
NET ASSETS consist of:
Paid-in capital
$1,220,556,220
$1,239,211,867
$1,147,943,710
Par value
123,500
108,000
97,000
Accumulated distributable earnings (loss)
(101,467,823
)
(141,032,205
)
(299,099,469
)
NET ASSETS
$1,119,211,897
$1,098,287,662
$848,941,241
NET ASSET VALUE, per share
$90.62
$101.69
$87.52
Number of shares outstanding (unlimited number of shares authorized,
par value $0.01 per share)
12,350,002
10,800,002
9,700,002
Investments, at cost
$960,196,843
$956,454,779
$768,618,518
Securities on loan, at value
$
$6,497,371
$8,654,737
See Notes to Financial Statements
Page 106

First Trust Large
Cap Value
AlphaDEX® Fund
(FTA)
First Trust Large
Cap Growth
AlphaDEX® Fund
(FTC)
First Trust Multi
Cap Value
AlphaDEX® Fund
(FAB)
First Trust Multi
Cap Growth
AlphaDEX® Fund
(FAD)
First Trust Mid
Cap Value
AlphaDEX® Fund
(FNK)
First Trust Mid
Cap Growth
AlphaDEX® Fund
(FNY)
$1,142,868,055
$1,050,231,280
$156,789,110
$174,628,171
$231,023,513
$298,514,511
98,103
445,883
1,366,704
316,556
125,922
49,329
80,808
84,204
3,504,521
128,601
450
2,592
1,032
3,675
17,920
17,436
11,543
11,616
1,147,757,200
1,050,565,272
156,927,025
174,691,708
231,332,057
299,048,273
486,919
434,989
67,844
72,888
137,737
176,956
62,027
45,844
14,447
11,943
37,877
33,474
5,348
5,852
19,514
19,509
19,787
19,622
356
353
443
443
1,685,019
100,504
3,513,129
401,808
1,102,091
1,155,910
3,248,937
185,458
159,088
37,667
40,262
5,990,299
693,257
547,344
1,253,101
1,394,151
3,425,893
$1,141,766,901
$1,049,872,015
$156,379,681
$173,438,607
$229,937,906
$295,622,380
$1,316,657,265
$1,064,570,390
$200,963,278
$209,373,241
$271,589,684
$402,735,846
162,500
94,000
20,500
15,500
46,500
44,500
(175,052,864
)
(14,792,375
)
(44,604,097
)
(35,950,134
)
(41,698,278
)
(107,157,966
)
$1,141,766,901
$1,049,872,015
$156,379,681
$173,438,607
$229,937,906
$295,622,380
$70.26
$111.69
$76.28
$111.90
$49.45
$66.43
16,250,002
9,400,002
2,050,002
1,550,002
4,650,002
4,450,002
$1,076,244,814
$848,806,851
$150,775,100
$142,082,141
$217,950,815
$258,214,517
$
$
$375,155
$1,026,387
$1,095,533
$3,044,943
See Notes to Financial Statements
Page 107

First Trust Exchange-Traded AlphaDEX® Fund
Style Funds
Statements of Assets and Liabilities (Continued)
January 31, 2024 (Unaudited)
 
First Trust
Small Cap
Value
AlphaDEX®
Fund
(FYT)
First Trust
Small Cap
Growth
AlphaDEX®
Fund
(FYC)
ASSETS:
Investments, at value
$193,041,442
$248,096,544
Cash
227,802
553,896
Receivables:
Dividends
83,165
54,900
Investment securities sold
3,017,078
Capital shares sold
Securities lending income
1,668
11,776
Prepaid expenses
Total Assets
193,354,077
251,734,194
 
LIABILITIES:
Payables:
Investment advisory fees
110,955
140,961
Shareholder reporting fees
Licensing fees
Audit and tax fees
Trustees’ fees
Investment securities purchased
Capital shares redeemed
3,023,573
Collateral for securities on loan
908,657
6,683,664
Other liabilities
Total Liabilities
1,019,612
9,848,198
NET ASSETS
$192,334,465
$241,885,996
 
NET ASSETS consist of:
Paid-in capital
$257,025,314
$404,230,263
Par value
37,000
40,000
Accumulated distributable earnings (loss)
(64,727,849
)
(162,384,267
)
NET ASSETS
$192,334,465
$241,885,996
NET ASSET VALUE, per share
$51.98
$60.47
Number of shares outstanding (unlimited number of shares authorized, par value $0.01 per
share)
3,700,002
4,000,002
Investments, at cost
$182,961,416
$223,450,913
Securities on loan, at value
$833,458
$6,250,995
See Notes to Financial Statements
Page 108

This page intentionally left blank.
Page 109

First Trust Exchange-Traded AlphaDEX® Fund
Style Funds
Statements of Operations
For the Six Months Ended January 31, 2024 (Unaudited)

 
First Trust
Large Cap Core
AlphaDEX®
Fund
(FEX)
First Trust Mid
Cap Core
AlphaDEX®
Fund
(FNX)
First Trust
Small Cap Core
AlphaDEX®
Fund
(FYX)
INVESTMENT INCOME:
Dividends
$11,358,011
$9,798,842
$8,612,853
Securities lending income (net of fees)
1,733
25,426
153,136
Foreign withholding tax
(5,012
)
(5,672
)
(6,390
)
Total investment income
11,354,732
9,818,596
8,759,599
 
EXPENSES:
Investment advisory fees
2,737,860
2,595,316
2,040,831
Accounting and administration fees
271,230
259,519
206,589
Shareholder reporting fees
62,543
67,685
55,586
Licensing fees
58,512
55,661
44,571
Custodian fees
46,868
47,612
37,128
Transfer agent fees
26,257
25,422
20,408
Audit and tax fees
14,620
14,623
14,628
Legal fees
13,144
11,633
9,493
Trustees’ fees and expenses
4,431
4,403
4,325
Listing fees
4,071
4,061
3,569
Other expenses
9,715
8,407
6,907
Total expenses
3,249,251
3,094,342
2,444,035
NET INVESTMENT INCOME (LOSS)
8,105,481
6,724,254
6,315,564
 
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments
11,218,030
8,121,112
(7,016,461
)
In-kind redemptions
26,301,013
4,351,968
5,232,679
Net realized gain (loss)
37,519,043
12,473,080
(1,783,782
)
Net change in unrealized appreciation (depreciation) on investments
(5,514,883
)
(8,515,862
)
(12,612,440
)
NET REALIZED AND UNREALIZED GAIN (LOSS)
32,004,160
3,957,218
(14,396,222
)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING
FROM OPERATIONS
$40,109,641
$10,681,472
$(8,080,658
)
(a)
Fund is subject to a unitary fee (see Note 3 in the Notes to Financial Statements).
See Notes to Financial Statements
Page 110

First Trust Large
Cap Value
AlphaDEX® Fund
(FTA)
First Trust Large
Cap Growth
AlphaDEX® Fund
(FTC)
First Trust Multi
Cap Value
AlphaDEX® Fund
(FAB)
First Trust Multi
Cap Growth
AlphaDEX® Fund
(FAD)
First Trust Mid
Cap Value
AlphaDEX® Fund
(FNK)
First Trust Mid
Cap Growth
AlphaDEX® Fund
(FNY)
$17,185,518
$5,692,431
$2,288,734
$941,042
$2,999,615
$1,276,520
7,937
4,082
17,287
7,926
7,358
(10,544
)
(936
)
(917
)
(2,397
)
17,193,455
5,681,887
2,291,880
957,412
3,005,144
1,283,878
2,884,245
2,511,247
405,166
419,628
776,792
(a)
969,535
(a)
282,816
252,269
42,871
44,407
73,749
58,449
16,157
15,110
61,439
53,979
11,858
12,147
48,084
40,211
22,226
24,082
26,989
24,948
4,052
4,197
14,576
14,579
14,628
14,580
14,343
10,408
2,380
1,924
4,454
4,390
4,104
4,105
4,071
4,065
5,027
5,028
9,917
7,772
1,526
1,370
3,424,683
2,982,317
529,995
546,578
776,792
969,535
13,768,772
2,699,570
1,761,885
410,834
2,228,352
314,343
6,621,637
17,296,752
(1,944,122
)
2,176,923
(5,080,457
)
(1,791,702
)
13,692,994
26,500,184
2,432,886
1,521,892
2,388,892
2,998,068
20,314,631
43,796,936
488,764
3,698,815
(2,691,565
)
1,206,366
(27,454,758
)
23,400,874
452,103
(706,029
)
3,336,696
(2,714,169
)
(7,140,127
)
67,197,810
940,867
2,992,786
645,131
(1,507,803
)
$6,628,645
$69,897,380
$2,702,752
$3,403,620
$2,873,483
$(1,193,460
)
See Notes to Financial Statements
Page 111

First Trust Exchange-Traded AlphaDEX® Fund
Style Funds
Statements of Operations (Continued)
For the Six Months Ended January 31, 2024 (Unaudited)
 
First Trust
Small Cap
Value
AlphaDEX®
Fund
(FYT)
First Trust
Small Cap
Growth
AlphaDEX®
Fund
(FYC)
INVESTMENT INCOME:
Dividends
$2,123,437
$1,609,490
Securities lending income (net of fees)
10,481
104,304
Foreign withholding tax
(2,028
)
(187
)
Total investment income
2,131,890
1,713,607
 
EXPENSES:
Investment advisory fees
589,949
(a)
817,268
(a)
Accounting and administration fees
Shareholder reporting fees
Licensing fees
Custodian fees
Transfer agent fees
Audit and tax fees
Legal fees
Trustees’ fees and expenses
Listing fees
Other expenses
Total expenses
589,949
817,268
NET INVESTMENT INCOME (LOSS)
1,541,941
896,339
 
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments
(1,250,641
)
(10,232,481
)
In-kind redemptions
1,102,444
5,661,034
Net realized gain (loss)
(148,197
)
(4,571,447
)
Net change in unrealized appreciation (depreciation) on investments
4,171,568
(10,525,514
)
NET REALIZED AND UNREALIZED GAIN (LOSS)
4,023,371
(15,096,961
)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
$5,565,312
$(14,200,622
)
(a)
Fund is subject to a unitary fee (see Note 3 in the Notes to Financial Statements).
See Notes to Financial Statements
Page 112

This page intentionally left blank.
Page 113

First Trust Exchange-Traded AlphaDEX® Fund
Style Funds
Statements of Changes in Net Assets

 
First Trust Large Cap Core
AlphaDEX® Fund (FEX)
First Trust Mid Cap Core
AlphaDEX® Fund (FNX)
 
Six Months
Ended
1/31/2024
(Unaudited)
Year
Ended
7/31/2023
Six Months
Ended
1/31/2024
(Unaudited)
Year
Ended
7/31/2023
OPERATIONS:
Net investment income (loss)
$8,105,481
$18,574,613
$6,724,254
$12,039,036
Net realized gain (loss)
37,519,043
(7,856,401
)
12,473,080
(4,838,017
)
Net change in unrealized appreciation (depreciation)
(5,514,883
)
83,039,070
(8,515,862
)
96,349,832
Net increase (decrease) in net assets resulting from
operations
40,109,641
93,757,282
10,681,472
103,550,851
 
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Investment operations
(8,971,481
)
(18,821,067
)
(7,295,781
)
(12,566,002
)
 
SHAREHOLDER TRANSACTIONS:
Proceeds from shares sold
44,525,662
138,119,024
45,360,401
97,294,441
Cost of shares redeemed
(138,395,090
)
(135,841,602
)
(31,292,345
)
(82,940,240
)
Net increase (decrease) in net assets resulting from
shareholder transactions
(93,869,428
)
2,277,422
14,068,056
14,354,201
Total increase (decrease) in net assets
(62,731,268
)
77,213,637
17,453,747
105,339,050
 
NET ASSETS:
Beginning of period
1,181,943,165
1,104,729,528
1,080,833,915
975,494,865
End of period
$1,119,211,897
$1,181,943,165
$1,098,287,662
$1,080,833,915
 
CHANGES IN SHARES OUTSTANDING:
Shares outstanding, beginning of period
13,500,002
13,500,002
10,700,002
10,550,002
Shares sold
550,000
1,700,000
450,000
1,050,000
Shares redeemed
(1,700,000
)
(1,700,000
)
(350,000
)
(900,000
)
Shares outstanding, end of period
12,350,002
13,500,002
10,800,002
10,700,002
See Notes to Financial Statements
Page 114

First Trust Small Cap Core
AlphaDEX® Fund (FYX)
First Trust Large Cap Value
AlphaDEX® Fund (FTA)
First Trust Large Cap
Growth AlphaDEX® Fund
(FTC)
First Trust Multi Cap Value
AlphaDEX® Fund (FAB)
Six Months
Ended
1/31/2024
(Unaudited)
Year
Ended
7/31/2023
Six Months
Ended
1/31/2024
(Unaudited)
Year
Ended
7/31/2023
Six Months
Ended
1/31/2024
(Unaudited)
Year
Ended
7/31/2023
Six Months
Ended
1/31/2024
(Unaudited)
Year
Ended
7/31/2023
$6,315,564
$9,392,992
$13,768,772
$27,332,892
$2,699,570
$9,040,744
$1,761,885
$3,727,540
(1,783,782
)
(62,906,040
)
20,314,631
822,008
43,796,936
(46,574,040
)
488,764
(4,984,734
)
(12,612,440
)
98,258,637
(27,454,758
)
73,999,374
23,400,874
119,514,231
452,103
10,127,010
(8,080,658
)
44,745,589
6,628,645
102,154,274
69,897,380
81,980,935
2,702,752
8,869,816
(5,965,501
)
(9,564,637
)
(15,404,602
)
(26,595,703
)
(3,118,461
)
(9,713,938
)
(1,991,412
)
(3,751,808
)
26,319,903
103,154,985
14,149,460
214,903,371
100,100,035
117,908,249
3,655,311
102,313,823
(36,035,421
)
(93,625,840
)
(116,004,251
)
(198,103,369
)
(153,135,558
)
(83,750,927
)
(22,071,407
)
(110,241,298
)
(9,715,518
)
9,529,145
(101,854,791
)
16,800,002
(53,035,523
)
34,157,322
(18,416,096
)
(7,927,475
)
(23,761,677
)
44,710,097
(110,630,748
)
92,358,573
13,743,396
106,424,319
(17,704,756
)
(2,809,467
)
872,702,918
827,992,821
1,252,397,649
1,160,039,076
1,036,128,619
929,704,300
174,084,437
176,893,904
$848,941,241
$872,702,918
$1,141,766,901
$1,252,397,649
$1,049,872,015
$1,036,128,619
$156,379,681
$174,084,437
9,850,002
9,800,002
17,800,002
17,550,002
9,950,002
9,600,002
2,300,002
2,500,002
300,000
1,250,000
200,000
3,250,000
1,000,000
1,250,000
50,000
1,400,000
(450,000
)
(1,200,000
)
(1,750,000
)
(3,000,000
)
(1,550,000
)
(900,000
)
(300,000
)
(1,600,000
)
9,700,002
9,850,002
16,250,002
17,800,002
9,400,002
9,950,002
2,050,002
2,300,002
See Notes to Financial Statements
Page 115

First Trust Exchange-Traded AlphaDEX® Fund
Style Funds
Statements of Changes in Net Assets (Continued)
 
First Trust Multi Cap Growth
AlphaDEX® Fund (FAD)
First Trust Mid Cap Value
AlphaDEX® Fund (FNK)
 
Six Months
Ended
1/31/2024
(Unaudited)
Year
Ended
7/31/2023
Six Months
Ended
1/31/2024
(Unaudited)
Year
Ended
7/31/2023
OPERATIONS:
Net investment income (loss)
$410,834
$1,225,446
$2,228,352
$4,188,744
Net realized gain (loss)
3,698,815
(10,937,410
)
(2,691,565
)
(7,129,474
)
Net change in unrealized appreciation (depreciation)
(706,029
)
23,050,229
3,336,696
20,205,737
Net increase (decrease) in net assets resulting from
operations
3,403,620
13,338,265
2,873,483
17,265,007
 
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Investment operations
(410,636
)
(1,227,461
)
(2,658,841
)
(4,162,527
)
 
SHAREHOLDER TRANSACTIONS:
Proceeds from shares sold
4,979,045
19,416,778
147,434,722
Cost of shares redeemed
(9,899,954
)
(19,429,951
)
(27,341,648
)
(145,782,661
)
Net increase (decrease) in net assets resulting from
shareholder transactions
(9,899,954
)
(14,450,906
)
(7,924,870
)
1,652,061
Total increase (decrease) in net assets
(6,906,970
)
(2,340,102
)
(7,710,228
)
14,754,541
 
NET ASSETS:
Beginning of period
180,345,577
182,685,679
237,648,134
222,893,593
End of period
$173,438,607
$180,345,577
$229,937,906
$237,648,134
 
CHANGES IN SHARES OUTSTANDING:
Shares outstanding, beginning of period
1,650,002
1,800,002
4,850,002
5,000,002
Shares sold
50,000
400,000
3,200,000
Shares redeemed
(100,000
)
(200,000
)
(600,000
)
(3,350,000
)
Shares outstanding, end of period
1,550,002
1,650,002
4,650,002
4,850,002
See Notes to Financial Statements
Page 116

First Trust Mid Cap Growth
AlphaDEX® Fund (FNY)
First Trust Small Cap Value
AlphaDEX® Fund (FYT)
First Trust Small Cap Growth
AlphaDEX® Fund (FYC)
Six Months
Ended
1/31/2024
(Unaudited)
Year
Ended
7/31/2023
Six Months
Ended
1/31/2024
(Unaudited)
Year
Ended
7/31/2023
Six Months
Ended
1/31/2024
(Unaudited)
Year
Ended
7/31/2023
$314,343
$917,012
$1,541,941
$2,653,725
$896,339
$1,304,751
1,206,366
(16,224,445
)
(148,197
)
(24,449,466
)
(4,571,447
)
(36,516,249
)
(2,714,169
)
35,182,590
4,171,568
21,066,812
(10,525,514
)
48,228,720
(1,193,460
)
19,875,157
5,565,312
(728,929
)
(14,200,622
)
13,017,222
(275,455
)
(1,037,481
)
(1,482,456
)
(3,120,867
)
(934,606
)
(476,050
)
49,707,737
42,824,802
25,967,048
61,113,503
80,366,457
52,916,460
(29,332,806
)
(66,575,110
)
(11,851,854
)
(106,848,902
)
(53,463,901
)
(37,065,594
)
20,374,931
(23,750,308
)
14,115,194
(45,735,399
)
26,902,556
15,850,866
18,906,016
(4,912,632
)
18,198,050
(49,585,195
)
11,767,328
28,392,038
276,716,364
281,628,996
174,136,415
223,721,610
230,118,668
201,726,630
$295,622,380
$276,716,364
$192,334,465
$174,136,415
$241,885,996
$230,118,668
4,150,002
4,600,002
3,450,002
4,600,002
3,600,002
3,350,002
800,000
700,000
500,000
1,250,000
1,350,000
900,000
(500,000
)
(1,150,000
)
(250,000
)
(2,400,000
)
(950,000
)
(650,000
)
4,450,002
4,150,002
3,700,002
3,450,002
4,000,002
3,600,002
See Notes to Financial Statements
Page 117

First Trust Exchange-Traded AlphaDEX® Fund
Style Funds
Financial Highlights
For a share outstanding throughout each period

First Trust Large Cap Core AlphaDEX® Fund (FEX)
 
Six Months
Ended
1/31/2024 
 (Unaudited)
Year EndedJuly 31,
 
2023
2022
2021
2020
2019
Net asset value, beginning of period
$87.55
$81.83
$86.85
$62.29
$62.11
$60.79
Income from investment
operations:
Net investment income (loss)
0.63
 (a)
1.35
 (a)
1.01
0.71
0.93
0.77
Net realized and unrealized gain
(loss)
3.14
5.74
(5.08
)
24.55
0.20
1.28
Total from investment operations
3.77
7.09
(4.07
)
25.26
1.13
2.05
Distributions paid to shareholders
from:
Net investment income
(0.70
)
(1.37
)
(0.95
)
(0.70
)
(0.95
)
(0.73
)
Net asset value, end of period
$90.62
$87.55
$81.83
$86.85
$62.29
$62.11
Total return (b)
4.35
%
8.86
%
(4.73
)%
40.77
%
1.95
%
3.48
%
 
Ratios to average net
assets/supplemental data:
Net assets, end of period (in 000’s)
$1,119,212
$1,181,943
$1,104,730
$1,189,909
$924,980
$1,434,679
Ratio of total expenses to average net
assets
0.59
%  (c)
0.60
%
0.59
%
0.59
%
0.59
%
0.60
%
Ratio of net investment income (loss)
to average net assets
1.48
%  (c)
1.67
%
1.16
%
0.94
%
1.49
%
1.29
%
Portfolio turnover rate (d)
47
%
87
%
87
%
91
%
104
%
102
%
(a)
Based on average shares outstanding.
(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 118

First Trust Exchange-Traded AlphaDEX® Fund
Style Funds
Financial Highlights (Continued)
For a share outstanding throughout each period

First Trust Mid Cap Core AlphaDEX® Fund (FNX)
 
Six Months
Ended
1/31/2024 
 (Unaudited)
Year EndedJuly 31,
 
2023
2022
2021
2020
2019
Net asset value, beginning of period
$101.01
$92.46
$99.26
$64.83
$69.86
$69.63
Income from investment operations:
Net investment income (loss)
0.62
 (a)
1.11
 (a)
1.08
0.70
0.85
0.63
Net realized and unrealized gain (loss)
0.74
8.60
(6.74
)
34.51
(4.93
)
0.16
Total from investment operations
1.36
9.71
(5.66
)
35.21
(4.08
)
0.79
Distributions paid to shareholders
from:
Net investment income
(0.68
)
(1.16
)
(1.14
)
(0.78
)
(0.95
)
(0.56
)
Net asset value, end of period
$101.69
$101.01
$92.46
$99.26
$64.83
$69.86
Total return (b)
1.36
%
10.70
%
(5.74
)%
54.62
%
(5.86
)%
1.22
%
 
Ratios to average net
assets/supplemental data:
Net assets, end of period (in 000’s)
$1,098,288
$1,080,834
$975,495
$1,027,303
$589,912
$887,176
Ratio of total expenses to average net
assets
0.60
%  (c)
0.60
%
0.59
%
0.59
%
0.60
%
0.61
%
Ratio of net investment income (loss) to
average net assets
1.30
%  (c)
1.22
%
1.12
%
0.79
%
1.32
%
0.94
%
Portfolio turnover rate (d)
56
%
106
%
95
%
114
%
115
%
114
%
(a)
Based on average shares outstanding.
(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 119

First Trust Exchange-Traded AlphaDEX® Fund
Style Funds
Financial Highlights (Continued)
For a share outstanding throughout each period

First Trust Small Cap Core AlphaDEX® Fund (FYX)
 
Six Months
Ended
1/31/2024 
 (Unaudited)
Year EndedJuly 31,
 
2023
2022
2021
2020
2019
Net asset value, beginning of period
$88.60
$84.49
$91.31
$55.98
$61.84
$66.80
Income from investment operations:
Net investment income (loss)
0.65
 (a)
0.95
 (a)
1.05
0.61
0.51
0.60
Net realized and unrealized gain (loss)
(1.11
)
4.13
(6.92
)
35.35
(5.75
)
(4.98
)
Total from investment operations
(0.46
)
5.08
(5.87
)
35.96
(5.24
)
(4.38
)
Distributions paid to shareholders from:
Net investment income
(0.62
)
(0.97
)
(0.95
)
(0.63
)
(0.62
)
(0.58
)
Net asset value, end of period
$87.52
$88.60
$84.49
$91.31
$55.98
$61.84
Total return (b)
(0.51
)%
6.16
%
(6.50
)%
64.45
%
(8.55
)%
(6.52
)%
 
Ratios to average net assets/supplemental
data:
Net assets, end of period (in 000’s)
$848,941
$872,703
$827,993
$917,700
$397,470
$602,918
Ratio of total expenses to average net assets
0.60
%  (c)
0.60
%
0.59
%
0.60
%
0.61
%
0.62
%
Ratio of net investment income (loss) to
average net assets
1.55
%  (c)
1.17
%
1.18
%
0.77
%
0.93
%
0.96
%
Portfolio turnover rate (d)
56
%
109
%
94
%
116
%
123
%
117
%
(a)
Based on average shares outstanding.
(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 120

First Trust Exchange-Traded AlphaDEX® Fund
Style Funds
Financial Highlights (Continued)
For a share outstanding throughout each period

First Trust Large Cap Value AlphaDEX® Fund (FTA)
 
Six Months
Ended
1/31/2024 
 (Unaudited)
Year EndedJuly 31,
 
2023
2022
2021
2020
2019
Net asset value, beginning of period
$70.36
$66.10
$65.80
$46.39
$52.79
$54.07
Income from investment
operations:
Net investment income (loss)
0.81
 (a)
1.50
 (a)
1.21
1.01
1.11
1.02
Net realized and unrealized gain
(loss)
(0.01
)
4.22
0.27
 (b)
19.41
(6.28
)
(1.43
)
Total from investment operations
0.80
5.72
1.48
20.42
(5.17
)
(0.41
)
Distributions paid to shareholders
from:
Net investment income
(0.90
)
(1.46
)
(1.18
)
(1.01
)
(1.23
)
(0.87
)
Net asset value, end of period
$70.26
$70.36
$66.10
$65.80
$46.39
$52.79
Total return (c)
1.19
%
8.90
%
2.24
%
44.43
%
(9.84
)%
(0.65
)%
 
Ratios to average net
assets/supplemental data:
Net assets, end of period (in 000’s)
$1,141,767
$1,252,398
$1,160,039
$1,065,981
$617,016
$1,166,569
Ratio of total expenses to average net
assets
0.59
%  (d)
0.60
%
0.59
%
0.59
%
0.60
%
0.60
%
Ratio of net investment income (loss)
to average net assets
2.39
%  (d)
2.27
%
1.79
%
1.76
%
2.12
%
1.99
%
Portfolio turnover rate (e)
42
%
80
%
75
%
91
%
94
%
96
%
(a)
Based on average shares outstanding.
(b)
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.
(c)
Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all
distributions at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not
reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return is
calculated for the time period presented and is not annualized for periods of less than a year.
(d)
Annualized.
(e)
Portfolio turnover is calculated for the time period presented and is not annualized for periods of less than a year and does not include securities
received or delivered from processing creations or redemptions and in-kind transactions.
See Notes to Financial Statements
Page 121

First Trust Exchange-Traded AlphaDEX® Fund
Style Funds
Financial Highlights (Continued)
For a share outstanding throughout each period

First Trust Large Cap Growth AlphaDEX® Fund (FTC)
 
Six Months
Ended
1/31/2024 
 (Unaudited)
Year EndedJuly 31,
 
2023
2022
2021
2020
2019
Net asset value, beginning of period
$104.13
$96.84
$112.65
$82.09
$71.35
$66.91
Income from investment operations:
Net investment income (loss)
0.28
 (a)
0.93
 (a)
0.37
(0.07
)
0.55
0.37
Net realized and unrealized gain (loss)
7.60
7.36
(15.96
)
30.67
10.80
4.39
Total from investment operations
7.88
8.29
(15.59
)
30.60
11.35
4.76
Distributions paid to shareholders
from:
Net investment income
(0.32
)
(1.00
)
(0.22
)
(0.04
)
(0.61
)
(0.32
)
Net asset value, end of period
$111.69
$104.13
$96.84
$112.65
$82.09
$71.35
Total return (b)
7.59
%
8.71
%
(13.84
)%
37.30
%
16.10
%
7.16
%
 
Ratios to average net
assets/supplemental data:
Net assets, end of period (in 000’s)
$1,049,872
$1,036,129
$929,704
$1,194,111
$989,147
$1,041,726
Ratio of total expenses to average net
assets
0.59
%  (c)
0.60
%
0.59
%
0.59
%
0.60
%
0.61
%
Ratio of net investment income (loss)
to average net assets
0.54
%  (c)
0.98
%
0.32
%
(0.07
)%
0.76
%
0.56
%
Portfolio turnover rate (d)
64
%
127
%
121
%
116
%
138
%
132
%
(a)
Based on average shares outstanding.
(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 122

First Trust Exchange-Traded AlphaDEX® Fund
Style Funds
Financial Highlights (Continued)
For a share outstanding throughout each period

First Trust Multi Cap Value AlphaDEX® Fund (FAB)
 
Six Months
Ended
1/31/2024 
 (Unaudited)
Year EndedJuly 31,
 
2023
2022
2021
2020
2019
Net asset value, beginning of period
$75.69
$70.76
$71.04
$46.72
$54.39
$57.35
Income from investment operations:
Net investment income (loss)
0.79
 (a)
1.38
 (a)
1.20
0.84
0.95
0.92
Net realized and unrealized gain (loss)
0.71
4.94
(0.35
)
24.34
(7.54
)
(3.04
)
Total from investment operations
1.50
6.32
0.85
25.18
(6.59
)
(2.12
)
Distributions paid to shareholders from:
Net investment income
(0.91
)
(1.39
)
(1.13
)
(0.86
)
(1.08
)
(0.84
)
Net asset value, end of period
$76.28
$75.69
$70.76
$71.04
$46.72
$54.39
Total return (b)
2.02
%
9.19
%
1.20
%
54.35
%
(12.24
)%
(3.62
)%
 
Ratios to average net assets/supplemental
data:
Net assets, end of period (in 000’s)
$156,380
$174,084
$176,894
$166,942
$51,387
$84,301
Ratio of total expenses to average net assets
0.65
%  (c)
0.64
%
0.66
%
0.69
%
0.74
%
0.73
%
Ratio of net expenses to average net assets
0.65
%  (c)
0.64
%
0.66
%
0.69
%
0.70
%
0.70
%
Ratio of net investment income (loss) to average
net assets
2.17
%  (c)
1.96
%
1.64
%
1.43
%
1.86
%
1.69
%
Portfolio turnover rate (d)
46
%
85
%
76
%
92
%
98
%
96
%
(a)
Based on average shares outstanding.
(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. The total returns would have been lower if certain
fees had not been waived and expenses reimbursed by the investment advisor.
(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 123

First Trust Exchange-Traded AlphaDEX® Fund
Style Funds
Financial Highlights (Continued)
For a share outstanding throughout each period

First Trust Multi Cap Growth AlphaDEX® Fund (FAD)
 
Six Months
Ended
1/31/2024 
 (Unaudited)
Year EndedJuly 31,
 
2023
2022
2021
2020
2019
Net asset value, beginning of period
$109.30
$101.49
$119.58
$83.11
$75.90
$72.71
Income from investment operations:
Net investment income (loss)
0.26
 (a)
0.72
 (a)
0.46
(0.11
)
0.42
0.22
Net realized and unrealized gain (loss)
2.60
7.81
(18.27
)
36.71
7.27
3.14
Total from investment operations
2.86
8.53
(17.81
)
36.60
7.69
3.36
Distributions paid to shareholders from:
Net investment income
(0.26
)
(0.72
)
(0.28
)
(0.13
)
(0.48
)
(0.17
)
Net asset value, end of period
$111.90
$109.30
$101.49
$119.58
$83.11
$75.90
Total return (b)
2.62
%
8.50
%
(14.91
)%
44.10
%
10.23
%
4.65
%
 
Ratios to average net assets/supplemental
data:
Net assets, end of period (in 000’s)
$173,439
$180,346
$182,686
$221,229
$170,367
$185,955
Ratio of total expenses to average net assets
0.65
%  (c)
0.64
%
0.63
%
0.63
%
0.63
%
0.66
%
Ratio of net investment income (loss) to
average net assets
0.49
%  (c)
0.72
%
0.39
%
(0.09
)%
0.56
%
0.31
%
Portfolio turnover rate (d)
64
%
125
%
115
%
104
%
123
%
130
%
(a)
Based on average shares outstanding.
(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 124

First Trust Exchange-Traded AlphaDEX® Fund
Style Funds
Financial Highlights (Continued)
For a share outstanding throughout each period

First Trust Mid Cap Value AlphaDEX® Fund (FNK)
 
Six Months
Ended
1/31/2024 
 (Unaudited)
Year EndedJuly 31,
 
2023
2022
2021
2020
2019
Net asset value, beginning of period
$49.00
$44.58
$44.69
$27.71
$34.67
$36.71
Income from investment operations:
Net investment income (loss)
0.47
 (a)
0.78
 (a)
0.74
0.54
0.63
0.51
Net realized and unrealized gain (loss)
0.54
4.42
(0.16
)
16.98
(6.86
)
(2.10
)
Total from investment operations
1.01
5.20
0.58
17.52
(6.23
)
(1.59
)
Distributions paid to shareholders from:
Net investment income
(0.56
)
(0.78
)
(0.69
)
(0.54
)
(0.73
)
(0.45
)
Net asset value, end of period
$49.45
$49.00
$44.58
$44.69
$27.71
$34.67
Total return (b)
2.09
%
11.95
%
1.31
%
63.76
%
(18.19
)%
(4.26
)%
 
Ratios to average net assets/supplemental
data:
Net assets, end of period (in 000’s)
$229,938
$237,648
$222,894
$140,774
$34,636
$55,473
Ratio of total 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
2.01
%  (c)
1.77
%
1.63
%
1.33
%
2.04
%
1.49
%
Portfolio turnover rate (d)
54
%
102
%
84
%
102
%
107
%
113
%
(a)
Based on average shares outstanding.
(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 125

First Trust Exchange-Traded AlphaDEX® Fund
Style Funds
Financial Highlights (Continued)
For a share outstanding throughout each period

First Trust Mid Cap Growth AlphaDEX® Fund (FNY)
 
Six Months
Ended
1/31/2024 
 (Unaudited)
Year EndedJuly 31,
 
2023
2022
2021
2020
2019
Net asset value, beginning of period
$66.68
$61.22
$73.58
$51.23
$46.59
$43.80
Income from investment operations:
Net investment income (loss)
0.07
 (a)
0.21
 (a)
0.01
(0.18
)
0.11
0.04
Net realized and unrealized gain (loss)
(0.26
)
5.49
(12.37
)
22.69
4.67
2.77
Total from investment operations
(0.19
)
5.70
(12.36
)
22.51
4.78
2.81
Distributions paid to shareholders from:
Net investment income
(0.06
)
(0.24
)
(0.16
)
(0.14
)
(0.02
)
Net asset value, end of period
$66.43
$66.68
$61.22
$73.58
$51.23
$46.59
Total return (b)
(0.28
)%
9.37
%
(16.80
)%
44.02
%
10.28
%
6.43
%
 
Ratios to average net assets/supplemental
data:
Net assets, end of period (in 000’s)
$295,622
$276,716
$281,629
$463,572
$338,149
$309,826
Ratio of total 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
0.23
%  (c)
0.35
%
0.09
%
(0.24
)%
0.23
%
0.09
%
Portfolio turnover rate (d)
72
%
142
%
136
%
138
%
135
%
144
%
(a)
Based on average shares outstanding.
(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 126

First Trust Exchange-Traded AlphaDEX® Fund
Style Funds
Financial Highlights (Continued)
For a share outstanding throughout each period

First Trust Small Cap Value AlphaDEX® Fund (FYT)
 
Six Months
Ended
1/31/2024 
 (Unaudited)
Year EndedJuly 31,
 
2023
2022
2021
2020
2019
Net asset value, beginning of period
$50.47
$48.64
$50.28
$30.78
$34.66
$38.98
Income from investment operations:
Net investment income (loss)
0.45
 (a)
0.66
 (a)
0.67
0.45
0.38
0.57
Net realized and unrealized gain (loss)
1.50
1.96
 (b)
(1.69
)
19.52
(3.75
)
(4.36
)
Total from investment operations
1.95
2.62
(1.02
)
19.97
(3.37
)
(3.79
)
Distributions paid to shareholders from:
Net investment income
(0.44
)
(0.79
)
(0.62
)
(0.47
)
(0.51
)
(0.53
)
Net asset value, end of period
$51.98
$50.47
$48.64
$50.28
$30.78
$34.66
Total return (c)
3.87
%
5.61
%
(2.06
)%
65.22
%
(9.83
)%
(9.69
)%
 
Ratios to average net assets/supplemental
data:
Net assets, end of period (in 000’s)
$192,334
$174,136
$223,722
$268,991
$46,176
$60,659
Ratio of total expenses to average net assets
0.70
%  (d)
0.70
%
0.70
%
0.70
%
0.70
%
0.70
%
Ratio of net investment income (loss) to average
net assets
1.83
%  (d)
1.42
%
1.29
%
1.08
%
1.18
%
1.58
%
Portfolio turnover rate (e)
58
%
110
%
90
%
109
%
120
%
120
%
(a)
Based on average shares outstanding.
(b)
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.
(c)
Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all
distributions at net asset value during the period, and redemption at net asset value on the last day of the period. The returns presented do not
reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Total return is
calculated for the time period presented and is not annualized for periods of less than a year.
(d)
Annualized.
(e)
Portfolio turnover is calculated for the time period presented and is not annualized for periods of less than a year and does not include securities
received or delivered from processing creations or redemptions and in-kind transactions.
See Notes to Financial Statements
Page 127

First Trust Exchange-Traded AlphaDEX® Fund
Style Funds
Financial Highlights (Continued)
For a share outstanding throughout each period

First Trust Small Cap Growth AlphaDEX® Fund (FYC)
 
Six Months
Ended
1/31/2024 
 (Unaudited)
Year EndedJuly 31,
 
2023
2022
2021
2020
2019
Net asset value, beginning of period
$63.92
$60.22
$71.14
$44.46
$46.87
$48.79
Income from investment operations:
Net investment income (loss)
0.22
 (a)
0.36
 (a)
0.54
0.03
0.17
0.02
Net realized and unrealized gain (loss)
(3.44
)
3.47
(10.99
)
26.72
(2.40
)
(1.93
)
Total from investment operations
(3.22
)
3.83
(10.45
)
26.75
(2.23
)
(1.91
)
Distributions paid to shareholders from:
Net investment income
(0.23
)
(0.13
)
(0.47
)
(0.07
)
(0.18
)
(0.01
)
Net asset value, end of period
$60.47
$63.92
$60.22
$71.14
$44.46
$46.87
Total return (b)
(5.03
)%
6.38
%
(14.81
)%
60.24
%
(4.79
)%
(3.90
)%
 
Ratios to average net assets/supplemental
data:
Net assets, end of period (in 000’s)
$241,886
$230,119
$201,727
$394,827
$146,704
$278,851
Ratio of total 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
0.77
%  (c)
0.62
%
0.88
%
0.02
%
0.44
%
0.04
%
Portfolio turnover rate (d)
72
%
140
%
132
%
151
%
137
%
152
%
(a)
Based on average shares outstanding.
(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 128

Notes to Financial Statements
First Trust Exchange-Traded AlphaDEX® Fund
Style Funds
January 31, 2024 (Unaudited)
1. Organization
First Trust Exchange-Traded AlphaDEX® 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, each a diversified series of the Trust. The shares of each Style Fund are listed and traded on Nasdaq, Inc. (“Nasdaq”).
First Trust Large Cap Core AlphaDEX® Fund – (ticker “FEX”)
First Trust Mid Cap Core AlphaDEX® Fund – (ticker “FNX”)
First Trust Small Cap Core AlphaDEX® Fund – (ticker “FYX”)
First Trust Large Cap Value AlphaDEX® Fund – (ticker “FTA”)
First Trust Large Cap Growth AlphaDEX® Fund – (ticker “FTC”)
First Trust Multi Cap Value AlphaDEX® Fund – (ticker “FAB”)
First Trust Multi Cap Growth AlphaDEX® Fund – (ticker “FAD”)
First Trust Mid Cap Value AlphaDEX® Fund – (ticker “FNK”)
First Trust Mid Cap Growth AlphaDEX® Fund – (ticker “FNY”)
First Trust Small Cap Value AlphaDEX® Fund – (ticker “FYT”)
First Trust Small Cap Growth AlphaDEX® 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:
Fund
Index
First Trust Large Cap Core AlphaDEX® Fund
Nasdaq AlphaDEX® Large Cap CoreTM Index
First Trust Mid Cap Core AlphaDEX® Fund
Nasdaq AlphaDEX® Mid Cap CoreTM Index
First Trust Small Cap Core AlphaDEX® Fund
Nasdaq AlphaDEX® Small Cap CoreTM Index
First Trust Large Cap Value AlphaDEX® Fund
Nasdaq AlphaDEX® Large Cap ValueTM Index
First Trust Large Cap Growth AlphaDEX® Fund
Nasdaq AlphaDEX® Large Cap GrowthTM Index
First Trust Multi Cap Value AlphaDEX® Fund
Nasdaq AlphaDEX® Multi Cap ValueTM Index
First Trust Multi Cap Growth AlphaDEX® Fund
Nasdaq AlphaDEX® Multi Cap GrowthTM Index
First Trust Mid Cap Value AlphaDEX® Fund
Nasdaq AlphaDEX® Mid Cap ValueTM Index
First Trust Mid Cap Growth AlphaDEX® Fund
Nasdaq AlphaDEX® Mid Cap GrowthTM Index
First Trust Small Cap Value AlphaDEX® Fund
Nasdaq AlphaDEX® Small Cap ValueTM Index
First Trust Small Cap Growth AlphaDEX® Fund
Nasdaq AlphaDEX® Small Cap GrowthTM Index
2. Significant Accounting Policies
The Funds are each considered an investment company and follow accounting and reporting guidance under Financial Accounting Standards Board Accounting Standards Codification Topic 946, “Financial Services-Investment Companies.” The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of the financial statements. The preparation of the financial statements in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.
A. Portfolio Valuation
Each Fund’s NAV is determined daily as of the close of regular trading on the New York Stock Exchange (“NYSE”), normally 4:00 p.m. Eastern time, on each day the NYSE is open for trading. If the NYSE closes early on a valuation day, the NAV is determined as of that time. Each Fund’s NAV is calculated by dividing the value of all assets of each Fund (including accrued interest and dividends), less all liabilities (including accrued expenses and dividends declared but unpaid), by the total number of shares outstanding.
Page 129

Notes to Financial Statements (Continued)
First Trust Exchange-Traded AlphaDEX® Fund
Style Funds
January 31, 2024 (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 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.
Equity securities traded in an over-the-counter market are valued at the close price or the 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:
Page 130

Notes to Financial Statements (Continued)
First Trust Exchange-Traded AlphaDEX® Fund
Style Funds
January 31, 2024 (Unaudited)
  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.
  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.
  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, 2024, 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
Page 131

Notes to Financial Statements (Continued)
First Trust Exchange-Traded AlphaDEX® Fund
Style Funds
January 31, 2024 (Unaudited)
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 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, 2024, all the Funds except FEX, FTA, and FTC had securities in the securities lending program. During the six months ended January 31, 2024, all the Funds, except FTC, 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, 2024, were received as collateral for lending securities.
F. Restricted Securities
As of January 31, 2024, 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.
Security
Acquisition
Date
Shares
Current
Price
Carrying
Cost
Value
% of
Net Assets
FAD 
OmniAb, Inc. - 12.5 Earnout Shares
11/02/22
162
$0.00
$0
$0
0.00
%
OmniAb, Inc. - 15 Earnout Shares
11/02/22
162
0.00
0
0
0.00
 
$0
$0
0.00
%
Page 132

Notes to Financial Statements (Continued)
First Trust Exchange-Traded AlphaDEX® Fund
Style Funds
January 31, 2024 (Unaudited)
Security
Acquisition
Date
Shares
Current
Price
Carrying
Cost
Value
% of
Net Assets
FYC 
OmniAb, Inc. - 12.5 Earnout Shares
11/02/22
1,080
$0.00
$0
$0
0.00
%
OmniAb, Inc. - 15 Earnout Shares
11/02/22
1,080
0.00
0
0
0.00
 
$0
$0
0.00
%
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 capital gains earned by each Fund, if any, are distributed at least annually. Each 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, 2023 was as follows:
 
Distributions
paid from
Ordinary
Income
Distributions
paid from
Capital
Gains
Distributions
paid from
Return of
Capital
First Trust Large Cap Core AlphaDEX® Fund
$18,821,067
$
$
First Trust Mid Cap Core AlphaDEX® Fund
12,566,002
First Trust Small Cap Core AlphaDEX® Fund
9,564,637
First Trust Large Cap Value AlphaDEX® Fund
26,595,703
First Trust Large Cap Growth AlphaDEX® Fund
9,713,938
First Trust Multi Cap Value AlphaDEX® Fund
3,751,808
First Trust Multi Cap Growth AlphaDEX® Fund
1,227,461
First Trust Mid Cap Value AlphaDEX® Fund
4,162,527
First Trust Mid Cap Growth AlphaDEX® Fund
1,037,481
First Trust Small Cap Value AlphaDEX® Fund
3,120,867
First Trust Small Cap Growth AlphaDEX® Fund
476,050
As of July 31, 2023, the components of distributable earnings on a tax basis for each Fund were as follows:
 
Undistributed
Ordinary
Income
Accumulated
Capital and
Other
Gain (Loss)
Net
Unrealized
Appreciation
(Depreciation)
First Trust Large Cap Core AlphaDEX® Fund
$1,560,433
$(292,986,503
)
$158,820,087
First Trust Mid Cap Core AlphaDEX® Fund
1,004,086
(297,476,802
)
152,054,820
First Trust Small Cap Core AlphaDEX® Fund
168,719
(381,698,439
)
96,476,410
First Trust Large Cap Value AlphaDEX® Fund
2,995,203
(253,541,569
)
84,269,459
First Trust Large Cap Growth AlphaDEX® Fund
445,136
(259,634,595
)
177,618,165
First Trust Multi Cap Value AlphaDEX® Fund
331,905
(49,210,255
)
3,562,913
First Trust Multi Cap Growth AlphaDEX® Fund
15,162
(72,152,962
)
33,194,682
First Trust Mid Cap Value AlphaDEX® Fund
448,808
(50,016,603
)
7,654,875
First Trust Mid Cap Growth AlphaDEX® Fund
(148,424,420
)
42,735,369
First Trust Small Cap Value AlphaDEX® Fund
(73,238,940
)
4,428,235
First Trust Small Cap Growth AlphaDEX® Fund
94,438
(182,271,213
)
34,927,736
Page 133

Notes to Financial Statements (Continued)
First Trust Exchange-Traded AlphaDEX® Fund
Style Funds
January 31, 2024 (Unaudited)
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 2020, 2021, 2022, and 2023 remain open to federal and state audit. As of January 31, 2024, 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, 2023, for federal income tax purposes, each applicable Fund had a capital loss carryforward available that is shown in the following table, 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.
 
Non-Expiring
Capital Loss
Carryforwards
First Trust Large Cap Core AlphaDEX® Fund
$292,986,503
First Trust Mid Cap Core AlphaDEX® Fund
297,476,802
First Trust Small Cap Core AlphaDEX® Fund
381,698,439
First Trust Large Cap Value AlphaDEX® Fund
253,541,569
First Trust Large Cap Growth AlphaDEX® Fund
259,634,595
First Trust Multi Cap Value AlphaDEX® Fund
49,210,255
First Trust Multi Cap Growth AlphaDEX® Fund
72,152,962
First Trust Mid Cap Value AlphaDEX® Fund
50,016,603
First Trust Mid Cap Growth AlphaDEX® Fund
148,424,420
First Trust Small Cap Value AlphaDEX® Fund
73,238,940
First Trust Small Cap Growth AlphaDEX® Fund
182,271,213
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, 2023, the Funds had no net late year ordinary or capital losses.
As of January 31, 2024, 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:
 
Tax Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
(Depreciation)
Net Unrealized
Appreciation
(Depreciation)
First Trust Large Cap Core AlphaDEX® Fund
$960,196,843
$181,870,760
$(22,971,123
)
$158,899,637
First Trust Mid Cap Core AlphaDEX® Fund
956,454,779
177,373,472
(28,272,075
)
149,101,397
First Trust Small Cap Core AlphaDEX® Fund
768,618,518
124,552,527
(34,524,723
)
90,027,804
First Trust Large Cap Value AlphaDEX® Fund
1,076,244,814
103,888,032
(37,264,791
)
66,623,241
First Trust Large Cap Growth AlphaDEX® Fund
848,806,851
210,146,632
(8,722,203
)
201,424,429
First Trust Multi Cap Value AlphaDEX® Fund
150,775,100
13,721,836
(7,707,826
)
6,014,010
First Trust Multi Cap Growth AlphaDEX® Fund
142,082,141
34,987,236
(2,441,206
)
32,546,030
First Trust Mid Cap Value AlphaDEX® Fund
217,950,815
23,263,723
(10,191,025
)
13,072,698
First Trust Mid Cap Growth AlphaDEX® Fund
258,214,517
44,590,547
(4,290,553
)
40,299,994
Page 134

Notes to Financial Statements (Continued)
First Trust Exchange-Traded AlphaDEX® Fund
Style Funds
January 31, 2024 (Unaudited)
 
Tax Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
(Depreciation)
Net Unrealized
Appreciation
(Depreciation)
First Trust Small Cap Value AlphaDEX® Fund
$182,961,416
$18,937,469
$(8,857,443
)
$10,080,026
First Trust Small Cap Growth AlphaDEX® Fund
223,450,913
31,705,995
(7,060,364
)
24,645,631
I. Expenses
Expenses that are directly related to one of the Funds are charged directly to the respective Fund, except for First Trust Mid Cap Value AlphaDEX® Fund, First Trust Mid Cap Growth AlphaDEX® Fund, First Trust Small Cap Value AlphaDEX® Fund and First Trust Small Cap Growth AlphaDEX® 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 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 based on a percentage of each 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. The annual unitary 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 following schedule:
Breakpoints
 
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
%
For the First Trust Large Cap Core AlphaDEX® Fund, First Trust Mid Cap Core AlphaDEX® Fund, First Trust Small Cap Core AlphaDEX® Fund, First Trust Large Cap Value AlphaDEX® Fund, First Trust Large Cap Growth AlphaDEX® Fund, First Trust Multi Cap Value AlphaDEX® Fund and First Trust Multi Cap Growth AlphaDEX® Fund, First Trust is paid an annual management fee of each Fund’s average daily net assets and calculated pursuant to the following schedule:
Breakpoints
 
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
%
Page 135

Notes to Financial Statements (Continued)
First Trust Exchange-Traded AlphaDEX® Fund
Style Funds
January 31, 2024 (Unaudited)
For First Trust Large Cap Core AlphaDEX® Fund, First Trust Mid Cap Core AlphaDEX® Fund, First Trust Small Cap Core AlphaDEX® Fund, First Trust Large Cap Value AlphaDEX® Fund, First Trust Large Cap Growth AlphaDEX® Fund, First Trust Multi Cap Value AlphaDEX® Fund and First Trust Multi Cap Growth AlphaDEX® Fund, the Trust and First Trust have entered into an Expense Reimbursement and Fee Waiver Agreement (“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, 2024. For the six months ended January 31, 2024, there were no fees waived or expenses reimbursed by First Trust for these Funds.
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, 2024, the cost of purchases and proceeds from sales of investments for each Fund, excluding short-term investments and in-kind transactions, were as follows:
 
Purchases
Sales
First Trust Large Cap Core AlphaDEX® Fund
$520,814,814
$522,470,260
First Trust Mid Cap Core AlphaDEX® Fund
581,536,900
583,035,433
First Trust Small Cap Core AlphaDEX® Fund
455,118,715
454,548,873
First Trust Large Cap Value AlphaDEX® Fund
488,438,228
490,633,023
First Trust Large Cap Growth AlphaDEX® Fund
648,330,544
649,616,593
First Trust Multi Cap Value AlphaDEX® Fund
73,496,748
73,843,909
First Trust Multi Cap Growth AlphaDEX® Fund
107,020,259
107,187,821
First Trust Mid Cap Value AlphaDEX® Fund
119,803,160
120,135,218
First Trust Mid Cap Growth AlphaDEX® Fund
199,548,746
199,829,976
First Trust Small Cap Value AlphaDEX® Fund
98,051,873
98,088,496
First Trust Small Cap Growth AlphaDEX® Fund
166,780,292
167,062,237
For the six months ended January 31, 2024, the cost of in-kind purchases and proceeds from in-kind sales for each Fund were as follows:
 
Purchases
Sales
First Trust Large Cap Core AlphaDEX® Fund
$44,462,831
$138,188,444
First Trust Mid Cap Core AlphaDEX® Fund
45,289,078
31,269,281
First Trust Small Cap Core AlphaDEX® Fund
26,299,337
35,977,990
First Trust Large Cap Value AlphaDEX® Fund
14,123,747
115,807,347
First Trust Large Cap Growth AlphaDEX® Fund
100,051,689
153,055,660
First Trust Multi Cap Value AlphaDEX® Fund
3,637,993
22,009,361
First Trust Multi Cap Growth AlphaDEX® Fund
9,889,504
Page 136

Notes to Financial Statements (Continued)
First Trust Exchange-Traded AlphaDEX® Fund
Style Funds
January 31, 2024 (Unaudited)
 
Purchases
Sales
First Trust Mid Cap Value AlphaDEX® Fund
$19,361,324
$27,278,492
First Trust Mid Cap Growth AlphaDEX® Fund
49,682,374
29,313,551
First Trust Small Cap Value AlphaDEX® Fund
25,928,922
11,830,671
First Trust Small Cap Growth AlphaDEX® Fund
80,240,679
53,383,641
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 Creation Units. Prior to the start of trading on every business day, a Fund publishes through the National Securities Clearing Corporation 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, 2024.
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.
Page 137

Notes to Financial Statements (Continued)
First Trust Exchange-Traded AlphaDEX® Fund
Style Funds
January 31, 2024 (Unaudited)
8. Subsequent Events
Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were issued and has determined that there were no subsequent events requiring recognition or disclosure in the financial statements that have not already been disclosed.
Page 138

Additional Information
First Trust Exchange-Traded AlphaDEX® Fund
Style Funds
January 31, 2024 (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 139

Additional Information (Continued)
First Trust Exchange-Traded AlphaDEX® Fund
Style Funds
January 31, 2024 (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
Page 140

Additional Information (Continued)
First Trust Exchange-Traded AlphaDEX® Fund
Style Funds
January 31, 2024 (Unaudited)
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.
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
Page 141

Additional Information (Continued)
First Trust Exchange-Traded AlphaDEX® Fund
Style Funds
January 31, 2024 (Unaudited)
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 INSUREDNOT BANK GUARANTEEDMAY LOSE VALUE
Page 142

First Trust Exchange-Traded AlphaDEX® 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 South Wacker Drive
Chicago, IL 60606
LEGAL COUNSEL
Chapman and Cutler LLP
320 South Canal Street
Chicago, IL 60606