First Trust Dynamic Europe Equity Income Fund (FDEU)
Portfolio of Investments
March 31, 2023 (Unaudited)
Shares | Description | Value | ||
COMMON STOCKS (a) – 118.8% | ||||
Aerospace & Defense – 2.8% | ||||
30,992 | Airbus SE (b) | $4,139,525 | ||
630,522 | Babcock International Group PLC (b) (c) | 2,329,264 | ||
6,468,789 | ||||
Automobiles – 2.2% | ||||
32,839 | Mercedes-Benz Group AG (b) | 2,525,411 | ||
138,755 | Stellantis N.V. (b) | 2,523,437 | ||
5,048,848 | ||||
Banks – 6.4% | ||||
64,085 | BAWAG Group AG (b) (d) (e) | 3,112,548 | ||
80,814 | BNP Paribas S.A. (b) | 4,826,017 | ||
482,760 | ING Groep N.V. (b) | 5,732,942 | ||
478,591 | Intesa Sanpaolo S.p.A. (b) | 1,228,277 | ||
14,899,784 | ||||
Beverages – 5.3% | ||||
144,061 | Coca-Cola HBC AG (b) | 3,943,700 | ||
72,445 | Diageo PLC (b) | 3,233,197 | ||
22,656 | Pernod Ricard S.A. (b) | 5,130,019 | ||
12,306,916 | ||||
Broadline Retail – 1.8% | ||||
52,751 | Prosus N.V. (b) | 4,130,618 | ||
Building Products – 1.8% | ||||
74,344 | Cie de Saint-Gobain (b) | 4,225,981 | ||
Capital Markets – 5.5% | ||||
295,188 | 3i Group PLC (b) | 6,152,752 | ||
56,728 | Amundi S.A. (b) (d) (e) | 3,574,380 | ||
203,621 | St. James’s Place PLC (b) | 3,055,430 | ||
12,782,562 | ||||
Commercial Services & Supplies – 0.6% | ||||
1,763,586 | Prosegur Cash S.A. (b) (d) (e) | 1,357,141 | ||
Construction Materials – 1.4% | ||||
50,473 | Holcim AG (b) | 3,255,072 | ||
Diversified Telecommunication Services – 3.0% | ||||
130,761 | Deutsche Telekom AG (b) | 3,168,639 | ||
318,706 | Telenor ASA (b) | 3,736,882 | ||
6,905,521 | ||||
Electric Utilities – 5.3% | ||||
343,678 | Enel S.p.A. (b) | 2,096,076 | ||
437,264 | Iberdrola S.A. (b) | 5,447,350 | ||
217,504 | SSE PLC (b) | 4,853,352 | ||
12,396,778 | ||||
Electrical Equipment – 2.5% | ||||
34,436 | Schneider Electric SE (b) | 5,755,079 | ||
Financial Services – 2.4% | ||||
254,681 | BFF Bank S.p.A. (b) (d) (e) | 2,526,988 | ||
1,228,449 | M&G PLC (b) | 3,010,971 | ||
5,537,959 |
First Trust Dynamic Europe Equity Income Fund (FDEU)
Portfolio of Investments (Continued)
March 31, 2023 (Unaudited)
Shares | Description | Value | ||
COMMON STOCKS (a) (Continued) | ||||
Food Products – 4.9% | ||||
40,000 | Danone S.A. (b) | $2,488,945 | ||
73,549 | Nestle S.A. (b) | 8,967,871 | ||
11,456,816 | ||||
Hotels, Restaurants & Leisure – 3.8% | ||||
61,952 | Sodexo S.A. (b) | 6,050,891 | ||
78,788 | Whitbread PLC (b) | 2,910,532 | ||
8,961,423 | ||||
Household Durables – 2.1% | ||||
140,111 | Persimmon PLC (b) | 2,175,604 | ||
278,206 | Vistry Group PLC (b) | 2,691,979 | ||
4,867,583 | ||||
Insurance – 6.5% | ||||
49,701 | ASR Nederland N.V. (b) | 1,977,599 | ||
221,761 | AXA S.A. (b) | 6,767,610 | ||
1,003,590 | Direct Line Insurance Group PLC (b) | 1,704,863 | ||
720,374 | Legal & General Group PLC (b) | 2,130,585 | ||
69,158 | NN Group N.V. (b) | 2,511,122 | ||
15,091,779 | ||||
Machinery – 3.7% | ||||
258,971 | OC Oerlikon Corp. AG (b) | 1,468,431 | ||
165,898 | Sandvik AB (b) | 3,521,317 | ||
180,798 | Volvo AB, Class B (b) | 3,725,642 | ||
8,715,390 | ||||
Media – 0.5% | ||||
2,701,287 | MFE-MediaForEurope N.V., Class A (b) | 1,242,631 | ||
Metals & Mining – 5.9% | ||||
107,669 | Anglo American PLC (b) | 3,581,234 | ||
254,015 | BHP Group Ltd. (b) | 8,069,067 | ||
30,702 | Rio Tinto PLC (b) | 2,083,990 | ||
13,734,291 | ||||
Multi-Utilities – 3.1% | ||||
356,889 | National Grid PLC (b) | 4,827,640 | ||
76,166 | Veolia Environnement S.A. (b) | 2,350,270 | ||
7,177,910 | ||||
Oil, Gas & Consumable Fuels – 6.3% | ||||
409,425 | Repsol S.A. (b) | 6,296,087 | ||
58,496 | TotalEnergies SE (b) | 3,449,142 | ||
218,116 | Woodside Energy Group Ltd. (b) | 4,882,357 | ||
14,627,586 | ||||
Paper & Forest Products – 0.9% | ||||
62,392 | UPM-Kymmene Oyj (b) | 2,095,622 | ||
Personal Care Products – 3.0% | ||||
135,008 | Unilever PLC (b) | 6,988,802 | ||
Pharmaceuticals – 17.8% | ||||
51,167 | AstraZeneca PLC (b) | 7,089,410 | ||
27,528 | Bayer AG (b) | 1,758,533 |
First Trust Dynamic Europe Equity Income Fund (FDEU)
Portfolio of Investments (Continued)
March 31, 2023 (Unaudited)
Shares | Description | Value | ||
COMMON STOCKS (a) (Continued) | ||||
Pharmaceuticals (Continued) | ||||
160,635 | GSK PLC (b) | $2,838,312 | ||
78,869 | Novartis AG (b) | 7,241,636 | ||
31,594 | Novo Nordisk A.S., Class B (b) | 5,017,803 | ||
23,279 | Roche Holding AG (b) | 6,651,802 | ||
100,605 | Sanofi (b) | 10,913,503 | ||
41,510,999 | ||||
Professional Services – 4.1% | ||||
76,661 | Adecco Group AG (b) | 2,792,380 | ||
207,816 | RELX PLC (b) | 6,730,523 | ||
9,522,903 | ||||
Semiconductors & Semiconductor Equipment – 1.8% | ||||
646,495 | Alphawave IP Group PLC (b) (c) | 939,448 | ||
1,337 | ASML Holding N.V. (b) | 911,096 | ||
60,217 | Infineon Technologies AG (b) | 2,472,823 | ||
4,323,367 | ||||
Software – 2.8% | ||||
51,567 | SAP SE (b) | 6,511,393 | ||
Specialty Retail – 0.9% | ||||
66,147 | Industria de Diseno Textil S.A. (b) | 2,222,223 | ||
Textiles, Apparel & Luxury Goods – 3.2% | ||||
47,035 | Cie Financiere Richemont S.A., Class A (b) | 7,542,352 | ||
Tobacco – 3.0% | ||||
304,771 | Imperial Brands PLC (b) | 7,008,417 | ||
Wireless Telecommunication Services – 3.5% | ||||
365,976 | Tele2 AB, Class B (b) | 3,642,586 | ||
4,035,972 | Vodafone Group PLC (b) | 4,452,070 | ||
8,094,656 | ||||
Total Common Stocks | 276,767,191 | |||
(Cost $293,616,399) | ||||
REAL ESTATE INVESTMENT TRUSTS (a) – 3.2% | ||||
Diversified REITs – 2.3% | ||||
1,107,517 | British Land (The) Co., PLC (b) | 5,312,395 | ||
Equity Real Estate Investment Trusts – 0.9% | ||||
2,191,821 | Hipgnosis Songs Fund (The) Ltd. (b) (d) | 2,191,581 | ||
Total Real Estate Investment Trusts | 7,503,976 | |||
(Cost $13,916,386) | ||||
Total Investments – 122.0% | 284,271,167 | |||
(Cost $307,532,785) |
Number of Contracts | Description | Counterparty | Notional Amount | Exercise Price (Euro) | Expiration Date | Value | ||||||
CALL OPTIONS WRITTEN – (1.4)% | ||||||||||||
(410) | EURO STOXX 50 Index | SG | $(19,186,652) | €4,150.00 | 04/21/23 | (853,274) | ||||||
(430) | EURO STOXX 50 Index | SG | (20,122,586) | 4,275.00 | 04/21/23 | (430,893) | ||||||
(430) | EURO STOXX 50 Index | UBS | (20,122,586) | 4,300.00 | 04/21/23 | (353,016) | ||||||
(410) | EURO STOXX 50 Index | UBS | (19,186,652) | 4,125.00 | 05/19/23 | (901,740) |
First Trust Dynamic Europe Equity Income Fund (FDEU)
Portfolio of Investments (Continued)
March 31, 2023 (Unaudited)
Number of Contracts | Description | Counterparty | Notional Amount | Exercise Price (Euro) | Expiration Date | Value | ||||||
CALL OPTIONS WRITTEN (Continued) | ||||||||||||
(410) | EURO STOXX 50 Index | SG | $(19,186,652) | €4,150.00 | 05/19/23 | $(817,702) | ||||||
Total Call Options Written | (3,356,625) | |||||||||||
(Premiums received $2,176,866) |
Outstanding Loans – (31.6)% | (73,705,350) | |
Net Other Assets and Liabilities – 11.0% | 25,788,766 | |
Net Assets – 100.0% | $232,997,958 |
(a) | All or a portion of these securities are available to serve as collateral for the outstanding loans and call options written. |
(b) | This security is fair valued by the Advisor’s Pricing Committee in accordance with procedures approved by the Fund’s Board of Trustees and in accordance with provisions of the Investment Company Act of 1940 and rules thereunder, as amended. At March 31, 2023, securities noted as such are valued at $284,271,167 or 122.0% of net assets. Certain of these securities are fair valued using a factor provided by a third-party pricing service due to the change in value between the foreign markets’ close and the New York Stock Exchange close exceeding a certain threshold. On days when this threshold is not exceeded, these securities are typically valued at the last sale price on the exchange on which they are principally traded. |
(c) | Non-income producing security. |
(d) | This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933, as amended (the “1933 Act”). |
(e) | This security is exempt from registration upon resale under Rule 144A of the 1933 Act and may be resold in transactions exempt from registration, normally to qualified institutional buyers. This security is not restricted on the foreign exchange where it trades freely without any additional registration. As such, it does not require the additional disclosure required of restricted securities. |
Counterparty Abbreviations | |
SG | Societe Generale |
UBS | UBS |
Currency Exposure Diversification | % of Total Investments |
EUR | 45.2% |
GBP | 34.6 |
CHF | 13.3 |
SEK | 3.8 |
DKK | 1.8 |
NOK | 1.3 |
Total | 100.0% |
Currency Abbreviations | |
CHF | Swiss Franc |
DKK | Danish Krone |
EUR | Euro |
GBP | British Pound Sterling |
NOK | Norwegian Krone |
SEK | Swedish Krona |
Country Allocation† | % of Total Investments |
United Kingdom | 31.1% |
France | 19.5 |
Switzerland | 14.7 |
Netherlands | 8.1 |
Germany | 5.8 |
Spain | 5.4 |
Australia | 4.6 |
Sweden | 3.8 |
Italy | 2.1 |
Denmark | 1.8 |
Norway | 1.3 |
Austria | 1.1 |
Finland | 0.7 |
Total | 100.0% |
† Portfolio securities are categorized based upon their country of incorporation.
First Trust Dynamic Europe Equity Income Fund (FDEU)
Portfolio of Investments (Continued)
March 31, 2023 (Unaudited)
Valuation Inputs
The Fund is subject to fair value accounting standards that define fair value, establish the framework for measuring fair value and provide a three-level hierarchy for fair valuation based upon the inputs to the valuation as of the measurement date. The three levels of the fair value hierarchy are as follows:
• | Level 1 – Level 1 inputs are quoted prices in active markets for identical investments. |
• | Level 2 – Level 2 inputs are observable inputs, either directly or indirectly. (Quoted prices for similar investments, valuations based on interest rates and yield curves, or valuations derived from observable market data.) |
• | Level 3 – Level 3 inputs are unobservable inputs that may reflect the reporting entity’s own assumptions about the assumptions that market participants would use in pricing the investment. |
The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in those investments.
A summary of the inputs used to value the Fund’s investments as of March 31, 2023 is as follows:
ASSETS TABLE | ||||
Total Value at 3/31/2023 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |
Common Stocks* | $ 276,767,191 | $ — | $ 276,767,191 | $ — |
Real Estate Investment Trusts* | 7,503,976 | — | 7,503,976 | — |
Total Investments | $ 284,271,167 | $— | $ 284,271,167 | $— |
LIABILITIES TABLE | ||||
Total Value at 3/31/2023 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |
Call Options Written | $ (3,356,625) | $ — | $ (3,356,625) | $ — |
* | See Portfolio of Investments for industry breakout. |