# EDGAR Filing Document

**Accession Number:** 0001383496
**File Stem:** 0001445546-26-002667
**Filing Date:** 2026-4
**Character Count:** 800296
**Document Hash:** 8fb0055579e34ff56800c72b5ed4f97b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001445546-26-002667.hdr.sgml**: 20260410

**ACCESSION NUMBER**: 0001445546-26-002667

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 38

**CONFORMED PERIOD OF REPORT**: 20260131

**FILED AS OF DATE**: 20260410

**DATE AS OF CHANGE**: 20260410

**EFFECTIVENESS DATE**: 20260410

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FIRST TRUST EXCHANGE-TRADED ALPHADEX FUND
- **CENTRAL INDEX KEY:** 0001383496

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22019
- **FILM NUMBER:** 26853894

**BUSINESS ADDRESS:**
- **STREET 1:** 120 EAST LIBERTY DRIVE, SUITE 400
- **CITY:** WHEATON
- **STATE:** IL
- **ZIP:** 60187
- **BUSINESS PHONE:** 630-765-8000

**MAIL ADDRESS:**
- **STREET 1:** 120 EAST LIBERTY DRIVE, SUITE 400
- **CITY:** WHEATON
- **STATE:** IL
- **ZIP:** 60187

## Series and Classes Contracts Data

### First Trust Large Cap Core AlphaDEX Fund (Series ID: S000017337)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000047995 | First Trust Large Cap Core AlphaDEX Fund | FEX             |

### First Trust Mid Cap Core AlphaDEX Fund (Series ID: S000017338)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000047996 | First Trust Mid Cap Core AlphaDEX Fund | FNX             |

### First Trust Small Cap Core AlphaDEX Fund (Series ID: S000017339)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000047997 | First Trust Small Cap Core AlphaDEX Fund | FYX             |

### First Trust Large Cap Value AlphaDEX Fund (Series ID: S000017340)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000047998 | First Trust Large Cap Value AlphaDEX Fund | FTA             |

### First Trust Large Cap Growth AlphaDEX Fund (Series ID: S000017341)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000047999 | First Trust Large Cap Growth AlphaDEX Fund | FTC             |

### First Trust Multi Cap Value AlphaDEX Fund (Series ID: S000017342)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000048000 | First Trust Multi Cap Value AlphaDEX Fund | FAB             |

### First Trust Multi Cap Growth AlphaDEX Fund (Series ID: S000017343)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000048001 | First Trust Multi Cap Growth AlphaDEX Fund | FAD             |

### First Trust Consumer Discretionary AlphaDEX Fund (Series ID: S000017696)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000048896 | First Trust Consumer Discretionary AlphaDEX Fund | FXD             |

### First Trust Consumer Staples AlphaDEX Fund (Series ID: S000017697)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000048897 | First Trust Consumer Staples AlphaDEX Fund | FXG             |

### First Trust Energy AlphaDEX Fund (Series ID: S000017698)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000048898 | First Trust Energy AlphaDEX Fund | FXN             |

### First Trust Financials AlphaDEX Fund (Series ID: S000017699)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000048899 | First Trust Financials AlphaDEX Fund | FXO             |

### First Trust Health Care AlphaDEX Fund (Series ID: S000017700)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000048900 | First Trust Health Care AlphaDEX Fund | FXH             |

### First Trust Industrials/Producer Durables AlphaDEX Fund (Series ID: S000017701)

| Class ID   | Class Name                                              | Ticker Symbol   |
|:---|:---|:---|
| C000048901 | First Trust Industrials/Producer Durables AlphaDEX Fund | FXR             |

### First Trust Materials AlphaDEX Fund (Series ID: S000017702)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000048902 | First Trust Materials AlphaDEX Fund | FXZ             |

### First Trust Technology AlphaDEX Fund (Series ID: S000017703)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000048903 | First Trust Technology AlphaDEX Fund | FXL             |

### First Trust Utilities AlphaDEX Fund (Series ID: S000017704)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000048904 | First Trust Utilities AlphaDEX Fund | FXU             |

### First Trust Mid Cap Growth AlphaDEX Fund (Series ID: S000031804)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000099059 | First Trust Mid Cap Growth AlphaDEX Fund | FNY             |

### First Trust Mid Cap Value AlphaDEX Fund (Series ID: S000031805)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000099060 | First Trust Mid Cap Value AlphaDEX Fund | FNK             |

### First Trust Small Cap Growth AlphaDEX Fund (Series ID: S000031806)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000099061 | First Trust Small Cap Growth AlphaDEX Fund | FYC             |

### First Trust Small Cap Value AlphaDEX Fund (Series ID: S000031807)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000099062 | First Trust Small Cap Value AlphaDEX Fund | FYT             |

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

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#### FORM N-CSR

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#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number

811-22019

First Trust Exchange-Traded AlphaDEX<sup>®</sup> Fund

(Exact name of registrant as specified in charter)

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120 East Liberty Drive, Suite 400

Wheaton, IL 60187

(Address of principal executive offices) (Zip code)

W. Scott Jardine, Esq.

First Trust Portfolios L.P.

120 East Liberty Drive, Suite 400

Wheaton, IL 60187

(Name and address of agent for service)

Registrant's telephone number, including area code:

&nbsp;&nbsp;&nbsp;&nbsp;(630) 765-8000

Date of fiscal year end:

July 31

Date of reporting period:

January 31, 2026

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

The information presented in this Form N-CSR relates solely to the fund(s) for which a report is included in Item 1 below, each a series of the Registrant.

#### Item 1. Reports to Shareholders.
(a) Following is a copy of the semi-annual reports transmitted to shareholders pursuant to Rule 30e-1 under the Act.

![TSR - First Trust Fund Logo](images_30632.jpg)

### First Trust Consumer Discretionary AlphaDEX<sup>®</sup> Fund

#### FXD \| NYSE ARCA, INC.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| January 31, 2026
This semi-annual shareholder report contains important information about the First Trust Consumer Discretionary AlphaDEX<sup>®</sup> Fund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/FXD. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

#### WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(Based on a hypothetical $10,000 investment)

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| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| First Trust Consumer Discretionary AlphaDEX<sup>®</sup> Fund | $340.65%<sup>(1)</sup> |

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<sup>(1)</sup> Annualized.

KEY FUND STATISTICS (As of January 31, 2026)

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$309977116 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;120 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;44% |

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#### WHAT DID THE FUND INVEST IN? (As of January 31, 2026)
The tables below show the investment makeup of the Fund, representing the percentage of total investments (excluding repurchase agreements held as collateral for securities lending arrangements) of the Fund.

 **Top Ten Holdings**

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| | |
|:---|:---|
| Southwest Airlines Co. | 1.6% |
| Gap (The), Inc. | 1.6% |
| LKQ Corp. | 1.6% |
| Toll Brothers, Inc. | 1.5% |
| PulteGroup, Inc. | 1.5% |
| Lennar Corp., Class A | 1.5% |
| D.R. Horton, Inc. | 1.5% |
| Wayfair, Inc., Class A | 1.5% |
| Lear Corp. | 1.5% |
| Sirius XM Holdings, Inc. | 1.5% |

---

 **Sector Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_11364260.jpg)

#### WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FXD to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

#### OTHER INFORMATION
Source ICE Data Indices, LLC ("ICE Data"), is used with permission. "StrataQuant<sup>®</sup>" is a service/trade mark of ICE Data or its affiliates. Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indices. Russell<sup>®</sup>, Russell 1000<sup>®</sup> and Russell 3000<sup>®</sup> are all registered trademarks of Frank Russell Company. Russell 1000<sup>®</sup> and Russell 3000<sup>®</sup> are being utilized in the indices under license. These trademarks have been licensed along with the StrataQuant<sup>®</sup> Consumer Discretionary Index ("Index") for use by First Trust Portfolios L.P. ("FTP") in connection with the First Trust Consumer Discretionary AlphaDEX<sup>®</sup> Fund ("FXD"). Neither FTP, the Trust, nor FXD is sponsored, endorsed, sold or promoted by ICE Data, its affiliates or its Third Party Suppliers including without limitation Frank Russell Company ("ICE Data and its Suppliers"). ICE Data and its Suppliers make no representations or warranties regarding the advisability of investing in securities generally, in FXD particularly, the Trust or the ability of the Index to track general stock market performance. ICE Data's only relationship to FTP is the licensing of certain trademarks, trade names and the Index or components thereof. The Index is determined, composed and calculated by ICE Data without regard to FTP or FXD or its holders. ICE Data has no obligation to take the needs of FTP or the holders of FXD into consideration in determining, composing or calculating the Index. ICE Data is not responsible for and has not participated in the determination of the timing of, prices of, or quantities of FXD to be issued or in the determination or calculation of the equation by which FXD is to be priced, sold, purchased, or redeemed. Except for certain custom index calculation services, all information provided by ICE Data is general in nature and not tailored to the needs of FTP or any other person, entity or group of persons. ICE Data has no obligation or liability in connection with the administration, marketing, or trading of FXD. ICE Data is not an investment advisor. Inclusion of a security within an index is not a recommendation by ICE Data to buy, sell, or hold such security, nor is it considered to be investment advice.

ICE DATA AND ITS SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES AND REPRESENTATIONS, EXPRESS AND/OR IMPLIED, INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY INFORMATION INCLUDED IN, RELATED TO, OR DERIVED THEREFROM ("INDEX DATA"). ICE DATA AND ITS SUPPLIERS SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES AND THE INDEX DATA, WHICH ARE PROVIDED ON AN "AS IS" BASIS AND YOUR USE IS AT YOUR OWN RISK.

First Trust Consumer Discretionary AlphaDEX<sup>®</sup> Fund (FXD)

![TSR - First Trust Fund Logo](images_30632.jpg)

### First Trust Consumer Staples AlphaDEX<sup>®</sup> Fund

#### FXG \| NYSE Arca, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| January 31, 2026
This semi-annual shareholder report contains important information about the First Trust Consumer Staples AlphaDEX<sup>®</sup> Fund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/FXG. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

#### WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(Based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| First Trust Consumer Staples AlphaDEX<sup>®</sup> Fund | $340.65%<sup>(1)</sup> |

---

<sup>(1)</sup> Annualized.

KEY FUND STATISTICS (As of January 31, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$251464866 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;42 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;42% |

---

#### WHAT DID THE FUND INVEST IN? (As of January 31, 2026)
The tables below show the investment makeup of the Fund, representing the percentage of total investments (excluding repurchase agreements held as collateral for securities lending arrangements) of the Fund.

 **Top Ten Holdings**

---

| | |
|:---|:---|
| Bunge Global S.A. | 5.0% |
| Pilgrim's Pride Corp. | 4.3% |
| Ingredion, Inc. | 4.1% |
| Smithfield Foods, Inc. | 4.1% |
| Cencora, Inc. | 4.1% |
| Flowers Foods, Inc. | 4.1% |
| McKesson Corp. | 3.9% |
| General Mills, Inc. | 3.9% |
| Casey's General Stores, Inc. | 3.4% |
| Lamb Weston Holdings, Inc. | 3.4% |

---

 **Sector Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_11364218.jpg)

#### WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FXG to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

#### OTHER INFORMATION
Source ICE Data Indices, LLC ("ICE Data"), is used with permission. "StrataQuant<sup>®</sup>" is a service/trade mark of ICE Data or its affiliates. Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indices. Russell<sup>®</sup>, Russell 1000<sup>®</sup> and Russell 3000<sup>®</sup> are all registered trademarks of Frank Russell Company. Russell 1000<sup>®</sup> and Russell 3000<sup>®</sup> are being utilized in the indices under license. These trademarks have been licensed along with the StrataQuant<sup>®</sup> Consumer Staples Index ("Index") for use by First Trust Portfolios L.P. ("FTP") in connection with the First Trust Consumer Staples AlphaDEX<sup>®</sup> Fund ("FXG"). Neither FTP, the Trust, nor FXG is sponsored, endorsed, sold or promoted by ICE Data, its affiliates or its Third Party Suppliers including without limitation Frank Russell Company ("ICE Data and its Suppliers"). ICE Data and its Suppliers make no representations or warranties regarding the advisability of investing in securities generally, in FXG particularly, the Trust or the ability of the Index to track general stock market performance. ICE Data's only relationship to FTP is the licensing of certain trademarks, trade names and the Index or components thereof. The Index is determined, composed and calculated by ICE Data without regard to FTP or FXG or its holders. ICE Data has no obligation to take the needs of FTP or the holders of FXG into consideration in determining, composing or calculating the Index. ICE Data is not responsible for and has not participated in the determination of the timing of, prices of, or quantities of FXG to be issued or in the determination or calculation of the equation by which FXG is to be priced, sold, purchased, or redeemed. Except for certain custom index calculation services, all information provided by ICE Data is general in nature and not tailored to the needs of FTP or any other person, entity or group of persons. ICE Data has no obligation or liability in connection with the administration, marketing, or trading of FXG. ICE Data is not an investment advisor. Inclusion of a security within an index is not a recommendation by ICE Data to buy, sell, or hold such security, nor is it considered to be investment advice.

ICE DATA AND ITS SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES AND REPRESENTATIONS, EXPRESS AND/OR IMPLIED, INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY INFORMATION INCLUDED IN, RELATED TO, OR DERIVED THEREFROM ("INDEX DATA"). ICE DATA AND ITS SUPPLIERS SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES AND THE INDEX DATA, WHICH ARE PROVIDED ON AN "AS IS" BASIS AND YOUR USE IS AT YOUR OWN RISK.

First Trust Consumer Staples AlphaDEX<sup>®</sup> Fund (FXG)

![TSR - First Trust Fund Logo](images_30632.jpg)

### First Trust Energy AlphaDEX<sup>®</sup> Fund

#### FXN \| NYSE Arca, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| January 31, 2026
This semi-annual shareholder report contains important information about the First Trust Energy AlphaDEX<sup>®</sup> Fund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/FXN. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

#### WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(Based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| First Trust Energy AlphaDEX<sup>®</sup> Fund | $360.65%<sup>(1)</sup> |

---

<sup>(1)</sup> Annualized.

KEY FUND STATISTICS (As of January 31, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$272443061 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;39 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;27% |

---

#### WHAT DID THE FUND INVEST IN? (As of January 31, 2026)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.

 **Top Ten Holdings**

---

| | |
|:---|:---|
| Permian Resources Corp., Class A | 4.9% |
| Devon Energy Corp. | 4.7% |
| Coterra Energy, Inc. | 4.7% |
| Diamondback Energy, Inc. | 4.7% |
| APA Corp. | 4.6% |
| EOG Resources, Inc. | 4.6% |
| Matador Resources Co. | 4.6% |
| SLB Ltd. | 3.8% |
| Exxon Mobil Corp. | 3.5% |
| NOV, Inc. | 3.5% |

---

 **Sector Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_11364302.jpg)

#### WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FXN to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

#### OTHER INFORMATION
Source ICE Data Indices, LLC ("ICE Data"), is used with permission. "StrataQuant<sup>®</sup>" is a service/trade mark of ICE Data or its affiliates. Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indices. Russell<sup>®</sup>, Russell 1000<sup>®</sup> and Russell 3000<sup>®</sup> are all registered trademarks of Frank Russell Company. Russell 1000<sup>®</sup> and Russell 3000<sup>®</sup> are being utilized in the indices under license. These trademarks have been licensed along with the StrataQuant<sup>®</sup> Energy Index ("Index") for use by First Trust Portfolios L.P. ("FTP") in connection with the First Trust Energy AlphaDEX<sup>®</sup> Fund ("FXN"). Neither FTP, the Trust, nor FXN is sponsored, endorsed, sold or promoted by ICE Data, its affiliates or its Third Party Suppliers including without limitation Frank Russell Company ("ICE Data and its Suppliers"). ICE Data and its Suppliers make no representations or warranties regarding the advisability of investing in securities generally, in FXN particularly, the Trust or the ability of the Index to track general stock market performance. ICE Data's only relationship to FTP is the licensing of certain trademarks, trade names and the Index or components thereof. The Index is determined, composed and calculated by ICE Data without regard to FTP or FXN or its holders. ICE Data has no obligation to take the needs of FTP or the holders of FXN into consideration in determining, composing or calculating the Index. ICE Data is not responsible for and has not participated in the determination of the timing of, prices of, or quantities of FXN to be issued or in the determination or calculation of the equation by which FXN is to be priced, sold, purchased, or redeemed. Except for certain custom index calculation services, all information provided by ICE Data is general in nature and not tailored to the needs of FTP or any other person, entity or group of persons. ICE Data has no obligation or liability in connection with the administration, marketing, or trading of FXN. ICE Data is not an investment advisor. Inclusion of a security within an index is not a recommendation by ICE Data to buy, sell, or hold such security, nor is it considered to be investment advice.

ICE DATA AND ITS SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES AND REPRESENTATIONS, EXPRESS AND/OR IMPLIED, INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY INFORMATION INCLUDED IN, RELATED TO, OR DERIVED THEREFROM ("INDEX DATA"). ICE DATA AND ITS SUPPLIERS SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES AND THE INDEX DATA, WHICH ARE PROVIDED ON AN "AS IS" BASIS AND YOUR USE IS AT YOUR OWN RISK.

First Trust Energy AlphaDEX<sup>®</sup> Fund (FXN)

![TSR - First Trust Fund Logo](images_30632.jpg)

### First Trust Financials AlphaDEX<sup>®</sup> Fund

#### FXO \| NYSE Arca, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| January 31, 2026
This semi-annual shareholder report contains important information about the First Trust Financials AlphaDEX<sup>®</sup> Fund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/FXO. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

#### WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(Based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| First Trust Financials AlphaDEX<sup>®</sup> Fund | $320.61%<sup>(1)</sup> |

---

<sup>(1)</sup> Annualized.

KEY FUND STATISTICS (As of January 31, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$2161483615 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;106 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;34% |

---

#### WHAT DID THE FUND INVEST IN? (As of January 31, 2026)
The tables below show the investment makeup of the Fund, representing the percentage of total investments (excluding repurchase agreements held as collateral for securities lending arrangements) of the Fund.

 **Top Ten Holdings**

---

| | |
|:---|:---|
| SEI Investments Co. | 1.8% |
| NU Holdings Ltd., Class A | 1.8% |
| Invesco Ltd. | 1.7% |
| Bank OZK | 1.7% |
| Bank of New York Mellon (The) Corp. | 1.7% |
| T. Rowe Price Group, Inc. | 1.7% |
| First American Financial Corp. | 1.7% |
| Rithm Capital Corp. | 1.7% |
| RenaissanceRe Holdings Ltd. | 1.7% |
| Arch Capital Group Ltd. | 1.7% |

---

 **Sector Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_11364344.jpg)

#### WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FXO to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

#### OTHER INFORMATION
Source ICE Data Indices, LLC ("ICE Data"), is used with permission. "StrataQuant<sup>®</sup>" is a service/trade mark of ICE Data or its affiliates. Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indices. Russell<sup>®</sup>, Russell 1000<sup>®</sup> and Russell 3000<sup>®</sup> are all registered trademarks of Frank Russell Company. Russell 1000<sup>®</sup> and Russell 3000<sup>®</sup> are being utilized in the indices under license. These trademarks have been licensed along with the StrataQuant<sup>®</sup> Financials Index ("Index") for use by First Trust Portfolios L.P. ("FTP") in connection with the First Trust Financials AlphaDEX<sup>®</sup> Fund ("FXO"). Neither FTP, the Trust, nor FXO is sponsored, endorsed, sold or promoted by ICE Data, its affiliates or its Third Party Suppliers including without limitation Frank Russell Company ("ICE Data and its Suppliers"). ICE Data and its Suppliers make no representations or warranties regarding the advisability of investing in securities generally, in FXO particularly, the Trust or the ability of the Index to track general stock market performance. ICE Data's only relationship to FTP is the licensing of certain trademarks, trade names and the Index or components thereof. The Index is determined, composed and calculated by ICE Data without regard to FTP or FXO or its holders. ICE Data has no obligation to take the needs of FTP or the holders of FXO into consideration in determining, composing or calculating the Index. ICE Data is not responsible for and has not participated in the determination of the timing of, prices of, or quantities of FXO to be issued or in the determination or calculation of the equation by which FXO is to be priced, sold, purchased, or redeemed. Except for certain custom index calculation services, all information provided by ICE Data is general in nature and not tailored to the needs of FTP or any other person, entity or group of persons. ICE Data has no obligation or liability in connection with the administration, marketing, or trading of FXO. ICE Data is not an investment advisor. Inclusion of a security within an index is not a recommendation by ICE Data to buy, sell, or hold such security, nor is it considered to be investment advice.

ICE DATA AND ITS SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES AND REPRESENTATIONS, EXPRESS AND/OR IMPLIED, INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY INFORMATION INCLUDED IN, RELATED TO, OR DERIVED THEREFROM ("INDEX DATA"). ICE DATA AND ITS SUPPLIERS SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES AND THE INDEX DATA, WHICH ARE PROVIDED ON AN "AS IS" BASIS AND YOUR USE IS AT YOUR OWN RISK.

First Trust Financials AlphaDEX<sup>®</sup> Fund (FXO)

![TSR - First Trust Fund Logo](images_30632.jpg)

### First Trust Health Care AlphaDEX<sup>®</sup> Fund

#### FXH \| NYSE Arca, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| January 31, 2026
This semi-annual shareholder report contains important information about the First Trust Health Care AlphaDEX<sup>®</sup> Fund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/FXH. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

#### WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(Based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| First Trust Health Care AlphaDEX<sup>®</sup> Fund | $340.62%<sup>(1)</sup> |

---

<sup>(1)</sup> Annualized.

KEY FUND STATISTICS (As of January 31, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$927218216 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;78 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;57% |

---

#### WHAT DID THE FUND INVEST IN? (As of January 31, 2026)
The tables below show the investment makeup of the Fund, representing the percentage of total investments (excluding repurchase agreements held as collateral for securities lending arrangements) of the Fund.

 **Top Ten Holdings**

---

| | |
|:---|:---|
| Organon & Co. | 2.6% |
| Pfizer, Inc. | 2.4% |
| HCA Healthcare, Inc. | 2.3% |
| Cardinal Health, Inc. | 2.3% |
| Ionis Pharmaceuticals, Inc. | 2.3% |
| Medpace Holdings, Inc. | 2.3% |
| Molina Healthcare, Inc. | 2.3% |
| Biogen, Inc. | 2.3% |
| Incyte Corp. | 2.2% |
| Natera, Inc. | 2.2% |

---

 **Sector Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_11364386.jpg)

#### WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FXH to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

#### OTHER INFORMATION
Source ICE Data Indices, LLC ("ICE Data"), is used with permission. "StrataQuant<sup>®</sup>" is a service/trade mark of ICE Data or its affiliates. Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indices. Russell<sup>®</sup>, Russell 1000<sup>®</sup> and Russell 3000<sup>®</sup> are all registered trademarks of Frank Russell Company. Russell 1000<sup>®</sup> and Russell 3000<sup>®</sup> are being utilized in the indices under license. These trademarks have been licensed along with the StrataQuant<sup>®</sup> Health Care Index ("Index") for use by First Trust Portfolios L.P. ("FTP") in connection with the First Trust Health Care AlphaDEX<sup>®</sup> Fund ("FXH"). Neither FTP, the Trust, nor FXH is sponsored, endorsed, sold or promoted by ICE Data, its affiliates or its Third Party Suppliers including without limitation Frank Russell Company ("ICE Data and its Suppliers"). ICE Data and its Suppliers make no representations or warranties regarding the advisability of investing in securities generally, in FXH particularly, the Trust or the ability of the Index to track general stock market performance. ICE Data's only relationship to FTP is the licensing of certain trademarks, trade names and the Index or components thereof. The Index is determined, composed and calculated by ICE Data without regard to FTP or FXH or its holders. ICE Data has no obligation to take the needs of FTP or the holders of FXH into consideration in determining, composing or calculating the Index. ICE Data is not responsible for and has not participated in the determination of the timing of, prices of, or quantities of FXH to be issued or in the determination or calculation of the equation by which FXH is to be priced, sold, purchased, or redeemed. Except for certain custom index calculation services, all information provided by ICE Data is general in nature and not tailored to the needs of FTP or any other person, entity or group of persons. ICE Data has no obligation or liability in connection with the administration, marketing, or trading of FXH. ICE Data is not an investment advisor. Inclusion of a security within an index is not a recommendation by ICE Data to buy, sell, or hold such security, nor is it considered to be investment advice.

ICE DATA AND ITS SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES AND REPRESENTATIONS, EXPRESS AND/OR IMPLIED, INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY INFORMATION INCLUDED IN, RELATED TO, OR DERIVED THEREFROM ("INDEX DATA"). ICE DATA AND ITS SUPPLIERS SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES AND THE INDEX DATA, WHICH ARE PROVIDED ON AN "AS IS" BASIS AND YOUR USE IS AT YOUR OWN RISK.

First Trust Health Care AlphaDEX<sup>®</sup> Fund (FXH)

![TSR - First Trust Fund Logo](images_30632.jpg)

### First Trust Industrials/Producer Durables AlphaDEX<sup>®</sup> Fund

#### FXR \| NYSE Arca, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| January 31, 2026
This semi-annual shareholder report contains important information about the First Trust Industrials/Producer Durables AlphaDEX<sup>®</sup> Fund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/FXR. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

#### WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(Based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| First Trust Industrials/Producer Durables AlphaDEX<sup>®</sup> Fund | $330.62%<sup>(1)</sup> |

---

<sup>(1)</sup> Annualized.

KEY FUND STATISTICS (As of January 31, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$755068858 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;147 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;32% |

---

#### WHAT DID THE FUND INVEST IN? (As of January 31, 2026)
The tables below show the investment makeup of the Fund, representing the percentage of total investments (excluding repurchase agreements held as collateral for securities lending arrangements) of the Fund.

 **Top Ten Holdings**

---

| | |
|:---|:---|
| FTAI Aviation Ltd. | 1.5% |
| Comfort Systems USA, Inc. | 1.3% |
| EMCOR Group, Inc. | 1.3% |
| Rocket Lab Corp. | 1.2% |
| Oshkosh Corp. | 1.2% |
| Quanta Services, Inc. | 1.2% |
| FedEx Corp. | 1.2% |
| GE Vernova, Inc. | 1.2% |
| Allison Transmission Holdings, Inc. | 1.2% |
| MasTec, Inc. | 1.2% |

---

 **Sector Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_11364428.jpg)

#### WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FXR to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

#### OTHER INFORMATION
Source ICE Data Indices, LLC ("ICE Data"), is used with permission. "StrataQuant<sup>®</sup>" is a service/trade mark of ICE Data or its affiliates. Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indices. Russell<sup>®</sup>, Russell 1000<sup>®</sup> and Russell 3000<sup>®</sup> are all registered trademarks of Frank Russell Company. Russell 1000<sup>®</sup> and Russell 3000<sup>®</sup> are being utilized in the indices under license. These trademarks have been licensed along with the StrataQuant<sup>®</sup> Industrials Index ("Index") for use by First Trust Portfolios L.P. ("FTP") in connection with the First Trust Industrials/Producer Durables AlphaDEX<sup>®</sup> Fund ("FXR"). Neither FTP, the Trust, nor FXR is sponsored, endorsed, sold or promoted by ICE Data, its affiliates or its Third Party Suppliers including without limitation Frank Russell Company ("ICE Data and its Suppliers"). ICE Data and its Suppliers make no representations or warranties regarding the advisability of investing in securities generally, in FXR particularly, the Trust or the ability of the Index to track general stock market performance. ICE Data's only relationship to FTP is the licensing of certain trademarks, trade names and the Index or components thereof. The Index is determined, composed and calculated by ICE Data without regard to FTP or FXR or its holders. ICE Data has no obligation to take the needs of FTP or the holders of FXR into consideration in determining, composing or calculating the Index. ICE Data is not responsible for and has not participated in the determination of the timing of, prices of, or quantities of FXR to be issued or in the determination or calculation of the equation by which FXR is to be priced, sold, purchased, or redeemed. Except for certain custom index calculation services, all information provided by ICE Data is general in nature and not tailored to the needs of FTP or any other person, entity or group of persons. ICE Data has no obligation or liability in connection with the administration, marketing, or trading of FXR. ICE Data is not an investment advisor. Inclusion of a security within an index is not a recommendation by ICE Data to buy, sell, or hold such security, nor is it considered to be investment advice.

ICE DATA AND ITS SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES AND REPRESENTATIONS, EXPRESS AND/OR IMPLIED, INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY INFORMATION INCLUDED IN, RELATED TO, OR DERIVED THEREFROM ("INDEX DATA"). ICE DATA AND ITS SUPPLIERS SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES AND THE INDEX DATA, WHICH ARE PROVIDED ON AN "AS IS" BASIS AND YOUR USE IS AT YOUR OWN RISK.

First Trust Industrials/Producer Durables AlphaDEX<sup>®</sup> Fund (FXR)

![TSR - First Trust Fund Logo](images_30632.jpg)

### First Trust Materials AlphaDEX<sup>®</sup> Fund

#### FXZ \| NYSE Arca, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| January 31, 2026
This semi-annual shareholder report contains important information about the First Trust Materials AlphaDEX<sup>®</sup> Fund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/FXZ. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

#### WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(Based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| First Trust Materials AlphaDEX<sup>®</sup> Fund | $380.66%<sup>(1)</sup> |

---

<sup>(1)</sup> Annualized.

KEY FUND STATISTICS (As of January 31, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$283598597 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;39 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;27% |

---

#### WHAT DID THE FUND INVEST IN? (As of January 31, 2026)
The tables below show the investment makeup of the Fund, representing the percentage of total investments (excluding repurchase agreements held as collateral for securities lending arrangements) of the Fund.

**Top Ten Holdings**

---

| | |
|:---|:---|
| CF Industries Holdings, Inc. | 5.2% |
| Mosaic (The) Co. | 4.9% |
| Newmont Corp. | 4.8% |
| Anglogold Ashanti PLC | 4.7% |
| Eastman Chemical Co. | 4.7% |
| Steel Dynamics, Inc. | 4.6% |
| Alcoa Corp. | 4.4% |
| Mueller Industries, Inc. | 4.1% |
| Reliance, Inc. | 3.9% |
| RBC Bearings, Inc. | 3.8% |

---

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_11364470.jpg)

#### WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FXZ to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

#### OTHER INFORMATION
Source ICE Data Indices, LLC ("ICE Data"), is used with permission. "StrataQuant<sup>®</sup>" is a service/trade mark of ICE Data or its affiliates. Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indices. Russell<sup>®</sup>, Russell 1000<sup>®</sup> and Russell 3000<sup>®</sup> are all registered trademarks of Frank Russell Company. Russell 1000<sup>®</sup> and Russell 3000<sup>®</sup> are being utilized in the indices under license. These trademarks have been licensed along with the StrataQuant<sup>®</sup> Materials Index ("Index") for use by First Trust Portfolios L.P. ("FTP") in connection with the First Trust Materials AlphaDEX<sup>®</sup> Fund ("FXZ"). Neither FTP, the Trust, nor FXZ is sponsored, endorsed, sold or promoted by ICE Data, its affiliates or its Third Party Suppliers including without limitation Frank Russell Company ("ICE Data and its Suppliers"). ICE Data and its Suppliers make no representations or warranties regarding the advisability of investing in securities generally, in FXZ particularly, the Trust or the ability of the Index to track general stock market performance. ICE Data's only relationship to FTP is the licensing of certain trademarks, trade names and the Index or components thereof. The Index is determined, composed and calculated by ICE Data without regard to FTP or FXZ or its holders. ICE Data has no obligation to take the needs of FTP or the holders of FXZ into consideration in determining, composing or calculating the Index. ICE Data is not responsible for and has not participated in the determination of the timing of, prices of, or quantities of FXZ to be issued or in the determination or calculation of the equation by which FXZ is to be priced, sold, purchased, or redeemed. Except for certain custom index calculation services, all information provided by ICE Data is general in nature and not tailored to the needs of FTP or any other person, entity or group of persons. ICE Data has no obligation or liability in connection with the administration, marketing, or trading of FXZ. ICE Data is not an investment advisor. Inclusion of a security within an index is not a recommendation by ICE Data to buy, sell, or hold such security, nor is it considered to be investment advice.

ICE DATA AND ITS SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES AND REPRESENTATIONS, EXPRESS AND/OR IMPLIED, INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY INFORMATION INCLUDED IN, RELATED TO, OR DERIVED THEREFROM ("INDEX DATA"). ICE DATA AND ITS SUPPLIERS SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES AND THE INDEX DATA, WHICH ARE PROVIDED ON AN "AS IS" BASIS AND YOUR USE IS AT YOUR OWN RISK.

First Trust Materials AlphaDEX<sup>®</sup> Fund (FXZ)

![TSR - First Trust Fund Logo](images_30632.jpg)

### First Trust Technology AlphaDEX<sup>®</sup> Fund

#### FXL \| NYSE Arca, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| January 31, 2026
This semi-annual shareholder report contains important information about the First Trust Technology AlphaDEX<sup>®</sup> Fund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/FXL. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

#### WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(Based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| First Trust Technology AlphaDEX<sup>®</sup> Fund | $320.62%<sup>(1)</sup> |

---

<sup>(1)</sup> Annualized.

KEY FUND STATISTICS (As of January 31, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$1410105234 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;104 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;42% |

---

#### WHAT DID THE FUND INVEST IN? (As of January 31, 2026)
The tables below show the investment makeup of the Fund, representing the percentage of total investments (excluding repurchase agreements held as collateral for securities lending arrangements) of the Fund.

 **Top Ten Holdings**

---

| | |
|:---|:---|
| Lam Research Corp. | 2.2% |
| MACOM Technology Solutions Holdings, Inc. | 2.1% |
| Applied Materials, Inc. | 2.1% |
| Arrow Electronics, Inc. | 2.0% |
| KLA Corp. | 1.9% |
| Micron Technology, Inc. | 1.9% |
| Vertiv Holdings Co., Class A | 1.9% |
| Advanced Micro Devices, Inc. | 1.8% |
| Cirrus Logic, Inc. | 1.8% |
| Alphabet, Inc., Class A | 1.8% |

---

 **Sector Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_11364512.jpg)

#### WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FXL to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

#### OTHER INFORMATION
Source ICE Data Indices, LLC ("ICE Data"), is used with permission. "StrataQuant<sup>®</sup>" is a service/trade mark of ICE Data or its affiliates. Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indices. Russell<sup>®</sup>, Russell 1000<sup>®</sup> and Russell 3000<sup>®</sup> are all registered trademarks of Frank Russell Company. Russell 1000<sup>®</sup> and Russell 3000<sup>®</sup> are being utilized in the indices under license. These trademarks have been licensed along with the StrataQuant<sup>®</sup> Technology Index ("Index") for use by First Trust Portfolios L.P. ("FTP") in connection with the First Trust Technology AlphaDEX<sup>®</sup> Fund ("FXL"). Neither FTP, the Trust, nor FXL is sponsored, endorsed, sold or promoted by ICE Data, its affiliates or its Third Party Suppliers including without limitation Frank Russell Company ("ICE Data and its Suppliers"). ICE Data and its Suppliers make no representations or warranties regarding the advisability of investing in securities generally, in FXL particularly, the Trust or the ability of the Index to track general stock market performance. ICE Data's only relationship to FTP is the licensing of certain trademarks, trade names and the Index or components thereof. The Index is determined, composed and calculated by ICE Data without regard to FTP or FXL or its holders. ICE Data has no obligation to take the needs of FTP or the holders of FXL into consideration in determining, composing or calculating the Index. ICE Data is not responsible for and has not participated in the determination of the timing of, prices of, or quantities of FXL to be issued or in the determination or calculation of the equation by which FXL is to be priced, sold, purchased, or redeemed. Except for certain custom index calculation services, all information provided by ICE Data is general in nature and not tailored to the needs of FTP or any other person, entity or group of persons. ICE Data has no obligation or liability in connection with the administration, marketing, or trading of FXL. ICE Data is not an investment advisor. Inclusion of a security within an index is not a recommendation by ICE Data to buy, sell, or hold such security, nor is it considered to be investment advice.

ICE DATA AND ITS SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES AND REPRESENTATIONS, EXPRESS AND/OR IMPLIED, INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY INFORMATION INCLUDED IN, RELATED TO, OR DERIVED THEREFROM ("INDEX DATA"). ICE DATA AND ITS SUPPLIERS SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES AND THE INDEX DATA, WHICH ARE PROVIDED ON AN "AS IS" BASIS AND YOUR USE IS AT YOUR OWN RISK.

First Trust Technology AlphaDEX<sup>®</sup> Fund (FXL)

![TSR - First Trust Fund Logo](images_30632.jpg)

### First Trust Utilities AlphaDEX<sup>®</sup> Fund

#### FXU \| NYSE Arca, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| January 31, 2026
This semi-annual shareholder report contains important information about the First Trust Utilities AlphaDEX<sup>®</sup> Fund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/FXU. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

#### WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(Based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| First Trust Utilities AlphaDEX<sup>®</sup> Fund | $320.61%<sup>(1)</sup> |

---

<sup>(1)</sup> Annualized.

KEY FUND STATISTICS (As of January 31, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$811277926 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;41 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;21% |

---

#### WHAT DID THE FUND INVEST IN? (As of January 31, 2026)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.

 **Top Ten Holdings**

---

| | |
|:---|:---|
| Consolidated Edison, Inc. | 4.3% |
| UGI Corp. | 4.3% |
| National Fuel Gas Co. | 4.2% |
| Edison International | 4.2% |
| Exelon Corp. | 4.1% |
| OGE Energy Corp. | 4.1% |
| Essential Utilities, Inc. | 4.1% |
| PG&E Corp. | 3.9% |
| Clearway Energy, Inc., Class C | 3.5% |
| Evergy, Inc. | 3.4% |

---

 **Sector Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_11364554.jpg)

#### WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FXU to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

#### OTHER INFORMATION
Source ICE Data Indices, LLC ("ICE Data"), is used with permission. "StrataQuant<sup>®</sup>" is a service/trade mark of ICE Data or its affiliates. Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indices. Russell<sup>®</sup>, Russell 1000<sup>®</sup> and Russell 3000<sup>®</sup> are all registered trademarks of Frank Russell Company. Russell 1000<sup>®</sup> and Russell 3000<sup>®</sup> are being utilized in the indices under license. These trademarks have been licensed along with the StrataQuant<sup>®</sup> Utilities Index ("Index") for use by First Trust Portfolios L.P. ("FTP") in connection with the First Trust Utilities AlphaDEX<sup>®</sup> Fund ("FXU"). Neither FTP, the Trust, nor FXU is sponsored, endorsed, sold or promoted by ICE Data, its affiliates or its Third Party Suppliers including without limitation Frank Russell Company ("ICE Data and its Suppliers"). ICE Data and its Suppliers make no representations or warranties regarding the advisability of investing in securities generally, in FXU particularly, the Trust or the ability of the Index to track general stock market performance. ICE Data's only relationship to FTP is the licensing of certain trademarks, trade names and the Index or components thereof. The Index is determined, composed and calculated by ICE Data without regard to FTP or FXU or its holders. ICE Data has no obligation to take the needs of FTP or the holders of FXU into consideration in determining, composing or calculating the Index. ICE Data is not responsible for and has not participated in the determination of the timing of, prices of, or quantities of FXU to be issued or in the determination or calculation of the equation by which FXU is to be priced, sold, purchased, or redeemed. Except for certain custom index calculation services, all information provided by ICE Data is general in nature and not tailored to the needs of FTP or any other person, entity or group of persons. ICE Data has no obligation or liability in connection with the administration, marketing, or trading of FXU. ICE Data is not an investment advisor. Inclusion of a security within an index is not a recommendation by ICE Data to buy, sell, or hold such security, nor is it considered to be investment advice.

ICE DATA AND ITS SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES AND REPRESENTATIONS, EXPRESS AND/OR IMPLIED, INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY INFORMATION INCLUDED IN, RELATED TO, OR DERIVED THEREFROM ("INDEX DATA"). ICE DATA AND ITS SUPPLIERS SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES AND THE INDEX DATA, WHICH ARE PROVIDED ON AN "AS IS" BASIS AND YOUR USE IS AT YOUR OWN RISK.

First Trust Utilities AlphaDEX<sup>®</sup> Fund (FXU)

![TSR - First Trust Fund Logo](images_30632.jpg)

### First Trust Large Cap Core AlphaDEX<sup>®</sup> Fund

#### FEX \| Nasdaq, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| January 31, 2026
This semi-annual shareholder report contains important information about the First Trust Large Cap Core AlphaDEX<sup>®</sup> Fund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/FEX. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

#### WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(Based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| First Trust Large Cap Core AlphaDEX<sup>®</sup> Fund | $310.58%<sup>(1)</sup> |

---

<sup>(1)</sup> Annualized.

KEY FUND STATISTICS (As of January 31, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$1410102381 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;376 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;45% |

---

#### WHAT DID THE FUND INVEST IN? (As of January 31, 2026)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.

 **Top Ten Holdings**

---

| | |
|:---|:---|
| Seagate Technology Holdings PLC | 0.6% |
| FTAI Aviation Ltd. | 0.6% |
| SLB Ltd. | 0.5% |
| Baker Hughes Co. | 0.5% |
| Comfort Systems USA, Inc. | 0.5% |
| CF Industries Holdings, Inc. | 0.5% |
| Exxon Mobil Corp. | 0.5% |
| Micron Technology, Inc. | 0.5% |
| Western Digital Corp. | 0.5% |
| Chevron Corp. | 0.5% |

---

 **Sector Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_11363756.jpg)

#### WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FEX to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

#### OTHER INFORMATION
Nasdaq<sup>®</sup> and Nasdaq AlphaDEX Large Cap Core<sup>TM</sup> 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 Advisors L.P. ("First Trust"). AlphaDEX<sup>®</sup> is a registered trademark owned by First Trust that has been licensed to Nasdaq, Inc. for use in the name of the Index. The Fund has not been passed on by the Corporations as to its legality or suitability. The Fund is not issued, endorsed, sold or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUND.

First Trust Large Cap Core AlphaDEX<sup>®</sup> Fund (FEX)

![TSR - First Trust Fund Logo](images_30632.jpg)

### First Trust Mid Cap Core AlphaDEX<sup>®</sup> Fund

#### FNX \| Nasdaq, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| January 31, 2026
This semi-annual shareholder report contains important information about the First Trust Mid Cap Core AlphaDEX<sup>®</sup> Fund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/FNX. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

#### WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(Based on a hypothetical $10,000 investment)

---

| |
|:---|
| **Fund** |
| First Trust Mid Cap Core AlphaDEX<sup>®</sup> Fund$31<sup>(1)</sup>0.58%<sup>(1) (2)</sup> |

---

<sup>(1)</sup> Excludes any Acquired Fund Fees and Expenses of underlying investment companies in which the Fund invests. <br> <sup>(2)</sup> Annualized.

KEY FUND STATISTICS (As of January 31, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$1239010149 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;452 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;53% |

---

#### WHAT DID THE FUND INVEST IN? (As of January 31, 2026)
The tables below show the investment makeup of the Fund, representing the percentage of total investments (excluding repurchase agreements held as collateral for securities lending arrangements) of the Fund.

 **Top Ten Holdings**

---

| | |
|:---|:---|
| Bloom Energy Corp., Class A | 0.6% |
| AST SpaceMobile, Inc. | 0.5% |
| TTM Technologies, Inc. | 0.5% |
| Nextpower, Inc., Class A | 0.5% |
| Bunge Global S.A. | 0.5% |
| California Resources Corp. | 0.4% |
| Primoris Services Corp. | 0.4% |
| Rush Enterprises, Inc., Class A | 0.4% |
| NOV, Inc. | 0.4% |
| Hecla Mining Co. | 0.4% |

---

 **Sector Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_11363798.jpg)

#### WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FNX to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

#### OTHER INFORMATION
Nasdaq<sup>®</sup> and Nasdaq AlphaDEX Mid Cap Core<sup>TM</sup> 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 Advisors L.P. ("First Trust"). AlphaDEX<sup>®</sup> is a registered trademark owned by First Trust that has been licensed to Nasdaq, Inc. for use in the name of the Index. The Fund has not been passed on by the Corporations as to its legality or suitability. The Fund is not issued, endorsed, sold or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUND.

First Trust Mid Cap Core AlphaDEX<sup>®</sup> Fund (FNX)

![TSR - First Trust Fund Logo](images_30632.jpg)

### First Trust Small Cap Core AlphaDEX<sup>®</sup> Fund

#### FYX \| Nasdaq, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| January 31, 2026
This semi-annual shareholder report contains important information about the First Trust Small Cap Core AlphaDEX<sup>®</sup> Fund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/FYX. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

#### WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(Based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| First Trust Small Cap Core AlphaDEX<sup>®</sup> Fund | $330.59%<sup>(1)</sup> |

---

<sup>(1)</sup> Annualized.

KEY FUND STATISTICS (As of January 31, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$1014848490 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;528 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;52% |

---

#### WHAT DID THE FUND INVEST IN? (As of January 31, 2026)
The tables below show the investment makeup of the Fund, representing the percentage of total investments (excluding repurchase agreements held as collateral for securities lending arrangements) of the Fund.

 **Top Ten Holdings**

---

| | |
|:---|:---|
| Vicor Corp. | 0.4% |
| Astronics Corp. | 0.4% |
| Kosmos Energy Ltd. | 0.4% |
| Brookdale Senior Living, Inc. | 0.4% |
| Liberty Energy, Inc. | 0.4% |
| Mirum Pharmaceuticals, Inc. | 0.4% |
| Matson, Inc. | 0.4% |
| Planet Labs PBC | 0.4% |
| Liquidia Corp. | 0.4% |
| International Seaways, Inc. | 0.4% |

---

 **Sector Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_11363840.jpg)

#### WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FYX to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

#### OTHER INFORMATION
Nasdaq<sup>®</sup> and Nasdaq AlphaDEX Small Cap Core<sup>TM</sup> 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 Advisors L.P. ("First Trust"). AlphaDEX<sup>®</sup> is a registered trademark owned by First Trust that has been licensed to Nasdaq, Inc. for use in the name of the Index. The Fund has not been passed on by the Corporations as to its legality or suitability. The Fund is not issued, endorsed, sold or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUND.

First Trust Small Cap Core AlphaDEX<sup>®</sup> Fund (FYX)

![TSR - First Trust Fund Logo](images_30632.jpg)

### First Trust Large Cap Value AlphaDEX<sup>®</sup> Fund

#### FTA \| Nasdaq, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| January 31, 2026
This semi-annual shareholder report contains important information about the First Trust Large Cap Value AlphaDEX<sup>®</sup> Fund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/FTA. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

#### WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(Based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| First Trust Large Cap Value AlphaDEX<sup>®</sup> Fund | $320.58%<sup>(1)</sup> |

---

<sup>(1)</sup> Annualized.

KEY FUND STATISTICS (As of January 31, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$1236649874 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;189 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;43% |

---

#### WHAT DID THE FUND INVEST IN? (As of January 31, 2026)
The tables below show the investment makeup of the Fund, representing the percentage of total investments (excluding repurchase agreements held as collateral for securities lending arrangements) of the Fund.

 **Top Ten Holdings**

---

| | |
|:---|:---|
| SLB Ltd. | 1.1% |
| CF Industries Holdings, Inc. | 1.0% |
| Exxon Mobil Corp. | 1.0% |
| Chevron Corp. | 1.0% |
| ConocoPhillips | 1.0% |
| Occidental Petroleum Corp. | 1.0% |
| Devon Energy Corp. | 0.9% |
| Coterra Energy, Inc. | 0.9% |
| Verizon Communications, Inc. | 0.9% |
| Diamondback Energy, Inc. | 0.9% |

---

 **Sector Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_11363924.jpg)

#### WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FTA to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

#### OTHER INFORMATION
Nasdaq<sup>®</sup> and Nasdaq AlphaDEX Large Cap Value<sup>TM</sup> 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 Advisors L.P. ("First Trust"). AlphaDEX<sup>®</sup> is a registered trademark owned by First Trust that has been licensed to Nasdaq, Inc. for use in the name of the Index. The Fund has not been passed on by the Corporations as to its legality or suitability. The Fund is not issued, endorsed, sold or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUND.

First Trust Large Cap Value AlphaDEX<sup>®</sup> Fund (FTA)

![TSR - First Trust Fund Logo](images_30632.jpg)

### First Trust Large Cap Growth AlphaDEX<sup>®</sup> Fund

#### FTC \| Nasdaq, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| January 31, 2026
This semi-annual shareholder report contains important information about the First Trust Large Cap Growth AlphaDEX<sup>®</sup> Fund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/FTC. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

#### WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(Based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| First Trust Large Cap Growth AlphaDEX<sup>®</sup> Fund | $300.58%<sup>(1)</sup> |

---

<sup>(1)</sup> Annualized.

KEY FUND STATISTICS (As of January 31, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$1273639962 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;189 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;51% |

---

#### WHAT DID THE FUND INVEST IN? (As of January 31, 2026)
The tables below show the investment makeup of the Fund, representing the percentage of total investments (excluding repurchase agreements held as collateral for securities lending arrangements) of the Fund.

 **Top Ten Holdings**

---

| | |
|:---|:---|
| Seagate Technology Holdings PLC | 1.3% |
| FTAI Aviation Ltd. | 1.2% |
| Lam Research Corp. | 1.2% |
| Comfort Systems USA, Inc. | 1.1% |
| EMCOR Group, Inc. | 1.0% |
| Coherent Corp. | 1.0% |
| Vertiv Holdings Co., Class A | 1.0% |
| Rocket Lab Corp. | 1.0% |
| Caterpillar, Inc. | 1.0% |
| Newmont Corp. | 1.0% |

---

 **Sector Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_11363882.jpg)

#### WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FTC to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

#### OTHER INFORMATION
Nasdaq<sup>®</sup> and Nasdaq AlphaDEX Large Cap Growth<sup>TM</sup> 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 Advisors L.P. ("First Trust"). AlphaDEX<sup>®</sup> is a registered trademark owned by First Trust that has been licensed to Nasdaq, Inc. for use in the name of the Index. The Fund has not been passed on by the Corporations as to its legality or suitability. The Fund is not issued, endorsed, sold or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUND.

First Trust Large Cap Growth AlphaDEX<sup>®</sup> Fund (FTC)

![TSR - First Trust Fund Logo](images_30632.jpg)

### First Trust Multi Cap Value AlphaDEX<sup>®</sup> Fund

#### FAB \| Nasdaq, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| January 31, 2026
This semi-annual shareholder report contains important information about the First Trust Multi Cap Value AlphaDEX<sup>®</sup> Fund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/FAB. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

#### WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(Based on a hypothetical $10,000 investment)

---

| |
|:---|
| **Fund** |
| First Trust Multi Cap Value AlphaDEX<sup>®</sup> Fund$37<sup>(1)</sup>0.68%<sup>(1) (2)</sup> |

---

<sup>(1)</sup> Excludes any Acquired Fund Fees and Expenses of underlying investment companies in which the Fund invests. <br> <sup>(2)</sup> Annualized.

KEY FUND STATISTICS (As of January 31, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$126825655 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;676 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;46% |

---

#### WHAT DID THE FUND INVEST IN? (As of January 31, 2026)
The tables below show the investment makeup of the Fund, representing the percentage of total investments (excluding repurchase agreements held as collateral for securities lending arrangements) of the Fund.

 **Top Ten Holdings**

---

| | |
|:---|:---|
| SLB Ltd. | 0.5% |
| CF Industries Holdings, Inc. | 0.5% |
| Exxon Mobil Corp. | 0.5% |
| Chevron Corp. | 0.5% |
| ConocoPhillips | 0.5% |
| Occidental Petroleum Corp. | 0.5% |
| Devon Energy Corp. | 0.5% |
| Coterra Energy, Inc. | 0.5% |
| Verizon Communications, Inc. | 0.5% |
| Diamondback Energy, Inc. | 0.5% |

---

 **Sector Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_11364008.jpg)

#### WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FAB to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

#### OTHER INFORMATION
Nasdaq<sup>®</sup> and Nasdaq AlphaDEX Multi Cap Value<sup>TM</sup> 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 Advisors L.P. ("First Trust"). AlphaDEX<sup>®</sup> is a registered trademark owned by First Trust that has been licensed to Nasdaq, Inc. for use in the name of the Index. The Fund has not been passed on by the Corporations as to its legality or suitability. The Fund is not issued, endorsed, sold or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUND.

First Trust Multi Cap Value AlphaDEX<sup>®</sup> Fund (FAB)

![TSR - First Trust Fund Logo](images_30632.jpg)

### First Trust Multi Cap Growth AlphaDEX<sup>®</sup> Fund

#### FAD \| Nasdaq, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| January 31, 2026
This semi-annual shareholder report contains important information about the First Trust Multi Cap Growth AlphaDEX<sup>®</sup> Fund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/FAD. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

#### WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(Based on a hypothetical $10,000 investment)

---

| |
|:---|
| **Fund** |
| First Trust Multi Cap Growth AlphaDEX<sup>®</sup> Fund$32<sup>(1)</sup>0.60%<sup>(1) (2)</sup> |

---

<sup>(1)</sup> Excludes any Acquired Fund Fees and Expenses of underlying investment companies in which the Fund invests. <br> <sup>(2)</sup> Annualized.

KEY FUND STATISTICS (As of January 31, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$407195476 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;678 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;51% |

---

#### WHAT DID THE FUND INVEST IN? (As of January 31, 2026)
The tables below show the investment makeup of the Fund, representing the percentage of total investments (excluding repurchase agreements held as collateral for securities lending arrangements) of the Fund.

 **Top Ten Holdings**

---

| | |
|:---|:---|
| Seagate Technology Holdings PLC | 0.6% |
| FTAI Aviation Ltd. | 0.6% |
| Lam Research Corp. | 0.6% |
| Comfort Systems USA, Inc. | 0.5% |
| EMCOR Group, Inc. | 0.5% |
| Coherent Corp. | 0.5% |
| Vertiv Holdings Co., Class A | 0.5% |
| Rocket Lab Corp. | 0.5% |
| Caterpillar, Inc. | 0.5% |
| Newmont Corp. | 0.5% |

---

 **Sector Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_11363966.jpg)

#### WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FAD to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

#### OTHER INFORMATION
Nasdaq<sup>®</sup> and Nasdaq AlphaDEX Multi Cap Growth<sup>TM</sup> 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 Advisors L.P. ("First Trust"). AlphaDEX<sup>®</sup> is a registered trademark owned by First Trust that has been licensed to Nasdaq, Inc. for use in the name of the Index. The Fund has not been passed on by the Corporations as to its legality or suitability. The Fund is not issued, endorsed, sold or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUND.

First Trust Multi Cap Growth AlphaDEX<sup>®</sup> Fund (FAD)

![TSR - First Trust Fund Logo](images_30632.jpg)

### First Trust Mid Cap Value AlphaDEX<sup>®</sup> Fund

#### FNK \| Nasdaq, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| January 31, 2026
This semi-annual shareholder report contains important information about the First Trust Mid Cap Value AlphaDEX<sup>®</sup> Fund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/FNK. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

#### WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(Based on a hypothetical $10,000 investment)

---

| |
|:---|
| **Fund** |
| First Trust Mid Cap Value AlphaDEX<sup>®</sup> Fund$38<sup>(1)</sup>0.71%<sup>(1) (2) (3)</sup> |

---

<sup>(1)</sup> Excludes any Acquired Fund Fees and Expenses of underlying investment companies in which the Fund invests.

<sup>(2)</sup> Annualized.

<sup>(3)</sup> Includes extraordinary expenses. If these extraordinary expenses were not included, the expense ratio would have been 0.70%.

KEY FUND STATISTICS (As of January 31, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$210613633 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;227 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;55% |

---

#### WHAT DID THE FUND INVEST IN? (As of January 31, 2026)
The tables below show the investment makeup of the Fund, representing the percentage of total investments (excluding repurchase agreements held as collateral for securities lending arrangements) of the Fund.

**Top Ten Holdings**

---

| | |
|:---|:---|
| Bunge Global S.A. | 0.9% |
| California Resources Corp. | 0.8% |
| NOV, Inc. | 0.8% |
| Fluor Corp. | 0.8% |
| Magnolia Oil & Gas Corp., Class A | 0.8% |
| CarMax, Inc. | 0.8% |
| Permian Resources Corp., Class A | 0.8% |
| Mosaic (The) Co. | 0.8% |
| HF Sinclair Corp. | 0.8% |
| Ovintiv, Inc. | 0.8% |

---

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_11364092.jpg)

#### WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FNK to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

#### OTHER INFORMATION
Nasdaq<sup>®</sup> and Nasdaq AlphaDEX Mid Cap Value<sup>TM</sup> 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 Advisors L.P. ("First Trust"). AlphaDEX<sup>®</sup> is a registered trademark owned by First Trust that has been licensed to Nasdaq, Inc. for use in the name of the Index. The Fund has not been passed on by the Corporations as to its legality or suitability. The Fund is not issued, endorsed, sold or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUND.

First Trust Mid Cap Value AlphaDEX<sup>®</sup> Fund (FNK)

![TSR - First Trust Fund Logo](images_30632.jpg)

### First Trust Mid Cap Growth AlphaDEX<sup>®</sup> Fund

#### FNY \| Nasdaq, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| January 31, 2026
This semi-annual shareholder report contains important information about the First Trust Mid Cap Growth AlphaDEX<sup>®</sup> Fund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/FNY. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

#### WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(Based on a hypothetical $10,000 investment)

---

| |
|:---|
| **Fund** |
| First Trust Mid Cap Growth AlphaDEX<sup>®</sup> Fund$38<sup>(1)</sup>0.71%<sup>(1) (2) (3)</sup> |

---

<sup>(1)</sup> Excludes any Acquired Fund Fees and Expenses of underlying investment companies in which the Fund invests.

<sup>(2)</sup> Annualized. 

<sup>(3)</sup> Includes extraordinary expenses. If these extraordinary expenses were not included, the expense ratio would have been 0.70%.

KEY FUND STATISTICS (As of January 31, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$492541404 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;227 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;69% |

---

#### WHAT DID THE FUND INVEST IN? (As of January 31, 2026)
The tables below show the investment makeup of the Fund, representing the percentage of total investments (excluding repurchase agreements held as collateral for securities lending arrangements) of the Fund.

 **Top Ten Holdings**

---

| | |
|:---|:---|
| Bloom Energy Corp., Class A | 1.2% |
| AST SpaceMobile, Inc. | 1.1% |
| TTM Technologies, Inc. | 1.0% |
| Nextpower, Inc., Class A | 1.0% |
| MACOM Technology Solutions Holdings, Inc. | 0.9% |
| Primoris Services Corp. | 0.9% |
| Uranium Energy Corp. | 0.8% |
| Hecla Mining Co. | 0.8% |
| Lumen Technologies, Inc. | 0.8% |
| Krystal Biotech, Inc. | 0.8% |

---

 **Sector Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_11364050.jpg)

#### WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FNY to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

#### OTHER INFORMATION
Nasdaq<sup>®</sup> and Nasdaq AlphaDEX Mid Cap Growth<sup>TM</sup> 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 Advisors L.P. ("First Trust"). AlphaDEX<sup>®</sup> is a registered trademark owned by First Trust that has been licensed to Nasdaq, Inc. for use in the name of the Index. The Fund has not been passed on by the Corporations as to its legality or suitability. The Fund is not issued, endorsed, sold or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUND.

First Trust Mid Cap Growth AlphaDEX<sup>®</sup> Fund (FNY)

![TSR - First Trust Fund Logo](images_30632.jpg)

### First Trust Small Cap Value AlphaDEX<sup>®</sup> Fund

#### FYT \| Nasdaq, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| January 31, 2026
This semi-annual shareholder report contains important information about the First Trust Small Cap Value AlphaDEX<sup>®</sup> Fund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/FYT. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

#### WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(Based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| First Trust Small Cap Value AlphaDEX<sup>®</sup> Fund | $390.71%<sup>(1) (2)</sup> |

---

<sup>(1)</sup> Annualized.

<sup>(2)</sup> Includes extraordinary expenses. If these extraordinary expenses were not included, the expense ratio would have been 0.70%.

KEY FUND STATISTICS (As of January 31, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$164437846 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;264 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;55% |

---

#### WHAT DID THE FUND INVEST IN? (As of January 31, 2026)
The tables below show the investment makeup of the Fund, representing the percentage of total investments (excluding repurchase agreements held as collateral for securities lending arrangements) of the Fund.

**Top Ten Holdings**

---

| | |
|:---|:---|
| Kosmos Energy Ltd. | 0.8% |
| Liberty Energy, Inc. | 0.8% |
| Matson, Inc. | 0.8% |
| International Seaways, Inc. | 0.7% |
| RPC, Inc. | 0.7% |
| Stepan Co. | 0.7% |
| ArcBest Corp. | 0.7% |
| Dorian LPG Ltd. | 0.7% |
| Bristow Group, Inc. | 0.7% |
| Expro Group Holdings N.V. | 0.7% |

---

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_11364176.jpg)

#### WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FYT to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

#### OTHER INFORMATION
Nasdaq<sup>®</sup> and Nasdaq AlphaDEX Small Cap Value<sup>TM</sup> 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 Advisors L.P. ("First Trust"). AlphaDEX<sup>®</sup> is a registered trademark owned by First Trust that has been licensed to Nasdaq, Inc. for use in the name of the Index. The Fund has not been passed on by the Corporations as to its legality or suitability. The Fund is not issued, endorsed, sold or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUND.

First Trust Small Cap Value AlphaDEX<sup>®</sup> Fund (FYT)

![TSR - First Trust Fund Logo](images_30632.jpg)

### First Trust Small Cap Growth AlphaDEX<sup>®</sup> Fund

#### FYC \| Nasdaq, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| January 31, 2026
This semi-annual shareholder report contains important information about the First Trust Small Cap Growth AlphaDEX<sup>®</sup> Fund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at www.ftportfolios.com/fund-documents/etf/FYC. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

#### WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?
(Based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| First Trust Small Cap Growth AlphaDEX<sup>®</sup> Fund | $400.71%<sup>(1) (2)</sup> |

---

<sup>(1)</sup> Annualized. 

<sup>(2)</sup> Includes extraordinary expenses. If these extraordinary expenses were not included, the expense ratio would have been 0.70%.

KEY FUND STATISTICS (As of January 31, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$903354331 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;266 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;65% |

---

#### WHAT DID THE FUND INVEST IN? (As of January 31, 2026)
The tables below show the investment makeup of the Fund, representing the percentage of total investments (excluding repurchase agreements held as collateral for securities lending arrangements) of the Fund.

 **Top Ten Holdings**

---

| | |
|:---|:---|
| ACM Research, Inc., Class A | 0.9% |
| Vicor Corp. | 0.9% |
| Astronics Corp. | 0.9% |
| Brookdale Senior Living, Inc. | 0.9% |
| Ardelyx, Inc. | 0.8% |
| Mirum Pharmaceuticals, Inc. | 0.8% |
| Eos Energy Enterprises, Inc. | 0.8% |
| Planet Labs PBC | 0.8% |
| Liquidia Corp. | 0.8% |
| Lemonade, Inc. | 0.8% |

---

 **Sector Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_11364134.jpg)

#### WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/etf/FYC to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

#### OTHER INFORMATION
Nasdaq<sup>®</sup> and Nasdaq AlphaDEX Small Cap Growth<sup>TM</sup> 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 Advisors L.P. ("First Trust"). AlphaDEX<sup>®</sup> is a registered trademark owned by First Trust that has been licensed to Nasdaq, Inc. for use in the name of the Index. The Fund has not been passed on by the Corporations as to its legality or suitability. The Fund is not issued, endorsed, sold or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUND.

First Trust Small Cap Growth AlphaDEX<sup>®</sup> Fund (FYC)

(b) Not applicable.

**Item 2. Code of Ethics.**

The First Trust Exchange-Traded AlphaDEX<sup>®</sup> Fund ("Registrant") has adopted a code of ethics that applies to the Registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions ("Code of Ethics"). During the period covered by this Form N-CSR, there were no substantive amendments to the Code of Ethics and there were no waivers from the Code of Ethics granted to the Registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions.

A copy of the currently effective Code of Ethics will be filed with the Registrant's annual Form N-CSR.

**Item 3. Audit Committee Financial Expert.**

Not applicable to semi-annual reports on Form N-CSR.

**Item 4. Principal Accountant Fees and Services.**

Not applicable to semi-annual reports on Form N-CSR.

**Item 5. Audit Committee of Listed Registrants.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable to semi-annual reports on Form N-CSR.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable to the Registrant.

**Item 6. Investments.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included in the Financial
Statements and Other Information filed under Item 7 of this Form N-CSR.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable to the Registrant.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

(a) Following is a copy of the semi-annual financial statement(s) required, and for the periods specified, by Regulation S-X.

![](imge50bf72c1.gif)

**First Trust Exchange-Traded AlphaDEX<sup>®</sup> Fund**

Semi-Annual Financial Statements and Other Information

For the Six Months Ended January 31, 2026

**<u>AlphaDEX<sup>®</sup> Sector Funds</u>** 

---

| |
|:---|
| First Trust Consumer Discretionary AlphaDEX<sup>®</sup> Fund (FXD) |
| First Trust Consumer Staples AlphaDEX<sup>®</sup> Fund (FXG) |
| First Trust Energy AlphaDEX<sup>®</sup> Fund (FXN) |
| First Trust Financials AlphaDEX<sup>®</sup> Fund (FXO) |
| First Trust Health Care AlphaDEX<sup>®</sup> Fund (FXH) |
| First Trust Industrials/Producer Durables AlphaDEX<sup>®</sup> Fund (FXR) |
| First Trust Materials AlphaDEX<sup>®</sup> Fund (FXZ) |
| First Trust Technology AlphaDEX<sup>®</sup> Fund (FXL) |
| First Trust Utilities AlphaDEX<sup>®</sup> Fund (FXU) |

---

![](img890747df2.gif)

AlphaDEX<sup>®</sup> is a registered trademark of First Trust Portfolios L.P.

------

**Table of Contents** 

**First Trust Exchange-Traded AlphaDEX**<sup>®</sup> **Fund**

**Sector Funds**

**Semi-Annual Financial Statements and Other Information**

**January 31, 2026** 

---

| | |
|:---|:---|
| [Portfolio of Investments](#xx_1675bfd8-24f0-4a54-958d-2b1ff1789907_SOI-TOC-ScheduleofInvestments-4218_1) |  |
| [First Trust Consumer Discretionary AlphaDEX](#xx_1675bfd8-24f0-4a54-958d-2b1ff1789907_SOI-TOC-ScheduleofInvestments-4218_1)<sup>®</sup>[Fund (FXD)](#xx_1675bfd8-24f0-4a54-958d-2b1ff1789907_SOI-TOC-ScheduleofInvestments-4218_1) | 1 |
| [First Trust Consumer Staples AlphaDEX](#xx_1675bfd8-24f0-4a54-958d-2b1ff1789907_SOI-TOC-ScheduleofInvestments-4217_1)<sup>®</sup>[Fund (FXG)](#xx_1675bfd8-24f0-4a54-958d-2b1ff1789907_SOI-TOC-ScheduleofInvestments-4217_1) | 4 |
| [First Trust Energy AlphaDEX](#xx_1675bfd8-24f0-4a54-958d-2b1ff1789907_SOI-TOC-ScheduleofInvestments-4219_1)<sup>®</sup>[Fund (FXN)](#xx_1675bfd8-24f0-4a54-958d-2b1ff1789907_SOI-TOC-ScheduleofInvestments-4219_1) | 6 |
| [First Trust Financials AlphaDEX](#xx_1675bfd8-24f0-4a54-958d-2b1ff1789907_SOI-TOC-ScheduleofInvestments-4220_1)<sup>®</sup>[Fund (FXO)](#xx_1675bfd8-24f0-4a54-958d-2b1ff1789907_SOI-TOC-ScheduleofInvestments-4220_1) | 7 |
| [First Trust Health Care AlphaDEX](#xx_1675bfd8-24f0-4a54-958d-2b1ff1789907_SOI-TOC-ScheduleofInvestments-4221_1)<sup>®</sup>[Fund (FXH)](#xx_1675bfd8-24f0-4a54-958d-2b1ff1789907_SOI-TOC-ScheduleofInvestments-4221_1) | 10 |
| [First Trust Industrials/Producer Durables AlphaDEX](#xx_1675bfd8-24f0-4a54-958d-2b1ff1789907_SOI-TOC-ScheduleofInvestments-4222_1)<sup>®</sup>[Fund (FXR)](#xx_1675bfd8-24f0-4a54-958d-2b1ff1789907_SOI-TOC-ScheduleofInvestments-4222_1) | 12 |
| [First Trust Materials AlphaDEX](#xx_1675bfd8-24f0-4a54-958d-2b1ff1789907_SOI-TOC-ScheduleofInvestments-4223_1)<sup>®</sup>[Fund (FXZ)](#xx_1675bfd8-24f0-4a54-958d-2b1ff1789907_SOI-TOC-ScheduleofInvestments-4223_1) | 16 |
| [First Trust Technology AlphaDEX](#xx_1675bfd8-24f0-4a54-958d-2b1ff1789907_SOI-TOC-ScheduleofInvestments-4224_1)<sup>®</sup>[Fund (FXL)](#xx_1675bfd8-24f0-4a54-958d-2b1ff1789907_SOI-TOC-ScheduleofInvestments-4224_1) | 18 |
| [First Trust Utilities AlphaDEX](#xx_1675bfd8-24f0-4a54-958d-2b1ff1789907_SOI-TOC-ScheduleofInvestments-4225_1)<sup>®</sup>[Fund (FXU)](#xx_1675bfd8-24f0-4a54-958d-2b1ff1789907_SOI-TOC-ScheduleofInvestments-4225_1) | 21 |
| [Statements of Assets and Liabilities](#xx_1675bfd8-24f0-4a54-958d-2b1ff1789907_SAL1-TOC-StatementofAssetsandLiabilities-4218_1) | 22 |
| [Statements of Operations](#xx_1675bfd8-24f0-4a54-958d-2b1ff1789907_SOP1-TOC-StatementofOperations-4218_1) | 24 |
| [Statements of Changes in Net Assets](#xx_1675bfd8-24f0-4a54-958d-2b1ff1789907_SOC1-TOC-StatementofChanges-4218_1) | 26 |
| [Financial Highlights](#xx_1675bfd8-24f0-4a54-958d-2b1ff1789907_FIHI-TOC-FinancialHighlights-4217_1) | 30 |
| [Notes to Financial Statements](#xx_1675bfd8-24f0-4a54-958d-2b1ff1789907_NTF-TOC-NotestoFinancialStatements-4218_1) | 39 |
| [Other Information](#xx_1675bfd8-24f0-4a54-958d-2b1ff1789907_AI-TOC-AdditionalInformation-4218_1) | 48 |

---

**Performance and Risk Disclosure**

There is no assurance that any series of First Trust Exchange-Traded AlphaDEX<sup>®</sup> Fund (the "Trust") described in this report (each such series is referred to as a "Fund" and collectively, as the "Funds") 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.

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.

First Trust Advisors L.P., the Funds' 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 that provides insight into each Fund's performance and investment approach.

The material risks of investing in each Fund are spelled out in its prospectus, statement of additional information, and other Fund regulatory filings.

------

**First Trust Consumer Discretionary AlphaDEX**<sup>®</sup> **Fund (FXD)**

**Portfolio of Investments**

**January 31, 2026 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS — 100.0%** | **COMMON STOCKS — 100.0%** | **COMMON STOCKS — 100.0%** |
|  | **Automobile Components —** <br> **4.0%**  |  |
| 22411 | Aptiv PLC (a) | $1697633 |
| 37843 | BorgWarner, Inc. | 1794137 |
| 191168 | Gentex Corp. | 4398776 |
| 38817 | Lear Corp. | 4545082 |
|  |  | 12435628 |
|  | **Automobiles — 5.1%**  |  |
| 259946 | Ford Motor Co. | 3608051 |
| 41939 | General Motors Co. | 3522876 |
| 217105 | Harley-Davidson, Inc. | 4298679 |
| 1896 | Tesla, Inc. (a) | 816057 |
| 33218 | Thor Industries, Inc. | 3716098 |
|  |  | 15961761 |
|  | **Broadline Retail — 4.6%**  |  |
| 11563 | Amazon.com, Inc. (a) | 2767026 |
| 36144 | Coupang, Inc. (a) | 728663 |
| 5624 | Dillard's, Inc., Class A | 3416918 |
| 19579 | eBay, Inc. | 1785996 |
| 15379 | Etsy, Inc. (a) | 814472 |
| 201746 | Macy's, Inc. | 4038955 |
| 7778 | Ollie's Bargain Outlet Holdings, <br> Inc. (a) | 857991 |
|  |  | 14410021 |
|  | **Commercial Services &** <br> **Supplies — 1.8%**  |  |
| 68176 | Copart, Inc. (a) | 2766582 |
| 8288 | RB Global, Inc. | 941268 |
| 28412 | Rollins, Inc. | 1799616 |
|  |  | 5507466 |
|  | **Consumer Staples Distribution** <br> **& Retail — 4.1%**  |  |
| 18940 | BJ's Wholesale Club Holdings, <br> Inc. (a) | 1750814 |
| 989 | Costco Wholesale Corp. | 929907 |
| 12844 | Dollar General Corp. | 1842215 |
| 6931 | Dollar Tree, Inc. (a) | 815016 |
| 34890 | Target Corp. | 3679848 |
| 30612 | Walmart, Inc. | 3647114 |
|  |  | 12664914 |
|  | **Distributors — 2.8%**  |  |
| 13868 | Genuine Parts Co. | 1927513 |
| 147301 | LKQ Corp. | 4838838 |
| 7455 | Pool Corp. | 1894241 |
|  |  | 8660592 |
|  | **Diversified Consumer Services** <br> **— 1.9%**  |  |
| 8408 | Bright Horizons Family <br> Solutions, Inc. (a) | 778831 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Diversified Consumer Services** <br> **(Continued)**  |  |
| 16049 | Grand Canyon Education, <br> Inc. (a) | $2789958 |
| 61246 | H&R Block, Inc. | 2416155 |
|  |  | 5984944 |
|  | **Entertainment — 3.2%**  |  |
| 5983 | Live Nation Entertainment, <br> Inc. (a) | 870227 |
| 10425 | Take-Two Interactive Software, <br> Inc. (a) | 2296628 |
| 8159 | TKO Group Holdings, Inc. | 1652850 |
| 29977 | Walt Disney (The) Co. | 3381406 |
| 59169 | Warner Bros. Discovery, Inc. (a) | 1629514 |
|  |  | 9830625 |
|  | **Ground Transportation —** <br> **2.7%**  |  |
| 6645 | Avis Budget Group, Inc. (a) (b) | 764108 |
| 176071 | Lyft, Inc., Class A (a) | 2970318 |
| 10435 | Uber Technologies, Inc. (a) | 835322 |
| 72968 | U-Haul Holding Co. | 3743988 |
|  |  | 8313736 |
|  | **Hotels, Restaurants & Leisure** <br> **— 18.1%**  |  |
| 12565 | Airbnb, Inc., Class A (a) | 1625535 |
| 23131 | Aramark | 890312 |
| 159 | Booking Holdings, Inc. | 795293 |
| 52188 | Boyd Gaming Corp. | 4411974 |
| 114112 | Caesars Entertainment, Inc. (a) | 2362118 |
| 87396 | Carnival Corp. (a) | 2623628 |
| 28019 | Choice Hotels International, <br> Inc. (b) | 2880353 |
| 23459 | Churchill Downs, Inc. | 2307427 |
| 9267 | Darden Restaurants, Inc. | 1847377 |
| 43598 | Dutch Bros, Inc., Class A (a) | 2371295 |
| 15701 | Expedia Group, Inc. | 4158253 |
| 9292 | Hilton Worldwide Holdings, Inc. | 2773755 |
| 52397 | Las Vegas Sands Corp. | 2762894 |
| 8604 | Marriott International, Inc., <br> Class A | 2712841 |
| 23366 | MGM Resorts International (a) | 783696 |
| 76400 | Norwegian Cruise Line Holdings <br> Ltd. (a) | 1677744 |
| 15721 | Planet Fitness, Inc., Class A (a) | 1431240 |
| 39119 | Restaurant Brands International, <br> Inc. | 2620582 |
| 10272 | Texas Roadhouse, Inc. | 1847522 |
| 63072 | Travel + Leisure Co. | 4386027 |
| 6420 | Vail Resorts, Inc. | 854309 |
| 62295 | Viking Holdings Ltd. (a) | 4494584 |
| 102356 | Wendy's (The) Co. (b) | 797353 |

---

See Notes to Financial Statements

------

**First Trust Consumer Discretionary AlphaDEX**<sup>®</sup> **Fund (FXD)**

**Portfolio of Investments (Continued)**

**January 31, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Hotels, Restaurants & Leisure** <br> **(Continued)**  |  |
| 11284 | Wyndham Hotels & Resorts, Inc. | $821362 |
| 11272 | Yum! Brands, Inc. | 1752796 |
|  |  | 55990270 |
|  | **Household Durables — 11.4%**  |  |
| 30886 | D.R. Horton, Inc. | 4597072 |
| 8406 | Garmin Ltd. | 1694986 |
| 43273 | Lennar Corp., Class A | 4731903 |
| 916802 | Newell Brands, Inc. | 3896408 |
| 366 | NVR, Inc. (a) | 2794677 |
| 37937 | PulteGroup, Inc. | 4745539 |
| 30479 | SharkNinja, Inc. (a) | 3602618 |
| 49827 | Somnigroup International, Inc. | 4377302 |
| 32899 | Toll Brothers, Inc. | 4753577 |
|  |  | 35194082 |
|  | **Leisure Products — 2.0%**  |  |
| 171900 | Mattel, Inc. (a) | 3590991 |
| 60427 | YETI Holdings, Inc. (a) | 2762118 |
|  |  | 6353109 |
|  | **Media — 5.2%**  |  |
| 36528 | Fox Corp., Class A | 2658508 |
| 12282 | New York Times (The) Co., <br> Class A | 900393 |
| 65285 | News Corp., Class A | 1764654 |
| 16797 | Nexstar Media Group, Inc. | 3567347 |
| 33053 | Omnicom Group, Inc. | 2546403 |
| 222480 | Sirius XM Holdings, Inc. | 4527468 |
|  |  | 15964773 |
|  | **Passenger Airlines — 5.5%**  |  |
| 53064 | Alaska Air Group, Inc. (a) | 2697243 |
| 222473 | American Airlines Group, <br> Inc. (a) | 2958891 |
| 49143 | Delta Air Lines, Inc. | 3238032 |
| 107633 | Southwest Airlines Co. | 5114720 |
| 30500 | United Airlines Holdings, <br> Inc. (a) | 3120760 |
|  |  | 17129646 |
|  | **Specialty Retail — 19.1%**  |  |
| 12927 | AutoNation, Inc. (a) | 2649776 |
| 132923 | Bath & Body Works, Inc. | 2897721 |
| 25478 | Best Buy Co., Inc. | 1658618 |
| 11807 | Burlington Stores, Inc. (a) | 3493219 |
| 88264 | CarMax, Inc. (a) | 3931279 |
| 10541 | Carvana Co. (a) | 4228100 |
| 13482 | Dick's Sporting Goods, Inc. | 2723364 |
| 28005 | Floor & Decor Holdings, Inc., <br> Class A (a) | 1847210 |
| 84923 | GameStop Corp., Class A (a) | 2027961 |
| 173769 | Gap (The), Inc. | 4862057 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Specialty Retail (Continued)**  |  |
| 2478 | Home Depot (The), Inc. | $928234 |
| 13386 | Lithia Motors, Inc. | 4329568 |
| 3535 | Lowe's Cos., Inc. | 944057 |
| 2113 | Murphy USA, Inc. | 892764 |
| 21545 | Penske Automotive Group, Inc. | 3378040 |
| 18932 | Ross Stores, Inc. | 3571522 |
| 17376 | TJX (The) Cos., Inc. | 2603099 |
| 5637 | Ulta Beauty, Inc. (a) | 3649168 |
| 58680 | Valvoline, Inc. (a) | 1920010 |
| 44303 | Wayfair, Inc., Class A (a) | 4584917 |
| 9548 | Williams-Sonoma, Inc. | 1953998 |
|  |  | 59074682 |
|  | **Textiles, Apparel & Luxury** <br> **Goods — 7.9%**  |  |
| 65259 | Birkenstock Holding PLC (a) | 2464180 |
| 61908 | Columbia Sportswear Co. | 3422274 |
| 9970 | Crocs, Inc. (a) | 836682 |
| 8224 | Deckers Outdoor Corp. (a) | 981452 |
| 16411 | Lululemon Athletica, Inc. (a) | 2863720 |
| 18344 | On Holding AG, Class A (a) | 830066 |
| 66376 | PVH Corp. | 4139207 |
| 12580 | Ralph Lauren Corp. | 4445898 |
| 34816 | Tapestry, Inc. | 4418499 |
|  |  | 24401978 |
|  | **Trading Companies &** <br> **Distributors — 0.6%**  |  |
| 13690 | SiteOne Landscape Supply, <br> Inc. (a) | 1965063 |
|  | **Total Common Stocks** | 309843290 |
|  | (Cost $298,605,256) |  |
| **MONEY MARKET FUNDS — 0.1%** | **MONEY MARKET FUNDS — 0.1%** | **MONEY MARKET FUNDS — 0.1%** |
| 385598 | Morgan Stanley Institutional <br> Liquidity Funds - Treasury <br> Portfolio - Institutional Class - <br> 3.56% (c) | 385598 |
|  | (Cost $385,598) |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

See Notes to Financial Statements

------

**First Trust Consumer Discretionary AlphaDEX**<sup>®</sup> **Fund (FXD)**

**Portfolio of Investments (Continued)**

**January 31, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Value**<br>| **Description** | **Value** |
| **REPURCHASE AGREEMENTS — 0.6%** | **REPURCHASE AGREEMENTS — 0.6%** | **REPURCHASE AGREEMENTS — 0.6%** |
| $1869974 | Daiwa Capital Markets America, <br> Inc., 3.66% (c), dated <br> 01/30/26, due 02/02/26, with a <br> maturity value of $1,870,544. <br> Collateralized by <br> U.S. Treasury Securities, <br> interest rates of 1.13% to <br> 4.38%, due 02/28/27 to <br> 06/30/31. The value of the <br> collateral including accrued <br> interest is $1,907,375. (d) | $1869974 |
|  | (Cost $1,869,974) |  |
|  | **Total Investments — 100.7%** | 312098862 |
|  | (Cost $300,860,828) |  |
|  | **Net Other Assets and** <br> **Liabilities — (0.7)%** | (2121746)<br>|
|  | **Net Assets — 100.0%** | $309977116 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income
 producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(b) All
 or a portion of this security is on loan (see Note 2D - Securities
 Lending in the Notes to Financial Statements). The remaining
 contractual maturity of all of the securities lending transactions
 is overnight and continuous. The aggregate value
 of such securities is $1,845,287 and the total value of the
 collateral held by the Fund, including for securities sold and
 pending settlement, is $1,869,974.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Rate
 shown reflects yield as of January 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;(d) This
 security serves as collateral for securities on loan.

------

**Valuation Inputs**

A summary of the inputs used to value the Fund's investments as of January 31, 2026 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total** <br>**Value at** <br>**1/31/2026**<br>| **Level 1** <br>**Quoted** <br>**Prices**<br>| **Level 2** <br>**Significant** <br>**Observable** <br>**Inputs**<br>| **Level 3** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>|
| Common Stocks\* | $309843290 | &nbsp;&nbsp; $309843290 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Money Market Funds | 385598 | &nbsp;&nbsp; 385598 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Repurchase <br> Agreements<br>| 1869974 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1869974 | &nbsp;&nbsp; — |
| Total Investments | $312098862 | &nbsp;&nbsp; $310228888 | &nbsp;&nbsp; $1869974 | &nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Securities Lending Agency Agreement** | **Securities Lending Agency Agreement** |
| Total gross amount presented on the Statements <br> of Assets and Liabilities<sup>(1)</sup> <br>| $1845287 |
| Non-cash Collateral<sup>(2)</sup> <br>| (1845287)<br>|
| Net Amount | $— |

---

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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Repurchase Agreements** | **Repurchase Agreements** |
| Total gross amount presented on the Statements <br> of Assets and Liabilities<sup>(3)</sup> <br>| $1869974 |
| Non-cash Collateral<sup>(4)</sup> <br>| (1869974)<br>|
| Net Amount | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> 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. 

<sup>(2)</sup> At January 31, 2026, 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. 

<sup>(3)</sup> The amount is included in "Investments, at value" on the Statements of Assets and Liabilities. 

<sup>(4)</sup> At January 31, 2026, the value of the collateral received from each seller exceeded the value of the repurchase agreements. 

See Notes to Financial Statements

------

**First Trust Consumer Staples AlphaDEX**<sup>®</sup> **Fund (FXG)**

**Portfolio of Investments**

**January 31, 2026 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS — 99.8%** | **COMMON STOCKS — 99.8%** | **COMMON STOCKS — 99.8%** |
|  | **Beverages — 18.9%**  |  |
| 39889 | Boston Beer (The) Co., Inc., <br> Class A (a) | $8521088 |
| 298679 | Brown-Forman Corp., Class B | 8174844 |
| 85085 | Celsius Holdings, Inc. (a) | 4465261 |
| 50776 | Coca-Cola Consolidated, Inc. | 7720999 |
| 28212 | Constellation Brands, Inc., <br> Class A | 4420820 |
| 138946 | Keurig Dr Pepper, Inc. | 3812678 |
| 76139 | Monster Beverage Corp. (a) | 6148986 |
| 13559 | PepsiCo, Inc. | 2083069 |
| 119013 | Primo Brands Corp. | 2254106 |
|  |  | 47601851 |
|  | **Chemicals — 1.7%**  |  |
| 58061 | Corteva, Inc. | 4226841 |
|  | **Consumer Staples Distribution** <br> **& Retail — 8.1%**  |  |
| 339996 | Albertsons Cos., Inc., Class A | 5660933 |
| 14082 | Casey's General Stores, Inc. | 8540733 |
| 64922 | Performance Food Group Co. (a) | 6196805 |
|  |  | 20398471 |
|  | **Food Products — 50.9%**  |  |
| 101541 | Archer-Daniels-Midland Co. | 6834725 |
| 109225 | Bunge Global S.A. | 12438543 |
| 279282 | Campbell's (The) Co. | 7814310 |
| 162158 | Darling Ingredients, Inc. (a) | 7404134 |
| 894251 | Flowers Foods, Inc. | 10221289 |
| 95811 | Freshpet, Inc. (a) | 6678027 |
| 209238 | General Mills, Inc. | 9679350 |
| 10692 | Hershey (The) Co. | 2082267 |
| 164208 | Hormel Foods Corp. | 4041159 |
| 88241 | Ingredion, Inc. | 10421262 |
| 185811 | Lamb Weston Holdings, Inc. | 8534299 |
| 28570 | McCormick & Co., Inc. | 1766483 |
| 72297 | Mondelez International, Inc., <br> Class A | 4227206 |
| 249536 | Pilgrim's Pride Corp. | 10822376 |
| 78580 | Post Holdings, Inc. (a) | 8039520 |
| 435711 | Smithfield Foods, Inc. | 10413493 |
| 99587 | Tyson Foods, Inc., Class A | 6506019 |
|  |  | 127924462 |
|  | **Health Care Providers &** <br> **Services — 8.0%**  |  |
| 28807 | Cencora, Inc. | 10348050 |
| 11861 | McKesson Corp. | 9858982 |
|  |  | 20207032 |
|  | **Household Products — 8.2%**  |  |
| 23209 | Church & Dwight Co., Inc. | 2233866 |
| 38599 | Clorox (The) Co. | 4353581 |
| 19290 | Kimberly-Clark Corp. | 1928807 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Household Products** <br> **(Continued)**  |  |
| 27154 | Procter & Gamble (The) Co. | $4121163 |
| 339600 | Reynolds Consumer Products, <br> Inc. | 7868532 |
|  |  | 20505949 |
|  | **Personal Care Products —** <br> **1.5%**  |  |
| 72801 | BellRing Brands, Inc. (a) | 1810561 |
| 112806 | Kenvue, Inc. | 1962824 |
|  |  | 3773385 |
|  | **Tobacco — 2.5%**  |  |
| 101242 | Altria Group, Inc. | 6275992 |
|  | **Total Common Stocks** | 250913983 |
|  | (Cost $239,912,286) |  |
| **MONEY MARKET FUNDS — 0.1%** | **MONEY MARKET FUNDS — 0.1%** | **MONEY MARKET FUNDS — 0.1%** |
| 241676 | Morgan Stanley Institutional <br> Liquidity Funds - Treasury <br> Portfolio - Institutional Class - <br> 3.56% (b) | 241676 |
|  | (Cost $241,676) |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Value**<br>| **Description** | **Value** |
| **REPURCHASE AGREEMENTS — 0.0%** | **REPURCHASE AGREEMENTS — 0.0%** | **REPURCHASE AGREEMENTS — 0.0%** |
| $7578 | Daiwa Capital Markets America, <br> Inc., 3.66% (b), dated <br> 01/30/26, due 02/02/26, with a <br> maturity value of $7,580. <br> Collateralized by <br> U.S. Treasury Securities, <br> interest rates of 1.13% to <br> 4.38%, due 02/28/27 to <br> 06/30/31. The value of the <br> collateral including accrued <br> interest is $7,730. (c) | 7578 |
|  | (Cost $7,578) |  |
|  | **Total Investments — 99.9%** | 251163237 |
|  | (Cost $240,161,540) |  |
|  | **Net Other Assets and** <br> **Liabilities — 0.1%** | 301629 |
|  | **Net Assets — 100.0%** | $251464866 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income
 producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Rate
 shown reflects yield as of January 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;(c) This
 security serves as collateral for securities on loan.

See Notes to Financial Statements

------

**First Trust Consumer Staples AlphaDEX**<sup>®</sup> **Fund (FXG)**

**Portfolio of Investments (Continued)**

**January 31, 2026 (Unaudited)**

------

**Valuation Inputs**

A summary of the inputs used to value the Fund's investments as of January 31, 2026 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total** <br>**Value at** <br>**1/31/2026**<br>| **Level 1** <br>**Quoted** <br>**Prices**<br>| **Level 2** <br>**Significant** <br>**Observable** <br>**Inputs**<br>| **Level 3** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>|
| Common Stocks\* | $250913983 | &nbsp;&nbsp; $250913983 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Money Market Funds | 241676 | &nbsp;&nbsp; 241676 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Repurchase Agreements | 7578 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7578 | &nbsp;&nbsp; — |
| Total Investments | $251163237 | &nbsp;&nbsp; $251155659 | &nbsp;&nbsp; $7578 | &nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Portfolio of Investments for industry breakout.

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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Repurchase Agreements** | **Repurchase Agreements** |
| Total gross amount presented on the Statements <br> of Assets and Liabilities<sup>(1)</sup> <br>| $7578 |
| Non-cash Collateral<sup>(2)</sup> <br>| (7578)<br>|
| Net Amount | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> The amount is included in "Investments, at value" on the Statements of Assets and Liabilities. 

<sup>(2)</sup> At January 31, 2026, the value of the collateral received from each seller exceeded the value of the repurchase agreements. 

See Notes to Financial Statements

------

**First Trust Energy AlphaDEX**<sup>®</sup> **Fund (FXN)**

**Portfolio of Investments**

**January 31, 2026 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS — 99.9%** | **COMMON STOCKS — 99.9%** | **COMMON STOCKS — 99.9%** |
|  | **Energy Equipment & Services** <br> **— 16.3%**  |  |
| 153871 | Baker Hughes Co. | $8622931 |
| 144640 | Halliburton Co. | 4848333 |
| 523039 | NOV, Inc. | 9597765 |
| 213007 | SLB Ltd. | 10305279 |
| 45873 | TechnipFMC PLC | 2556043 |
| 89547 | Weatherford International PLC | 8424582 |
|  |  | 44354933 |
|  | **Oil, Gas & Consumable Fuels** <br> **— 81.5%**  |  |
| 114880 | Antero Midstream Corp. | 2162042 |
| 237230 | Antero Resources Corp. (a) | 8628055 |
| 477454 | APA Corp. | 12609560 |
| 21024 | Cheniere Energy, Inc. | 4446997 |
| 45973 | Chevron Corp. | 8132624 |
| 88187 | Chord Energy Corp. | 8839865 |
| 87332 | ConocoPhillips | 9102614 |
| 443719 | Coterra Energy, Inc. | 12801293 |
| 318829 | Devon Energy Corp. | 12820114 |
| 77679 | Diamondback Energy, Inc. | 12735472 |
| 17079 | DT Midstream, Inc. | 2152296 |
| 111224 | EOG Resources, Inc. | 12471547 |
| 152512 | EQT Corp. | 8804518 |
| 63491 | Expand Energy Corp. | 7137023 |
| 67928 | Exxon Mobil Corp. | 9605019 |
| 152066 | HF Sinclair Corp. | 7905911 |
| 148686 | Kinder Morgan, Inc. | 4533436 |
| 25127 | Marathon Petroleum Corp. | 4427126 |
| 275173 | Matador Resources Co. | 12448827 |
| 99400 | Occidental Petroleum Corp. | 4511766 |
| 95336 | ONEOK, Inc. | 7549658 |
| 178801 | Ovintiv, Inc. | 7772479 |
| 832404 | Permian Resources Corp., <br> Class A | 13426677 |
| 15844 | Phillips 66 | 2274565 |
| 231845 | Range Resources Corp. | 8775333 |
| 22147 | Targa Resources Corp. | 4451104 |
| 7115 | Texas Pacific Land Corp. | 2478581 |
| 12559 | Valero Energy Corp. | 2278579 |
| 105817 | Viper Energy, Inc., Class A | 4480292 |
| 34008 | Williams (The) Cos., Inc. | 2287378 |
|  |  | 222050751 |
|  | **Semiconductors &** <br> **Semiconductor Equipment** <br>**— 2.1%**  |  |
| 63763 | Enphase Energy, Inc. (a) | 2357956 |
| 15642 | First Solar, Inc. (a) | 3527584 |
|  |  | 5885540 |
|  | **Total Common Stocks** | 272291224 |
|  | (Cost $270,320,775) |  |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **MONEY MARKET FUNDS — 0.1%** | **MONEY MARKET FUNDS — 0.1%** | **MONEY MARKET FUNDS — 0.1%** |
| 212884 | Morgan Stanley Institutional <br> Liquidity Funds - Treasury <br> Portfolio - Institutional Class - <br> 3.56% (b) | $212884 |
|  | (Cost $212,884) |  |
|  | **Total Investments — 100.0%** | 272504108 |
|  | (Cost $270,533,659) |  |
|  | **Net Other Assets and** <br> **Liabilities — (0.0)%** | (61047)<br>|
|  | **Net Assets — 100.0%** | $272443061 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income
 producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Rate
 shown reflects yield as of January 31, 2026.

------

**Valuation Inputs**

A summary of the inputs used to value the Fund's investments as of January 31, 2026 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total** <br>**Value at** <br>**1/31/2026**<br>| **Level 1** <br>**Quoted** <br>**Prices**<br>| **Level 2** <br>**Significant** <br>**Observable** <br>**Inputs**<br>| **Level 3** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>|
| Common Stocks\* | $272291224 | &nbsp;&nbsp; $272291224 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Money Market Funds | 212884 | &nbsp;&nbsp; 212884 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total Investments | $272504108 | &nbsp;&nbsp; $272504108 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Portfolio of Investments for industry breakout.

See Notes to Financial Statements

------

**First Trust Financials AlphaDEX**<sup>®</sup> **Fund (FXO)**

**Portfolio of Investments**

**January 31, 2026 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS — 99.9%** | **COMMON STOCKS — 99.9%** | **COMMON STOCKS — 99.9%** |
|  | **Banks — 28.1%**  |  |
| 371853 | Bank of America Corp. | $19782580 |
| 777721 | Bank OZK | 36988411 |
| 115099 | BOK Financial Corp. | 14955964 |
| 306716 | Citigroup, Inc. | 35490108 |
| 116713 | Citizens Financial Group, Inc. | 7350585 |
| 487820 | Columbia Banking System, Inc. | 14361421 |
| 130249 | Commerce Bancshares, Inc. | 6856307 |
| 53836 | Cullen/Frost Bankers, Inc. | 7419678 |
| 121315 | East West Bancorp, Inc. | 13883289 |
| 291274 | Fifth Third Bancorp | 14627780 |
| 6353 | First Citizens BancShares, Inc., <br> Class A | 13147978 |
| 808373 | First Hawaiian, Inc. | 21462303 |
| 570483 | First Horizon Corp. | 13971129 |
| 1594686 | FNB Corp. | 27986739 |
| 1178779 | Huntington Bancshares, Inc. | 20605057 |
| 135344 | M&T Bank Corp. | 29988170 |
| 2138034 | NU Holdings Ltd., Class A (a) | 37950103 |
| 214358 | Pinnacle Financial Partners, Inc. | 20383302 |
| 65322 | PNC Financial Services Group <br> (The), Inc. | 14586403 |
| 164245 | Popular, Inc. | 21931635 |
| 394575 | Prosperity Bancshares, Inc. | 27229621 |
| 754681 | Regions Financial Corp. | 21508408 |
| 217318 | SouthState Bank Corp. | 22238151 |
| 554137 | Truist Financial Corp. | 28493725 |
| 255521 | U.S. Bancorp | 14337283 |
| 433256 | Webster Financial Corp. | 28495247 |
| 73147 | Wells Fargo & Co. | 6619072 |
| 243272 | Western Alliance Bancorp | 21687699 |
| 97514 | Wintrust Financial Corp. | 14382340 |
| 465820 | Zions Bancorp N.A. | 27907276 |
|  |  | 606627764 |
|  | **Capital Markets — 22.9%**  |  |
| 70944 | Affiliated Managers Group, Inc. | 22211857 |
| 308301 | Bank of New York Mellon (The) <br> Corp. | 36971456 |
| 136469 | Charles Schwab (The) Corp. | 14181859 |
| 90438 | Coinbase Global, Inc., <br> Class A (a) | 17611896 |
| 70478 | FactSet Research Systems, Inc. | 17926784 |
| 856085 | Franklin Resources, Inc. | 22788983 |
| 31022 | Goldman Sachs Group (The), <br> Inc. | 29018289 |
| 424026 | Interactive Brokers Group, Inc., <br> Class A | 31751067 |
| 1362417 | Invesco Ltd. | 37180360 |
| 220019 | Jefferies Financial Group, Inc. | 13460762 |
| 76347 | LPL Financial Holdings, Inc. | 27828482 |
| 37613 | MarketAxess Holdings, Inc. | 6365248 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Capital Markets (Continued)**  |  |
| 13345 | Moody's Corp. | $6880148 |
| 31372 | Morningstar, Inc. | 6339967 |
| 49911 | Northern Trust Corp. | 7458201 |
| 42451 | Raymond James Financial, Inc. | 7040923 |
| 120553 | Robinhood Markets, Inc., <br> Class A (a) | 11992612 |
| 436367 | SEI Investments Co. | 38334841 |
| 158528 | State Street Corp. | 20744974 |
| 349587 | T. Rowe Price Group, Inc. | 36944354 |
| 560631 | TPG, Inc. | 33026772 |
| 818402 | Virtu Financial, Inc., Class A | 33971867 |
| 832899 | XP, Inc., Class A | 16249860 |
|  |  | 496281562 |
|  | **Consumer Finance — 4.9%**  |  |
| 602101 | Ally Financial, Inc. | 25456830 |
| 46119 | Credit Acceptance Corp. (a) (b) | 22978331 |
| 302766 | OneMain Holdings, Inc. | 19843284 |
| 503863 | SLM Corp. | 13679880 |
| 1041601 | SoFi Technologies, Inc. (a) | 23758919 |
|  |  | 105717244 |
|  | **Financial Services — 4.7%**  |  |
| 54250 | Berkshire Hathaway, Inc., <br> Class B (a) | 26068752 |
| 451925 | Corebridge Financial, Inc. | 13932848 |
| 143070 | Equitable Holdings, Inc. | 6638448 |
| 1224870 | MGIC Investment Corp. | 32973500 |
| 1556457 | UWM Holdings Corp. | 7642204 |
| 183039 | Voya Financial, Inc. | 14031770 |
|  |  | 101287522 |
|  | **Insurance — 35.7%**  |  |
| 123648 | Aflac, Inc. | 13718746 |
| 171946 | Allstate (The) Corp. | 34215535 |
| 49878 | American Financial Group, Inc. | 6497607 |
| 418360 | American International Group, <br> Inc. | 31326797 |
| 19320 | Aon PLC, Class A | 6755045 |
| 373131 | Arch Capital Group Ltd. (a) | 35835501 |
| 56610 | Assurant, Inc. | 13480539 |
| 398249 | Assured Guaranty Ltd. | 33791428 |
| 334212 | Axis Capital Holdings Ltd. | 34483994 |
| 552412 | Brighthouse Financial, Inc. (a) | 35387513 |
| 65527 | Chubb Ltd. | 20284538 |
| 166974 | Cincinnati Financial Corp. | 26864447 |
| 428401 | CNA Financial Corp. | 20503272 |
| 20090 | Everest Group Ltd. | 6655415 |
| 374645 | Fidelity National Financial, Inc. | 20376942 |
| 582530 | First American Financial Corp. | 36804245 |
| 194974 | Globe Life, Inc. | 27339254 |
| 149200 | Hanover Insurance Group (The), <br> Inc. | 25981688 |

---

See Notes to Financial Statements

------

**First Trust Financials AlphaDEX**<sup>®</sup> **Fund (FXO)**

**Portfolio of Investments (Continued)**

**January 31, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Insurance (Continued)**  |  |
| 197889 | Hartford Insurance Group (The), <br> Inc. | $26726888 |
| 882850 | Kemper Corp. | 34793119 |
| 803743 | Lincoln National Corp. | 33443746 |
| 258942 | Loews Corp. | 27336507 |
| 9515 | Markel Group, Inc. (a) | 19416690 |
| 86360 | MetLife, Inc. | 6812077 |
| 298742 | Old Republic International Corp. | 11701724 |
| 52774 | Primerica, Inc. | 13881673 |
| 77284 | Principal Financial Group, Inc. | 7320340 |
| 119748 | Progressive (The) Corp. | 24907584 |
| 60394 | Prudential Financial, Inc. | 6710377 |
| 33507 | Reinsurance Group of America, <br> Inc. | 6793544 |
| 127296 | RenaissanceRe Holdings Ltd. | 35859283 |
| 106554 | RLI Corp. | 6225950 |
| 94011 | Travelers (The) Cos., Inc. | 26747070 |
| 263895 | Unum Group | 20048103 |
| 194447 | W.R. Berkley Corp. | 13335175 |
| 62239 | Willis Towers Watson PLC | 19759015 |
|  |  | 772121371 |
|  | **Mortgage REITs — 3.6%**  |  |
| 635940 | AGNC Investment Corp. (b) | 7249716 |
| 1219549 | Annaly Capital Management, <br> Inc. | 28061822 |
| 3283552 | Rithm Capital Corp. | 35922059 |
| 378527 | Starwood Property Trust, Inc. | 6786989 |
|  |  | 78020586 |
|  | **Total Common Stocks** | 2160056049 |
|  | (Cost $1,944,360,373) |  |
| **MONEY MARKET FUNDS — 0.1%** | **MONEY MARKET FUNDS — 0.1%** | **MONEY MARKET FUNDS — 0.1%** |
| 2108801 | Morgan Stanley Institutional <br> Liquidity Funds - Treasury <br> Portfolio - Institutional Class - <br> 3.56% (c) | 2108801 |
|  | (Cost $2,108,801) |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Value**<br>| **Description** | **Value** |
| **REPURCHASE AGREEMENTS — 0.4%** | **REPURCHASE AGREEMENTS — 0.4%** | **REPURCHASE AGREEMENTS — 0.4%** |
| $7529662 | Daiwa Capital Markets America, <br> Inc., 3.66% (c), dated <br> 01/30/26, due 02/02/26, with a <br> maturity value of $7,531,959. <br> Collateralized by <br> U.S. Treasury Securities, <br> interest rates of 1.13% to <br> 4.38%, due 02/28/27 to <br> 06/30/31. The value of the <br> collateral including accrued <br> interest is $7,680,259. (d) | $7529662 |
|  | (Cost $7,529,662) |  |
|  | **Total Investments — 100.4%** | 2169694512 |
|  | (Cost $1,953,998,836) |  |
|  | **Net Other Assets and** <br> **Liabilities — (0.4)%** | (8210897)<br>|
|  | **Net Assets — 100.0%** | $2161483615 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income
 producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(b) All
 or a portion of this security is on loan (see Note 2D - Securities
 Lending in the Notes to Financial Statements). The remaining
 contractual maturity of all of the securities lending transactions
 is overnight and continuous. The aggregate value
 of such securities is $6,428,526 and the total value of the
 collateral held by the Fund, including for securities sold and
 pending settlement, is $7,529,662.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Rate
 shown reflects yield as of January 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;(d) This
 security serves as collateral for securities on loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Abbreviations throughout the Portfolio of Investments: <br> REITs – Real Estate Investment Trusts

------

**Valuation Inputs**

A summary of the inputs used to value the Fund's investments as of January 31, 2026 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total** <br>**Value at** <br>**1/31/2026**<br>| **Level 1** <br>**Quoted** <br>**Prices**<br>| **Level 2** <br>**Significant** <br>**Observable** <br>**Inputs**<br>| **Level 3** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>|
| Common Stocks\* | $2160056049 | &nbsp;&nbsp; $2160056049 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Money Market <br> Funds<br>| 2108801 | &nbsp;&nbsp; 2108801 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Repurchase <br> Agreements<br>| 7529662 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7529662 | &nbsp;&nbsp; — |
| Total Investments | $2169694512 | &nbsp;&nbsp; $2162164850 | &nbsp;&nbsp; $7529662 | &nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Portfolio of Investments for industry breakout.

See Notes to Financial Statements

------

**First Trust Financials AlphaDEX**<sup>®</sup> **Fund (FXO)**

**Portfolio of Investments (Continued)**

**January 31, 2026 (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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Securities Lending Agency Agreement** | **Securities Lending Agency Agreement** |
| Total gross amount presented on the Statements <br> of Assets and Liabilities<sup>(1)</sup> <br>| $6428526 |
| Non-cash Collateral<sup>(2)</sup> <br>| (6428526)<br>|
| Net Amount | $— |

---

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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Repurchase Agreements** | **Repurchase Agreements** |
| Total gross amount presented on the Statements <br> of Assets and Liabilities<sup>(3)</sup> <br>| $7529662 |
| Non-cash Collateral<sup>(4)</sup> <br>| (7529662)<br>|
| Net Amount | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> 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. 

<sup>(2)</sup> At January 31, 2026, 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. 

<sup>(3)</sup> The amount is included in "Investments, at value" on the Statements of Assets and Liabilities. 

<sup>(4)</sup> At January 31, 2026, the value of the collateral received from each seller exceeded the value of the repurchase agreements. 

See Notes to Financial Statements

------

**First Trust Health Care AlphaDEX**<sup>®</sup> **Fund (FXH)**

**Portfolio of Investments**

**January 31, 2026 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS — 99.9%** | **COMMON STOCKS — 99.9%** | **COMMON STOCKS — 99.9%** |
|  | **Biotechnology — 29.6%**  |  |
| 36037 | AbbVie, Inc. | $8036612 |
| 31058 | Alnylam Pharmaceuticals, <br> Inc. (a) | 10499467 |
| 50310 | Amgen, Inc. | 17199983 |
| 655551 | Apellis Pharmaceuticals, Inc. (a) | 14802342 |
| 116963 | Biogen, Inc. (a) | 21040474 |
| 207817 | BioMarin Pharmaceutical, <br> Inc. (a) | 11749973 |
| 281786 | Exelixis, Inc. (a) | 11654669 |
| 100624 | Gilead Sciences, Inc. | 14283577 |
| 183515 | Halozyme Therapeutics, Inc. (a) | 13159861 |
| 208408 | Incyte Corp. (a) | 20855389 |
| 118274 | Insmed, Inc. (a) | 18553642 |
| 260200 | Ionis Pharmaceuticals, Inc. (a) | 21510734 |
| 89852 | Natera, Inc. (a) | 20768391 |
| 87079 | Neurocrine Biosciences, Inc. (a) | 11847969 |
| 21334 | Regeneron Pharmaceuticals, Inc. | 15818094 |
| 765216 | Sarepta Therapeutics, Inc. (a) | 15564493 |
| 33796 | United Therapeutics Corp. (a) | 15866884 |
| 18162 | Vertex Pharmaceuticals, Inc. (a) | 8534324 |
| 109710 | Viking Therapeutics, Inc. (a) | 3185978 |
|  |  | 274932856 |
|  | **Health Care Equipment &** <br> **Supplies — 19.2%**  |  |
| 131436 | Abbott Laboratories | 14365955 |
| 52731 | Align Technology, Inc. (a) | 8596735 |
| 201965 | Baxter International, Inc. | 4053438 |
| 42426 | Becton Dickinson & Co. | 8632843 |
| 40478 | Boston Scientific Corp. (a) | 3785907 |
| 47090 | Cooper (The) Cos., Inc. (a) | 3832184 |
| 45275 | Edwards Lifesciences Corp. (a) | 3683574 |
| 100386 | GE HealthCare Technologies, <br> Inc. | 7927482 |
| 141457 | Globus Medical, Inc., <br> Class A (a) | 12827321 |
| 24342 | IDEXX Laboratories, Inc. (a) | 16320337 |
| 41848 | Inspire Medical Systems, Inc. (a) | 3171242 |
| 13578 | Insulet Corp. (a) | 3473388 |
| 21806 | Intuitive Surgical, Inc. (a) | 10995021 |
| 85715 | Medtronic PLC | 8825216 |
| 52965 | Penumbra, Inc. (a) | 18970474 |
| 34184 | ResMed, Inc. | 8830069 |
| 259771 | Solventum Corp. (a) | 19994574 |
| 15224 | STERIS PLC | 3997822 |
| 183136 | Zimmer Biomet Holdings, Inc. | 15945652 |
|  |  | 178229234 |
|  | **Health Care Providers &** <br> **Services — 23.6%**  |  |
| 1450624 | Acadia Healthcare Co., Inc. (a) | 19496386 |
| 100168 | Cardinal Health, Inc. | 21524100 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Health Care Providers &** <br> **Services (Continued)**  |  |
| 28867 | Chemed Corp. | $12330250 |
| 59833 | Cigna Group (The) | 16400824 |
| 46976 | Elevance Health, Inc. | 16241482 |
| 116362 | Encompass Health Corp. | 10999700 |
| 44091 | HCA Healthcare, Inc. | 21528313 |
| 108942 | Henry Schein, Inc. (a) | 8222942 |
| 32148 | Humana, Inc. | 6275290 |
| 49229 | Labcorp Holdings, Inc. | 13366658 |
| 118615 | Molina Healthcare, Inc. (a) | 21302068 |
| 71174 | Quest Diagnostics, Inc. | 13311673 |
| 62150 | Tenet Healthcare Corp. (a) | 11763752 |
| 24942 | UnitedHealth Group, Inc. | 7156608 |
| 94414 | Universal Health Services, Inc., <br> Class B | 19001762 |
|  |  | 218921808 |
|  | **Health Care Technology —** <br> **1.3%**  |  |
| 934590 | Certara, Inc. (a) | 8215046 |
| 17289 | Veeva Systems, Inc., Class A (a) | 3525573 |
|  |  | 11740619 |
|  | **Life Sciences Tools & Services** <br> **— 11.3%**  |  |
| 28365 | Agilent Technologies, Inc. | 3796655 |
| 29425 | Illumina, Inc. (a) | 4261034 |
| 36650 | Medpace Holdings, Inc. (a) | 21347892 |
| 274182 | QIAGEN N.V. | 14715348 |
| 100498 | Repligen Corp. (a) | 15011386 |
| 85104 | Revvity, Inc. | 9259315 |
| 933528 | Sotera Health Co. (a) | 16915528 |
| 65362 | Tempus AI, Inc. (a) | 3909955 |
| 6661 | Thermo Fisher Scientific, Inc. | 3854121 |
| 21677 | Waters Corp. (a) | 8036098 |
| 14026 | West Pharmaceutical Services, <br> Inc. | 3241689 |
|  |  | 104349021 |
|  | **Pharmaceuticals — 14.9%**  |  |
| 228971 | Bristol-Myers Squibb Co. | 12604854 |
| 170550 | Elanco Animal Health, Inc. (a) | 4106844 |
| 19154 | Eli Lilly & Co. | 19865571 |
| 39785 | Johnson & Johnson | 9041141 |
| 156445 | Merck & Co., Inc. | 17251190 |
| 2870897 | Organon & Co. | 24517461 |
| 1183006 | Perrigo Co. PLC | 16810515 |
| 826680 | Pfizer, Inc. | 21857419 |
| 99884 | Royalty Pharma PLC, Class A | 4163165 |
| 65440 | Zoetis, Inc. | 8168221 |
|  |  | 138386381 |
|  | **Total Common Stocks** | 926559919 |
|  | (Cost $872,148,174) |  |

---

See Notes to Financial Statements

------

**First Trust Health Care AlphaDEX**<sup>®</sup> **Fund (FXH)**

**Portfolio of Investments (Continued)**

**January 31, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **MONEY MARKET FUNDS — 0.1%** | **MONEY MARKET FUNDS — 0.1%** | **MONEY MARKET FUNDS — 0.1%** |
| 660398 | Morgan Stanley Institutional <br> Liquidity Funds - Treasury <br> Portfolio - Institutional Class - <br> 3.56% (b) | $660398 |
|  | (Cost $660,398) |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Value**<br>| **Description** | **Value** |
| **REPURCHASE AGREEMENTS — 0.0%** | **REPURCHASE AGREEMENTS — 0.0%** | **REPURCHASE AGREEMENTS — 0.0%** |
| $291 | Daiwa Capital Markets America, <br> Inc., 3.66% (b), dated <br> 01/30/26, due 02/02/26, with a <br> maturity value of $291. <br> Collateralized by <br> U.S. Treasury Securities, <br> interest rates of 1.13% to <br> 4.38%, due 02/28/27 to <br> 06/30/31. The value of the <br> collateral including accrued <br> interest is $297. (c) | 291 |
|  | (Cost $291) |  |
|  | **Total Investments — 100.0%** | 927220608 |
|  | (Cost $872,808,863) |  |
|  | **Net Other Assets and** <br> **Liabilities — (0.0)%** | (2392)<br>|
|  | **Net Assets — 100.0%** | $927218216 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income
 producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Rate
 shown reflects yield as of January 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;(c) This
 security serves as collateral for securities on loan.

------

**Valuation Inputs**

A summary of the inputs used to value the Fund's investments as of January 31, 2026 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total** <br>**Value at** <br>**1/31/2026**<br>| **Level 1** <br>**Quoted** <br>**Prices**<br>| **Level 2** <br>**Significant** <br>**Observable** <br>**Inputs**<br>| **Level 3** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>|
| Common Stocks\* | $926559919 | &nbsp;&nbsp; $926559919 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Money Market Funds | 660398 | &nbsp;&nbsp; 660398 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Repurchase Agreements | 291 | &nbsp;&nbsp; — | &nbsp;&nbsp; 291 | &nbsp;&nbsp; — |
| Total Investments | $927220608 | &nbsp;&nbsp; $927220317 | &nbsp;&nbsp; $291 | &nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Portfolio of Investments for industry breakout.

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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Repurchase Agreements** | **Repurchase Agreements** |
| Total gross amount presented on the Statements <br> of Assets and Liabilities<sup>(1)</sup> <br>| $291 |
| Non-cash Collateral<sup>(2)</sup> <br>| (291)<br>|
| Net Amount | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> The amount is included in "Investments, at value" on the Statements of Assets and Liabilities. 

<sup>(2)</sup> At January 31, 2026, the value of the collateral received from each seller exceeded the value of the repurchase agreements. 

See Notes to Financial Statements

------

**First Trust Industrials/Producer Durables AlphaDEX**<sup>®</sup> **Fund (FXR)**

**Portfolio of Investments**

**January 31, 2026 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS — 100.0%** | **COMMON STOCKS — 100.0%** | **COMMON STOCKS — 100.0%** |
|  | **Aerospace & Defense — 10.5%**  |  |
| 29999 | Boeing (The) Co. (a) | $7011366 |
| 37672 | BWX Technologies, Inc. | 7738959 |
| 9665 | General Dynamics Corp. | 3393285 |
| 26430 | General Electric Co. | 8108460 |
| 15097 | HEICO Corp. | 4995748 |
| 23814 | Howmet Aerospace, Inc. | 4955217 |
| 14363 | Huntington Ingalls Industries, <br> Inc. | 6039785 |
| 5551 | L3Harris Technologies, Inc. | 1903161 |
| 47751 | Leonardo DRS, Inc. | 1960656 |
| 6732 | Lockheed Martin Corp. | 4269569 |
| 8572 | Northrop Grumman Corp. | 5934053 |
| 116685 | Rocket Lab Corp. (a) | 9342968 |
| 227043 | StandardAero, Inc. (a) | 7013358 |
| 74702 | Textron, Inc. | 6578258 |
|  |  | 79244843 |
|  | **Air Freight & Logistics —** <br> **3.1%**  |  |
| 21858 | Expeditors International of <br> Washington, Inc. | 3509083 |
| 28182 | FedEx Corp. | 9081650 |
| 61859 | GXO Logistics, Inc. (a) | 3500601 |
| 65647 | United Parcel Service, Inc., <br> Class B | 6973024 |
|  |  | 23064358 |
|  | **Building Products — 8.6%**  |  |
| 97366 | A.O. Smith Corp. | 7155427 |
| 33719 | Advanced Drainage Systems, <br> Inc. | 5126637 |
| 20444 | Allegion PLC | 3381233 |
| 34073 | Armstrong World Industries, Inc. | 6260573 |
| 63281 | Builders FirstSource, Inc. (a) | 7239347 |
| 15273 | Carlisle Cos, Inc. | 5206413 |
| 30810 | Carrier Global Corp. | 1835660 |
| 130184 | Fortune Brands Innovations, Inc. | 7042954 |
| 210728 | Hayward Holdings, Inc. (a) | 3401150 |
| 51303 | Masco Corp. | 3390615 |
| 40324 | Simpson Manufacturing Co., Inc. | 7128477 |
| 185619 | Trex Co., Inc. (a) | 7688339 |
|  |  | 64856825 |
|  | **Chemicals — 4.2%**  |  |
| 201533 | Axalta Coating Systems Ltd. (a) | 6767478 |
| 208890 | Dow, Inc. | 5754920 |
| 202477 | DuPont de Nemours, Inc. | 8892790 |
| 47670 | PPG Industries, Inc. | 5512082 |
| 46965 | RPM International, Inc. | 5023376 |
|  |  | 31950646 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Commercial Services &** <br> **Supplies — 1.2%**  |  |
| 30502 | MSA Safety, Inc. | $5403429 |
| 48541 | Tetra Tech, Inc. | 1828054 |
| 16318 | Veralto Corp. | 1615156 |
|  |  | 8846639 |
|  | **Construction & Engineering** <br> **— 6.4%**  |  |
| 17081 | AECOM | 1647121 |
| 8726 | Comfort Systems USA, Inc. | 9965965 |
| 13307 | EMCOR Group, Inc. | 9590754 |
| 19028 | Everus Construction Group, <br> Inc. (a) | 1683788 |
| 37439 | MasTec, Inc. (a) | 9003331 |
| 19285 | Quanta Services, Inc. | 9153239 |
| 345811 | WillScot Holdings Corp. | 6926594 |
|  |  | 47970792 |
|  | **Construction Materials —** <br> **1.9%**  |  |
| 39134 | CRH PLC | 4790393 |
| 39383 | Eagle Materials, Inc. | 8026649 |
| 5712 | Vulcan Materials Co. | 1716685 |
|  |  | 14533727 |
|  | **Consumer Finance — 1.6%**  |  |
| 17609 | American Express Co. | 6201362 |
| 78050 | Synchrony Financial | 5668771 |
|  |  | 11870133 |
|  | **Containers & Packaging —** <br> **8.8%**  |  |
| 117116 | Amcor PLC | 5182383 |
| 66741 | AptarGroup, Inc. | 8339288 |
| 92198 | Ball Corp. | 5243300 |
| 63243 | Crown Holdings, Inc. | 6620277 |
| 540473 | Graphic Packaging Holding Co. | 7917930 |
| 31582 | Packaging Corp. of America | 7028574 |
| 201628 | Silgan Holdings, Inc. | 8700248 |
| 210493 | Smurfit WestRock PLC | 8762824 |
| 186513 | Sonoco Products Co. | 8952624 |
|  |  | 66747448 |
|  | **Diversified Consumer Services** <br> **— 1.1%**  |  |
| 1008635 | ADT, Inc. | 8069080 |
|  | **Electrical Equipment — 4.3%**  |  |
| 9045 | Acuity, Inc. | 2797076 |
| 7925 | AMETEK, Inc. | 1775042 |
| 12271 | Emerson Electric Co. | 1803346 |
| 12461 | GE Vernova, Inc. | 9051297 |
| 23873 | Generac Holdings, Inc. (a) | 4011619 |
| 3660 | Hubbell, Inc. | 1785860 |

---

See Notes to Financial Statements

------

**First Trust Industrials/Producer Durables AlphaDEX**<sup>®</sup> **Fund (FXR)**

**Portfolio of Investments (Continued)**

**January 31, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Electrical Equipment** <br> **(Continued)**  |  |
| 34799 | Regal Rexnord Corp. | $5620038 |
| 12551 | Rockwell Automation, Inc. | 5292129 |
|  |  | 32136407 |
|  | **Electronic Equipment,** <br> **Instruments & Components** <br>**— 3.6%**  |  |
| 172926 | Crane NXT Co. | 8736222 |
| 95930 | Ralliant Corp. | 5081412 |
| 6375 | Teledyne Technologies, Inc. (a) | 3954412 |
| 175142 | Vontier Corp. | 6567825 |
| 13404 | Zebra Technologies Corp., <br> Class A (a) | 3149672 |
|  |  | 27489543 |
|  | **Financial Services — 8.5%**  |  |
| 65611 | Affirm Holdings, Inc. (a) | 3956343 |
| 125051 | Block, Inc. (a) | 7556832 |
| 5402 | Corpay, Inc. (a) | 1699631 |
| 106949 | Euronet Worldwide, Inc. (a) | 7749525 |
| 121173 | Fiserv, Inc. (a) | 7722355 |
| 105166 | Global Payments, Inc. | 7544609 |
| 26767 | Jack Henry & Associates, Inc. | 4796914 |
| 5707 | Mastercard, Inc., Class A | 3074875 |
| 139420 | PayPal Holdings, Inc. | 7346040 |
| 4646 | Visa, Inc., Class A | 1495222 |
| 874292 | Western Union (The) Co. (b) | 8192116 |
| 21860 | WEX, Inc. (a) | 3364254 |
|  |  | 64498716 |
|  | **Ground Transportation —** <br> **6.0%**  |  |
| 89824 | CSX Corp. | 3391754 |
| 16747 | J.B. Hunt Transport Services, <br> Inc. | 3394952 |
| 124549 | Knight-Swift Transportation <br> Holdings, Inc. | 6862650 |
| 11271 | Norfolk Southern Corp. | 3282566 |
| 20770 | Old Dominion Freight Line, Inc. | 3597364 |
| 34027 | Ryder System, Inc. | 6508684 |
| 14957 | Saia, Inc. (a) | 5008651 |
| 245442 | Schneider National, Inc., Class B | 6587663 |
| 14072 | Union Pacific Corp. | 3308327 |
| 23962 | XPO, Inc. (a) | 3549012 |
|  |  | 45491623 |
|  | **Household Durables — 2.1%**  |  |
| 74466 | Mohawk Industries, Inc. (a) | 8815285 |
| 15612 | TopBuild Corp. (a) | 7307197 |
|  |  | 16122482 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Industrial Conglomerates —** <br> **0.7%**  |  |
| 20334 | 3M Co. | $3114356 |
| 8347 | Honeywell International, Inc. | 1899109 |
|  |  | 5013465 |
|  | **IT Services — 0.6%**  |  |
| 18200 | Accenture PLC, Class A | 4798248 |
|  | **Machinery — 14.9%**  |  |
| 62415 | AGCO Corp. | 7078485 |
| 83138 | Allison Transmission Holdings, <br> Inc. | 9037101 |
| 11371 | Caterpillar, Inc. | 7474840 |
| 706261 | CNH Industrial N.V. | 7599368 |
| 8824 | Crane Co. | 1611615 |
| 3189 | Cummins, Inc. | 1845857 |
| 18357 | Donaldson Co., Inc. | 1871313 |
| 25020 | Dover Corp. | 5041280 |
| 29137 | Esab Corp. | 3528491 |
| 70387 | Flowserve Corp. | 5500744 |
| 29479 | Fortive Corp. | 1556786 |
| 303290 | Gates Industrial Corp. PLC (a) | 6981736 |
| 39727 | Graco, Inc. | 3469359 |
| 18304 | IDEX Corp. | 3634259 |
| 6616 | Illinois Tool Works, Inc. | 1728496 |
| 9382 | ITT, Inc. | 1710339 |
| 6800 | Lincoln Electric Holdings, Inc. | 1804380 |
| 6775 | Nordson Corp. | 1859941 |
| 64791 | Oshkosh Corp. | 9318242 |
| 44596 | PACCAR, Inc. | 5481294 |
| 1859 | Parker-Hannifin Corp. | 1739727 |
| 31258 | Pentair PLC | 3293655 |
| 18892 | Snap-on, Inc. | 6916550 |
| 65756 | Stanley Black & Decker, Inc. | 5172367 |
| 41355 | Toro (The) Co. | 3783982 |
| 7628 | Westinghouse Air Brake <br> Technologies Corp. | 1755508 |
| 11948 | Xylem, Inc. | 1647271 |
|  |  | 112442986 |
|  | **Marine Transportation —** <br> **1.1%**  |  |
| 73882 | Kirby Corp. (a) | 8692956 |
|  | **Paper & Forest Products —** <br> **0.7%**  |  |
| 60467 | Louisiana-Pacific Corp. | 5063506 |
|  | **Professional Services — 3.8%**  |  |
| 112275 | Amentum Holdings, Inc. (a) | 4017199 |
| 38354 | ExlService Holdings, Inc. (a) | 1501559 |
| 28586 | FTI Consulting, Inc. (a) | 4993116 |
| 173999 | Genpact Ltd. | 7673356 |

---

See Notes to Financial Statements

------

**First Trust Industrials/Producer Durables AlphaDEX**<sup>®</sup> **Fund (FXR)**

**Portfolio of Investments (Continued)**

**January 31, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Professional Services** <br> **(Continued)**  |  |
| 54763 | ManpowerGroup, Inc. | $1989540 |
| 239747 | Robert Half, Inc. | 8297644 |
|  |  | 28472414 |
|  | **Software — 0.2%**  |  |
| 971 | Fair Isaac Corp. (a) | 1420738 |
|  | **Trading Companies &** <br> **Distributors — 6.1%**  |  |
| 12673 | Applied Industrial Technologies, <br> Inc. | 3300176 |
| 62647 | Core & Main, Inc., Class A (a) | 3342844 |
| 21935 | Ferguson Enterprises, Inc. | 5537710 |
| 41343 | FTAI Aviation Ltd. | 11258526 |
| 58072 | MSC Industrial Direct Co., Inc., <br> Class A | 4897793 |
| 8054 | United Rentals, Inc. | 6298711 |
| 1615 | W.W. Grainger, Inc. | 1744103 |
| 9655 | Watsco, Inc. | 3731175 |
| 19959 | WESCO International, Inc. | 5776733 |
|  |  | 45887771 |
|  | **Total Common Stocks** | 754685346 |
|  | (Cost $706,620,280) |  |
| **MONEY MARKET FUNDS — 0.1%** | **MONEY MARKET FUNDS — 0.1%** | **MONEY MARKET FUNDS — 0.1%** |
| 940866 | Morgan Stanley Institutional <br> Liquidity Funds - Treasury <br> Portfolio - Institutional Class - <br> 3.56% (c) | 940866 |
|  | (Cost $940,866) |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Value**<br>| **Description** | **Value** |
| **REPURCHASE AGREEMENTS — 1.0%** | **REPURCHASE AGREEMENTS — 1.0%** | **REPURCHASE AGREEMENTS — 1.0%** |
| $7597338 | Daiwa Capital Markets America, <br> Inc., 3.66% (c), dated <br> 01/30/26, due 02/02/26, with a <br> maturity value of $7,599,655. <br> Collateralized by <br> U.S. Treasury Securities, <br> interest rates of 1.13% to <br> 4.38%, due 02/28/27 to <br> 06/30/31. The value of the <br> collateral including accrued <br> interest is $7,749,289. (d) | 7597338 |
|  | (Cost $7,597,338) |  |
|  | **Total Investments — 101.1%** | 763223550 |
|  | (Cost $715,158,484) |  |
|  | **Net Other Assets and** <br> **Liabilities — (1.1)%** | (8154692)<br>|
|  | **Net Assets — 100.0%** | $755068858 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income
 producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(b) All
 or a portion of this security is on loan (see Note 2D - Securities
 Lending in the Notes to Financial Statements). The remaining
 contractual maturity of all of the securities lending transactions
 is overnight and continuous. The aggregate value
 of such securities is $7,414,556 and the total value of the
 collateral held by the Fund, including for securities sold and
 pending settlement, is $7,597,338.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Rate
 shown reflects yield as of January 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;(d) This
 security serves as collateral for securities on loan.

------

**Valuation Inputs**

A summary of the inputs used to value the Fund's investments as of January 31, 2026 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total** <br>**Value at** <br>**1/31/2026**<br>| **Level 1** <br>**Quoted** <br>**Prices**<br>| **Level 2** <br>**Significant** <br>**Observable** <br>**Inputs**<br>| **Level 3** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>|
| Common Stocks\* | $754685346 | &nbsp;&nbsp; $754685346 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Money Market Funds | 940866 | &nbsp;&nbsp; 940866 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Repurchase <br> Agreements<br>| 7597338 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7597338 | &nbsp;&nbsp; — |
| Total Investments | $763223550 | &nbsp;&nbsp; $755626212 | &nbsp;&nbsp; $7597338 | &nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Securities Lending Agency Agreement** | **Securities Lending Agency Agreement** |
| Total gross amount presented on the Statements <br> of Assets and Liabilities<sup>(1)</sup> <br>| $7414556 |
| Non-cash Collateral<sup>(2)</sup> <br>| (7414556)<br>|
| Net Amount | $— |

---

See Notes to Financial Statements

------

**First Trust Industrials/Producer Durables AlphaDEX**<sup>®</sup> **Fund (FXR)**

**Portfolio of Investments (Continued)**

**January 31, 2026 (Unaudited)**

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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Repurchase Agreements** | **Repurchase Agreements** |
| Total gross amount presented on the Statements <br> of Assets and Liabilities<sup>(3)</sup> <br>| $7597338 |
| Non-cash Collateral<sup>(4)</sup> <br>| (7597338)<br>|
| Net Amount | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> 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. 

<sup>(2)</sup> At January 31, 2026, 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. 

<sup>(3)</sup> The amount is included in "Investments, at value" on the Statements of Assets and Liabilities. 

<sup>(4)</sup> At January 31, 2026, the value of the collateral received from each seller exceeded the value of the repurchase agreements. 

See Notes to Financial Statements

------

**First Trust Materials AlphaDEX**<sup>®</sup> **Fund (FXZ)**

**Portfolio of Investments**

**January 31, 2026 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS — 99.7%** | **COMMON STOCKS — 99.7%** | **COMMON STOCKS — 99.7%** |
|  | **Aerospace & Defense — 3.1%**  |  |
| 20378 | Carpenter Technology Corp. | $6476740 |
| 28935 | Hexcel Corp. | 2396107 |
|  |  | 8872847 |
|  | **Chemicals — 42.1%**  |  |
| 8661 | Air Products and Chemicals, Inc. | 2360122 |
| 34555 | Albemarle Corp. | 5896120 |
| 36446 | Ashland, Inc. | 2229037 |
| 50578 | Celanese Corp. | 2247686 |
| 158006 | CF Industries Holdings, Inc. | 14730899 |
| 191446 | Eastman Chemical Co. | 13271037 |
| 18623 | Ecolab, Inc. | 5251500 |
| 256732 | Element Solutions, Inc. | 7470901 |
| 154189 | FMC Corp. | 2436186 |
| 488819 | Huntsman Corp. | 5289022 |
| 72533 | International Flavors & <br> Fragrances, Inc. | 5063529 |
| 15041 | Linde PLC | 6873286 |
| 49388 | LyondellBasell Industries N.V., <br> Class A | 2420012 |
| 507275 | Mosaic (The) Co. | 13950062 |
| 14224 | NewMarket Corp. | 9541317 |
| 469336 | Olin Corp. | 9766882 |
| 83769 | Scotts Miracle-Gro (The) Co. | 5379645 |
| 66111 | Westlake Corp. (a) | 5243925 |
|  |  | 119421168 |
|  | **Containers & Packaging —** <br> **4.1%**  |  |
| 35268 | Avery Dennison Corp. | 6542567 |
| 124098 | International Paper Co. | 5003631 |
|  |  | 11546198 |
|  | **Machinery — 11.8%**  |  |
| 85159 | Mueller Industries, Inc. | 11593546 |
| 21802 | RBC Bearings, Inc. (b) | 10893806 |
| 116205 | Timken (The) Co. | 10829144 |
|  |  | 33316496 |
|  | **Metals & Mining — 36.2%**  |  |
| 219686 | Alcoa Corp. | 12480362 |
| 143297 | Anglogold Ashanti PLC | 13307992 |
| 161031 | Cleveland-Cliffs, Inc. (b) | 2215786 |
| 126319 | Freeport-McMoRan, Inc. | 7608193 |
| 42332 | MP Materials Corp. (b) | 2487852 |
| 122385 | Newmont Corp. | 13749955 |
| 59940 | Nucor Corp. | 10652537 |
| 33839 | Reliance, Inc. | 11149950 |
| 28858 | Royal Gold, Inc. | 7598600 |
| 44718 | Southern Copper Corp. | 8510730 |
| 72119 | Steel Dynamics, Inc. | 12950409 |
|  |  | 102712366 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Trading Companies &** <br> **Distributors — 2.4%**  |  |
| 159875 | Fastenal Co. | $6932180 |
|  | **Total Common Stocks** | 282801255 |
|  | (Cost $257,067,909) |  |
| **MONEY MARKET FUNDS — 0.3%** | **MONEY MARKET FUNDS — 0.3%** | **MONEY MARKET FUNDS — 0.3%** |
| 889602 | Morgan Stanley Institutional <br> Liquidity Funds - Treasury <br> Portfolio - Institutional Class - <br> 3.56% (c) | 889602 |
|  | (Cost $889,602) |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Value**<br>| **Description** | **Value** |
| **REPURCHASE AGREEMENTS — 0.5%** | **REPURCHASE AGREEMENTS — 0.5%** | **REPURCHASE AGREEMENTS — 0.5%** |
| $1251762 | Daiwa Capital Markets America, <br> Inc., 3.66% (c), dated <br> 01/30/26, due 02/02/26, with a <br> maturity value of $1,252,144. <br> Collateralized by <br> U.S. Treasury Securities, <br> interest rates of 1.13% to <br> 4.38%, due 02/28/27 to <br> 06/30/31. The value of the <br> collateral including accrued <br> interest is $1,276,798. (d) | 1251762 |
|  | (Cost $1,251,762) |  |
|  | **Total Investments — 100.5%** | 284942619 |
|  | (Cost $259,209,273) |  |
|  | **Net Other Assets and** <br> **Liabilities — (0.5)%** | (1344022)<br>|
|  | **Net Assets — 100.0%** | $283598597 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 or a portion of this security is on loan (see Note 2D - Securities
 Lending in the Notes to Financial Statements). The remaining
 contractual maturity of all of the securities lending transactions
 is overnight and continuous. The aggregate value
 of such securities is $1,996,484 and the total value of the
 collateral held by the Fund, including for securities sold and
 pending settlement, is $1,251,762.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Non-income
 producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Rate
 shown reflects yield as of January 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;(d) This
 security serves as collateral for securities on loan.

See Notes to Financial Statements

------

**First Trust Materials AlphaDEX**<sup>®</sup> **Fund (FXZ)**

**Portfolio of Investments (Continued)**

**January 31, 2026 (Unaudited)**

------

**Valuation Inputs**

A summary of the inputs used to value the Fund's investments as of January 31, 2026 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total** <br>**Value at** <br>**1/31/2026**<br>| **Level 1** <br>**Quoted** <br>**Prices**<br>| **Level 2** <br>**Significant** <br>**Observable** <br>**Inputs**<br>| **Level 3** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>|
| Common Stocks\* | $282801255 | &nbsp;&nbsp; $282801255 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Money Market Funds | 889602 | &nbsp;&nbsp; 889602 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Repurchase <br> Agreements<br>| 1251762 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1251762 | &nbsp;&nbsp; — |
| Total Investments | $284942619 | &nbsp;&nbsp; $283690857 | &nbsp;&nbsp; $1251762 | &nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Securities Lending Agency Agreement** | **Securities Lending Agency Agreement** |
| Total gross amount presented on the Statements <br> of Assets and Liabilities<sup>(1)</sup> <br>| $1996484 |
| Non-cash Collateral<sup>(2)</sup> <br>| (1251762)<br>|
| Net Amount | $744722 |

---

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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Repurchase Agreements** | **Repurchase Agreements** |
| Total gross amount presented on the Statements <br> of Assets and Liabilities<sup>(3)</sup> <br>| $1251762 |
| Non-cash Collateral<sup>(4)</sup> <br>| (1251762)<br>|
| Net Amount | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> 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. 

<sup>(2)</sup> The collateral requirements are determined at the beginning of each business day based on the market value of the loaned securities from the end of the prior day. On January 30, 2026, the last business day of the period, there was sufficient collateral based on the end of day market value from the prior business day; however, as a result of market movement from January 29 to January 30, the value of the related securities loaned was above the collateral value received. See Note 2D - Securities Lending in the Notes to Financial Statements. 

<sup>(3)</sup> The amount is included in "Investments, at value" on the Statements of Assets and Liabilities. 

<sup>(4)</sup> At January 31, 2026, the value of the collateral received from each seller exceeded the value of the repurchase agreements. 

See Notes to Financial Statements

------

**First Trust Technology AlphaDEX**<sup>®</sup> **Fund (FXL)**

**Portfolio of Investments**

**January 31, 2026 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS — 99.8%** | **COMMON STOCKS — 99.8%** | **COMMON STOCKS — 99.8%** |
|  | **Communications Equipment** <br> **— 1.0%**  |  |
| 51947 | F5, Inc. (a) | $14317113 |
|  | **Consumer Finance — 0.4%**  |  |
| 108228 | Figure Technology Solutions, <br> Inc., Class A (a) (b) | 6156009 |
|  | **Consumer Staples Distribution** <br> **& Retail — 0.8%**  |  |
| 294801 | Maplebear, Inc. (a) | 10954805 |
|  | **Electrical Equipment — 1.9%**  |  |
| 143235 | Vertiv Holdings Co., Class A | 26667492 |
|  | **Electronic Equipment,** <br> **Instruments & Components** <br>**— 9.9%**  |  |
| 171713 | Amphenol Corp., Class A | 24740409 |
| 210613 | Arrow Electronics, Inc. (a) | 27904117 |
| 386111 | Avnet, Inc. | 24089465 |
| 68151 | CDW Corp. | 8613605 |
| 153626 | Flex Ltd. (a) | 9684583 |
| 61732 | IPG Photonics Corp. (a) | 5704654 |
| 81415 | Jabil, Inc. | 19310824 |
| 123572 | TD SYNNEX Corp. | 19607169 |
|  |  | 139654826 |
|  | **Financial Services — 0.3%**  |  |
| 124474 | Toast, Inc., Class A (a) | 3872386 |
|  | **Hotels, Restaurants & Leisure** <br> **— 0.3%**  |  |
| 19517 | DoorDash, Inc., Class A (a) | 3993569 |
|  | **Interactive Media & Services** <br> **— 6.1%**  |  |
| 74139 | Alphabet, Inc., Class A | 25058983 |
| 410660 | Match Group, Inc. | 12792059 |
| 14061 | Meta Platforms, Inc., Class A | 10074706 |
| 896304 | Pinterest, Inc., Class A (a) | 19835208 |
| 80760 | Reddit, Inc., Class A (a) | 14558605 |
| 434617 | ZoomInfo Technologies, Inc. (a) | 3498667 |
|  |  | 85818228 |
|  | **IT Services — 13.8%**  |  |
| 212771 | Akamai Technologies, Inc. (a) | 20670703 |
| 288230 | Amdocs Ltd. | 23617566 |
| 47082 | Cloudflare, Inc., Class A (a) | 8349993 |
| 223665 | Cognizant Technology Solutions <br> Corp., Class A | 18353950 |
| 1583981 | DXC Technology Co. (a) | 22856846 |
| 45305 | EPAM Systems, Inc. (a) | 9450623 |
| 283987 | Globant S.A. (a) | 18993050 |
| 499253 | Kyndryl Holdings, Inc. (a) | 11482819 |
| 55291 | MongoDB, Inc. (a) | 20531207 |
| 51116 | Okta, Inc. (a) | 4318280 |
| 60449 | Snowflake, Inc. (a) | 11648522 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **IT Services (Continued)**  |  |
| 163142 | Twilio, Inc., Class A (a) | $19652085 |
| 18192 | VeriSign, Inc. | 4443032 |
|  |  | 194368676 |
|  | **Media — 0.9%**  |  |
| 1159107 | DoubleVerify Holdings, Inc. (a) | 12541538 |
|  | **Professional Services — 10.5%**  |  |
| 24887 | CACI International, Inc., <br> Class A (a) | 15444374 |
| 5558158 | Clarivate PLC (a) | 14729119 |
| 558088 | Concentrix Corp. (b) | 20844587 |
| 461798 | KBR, Inc. | 19769572 |
| 102905 | Leidos Holdings, Inc. | 19374953 |
| 150197 | Parsons Corp. (a) | 10522802 |
| 83209 | Paycom Software, Inc. | 11212413 |
| 230532 | Science Applications <br> International Corp. | 23458936 |
| 151684 | SS&C Technologies Holdings, <br> Inc. | 12421403 |
|  |  | 147778159 |
|  | **Semiconductors &** <br> **Semiconductor Equipment** <br>**— 30.7%**  |  |
| 108356 | Advanced Micro Devices, <br> Inc. (a) | 25651116 |
| 470219 | Amkor Technology, Inc. | 22725684 |
| 90296 | Applied Materials, Inc. | 29104207 |
| 79708 | Astera Labs, Inc. (a) | 12005619 |
| 53638 | Broadcom, Inc. | 17770269 |
| 195825 | Cirrus Logic, Inc. (a) | 25523831 |
| 52463 | Entegris, Inc. | 6194306 |
| 265812 | GLOBALFOUNDRIES, Inc. (a) | 11217266 |
| 251549 | Intel Corp. (a) | 11689482 |
| 19098 | KLA Corp. | 27270798 |
| 135561 | Lam Research Corp. | 31648071 |
| 126151 | Lattice Semiconductor Corp. (a) | 10157679 |
| 135481 | MACOM Technology Solutions <br> Holdings, Inc. (a) | 29678468 |
| 156040 | Marvell Technology, Inc. | 12314677 |
| 65043 | Micron Technology, Inc. | 26985040 |
| 20483 | Monolithic Power Systems, Inc. | 23025964 |
| 99541 | NVIDIA Corp. | 19025271 |
| 81627 | ON Semiconductor Corp. (a) | 4888641 |
| 83999 | Onto Innovation, Inc. (a) | 16971998 |
| 156906 | Qorvo, Inc. (a) | 12255928 |
| 77522 | QUALCOMM, Inc. | 11751560 |
| 365957 | Skyworks Solutions, Inc. | 20405762 |
| 53503 | Texas Instruments, Inc. | 11532572 |
| 113548 | Universal Display Corp. | 13037581 |
|  |  | 432831790 |
|  | **Software — 16.9%**  |  |
| 12629 | Adobe, Inc. (a) | 3703454 |

---

See Notes to Financial Statements

------

**First Trust Technology AlphaDEX**<sup>®</sup> **Fund (FXL)**

**Portfolio of Investments (Continued)**

**January 31, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Software (Continued)**  |  |
| 19000 | Appfolio, Inc., Class A (a) | $3607720 |
| 27551 | AppLovin Corp., Class A (a) | 13034654 |
| 14932 | Autodesk, Inc. (a) | 3775855 |
| 14141 | Cadence Design Systems, <br> Inc. (a) | 4190827 |
| 19802 | Crowdstrike Holdings, Inc., <br> Class A (a) | 8740702 |
| 32502 | Datadog, Inc., Class A (a) | 4203159 |
| 289074 | Dolby Laboratories, Inc., <br> Class A | 18555660 |
| 476984 | Dropbox, Inc., Class A (a) | 12153552 |
| 341381 | Gen Digital, Inc. | 8189730 |
| 21990 | Guidewire Software, Inc. (a) | 3095312 |
| 6673 | Intuit, Inc. | 3329293 |
| 9140 | Microsoft Corp. | 3932851 |
| 104440 | Palantir Technologies, Inc., <br> Class A (a) | 15309860 |
| 310856 | Pegasystems, Inc. | 13581299 |
| 127607 | Procore Technologies, Inc. (a) | 7208519 |
| 53281 | PTC, Inc. (a) | 8318762 |
| 321403 | RingCentral, Inc., Class A (a) | 8317910 |
| 20852 | Roper Technologies, Inc. | 7740888 |
| 57794 | Rubrik, Inc., Class A (a) | 3233574 |
| 16686 | Salesforce, Inc. | 3542271 |
| 152718 | Strategy, Inc. (a) | 22863412 |
| 9409 | Synopsys, Inc. (a) | 4376267 |
| 609863 | Teradata Corp. (a) | 17393293 |
| 269680 | UiPath, Inc., Class A (a) | 3395271 |
| 300208 | Unity Software, Inc. (a) | 8736053 |
| 268923 | Zoom Communications, Inc. (a) | 24767808 |
|  |  | 239297956 |
|  | **Technology Hardware, Storage** <br> **& Peripherals — 6.3%**  |  |
| 48775 | Apple, Inc. | 12656137 |
| 105340 | Dell Technologies, Inc., Class C | 12055109 |
| 552047 | Hewlett Packard Enterprise Co. | 11880051 |
| 416613 | HP, Inc. | 8098957 |
| 86676 | NetApp, Inc. | 8351233 |
| 138518 | Pure Storage, Inc., Class A (a) | 9632542 |
| 453031 | Super Micro Computer, Inc. (a) | 13187732 |
| 53882 | Western Digital Corp. | 13482893 |
|  |  | 89344654 |
|  | **Total Common Stocks** | 1407597201 |
|  | (Cost $1,192,286,676) |  |
| **MONEY MARKET FUNDS — 0.3%** | **MONEY MARKET FUNDS — 0.3%** | **MONEY MARKET FUNDS — 0.3%** |
| 3245352 | Morgan Stanley Institutional <br> Liquidity Funds - Treasury <br> Portfolio - Institutional Class - <br> 3.56% (c) | 3245352 |
|  | (Cost $3,245,352) |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Value**<br>| **Description** | **Value** |
| **REPURCHASE AGREEMENTS — 1.8%** | **REPURCHASE AGREEMENTS — 1.8%** | **REPURCHASE AGREEMENTS — 1.8%** |
| $25788193 | Mizuho Financial Group, Inc., <br> 3.66% (c), dated 01/30/26, due <br> 02/02/26, with a maturity <br> value of $25,796,058. <br> Collateralized by <br> U.S. Treasury Note, interest <br> rate of 4.38%, due 05/15/34. <br> The value of the collateral <br> including accrued interest is <br> $26,303,963. (d) | $25788193 |
|  | (Cost $25,788,193) |  |
|  | **Total Investments — 101.9%** | 1436630746 |
|  | (Cost $1,221,320,221) |  |
|  | **Net Other Assets and** <br> **Liabilities — (1.9)%** | (26525512)<br>|
|  | **Net Assets — 100.0%** | $1410105234 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income
 producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(b) All
 or a portion of this security is on loan (see Note 2D - Securities
 Lending in the Notes to Financial Statements). The remaining
 contractual maturity of all of the securities lending transactions
 is overnight and continuous. The aggregate value
 of such securities is $19,916,601 and the total value of the
 collateral held by the Fund, including for securities sold and
 pending settlement, is $25,788,193.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Rate
 shown reflects yield as of January 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;(d) This
 security serves as collateral for securities on loan.

------

**Valuation Inputs**

A summary of the inputs used to value the Fund's investments as of January 31, 2026 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total** <br>**Value at** <br>**1/31/2026**<br>| **Level 1** <br>**Quoted** <br>**Prices**<br>| **Level 2** <br>**Significant** <br>**Observable** <br>**Inputs**<br>| **Level 3** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>|
| Common Stocks\* | $1407597201 | &nbsp;&nbsp; $1407597201 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Money Market <br> Funds<br>| 3245352 | &nbsp;&nbsp; 3245352 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Repurchase <br> Agreements<br>| 25788193 | &nbsp;&nbsp; — | &nbsp;&nbsp; 25788193 | &nbsp;&nbsp; — |
| Total Investments | $1436630746 | &nbsp;&nbsp; $1410842553 | &nbsp;&nbsp; $25788193 | &nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* 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

See Notes to Financial Statements

------

**First Trust Technology AlphaDEX**<sup>®</sup> **Fund (FXL)**

**Portfolio of Investments (Continued)**

**January 31, 2026 (Unaudited)**

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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Securities Lending Agency Agreement** | **Securities Lending Agency Agreement** |
| Total gross amount presented on the Statements <br> of Assets and Liabilities<sup>(1)</sup> <br>| $19916601 |
| Non-cash Collateral<sup>(2)</sup> <br>| (19916601)<br>|
| Net Amount | $— |

---

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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Repurchase Agreements** | **Repurchase Agreements** |
| Total gross amount presented on the Statements <br> of Assets and Liabilities<sup>(3)</sup> <br>| $25788193 |
| Non-cash Collateral<sup>(4)</sup> <br>| (25788193)<br>|
| Net Amount | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> 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. 

<sup>(2)</sup> At January 31, 2026, 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. 

<sup>(3)</sup> The amount is included in "Investments, at value" on the Statements of Assets and Liabilities. 

<sup>(4)</sup> At January 31, 2026, the value of the collateral received from each seller exceeded the value of the repurchase agreements. 

See Notes to Financial Statements

------

**First Trust Utilities AlphaDEX**<sup>®</sup> **Fund (FXU)**

**Portfolio of Investments**

**January 31, 2026 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS — 100.0%** | **COMMON STOCKS — 100.0%** | **COMMON STOCKS — 100.0%** |
|  | **Commercial Services &** <br> **Supplies — 2.5%**  |  |
| 27882 | Clean Harbors, Inc. (a) | $7246810 |
| 30889 | Republic Services, Inc. | 6643915 |
| 29761 | Waste Management, Inc. | 6614085 |
|  |  | 20504810 |
|  | **Electric Utilities — 51.3%**  |  |
| 301704 | Alliant Energy Corp. | 19885311 |
| 226785 | American Electric Power Co., <br> Inc. | 27163173 |
| 223114 | Duke Energy Corp. | 27074884 |
| 544652 | Edison International | 33920927 |
| 141475 | Entergy Corp. | 13566038 |
| 360767 | Evergy, Inc. | 27681652 |
| 388418 | Eversource Energy | 26851336 |
| 749935 | Exelon Corp. | 33582089 |
| 438101 | FirstEnergy Corp. | 20739701 |
| 103320 | IDACORP, Inc. | 13719863 |
| 81432 | NextEra Energy, Inc. | 7157873 |
| 164226 | NRG Energy, Inc. | 25065814 |
| 765564 | OGE Energy Corp. | 33439835 |
| 2034203 | PG&E Corp. | 31367410 |
| 294837 | Pinnacle West Capital Corp. | 27584950 |
| 560083 | PPL Corp. | 20303009 |
| 74976 | Southern (The) Co. | 6696107 |
| 265545 | Xcel Energy, Inc. | 20197353 |
|  |  | 415997325 |
|  | **Gas Utilities — 13.5%**  |  |
| 78013 | Atmos Energy Corp. | 12976682 |
| 1339739 | MDU Resources Group, Inc. | 27478047 |
| 408322 | National Fuel Gas Co. | 34196968 |
| 873353 | UGI Corp. | 35030189 |
|  |  | 109681886 |
|  | **Independent Power and** <br> **Renewable Electricity** <br>**Producers — 6.8%**  |  |
| 1367759 | AES (The) Corp. | 20037669 |
| 786284 | Clearway Energy, Inc., Class C | 28424167 |
| 40528 | Vistra Corp. | 6417609 |
|  |  | 54879445 |
|  | **Multi-Utilities — 21.0%**  |  |
| 196414 | Ameren Corp. | 20285638 |
| 341047 | CenterPoint Energy, Inc. | 13536155 |
| 186986 | CMS Energy Corp. | 13367629 |
| 329143 | Consolidated Edison, Inc. | 35096518 |
| 334760 | Dominion Energy, Inc. | 20142509 |
| 152068 | DTE Energy Co. | 20434898 |
| 313128 | NiSource, Inc. | 13868439 |
| 162836 | Public Service Enterprise Group, <br> Inc. | 13411173 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Multi-Utilities (Continued)**  |  |
| 74055 | Sempra | $6443526 |
| 123982 | WEC Energy Group, Inc. | 13721088 |
|  |  | 170307573 |
|  | **Water Utilities — 4.9%**  |  |
| 50107 | American Water Works Co., Inc. | 6470317 |
| 852170 | Essential Utilities, Inc. | 33055674 |
|  |  | 39525991 |
|  | **Total Common Stocks** | 810897030 |
|  | (Cost $772,888,592) |  |
| **MONEY MARKET FUNDS — 0.2%** | **MONEY MARKET FUNDS — 0.2%** | **MONEY MARKET FUNDS — 0.2%** |
| 1933601 | Morgan Stanley Institutional <br> Liquidity Funds - Treasury <br> Portfolio - Institutional Class - <br> 3.56% (b) | 1933601 |
|  | (Cost $1,933,601) |  |
|  | **Total Investments — 100.2%** | 812830631 |
|  | (Cost $774,822,193) |  |
|  | **Net Other Assets and** <br> **Liabilities — (0.2)%** | (1552705)<br>|
|  | **Net Assets — 100.0%** | $811277926 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income
 producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Rate
 shown reflects yield as of January 31, 2026.

------

**Valuation Inputs**

A summary of the inputs used to value the Fund's investments as of January 31, 2026 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total** <br>**Value at** <br>**1/31/2026**<br>| **Level 1** <br>**Quoted** <br>**Prices**<br>| **Level 2** <br>**Significant** <br>**Observable** <br>**Inputs**<br>| **Level 3** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>|
| Common Stocks\* | $810897030 | &nbsp;&nbsp; $810897030 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Money Market Funds | 1933601 | &nbsp;&nbsp; 1933601 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total Investments | $812830631 | &nbsp;&nbsp; $812830631 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Portfolio of Investments for industry breakout.

See Notes to Financial Statements

------

**First Trust Exchange-Traded AlphaDEX**<sup>®</sup> **Fund**

**Sector Funds**

**Statements of Assets and Liabilities**

**January 31, 2026 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **First Trust** <br> **Consumer** <br> **Discretionary** <br> **AlphaDEX**<sup>®</sup> <br> **Fund** <br>**(FXD)** <br>| **First Trust** <br> **Consumer** <br> **Staples** <br> **AlphaDEX**<sup>®</sup> <br> **Fund** <br>**(FXG)** <br>| **First Trust** <br> **Energy** <br> **AlphaDEX**<sup>®</sup> <br> **Fund** <br>**(FXN)** <br>|
| **ASSETS:** |  |  |  |
| Investments, at value | $312098862 | &nbsp;&nbsp; $251163237 | &nbsp;&nbsp; $272504108 |
| Receivables: |  |  |  |
| Dividends | 28262 | &nbsp;&nbsp; 574347 | &nbsp;&nbsp; 167564 |
| Securities lending income | 959 | &nbsp;&nbsp; 849 | &nbsp;&nbsp; — |
| Investment securities sold |  | &nbsp;&nbsp; 19550326 | &nbsp;&nbsp; — |
| Interest |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Reclaims |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Prepaid expenses | 1710 | &nbsp;&nbsp; 1187 | &nbsp;&nbsp; 1153 |
| Total Assets | 312129793 | &nbsp;&nbsp; 271289946 | &nbsp;&nbsp; 272672825 |
| **LIABILITIES:** |  |  |  |
| Payables: |  |  |  |
| Collateral for securities on loan | 1869974 | &nbsp;&nbsp; 7578 | &nbsp;&nbsp; — |
| Investment advisory fees | 135628 | &nbsp;&nbsp; 110848 | &nbsp;&nbsp; 110145 |
| Licensing fees | 41848 | &nbsp;&nbsp; 35854 | &nbsp;&nbsp; 36053 |
| Shareholder reporting fees | 28410 | &nbsp;&nbsp; 13718 | &nbsp;&nbsp; 20032 |
| Audit and tax fees | 19654 | &nbsp;&nbsp; 19525 | &nbsp;&nbsp; 21533 |
| Trustees' fees | 1074 | &nbsp;&nbsp; 622 | &nbsp;&nbsp; 659 |
| Investment securities purchased |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Capital shares redeemed |  | &nbsp;&nbsp; 19594295 | &nbsp;&nbsp; — |
| Other liabilities | 56089 | &nbsp;&nbsp; 42640 | &nbsp;&nbsp; 41342 |
| Total Liabilities | 2152677 | &nbsp;&nbsp; 19825080 | &nbsp;&nbsp; 229764 |
| **NET ASSETS** | $309977116 | &nbsp;&nbsp; $251464866 | &nbsp;&nbsp; $272443061 |
| **NET ASSETS consist of:** |  |  |  |
| Paid-in capital | $761507791 | &nbsp;&nbsp; $555525735 | &nbsp;&nbsp; $826881902 |
| Par value | 45000 | &nbsp;&nbsp; 38500 | &nbsp;&nbsp; 148500 |
| Accumulated distributable earnings (loss) | (451575675)<br>| &nbsp;&nbsp; (304099369)<br>| &nbsp;&nbsp; (554587341)<br>|
| **NET ASSETS** | $309977116 | &nbsp;&nbsp; $251464866 | &nbsp;&nbsp; $272443061 |
| **NET ASSET VALUE,** per share | $68.88 | &nbsp;&nbsp; $65.32 | &nbsp;&nbsp; $18.35 |
| Number of shares outstanding (unlimited number of shares authorized, <br> par value $0.01 per share)<br>| 4500002 | &nbsp;&nbsp; 3850002 | &nbsp;&nbsp; 14850002 |
| Investments, at cost | $300860828 | &nbsp;&nbsp; $240161540 | &nbsp;&nbsp; $270533659 |
| Securities on loan, at value | $1845287 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |

---

See Notes to Financial Statements

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **First Trust** <br> **Financials** <br> **AlphaDEX**<sup>®</sup> **Fund** <br>**(FXO)** <br>| **First Trust Health** <br> **Care AlphaDEX**<sup>®</sup> <br> **Fund** <br>**(FXH)** <br>| **First Trust** <br> **Industrials/Producer** <br> **Durables** <br> **AlphaDEX**<sup>®</sup> **Fund** <br>**(FXR)** <br>| **First Trust** <br> **Materials** <br> **AlphaDEX**<sup>®</sup> **Fund** <br>**(FXZ)** <br>| **First Trust** <br> **Technology** <br> **AlphaDEX**<sup>®</sup> **Fund** <br>**(FXL)** <br>| **First Trust** <br> **Utilities** <br> **AlphaDEX**<sup>®</sup> **Fund** <br>**(FXU)** <br>|
| $2169694512 | &nbsp;&nbsp; $927220608 | &nbsp;&nbsp; $763223550 | &nbsp;&nbsp; $284942619 | &nbsp;&nbsp; $1436630746 | &nbsp;&nbsp; $812830631 |
| 839796 | &nbsp;&nbsp; 729685 | &nbsp;&nbsp; 192166 | &nbsp;&nbsp; 114866 | &nbsp;&nbsp; 289798 | &nbsp;&nbsp; 1509517 |
| 1423 | &nbsp;&nbsp; 26 | &nbsp;&nbsp; 72 | &nbsp;&nbsp; 596 | &nbsp;&nbsp; 4504 | &nbsp;&nbsp; — |
| 6092341 | &nbsp;&nbsp; 22877851 | &nbsp;&nbsp; 4262386 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 30219929 |
| 3517 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 6291 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 19971 |
| 10137 | &nbsp;&nbsp; 4196 | &nbsp;&nbsp; 8214 | &nbsp;&nbsp; 960 | &nbsp;&nbsp; 6824 | &nbsp;&nbsp; 7797 |
| 2176648017 | &nbsp;&nbsp; 950832366 | &nbsp;&nbsp; 767686388 | &nbsp;&nbsp; 285059041 | &nbsp;&nbsp; 1436931872 | &nbsp;&nbsp; 844587845 |
| 7529662 | &nbsp;&nbsp; 291 | &nbsp;&nbsp; 7597338 | &nbsp;&nbsp; 1251762 | &nbsp;&nbsp; 25788193 | &nbsp;&nbsp; — |
| 921693 | &nbsp;&nbsp; 409235 | &nbsp;&nbsp; 339308 | &nbsp;&nbsp; 105731 | &nbsp;&nbsp; 614596 | &nbsp;&nbsp; 679893 |
| 292195 | &nbsp;&nbsp; 126873 | &nbsp;&nbsp; 190406 | &nbsp;&nbsp; 29643 | &nbsp;&nbsp; 195407 | &nbsp;&nbsp; 235581 |
| 33374 | &nbsp;&nbsp; 29052 | &nbsp;&nbsp; 29005 | &nbsp;&nbsp; 15247 | &nbsp;&nbsp; 26415 | &nbsp;&nbsp; 32930 |
| 19739 | &nbsp;&nbsp; 19054 | &nbsp;&nbsp; 19712 | &nbsp;&nbsp; 19538 | &nbsp;&nbsp; 19615 | &nbsp;&nbsp; 19513 |
| 238 | &nbsp;&nbsp; 524 | &nbsp;&nbsp; 351 | &nbsp;&nbsp; 654 | &nbsp;&nbsp; 380 | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1825539 |
| 6097174 | &nbsp;&nbsp; 22893882 | &nbsp;&nbsp; 4265852 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 30305832 |
| 270327 | &nbsp;&nbsp; 135239 | &nbsp;&nbsp; 175558 | &nbsp;&nbsp; 37869 | &nbsp;&nbsp; 182032 | &nbsp;&nbsp; 210631 |
| 15164402 | &nbsp;&nbsp; 23614150 | &nbsp;&nbsp; 12617530 | &nbsp;&nbsp; 1460444 | &nbsp;&nbsp; 26826638 | &nbsp;&nbsp; 33309919 |
| $2161483615 | &nbsp;&nbsp; $927218216 | &nbsp;&nbsp; $755068858 | &nbsp;&nbsp; $283598597 | &nbsp;&nbsp; $1410105234 | &nbsp;&nbsp; $811277926 |
| $2371766928 | &nbsp;&nbsp; $1551906205 | &nbsp;&nbsp; $878692762 | &nbsp;&nbsp; $605043556 | &nbsp;&nbsp; $1574985461 | &nbsp;&nbsp; $844270245 |
| 354500 | &nbsp;&nbsp; 81000 | &nbsp;&nbsp; 88500 | &nbsp;&nbsp; 39500 | &nbsp;&nbsp; 83050 | &nbsp;&nbsp; 174000 |
| (210637813)<br>| &nbsp;&nbsp; (624768989)<br>| &nbsp;&nbsp; (123712404)<br>| &nbsp;&nbsp; (321484459)<br>| &nbsp;&nbsp; (164963277)<br>| &nbsp;&nbsp; (33166319)<br>|
| $2161483615 | &nbsp;&nbsp; $927218216 | &nbsp;&nbsp; $755068858 | &nbsp;&nbsp; $283598597 | &nbsp;&nbsp; $1410105234 | &nbsp;&nbsp; $811277926 |
| $60.97 | &nbsp;&nbsp; $114.47 | &nbsp;&nbsp; $85.32 | &nbsp;&nbsp; $71.80 | &nbsp;&nbsp; $169.79 | &nbsp;&nbsp; $46.63 |
| 35450002 | &nbsp;&nbsp; 8100002 | &nbsp;&nbsp; 8850002 | &nbsp;&nbsp; 3950002 | &nbsp;&nbsp; 8305000 | &nbsp;&nbsp; 17400002 |
| $1953998836 | &nbsp;&nbsp; $872808863 | &nbsp;&nbsp; $715158484 | &nbsp;&nbsp; $259209273 | &nbsp;&nbsp; $1221320221 | &nbsp;&nbsp; $774822193 |
| $6428526 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $7414556 | &nbsp;&nbsp; $1996484 | &nbsp;&nbsp; $19916601 | &nbsp;&nbsp; $— |

---

See Notes to Financial Statements

------

**First Trust Exchange-Traded AlphaDEX**<sup>®</sup> **Fund**

**Sector Funds**

**Statements of Operations**

**For the Six Months Ended January 31, 2026 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **First Trust** <br> **Consumer** <br> **Discretionary** <br> **AlphaDEX**<sup>®</sup> <br> **Fund** <br>**(FXD)** <br>| **First Trust** <br> **Consumer** <br> **Staples** <br> **AlphaDEX**<sup>®</sup> <br> **Fund** <br>**(FXG)** <br>| **First Trust** <br> **Energy** <br> **AlphaDEX**<sup>®</sup> <br> **Fund** <br>**(FXN)** <br>|
| **INVESTMENT INCOME:** |  |  |  |
| Dividends | $1833926 | &nbsp;&nbsp; $4374868 | &nbsp;&nbsp; $4348923 |
| Securities lending income (net of fees) | 6257 | &nbsp;&nbsp; 4572 | &nbsp;&nbsp; 469 |
| Foreign withholding tax | (3840)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total investment income | 1836343 | &nbsp;&nbsp; 4379440 | &nbsp;&nbsp; 4349392 |
| **EXPENSES:** |  |  |  |
| Investment advisory fees | 795869<br>| &nbsp;&nbsp; 684379<br>| &nbsp;&nbsp; 679037<br>|
| Accounting and administration fees | 75297 | &nbsp;&nbsp; 65038 | &nbsp;&nbsp; 64522 |
| Licensing fees | 63670 | &nbsp;&nbsp; 54750 | &nbsp;&nbsp; 54323 |
| Shareholder reporting fees | 24799 | &nbsp;&nbsp; 19692 | &nbsp;&nbsp; 22959 |
| Audit and tax fees | 14711 | &nbsp;&nbsp; 14663 | &nbsp;&nbsp; 15671 |
| Transfer agent fees | 7959 | &nbsp;&nbsp; 6844 | &nbsp;&nbsp; 6790 |
| Custodian fees | 6642 | &nbsp;&nbsp; 4872 | &nbsp;&nbsp; 4517 |
| Legal fees | 6217 | &nbsp;&nbsp; 3306 | &nbsp;&nbsp; 3220 |
| Trustees' fees and expenses | 5091 | &nbsp;&nbsp; 4881 | &nbsp;&nbsp; 4891 |
| Listing fees | 4950 | &nbsp;&nbsp; 4950 | &nbsp;&nbsp; 4950 |
| Other expenses | 31625 | &nbsp;&nbsp; 25186 | &nbsp;&nbsp; 24246 |
| Total expenses | 1036830 | &nbsp;&nbsp; 888561 | &nbsp;&nbsp; 885126 |
| **NET INVESTMENT INCOME (LOSS)** | 799513 | &nbsp;&nbsp; 3490879 | &nbsp;&nbsp; 3464266 |
| **NET REALIZED AND UNREALIZED GAIN (LOSS):** |  |  |  |
| Net realized gain (loss) on: |  |  |  |
| Investments | 5677881 | &nbsp;&nbsp; (14452209)<br>| &nbsp;&nbsp; (22001617)<br>|
| In-kind redemptions | 8701844 | &nbsp;&nbsp; 6515958 | &nbsp;&nbsp; 6141668 |
| Net realized gain (loss) | 14379725 | &nbsp;&nbsp; (7936251)<br>| &nbsp;&nbsp; (15859949)<br>|
| Net change in unrealized appreciation (depreciation) on investments | 3953872 | &nbsp;&nbsp; 17204803 | &nbsp;&nbsp; 55348562 |
| **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 18333597 | &nbsp;&nbsp; 9268552 | &nbsp;&nbsp; 39488613 |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $19133110 | &nbsp;&nbsp; $12759431 | &nbsp;&nbsp; $42952879 |

---

See Notes to Financial Statements

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **First Trust** <br> **Financials** <br> **AlphaDEX**<sup>®</sup> **Fund** <br>**(FXO)** <br>| **First Trust Health** <br> **Care AlphaDEX**<sup>®</sup> <br> **Fund** <br>**(FXH)** <br>| **First Trust** <br> **Industrials/Producer** <br> **Durables** <br> **AlphaDEX**<sup>®</sup> **Fund** <br>**(FXR)** <br>| **First Trust** <br> **Materials** <br> **AlphaDEX**<sup>®</sup> **Fund** <br>**(FXZ)** <br>| **First Trust** <br> **Technology** <br> **AlphaDEX**<sup>®</sup> **Fund** <br>**(FXL)** <br>| **First Trust** <br> **Utilities** <br> **AlphaDEX**<sup>®</sup> **Fund** <br>**(FXU)** <br>|
| $28123767 | &nbsp;&nbsp; $4748962 | &nbsp;&nbsp; $11808902 | &nbsp;&nbsp; $2603531 | &nbsp;&nbsp; $3947265 | &nbsp;&nbsp; $27812321 |
| 100661 | &nbsp;&nbsp; 34384 | &nbsp;&nbsp; 8611 | &nbsp;&nbsp; 3093 | &nbsp;&nbsp; 5952 | &nbsp;&nbsp; 55 |
| (82016)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 28142412 | &nbsp;&nbsp; 4783346 | &nbsp;&nbsp; 11817513 | &nbsp;&nbsp; 2606624 | &nbsp;&nbsp; 3953217 | &nbsp;&nbsp; 27812376 |
| 5495612<br>| &nbsp;&nbsp; 2330378<br>| &nbsp;&nbsp; 3924092<br>| &nbsp;&nbsp; 550396<br>| &nbsp;&nbsp; 3591172<br>| &nbsp;&nbsp; 4358432<br>|
| 453619 | &nbsp;&nbsp; 213277 | &nbsp;&nbsp; 333913 | &nbsp;&nbsp; 52994 | &nbsp;&nbsp; 310681 | &nbsp;&nbsp; 367939 |
| 439649 | &nbsp;&nbsp; 186430 | &nbsp;&nbsp; 313927 | &nbsp;&nbsp; 44032 | &nbsp;&nbsp; 287294 | &nbsp;&nbsp; 348675 |
| 41687 | &nbsp;&nbsp; 33661 | &nbsp;&nbsp; 35179 | &nbsp;&nbsp; 20251 | &nbsp;&nbsp; 32738 | &nbsp;&nbsp; 56697 |
| 14737 | &nbsp;&nbsp; 14716 | &nbsp;&nbsp; 14737 | &nbsp;&nbsp; 14663 | &nbsp;&nbsp; 14694 | &nbsp;&nbsp; 14663 |
| 40081 | &nbsp;&nbsp; 23304 | &nbsp;&nbsp; 31612 | &nbsp;&nbsp; 5504 | &nbsp;&nbsp; 30559 | &nbsp;&nbsp; 34341 |
| 25172 | &nbsp;&nbsp; 12669 | &nbsp;&nbsp; 22333 | &nbsp;&nbsp; 3588 | &nbsp;&nbsp; 19482 | &nbsp;&nbsp; 10814 |
| 20216 | &nbsp;&nbsp; 10115 | &nbsp;&nbsp; 19180 | &nbsp;&nbsp; 2462 | &nbsp;&nbsp; 13510 | &nbsp;&nbsp; 14612 |
| 5655 | &nbsp;&nbsp; 5165 | &nbsp;&nbsp; 5558 | &nbsp;&nbsp; 4855 | &nbsp;&nbsp; 5328 | &nbsp;&nbsp; 5255 |
| 7577 | &nbsp;&nbsp; 4950 | &nbsp;&nbsp; 7577 | &nbsp;&nbsp; 4949 | &nbsp;&nbsp; 4949 | &nbsp;&nbsp; 4950 |
| 166706 | &nbsp;&nbsp; 76589 | &nbsp;&nbsp; 146884 | &nbsp;&nbsp; 18857 | &nbsp;&nbsp; 109569 | &nbsp;&nbsp; 129982 |
| 6710711 | &nbsp;&nbsp; 2911254 | &nbsp;&nbsp; 4854992 | &nbsp;&nbsp; 722551 | &nbsp;&nbsp; 4419976 | &nbsp;&nbsp; 5346360 |
| 21431701 | &nbsp;&nbsp; 1872092 | &nbsp;&nbsp; 6962521 | &nbsp;&nbsp; 1884073 | &nbsp;&nbsp; (466759)<br>| &nbsp;&nbsp; 22466016 |
| 43385492 | &nbsp;&nbsp; 57513291 | &nbsp;&nbsp; 387636 | &nbsp;&nbsp; (8040006)<br>| &nbsp;&nbsp; 13129644 | &nbsp;&nbsp; 11447206 |
| 94093276 | &nbsp;&nbsp; 14932165 | &nbsp;&nbsp; 277875317 | &nbsp;&nbsp; 5964105 | &nbsp;&nbsp; 118074675 | &nbsp;&nbsp; 125977646 |
| 137478768 | &nbsp;&nbsp; 72445456 | &nbsp;&nbsp; 278262953 | &nbsp;&nbsp; (2075901)<br>| &nbsp;&nbsp; 131204319 | &nbsp;&nbsp; 137424852 |
| 7538066 | &nbsp;&nbsp; 61759599 | &nbsp;&nbsp; (152807745)<br>| &nbsp;&nbsp; 49904818 | &nbsp;&nbsp; (52225331)<br>| &nbsp;&nbsp; (62620018)<br>|
| 145016834 | &nbsp;&nbsp; 134205055 | &nbsp;&nbsp; 125455208 | &nbsp;&nbsp; 47828917 | &nbsp;&nbsp; 78978988 | &nbsp;&nbsp; 74804834 |
| $166448535 | &nbsp;&nbsp; $136077147 | &nbsp;&nbsp; $132417729 | &nbsp;&nbsp; $49712990 | &nbsp;&nbsp; $78512229 | &nbsp;&nbsp; $97270850 |

---

See Notes to Financial Statements

------

**First Trust Exchange-Traded AlphaDEX**<sup>®</sup> **Fund**

**Sector Funds**

**Statements of Changes in Net Assets** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **First Trust Consumer** <br> **Discretionary AlphaDEX**<sup>®</sup> **Fund** <br> **(FXD)** | **First Trust Consumer** <br> **Discretionary AlphaDEX**<sup>®</sup> **Fund** <br> **(FXD)** | **First Trust Consumer Staples** <br> **AlphaDEX**<sup>®</sup> **Fund (FXG)** | **First Trust Consumer Staples** <br> **AlphaDEX**<sup>®</sup> **Fund (FXG)** |
|  | **Six Months** <br>**Ended** <br>**1/31/2026** <br> **(Unaudited)**<br>| **Year** <br>**Ended** <br>**7/31/2025** <br>| **Six Months** <br>**Ended** <br>**1/31/2026** <br> **(Unaudited)**<br>| **Year** <br>**Ended** <br>**7/31/2025** <br>|
| **OPERATIONS:** |  |  |  |  |
| Net investment income (loss) | $799513 | &nbsp;&nbsp; $12716469 | &nbsp;&nbsp; $3490879 | &nbsp;&nbsp; $7681104 |
| Net realized gain (loss) | 14379725 | &nbsp;&nbsp; 151218040 | &nbsp;&nbsp; (7936251)<br>| &nbsp;&nbsp; 5126943 |
| Net change in unrealized appreciation (depreciation) | 3953872 | &nbsp;&nbsp; (191465920)<br>| &nbsp;&nbsp; 17204803 | &nbsp;&nbsp; (22805897)<br>|
| Net increase (decrease) in net assets resulting from <br> operations<br>| 19133110 | &nbsp;&nbsp; (27531411)<br>| &nbsp;&nbsp; 12759431 | &nbsp;&nbsp; (9997850)<br>|
| **DISTRIBUTIONS TO SHAREHOLDERS FROM:** |  |  |  |  |
| Investment operations | (952530)<br>| &nbsp;&nbsp; (13337421)<br>| &nbsp;&nbsp; (4066717)<br>| &nbsp;&nbsp; (7472183)<br>|
| **SHAREHOLDER TRANSACTIONS:** |  |  |  |  |
| Proceeds from shares sold | 34685951<br>| &nbsp;&nbsp; 420283794<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; 41819210<br>|
| Cost of shares redeemed | (62802106) <br>| &nbsp;&nbsp; (1540857531) <br>| &nbsp;&nbsp; (41612184) <br>| &nbsp;&nbsp; (154912498) <br>|
| Net increase (decrease) in net assets resulting from <br> shareholder transactions<br>| (28116155)<br>| &nbsp;&nbsp; (1120573737)<br>| &nbsp;&nbsp; (41612184)<br>| &nbsp;&nbsp; (113093288)<br>|
| Total increase (decrease) in net assets | (9935575)<br>| &nbsp;&nbsp; (1161442569)<br>| &nbsp;&nbsp; (32919470)<br>| &nbsp;&nbsp; (130563321)<br>|
| **NET ASSETS:** |  |  |  |  |
| Beginning of period | 319912691 | &nbsp;&nbsp; 1481355260 | &nbsp;&nbsp; 284384336 | &nbsp;&nbsp; 414947657 |
| End of period | $309977116 | &nbsp;&nbsp; $319912691 | &nbsp;&nbsp; $251464866 | &nbsp;&nbsp; $284384336 |
| **CHANGES IN SHARES OUTSTANDING:** |  |  |  |  |
| Shares outstanding, beginning of period | 4950002 | &nbsp;&nbsp; 24400002 | &nbsp;&nbsp; 4500002 | &nbsp;&nbsp; 6250002 |
| Shares sold | 500000 | &nbsp;&nbsp; 6700000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 650000 |
| Shares redeemed | (950000)<br>| &nbsp;&nbsp; (26150000)<br>| &nbsp;&nbsp; (650000)<br>| &nbsp;&nbsp; (2400000)<br>|
| Shares outstanding, end of period | 4500002 | &nbsp;&nbsp; 4950002 | &nbsp;&nbsp; 3850002 | &nbsp;&nbsp; 4500002 |

---

See Notes to Financial Statements

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **First Trust Energy AlphaDEX**<sup>®</sup> **Fund** <br> **(FXN)** | **First Trust Energy AlphaDEX**<sup>®</sup> **Fund** <br> **(FXN)** | **First Trust Financials AlphaDEX**<sup>®</sup> <br> **Fund (FXO)** | **First Trust Financials AlphaDEX**<sup>®</sup> <br> **Fund (FXO)** | **First Trust Health Care AlphaDEX**<sup>®</sup> <br> **Fund (FXH)** | **First Trust Health Care AlphaDEX**<sup>®</sup> <br> **Fund (FXH)** |
| **Six Months** <br>**Ended** <br>**1/31/2026** <br> **(Unaudited)**<br>| **Year** <br>**Ended** <br>**7/31/2025** <br>| **Six Months** <br>**Ended** <br>**1/31/2026** <br> **(Unaudited)**<br>| **Year** <br>**Ended** <br>**7/31/2025** <br>| **Six Months** <br>**Ended** <br>**1/31/2026** <br> **(Unaudited)**<br>| **Year** <br>**Ended** <br>**7/31/2025** <br>|
| $3464266 | &nbsp;&nbsp; $9597141 | &nbsp;&nbsp; $21431701 | &nbsp;&nbsp; $32418242 | &nbsp;&nbsp; $1872092 | &nbsp;&nbsp; $3441503 |
| (15859949)<br>| &nbsp;&nbsp; (16753372)<br>| &nbsp;&nbsp; 137478768 | &nbsp;&nbsp; 63174949 | &nbsp;&nbsp; 72445456 | &nbsp;&nbsp; 67328292 |
| 55348562 | &nbsp;&nbsp; (53798361)<br>| &nbsp;&nbsp; 7538066 | &nbsp;&nbsp; 58385023 | &nbsp;&nbsp; 61759599 | &nbsp;&nbsp; (165760889)<br>|
| 42952879 | &nbsp;&nbsp; (60954592)<br>| &nbsp;&nbsp; 166448535 | &nbsp;&nbsp; 153978214 | &nbsp;&nbsp; 136077147 | &nbsp;&nbsp; (94991094)<br>|
| (3555751)<br>| &nbsp;&nbsp; (10196321)<br>| &nbsp;&nbsp; (21762931)<br>| &nbsp;&nbsp; (31233028)<br>| &nbsp;&nbsp; (6043817)<br>| &nbsp;&nbsp; (3555751)<br>|
| 24880939<br>| &nbsp;&nbsp; 49026079<br>| &nbsp;&nbsp; 195368040<br>| &nbsp;&nbsp; 1807638374<br>| &nbsp;&nbsp; 28590324<br>| &nbsp;&nbsp; 15402313<br>|
| (63793051) <br>| &nbsp;&nbsp; (254706723) <br>| &nbsp;&nbsp; (363537881) <br>| &nbsp;&nbsp; (649598007) <br>| &nbsp;&nbsp; (76855741) <br>| &nbsp;&nbsp; (337717738) <br>|
| (38912112)<br>| &nbsp;&nbsp; (205680644)<br>| &nbsp;&nbsp; (168169841)<br>| &nbsp;&nbsp; 1158040367 | &nbsp;&nbsp; (48265417)<br>| &nbsp;&nbsp; (322315425)<br>|
| 485016 | &nbsp;&nbsp; (276831557)<br>| &nbsp;&nbsp; (23484237)<br>| &nbsp;&nbsp; 1280785553 | &nbsp;&nbsp; 81767913 | &nbsp;&nbsp; (420862270)<br>|
| 271958045 | &nbsp;&nbsp; 548789602 | &nbsp;&nbsp; 2184967852 | &nbsp;&nbsp; 904182299 | &nbsp;&nbsp; 845450303 | &nbsp;&nbsp; 1266312573 |
| $272443061 | &nbsp;&nbsp; $271958045 | &nbsp;&nbsp; $2161483615 | &nbsp;&nbsp; $2184967852 | &nbsp;&nbsp; $927218216 | &nbsp;&nbsp; $845450303 |
| 17250002 | &nbsp;&nbsp; 30000002 | &nbsp;&nbsp; 38300002 | &nbsp;&nbsp; 17900002 | &nbsp;&nbsp; 8550002 | &nbsp;&nbsp; 11600002 |
| 1500000 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp; 3300000 | &nbsp;&nbsp; 32350000 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 150000 |
| (3900000)<br>| &nbsp;&nbsp; (15750000)<br>| &nbsp;&nbsp; (6150000)<br>| &nbsp;&nbsp; (11950000)<br>| &nbsp;&nbsp; (700000)<br>| &nbsp;&nbsp; (3200000)<br>|
| 14850002 | &nbsp;&nbsp; 17250002 | &nbsp;&nbsp; 35450002 | &nbsp;&nbsp; 38300002 | &nbsp;&nbsp; 8100002 | &nbsp;&nbsp; 8550002 |

---

See Notes to Financial Statements

------

**First Trust Exchange-Traded AlphaDEX**<sup>®</sup> **Fund**

**Sector Funds**

**Statements of Changes in Net Assets (Continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **First Trust Industrials/Producer** <br> **Durables AlphaDEX**<sup>®</sup> **Fund** <br> **(FXR)** | **First Trust Industrials/Producer** <br> **Durables AlphaDEX**<sup>®</sup> **Fund** <br> **(FXR)** | **First Trust Materials AlphaDEX**<sup>®</sup> <br> **Fund (FXZ)** | **First Trust Materials AlphaDEX**<sup>®</sup> <br> **Fund (FXZ)** |
|  | **Six Months** <br>**Ended** <br>**1/31/2026** <br> **(Unaudited)**<br>| **Year** <br>**Ended** <br>**7/31/2025** <br>| **Six Months** <br>**Ended** <br>**1/31/2026** <br> **(Unaudited)**<br>| **Year** <br>**Ended** <br>**7/31/2025** <br>|
| **OPERATIONS:** |  |  |  |  |
| Net investment income (loss) | $6962521 | &nbsp;&nbsp; $13450094 | &nbsp;&nbsp; $1884073 | &nbsp;&nbsp; $4493849 |
| Net realized gain (loss) | 278262953 | &nbsp;&nbsp; 251017905 | &nbsp;&nbsp; (2075901)<br>| &nbsp;&nbsp; (45617775)<br>|
| Net change in unrealized appreciation (depreciation) | (152807745)<br>| &nbsp;&nbsp; (155455646)<br>| &nbsp;&nbsp; 49904818 | &nbsp;&nbsp; (5621796)<br>|
| Net increase (decrease) in net assets resulting from <br> operations<br>| 132417729 | &nbsp;&nbsp; 109012353 | &nbsp;&nbsp; 49712990 | &nbsp;&nbsp; (46745722)<br>|
| **DISTRIBUTIONS TO SHAREHOLDERS FROM:** |  |  |  |  |
| Investment operations | (7288915)<br>| &nbsp;&nbsp; (13561385)<br>| &nbsp;&nbsp; (2293427)<br>| &nbsp;&nbsp; (4819952)<br>|
| **SHAREHOLDER TRANSACTIONS:** |  |  |  |  |
| Proceeds from shares sold | 284879332<br>| &nbsp;&nbsp; 1085327748<br>| &nbsp;&nbsp; 59657453<br>| &nbsp;&nbsp; 11998845<br>|
| Cost of shares redeemed | (1511585963) <br>| &nbsp;&nbsp; (1269996640) <br>| &nbsp;&nbsp; (39182344) <br>| &nbsp;&nbsp; (124592896) <br>|
| Net increase (decrease) in net assets resulting from <br> shareholder transactions<br>| (1226706631)<br>| &nbsp;&nbsp; (184668892)<br>| &nbsp;&nbsp; 20475109 | &nbsp;&nbsp; (112594051)<br>|
| Total increase (decrease) in net assets | (1101577817)<br>| &nbsp;&nbsp; (89217924)<br>| &nbsp;&nbsp; 67894672 | &nbsp;&nbsp; (164159725)<br>|
| **NET ASSETS:** |  |  |  |  |
| Beginning of period | 1856646675 | &nbsp;&nbsp; 1945864599 | &nbsp;&nbsp; 215703925 | &nbsp;&nbsp; 379863650 |
| End of period | $755068858 | &nbsp;&nbsp; $1856646675 | &nbsp;&nbsp; $283598597 | &nbsp;&nbsp; $215703925 |
| **CHANGES IN SHARES OUTSTANDING:** |  |  |  |  |
| Shares outstanding, beginning of period | 24050002 | &nbsp;&nbsp; 26600002 | &nbsp;&nbsp; 3750002 | &nbsp;&nbsp; 5650002 |
| Shares sold | 3600000 | &nbsp;&nbsp; 14350000 | &nbsp;&nbsp; 850000 | &nbsp;&nbsp; 200000 |
| Shares redeemed | (18800000)<br>| &nbsp;&nbsp; (16900000)<br>| &nbsp;&nbsp; (650000)<br>| &nbsp;&nbsp; (2100000)<br>|
| Shares outstanding, end of period | 8850002 | &nbsp;&nbsp; 24050002 | &nbsp;&nbsp; 3950002 | &nbsp;&nbsp; 3750002 |

---

See Notes to Financial Statements

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **First Trust Technology** <br> **AlphaDEX**<sup>®</sup> **Fund (FXL)** | **First Trust Technology** <br> **AlphaDEX**<sup>®</sup> **Fund (FXL)** | **First Trust Utilities AlphaDEX**<sup>®</sup> <br> **Fund (FXU)** | **First Trust Utilities AlphaDEX**<sup>®</sup> <br> **Fund (FXU)** |
| **Six Months** <br>**Ended** <br>**1/31/2026** <br> **(Unaudited)**<br>| **Year** <br>**Ended** <br>**7/31/2025** <br>| **Six Months** <br>**Ended** <br>**1/31/2026** <br> **(Unaudited)**<br>| **Year** <br>**Ended** <br>**7/31/2025** <br>|
| $(466759)<br>| &nbsp;&nbsp; $578053 | &nbsp;&nbsp; $22466016 | &nbsp;&nbsp; $17668986 |
| 131204319 | &nbsp;&nbsp; 172156879 | &nbsp;&nbsp; 137424852 | &nbsp;&nbsp; 97379607 |
| (52225331)<br>| &nbsp;&nbsp; 53744732 | &nbsp;&nbsp; (62620018)<br>| &nbsp;&nbsp; 89211178 |
| 78512229 | &nbsp;&nbsp; 226479664 | &nbsp;&nbsp; 97270850 | &nbsp;&nbsp; 204259771 |
| (83839)<br>| &nbsp;&nbsp; (495057)<br>| &nbsp;&nbsp; (23887951)<br>| &nbsp;&nbsp; (15001942)<br>|
| 263861780<br>| &nbsp;&nbsp; 21586792<br>| &nbsp;&nbsp; 390180529<br>| &nbsp;&nbsp; 1724095976<br>|
| (304278181) <br>| &nbsp;&nbsp; (214114870) <br>| &nbsp;&nbsp; (1357300437) <br>| &nbsp;&nbsp; (460930131) <br>|
| (40416401)<br>| &nbsp;&nbsp; (192528078)<br>| &nbsp;&nbsp; (967119908)<br>| &nbsp;&nbsp; 1263165845 |
| 38011989 | &nbsp;&nbsp; 33456529 | &nbsp;&nbsp; (893737009)<br>| &nbsp;&nbsp; 1452423674 |
| 1372093245 | &nbsp;&nbsp; 1338636716 | &nbsp;&nbsp; 1705014935 | &nbsp;&nbsp; 252591261 |
| $1410105234 | &nbsp;&nbsp; $1372093245 | &nbsp;&nbsp; $811277926 | &nbsp;&nbsp; $1705014935 |
| 8555000 | &nbsp;&nbsp; 9905000 | &nbsp;&nbsp; 38350002 | &nbsp;&nbsp; 7250002 |
| 1550000 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; 8600000 | &nbsp;&nbsp; 42300000 |
| (1800000)<br>| &nbsp;&nbsp; (1500000)<br>| &nbsp;&nbsp; (29550000)<br>| &nbsp;&nbsp; (11200000)<br>|
| 8305000 | &nbsp;&nbsp; 8555000 | &nbsp;&nbsp; 17400002 | &nbsp;&nbsp; 38350002 |

---

See Notes to Financial Statements

------

**First Trust Exchange-Traded AlphaDEX**<sup>®</sup> **Fund**

**Sector Funds**

**Financial Highlights**

**For a share outstanding throughout each period**

**First Trust Consumer Discretionary AlphaDEX**<sup>®</sup> **Fund (FXD)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>**1/31/2026** <br>**(Unaudited)** | **Year Ended July 31,**  | **Year Ended July 31,**  | **Year Ended July 31,**  | **Year Ended July 31,**  | **Year Ended July 31,**  |
|  | **Six Months** <br>**Ended** <br>**1/31/2026** <br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022**  | **2021**  |
| Net asset value, beginning of period | $64.63 | &nbsp;&nbsp;&nbsp;&nbsp; $60.71 | &nbsp;&nbsp;&nbsp;&nbsp; $57.41 | &nbsp;&nbsp;&nbsp;&nbsp; $49.57 | &nbsp;&nbsp;&nbsp;&nbsp; $61.36 | &nbsp;&nbsp;&nbsp;&nbsp; $39.70 |
| **Income from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)  | 0.17<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.71<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.52<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.20<br>|
| Net realized and unrealized gain (loss) | 4.29<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.93<br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.29<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.95<br>| &nbsp;&nbsp;&nbsp;&nbsp; (11.78) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 21.61<br>|
| Total from investment operations | 4.46<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.64<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.70<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.30<br>| &nbsp;&nbsp;&nbsp;&nbsp; (11.26) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 21.81<br>|
| **Distributions paid to shareholders** <br> **from:**<br>|  |  |  |  |  |  |
| Net investment income | (0.21) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.72) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.40) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.46) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.53) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.15) <br>|
| Net asset value, end of period | $68.88<br>| &nbsp;&nbsp;&nbsp;&nbsp; $64.63<br>| &nbsp;&nbsp;&nbsp;&nbsp; $60.71<br>| &nbsp;&nbsp;&nbsp;&nbsp; $57.41<br>| &nbsp;&nbsp;&nbsp;&nbsp; $49.57<br>| &nbsp;&nbsp;&nbsp;&nbsp; $61.36<br>|
| **Total return** (c) | 6.90<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.69<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.47<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.93<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; (18.43)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; 54.99<br> % <br>|
| **Ratios to average net** <br> **assets/supplemental data:**<br>|  |  |  |  |  |  |
| Net assets, end of period (in 000's) | $309977<br>| &nbsp;&nbsp;&nbsp;&nbsp; $319913<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1481355<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1504179<br>| &nbsp;&nbsp;&nbsp;&nbsp; $394117<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1948136<br>|
| Ratio of total expenses to average net <br> assets<br>| 0.65<br> % (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.61<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.61<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.61<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.61<br> % <br>|
| Ratio of net investment income (loss) to <br> average net assets<br>| 0.50<br> % (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.13<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.72<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.71<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.82<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.38<br> % <br>|
| Portfolio turnover rate (e) | 44<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 68<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 84<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 110<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 76<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 88<br> % <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Based
 on average shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(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

------

**First Trust Exchange-Traded AlphaDEX**<sup>®</sup> **Fund**

**Sector Funds**

**Financial Highlights (Continued)** 

**For a share outstanding throughout each period**

**First Trust Consumer Staples AlphaDEX**<sup>®</sup> **Fund (FXG)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>**1/31/2026** <br>**(Unaudited)** | **Year Ended July 31,**  | **Year Ended July 31,**  | **Year Ended July 31,**  | **Year Ended July 31,**  | **Year Ended July 31,**  |
|  | **Six Months** <br>**Ended** <br>**1/31/2026** <br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022**  | **2021**  |
| Net asset value, beginning of period | $63.20 | &nbsp;&nbsp;&nbsp;&nbsp; $66.39 | &nbsp;&nbsp;&nbsp;&nbsp; $64.37 | &nbsp;&nbsp;&nbsp;&nbsp; $63.79 | &nbsp;&nbsp;&nbsp;&nbsp; $56.21 | &nbsp;&nbsp;&nbsp;&nbsp; $48.76 |
| **Income from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)  | 0.81<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.47<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.92<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.20<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.81<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.79<br>|
| Net realized and unrealized gain (loss) | 2.25<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3.23) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.05<br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.56<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.55<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.40<br>|
| Total from investment operations | 3.06<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.76) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.97<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.76<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.36<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.19<br>|
| **Distributions paid to shareholders from:** |  |  |  |  |  |  |
| Net investment income | (0.94) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.43) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.95) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.18) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.78) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.74) <br>|
| Net asset value, end of period | $65.32<br>| &nbsp;&nbsp;&nbsp;&nbsp; $63.20<br>| &nbsp;&nbsp;&nbsp;&nbsp; $66.39<br>| &nbsp;&nbsp;&nbsp;&nbsp; $64.37<br>| &nbsp;&nbsp;&nbsp;&nbsp; $63.79<br>| &nbsp;&nbsp;&nbsp;&nbsp; $56.21<br>|
| **Total return** (c) | 4.91<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.69)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.69<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.87<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.95<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.88<br> % <br>|
| **Ratios to average net assets/supplemental** <br> **data:**<br>|  |  |  |  |  |  |
| Net assets, end of period (in 000's) | $251465<br>| &nbsp;&nbsp;&nbsp;&nbsp; $284384<br>| &nbsp;&nbsp;&nbsp;&nbsp; $414948<br>| &nbsp;&nbsp;&nbsp;&nbsp; $656528<br>| &nbsp;&nbsp;&nbsp;&nbsp; $650653<br>| &nbsp;&nbsp;&nbsp;&nbsp; $247311<br>|
| Ratio of total expenses to average net assets | 0.65<br> % (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.63<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.62<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.63<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.63<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.64<br> % <br>|
| Ratio of net investment income (loss) to <br> average net assets<br>| 2.55<br> % (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.24<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.46<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.92<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.41<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.43<br> % <br>|
| Portfolio turnover rate (e) | 42<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 81<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 67<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 63<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 88<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 94<br> % <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Based
 on average shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(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

------

**First Trust Exchange-Traded AlphaDEX**<sup>®</sup> **Fund**

**Sector Funds**

**Financial Highlights (Continued)** 

**For a share outstanding throughout each period**

**First Trust Energy AlphaDEX**<sup>®</sup> **Fund (FXN)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>**1/31/2026** <br>**(Unaudited)** | **Year Ended July 31,**  | **Year Ended July 31,**  | **Year Ended July 31,**  | **Year Ended July 31,**  | **Year Ended July 31,**  |
|  | **Six Months** <br>**Ended** <br>**1/31/2026** <br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022**  | **2021**  |
| Net asset value, beginning of period | $15.77 | &nbsp;&nbsp;&nbsp;&nbsp; $18.29 | &nbsp;&nbsp;&nbsp;&nbsp; $17.25 | &nbsp;&nbsp;&nbsp;&nbsp; $16.80 | &nbsp;&nbsp;&nbsp;&nbsp; $10.33 | &nbsp;&nbsp;&nbsp;&nbsp; $6.54 |
| **Income from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)  | 0.21<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.42<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.34<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.52<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.27<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.31<br>|
| Net realized and unrealized gain (loss) | 2.58<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.49) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.04<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.46<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.81<br>|
| Total from investment operations | 2.79<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.07) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.38<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.02<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.73<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.12<br>|
| **Distributions paid to shareholders from:** |  |  |  |  |  |  |
| Net investment income | (0.21) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.45) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.34) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.57) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.26) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.33) <br>|
| Net asset value, end of period | $18.35<br>| &nbsp;&nbsp;&nbsp;&nbsp; $15.77<br>| &nbsp;&nbsp;&nbsp;&nbsp; $18.29<br>| &nbsp;&nbsp;&nbsp;&nbsp; $17.25<br>| &nbsp;&nbsp;&nbsp;&nbsp; $16.80<br>| &nbsp;&nbsp;&nbsp;&nbsp; $10.33<br>|
| **Total return** (c) | 17.88<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; (11.32)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.08<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.38<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 65.76<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 66.66<br> % <br>|
| **Ratios to average net assets/supplemental** <br> **data:**<br>|  |  |  |  |  |  |
| Net assets, end of period (in 000's) | $272443<br>| &nbsp;&nbsp;&nbsp;&nbsp; $271958<br>| &nbsp;&nbsp;&nbsp;&nbsp; $548790<br>| &nbsp;&nbsp;&nbsp;&nbsp; $567687<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1665291<br>| &nbsp;&nbsp;&nbsp;&nbsp; $328966<br>|
| Ratio of total expenses to average net assets | 0.65<br> % (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.63<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.61<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.62<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.61<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.64<br> % <br>|
| Ratio of net investment income (loss) to <br> average net assets<br>| 2.55<br> % (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.59<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.93<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.01<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.34<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.70<br> % <br>|
| Portfolio turnover rate (e) | 27<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 50<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 60<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 58<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 79<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 71<br> % <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Based
 on average shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(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

------

**First Trust Exchange-Traded AlphaDEX**<sup>®</sup> **Fund**

**Sector Funds**

**Financial Highlights (Continued)** 

**For a share outstanding throughout each period**

**First Trust Financials AlphaDEX**<sup>®</sup> **Fund (FXO)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>**1/31/2026** <br>**(Unaudited)** | **Year Ended July 31,**  | **Year Ended July 31,**  | **Year Ended July 31,**  | **Year Ended July 31,**  | **Year Ended July 31,**  |
|  | **Six Months** <br>**Ended** <br>**1/31/2026** <br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022**  | **2021**  |
| Net asset value, beginning of period | $57.05 | &nbsp;&nbsp;&nbsp;&nbsp; $50.51 | &nbsp;&nbsp;&nbsp;&nbsp; $41.49 | &nbsp;&nbsp;&nbsp;&nbsp; $41.48 | &nbsp;&nbsp;&nbsp;&nbsp; $43.40 | &nbsp;&nbsp;&nbsp;&nbsp; $25.87 |
| **Income from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)  | 0.58<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.04<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.10<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.28<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.92<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.81<br>|
| Net realized and unrealized gain (loss) | 3.94<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.61<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.11<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.05) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.97) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.55<br>|
| Total from investment operations | 4.52<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.65<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.21<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.23<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.05) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 18.36<br>|
| **Distributions paid to shareholders** <br> **from:**<br>|  |  |  |  |  |  |
| Net investment income | (0.60) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.11) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.19) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.22) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.87) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.83) <br>|
| Net asset value, end of period | $60.97<br>| &nbsp;&nbsp;&nbsp;&nbsp; $57.05<br>| &nbsp;&nbsp;&nbsp;&nbsp; $50.51<br>| &nbsp;&nbsp;&nbsp;&nbsp; $41.49<br>| &nbsp;&nbsp;&nbsp;&nbsp; $41.48<br>| &nbsp;&nbsp;&nbsp;&nbsp; $43.40<br>|
| **Total return** (b) | 7.93<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.31<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 25.17<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.24<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.52)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; 71.99<br> % <br>|
| **Ratios to average net** <br> **assets/supplemental data:**<br>|  |  |  |  |  |  |
| Net assets, end of period (in 000's) | $2161484<br>| &nbsp;&nbsp;&nbsp;&nbsp; $2184968<br>| &nbsp;&nbsp;&nbsp;&nbsp; $904182<br>| &nbsp;&nbsp;&nbsp;&nbsp; $894024<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1171738<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1312886<br>|
| Ratio of total expenses to average net <br> assets<br>| 0.61<br> % (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.61<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.62<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.62<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.61<br> % <br>|
| Ratio of net investment income (loss) <br> to average net assets<br>| 1.95<br> % (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.94<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.57<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.06<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.10<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.25<br> % <br>|
| Portfolio turnover rate (d) | 34<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 90<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 75<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 78<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 64<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 86<br> % <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Based
 on average shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(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

------

**First Trust Exchange-Traded AlphaDEX**<sup>®</sup> **Fund**

**Sector Funds**

**Financial Highlights (Continued)** 

**For a share outstanding throughout each period**

**First Trust Health Care AlphaDEX**<sup>®</sup> **Fund (FXH)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>**1/31/2026** <br>**(Unaudited)** | **Year Ended July 31,**  | **Year Ended July 31,**  | **Year Ended July 31,**  | **Year Ended July 31,**  | **Year Ended July 31,**  |
|  | **Six Months** <br>**Ended** <br>**1/31/2026** <br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022**  | **2021**  |
| Net asset value, beginning of period | $98.88 | &nbsp;&nbsp;&nbsp;&nbsp; $109.16 | &nbsp;&nbsp;&nbsp;&nbsp; $106.42 | &nbsp;&nbsp;&nbsp;&nbsp; $108.57 | &nbsp;&nbsp;&nbsp;&nbsp; $122.03 | &nbsp;&nbsp;&nbsp;&nbsp; $95.29 |
| **Income from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)  | 0.23<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.38<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.21<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.13<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.15) <br>|
| Net realized and unrealized gain (loss) | 16.08<br>| &nbsp;&nbsp;&nbsp;&nbsp; (10.29) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.74<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.06) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (13.59) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 26.89<br>|
| Total from investment operations | 16.31<br>| &nbsp;&nbsp;&nbsp;&nbsp; (9.94) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.12<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.85) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (13.46) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 26.74<br>|
| **Distributions paid to shareholders** <br> **from:**<br>|  |  |  |  |  |  |
| Net investment income | (0.72) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.34) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.38) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.30) <br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| Net asset value, end of period | $114.47<br>| &nbsp;&nbsp;&nbsp;&nbsp; $98.88<br>| &nbsp;&nbsp;&nbsp;&nbsp; $109.16<br>| &nbsp;&nbsp;&nbsp;&nbsp; $106.42<br>| &nbsp;&nbsp;&nbsp;&nbsp; $108.57<br>| &nbsp;&nbsp;&nbsp;&nbsp; $122.03<br>|
| **Total return** (b) | 16.52<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; (9.12)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.95<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.69)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; (11.03)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; 28.08<br> % <br>|
| **Ratios to average net** <br> **assets/supplemental data:**<br>|  |  |  |  |  |  |
| Net assets, end of period (in 000's) | $927218<br>| &nbsp;&nbsp;&nbsp;&nbsp; $845450<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1266313<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1521820<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1503728<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1604748<br>|
| Ratio of total expenses to average net <br> assets<br>| 0.62<br> % (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.61<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.62<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.61<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.61<br> % <br>|
| Ratio of net investment income (loss) <br> to average net assets<br>| 0.40<br> % (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.32<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.37<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.19<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.12<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.14)% <br>|
| Portfolio turnover rate (d) | 57<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 85<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 98<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 94<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 88<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 103<br> % <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Based
 on average shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(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

------

**First Trust Exchange-Traded AlphaDEX**<sup>®</sup> **Fund**

**Sector Funds**

**Financial Highlights (Continued)** 

**For a share outstanding throughout each period**

**First Trust Industrials/Producer Durables AlphaDEX**<sup>®</sup> **Fund (FXR)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>**1/31/2026** <br>**(Unaudited)** | **Year Ended July 31,**  | **Year Ended July 31,**  | **Year Ended July 31,**  | **Year Ended July 31,**  | **Year Ended July 31,**  |
|  | **Six Months** <br>**Ended** <br>**1/31/2026** <br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022**  | **2021**  |
| Net asset value, beginning of period | $77.20 | &nbsp;&nbsp;&nbsp;&nbsp; $73.15 | &nbsp;&nbsp;&nbsp;&nbsp; $61.85 | &nbsp;&nbsp;&nbsp;&nbsp; $53.68 | &nbsp;&nbsp;&nbsp;&nbsp; $59.52 | &nbsp;&nbsp;&nbsp;&nbsp; $39.13 |
| **Income from investment** <br> **operations:**<br>|  |  |  |  |  |  |
| Net investment income (loss)  | 0.36<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.53<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.53<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.45<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.42<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.33<br>|
| Net realized and unrealized gain <br> (loss)<br>| 8.10<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.05<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.31<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.18<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5.87) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 20.42<br>|
| Total from investment operations | 8.46<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.58<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.84<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.63<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5.45) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 20.75<br>|
| **Distributions paid to shareholders** <br> **from:**<br>|  |  |  |  |  |  |
| Net investment income | (0.34) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.53) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.54) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.46) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.39) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.36) <br>|
| Net asset value, end of period | $85.32<br>| &nbsp;&nbsp;&nbsp;&nbsp; $77.20<br>| &nbsp;&nbsp;&nbsp;&nbsp; $73.15<br>| &nbsp;&nbsp;&nbsp;&nbsp; $61.85<br>| &nbsp;&nbsp;&nbsp;&nbsp; $53.68<br>| &nbsp;&nbsp;&nbsp;&nbsp; $59.52<br>|
| **Total return** (b) | 10.99<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.30<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 19.26<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.23<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; (9.16)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; 53.21<br> % <br>|
| **Ratios to average net** <br> **assets/supplemental data:**<br>|  |  |  |  |  |  |
| Net assets, end of period (in 000's) | $755069<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1856647<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1945865<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1762616<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1578226<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1767604<br>|
| Ratio of total expenses to average <br> net assets<br>| 0.62<br> % (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.61<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.61<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.61<br> % <br>|
| Ratio of net investment income <br> (loss) to average net assets<br>| 0.89<br> % (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.71<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.82<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.82<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.74<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.55<br> % <br>|
| Portfolio turnover rate (d) | 32<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 76<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 78<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 81<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 77<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 91<br> % <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Based
 on average shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(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

------

**First Trust Exchange-Traded AlphaDEX**<sup>®</sup> **Fund**

**Sector Funds**

**Financial Highlights (Continued)** 

**For a share outstanding throughout each period**

**First Trust Materials AlphaDEX**<sup>®</sup> **Fund (FXZ)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>**1/31/2026** <br>**(Unaudited)** | **Year Ended July 31,**  | **Year Ended July 31,**  | **Year Ended July 31,**  | **Year Ended July 31,**  | **Year Ended July 31,**  |
|  | **Six Months** <br>**Ended** <br>**1/31/2026** <br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022**  | **2021**  |
| Net asset value, beginning of period | $57.52 | &nbsp;&nbsp;&nbsp;&nbsp; $67.23 | &nbsp;&nbsp;&nbsp;&nbsp; $68.14 | &nbsp;&nbsp;&nbsp;&nbsp; $61.97 | &nbsp;&nbsp;&nbsp;&nbsp; $57.91 | &nbsp;&nbsp;&nbsp;&nbsp; $35.85 |
| **Income from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)  | 0.54<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.02<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.89<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.72<br>|
| Net realized and unrealized gain (loss) | 14.42<br>| &nbsp;&nbsp;&nbsp;&nbsp; (9.64) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.89) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.50<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.93<br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 22.05<br>|
| Total from investment operations | 14.96<br>| &nbsp;&nbsp;&nbsp;&nbsp; (8.64) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.13<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.50<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.82<br>| &nbsp;&nbsp;&nbsp;&nbsp; 22.77<br>|
| **Distributions paid to shareholders from:** |  |  |  |  |  |  |
| Net investment income | (0.68) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.07) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.04) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.33) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.76) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.71) <br>|
| Net asset value, end of period | $71.80<br>| &nbsp;&nbsp;&nbsp;&nbsp; $57.52<br>| &nbsp;&nbsp;&nbsp;&nbsp; $67.23<br>| &nbsp;&nbsp;&nbsp;&nbsp; $68.14<br>| &nbsp;&nbsp;&nbsp;&nbsp; $61.97<br>| &nbsp;&nbsp;&nbsp;&nbsp; $57.91<br>|
| **Total return** (c) | 26.17<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; (12.88)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.21<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.41<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.37<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 64.02<br> % <br>|
| **Ratios to average net assets/supplemental** <br> **data:**<br>|  |  |  |  |  |  |
| Net assets, end of period (in 000's) | $283599<br>| &nbsp;&nbsp;&nbsp;&nbsp; $215704<br>| &nbsp;&nbsp;&nbsp;&nbsp; $379864<br>| &nbsp;&nbsp;&nbsp;&nbsp; $589445<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1567915<br>| &nbsp;&nbsp;&nbsp;&nbsp; $460362<br>|
| Ratio of total expenses to average net assets | 0.66<br> % (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.64<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.61<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.62<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.61<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.64<br> % <br>|
| Ratio of net investment income (loss) to <br> average net assets<br>| 1.71<br> % (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.66<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.54<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.58<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.69<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.39<br> % <br>|
| Portfolio turnover rate (e) | 27<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 62<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 53<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 35<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 60<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 77<br> % <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Based
 on average shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(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

------

**First Trust Exchange-Traded AlphaDEX**<sup>®</sup> **Fund**

**Sector Funds**

**Financial Highlights (Continued)** 

**For a share outstanding throughout each period**

**First Trust Technology AlphaDEX**<sup>®</sup> **Fund (FXL)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>**1/31/2026** <br>**(Unaudited)** | **Year Ended July 31,**  | **Year Ended July 31,**  | **Year Ended July 31,**  | **Year Ended July 31,**  | **Year Ended July 31,**  |
|  | **Six Months** <br>**Ended** <br>**1/31/2026** <br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022**  | **2021**  |
| Net asset value, beginning of <br> period<br>| $160.38 | &nbsp;&nbsp;&nbsp;&nbsp; $135.15 | &nbsp;&nbsp;&nbsp;&nbsp; $120.05 | &nbsp;&nbsp;&nbsp;&nbsp; $104.35 | &nbsp;&nbsp;&nbsp;&nbsp; $125.53 | &nbsp;&nbsp;&nbsp;&nbsp; $89.44 |
| **Income from investment** <br> **operations:**<br>|  |  |  |  |  |  |
| Net investment income (loss)  | (0.06) (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.06<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.23<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.34<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.06) <br>|
| Net realized and unrealized gain <br> (loss)<br>| 9.48<br>| &nbsp;&nbsp;&nbsp;&nbsp; 25.22<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.10<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.73<br>| &nbsp;&nbsp;&nbsp;&nbsp; (21.21) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 36.15<br>|
| Total from investment operations | 9.42<br>| &nbsp;&nbsp;&nbsp;&nbsp; 25.28<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.50<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.96<br>| &nbsp;&nbsp;&nbsp;&nbsp; (20.87) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 36.09<br>|
| **Distributions paid to** <br> **shareholders from:**<br>|  |  |  |  |  |  |
| Net investment income | (0.01) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.05) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.40) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.26) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.31) <br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| Net asset value, end of period | $169.79<br>| &nbsp;&nbsp;&nbsp;&nbsp; $160.38<br>| &nbsp;&nbsp;&nbsp;&nbsp; $135.15<br>| &nbsp;&nbsp;&nbsp;&nbsp; $120.05<br>| &nbsp;&nbsp;&nbsp;&nbsp; $104.35<br>| &nbsp;&nbsp;&nbsp;&nbsp; $125.53<br>|
| **Total return** (b) | 5.87<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 18.71<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.93<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.36<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; (16.64)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; 40.34<br> % <br>|
| **Ratios to average net** <br> **assets/supplemental data:**<br>|  |  |  |  |  |  |
| Net assets, end of period (in 000's) | $1410105<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1372093<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1338637<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1231083<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1143164<br>| &nbsp;&nbsp;&nbsp;&nbsp; $2668074<br>|
| Ratio of total expenses to average <br> net assets<br>| 0.62<br> % (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.62<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.61<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.61<br> % <br>|
| Ratio of net investment income <br> (loss) to average net assets<br>| (0.06)% (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.04<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.32<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.23<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.27<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.05)% <br>|
| Portfolio turnover rate (d) | 42<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 104<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 119<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 104<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 91<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 92<br> % <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Based
 on average shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(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

------

**First Trust Exchange-Traded AlphaDEX**<sup>®</sup> **Fund**

**Sector Funds**

**Financial Highlights (Continued)** 

**For a share outstanding throughout each period**

**First Trust Utilities AlphaDEX**<sup>®</sup> **Fund (FXU)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>**1/31/2026** <br>**(Unaudited)** | **Year Ended July 31,**  | **Year Ended July 31,**  | **Year Ended July 31,**  | **Year Ended July 31,**  | **Year Ended July 31,**  |
|  | **Six Months** <br>**Ended** <br>**1/31/2026** <br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022**  | **2021**  |
| Net asset value, beginning of period | $44.46 | &nbsp;&nbsp;&nbsp;&nbsp; $34.84 | &nbsp;&nbsp;&nbsp;&nbsp; $32.56 | &nbsp;&nbsp;&nbsp;&nbsp; $34.33 | &nbsp;&nbsp;&nbsp;&nbsp; $30.82 | &nbsp;&nbsp;&nbsp;&nbsp; $27.54 |
| **Income from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)  | 0.60<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.95<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.87<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.69<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.68<br>|
| Net realized and unrealized gain (loss) | 2.19<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.60<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.32<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.75) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.47<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.32<br>|
| Total from investment operations | 2.79<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.55<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.19<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.05) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.16<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.00<br>|
| **Distributions paid to shareholders from:** |  |  |  |  |  |  |
| Net investment income | (0.62) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.93) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.91) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.72) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.65) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.72) <br>|
| Net asset value, end of period | $46.63<br>| &nbsp;&nbsp;&nbsp;&nbsp; $44.46<br>| &nbsp;&nbsp;&nbsp;&nbsp; $34.84<br>| &nbsp;&nbsp;&nbsp;&nbsp; $32.56<br>| &nbsp;&nbsp;&nbsp;&nbsp; $34.33<br>| &nbsp;&nbsp;&nbsp;&nbsp; $30.82<br>|
| **Total return** (b) | 6.30<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 30.64<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.15<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; (3.01)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.69<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.80<br> % <br>|
| **Ratios to average net assets/supplemental** <br> **data:**<br>|  |  |  |  |  |  |
| Net assets, end of period (in 000's) | $811278<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1705015<br>| &nbsp;&nbsp;&nbsp;&nbsp; $252591<br>| &nbsp;&nbsp;&nbsp;&nbsp; $306069<br>| &nbsp;&nbsp;&nbsp;&nbsp; $396558<br>| &nbsp;&nbsp;&nbsp;&nbsp; $174146<br>|
| Ratio of total expenses to average net assets | 0.61<br> % (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.61<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.63<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.64<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.64<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.64<br> % <br>|
| Ratio of net investment income (loss) to <br> average net assets<br>| 2.58<br> % (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.34<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.78<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.13<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.22<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.33<br> % <br>|
| Portfolio turnover rate (d) | 21<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 68<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 53<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 46<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 48<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 38<br> % <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Based
 on average shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(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

------

**Notes to Financial Statements**

**First Trust Exchange-Traded AlphaDEX**<sup>®</sup> **Fund**

**Sector Funds**

**January 31, 2026 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. Organization**

First Trust Exchange-Traded AlphaDEX<sup>®</sup> 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").

This report covers the nine Sector Funds (each a "Fund" and collectively, the "Funds") listed below, each a diversified series of the Trust. The shares of each Sector Fund are listed and traded on NYSE Arca, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| First Trust Consumer Discretionary AlphaDEX<sup>®</sup> Fund – (ticker "FXD") |
| First Trust Consumer Staples AlphaDEX<sup>®</sup> Fund – (ticker "FXG") |
| First Trust Energy AlphaDEX<sup>®</sup> Fund – (ticker "FXN") |
| First Trust Financials AlphaDEX<sup>®</sup> Fund – (ticker "FXO") |
| First Trust Health Care AlphaDEX<sup>®</sup> Fund – (ticker "FXH") |
| First Trust Industrials/Producer Durables AlphaDEX<sup>®</sup> Fund – (ticker "FXR") |
| First Trust Materials AlphaDEX<sup>®</sup> Fund – (ticker "FXZ") |
| First Trust Technology AlphaDEX<sup>®</sup> Fund – (ticker "FXL") |
| First Trust Utilities AlphaDEX<sup>®</sup> Fund – (ticker "FXU") |

---

Each Fund represents a separate series of shares of beneficial interest in the Trust. Unlike conventional mutual funds, each Fund issues and redeems shares on a continuous basis at net asset value ("NAV"), only in large blocks of shares known as "Creation Units." The investment objective of each Fund is to seek investment results that correspond generally to the price and yield (before the Fund's fees and expenses) of the following indices:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Fund**  |
| First Trust Consumer Discretionary AlphaDEX<sup>®</sup> Fund<br> StrataQuant<sup>®</sup> Consumer Discretionary Index<sup>(1)</sup> <br>|
| First Trust Consumer Staples AlphaDEX<sup>®</sup> Fund<br> StrataQuant<sup>®</sup> Consumer Staples Index<sup>(1)</sup> <br>|
| First Trust Energy AlphaDEX<sup>®</sup> Fund<br> StrataQuant<sup>®</sup> Energy Index<sup>(1)</sup> <br>|
| First Trust Financials AlphaDEX<sup>®</sup> Fund<br> StrataQuant<sup>®</sup> Financials Index<sup>(1)</sup> <br>|
| First Trust Health Care AlphaDEX<sup>®</sup> Fund<br> StrataQuant<sup>®</sup> Health Care Index<sup>(1)</sup> <br>|
| First Trust Industrials/Producer Durables AlphaDEX<sup>®</sup> Fund<br> StrataQuant<sup>®</sup> Industrials Index<sup>(1)</sup> <br>|
| First Trust Materials AlphaDEX<sup>®</sup> Fund<br> StrataQuant<sup>®</sup> Materials Index<sup>(1)</sup> <br>|
| First Trust Technology AlphaDEX<sup>®</sup> Fund<br> StrataQuant<sup>®</sup> Technology Index<sup>(1)</sup> <br>|
| First Trust Utilities AlphaDEX<sup>®</sup> Fund<br> StrataQuant<sup>®</sup> Utilities Index<sup>(1)</sup> <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> This index is developed, maintained and sponsored by ICE Data Indices, LLC or its affiliates ("IDI"), and licensed to First Trust Portfolios L.P. ("FTP"), the distributor of the Trust, by IDI. IDI is a successor-in-interest to previous entities that maintained the index in NYSE Group, Inc. and American Stock Exchange LLC. 

**2. Significant Accounting Policies** 

The Funds are each considered an investment company and follow accounting and reporting guidance under Financial Accounting Standards Board ("FASB") 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.

------

**Notes to Financial Statements (Continued)**

**First Trust Exchange-Traded AlphaDEX**<sup>®</sup> **Fund**

**Sector Funds**

**January 31, 2026 (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, Inc. ("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:

------

**Notes to Financial Statements (Continued)**

**First Trust Exchange-Traded AlphaDEX**<sup>®</sup> **Fund**

**Sector Funds**

**January 31, 2026 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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, 2026, 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 are 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

------

**Notes to Financial Statements (Continued)**

**First Trust Exchange-Traded AlphaDEX**<sup>®</sup> **Fund**

**Sector Funds**

**January 31, 2026 (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. The Bank of New York Mellon ("BNY") acts as the Funds' securities lending agent and is responsible for executing the lending of the portfolio securities to creditworthy borrowers. The Funds, however, will be responsible for the risks associated with the investment of cash collateral. A Fund may lose money on its investment of cash collateral, which may affect its ability to repay the collateral to the borrower without the use of other Fund assets. Each Fund that engages in securities lending receives compensation (net of any rebate and securities lending agent fees) for lending its securities. Compensation can be in the form of fees received from the securities lending agent or dividends or interest earned from the investment of cash collateral. The fees received from the securities lending agent are accrued daily. The dividend and interest earned on the securities loaned is accounted for in the same manner as other dividend and interest income. At January 31, 2026, only FXD, FXO, FXR, FXZ and FXL had securities in the securities lending program. During the six months ended January 31, 2026, all the Funds participated in the securities lending program.

In the event of a default by a borrower with respect to any loan, BNY 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 BNY to exercise these remedies, a Fund sustains losses as a result of a borrower's default, BNY 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 BNY.

**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 BNY 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, 2026, were received as collateral for lending securities.

**F. Dividends and Distributions to Shareholders**

Dividends from net investment income of each Fund, if any, are declared and paid quarterly, or as the Board of Trustees may determine from time to time. Distributions of net realized 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.

------

**Notes to Financial Statements (Continued)**

**First Trust Exchange-Traded AlphaDEX**<sup>®</sup> **Fund**

**Sector Funds**

**January 31, 2026 (Unaudited)**

The tax character of distributions paid by each Fund during the fiscal year ended July 31, 2025 were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | Distributions <br>paid from <br>Ordinary <br>Income<br>| Distributions <br>paid from <br>Capital <br>Gains<br>| Distributions <br>paid from <br>Return of <br>Capital<br>|
| First Trust Consumer Discretionary AlphaDEX<sup>®</sup> Fund | $13337421 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| First Trust Consumer Staples AlphaDEX<sup>®</sup> Fund | 7472183 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| First Trust Energy AlphaDEX<sup>®</sup> Fund | 10196321 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| First Trust Financials AlphaDEX<sup>®</sup> Fund | 31233028 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| First Trust Health Care AlphaDEX<sup>®</sup> Fund | 3555751 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| First Trust Industrials/Producer Durables AlphaDEX<sup>®</sup> Fund | 13561385 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| First Trust Materials AlphaDEX<sup>®</sup> Fund | 4819952 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| First Trust Technology AlphaDEX<sup>®</sup> Fund | 495057 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| First Trust Utilities AlphaDEX<sup>®</sup> Fund | 15001942 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |

---

As of July 31, 2025, the components of distributable earnings on a tax basis for each Fund were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | Undistributed <br>Ordinary <br>Income<br>| Accumulated <br>Capital and <br>Other <br>Gain (Loss)<br>| Net <br>Unrealized <br>Appreciation <br>(Depreciation)<br>|
| First Trust Consumer Discretionary AlphaDEX<sup>®</sup> Fund | $102521 | &nbsp;&nbsp; $(474971813)<br>| &nbsp;&nbsp; $5113037 |
| First Trust Consumer Staples AlphaDEX<sup>®</sup> Fund | 1183741 | &nbsp;&nbsp; (306920288)<br>| &nbsp;&nbsp; (7055536)<br>|
| First Trust Energy AlphaDEX<sup>®</sup> Fund | 266692 | &nbsp;&nbsp; (539472636)<br>| &nbsp;&nbsp; (54778525)<br>|
| First Trust Financials AlphaDEX<sup>®</sup> Fund | 3460905 | &nbsp;&nbsp; (547356029)<br>| &nbsp;&nbsp; 188571707 |
| First Trust Health Care AlphaDEX<sup>®</sup> Fund | 4886522 | &nbsp;&nbsp; (748012113)<br>| &nbsp;&nbsp; (11676728)<br>|
| First Trust Industrials/Producer Durables AlphaDEX<sup>®</sup> Fund | 455535 | &nbsp;&nbsp; (433619992)<br>| &nbsp;&nbsp; 184323239 |
| First Trust Materials AlphaDEX<sup>®</sup> Fund | 354387 | &nbsp;&nbsp; (342332424)<br>| &nbsp;&nbsp; (26925985)<br>|
| First Trust Technology AlphaDEX<sup>®</sup> Fund | 82996 | &nbsp;&nbsp; (509528396)<br>| &nbsp;&nbsp; 266053733 |
| First Trust Utilities AlphaDEX<sup>®</sup> Fund | 3184779 | &nbsp;&nbsp; (206016908)<br>| &nbsp;&nbsp; 96282911 |

---

**G. Income Taxes**

Each Fund intends to continue to qualify as a regulated investment company by complying with the requirements under Subchapter M of the Internal Revenue Code of 1986, as amended, which includes distributing substantially all of its net investment income and net realized gains to shareholders. Accordingly, no provision has been made for federal and state income taxes. However, due to the timing and amount of distributions, each Fund may be subject to an excise tax of 4% of the amount by which approximately 98% of each Fund's taxable income exceeds the distributions from such taxable income for the calendar year.

The Funds are subject to accounting standards that establish a minimum threshold for recognizing, and a system for measuring, the benefits of a tax position taken or expected to be taken in a tax return. The taxable years ended 2022, 2023, 2024, and 2025 remain open to federal and state audit. As of January 31, 2026, 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, 2025, 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

**Notes to Financial Statements (Continued)**

**First Trust Exchange-Traded AlphaDEX**<sup>®</sup> **Fund**

**Sector Funds**

**January 31, 2026 (Unaudited)**

---

| | |
|:---|:---|
|  | Non-Expiring <br>Capital Loss <br>Carryforwards<br>|
| First Trust Consumer Discretionary AlphaDEX<sup>®</sup> Fund | $474971813 |
| First Trust Consumer Staples AlphaDEX<sup>®</sup> Fund | 306920288 |
| First Trust Energy AlphaDEX<sup>®</sup> Fund | 539472636 |
| First Trust Financials AlphaDEX<sup>®</sup> Fund | 547356029 |
| First Trust Health Care AlphaDEX<sup>®</sup> Fund | 748012113 |
| First Trust Industrials/Producer Durables AlphaDEX<sup>®</sup> Fund | 433619992 |
| First Trust Materials AlphaDEX<sup>®</sup> Fund | 342332424 |
| First Trust Technology AlphaDEX<sup>®</sup> Fund | 509528396 |
| First Trust Utilities AlphaDEX<sup>®</sup> Fund | 206016908 |

---

During the taxable year ended July 31, 2025, the following Funds utilized capital loss carryforwards in the following amounts:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | Capital <br>Loss <br>Utilized<br>|
| First Trust Technology AlphaDEX<sup>®</sup> Fund | $112655357 |
| First Trust Utilities AlphaDEX<sup>®</sup> Fund | 3299789 |

---

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, 2025, the Funds had no net late year ordinary or capital losses.

As of January 31, 2026, 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Tax Cost | Gross <br> Unrealized <br>Appreciation<br>| Gross <br> Unrealized <br>(Depreciation)<br>| Net Unrealized <br>Appreciation <br>(Depreciation)<br>|
| First Trust Consumer Discretionary AlphaDEX<sup>®</sup> Fund | $300860828 | &nbsp;&nbsp; $32390297 | &nbsp;&nbsp; $(21152263)<br>| &nbsp;&nbsp; $11238034 |
| First Trust Consumer Staples AlphaDEX<sup>®</sup> Fund | 240161540 | &nbsp;&nbsp; 27505680 | &nbsp;&nbsp; (16503983)<br>| &nbsp;&nbsp; 11001697 |
| First Trust Energy AlphaDEX<sup>®</sup> Fund | 270533659 | &nbsp;&nbsp; 22490469 | &nbsp;&nbsp; (20520020)<br>| &nbsp;&nbsp; 1970449 |
| First Trust Financials AlphaDEX<sup>®</sup> Fund | 1953998836 | &nbsp;&nbsp; 265864573 | &nbsp;&nbsp; (50168897)<br>| &nbsp;&nbsp; 215695676 |
| First Trust Health Care AlphaDEX<sup>®</sup> Fund | 872808863 | &nbsp;&nbsp; 125570720 | &nbsp;&nbsp; (71158975)<br>| &nbsp;&nbsp; 54411745 |
| First Trust Industrials/Producer Durables AlphaDEX<sup>®</sup> <br> Fund<br>| 715158484 | &nbsp;&nbsp; 87574745 | &nbsp;&nbsp; (39509679)<br>| &nbsp;&nbsp; 48065066 |
| First Trust Materials AlphaDEX<sup>®</sup> Fund | 259209273 | &nbsp;&nbsp; 52215682 | &nbsp;&nbsp; (26482336)<br>| &nbsp;&nbsp; 25733346 |
| First Trust Technology AlphaDEX<sup>®</sup> Fund | 1221320221 | &nbsp;&nbsp; 309318215 | &nbsp;&nbsp; (94007690)<br>| &nbsp;&nbsp; 215310525 |
| First Trust Utilities AlphaDEX<sup>®</sup> Fund | 774822193 | &nbsp;&nbsp; 48254747 | &nbsp;&nbsp; (10246309)<br>| &nbsp;&nbsp; 38008438 |

---

**H. Expenses**

Expenses that are directly related to one of the Funds are charged directly to the respective Fund. General expenses of the Trust are allocated to all the Funds based upon the net assets of each Fund.

FTP has entered into licensing agreements with IDI for each of the Funds. The license agreements allow for the use by FTP of certain trademarks and trade names of IDI. The Funds and First Trust are sub-licensees to the license agreement. The Funds are required to pay licensing fees, which are shown on the Statements of Operations.

**I. Segment Reporting**

An operating segment is defined in FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial

------

**Notes to Financial Statements (Continued)**

**First Trust Exchange-Traded AlphaDEX**<sup>®</sup> **Fund**

**Sector Funds**

**January 31, 2026 (Unaudited)**

information available. The CODM is the President and Chief Executive Officer of each Fund. Each Fund operates as a single operating segment. Each Fund's income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of each Fund, using the information presented in the financial statements and financial highlights.

**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.

The management fee payable by each Fund to First Trust for these services will be reduced at certain levels of each Fund's net assets ("breakpoints") and calculated pursuant to the following schedule:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Breakpoints |  |
| Fund net assets up to and including $2.5 billion | 0.5000<br> %<br>|
| Fund net assets greater than $2.5 billion up to and including $5 billion | 0.4875<br> %<br>|
| Fund net assets greater than $5 billion up to and including $7.5 billion | 0.4750<br> %<br>|
| Fund net assets greater than $7.5 billion up to and including $10 billion | 0.4625<br> %<br>|
| Fund net assets greater than $10 billion up to and including $15 billion | 0.4500<br> %<br>|
| Fund net assets greater than $15 billion | 0.4250<br> %<br>|

---

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 Fund (excluding interest expense, brokerage commissions and other trading expenses, acquired fund fees and expenses, taxes and extraordinary expenses) exceed 0.70% of average daily net assets per year (the "Expense Cap"). The Expense Cap will be in effect until at least November 30, 2026. For the six months ended January 31, 2026, there were no fees waived or expenses reimbursed by First Trust for these Funds.

The Trust has multiple service agreements with BNY. Under the service agreements, BNY performs custodial, fund accounting, certain administrative services, and transfer agency services for each Fund. As custodian, BNY is responsible for custody of each Fund's assets. As fund accountant and administrator, BNY is responsible for maintaining the books and records of each Fund's securities and cash. As transfer agent, BNY is responsible for maintaining shareholder records for each Fund. BNY 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 Chairs of the Audit Committee, Nominating and Governance Committee and Valuation, Risk and Regulatory Oversight Committee, the Vice Chair of the Audit Committee, the Lead Independent Trustee and the Vice Lead Independent Trustee are paid annual fees to serve in such capacities, with such compensation, prior to January 1, 2026, allocated pro rata among each fund in the First Trust Fund Complex based on net assets, and effective January 1, 2026, allocated equally among each fund in the First Trust Fund Complex. Independent Trustees are reimbursed for travel and out-of-pocket expenses in connection with all meetings. 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, 2026, the cost of purchases and proceeds from sales of investments for each Fund, excluding short-term investments and in-kind transactions, were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | Purchases | Sales |
| First Trust Consumer Discretionary AlphaDEX<sup>®</sup> Fund | $136361664 | &nbsp;&nbsp; $136342601 |

---

------

**Notes to Financial Statements (Continued)**

**First Trust Exchange-Traded AlphaDEX**<sup>®</sup> **Fund**

**Sector Funds**

**January 31, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | Purchases | Sales |
| First Trust Consumer Staples AlphaDEX<sup>®</sup> Fund | $113066429 | &nbsp;&nbsp; $113851944 |
| First Trust Energy AlphaDEX<sup>®</sup> Fund | 74244576 | &nbsp;&nbsp; 74212264 |
| First Trust Financials AlphaDEX<sup>®</sup> Fund | 747732242 | &nbsp;&nbsp; 747820148 |
| First Trust Health Care AlphaDEX<sup>®</sup> Fund | 522065666 | &nbsp;&nbsp; 525415245 |
| First Trust Industrials/Producer Durables AlphaDEX<sup>®</sup> Fund | 487830548 | &nbsp;&nbsp; 488285813 |
| First Trust Materials AlphaDEX<sup>®</sup> Fund | 59158904 | &nbsp;&nbsp; 59812410 |
| First Trust Technology AlphaDEX<sup>®</sup> Fund | 589464248 | &nbsp;&nbsp; 590634160 |
| First Trust Utilities AlphaDEX<sup>®</sup> Fund | 345365143 | &nbsp;&nbsp; 348178836 |

---

For the six months ended January 31, 2026, the cost of in-kind purchases and proceeds from in-kind sales for each Fund were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | Purchases | Sales |
| First Trust Consumer Discretionary AlphaDEX<sup>®</sup> Fund | $34671745 | &nbsp;&nbsp; $62798074 |
| First Trust Consumer Staples AlphaDEX<sup>®</sup> Fund |  | &nbsp;&nbsp; 41533880 |
| First Trust Energy AlphaDEX<sup>®</sup> Fund | 24823540 | &nbsp;&nbsp; 63680579 |
| First Trust Financials AlphaDEX<sup>®</sup> Fund | 195088045 | &nbsp;&nbsp; 362922312 |
| First Trust Health Care AlphaDEX<sup>®</sup> Fund | 28570035 | &nbsp;&nbsp; 76801294 |
| First Trust Industrials/Producer Durables AlphaDEX<sup>®</sup> Fund | 284701401 | &nbsp;&nbsp; 1510675286 |
| First Trust Materials AlphaDEX<sup>®</sup> Fund | 59554065 | &nbsp;&nbsp; 39109140 |
| First Trust Technology AlphaDEX<sup>®</sup> Fund | 263872731 | &nbsp;&nbsp; 305381330 |
| First Trust Utilities AlphaDEX<sup>®</sup> Fund | 389371336 | &nbsp;&nbsp; 1354846438 |

---

**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.

------

**Notes to Financial Statements (Continued)**

**First Trust Exchange-Traded AlphaDEX**<sup>®</sup> **Fund**

**Sector Funds**

**January 31, 2026 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**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, 2026.

**7. Indemnification**

The Trust, on behalf of the Funds, has a variety of indemnification obligations under contracts with its service providers. The Trust's maximum exposure under these arrangements is unknown. However, the Trust has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

**8. Subsequent Events**

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were issued and has determined that there were no subsequent events requiring recognition or disclosure in the financial statements that have not already been disclosed.

------

**Other Information**

**First Trust Exchange-Traded AlphaDEX**<sup>®</sup> **Fund**

**Sector Funds**

**January 31, 2026 (Unaudited)**

**Changes in and Disagreements with Accountants (Item 8 of Form N-CSR)**

There were no changes in or disagreements with the Funds' accountants during the six months ended January 31, 2026.

**Proxy Disclosures (Item 9 of Form N-CSR)**

At a special meeting of shareholders of First Trust Exchange-Traded AlphaDEX<sup>®</sup> Fund (the "Trust") that was held on August 12, 2025 (the "Special Meeting"), shareholders of record as of June 9, 2025 (the "Record Date") approved a proposal (the "Proposal") to elect or re-elect, as applicable, each of the eight nominees listed below to the Board of Trustees of the Trust (the "Board"). Shareholders of each series of the Trust that had publicly offered shares as of the Record Date (each, a "fund") voted together with shareholders of the other funds on the Proposal, and the results are set forth below. There were no broker non-votes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| James A. Bowen\* <br>Votes For <br>Votes Withheld<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 188388861 <br>850554<br>|
| Thomas J. Driscoll\*\* <br>Votes For <br>Votes Withheld<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 188401161 <br>838254<br>|
| Richard E. Erickson\* <br>Votes For <br>Votes Withheld<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 188119335 <br>1120080<br>|
| Thomas R. Kadlec\* <br>Votes For <br>Votes Withheld<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 188093297 <br>1146118<br>|
| Denise M. Keefe\*\*\* <br>Votes For <br>Votes Withheld<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 188299043 <br>940372<br>|
| Robert F. Keith\* <br>Votes For <br>Votes Withheld<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 188154352 <br>1085063<br>|
| Niel B. Nielson\* <br>Votes For <br>Votes Withheld<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 188109025 <br>1130390<br>|
| Bronwyn Wright\*\*\* <br>Votes For <br>Votes Withheld<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79108167 <br>110131248<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* This nominee was re-elected to the Board at the Special Meeting.

\*\* This nominee was elected to the Board as a new Trustee at the Special Meeting.

\*\*\* This nominee was elected to the Board at the Special Meeting and had previously been appointed to the Board.

**Remuneration Paid to Directors, Officers, and Others (Item 10 of Form N-CSR)**

The applicable aggregate remuneration paid by each Fund during the period covered by the report is included in the Statements of Operations.

**Statement Regarding the Basis for the Board's Approval of Investment Advisory Contract (Item 11 of Form N-CSR)**

Not applicable for the most recent fiscal half year.

**Disclaimer**

Source ICE Data Indices, LLC ("ICE Data"), is used with permission. "StrataQuant<sup>®</sup>" is a service/trade mark of ICE Data or its affiliates. Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell

------

**Other Information (Continued)**

**First Trust Exchange-Traded AlphaDEX**<sup>®</sup> **Fund**

**Sector Funds**

**January 31, 2026 (Unaudited)**

Indexes. Russell<sup>®</sup>, Russell 1000<sup>®</sup>, and Russell 3000<sup>®</sup> are all registered trademarks of Frank Russell Company. Russell 1000<sup>®</sup> and Russell 3000<sup>®</sup> are being utilized in the indices under license. These trademarks have been licensed, along with the StrataQuant<sup>®</sup> Consumer Discretionary Index, StrataQuant<sup>®</sup> Consumer Staples Index, StrataQuant<sup>®</sup> Energy Index, StrataQuant<sup>®</sup> Financials Index, StrataQuant<sup>®</sup> Health Care Index, StrataQuant<sup>®</sup> Industrials Index, StrataQuant<sup>®</sup> Materials Index, StrataQuant<sup>®</sup> Technology Index and the StrataQuant<sup>®</sup> Utilities Index (each, an "Index") for use by First Trust Portfolios L.P. ("FTP") in connection with the First Trust Consumer Discretionary AlphaDEX<sup>®</sup> Fund (FXD), First Trust Consumer Staples AlphaDEX<sup>®</sup> Fund (FXG), First Trust Energy AlphaDEX<sup>®</sup> Fund (FXN), First Trust Financials AlphaDEX<sup>®</sup> Fund (FXO), First Trust Health Care AlphaDEX<sup>®</sup> Fund (FXH), First Trust Industrials/Producer Durables AlphaDEX<sup>®</sup> Fund (FXR), First Trust Materials AlphaDEX<sup>®</sup> Fund (FXZ), First Trust Technology AlphaDEX<sup>®</sup> Fund (FXL) and the First Trust Utilities AlphaDEX<sup>®</sup> Fund (FXU), respectively (each, the "Product"). Neither FTP, First Trust Exchange-Traded AlphaDEX<sup>®</sup> Fund (the "Trust") nor the Product, as applicable, is sponsored, endorsed, sold or promoted by ICE Data, its affiliates or its Third Party Suppliers including without limitation Frank Russell Company ("ICE Data and its Suppliers"). ICE Data and its Suppliers make no representations or warranties regarding the advisability of investing in securities generally, in the Product particularly, the Trust or the ability of the Index to track general stock market performance. ICE Data's only relationship to FTP is the licensing of certain trademarks and trade names and the Index or components thereof. The Index is determined, composed and calculated by ICE Data without regard to FTP or the Product or its holders. ICE Data has no obligation to take the needs of FTP or the holders of the Product into consideration in determining, composing or calculating the Index. ICE Data is not responsible for and has not participated in the determination of the timing of, prices of, or quantities of the Product to be issued or in the determination or calculation of the equation by which the Product is to be priced, sold, purchased, or redeemed. Except for certain custom index calculation services, all information provided by ICE Data is general in nature and not tailored to the needs of FTP or any other person, entity or group of persons. ICE Data has no obligation or liability in connection with the administration, marketing, or trading of the Product. ICE Data is not an investment advisor. Inclusion of a security within an index is not a recommendation by ICE Data to buy, sell, or hold such security, nor is it considered to be investment advice.

ICE DATA AND ITS SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES AND REPRESENTATIONS, EXPRESS AND/OR IMPLIED, INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY INFORMATION INCLUDED IN, RELATED TO, OR DERIVED THEREFROM ("INDEX DATA"). ICE DATA AND ITS SUPPLIERS SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES AND THE INDEX DATA, WHICH ARE PROVIDED ON AN "AS IS" BASIS AND YOUR USE IS AT YOUR OWN RISK.

------

![](imgcb0b20421.gif)

**First Trust Exchange-Traded AlphaDEX<sup>®</sup> Fund**

Semi-Annual Financial Statements and Other Information

For the Six Months Ended January 31, 2026

**<u>AlphaDEX<sup>®</sup> Style Funds</u>** 

---

| |
|:---|
| First Trust Large Cap Core AlphaDEX<sup>®</sup> Fund (FEX) |
| First Trust Mid Cap Core AlphaDEX<sup>®</sup> Fund (FNX) |
| First Trust Small Cap Core AlphaDEX<sup>®</sup> Fund (FYX) |
| First Trust Large Cap Value AlphaDEX<sup>®</sup> Fund (FTA) |
| First Trust Large Cap Growth AlphaDEX<sup>®</sup> Fund (FTC) |
| First Trust Multi Cap Value AlphaDEX<sup>®</sup> Fund (FAB) |
| First Trust Multi Cap Growth AlphaDEX<sup>®</sup> Fund (FAD) |
| First Trust Mid Cap Value AlphaDEX<sup>®</sup> Fund (FNK) |
| First Trust Mid Cap Growth AlphaDEX<sup>®</sup> Fund (FNY) |
| First Trust Small Cap Value AlphaDEX<sup>®</sup> Fund (FYT) |
| First Trust Small Cap Growth AlphaDEX<sup>®</sup> Fund (FYC) |

---

![](img50b4910d2.gif)

AlphaDEX<sup>®</sup> is a registered trademark of First Trust Portfolios L.P.

------

**Table of Contents** 

**First Trust Exchange-Traded AlphaDEX**<sup>®</sup> **Fund**

**Style Funds**

**Semi-Annual Financial Statements and Other Information**

**January 31, 2026** 

---

| | |
|:---|:---|
| [Portfolio of Investments](#xx_2a3355dd-29d0-4d92-8b4c-d738dffcb119_SOI-TOC-ScheduleofInvestments-4230_1) |  |
| [First Trust Large Cap Core AlphaDEX](#xx_2a3355dd-29d0-4d92-8b4c-d738dffcb119_SOI-TOC-ScheduleofInvestments-4230_1)<sup>®</sup>[Fund (FEX)](#xx_2a3355dd-29d0-4d92-8b4c-d738dffcb119_SOI-TOC-ScheduleofInvestments-4230_1) | 1 |
| [First Trust Mid Cap Core AlphaDEX](#xx_2a3355dd-29d0-4d92-8b4c-d738dffcb119_SOI-TOC-ScheduleofInvestments-4231_1)<sup>®</sup>[Fund (FNX)](#xx_2a3355dd-29d0-4d92-8b4c-d738dffcb119_SOI-TOC-ScheduleofInvestments-4231_1) | 7 |
| [First Trust Small Cap Core AlphaDEX](#xx_2a3355dd-29d0-4d92-8b4c-d738dffcb119_SOI-TOC-ScheduleofInvestments-4232_1)<sup>®</sup>[Fund (FYX)](#xx_2a3355dd-29d0-4d92-8b4c-d738dffcb119_SOI-TOC-ScheduleofInvestments-4232_1) | 15 |
| [First Trust Large Cap Value AlphaDEX](#xx_2a3355dd-29d0-4d92-8b4c-d738dffcb119_SOI-TOC-ScheduleofInvestments-4234_1)<sup>®</sup>[Fund (FTA)](#xx_2a3355dd-29d0-4d92-8b4c-d738dffcb119_SOI-TOC-ScheduleofInvestments-4234_1) | 24 |
| [First Trust Large Cap Growth AlphaDEX](#xx_2a3355dd-29d0-4d92-8b4c-d738dffcb119_SOI-TOC-ScheduleofInvestments-4233_1)<sup>®</sup>[Fund (FTC)](#xx_2a3355dd-29d0-4d92-8b4c-d738dffcb119_SOI-TOC-ScheduleofInvestments-4233_1) | 28 |
| [First Trust Multi Cap Value AlphaDEX](#xx_2a3355dd-29d0-4d92-8b4c-d738dffcb119_SOI-TOC-ScheduleofInvestments-4236_1)<sup>®</sup>[Fund (FAB)](#xx_2a3355dd-29d0-4d92-8b4c-d738dffcb119_SOI-TOC-ScheduleofInvestments-4236_1) | 33 |
| [First Trust Multi Cap Growth AlphaDEX](#xx_2a3355dd-29d0-4d92-8b4c-d738dffcb119_SOI-TOC-ScheduleofInvestments-4235_1)<sup>®</sup>[Fund (FAD)](#xx_2a3355dd-29d0-4d92-8b4c-d738dffcb119_SOI-TOC-ScheduleofInvestments-4235_1) | 44 |
| [First Trust Mid Cap Value AlphaDEX](#xx_2a3355dd-29d0-4d92-8b4c-d738dffcb119_SOI-TOC-ScheduleofInvestments-4253_1)<sup>®</sup>[Fund (FNK)](#xx_2a3355dd-29d0-4d92-8b4c-d738dffcb119_SOI-TOC-ScheduleofInvestments-4253_1) | 55 |
| [First Trust Mid Cap Growth AlphaDEX](#xx_2a3355dd-29d0-4d92-8b4c-d738dffcb119_SOI-TOC-ScheduleofInvestments-4252_1)<sup>®</sup>[Fund (FNY)](#xx_2a3355dd-29d0-4d92-8b4c-d738dffcb119_SOI-TOC-ScheduleofInvestments-4252_1) | 60 |
| [First Trust Small Cap Value AlphaDEX](#xx_2a3355dd-29d0-4d92-8b4c-d738dffcb119_SOI-TOC-ScheduleofInvestments-4255_1)<sup>®</sup>[Fund (FYT)](#xx_2a3355dd-29d0-4d92-8b4c-d738dffcb119_SOI-TOC-ScheduleofInvestments-4255_1) | 65 |
| [First Trust Small Cap Growth AlphaDEX](#xx_2a3355dd-29d0-4d92-8b4c-d738dffcb119_SOI-TOC-ScheduleofInvestments-4254_1)<sup>®</sup>[Fund (FYC)](#xx_2a3355dd-29d0-4d92-8b4c-d738dffcb119_SOI-TOC-ScheduleofInvestments-4254_1) | 71 |
| [Statements of Assets and Liabilities](#xx_2a3355dd-29d0-4d92-8b4c-d738dffcb119_SAL1-TOC-StatementofAssetsandLiabilities-4230_2) | 78 |
| [Statements of Operations](#xx_2a3355dd-29d0-4d92-8b4c-d738dffcb119_SOP1-TOC-StatementofOperations-4230_2) | 82 |
| [Statements of Changes in Net Assets](#xx_2a3355dd-29d0-4d92-8b4c-d738dffcb119_SOC1-TOC-StatementofChanges-4230_2) | 86 |
| [Financial Highlights](#xx_2a3355dd-29d0-4d92-8b4c-d738dffcb119_FIHI-TOC-FinancialHighlights-4230_1) | 90 |
| [Notes to Financial Statements](#xx_2a3355dd-29d0-4d92-8b4c-d738dffcb119_NTF-TOC-NotestoFinancialStatements-4230_1) | 101 |
| [Other Information](#xx_2a3355dd-29d0-4d92-8b4c-d738dffcb119_AI-TOC-AdditionalInformation-4230_1) | 111 |

---

**Performance and Risk Disclosure**

There is no assurance that any series of First Trust Exchange-Traded AlphaDEX<sup>®</sup> Fund (the "Trust") described in this report (each such series is referred to as a "Fund" and collectively, as the "Funds") 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.

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.

First Trust Advisors L.P., the Funds' 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 that provides insight into each Fund's performance and investment approach.

The material risks of investing in each Fund are spelled out in its prospectus, statement of additional information, and other Fund regulatory filings.

------

**First Trust Large Cap Core AlphaDEX**<sup>®</sup> **Fund (FEX)**

**Portfolio of Investments**

**January 31, 2026 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS — 99.9%** | **COMMON STOCKS — 99.9%** | **COMMON STOCKS — 99.9%** |
|  | **Aerospace & Defense — 3.3%**  |  |
| 11132 | Boeing (The) Co. (a) | $2601771 |
| 6576 | Curtiss-Wright Corp. | 4318393 |
| 10770 | General Dynamics Corp. | 3781239 |
| 7847 | General Electric Co. | 2407381 |
| 7469 | HEICO Corp. | 2471567 |
| 17685 | Howmet Aerospace, Inc. | 3679895 |
| 8234 | L3Harris Technologies, Inc. | 2823027 |
| 6358 | Northrop Grumman Corp. | 4401389 |
| 86620 | Rocket Lab Corp. (a) | 6935663 |
| 32949 | RTX Corp. | 6620443 |
| 908 | TransDigm Group, Inc. | 1296206 |
| 15990 | Woodward, Inc. | 5082262 |
|  |  | 46419236 |
|  | **Air Freight & Logistics —** <br> **1.0%**  |  |
| 16221 | Expeditors International of <br> Washington, Inc. | 2604119 |
| 20920 | FedEx Corp. | 6741470 |
| 48737 | United Parcel Service, Inc., <br> Class B | 5176844 |
|  |  | 14522433 |
|  | **Automobile Components —** <br> **0.2%**  |  |
| 31766 | Aptiv PLC (a) | 2406274 |
|  | **Automobiles — 1.3%**  |  |
| 460572 | Ford Motor Co. | 6392739 |
| 74308 | General Motors Co. | 6241872 |
| 306580 | Rivian Automotive, Inc., <br> Class A (a) | 4522055 |
| 2687 | Tesla, Inc. (a) | 1156512 |
|  |  | 18313178 |
|  | **Banks — 4.0%**  |  |
| 65921 | Bank of America Corp. | 3506997 |
| 31071 | Citigroup, Inc. | 3595225 |
| 62073 | Citizens Financial Group, Inc. | 3909358 |
| 77453 | Fifth Third Bancorp | 3889690 |
| 2252 | First Citizens BancShares, Inc., <br> Class A | 4660672 |
| 278624 | Huntington Bancshares, Inc. | 4870347 |
| 11253 | JPMorgan Chase & Co. | 3442180 |
| 58553 | KeyCorp | 1260061 |
| 23993 | M&T Bank Corp. | 5316129 |
| 17370 | PNC Financial Services Group <br> (The), Inc. | 3878721 |
| 178382 | Regions Financial Corp. | 5083887 |
| 98235 | Truist Financial Corp. | 5051244 |
| 67947 | U.S. Bancorp | 3812506 |
| 38901 | Wells Fargo & Co. | 3520151 |
|  |  | 55797168 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Beverages — 0.9%**  |  |
| 17286 | Coca-Cola (The) Co. | $1293166 |
| 26280 | Constellation Brands, Inc., <br> Class A | 4118076 |
| 86294 | Keurig Dr Pepper, Inc. | 2367907 |
| 47288 | Monster Beverage Corp. (a) | 3818979 |
| 8420 | PepsiCo, Inc. | 1293564 |
|  |  | 12891692 |
|  | **Biotechnology — 3.1%**  |  |
| 9117 | Alnylam Pharmaceuticals, <br> Inc. (a) | 3082093 |
| 14768 | Amgen, Inc. | 5048884 |
| 34336 | Biogen, Inc. (a) | 6176703 |
| 29539 | Gilead Sciences, Inc. | 4193061 |
| 61178 | Incyte Corp. (a) | 6122082 |
| 27778 | Insmed, Inc. (a) | 4357535 |
| 26377 | Natera, Inc. (a) | 6096780 |
| 7829 | Regeneron Pharmaceuticals, Inc. | 5804812 |
| 5332 | Vertex Pharmaceuticals, Inc. (a) | 2505507 |
|  |  | 43387457 |
|  | **Broadline Retail — 0.5%**  |  |
| 10471 | Amazon.com, Inc. (a) | 2505710 |
| 51232 | Coupang, Inc. (a) | 1032837 |
| 41626 | eBay, Inc. | 3797124 |
|  |  | 7335671 |
|  | **Building Products — 1.3%**  |  |
| 15183 | Allegion PLC | 2511117 |
| 11334 | Carlisle Cos, Inc. | 3863647 |
| 68616 | Carrier Global Corp. | 4088141 |
| 30278 | Johnson Controls <br> International PLC | 3610954 |
| 38087 | Masco Corp. | 2517170 |
| 3104 | Trane Technologies PLC | 1305480 |
|  |  | 17896509 |
|  | **Capital Markets — 4.3%**  |  |
| 7477 | Ares Management Corp., <br> Class A | 1119083 |
| 20821 | Bank of New York Mellon (The) <br> Corp. | 2496854 |
| 14445 | Cboe Global Markets, Inc. | 3828792 |
| 24192 | Charles Schwab (The) Corp. | 2514033 |
| 4427 | CME Group, Inc. | 1279669 |
| 6874 | Goldman Sachs Group (The), <br> Inc. | 6430008 |
| 56376 | Interactive Brokers Group, Inc., <br> Class A | 4221435 |
| 13535 | LPL Financial Holdings, Inc. | 4933507 |
| 4731 | Moody's Corp. | 2439114 |
| 34037 | Morgan Stanley | 6221964 |
| 2107 | MSCI, Inc. | 1283626 |
| 37329 | Nasdaq, Inc. | 3616807 |
| 26544 | Northern Trust Corp. | 3966470 |

---

See Notes to Financial Statements

------

**First Trust Large Cap Core AlphaDEX**<sup>®</sup> **Fund (FEX)**

**Portfolio of Investments (Continued)**

**January 31, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Capital Markets (Continued)**  |  |
| 15050 | Raymond James Financial, Inc. | $2496193 |
| 32057 | Robinhood Markets, Inc., <br> Class A (a) | 3189030 |
| 2313 | S&P Global, Inc. | 1220778 |
| 28103 | State Street Corp. | 3677559 |
| 59022 | T. Rowe Price Group, Inc. | 6237445 |
|  |  | 61172367 |
|  | **Chemicals — 1.9%**  |  |
| 78130 | CF Industries Holdings, Inc. | 7284060 |
| 54088 | Corteva, Inc. | 3937606 |
| 206766 | Dow, Inc. | 5696403 |
| 4604 | Ecolab, Inc. | 1298282 |
| 47182 | PPG Industries, Inc. | 5455655 |
| 34863 | RPM International, Inc. | 3728947 |
|  |  | 27400953 |
|  | **Commercial Services &** <br> **Supplies — 0.5%**  |  |
| 60408 | Rollins, Inc. | 3826243 |
| 12111 | Veralto Corp. | 1198747 |
| 11001 | Waste Management, Inc. | 2444862 |
|  |  | 7469852 |
|  | **Communications Equipment** <br> **— 0.5%**  |  |
| 18446 | Arista Networks, Inc. (a) | 2614536 |
| 62758 | Cisco Systems, Inc. | 4915207 |
|  |  | 7529743 |
|  | **Construction & Engineering** <br> **— 2.3%**  |  |
| 12678 | AECOM | 1222540 |
| 157937 | API Group Corp. (a) | 6565441 |
| 6475 | Comfort Systems USA, Inc. | 7395097 |
| 7900 | EMCOR Group, Inc. | 5693767 |
| 27797 | MasTec, Inc. (a) | 6684623 |
| 11454 | Quanta Services, Inc. | 5436412 |
|  |  | 32997880 |
|  | **Construction Materials —** <br> **0.5%**  |  |
| 29052 | CRH PLC | 3556255 |
| 3882 | Martin Marietta Materials, Inc. | 2530870 |
| 4236 | Vulcan Materials Co. | 1273088 |
|  |  | 7360213 |
|  | **Consumer Finance — 1.0%**  |  |
| 13068 | American Express Co. | 4602158 |
| 4986 | Capital One Financial Corp. | 1091585 |
| 184650 | SoFi Technologies, Inc. (a) | 4211866 |
| 57944 | Synchrony Financial | 4208473 |
|  |  | 14114082 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Consumer Staples Distribution** <br> **& Retail — 1.9%**  |  |
| 4373 | Casey's General Stores, Inc. | $2652224 |
| 1402 | Costco Wholesale Corp. | 1318230 |
| 18204 | Dollar General Corp. | 2611000 |
| 19342 | Kroger (The) Co. | 1215645 |
| 26879 | Performance Food Group Co. (a) | 2565601 |
| 32802 | Sysco Corp. | 2750448 |
| 61818 | Target Corp. | 6519944 |
| 16045 | US Foods Holding Corp. (a) | 1341683 |
| 43390 | Walmart, Inc. | 5169485 |
|  |  | 26144260 |
|  | **Containers & Packaging —** <br> **1.6%**  |  |
| 115927 | Amcor PLC | 5129769 |
| 68448 | Ball Corp. | 3892638 |
| 30681 | International Paper Co. | 1237058 |
| 23440 | Packaging Corp. of America | 5216572 |
| 156265 | Smurfit WestRock PLC | 6505312 |
|  |  | 21981349 |
|  | **Distributors — 0.2%**  |  |
| 19657 | Genuine Parts Co. | 2732126 |
|  | **Diversified Telecommunication** <br> **Services — 1.3%**  |  |
| 243265 | AT&T, Inc. | 6375976 |
| 202165 | Comcast Corp., Class A | 6014409 |
| 148360 | Verizon Communications, Inc. | 6604987 |
|  |  | 18995372 |
|  | **Electric Utilities — 5.2%**  |  |
| 74360 | Alliant Energy Corp. | 4901067 |
| 41925 | American Electric Power Co., <br> Inc. | 5021567 |
| 17105 | Constellation Energy Corp. | 4801031 |
| 41245 | Duke Energy Corp. | 5005081 |
| 100679 | Edison International | 6270288 |
| 39225 | Entergy Corp. | 3761285 |
| 66686 | Evergy, Inc. | 5116817 |
| 71798 | Eversource Energy | 4963396 |
| 110901 | Exelon Corp. | 4966147 |
| 107978 | FirstEnergy Corp. | 5111678 |
| 30108 | NextEra Energy, Inc. | 2646493 |
| 7590 | NRG Energy, Inc. | 1158462 |
| 376023 | PG&E Corp. | 5798275 |
| 138039 | PPL Corp. | 5003914 |
| 41578 | Southern (The) Co. | 3713331 |
| 65451 | Xcel Energy, Inc. | 4978203 |
|  |  | 73217035 |
|  | **Electrical Equipment — 1.6%**  |  |
| 11774 | AMETEK, Inc. | 2637140 |
| 9105 | Emerson Electric Co. | 1338071 |
| 9247 | GE Vernova, Inc. | 6716743 |

---

See Notes to Financial Statements

------

**First Trust Large Cap Core AlphaDEX**<sup>®</sup> **Fund (FEX)**

**Portfolio of Investments (Continued)**

**January 31, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Electrical Equipment** <br> **(Continued)**  |  |
| 2722 | Hubbell, Inc. | $1328173 |
| 9318 | Rockwell Automation, Inc. | 3928935 |
| 37298 | Vertiv Holdings Co., Class A | 6944142 |
|  |  | 22893204 |
|  | **Electronic Equipment,** <br> **Instruments & Components** <br>**— 1.7%**  |  |
| 44713 | Amphenol Corp., Class A | 6442249 |
| 17746 | CDW Corp. | 2242917 |
| 32740 | Coherent Corp. (a) | 6946773 |
| 5948 | Keysight Technologies, Inc. (a) | 1286731 |
| 5313 | TE Connectivity PLC | 1183630 |
| 4732 | Teledyne Technologies, Inc. (a) | 2935260 |
| 9952 | Zebra Technologies Corp., <br> Class A (a) | 2338521 |
|  |  | 23376081 |
|  | **Energy Equipment & Services** <br> **— 1.5%**  |  |
| 132690 | Baker Hughes Co. | 7435948 |
| 171061 | Halliburton Co. | 5733965 |
| 157443 | SLB Ltd. | 7617092 |
|  |  | 20787005 |
|  | **Entertainment — 0.7%**  |  |
| 17743 | Electronic Arts, Inc. | 3618152 |
| 8482 | Live Nation Entertainment, <br> Inc. (a) | 1233707 |
| 9442 | Take-Two Interactive Software, <br> Inc. (a) | 2080073 |
| 10624 | Walt Disney (The) Co. | 1198387 |
| 83868 | Warner Bros. Discovery, Inc. (a) | 2309725 |
|  |  | 10440044 |
|  | **Financial Services — 2.4%**  |  |
| 16238 | Affirm Holdings, Inc. (a) | 979151 |
| 8347 | Apollo Global Management, Inc. | 1123005 |
| 9618 | Berkshire Hathaway, Inc., <br> Class B (a) | 4621738 |
| 92837 | Block, Inc. (a) | 5610140 |
| 120172 | Corebridge Financial, Inc. | 3704903 |
| 4015 | Corpay, Inc. (a) | 1263239 |
| 18183 | Fidelity National Information <br> Services, Inc. | 1004611 |
| 78073 | Global Payments, Inc. | 5600957 |
| 4232 | Mastercard, Inc., Class A | 2280159 |
| 103506 | PayPal Holdings, Inc. | 5453731 |
| 34033 | Toast, Inc., Class A (a) | 1058767 |
| 3447 | Visa, Inc., Class A | 1109348 |
|  |  | 33809749 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Food Products — 1.9%**  |  |
| 84087 | Archer-Daniels-Midland Co. | $5659896 |
| 129951 | General Mills, Inc. | 6011533 |
| 6642 | Hershey (The) Co. | 1293530 |
| 101987 | Hormel Foods Corp. | 2509900 |
| 35489 | McCormick & Co., Inc. | 2194285 |
| 67352 | Mondelez International, Inc., <br> Class A | 3938071 |
| 82465 | Tyson Foods, Inc., Class A | 5387439 |
|  |  | 26994654 |
|  | **Gas Utilities — 0.3%**  |  |
| 21627 | Atmos Energy Corp. | 3597435 |
|  | **Ground Transportation —** <br> **0.7%**  |  |
| 66677 | CSX Corp. | 2517724 |
| 15416 | Old Dominion Freight Line, Inc. | 2670051 |
| 29582 | Uber Technologies, Inc. (a) | 2368039 |
| 10448 | Union Pacific Corp. | 2456325 |
|  |  | 10012139 |
|  | **Health Care Equipment &** <br> **Supplies — 2.2%**  |  |
| 12455 | Becton Dickinson & Co. | 2534343 |
| 12676 | Boston Scientific Corp. (a) | 1185586 |
| 28353 | Edwards Lifesciences Corp. (a) | 2306800 |
| 44205 | GE HealthCare Technologies, <br> Inc. | 3490869 |
| 7147 | IDEXX Laboratories, Inc. (a) | 4791778 |
| 4250 | Insulet Corp. (a) | 1087193 |
| 6401 | Intuitive Surgical, Inc. (a) | 3227512 |
| 37743 | Medtronic PLC | 3886019 |
| 9533 | STERIS PLC | 2503366 |
| 67201 | Zimmer Biomet Holdings, Inc. | 5851191 |
|  |  | 30864657 |
|  | **Health Care Providers &** <br> **Services — 2.4%**  |  |
| 21955 | Cigna Group (The) | 6018085 |
| 15228 | CVS Health Corp. | 1134791 |
| 13791 | Elevance Health, Inc. | 4768100 |
| 5176 | HCA Healthcare, Inc. | 2527286 |
| 37220 | Hims & Hers Health, Inc. (a) | 1008290 |
| 14155 | Humana, Inc. | 2763056 |
| 14452 | Labcorp Holdings, Inc. | 3924007 |
| 27858 | Quest Diagnostics, Inc. | 5210282 |
| 18244 | Tenet Healthcare Corp. (a) | 3453224 |
| 10983 | UnitedHealth Group, Inc. | 3151352 |
|  |  | 33958473 |
|  | **Health Care REITs — 0.6%**  |  |
| 46855 | Ventas, Inc. | 3639228 |
| 26044 | Welltower, Inc. | 4905648 |
|  |  | 8544876 |

---

See Notes to Financial Statements

------

**First Trust Large Cap Core AlphaDEX**<sup>®</sup> **Fund (FEX)**

**Portfolio of Investments (Continued)**

**January 31, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Hotels, Restaurants & Leisure** <br> **— 2.4%**  |  |
| 17809 | Airbnb, Inc., Class A (a) | $2303950 |
| 226 | Booking Holdings, Inc. | 1130416 |
| 158290 | Carnival Corp. (a) | 4751866 |
| 6566 | Darden Restaurants, Inc. | 1308932 |
| 2899 | Domino's Pizza, Inc. | 1189547 |
| 5337 | DoorDash, Inc., Class A (a) | 1092057 |
| 21330 | Expedia Group, Inc. | 5649037 |
| 12622 | Hilton Worldwide Holdings, Inc. | 3767793 |
| 92837 | Las Vegas Sands Corp. | 4895295 |
| 15583 | Marriott International, Inc., <br> Class A | 4913320 |
| 15978 | Yum! Brands, Inc. | 2484579 |
|  |  | 33486792 |
|  | **Household Durables — 1.8%**  |  |
| 41956 | D.R. Horton, Inc. | 6244731 |
| 58782 | Lennar Corp., Class A | 6427811 |
| 827 | NVR, Inc. (a) | 6314749 |
| 51533 | PulteGroup, Inc. | 6446263 |
|  |  | 25433554 |
|  | **Household Products — 0.6%**  |  |
| 28827 | Church & Dwight Co., Inc. | 2774599 |
| 23957 | Kimberly-Clark Corp. | 2395460 |
| 25299 | Procter & Gamble (The) Co. | 3839629 |
|  |  | 9009688 |
|  | **Independent Power and** <br> **Renewable Electricity** <br>**Producers — 0.5%**  |  |
| 12898 | Talen Energy Corp. (a) | 4493147 |
| 14981 | Vistra Corp. | 2372242 |
|  |  | 6865389 |
|  | **Industrial Conglomerates —** <br> **0.2%**  |  |
| 7549 | 3M Co. | 1156205 |
| 6195 | Honeywell International, Inc. | 1409486 |
|  |  | 2565691 |
|  | **Industrial REITs — 0.3%**  |  |
| 28401 | Prologis, Inc. | 3708035 |
|  | **Insurance — 4.9%**  |  |
| 32879 | Aflac, Inc. | 3647925 |
| 29030 | Allstate (The) Corp. | 5776680 |
| 70633 | American International Group, <br> Inc. | 5288999 |
| 62996 | Arch Capital Group Ltd. (a) | 6050136 |
| 15488 | Chubb Ltd. | 4794465 |
| 36998 | Cincinnati Financial Corp. | 5952608 |
| 88555 | Fidelity National Financial, Inc. | 4816506 |
| 35082 | Hartford Insurance Group (The), <br> Inc. | 4738175 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Insurance (Continued)**  |  |
| 45904 | Loews Corp. | $4846085 |
| 2248 | Markel Group, Inc. (a) | 4587359 |
| 30619 | MetLife, Inc. | 2415227 |
| 27401 | Principal Financial Group, Inc. | 2595423 |
| 5307 | Progressive (The) Corp. | 1103856 |
| 32121 | Prudential Financial, Inc. | 3568964 |
| 16666 | Travelers (The) Cos., Inc. | 4741644 |
| 51706 | W.R. Berkley Corp. | 3545997 |
|  |  | 68470049 |
|  | **Interactive Media & Services** <br> **— 0.8%**  |  |
| 19308 | Alphabet, Inc., Class A | 6526104 |
| 1831 | Meta Platforms, Inc., Class A | 1311912 |
| 21030 | Reddit, Inc., Class A (a) | 3791078 |
|  |  | 11629094 |
|  | **IT Services — 1.8%**  |  |
| 13513 | Accenture PLC, Class A | 3562567 |
| 12258 | Cloudflare, Inc., Class A (a) | 2173956 |
| 58242 | Cognizant Technology Solutions <br> Corp., Class A | 4779339 |
| 8159 | International Business Machines <br> Corp. | 2502365 |
| 14398 | MongoDB, Inc. (a) | 5346410 |
| 11019 | Snowflake, Inc. (a) | 2123361 |
| 42482 | Twilio, Inc., Class A (a) | 5117382 |
|  |  | 25605380 |
|  | **Life Sciences Tools & Services** <br> **— 1.0%**  |  |
| 17762 | Agilent Technologies, Inc. | 2377444 |
| 18427 | Illumina, Inc. (a) | 2668414 |
| 5362 | IQVIA Holdings, Inc. (a) | 1234064 |
| 2602 | Mettler-Toledo International, <br> Inc. (a) | 3573171 |
| 2086 | Thermo Fisher Scientific, Inc. | 1206980 |
| 6362 | Waters Corp. (a) | 2358521 |
| 4394 | West Pharmaceutical Services, <br> Inc. | 1015541 |
|  |  | 14434135 |
|  | **Machinery — 2.5%**  |  |
| 8439 | Caterpillar, Inc. | 5547461 |
| 4735 | Cummins, Inc. | 2740713 |
| 2597 | Deere & Co. | 1371216 |
| 30951 | Dover Corp. | 6236317 |
| 43781 | Fortive Corp. | 2312075 |
| 33107 | PACCAR, Inc. | 4069181 |
| 4125 | Parker-Hannifin Corp. | 3860340 |
| 14029 | Snap-on, Inc. | 5136157 |
| 11323 | Westinghouse Air Brake <br> Technologies Corp. | 2605875 |
| 8874 | Xylem, Inc. | 1223458 |
|  |  | 35102793 |

---

See Notes to Financial Statements

------

**First Trust Large Cap Core AlphaDEX**<sup>®</sup> **Fund (FEX)**

**Portfolio of Investments (Continued)**

**January 31, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Media — 1.0%**  |  |
| 28946 | Charter Communications, Inc., <br> Class A (a) | $5966349 |
| 82696 | Fox Corp., Class A | 6018615 |
| 92537 | News Corp., Class A | 2501275 |
|  |  | 14486239 |
|  | **Metals & Mining — 1.7%**  |  |
| 23795 | Freeport-McMoRan, Inc. | 1433173 |
| 60517 | Newmont Corp. | 6799085 |
| 29637 | Nucor Corp. | 5267088 |
| 16735 | Reliance, Inc. | 5514182 |
| 28528 | Steel Dynamics, Inc. | 5122773 |
|  |  | 24136301 |
|  | **Multi-Utilities — 2.8%**  |  |
| 48408 | Ameren Corp. | 4999578 |
| 94564 | CenterPoint Energy, Inc. | 3753245 |
| 51845 | CMS Energy Corp. | 3706399 |
| 48672 | Consolidated Edison, Inc. | 5189895 |
| 61880 | Dominion Energy, Inc. | 3723320 |
| 37480 | DTE Energy Co. | 5036562 |
| 86820 | NiSource, Inc. | 3845258 |
| 15050 | Public Service Enterprise Group, <br> Inc. | 1239518 |
| 41063 | Sempra | 3572892 |
| 34380 | WEC Energy Group, Inc. | 3804835 |
|  |  | 38871502 |
|  | **Oil, Gas & Consumable Fuels** <br> **— 7.2%**  |  |
| 24868 | Cheniere Energy, Inc. | 5260079 |
| 39649 | Chevron Corp. | 7013908 |
| 64552 | ConocoPhillips | 6728255 |
| 229586 | Coterra Energy, Inc. | 6623556 |
| 164964 | Devon Energy Corp. | 6633202 |
| 40196 | Diamondback Energy, Inc. | 6590134 |
| 57543 | EOG Resources, Inc. | 6452297 |
| 112737 | EQT Corp. | 6508307 |
| 54756 | Expand Energy Corp. | 6155122 |
| 50212 | Exxon Mobil Corp. | 7099977 |
| 175852 | Kinder Morgan, Inc. | 5361728 |
| 29725 | Marathon Petroleum Corp. | 5237248 |
| 146952 | Occidental Petroleum Corp. | 6670151 |
| 82213 | ONEOK, Inc. | 6510447 |
| 28096 | Phillips 66 | 4033462 |
| 19650 | Targa Resources Corp. | 3949257 |
| 22273 | Valero Energy Corp. | 4040990 |
| 20106 | Williams (The) Cos., Inc. | 1352330 |
|  |  | 102220450 |
|  | **Passenger Airlines — 0.9%**  |  |
| 87070 | Delta Air Lines, Inc. | 5737043 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Passenger Airlines (Continued)**  |  |
| 58481 | Southwest Airlines Co. | $2779017 |
| 43232 | United Airlines Holdings, <br> Inc. (a) | 4423498 |
|  |  | 12939558 |
|  | **Personal Care Products —** <br> **0.2%**  |  |
| 140121 | Kenvue, Inc. | 2438105 |
|  | **Pharmaceuticals — 1.9%**  |  |
| 67216 | Bristol-Myers Squibb Co. | 3700241 |
| 5622 | Eli Lilly & Co. | 5830857 |
| 17518 | Johnson & Johnson | 3980966 |
| 57407 | Merck & Co., Inc. | 6330270 |
| 242680 | Pfizer, Inc. | 6416459 |
|  |  | 26258793 |
|  | **Professional Services — 0.6%**  |  |
| 26797 | Leidos Holdings, Inc. | 5045339 |
| 27649 | SS&C Technologies Holdings, <br> Inc. | 2264177 |
| 14093 | TransUnion | 1113629 |
|  |  | 8423145 |
|  | **Residential REITs — 0.9%**  |  |
| 26661 | AvalonBay Communities, Inc. | 4736860 |
| 76686 | Equity Residential | 4779072 |
| 26101 | Mid-America Apartment <br> Communities, Inc. | 3505364 |
|  |  | 13021296 |
|  | **Retail REITs — 0.1%**  |  |
| 6526 | Simon Property Group, Inc. | 1248489 |
|  | **Semiconductors &** <br> **Semiconductor Equipment** <br>**— 4.4%**  |  |
| 28217 | Advanced Micro Devices, <br> Inc. (a) | 6679810 |
| 4702 | Applied Materials, Inc. | 1515549 |
| 21794 | Astera Labs, Inc. (a) | 3282612 |
| 13968 | Broadcom, Inc. | 4627598 |
| 33596 | Credo Technology Group <br> Holding Ltd. (a) | 4208907 |
| 23133 | First Solar, Inc. (a) | 5216954 |
| 65505 | Intel Corp. (a) | 3044017 |
| 2984 | KLA Corp. | 4260973 |
| 28239 | Lam Research Corp. | 6592677 |
| 14222 | Marvell Technology, Inc. | 1122400 |
| 16938 | Micron Technology, Inc. | 7027238 |
| 4001 | Monolithic Power Systems, Inc. | 4497724 |
| 19440 | NVIDIA Corp. | 3715567 |
| 11134 | NXP Semiconductors N.V. | 2517843 |
| 7066 | QUALCOMM, Inc. | 1071135 |
| 13932 | Texas Instruments, Inc. | 3003043 |
|  |  | 62384047 |

---

See Notes to Financial Statements

------

**First Trust Large Cap Core AlphaDEX**<sup>®</sup> **Fund (FEX)**

**Portfolio of Investments (Continued)**

**January 31, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Software — 1.7%**  |  |
| 3454 | Adobe, Inc. (a) | $1012885 |
| 7176 | AppLovin Corp., Class A (a) | 3395037 |
| 4082 | Autodesk, Inc. (a) | 1032215 |
| 3866 | Cadence Design Systems, <br> Inc. (a) | 1145728 |
| 2579 | Crowdstrike Holdings, Inc., <br> Class A (a) | 1138383 |
| 8886 | Datadog, Inc., Class A (a) | 1149138 |
| 716 | Fair Isaac Corp. (a) | 1047630 |
| 44449 | Gen Digital, Inc. | 1066331 |
| 1825 | Intuit, Inc. | 910529 |
| 27196 | Palantir Technologies, Inc., <br> Class A (a) | 3986662 |
| 4561 | Salesforce, Inc. | 968255 |
| 70029 | Zoom Communications, Inc. (a) | 6449671 |
|  |  | 23302464 |
|  | **Specialized REITs — 0.4%**  |  |
| 9314 | Public Storage | 2572434 |
| 102030 | Weyerhaeuser Co. | 2630333 |
|  |  | 5202767 |
|  | **Specialty Retail — 2.1%**  |  |
| 16736 | Burlington Stores, Inc. (a) | 4951513 |
| 14317 | Carvana Co. (a) | 5742692 |
| 3513 | Home Depot (The), Inc. | 1315935 |
| 5011 | Lowe's Cos., Inc. | 1338238 |
| 13251 | O'Reilly Automotive, Inc. (a) | 1304031 |
| 6709 | Ross Stores, Inc. | 1265653 |
| 31470 | TJX (The) Cos., Inc. | 4714521 |
| 48332 | Tractor Supply Co. | 2459132 |
| 3996 | Ulta Beauty, Inc. (a) | 2586850 |
| 20301 | Williams-Sonoma, Inc. | 4154599 |
|  |  | 29833164 |
|  | **Technology Hardware, Storage** <br> **& Peripherals — 2.0%**  |  |
| 8890 | Apple, Inc. | 2306777 |
| 9600 | Dell Technologies, Inc., Class C | 1098624 |
| 150943 | Hewlett Packard Enterprise Co. | 3248293 |
| 108489 | HP, Inc. | 2109026 |
| 22570 | NetApp, Inc. | 2174620 |
| 18035 | Pure Storage, Inc., Class A (a) | 1254154 |
| 21943 | Seagate Technology <br> Holdings PLC | 8945942 |
| 28060 | Western Digital Corp. | 7021454 |
|  |  | 28158890 |
|  | **Textiles, Apparel & Luxury** <br> **Goods — 0.7%**  |  |
| 46630 | Deckers Outdoor Corp. (a) | 5564824 |
| 37837 | Tapestry, Inc. | 4801894 |
|  |  | 10366718 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Tobacco — 0.1%**  |  |
| 7535 | Philip Morris International, Inc. | $1352080 |
|  | **Trading Companies &** <br> **Distributors — 1.3%**  |  |
| 10858 | Ferguson Enterprises, Inc. | 2741211 |
| 30698 | FTAI Aviation Ltd. | 8359680 |
| 2987 | United Rentals, Inc. | 2336013 |
| 2397 | W.W. Grainger, Inc. | 2588616 |
| 7174 | Watsco, Inc. | 2772392 |
|  |  | 18797912 |
|  | **Water Utilities — 0.3%**  |  |
| 27781 | American Water Works Co., Inc. | 3587360 |
|  | **Total Common Stocks** | 1408703047 |
|  | (Cost $1,188,181,010) |  |
| **MONEY MARKET FUNDS — 0.1%** | **MONEY MARKET FUNDS — 0.1%** | **MONEY MARKET FUNDS — 0.1%** |
| 1209695 | Morgan Stanley Institutional <br> Liquidity Funds - Treasury <br> Portfolio - Institutional Class - <br> 3.56% (b) | 1209695 |
|  | (Cost $1,209,695) |  |
|  | **Total Investments — 100.0%** | 1409912742 |
|  | (Cost $1,189,390,705) |  |
|  | **Net Other Assets and** <br> **Liabilities — 0.0%** | 189639 |
|  | **Net Assets — 100.0%** | $1410102381 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income
 producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Rate
 shown reflects yield as of January 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Abbreviations throughout the Portfolio of Investments: <br> REITs – Real Estate Investment Trusts

------

**Valuation Inputs**

A summary of the inputs used to value the Fund's investments as of January 31, 2026 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total** <br>**Value at** <br>**1/31/2026**<br>| **Level 1** <br>**Quoted** <br>**Prices**<br>| **Level 2** <br>**Significant** <br>**Observable** <br>**Inputs**<br>| **Level 3** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>|
| Common Stocks\* | $1408703047 | &nbsp;&nbsp; $1408703047 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Money Market <br> Funds<br>| 1209695 | &nbsp;&nbsp; 1209695 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total Investments | $1409912742 | &nbsp;&nbsp; $1409912742 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Portfolio of Investments for industry breakout.

See Notes to Financial Statements

------

**First Trust Mid Cap Core AlphaDEX**<sup>®</sup> **Fund (FNX)**

**Portfolio of Investments**

**January 31, 2026 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS — 99.9%** | **COMMON STOCKS — 99.9%** | **COMMON STOCKS — 99.9%** |
|  | **Aerospace & Defense — 1.6%**  |  |
| 38112 | ATI, Inc. (a) | $4584874 |
| 15183 | BWX Technologies, Inc. | 3119044 |
| 8335 | Carpenter Technology Corp. | 2649113 |
| 5145 | Huntington Ingalls Industries, <br> Inc. | 2163524 |
| 23046 | Kratos Defense & Security <br> Solutions, Inc. (a) | 2373968 |
| 91500 | StandardAero, Inc. (a) | 2826435 |
| 30105 | Textron, Inc. | 2651046 |
|  |  | 20368004 |
|  | **Air Freight & Logistics —** <br> **0.2%**  |  |
| 33236 | GXO Logistics, Inc. (a) | 1880825 |
|  | **Automobile Components —** <br> **0.9%**  |  |
| 38826 | BorgWarner, Inc. | 1840741 |
| 7101 | Dorman Products, Inc. (a) | 881944 |
| 187956 | Gentex Corp. | 4324867 |
| 38166 | Lear Corp. | 4468857 |
|  |  | 11516409 |
|  | **Automobiles — 0.3%**  |  |
| 34080 | Thor Industries, Inc. | 3812530 |
|  | **Banks — 6.0%**  |  |
| 35334 | Ameris Bancorp | 2848627 |
| 67915 | Associated Banc-Corp. | 1851363 |
| 49560 | Atlantic Union Bankshares Corp. | 1924910 |
| 30458 | Axos Financial, Inc. (a) | 3015037 |
| 95039 | Bank OZK | 4520055 |
| 22152 | BOK Financial Corp. | 2878431 |
| 62594 | Columbia Banking System, Inc. | 1842767 |
| 33426 | Commerce Bancshares, Inc. | 1759545 |
| 6908 | Cullen/Frost Bankers, Inc. | 952061 |
| 23349 | East West Bancorp, Inc. | 2672060 |
| 73201 | First Horizon Corp. | 1792693 |
| 153465 | FNB Corp. | 2693311 |
| 19858 | Glacier Bancorp, Inc. | 1006403 |
| 41210 | Hancock Whitney Corp. | 2835248 |
| 94465 | Home BancShares, Inc. | 2730039 |
| 52664 | International Bancshares Corp. | 3667521 |
| 39209 | Old National Bancorp | 957876 |
| 9169 | Pinnacle Financial Partners, Inc. | 871880 |
| 21075 | Popular, Inc. | 2814145 |
| 50629 | Prosperity Bancshares, Inc. | 3493907 |
| 27885 | SouthState Bank Corp. | 2853472 |
| 28984 | Texas Capital Bancshares, <br> Inc. (a) | 2932311 |
| 15207 | UMB Financial Corp. | 1933418 |
| 68339 | United Bankshares, Inc. | 2892790 |
| 84055 | United Community Banks, Inc. | 2894014 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Banks (Continued)**  |  |
| 224678 | Valley National Bancorp | $2799488 |
| 41694 | Webster Financial Corp. | 2742214 |
| 31215 | Western Alliance Bancorp | 2782817 |
| 18768 | Wintrust Financial Corp. | 2768092 |
| 44829 | Zions Bancorp N.A. | 2685705 |
|  |  | 74412200 |
|  | **Beverages — 0.5%**  |  |
| 100699 | Brown-Forman Corp., Class B | 2756132 |
| 38249 | Celsius Holdings, Inc. (a) | 2007308 |
| 5707 | Coca-Cola Consolidated, Inc. | 867806 |
|  |  | 5631246 |
|  | **Biotechnology — 4.8%**  |  |
| 131000 | ACADIA Pharmaceuticals, <br> Inc. (a) | 3292030 |
| 143872 | ADMA Biologics, Inc. (a) | 2488986 |
| 125054 | Alkermes PLC (a) | 4238080 |
| 29437 | BioMarin Pharmaceutical, <br> Inc. (a) | 1664368 |
| 57181 | Bridgebio Pharma, Inc. (a) | 4418376 |
| 68834 | Cytokinetics, Inc. (a) | 4349620 |
| 59873 | Exelixis, Inc. (a) | 2476347 |
| 51991 | Halozyme Therapeutics, Inc. (a) | 3728275 |
| 55287 | Ionis Pharmaceuticals, Inc. (a) | 4570576 |
| 17741 | Krystal Biotech, Inc. (a) | 4953997 |
| 7510 | Madrigal Pharmaceuticals, <br> Inc. (a) | 3674718 |
| 18503 | Neurocrine Biosciences, Inc. (a) | 2517518 |
| 57580 | PTC Therapeutics, Inc. (a) | 4349017 |
| 32947 | Revolution Medicines, Inc. (a) | 3194212 |
| 40861 | Rhythm Pharmaceuticals, Inc. (a) | 4189070 |
| 120934 | Roivant Sciences Ltd. (a) | 2614593 |
| 7181 | United Therapeutics Corp. (a) | 3371408 |
|  |  | 60091191 |
|  | **Broadline Retail — 0.4%**  |  |
| 4328 | Dillard's, Inc., Class A | 2629520 |
| 31556 | Etsy, Inc. (a) | 1671206 |
| 7981 | Ollie's Bargain Outlet Holdings, <br> Inc. (a) | 880384 |
|  |  | 5181110 |
|  | **Building Products — 2.5%**  |  |
| 39238 | A.O. Smith Corp. | 2883601 |
| 12080 | Advanced Drainage Systems, <br> Inc. | 1836643 |
| 13732 | Armstrong World Industries, Inc. | 2523118 |
| 34007 | Builders FirstSource, Inc. (a) | 3890401 |
| 5960 | CSW Industrials, Inc. | 1609081 |
| 52465 | Fortune Brands Innovations, Inc. | 2838356 |
| 11878 | Griffon Corp. | 967463 |
| 99630 | Resideo Technologies, Inc. (a) | 3413324 |
| 16252 | Simpson Manufacturing Co., Inc. | 2873029 |

---

See Notes to Financial Statements

------

**First Trust Mid Cap Core AlphaDEX**<sup>®</sup> **Fund (FNX)**

**Portfolio of Investments (Continued)**

**January 31, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Building Products (Continued)**  |  |
| 48037 | UFP Industries, Inc. | $4961261 |
| 56448 | Zurn Elkay Water Solutions <br> Corp. | 2602817 |
|  |  | 30399094 |
|  | **Capital Markets — 3.5%**  |  |
| 9104 | Affiliated Managers Group, Inc. | 2850371 |
| 27867 | Cohen & Steers, Inc. | 1790733 |
| 10283 | Evercore, Inc., Class A | 3632675 |
| 67197 | Federated Hermes, Inc. | 3580256 |
| 109847 | Franklin Resources, Inc. | 2924127 |
| 64463 | Golub Capital BDC, Inc. | 863160 |
| 5021 | Houlihan Lokey, Inc. | 845135 |
| 166491 | Invesco Ltd. | 4543539 |
| 28231 | Jefferies Financial Group, Inc. | 1727173 |
| 18013 | Lazard, Inc. | 967658 |
| 14485 | Main Street Capital Corp. (b) | 924143 |
| 25451 | Moelis & Co., Class A | 1824073 |
| 2576 | Piper Sandler Cos. | 892198 |
| 10464 | PJT Partners, Inc., Class A | 1810586 |
| 10665 | SEI Investments Co. | 936920 |
| 40895 | StepStone Group, Inc., Class A | 2890868 |
| 6986 | Stifel Financial Corp. | 861374 |
| 9196 | StoneX Group, Inc. (a) | 1032343 |
| 13702 | TPG, Inc. | 807185 |
| 69326 | Victory Capital Holdings, Inc., <br> Class A | 4889563 |
| 52506 | Virtu Financial, Inc., Class A | 2179524 |
|  |  | 42773604 |
|  | **Chemicals — 1.9%**  |  |
| 108294 | Axalta Coating Systems Ltd. (a) | 3636512 |
| 5703 | Balchem Corp. | 970479 |
| 65989 | Cabot Corp. | 4763746 |
| 68521 | Eastman Chemical Co. | 4749876 |
| 70007 | Element Solutions, Inc. | 2037204 |
| 181558 | Mosaic (The) Co. | 4992845 |
| 1273 | NewMarket Corp. | 853916 |
| 18622 | Sensient Technologies Corp. | 1760151 |
|  |  | 23764729 |
|  | **Commercial Services &** <br> **Supplies — 0.3%**  |  |
| 17863 | Casella Waste Systems, Inc., <br> Class A (a) | 1802019 |
| 7461 | Clean Harbors, Inc. (a) | 1939189 |
|  |  | 3741208 |
|  | **Communications Equipment** <br> **— 0.8%**  |  |
| 16526 | Calix, Inc. (a) | 738216 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Communications Equipment** <br> **(Continued)**  |  |
| 18702 | Ciena Corp. (a) | $4709351 |
| 11865 | Lumentum Holdings, Inc. (a) | 4649182 |
|  |  | 10096749 |
|  | **Construction & Engineering** <br> **— 3.1%**  |  |
| 16455 | Arcosa, Inc. | 1883604 |
| 24175 | Construction Partners, Inc., <br> Class A (a) | 2656349 |
| 12944 | Dycom Industries, Inc. (a) | 4716664 |
| 51119 | Everus Construction Group, <br> Inc. (a) | 4523520 |
| 110364 | Fluor Corp. (a) | 5097713 |
| 30334 | Granite Construction, Inc. | 3662527 |
| 11243 | IES Holdings, Inc. (a) | 4275601 |
| 35232 | Primoris Services Corp. | 5223144 |
| 8570 | Sterling Infrastructure, Inc. (a) | 3067289 |
| 2174 | Valmont Industries, Inc. | 968647 |
| 139365 | WillScot Holdings Corp. | 2791481 |
|  |  | 38866539 |
|  | **Construction Materials —** <br> **0.5%**  |  |
| 16930 | Eagle Materials, Inc. | 3450503 |
| 37302 | Knife River Corp. (a) | 2505576 |
|  |  | 5956079 |
|  | **Consumer Finance — 1.0%**  |  |
| 77257 | Ally Financial, Inc. | 3266426 |
| 3945 | Credit Acceptance Corp. (a) | 1965557 |
| 21954 | FirstCash Holdings, Inc. | 3743157 |
| 38849 | OneMain Holdings, Inc. | 2546163 |
| 32326 | SLM Corp. | 877651 |
|  |  | 12398954 |
|  | **Consumer Staples Distribution** <br> **& Retail — 0.6%**  |  |
| 203785 | Albertsons Cos., Inc., Class A | 3393020 |
| 19432 | BJ's Wholesale Club Holdings, <br> Inc. (a) | 1796294 |
| 58343 | Maplebear, Inc. (a) | 2168026 |
|  |  | 7357340 |
|  | **Containers & Packaging —** <br> **1.3%**  |  |
| 9618 | Avery Dennison Corp. | 1784235 |
| 33981 | Crown Holdings, Inc. | 3557131 |
| 290421 | Graphic Packaging Holding Co. | 4254668 |
| 86672 | Silgan Holdings, Inc. | 3739897 |
| 60135 | Sonoco Products Co. | 2886480 |
|  |  | 16222411 |

---

See Notes to Financial Statements

------

**First Trust Mid Cap Core AlphaDEX**<sup>®</sup> **Fund (FNX)**

**Portfolio of Investments (Continued)**

**January 31, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Distributors — 0.5%**  |  |
| 144825 | LKQ Corp. | $4757501 |
| 3823 | Pool Corp. | 971386 |
|  |  | 5728887 |
|  | **Diversified Consumer Services** <br> **— 0.6%**  |  |
| 541974 | ADT, Inc. | 4335792 |
| 8626 | Bright Horizons Family <br> Solutions, Inc. (a) | 799026 |
| 30326 | Frontdoor, Inc. (a) | 1792570 |
| 11219 | Service Corp. International | 902344 |
|  |  | 7829732 |
|  | **Diversified REITs — 0.1%**  |  |
| 13591 | WP Carey, Inc. | 947972 |
|  | **Diversified Telecommunication** <br> **Services — 0.9%**  |  |
| 60219 | AST SpaceMobile, Inc. (a) | 6696955 |
| 562900 | Lumen Technologies, Inc. (a) | 4964778 |
|  |  | 11661733 |
|  | **Electric Utilities — 1.0%**  |  |
| 6912 | IDACORP, Inc. | 917845 |
| 81943 | OGE Energy Corp. | 3579270 |
| 39447 | Pinnacle West Capital Corp. | 3690661 |
| 72911 | Portland General Electric Co. | 3663778 |
|  |  | 11851554 |
|  | **Electrical Equipment — 1.6%**  |  |
| 4859 | Acuity, Inc. | 1502597 |
| 50336 | Bloom Energy Corp., Class A (a) | 7619360 |
| 12830 | Generac Holdings, Inc. (a) | 2155953 |
| 50209 | Nextpower, Inc., Class A (a) | 5878972 |
| 18702 | Regal Rexnord Corp. | 3020373 |
|  |  | 20177255 |
|  | **Electronic Equipment,** <br> **Instruments & Components** <br>**— 2.4%**  |  |
| 31757 | Arrow Electronics, Inc. (a) | 4207485 |
| 72774 | Avnet, Inc. | 4540370 |
| 15010 | Belden, Inc. | 1763825 |
| 32211 | Insight Enterprises, Inc. (a) | 2706368 |
| 3458 | Littelfuse, Inc. | 1119562 |
| 37351 | Mirion Technologies, Inc. (a) | 927799 |
| 6859 | OSI Systems, Inc. (a) | 1715710 |
| 5829 | Sanmina Corp. (a) | 825853 |
| 17468 | TD SYNNEX Corp. | 2771648 |
| 63388 | TTM Technologies, Inc. (a) | 6224702 |
| 94109 | Vontier Corp. | 3529087 |
|  |  | 30332409 |
|  | **Energy Equipment & Services** <br> **— 1.0%**  |  |
| 100854 | Archrock, Inc. | 2984270 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Energy Equipment & Services** <br> **(Continued)**  |  |
| 279829 | NOV, Inc. | $5134862 |
| 44710 | Weatherford International PLC | 4206317 |
|  |  | 12325449 |
|  | **Entertainment — 0.7%**  |  |
| 6764 | Madison Square Garden Sports <br> Corp. (a) | 1917932 |
| 32251 | Roku, Inc. (a) | 3070295 |
| 16742 | TKO Group Holdings, Inc. | 3391595 |
|  |  | 8379822 |
|  | **Financial Services — 2.1%**  |  |
| 67278 | Essent Group Ltd. | 4233132 |
| 45973 | Euronet Worldwide, Inc. (a) | 3331204 |
| 9588 | Jack Henry & Associates, Inc. | 1718266 |
| 24607 | Jackson Financial, Inc., Class A | 2926264 |
| 149682 | MGIC Investment Corp. | 4029439 |
| 13270 | PennyMac Financial Services, <br> Inc. | 1325938 |
| 121526 | Radian Group, Inc. | 3998205 |
| 13782 | Sezzle, Inc. (a) | 871574 |
| 23486 | Voya Financial, Inc. | 1800437 |
| 11743 | WEX, Inc. (a) | 1807248 |
|  |  | 26041707 |
|  | **Food Products — 2.7%**  |  |
| 49099 | Bunge Global S.A. | 5591394 |
| 54967 | Cal-Maine Foods, Inc. | 4591394 |
| 125547 | Campbell's (The) Co. | 3512805 |
| 50534 | Conagra Brands, Inc. | 935384 |
| 97195 | Darling Ingredients, Inc. (a) | 4437924 |
| 39668 | Ingredion, Inc. | 4684791 |
| 83528 | Lamb Weston Holdings, Inc. | 3836441 |
| 5320 | Marzetti (The) Company | 912752 |
| 44156 | Post Holdings, Inc. (a) | 4517600 |
|  |  | 33020485 |
|  | **Gas Utilities — 1.9%**  |  |
| 43705 | National Fuel Gas Co. | 3660294 |
| 75868 | New Jersey Resources Corp. | 3753949 |
| 45295 | ONE Gas, Inc. | 3603670 |
| 54658 | Southwest Gas Holdings, Inc. | 4526775 |
| 42309 | Spire, Inc. | 3574687 |
| 116851 | UGI Corp. | 4686894 |
|  |  | 23806269 |
|  | **Ground Transportation —** <br> **1.5%**  |  |
| 6817 | Avis Budget Group, Inc. (a) (b) | 783887 |
| 9002 | J.B. Hunt Transport Services, <br> Inc. | 1824885 |
| 66928 | Knight-Swift Transportation <br> Holdings, Inc. | 3687733 |
| 180640 | Lyft, Inc., Class A (a) | 3047397 |

---

See Notes to Financial Statements

------

**First Trust Mid Cap Core AlphaDEX**<sup>®</sup> **Fund (FNX)**

**Portfolio of Investments (Continued)**

**January 31, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Ground Transportation** <br> **(Continued)**  |  |
| 18282 | Ryder System, Inc. | $3496981 |
| 5358 | Saia, Inc. (a) | 1794233 |
| 74860 | U-Haul Holding Co. | 3841067 |
|  |  | 18476183 |
|  | **Health Care Equipment &** <br> **Supplies — 2.1%**  |  |
| 11205 | Align Technology, Inc. (a) | 1826751 |
| 45775 | Baxter International, Inc. | 918704 |
| 10673 | Cooper (The) Cos., Inc. (a) | 868569 |
| 15495 | Glaukos Corp. (a) | 1849793 |
| 40075 | Globus Medical, Inc., <br> Class A (a) | 3634001 |
| 9484 | Inspire Medical Systems, Inc. (a) | 718698 |
| 19718 | iRhythm Holdings, Inc. (a) | 3046628 |
| 13144 | Lantheus Holdings, Inc. (a) | 879597 |
| 9924 | Merit Medical Systems, Inc. (a) | 804737 |
| 11254 | Penumbra, Inc. (a) | 4030845 |
| 55195 | Solventum Corp. (a) | 4248359 |
| 21571 | TransMedics Group, Inc. (a) | 2889975 |
|  |  | 25716657 |
|  | **Health Care Providers &** <br> **Services — 2.0%**  |  |
| 4090 | Chemed Corp. | 1747002 |
| 7699 | DaVita, Inc. (a) | 841808 |
| 8241 | Encompass Health Corp. | 779022 |
| 20086 | Ensign Group (The), Inc. | 3447963 |
| 42821 | Guardant Health, Inc. (a) | 4883307 |
| 9549 | HealthEquity, Inc. (a) | 818063 |
| 23148 | Henry Schein, Inc. (a) | 1747211 |
| 20163 | Molina Healthcare, Inc. (a) | 3621073 |
| 27456 | Option Care Health, Inc. (a) | 933504 |
| 24520 | RadNet, Inc. (a) | 1718852 |
| 20061 | Universal Health Services, Inc., <br> Class B | 4037477 |
|  |  | 24575282 |
|  | **Health Care REITs — 1.2%**  |  |
| 71495 | Alexandria Real Estate Equities, <br> Inc. | 3906487 |
| 55763 | American Healthcare REIT, Inc. | 2615842 |
| 96763 | CareTrust REIT, Inc. | 3613131 |
| 108800 | Healthpeak Properties, Inc. | 1875712 |
| 39457 | Omega Healthcare Investors, Inc. | 1731373 |
| 46185 | Sabra Health Care REIT, Inc. | 865045 |
|  |  | 14607590 |
|  | **Hotel & Resort REITs — 0.4%**  |  |
| 246686 | Host Hotels & Resorts, Inc. | 4571092 |
| 9245 | Ryman Hospitality Properties, <br> Inc. | 875501 |
|  |  | 5446593 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Hotels, Restaurants & Leisure** <br> **— 2.6%**  |  |
| 23732 | Aramark | $913445 |
| 41049 | Boyd Gaming Corp. | 3470282 |
| 12189 | Brinker International, Inc. (a) | 1922449 |
| 149593 | Caesars Entertainment, Inc. (a) | 3096575 |
| 23064 | Churchill Downs, Inc. | 2268575 |
| 28577 | Dutch Bros, Inc., Class A (a) | 1554303 |
| 19548 | Hilton Grand Vacations, Inc. (a) | 881810 |
| 16369 | Hyatt Hotels Corp., Class A | 2559621 |
| 65820 | Life Time Group Holdings, <br> Inc. (a) | 1919969 |
| 23972 | MGM Resorts International (a) | 804021 |
| 39191 | Norwegian Cruise Line Holdings <br> Ltd. (a) | 860634 |
| 16129 | Planet Fitness, Inc., Class A (a) | 1468384 |
| 10539 | Texas Roadhouse, Inc. | 1895545 |
| 62012 | Travel + Leisure Co. | 4312315 |
| 6587 | Vail Resorts, Inc. | 876532 |
| 29078 | Wynn Resorts Ltd. | 3124431 |
|  |  | 31928891 |
|  | **Household Durables — 2.1%**  |  |
| 3373 | Installed Building Products, Inc. | 971896 |
| 77535 | KB Home | 4461364 |
| 66469 | Meritage Homes Corp. | 4620260 |
| 40016 | Mohawk Industries, Inc. (a) | 4737094 |
| 74294 | Taylor Morrison Home Corp. (a) | 4528219 |
| 32345 | Toll Brothers, Inc. | 4673529 |
| 4193 | TopBuild Corp. (a) | 1962534 |
|  |  | 25954896 |
|  | **Household Products — 0.3%**  |  |
| 152660 | Reynolds Consumer Products, <br> Inc. | 3537132 |
|  | **Independent Power and** <br> **Renewable Electricity** <br>**Producers — 0.8%**  |  |
| 244002 | AES (The) Corp. | 3574629 |
| 78901 | Clearway Energy, Inc., Class C | 2852271 |
| 31673 | Ormat Technologies, Inc. | 3957225 |
|  |  | 10384125 |
|  | **Industrial REITs — 0.9%**  |  |
| 136041 | Americold Realty Trust, Inc. | 1688269 |
| 4910 | EastGroup Properties, Inc. | 891852 |
| 45823 | First Industrial Realty Trust, Inc. | 2659109 |
| 74978 | Lineage, Inc. | 2677464 |
| 23796 | STAG Industrial, Inc. | 892588 |
| 29799 | Terreno Realty Corp. | 1833831 |
|  |  | 10643113 |
|  | **Insurance — 4.5%**  |  |
| 12799 | American Financial Group, Inc. | 1667326 |
| 10896 | Assurant, Inc. | 2594664 |

---

See Notes to Financial Statements

------

**First Trust Mid Cap Core AlphaDEX**<sup>®</sup> **Fund (FNX)**

**Portfolio of Investments (Continued)**

**January 31, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Insurance (Continued)**  |  |
| 48667 | Assured Guaranty Ltd. | $4129395 |
| 32674 | Axis Capital Holdings Ltd. | 3371303 |
| 54969 | CNA Financial Corp. | 2630816 |
| 2578 | Everest Group Ltd. | 854040 |
| 56950 | First American Financial Corp. | 3598101 |
| 25018 | Globe Life, Inc. | 3508024 |
| 19143 | Hanover Insurance Group (The), <br> Inc. | 3333562 |
| 107887 | Kemper Corp. | 4251827 |
| 98219 | Lincoln National Corp. | 4086893 |
| 37200 | Mercury General Corp. | 3258348 |
| 57498 | Old Republic International Corp. | 2252197 |
| 3386 | Primerica, Inc. | 890653 |
| 8598 | Reinsurance Group of America, <br> Inc. | 1743245 |
| 15556 | RenaissanceRe Holdings Ltd. | 4382125 |
| 27344 | RLI Corp. | 1597710 |
| 31364 | Selective Insurance Group, Inc. | 2637085 |
| 33861 | Unum Group | 2572420 |
| 1263 | White Mountains Insurance <br> Group Ltd. | 2582747 |
|  |  | 55942481 |
|  | **Interactive Media & Services** <br> **— 0.1%**  |  |
| 27090 | Match Group, Inc. | 843854 |
| 108395 | Snap, Inc., Class A (a) | 751177 |
|  |  | 1595031 |
|  | **IT Services — 0.4%**  |  |
| 30078 | Akamai Technologies, Inc. (a) | 2922078 |
| 8539 | EPAM Systems, Inc. (a) | 1781235 |
|  |  | 4703313 |
|  | **Leisure Products — 0.8%**  |  |
| 32877 | Acushnet Holdings Corp. | 3187096 |
| 32002 | Hasbro, Inc. | 2858099 |
| 176360 | Mattel, Inc. (a) | 3684160 |
|  |  | 9729355 |
|  | **Life Sciences Tools & Services** <br> **— 0.9%**  |  |
| 7787 | Medpace Holdings, Inc. (a) | 4535772 |
| 21353 | Repligen Corp. (a) | 3189498 |
| 18082 | Revvity, Inc. | 1967321 |
| 14813 | Tempus AI, Inc. (a) | 886114 |
|  |  | 10578705 |
|  | **Machinery — 4.8%**  |  |
| 25156 | AGCO Corp. | 2852942 |
| 35740 | Allison Transmission Holdings, <br> Inc. | 3884938 |
| 4742 | Crane Co. | 866079 |
| 9867 | Donaldson Co., Inc. | 1005842 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Machinery (Continued)**  |  |
| 8954 | ESCO Technologies, Inc. | $2043034 |
| 16111 | Federal Signal Corp. | 1741438 |
| 63040 | Flowserve Corp. | 4926576 |
| 18314 | Franklin Electric Co., Inc. | 1824441 |
| 9833 | IDEX Corp. | 1952342 |
| 15124 | ITT, Inc. | 2757105 |
| 29029 | JBT Marel Corp. | 4566552 |
| 10951 | Lincoln Electric Holdings, Inc. | 2905848 |
| 22859 | Mueller Industries, Inc. | 3112024 |
| 36722 | Mueller Water Products, Inc., <br> Class A | 994065 |
| 3638 | Nordson Corp. | 998740 |
| 34814 | Oshkosh Corp. | 5006949 |
| 5852 | RBC Bearings, Inc. (a) | 2924069 |
| 13117 | SPX Technologies, Inc. (a) | 2733714 |
| 35329 | Stanley Black & Decker, Inc. | 2778979 |
| 58806 | Symbotic, Inc. (a) | 3197282 |
| 41590 | Timken (The) Co. | 3875772 |
| 11112 | Toro (The) Co. | 1016748 |
| 6338 | Watts Water Technologies, Inc., <br> Class A | 1897027 |
|  |  | 59862506 |
|  | **Marine Transportation —** <br> **0.2%**  |  |
| 23817 | Kirby Corp. (a) | 2802308 |
|  | **Media — 1.4%**  |  |
| 40237 | EchoStar Corp., Class A (a) | 4555633 |
| 50404 | New York Times (The) Co., <br> Class A | 3695117 |
| 17232 | Nexstar Media Group, Inc. | 3659732 |
| 10833 | Omnicom Group, Inc. | 834574 |
| 218741 | Sirius XM Holdings, Inc. | 4451380 |
|  |  | 17196436 |
|  | **Metals & Mining — 1.6%**  |  |
| 82306 | Alcoa Corp. | 4675804 |
| 147181 | Coeur Mining, Inc. (a) | 3008380 |
| 12637 | Commercial Metals Co. | 971406 |
| 227918 | Hecla Mining Co. | 5132713 |
| 34630 | MP Materials Corp. (a) | 2035205 |
| 15740 | Royal Gold, Inc. | 4144500 |
|  |  | 19968008 |
|  | **Mortgage REITs — 0.9%**  |  |
| 163199 | AGNC Investment Corp. | 1860469 |
| 156485 | Annaly Capital Management, <br> Inc. | 3600720 |
| 401260 | Rithm Capital Corp. | 4389784 |
| 97140 | Starwood Property Trust, Inc. | 1741720 |
|  |  | 11592693 |
|  | **Multi-Utilities — 0.3%**  |  |
| 50404 | Black Hills Corp. | 3678484 |

---

See Notes to Financial Statements

------

**First Trust Mid Cap Core AlphaDEX**<sup>®</sup> **Fund (FNX)**

**Portfolio of Investments (Continued)**

**January 31, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Office REITs — 0.6%**  |  |
| 135726 | Cousins Properties, Inc. | $3425724 |
| 117039 | Kilroy Realty Corp. | 4035505 |
|  |  | 7461229 |
|  | **Oil, Gas & Consumable Fuels** <br> **— 5.6%**  |  |
| 49171 | Antero Midstream Corp. | 925398 |
| 126922 | Antero Resources Corp. (a) | 4616153 |
| 178812 | APA Corp. | 4722425 |
| 97824 | California Resources Corp. | 5233584 |
| 7208 | Centrus Energy Corp., <br> Class A (a) (b) | 2005842 |
| 47182 | Chord Energy Corp. | 4729524 |
| 118948 | CNX Resources Corp. (a) | 4615182 |
| 113211 | Comstock Resources, Inc. (a) | 2756688 |
| 29650 | Core Natural Resources, Inc. | 2828017 |
| 21927 | DT Midstream, Inc. | 2763240 |
| 94917 | HF Sinclair Corp. | 4934735 |
| 199805 | Magnolia Oil & Gas Corp., <br> Class A | 5097026 |
| 103057 | Matador Resources Co. | 4662299 |
| 111603 | Ovintiv, Inc. | 4851382 |
| 311742 | Permian Resources Corp., <br> Class A | 5028398 |
| 124042 | Range Resources Corp. | 4694990 |
| 224678 | Uranium Energy Corp. (a) | 3873449 |
| 22644 | Viper Energy, Inc., Class A | 958747 |
|  |  | 69297079 |
|  | **Paper & Forest Products —** <br> **0.2%**  |  |
| 32494 | Louisiana-Pacific Corp. | 2721048 |
|  | **Passenger Airlines — 0.9%**  |  |
| 69563 | Alaska Air Group, Inc. (a) | 3535887 |
| 228245 | American Airlines Group, <br> Inc. (a) | 3035659 |
| 198806 | Joby Aviation, Inc. (a) | 2101379 |
| 26135 | SkyWest, Inc. (a) | 2522550 |
|  |  | 11195475 |
|  | **Personal Care Products —** <br> **0.4%**  |  |
| 1420044 | Coty, Inc., Class A (a) | 4501539 |
|  | **Pharmaceuticals — 1.1%**  |  |
| 23948 | Axsome Therapeutics, Inc. (a) | 4412419 |
| 38655 | Elanco Animal Health, Inc. (a) | 930812 |
| 25728 | Jazz Pharmaceuticals PLC (a) | 4231999 |
| 251364 | Perrigo Co. PLC | 3571883 |
|  |  | 13147113 |
|  | **Professional Services — 2.6%**  |  |
| 60328 | Amentum Holdings, Inc. (a) | 2158536 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Professional Services** <br> **(Continued)**  |  |
| 20738 | Booz Allen Hamilton Holding <br> Corp. | $1833654 |
| 3285 | CACI International, Inc., <br> Class A (a) | 2038605 |
| 20611 | ExlService Holdings, Inc. (a) | 806921 |
| 10241 | FTI Consulting, Inc. (a) | 1788795 |
| 56098 | Genpact Ltd. | 2473922 |
| 65279 | KBR, Inc. | 2794594 |
| 66249 | Korn Ferry | 4602318 |
| 40535 | Maximus, Inc. | 3828125 |
| 128829 | Robert Half, Inc. | 4458772 |
| 34760 | Science Applications <br> International Corp. | 3537177 |
| 33277 | UL Solutions, Inc., Class A | 2337044 |
|  |  | 32658463 |
|  | **Real Estate Management &** <br> **Development — 0.4%**  |  |
| 43864 | Howard Hughes Holdings, <br> Inc. (a) | 3581934 |
| 5200 | Jones Lang LaSalle, Inc. (a) | 1861132 |
|  |  | 5443066 |
|  | **Residential REITs — 0.1%**  |  |
| 100085 | Independence Realty Trust, Inc. | 1671420 |
|  | **Retail REITs — 0.3%**  |  |
| 12145 | Agree Realty Corp. | 877233 |
| 36718 | Kite Realty Group Trust | 862506 |
| 47386 | Macerich (The) Co. | 897017 |
| 24593 | Phillips Edison & Co., Inc. | 891005 |
|  |  | 3527761 |
|  | **Semiconductors &** <br> **Semiconductor Equipment** <br>**— 2.6%**  |  |
| 66469 | Amkor Technology, Inc. | 3212447 |
| 29528 | Cirrus Logic, Inc. (a) | 3848679 |
| 54586 | Enphase Energy, Inc. (a) | 2018590 |
| 10383 | Entegris, Inc. | 1225921 |
| 5027 | Impinj, Inc. (a) | 694229 |
| 11889 | Lattice Semiconductor Corp. (a) | 957302 |
| 20428 | MACOM Technology Solutions <br> Holdings, Inc. (a) | 4474958 |
| 5541 | Onto Innovation, Inc. (a) | 1119559 |
| 20702 | Qorvo, Inc. (a) | 1617033 |
| 28559 | Rambus, Inc. (a) | 3250871 |
| 13386 | Silicon Laboratories, Inc. (a) | 1906836 |
| 12383 | SiTime Corp. (a) | 4496391 |
| 55180 | Skyworks Solutions, Inc. | 3076837 |
|  |  | 31899653 |
|  | **Software — 1.5%**  |  |
| 18296 | ACI Worldwide, Inc. (a) | 793315 |
| 16039 | BILL Holdings, Inc. (a) | 692404 |

---

See Notes to Financial Statements

------

**First Trust Mid Cap Core AlphaDEX**<sup>®</sup> **Fund (FNX)**

**Portfolio of Investments (Continued)**

**January 31, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Software (Continued)**  |  |
| 31465 | Dropbox, Inc., Class A (a) | $801728 |
| 10990 | InterDigital, Inc. | 3587576 |
| 13638 | Life360, Inc. (a) (b) | 781321 |
| 43943 | Pegasystems, Inc. | 1919870 |
| 12025 | Procore Technologies, Inc. (a) | 679292 |
| 6582 | Qualys, Inc. (a) | 868166 |
| 138081 | Riot Platforms, Inc. (a) | 2136113 |
| 11437 | Rubrik, Inc., Class A (a) | 639900 |
| 16428 | ServiceTitan, Inc., Class A (a) | 1286969 |
| 213484 | UiPath, Inc., Class A (a) | 2687763 |
| 59413 | Unity Software, Inc. (a) | 1728918 |
|  |  | 18603335 |
|  | **Specialized REITs — 0.1%**  |  |
| 6911 | Lamar Advertising Co., Class A | 886750 |
| 29286 | Millrose Properties, Inc. | 872723 |
|  |  | 1759473 |
|  | **Specialty Retail — 4.9%**  |  |
| 27799 | Abercrombie & Fitch Co., <br> Class A (a) | 2714016 |
| 18810 | Asbury Automotive Group, <br> Inc. (a) | 4411133 |
| 16946 | AutoNation, Inc. (a) | 3473591 |
| 130689 | Bath & Body Works, Inc. | 2849020 |
| 26140 | Best Buy Co., Inc. | 1701714 |
| 19827 | Boot Barn Holdings, Inc. (a) | 3538723 |
| 113192 | CarMax, Inc. (a) | 5041572 |
| 13256 | Dick's Sporting Goods, Inc. | 2677712 |
| 23220 | Five Below, Inc. (a) | 4449881 |
| 28732 | Floor & Decor Holdings, Inc., <br> Class A (a) | 1895163 |
| 87126 | GameStop Corp., Class A (a) | 2080569 |
| 170849 | Gap (The), Inc. | 4780355 |
| 8897 | Group 1 Automotive, Inc. | 3151851 |
| 13161 | Lithia Motors, Inc. | 4256794 |
| 4335 | Murphy USA, Inc. | 1831581 |
| 22105 | Penske Automotive Group, Inc. | 3465843 |
| 46493 | Urban Outfitters, Inc. (a) | 3294029 |
| 43559 | Wayfair, Inc., Class A (a) | 4507921 |
|  |  | 60121468 |
|  | **Technology Hardware, Storage** <br> **& Peripherals — 0.1%**  |  |
| 19495 | IonQ, Inc. (a) (b) | 779410 |
|  | **Textiles, Apparel & Luxury** <br> **Goods — 0.5%**  |  |
| 10229 | Crocs, Inc. (a) | 858418 |
| 12369 | Ralph Lauren Corp. | 4371328 |
| 48382 | VF Corp. | 947803 |
|  |  | 6177549 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Trading Companies &** <br> **Distributors — 1.6%**  |  |
| 6813 | Applied Industrial Technologies, <br> Inc. | $1774173 |
| 33663 | Core & Main, Inc., Class A (a) | 1796258 |
| 10315 | GATX Corp. | 1876402 |
| 11790 | Herc Holdings, Inc. | 1689979 |
| 20803 | MSC Industrial Direct Co., Inc., <br> Class A | 1754525 |
| 136041 | QXO, Inc. (a) | 3017389 |
| 81085 | Rush Enterprises, Inc., Class A | 5204846 |
| 7023 | SiteOne Landscape Supply, <br> Inc. (a) | 1008081 |
| 7151 | WESCO International, Inc. | 2069714 |
|  |  | 20191367 |
|  | **Water Utilities — 0.3%**  |  |
| 91215 | Essential Utilities, Inc. | 3538230 |
|  | **Wireless Telecommunication** <br> **Services — 0.6%**  |  |
| 78584 | Array Digital Infrastructure, Inc. | 3786963 |
| 85340 | Telephone and Data Systems, <br> Inc. | 3851394 |
|  |  | 7638357 |
|  | **Total Common Stocks** | 1237826313 |
|  | (Cost $1,059,836,196) |  |
| **MONEY MARKET FUNDS — 0.1%** | **MONEY MARKET FUNDS — 0.1%** | **MONEY MARKET FUNDS — 0.1%** |
| 877014 | Morgan Stanley Institutional <br> Liquidity Funds - Treasury <br> Portfolio - Institutional Class - <br> 3.56% (c) | 877014 |
|  | (Cost $877,014) |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Value**<br>| **Description** | **Value** |
| **REPURCHASE AGREEMENTS — 0.2%** | **REPURCHASE AGREEMENTS — 0.2%** | **REPURCHASE AGREEMENTS — 0.2%** |
| $2648430 | Daiwa Capital Markets America, <br> Inc., 3.66% (c), dated <br> 01/30/26, due 02/02/26, with a <br> maturity value of $2,649,238. <br> Collateralized by <br> U.S. Treasury Securities, <br> interest rates of 1.13% to <br> 4.38%, due 02/28/27 to <br> 06/30/31. The value of the <br> collateral including accrued <br> interest is $2,701,400. (d) | 2648430 |
|  | (Cost $2,648,430) |  |
|  | **Total Investments — 100.2%** | 1241351757 |
|  | (Cost $1,063,361,640) |  |
|  | **Net Other Assets and** <br> **Liabilities — (0.2)%** | (2341608)<br>|
|  | **Net Assets — 100.0%** | $1239010149 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

See Notes to Financial Statements

------

**First Trust Mid Cap Core AlphaDEX**<sup>®</sup> **Fund (FNX)**

**Portfolio of Investments (Continued)**

**January 31, 2026 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income
 producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(b) All
 or a portion of this security is on loan (see Note 2D - Securities
 Lending in the Notes to Financial Statements). The remaining
 contractual maturity of all of the securities lending transactions
 is overnight and continuous. The aggregate value
 of such securities is $3,093,430 and the total value of the
 collateral held by the Fund, including for securities sold and
 pending settlement, is $2,648,430.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Rate
 shown reflects yield as of January 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;(d) This
 security serves as collateral for securities on loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Abbreviations throughout the Portfolio of Investments: <br> REITs – Real Estate Investment Trusts

------

**Valuation Inputs**

A summary of the inputs used to value the Fund's investments as of January 31, 2026 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total** <br>**Value at** <br>**1/31/2026**<br>| **Level 1** <br>**Quoted** <br>**Prices**<br>| **Level 2** <br>**Significant** <br>**Observable** <br>**Inputs**<br>| **Level 3** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>|
| Common Stocks\* | $1237826313 | &nbsp;&nbsp; $1237826313 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Money Market <br> Funds<br>| 877014 | &nbsp;&nbsp; 877014 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Repurchase <br> Agreements<br>| 2648430 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2648430 | &nbsp;&nbsp; — |
| Total Investments | $1241351757 | &nbsp;&nbsp; $1238703327 | &nbsp;&nbsp; $2648430 | &nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Securities Lending Agency Agreement** | **Securities Lending Agency Agreement** |
| Total gross amount presented on the Statements <br> of Assets and Liabilities<sup>(1)</sup> <br>| $3093430 |
| Non-cash Collateral<sup>(2)</sup> <br>| (2648430)<br>|
| Net Amount | $445000 |

---

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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Repurchase Agreements** | **Repurchase Agreements** |
| Total gross amount presented on the Statements <br> of Assets and Liabilities<sup>(3)</sup> <br>| $2648430 |
| Non-cash Collateral<sup>(4)</sup> <br>| (2648430)<br>|
| Net Amount | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> 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. 

<sup>(2)</sup> The collateral requirements are determined at the beginning of each business day based on the market value of the loaned securities from the end of the prior day. On January 30, 2026, the last business day of the period, there was sufficient collateral based on the end of day market value from the prior business day; however, as a result of market movement from January 29 to January 30, the value of the related securities loaned was above the collateral value received. See Note 2D - Securities Lending in the Notes to Financial Statements. 

<sup>(3)</sup> The amount is included in "Investments, at value" on the Statements of Assets and Liabilities. 

<sup>(4)</sup> At January 31, 2026, the value of the collateral received from each seller exceeded the value of the repurchase agreements. 

See Notes to Financial Statements

------

**First Trust Small Cap Core AlphaDEX**<sup>®</sup> **Fund (FYX)**

**Portfolio of Investments**

**January 31, 2026 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS — 99.8%** | **COMMON STOCKS — 99.8%** | **COMMON STOCKS — 99.8%** |
|  | **Aerospace & Defense — 1.5%**  |  |
| 7340 | AAR Corp. (a) | $777379 |
| 56030 | Astronics Corp. (a) | 4244273 |
| 59530 | Cadre Holdings, Inc. | 2381795 |
| 74898 | Intuitive Machines, Inc. (a) (b) | 1422313 |
| 16651 | Mercury Systems, Inc. (a) | 1563196 |
| 33427 | V2X, Inc. (a) | 2300780 |
| 10554 | VSE Corp. | 2306788 |
|  |  | 14996524 |
|  | **Air Freight & Logistics —** <br> **0.3%**  |  |
| 57058 | Hub Group, Inc., Class A | 2714820 |
|  | **Automobile Components —** <br> **1.8%**  |  |
| 31707 | Adient PLC (a) | 659506 |
| 127904 | Dana, Inc. | 3696425 |
| 174355 | Garrett Motion, Inc. | 3145364 |
| 33424 | Gentherm, Inc. (a) | 1068231 |
| 20037 | LCI Industries | 2939227 |
| 11210 | Patrick Industries, Inc. | 1414366 |
| 29086 | Phinia, Inc. | 2070051 |
| 31956 | Visteon Corp. | 2903522 |
|  |  | 17896692 |
|  | **Automobiles — 0.3%**  |  |
| 148317 | Harley-Davidson, Inc. | 2936677 |
|  | **Banks — 10.6%**  |  |
| 29180 | 1st Source Corp. | 1964689 |
| 157541 | Banc of California, Inc. | 3147669 |
| 27005 | Bancorp (The), Inc. (a) | 1605177 |
| 14969 | Bank First Corp. | 2088774 |
| 17779 | Bank of Hawaii Corp. | 1329514 |
| 40910 | BankUnited, Inc. | 1941998 |
| 29099 | Banner Corp. | 1799482 |
| 23048 | Beacon Financial Corp. | 653411 |
| 62552 | Byline Bancorp, Inc. | 1997285 |
| 37681 | Cathay General Bancorp | 1928514 |
| 5099 | City Holding Co. | 627636 |
| 10609 | Coastal Financial Corp. (a) | 1016130 |
| 39111 | Columbia Financial, Inc. (a) | 636336 |
| 10583 | Community Financial System, <br> Inc. | 661438 |
| 32273 | Community Trust Bancorp, Inc. | 1991244 |
| 46361 | ConnectOne Bancorp, Inc. | 1234130 |
| 16624 | Customers Bancorp, Inc. (a) | 1313628 |
| 98033 | CVB Financial Corp. | 1932230 |
| 40398 | Dime Community Bancshares, <br> Inc. | 1374340 |
| 32978 | Eastern Bankshares, Inc. | 675554 |
| 45021 | Enterprise Financial Services <br> Corp. | 2581954 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Banks (Continued)**  |  |
| 10892 | FB Financial Corp. | $626617 |
| 23935 | First Bancorp | 1386555 |
| 87958 | First BanCorp | 1945631 |
| 51097 | First Busey Corp. | 1259541 |
| 108150 | First Commonwealth Financial <br> Corp. | 1949944 |
| 97170 | First Financial Bancorp | 2792666 |
| 72070 | First Hawaiian, Inc. | 1913459 |
| 52700 | First Interstate BancSystem, Inc., <br> Class A | 1869269 |
| 64867 | First Merchants Corp. | 2579112 |
| 48450 | Firstsun Capital Bancorp (a) | 1912806 |
| 125773 | Fulton Financial Corp. | 2597212 |
| 31027 | German American Bancorp, Inc. | 1305306 |
| 53724 | Hilltop Holdings, Inc. | 2011964 |
| 110911 | Hope Bancorp, Inc. | 1328714 |
| 16633 | Independent Bank Corp. | 1343614 |
| 35388 | Live Oak Bancshares, Inc. | 1414104 |
| 47972 | National Bank Holdings Corp., <br> Class A | 1927515 |
| 43916 | NBT Bancorp, Inc. | 1951188 |
| 5011 | Nicolet Bankshares, Inc. | 731506 |
| 151949 | Northwest Bancshares, Inc. | 1957103 |
| 135441 | OceanFirst Financial Corp. | 2539519 |
| 59326 | OFG Bancorp | 2390838 |
| 32320 | Origin Bancorp, Inc. | 1384266 |
| 17120 | Pathward Financial, Inc. | 1545765 |
| 80960 | Peoples Bancorp, Inc.  | 2632819 |
| 19308 | Preferred Bank | 1656047 |
| 123098 | Provident Financial Services, <br> Inc. | 2725390 |
| 21891 | QCR Holdings, Inc. | 1975882 |
| 34514 | Renasant Corp. | 1301523 |
| 46337 | S&T Bancorp, Inc. | 1975810 |
| 38689 | Seacoast Banking Corp. of <br> Florida | 1293760 |
| 32245 | Simmons First National Corp., <br> Class A | 655541 |
| 58934 | Stellar Bancorp, Inc. | 2188809 |
| 36429 | Towne Bank | 1275015 |
| 38493 | TriCo Bancshares | 1917721 |
| 9704 | Triumph Financial, Inc. (a) | 612225 |
| 62418 | Trustmark Corp. | 2654013 |
| 75904 | WaFd, Inc. | 2475988 |
| 36570 | WesBanco, Inc. | 1290555 |
| 50830 | Westamerica BanCorp | 2570981 |
| 44011 | WSFS Financial Corp. | 2848832 |
|  |  | 107216258 |

---

See Notes to Financial Statements

------

**First Trust Small Cap Core AlphaDEX**<sup>®</sup> **Fund (FYX)**

**Portfolio of Investments (Continued)**

**January 31, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Beverages — 0.5%**  |  |
| 9344 | Boston Beer (The) Co., Inc., <br> Class A (a) | $1996065 |
| 57329 | Vita Coco (The) Co., Inc. (a) | 3058502 |
|  |  | 5054567 |
|  | **Biotechnology — 5.1%**  |  |
| 72589 | Apellis Pharmaceuticals, Inc. (a) | 1639060 |
| 104648 | Arcutis Biotherapeutics, Inc. (a) | 2654920 |
| 417015 | Ardelyx, Inc. (a) | 3206845 |
| 45775 | Arrowhead Pharmaceuticals, <br> Inc. (a) | 3173581 |
| 104342 | ARS Pharmaceuticals, <br> Inc. (a) (b) | 1042377 |
| 43852 | Beam Therapeutics, Inc. (a) | 1211192 |
| 155845 | BioCryst Pharmaceuticals, <br> Inc. (a) | 1025460 |
| 78123 | Catalyst Pharmaceuticals, <br> Inc. (a) | 1898389 |
| 22378 | Celldex Therapeutics, Inc. (a) | 550499 |
| 58554 | CG Oncology, Inc. (a) | 3047736 |
| 35506 | GRAIL, Inc. (a) | 3473197 |
| 23435 | Kymera Therapeutics, Inc. (a) | 1703490 |
| 214392 | MannKind Corp. (a) | 1239186 |
| 179556 | MiMedx Group, Inc. (a) | 917531 |
| 38474 | Mirum Pharmaceuticals, Inc. (a) | 3971286 |
| 86631 | Newamsterdam Pharma Co. <br> N.V. (a) | 2695957 |
| 271340 | Novavax, Inc. (a) (b) | 2400002 |
| 10311 | Praxis Precision Medicines, <br> Inc. (a) | 3237654 |
| 20879 | Protagonist Therapeutics, Inc. (a) | 1707902 |
| 55659 | Spyre Therapeutics, Inc. (a) | 1779975 |
| 79535 | Travere Therapeutics, Inc. (a) | 2472743 |
| 19160 | Twist Bioscience Corp. (a) | 786901 |
| 57749 | Veracyte, Inc. (a) | 2199082 |
| 16879 | Vericel Corp. (a) | 607306 |
| 97654 | Viridian Therapeutics, Inc. (a) | 3222582 |
|  |  | 51864853 |
|  | **Broadline Retail — 0.5%**  |  |
| 148898 | Kohl's Corp. | 2601248 |
| 137824 | Macy's, Inc. | 2759237 |
|  |  | 5360485 |
|  | **Building Products — 0.9%**  |  |
| 17014 | AZZ, Inc. | 2114670 |
| 12294 | Gibraltar Industries, Inc. (a) | 630190 |
| 78680 | Hayward Holdings, Inc. (a) | 1269895 |
| 278808 | Janus International Group, <br> Inc. (a) | 1912623 |
| 275272 | Masterbrand, Inc. (a) | 3336297 |
|  |  | 9263675 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Capital Markets — 1.1%**  |  |
| 51727 | Acadian Asset Management, Inc. | $2866710 |
| 14918 | Artisan Partners Asset <br> Management, Inc., Class A | 664149 |
| 136123 | BGC Group, Inc., Class A | 1240081 |
| 39621 | DigitalBridge Group, Inc. | 609767 |
| 26035 | Donnelley Financial Solutions, <br> Inc. (a) | 1347311 |
| 18626 | Virtus Investment Partners, Inc. | 3040695 |
| 99721 | WisdomTree, Inc. | 1615480 |
|  |  | 11384193 |
|  | **Chemicals — 2.1%**  |  |
| 77822 | Avient Corp. | 2813265 |
| 51551 | Chemours (The) Co. | 772750 |
| 30665 | H.B. Fuller Co. | 1842967 |
| 4277 | Hawkins, Inc. | 557079 |
| 60781 | Huntsman Corp. | 657650 |
| 30811 | Ingevity Corp. (a) | 2027056 |
| 7941 | Innospec, Inc. | 648939 |
| 19944 | Minerals Technologies, Inc. | 1311517 |
| 116716 | Olin Corp. | 2428860 |
| 110388 | Perimeter Solutions, Inc. (a) | 2886646 |
| 4426 | Quaker Chemical Corp. | 680453 |
| 10417 | Scotts Miracle-Gro (The) Co. | 668980 |
| 64168 | Stepan Co. | 3696718 |
|  |  | 20992880 |
|  | **Commercial Services &** <br> **Supplies — 2.3%**  |  |
| 57475 | ABM Industries, Inc. | 2646149 |
| 23268 | Brady Corp., Class A | 2011984 |
| 239858 | BrightView Holdings, Inc. (a) | 3204503 |
| 5207 | Brink's (The) Co. | 661497 |
| 36509 | Cimpress PLC (a) | 2887497 |
| 63610 | CoreCivic, Inc. (a) | 1178693 |
| 28915 | HNI Corp. | 1381848 |
| 65307 | Interface, Inc. | 2055211 |
| 66498 | MillerKnoll, Inc. | 1335280 |
| 81638 | OPENLANE, Inc. (a) | 2452406 |
| 57502 | Pitney Bowes, Inc. | 599746 |
| 12605 | UniFirst Corp. | 2710075 |
|  |  | 23124889 |
|  | **Communications Equipment** <br> **— 1.4%**  |  |
| 69742 | Applied Optoelectronics, <br> Inc. (a) (b) | 3041449 |
| 42119 | Digi International, Inc. (a) | 1814065 |
| 122911 | Harmonic, Inc. (a) | 1194695 |
| 89845 | NetScout Systems, Inc. (a) | 2498590 |
| 52913 | Viasat, Inc. (a) | 2390080 |
| 167623 | Vistance Networks, Inc. (a) | 3017214 |
|  |  | 13956093 |

---

See Notes to Financial Statements

------

**First Trust Small Cap Core AlphaDEX**<sup>®</sup> **Fund (FYX)**

**Portfolio of Investments (Continued)**

**January 31, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Construction & Engineering** <br> **— 1.1%**  |  |
| 7760 | Argan, Inc. | $2693574 |
| 96285 | Centuri Holdings, Inc. (a) | 2657466 |
| 11127 | MYR Group, Inc. (a) | 2782195 |
| 45344 | Tutor Perini Corp. | 3577188 |
|  |  | 11710423 |
|  | **Construction Materials —** <br> **0.1%**  |  |
| 5075 | United States Lime & Minerals, <br> Inc. | 611690 |
|  | **Consumer Finance — 1.5%**  |  |
| 41051 | Bread Financial Holdings, Inc. | 2977839 |
| 8236 | Dave, Inc. (a) | 1348151 |
| 19332 | Enova International, Inc. (a) | 3193066 |
| 64181 | LendingClub Corp. (a) | 1085301 |
| 46754 | Navient Corp. | 458657 |
| 18284 | Nelnet, Inc., Class A | 2411660 |
| 103052 | PROG Holdings, Inc. | 3343007 |
|  |  | 14817681 |
|  | **Consumer Staples Distribution** <br> **& Retail — 1.3%**  |  |
| 34294 | Andersons (The), Inc. | 2125885 |
| 39006 | Chefs' Warehouse (The), Inc. (a) | 2453478 |
| 240712 | Grocery Outlet Holding <br> Corp. (a) | 2293985 |
| 9911 | PriceSmart, Inc. | 1409443 |
| 36104 | United Natural Foods, Inc. (a) | 1344152 |
| 47419 | Weis Markets, Inc. | 3373862 |
|  |  | 13000805 |
|  | **Containers & Packaging —** <br> **0.4%**  |  |
| 26933 | Greif, Inc., Class A | 1902008 |
| 82357 | O-I Glass, Inc. (a) | 1258415 |
| 34291 | TriMas Corp. | 1192298 |
|  |  | 4352721 |
|  | **Diversified Consumer Services** <br> **— 1.4%**  |  |
| 2765 | Graham Holdings Co., Class B | 3225732 |
| 422083 | KinderCare Learning Cos., <br> Inc. (a) | 1971128 |
| 72207 | Laureate Education, Inc. (a) | 2476700 |
| 327950 | Mister Car Wash, Inc. (a) | 1820122 |
| 58612 | OneSpaWorld Holdings Ltd. | 1151726 |
| 20723 | Perdoceo Education Corp. | 663758 |
| 30314 | Strategic Education, Inc. | 2577296 |
| 23262 | Universal Technical Institute, <br> Inc. (a) | 647381 |
|  |  | 14533843 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Diversified REITs — 0.5%**  |  |
| 160539 | American Assets Trust, Inc. | $2899334 |
| 34991 | Broadstone Net Lease, Inc. | 647684 |
| 141348 | Global Net Lease, Inc. | 1337152 |
|  |  | 4884170 |
|  | **Diversified Telecommunication** <br> **Services — 0.6%**  |  |
| 49788 | Globalstar, Inc. (a) | 3067936 |
| 11868 | IDT Corp., Class B | 577141 |
| 244423 | Liberty Latin America Ltd., <br> Class C (a) | 1901611 |
| 86705 | Uniti Group, Inc. (a) | 721386 |
|  |  | 6268074 |
|  | **Electric Utilities — 0.6%**  |  |
| 197659 | Hawaiian Electric Industries, <br> Inc. (a) | 3028136 |
| 30085 | Otter Tail Corp. | 2682378 |
|  |  | 5710514 |
|  | **Electrical Equipment — 1.6%**  |  |
| 21119 | American Superconductor <br> Corp. (a) | 631881 |
| 9610 | Atkore, Inc. | 667415 |
| 12427 | EnerSys | 2239221 |
| 212146 | Eos Energy Enterprises, Inc. (a) | 3105817 |
| 7626 | Powell Industries, Inc. | 3382817 |
| 21274 | Power Solutions International, <br> Inc. (a) | 1524495 |
| 27727 | Vicor Corp. (a) | 4371716 |
|  |  | 15923362 |
|  | **Electronic Equipment,** <br> **Instruments & Components** <br>**— 2.3%**  |  |
| 45768 | Aeva Technologies, Inc. (a) | 584457 |
| 17915 | Bel Fuse, Inc., Class B | 3604319 |
| 28428 | Benchmark Electronics, Inc. | 1482236 |
| 38737 | Crane NXT Co. | 1956993 |
| 42534 | CTS Corp. | 2186673 |
| 13860 | ePlus, Inc. | 1189327 |
| 254664 | Evolv Technologies Holdings, <br> Inc. (a) | 1576370 |
| 8488 | IPG Photonics Corp. (a) | 784376 |
| 28363 | Knowles Corp. (a) | 687519 |
| 29151 | Napco Security Technologies, <br> Inc. | 1075380 |
| 64816 | nLight, Inc. (a) | 2956258 |
| 28086 | Ouster, Inc. (a) | 585031 |
| 31569 | PC Connection, Inc. | 1856573 |
| 8269 | Plexus Corp. (a) | 1648260 |
| 83892 | Vishay Intertechnology, Inc. | 1690424 |
|  |  | 23864196 |

---

See Notes to Financial Statements

------

**First Trust Small Cap Core AlphaDEX**<sup>®</sup> **Fund (FYX)**

**Portfolio of Investments (Continued)**

**January 31, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Energy Equipment & Services** <br> **— 4.6%**  |  |
| 193566 | Atlas Energy Solutions, Inc. | $2258915 |
| 82987 | Bristow Group, Inc. (a) | 3648109 |
| 13306 | Cactus, Inc., Class A | 748196 |
| 227640 | Expro Group Holdings N.V. (a) | 3644516 |
| 63577 | Helmerich & Payne, Inc. | 2153989 |
| 138957 | Innovex International, Inc. (a) | 3453081 |
| 48753 | Kodiak Gas Services, Inc. | 2048114 |
| 164626 | Liberty Energy, Inc. | 4058031 |
| 101174 | Oceaneering International, <br> Inc. (a) | 3045337 |
| 397903 | Patterson-UTI Energy, Inc. | 2996210 |
| 558640 | RPC, Inc. | 3714956 |
| 70266 | Seadrill Ltd. (a) | 2703836 |
| 173328 | Select Water Solutions, Inc. | 2095536 |
| 66108 | Solaris Energy Infrastructure, <br> Inc. | 3648500 |
| 48133 | Tidewater, Inc. (a) | 3007831 |
| 60298 | Valaris Ltd. (a) | 3481004 |
|  |  | 46706161 |
|  | **Entertainment — 0.3%**  |  |
| 26154 | Cinemark Holdings, Inc. | 619327 |
| 33834 | Madison Square Garden <br> Entertainment Corp. (a) | 2093309 |
|  |  | 2712636 |
|  | **Financial Services — 1.8%**  |  |
| 6924 | Federal Agricultural Mortgage <br> Corp., Class C | 1172233 |
| 128771 | Flywire Corp. (a) | 1622515 |
| 19338 | HA Sustainable Infrastructure <br> Capital, Inc. | 665421 |
| 255915 | Marqeta, Inc., Class A (a) | 1056929 |
| 71379 | Merchants Bancorp | 2959373 |
| 31897 | NCR Atleos Corp. (a) | 1189758 |
| 74503 | NMI Holdings, Inc. (a) | 2884756 |
| 38482 | Paymentus Holdings, Inc., <br> Class A (a) | 1028624 |
| 50523 | Walker & Dunlop, Inc. | 3177391 |
| 261138 | Western Union (The) Co. | 2446863 |
|  |  | 18203863 |
|  | **Food Products — 1.3%**  |  |
| 223456 | Flowers Foods, Inc. | 2554102 |
| 68235 | Fresh Del Monte Produce, Inc. | 2706200 |
| 9975 | Freshpet, Inc. (a) | 695258 |
| 20176 | J & J Snack Foods Corp. | 1916720 |
| 683 | Seaboard Corp. | 3471197 |
| 16592 | Tootsie Roll Industries, Inc. | 628505 |
| 58554 | Utz Brands, Inc. | 617159 |
| 19031 | Vital Farms, Inc. (a) | 541432 |
|  |  | 13130573 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Gas Utilities — 0.5%**  |  |
| 9744 | Chesapeake Utilities Corp. | $1253858 |
| 93412 | MDU Resources Group, Inc. | 1915880 |
| 52015 | Northwest Natural Holding Co. | 2421818 |
|  |  | 5591556 |
|  | **Ground Transportation —** <br> **1.3%**  |  |
| 40962 | ArcBest Corp. | 3695591 |
| 118249 | Hertz Global Holdings, <br> Inc. (a) (b) | 579420 |
| 213637 | Marten Transport Ltd. | 2627735 |
| 48086 | RXO, Inc. (a) | 701094 |
| 91639 | Schneider National, Inc., Class B | 2459591 |
| 81012 | Werner Enterprises, Inc. | 2774661 |
|  |  | 12838092 |
|  | **Health Care Equipment &** <br> **Supplies — 1.5%**  |  |
| 144440 | Alphatec Holdings, Inc. (a) | 2142045 |
| 39979 | Artivion, Inc. (a) | 1629944 |
| 61456 | AtriCure, Inc. (a) | 2269570 |
| 59882 | CONMED Corp. | 2298870 |
| 27998 | Envista Holdings Corp. (a) | 657113 |
| 22751 | Haemonetics Corp. (a) | 1516582 |
| 4259 | ICU Medical, Inc. (a) | 638424 |
| 13416 | Omnicell, Inc. (a) | 650676 |
| 110608 | Tandem Diabetes Care, Inc. (a) | 2199993 |
| 5473 | UFP Technologies, Inc. (a) | 1374489 |
|  |  | 15377706 |
|  | **Health Care Providers &** <br> **Services — 4.0%**  |  |
| 214164 | Acadia Healthcare Co., Inc. (a) | 2878364 |
| 305118 | AdaptHealth Corp. (a) | 3066436 |
| 5659 | Addus HomeCare Corp. (a) | 585593 |
| 153871 | Alignment Healthcare, Inc. (a) | 3466714 |
| 344167 | Ardent Health, Inc. (a) | 2811844 |
| 24498 | Astrana Health, Inc. (a) | 557085 |
| 81148 | BrightSpring Health Services, <br> Inc. (a) | 3186682 |
| 281650 | Brookdale Senior Living, Inc. (a) | 4224750 |
| 30884 | Concentra Group Holdings <br> Parent, Inc. | 685007 |
| 23365 | GeneDx Holdings Corp. (a) | 2249115 |
| 345339 | LifeStance Health Group, <br> Inc. (a) | 2441547 |
| 13301 | National HealthCare Corp. | 1903506 |
| 482379 | OPKO Health, Inc. (a) | 607798 |
| 15833 | PACS Group, Inc. (a) | 534522 |
| 113661 | Pediatrix Medical Group, Inc. (a) | 2430072 |
| 76905 | Privia Health Group, Inc. (a) | 1785734 |
| 118341 | Progyny, Inc. (a) | 2824800 |
| 163717 | Select Medical Holdings Corp. | 2463941 |

---

See Notes to Financial Statements

------

**First Trust Small Cap Core AlphaDEX**<sup>®</sup> **Fund (FYX)**

**Portfolio of Investments (Continued)**

**January 31, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Health Care Providers &** <br> **Services (Continued)**  |  |
| 39340 | Surgery Partners, Inc. (a) | $584592 |
| 15566 | U.S. Physical Therapy, Inc. | 1305520 |
|  |  | 40593622 |
|  | **Health Care REITs — 0.2%**  |  |
| 17680 | LTC Properties, Inc. | 644790 |
| 121559 | Medical Properties Trust, Inc. (b) | 610226 |
| 7959 | National Health Investors, Inc. | 653593 |
|  |  | 1908609 |
|  | **Health Care Technology —** <br> **0.2%**  |  |
| 151949 | Evolent Health, Inc., Class A (a) | 487757 |
| 33992 | Schrodinger, Inc. (a) | 474868 |
| 260485 | Teladoc Health, Inc. (a) | 1419643 |
|  |  | 2382268 |
|  | **Hotel & Resort REITs — 1.7%**  |  |
| 256454 | Apple Hospitality REIT, Inc. | 2985125 |
| 271340 | DiamondRock Hospitality Co. | 2490901 |
| 232427 | Park Hotels & Resorts, Inc. | 2540427 |
| 161077 | Pebblebrook Hotel Trust | 1839500 |
| 407919 | RLJ Lodging Trust | 3030838 |
| 203960 | Sunstone Hotel Investors, Inc. | 1788729 |
| 171936 | Xenia Hotels & Resorts, Inc. | 2536056 |
|  |  | 17211576 |
|  | **Hotels, Restaurants & Leisure** <br> **— 1.8%**  |  |
| 159808 | Accel Entertainment, Inc. (a) | 1807429 |
| 24080 | Cheesecake Factory (The), <br> Inc. (b) | 1395677 |
| 95716 | Cracker Barrel Old Country <br> Store, Inc. (b) | 2882966 |
| 74991 | Dave & Buster's Entertainment, <br> Inc. (a) | 1407581 |
| 80609 | First Watch Restaurant Group, <br> Inc. (a) | 1288938 |
| 79451 | Global Business Travel Group <br> I (a) | 544239 |
| 52679 | Marriott Vacations Worldwide <br> Corp. | 2860997 |
| 12702 | Monarch Casino & Resort, Inc. | 1162614 |
| 29433 | Red Rock Resorts, Inc., Class A | 1858105 |
| 93844 | Rush Street Interactive, Inc. (a) | 1658223 |
| 145929 | Wendy's (The) Co. (b) | 1136787 |
|  |  | 18003556 |
|  | **Household Durables — 2.7%**  |  |
| 2058 | Cavco Industries, Inc. (a) | 1012577 |
| 51205 | Century Communities, Inc. | 3224891 |
| 14386 | Champion Homes, Inc. (a) | 1127575 |
| 48500 | Green Brick Partners, Inc. (a) | 3365415 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Household Durables** <br> **(Continued)**  |  |
| 65232 | La-Z-Boy, Inc. | $2375097 |
| 276272 | Leggett & Platt, Inc. | 3224094 |
| 70741 | LGI Homes, Inc. (a) | 3544832 |
| 23752 | M/I Homes, Inc. (a) | 3175642 |
| 653546 | Newell Brands, Inc. | 2777571 |
| 96567 | Tri Pointe Homes, Inc. (a) | 3220509 |
|  |  | 27048203 |
|  | **Household Products — 0.8%**  |  |
| 104111 | Central Garden & Pet Co., <br> Class A (a) | 3193084 |
| 91673 | Energizer Holdings, Inc. | 2001222 |
| 51438 | Spectrum Brands Holdings, Inc. | 3277115 |
|  |  | 8471421 |
|  | **Industrial REITs — 0.5%**  |  |
| 64168 | Innovative Industrial Properties, <br> Inc. | 3100598 |
| 49035 | LXP Industrial Trust | 2429684 |
|  |  | 5530282 |
|  | **Insurance — 3.2%**  |  |
| 42592 | Bowhead Specialty Holdings, <br> Inc. (a) | 1046059 |
| 46906 | Brighthouse Financial, Inc. (a) | 3004798 |
| 42934 | CNO Financial Group, Inc. | 1805375 |
| 56317 | Employers Holdings, Inc. | 2456548 |
| 201927 | Genworth Financial, Inc. (a) | 1684071 |
| 108925 | Hamilton Insurance Group Ltd., <br> Class B (a) | 3022669 |
| 6342 | HCI Group, Inc. | 1006285 |
| 39485 | Horace Mann Educators Corp. | 1769323 |
| 42696 | Lemonade, Inc. (a) | 3703024 |
| 84594 | Oscar Health, Inc., Class A (a) | 1213924 |
| 13530 | Palomar Holdings, Inc. (a) | 1672173 |
| 16831 | Root, Inc., Class A (a) | 1045710 |
| 31206 | Safety Insurance Group, Inc. | 2455912 |
| 138829 | SiriusPoint Ltd. (a) | 2833500 |
| 35676 | Skyward Specialty Insurance <br> Group, Inc. (a) | 1591863 |
| 25953 | Stewart Information Services <br> Corp. | 1750011 |
|  |  | 32061245 |
|  | **Interactive Media & Services** <br> **— 0.8%**  |  |
| 47546 | Cargurus, Inc. (a) | 1540490 |
| 241190 | fuboTV, Inc., Class A (a) | 537854 |
| 15544 | IAC, Inc. (a) | 574351 |
| 83489 | TripAdvisor, Inc. (a) | 1109569 |
| 19998 | Yelp, Inc. (a) | 547545 |
| 86459 | Ziff Davis, Inc. (a) | 3304463 |
| 119527 | ZoomInfo Technologies, Inc. (a) | 962192 |
|  |  | 8576464 |

---

See Notes to Financial Statements

------

**First Trust Small Cap Core AlphaDEX**<sup>®</sup> **Fund (FYX)**

**Portfolio of Investments (Continued)**

**January 31, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **IT Services — 1.4%**  |  |
| 74363 | Applied Digital Corp. (a) | $2519418 |
| 63088 | ASGN, Inc. (a) | 3286254 |
| 63155 | DigitalOcean Holdings, Inc. (a) | 3489314 |
| 207439 | DXC Technology Co. (a) | 2993345 |
| 238821 | Fastly, Inc., Class A (a) | 2209094 |
|  |  | 14497425 |
|  | **Leisure Products — 0.1%**  |  |
| 27521 | YETI Holdings, Inc. (a) | 1257985 |
|  | **Life Sciences Tools & Services** <br> **— 0.3%**  |  |
| 149704 | Adaptive Biotechnologies <br> Corp. (a) | 2769524 |
| 18274 | Azenta, Inc. (a) | 710493 |
|  |  | 3480017 |
|  | **Machinery — 3.0%**  |  |
| 46834 | Atmus Filtration Technologies, <br> Inc. | 2714967 |
| 38797 | Blue Bird Corp. (a) | 1951877 |
| 50776 | CECO Environmental Corp. (a) | 3423826 |
| 15894 | Enerpac Tool Group Corp. | 641482 |
| 38186 | Gorman-Rupp (The) Co. | 2080755 |
| 65019 | Greenbrier (The) Cos., Inc. | 3278258 |
| 22725 | Helios Technologies, Inc. | 1472126 |
| 210554 | Hillman Solutions Corp. (a) | 1972891 |
| 85575 | Kennametal, Inc. | 2942924 |
| 15471 | Lindsay Corp. | 1938052 |
| 217070 | Microvast Holdings, Inc. (a) (b) | 568723 |
| 12014 | Proto Labs, Inc. (a) | 632537 |
| 8393 | Standex International Corp. | 2014320 |
| 24741 | Tennant Co. | 1882543 |
| 34158 | Terex Corp. | 1947006 |
| 23572 | Worthington Enterprises, Inc. | 1309896 |
|  |  | 30772183 |
|  | **Marine Transportation —** <br> **0.4%**  |  |
| 24599 | Matson, Inc. | 3943220 |
|  | **Media — 0.5%**  |  |
| 79374 | John Wiley & Sons, Inc., <br> Class A | 2478850 |
| 372882 | Stagwell, Inc. (a) | 2241021 |
|  |  | 4719871 |
|  | **Metals & Mining — 1.0%**  |  |
| 3041 | Alpha Metallurgical Resources, <br> Inc. (a) | 638002 |
| 15513 | Century Aluminum Co. (a) | 703204 |
| 152139 | Ivanhoe Electric, Inc. (a) | 2600056 |
| 15875 | Kaiser Aluminum Corp. | 1946592 |
| 4889 | Materion Corp. | 676051 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Metals & Mining (Continued)**  |  |
| 6894 | Warrior Met Coal, Inc. | $615634 |
| 70226 | Worthington Steel, Inc. | 2825192 |
|  |  | 10004731 |
|  | **Mortgage REITs — 1.4%**  |  |
| 251157 | Apollo Commercial Real Estate <br> Finance, Inc. | 2715007 |
| 391622 | Arbor Realty Trust, Inc. (b) | 3015490 |
| 34358 | ARMOUR Residential REIT, <br> Inc. (b) | 597829 |
| 31772 | Blackstone Mortgage Trust, Inc., <br> Class A | 611611 |
| 97795 | Chimera Investment Corp. | 1207768 |
| 86765 | Dynex Capital, Inc. | 1204298 |
| 179026 | Ellington Financial, Inc. | 2300484 |
| 165915 | Ladder Capital Corp. | 1820088 |
| 96861 | PennyMac Mortgage Investment <br> Trust | 1145866 |
|  |  | 14618441 |
|  | **Multi-Utilities — 0.3%**  |  |
| 63082 | Avista Corp. | 2604656 |
|  | **Office REITs — 0.8%**  |  |
| 221218 | Douglas Emmett, Inc. | 2336062 |
| 114734 | Easterly Government Properties, <br> Inc. | 2683629 |
| 94159 | Highwoods Properties, Inc. | 2434010 |
| 35731 | JBG SMITH Properties | 601710 |
|  |  | 8055411 |
|  | **Oil, Gas & Consumable Fuels** <br> **— 4.0%**  |  |
| 44773 | BKV Corp. (a) | 1331997 |
| 91767 | Calumet, Inc. (a) | 2056498 |
| 362216 | Crescent Energy Co., Class A | 3538850 |
| 95565 | CVR Energy, Inc. (a) | 2173148 |
| 124856 | Dorian LPG Ltd. | 3686998 |
| 2922 | Gulfport Energy Corp. (a) | 596585 |
| 62594 | International Seaways, Inc. | 3733732 |
| 2679300 | Kosmos Energy Ltd. (a) | 4233294 |
| 97247 | Murphy Oil Corp. | 2926162 |
| 141546 | Northern Oil & Gas, Inc. | 3538650 |
| 86483 | Par Pacific Holdings, Inc. (a) | 3263868 |
| 44823 | PBF Energy, Inc., Class A | 1499778 |
| 61393 | Peabody Energy Corp. | 2164717 |
| 162514 | SM Energy Co. | 3164148 |
| 220616 | Talos Energy, Inc. (a) | 2629743 |
|  |  | 40538168 |
|  | **Paper & Forest Products —** <br> **0.3%**  |  |
| 63115 | Sylvamo Corp. | 3088848 |

---

See Notes to Financial Statements

------

**First Trust Small Cap Core AlphaDEX**<sup>®</sup> **Fund (FYX)**

**Portfolio of Investments (Continued)**

**January 31, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Passenger Airlines — 0.4%**  |  |
| 387133 | Frontier Group Holdings, <br> Inc. (a) (b) | $1796297 |
| 400746 | JetBlue Airways Corp. (a) | 1951633 |
|  |  | 3747930 |
|  | **Personal Care Products —** <br> **0.3%**  |  |
| 142593 | Edgewell Personal Care Co. | 2774860 |
|  | **Pharmaceuticals — 3.1%**  |  |
| 241190 | Amneal Pharmaceuticals, Inc. (a) | 3299479 |
| 113479 | Amphastar Pharmaceuticals, <br> Inc. (a) | 3006059 |
| 30797 | ANI Pharmaceuticals, Inc. (a) | 2520734 |
| 13056 | Crinetics Pharmaceuticals, <br> Inc. (a) | 652017 |
| 64970 | Harmony Biosciences Holdings, <br> Inc. (a) | 2372704 |
| 49617 | Harrow, Inc. (a) | 2031320 |
| 152028 | Innoviva, Inc. (a) | 3040560 |
| 16073 | Ligand Pharmaceuticals, Inc. (a) | 3087623 |
| 88112 | Liquidia Corp. (a) | 3735068 |
| 100131 | Ocular Therapeutix, Inc. (a) | 915197 |
| 339079 | Organon & Co. | 2895735 |
| 93941 | Pacira BioSciences, Inc. (a) | 1929548 |
| 37116 | Tarsus Pharmaceuticals, Inc. (a) | 2395467 |
|  |  | 31881511 |
|  | **Professional Services — 2.8%**  |  |
| 16784 | Barrett Business Services, Inc. | 637792 |
| 12046 | CBIZ, Inc. (a) | 474010 |
| 73087 | Concentrix Corp. | 2729799 |
| 9086 | CRA International, Inc. | 1716709 |
| 31702 | CSG Systems International, Inc. | 2528234 |
| 83661 | First Advantage Corp. (a) | 1129424 |
| 17576 | Huron Consulting Group, Inc. (a) | 2970344 |
| 28503 | ICF International, Inc. | 2657905 |
| 11931 | Innodata, Inc. (a) (b) | 661455 |
| 122416 | Legalzoom.com, Inc. (a) | 1088278 |
| 40887 | ManpowerGroup, Inc. | 1485425 |
| 154108 | Planet Labs PBC (a) | 3848077 |
| 10280 | TriNet Group, Inc. | 629547 |
| 91997 | Upwork, Inc. (a) | 1842700 |
| 29316 | Willdan Group, Inc. (a) | 3699679 |
|  |  | 28099378 |
|  | **Real Estate Management &** <br> **Development — 0.8%**  |  |
| 123386 | Forestar Group, Inc. (a) | 3210504 |
| 125709 | Kennedy-Wilson Holdings, Inc. | 1238234 |
| 70104 | Newmark Group, Inc., Class A | 1249954 |
| 40950 | St. Joe (The) Co. | 2710480 |
|  |  | 8409172 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Retail REITs — 0.4%**  |  |
| 52374 | Curbline Properties Corp. | $1270069 |
| 21545 | InvenTrust Properties Corp. | 633208 |
| 68911 | NETSTREIT Corp. | 1298283 |
| 18215 | Tanger, Inc. | 595995 |
|  |  | 3797555 |
|  | **Semiconductors &** <br> **Semiconductor Equipment** <br>**— 1.6%**  |  |
| 61628 | ACM Research, Inc., Class A (a) | 3581819 |
| 8581 | Ambarella, Inc. (a) | 549527 |
| 22695 | Axcelis Technologies, Inc. (a) | 1998749 |
| 49275 | Diodes, Inc. (a) | 2916587 |
| 10896 | FormFactor, Inc. (a) | 768059 |
| 85126 | Navitas Semiconductor Corp. (a) | 730381 |
| 31074 | Penguin Solutions, Inc. (a) | 596932 |
| 75976 | Photronics, Inc. (a) | 2626490 |
| 17101 | Power Integrations, Inc. | 785620 |
| 42534 | Veeco Instruments, Inc. (a) | 1328337 |
|  |  | 15882501 |
|  | **Software — 3.1%**  |  |
| 34358 | A10 Networks, Inc. | 599204 |
| 105703 | Adeia, Inc. | 1912167 |
| 10230 | Agilysys, Inc. (a) | 887453 |
| 11913 | Alarm.com Holdings, Inc. (a) | 581116 |
| 104974 | Amplitude, Inc., Class A (a) | 962612 |
| 68639 | Appian Corp., Class A (a) | 1915028 |
| 9599 | Blackbaud, Inc. (a) | 515467 |
| 10992 | BlackLine, Inc. (a) | 510798 |
| 53177 | Braze, Inc., Class A (a) | 1107145 |
| 205894 | Cipher Mining, Inc. (a) | 3286068 |
| 60058 | Cleanspark, Inc. (a) | 711087 |
| 69305 | Clear Secure, Inc., Class A | 2260729 |
| 49617 | Freshworks, Inc., Class A (a) | 534871 |
| 37439 | Klaviyo, Inc., Class A (a) | 831520 |
| 41389 | LiveRamp Holdings, Inc. (a) | 1007822 |
| 81256 | N-able, Inc. (a) | 493224 |
| 119176 | NCR Voyix Corp. (a) | 1182226 |
| 73053 | NextNav, Inc. (a) | 1049041 |
| 14148 | Progress Software Corp. (a) | 578936 |
| 42091 | RingCentral, Inc., Class A (a) | 1089315 |
| 156248 | Sprinklr, Inc., Class A (a) | 996862 |
| 59900 | Teradata Corp. (a) | 1708348 |
| 211592 | Terawulf, Inc. (a) (b) | 2828985 |
| 14093 | Workiva, Inc. (a) | 1085443 |
| 150818 | Yext, Inc. (a) | 1079857 |
| 119469 | Zeta Global Holdings Corp., <br> Class A (a) | 2219734 |
|  |  | 31935058 |
|  | **Specialized REITs — 0.9%**  |  |
| 100880 | Outfront Media, Inc. | 2453402 |

---

See Notes to Financial Statements

------

**First Trust Small Cap Core AlphaDEX**<sup>®</sup> **Fund (FYX)**

**Portfolio of Investments (Continued)**

**January 31, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Specialized REITs (Continued)**  |  |
| 140370 | Rayonier, Inc. | $3192014 |
| 221987 | Safehold, Inc. | 3132236 |
|  |  | 8777652 |
|  | **Specialty Retail — 2.0%**  |  |
| 60828 | Academy Sports & Outdoors, <br> Inc. | 3346148 |
| 30931 | Advance Auto Parts, Inc. | 1484997 |
| 69147 | American Eagle Outfitters, Inc. | 1611817 |
| 34133 | Buckle (The), Inc. | 1614491 |
| 70620 | National Vision Holdings, <br> Inc. (a) | 1860837 |
| 213113 | Sally Beauty Holdings, Inc. (a) | 3243580 |
| 14667 | Signet Jewelers Ltd. | 1353324 |
| 29475 | Sonic Automotive, Inc., Class A | 1767321 |
| 138450 | Upbound Group, Inc. | 2616705 |
| 22441 | Victoria's Secret & Co. (a) | 1223259 |
| 27893 | Warby Parker, Inc., Class A (a) | 711550 |
|  |  | 20834029 |
|  | **Technology Hardware, Storage** <br> **& Peripherals — 0.4%**  |  |
| 102322 | Corsair Gaming, Inc. (a) | 521842 |
| 35811 | Diebold Nixdorf, Inc. (a) | 2471317 |
| 31526 | GPGI, Inc. (a) | 743068 |
|  |  | 3736227 |
|  | **Textiles, Apparel & Luxury** <br> **Goods — 1.3%**  |  |
| 33098 | Columbia Sportswear Co. | 1829657 |
| 53504 | Figs, Inc., Class A (a) | 578378 |
| 104938 | G-III Apparel Group Ltd. | 3079930 |
| 19899 | Kontoor Brands, Inc. | 1188567 |
| 58612 | Levi Strauss & Co., Class A | 1165207 |
| 45344 | PVH Corp. | 2827652 |
| 14595 | Steven Madden Ltd. | 640429 |
| 122294 | Under Armour, Inc., Class A (a) | 754554 |
| 66975 | Wolverine World Wide, Inc. | 1186797 |
|  |  | 13251171 |
|  | **Tobacco — 0.5%**  |  |
| 16823 | Turning Point Brands, Inc. | 2038106 |
| 57611 | Universal Corp. | 3260207 |
|  |  | 5298313 |
|  | **Trading Companies &** <br> **Distributors — 1.6%**  |  |
| 41290 | Boise Cascade Co. | 3336645 |
| 422083 | Custom Truck One Source, <br> Inc. (a) | 2667565 |
| 44382 | Distribution Solutions Group, <br> Inc. (a) | 1260005 |
| 91743 | DNOW, Inc. (a) | 1393576 |
| 22144 | DXP Enterprises, Inc. (a) | 2879827 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Trading Companies &** <br> **Distributors (Continued)**  |  |
| 41601 | Global Industrial Co. | $1271327 |
| 8962 | Willis Lease Finance Corp. | 1633593 |
| 40881 | Xometry, Inc., Class A (a) | 2335531 |
|  |  | 16778069 |
|  | **Water Utilities — 0.1%**  |  |
| 8387 | American States Water Co. | 611916 |
| 12405 | H2O America | 645556 |
|  |  | 1257472 |
|  | **Total Common Stocks** | 1012829772 |
|  | (Cost $854,630,380) |  |
| **MONEY MARKET FUNDS — 0.2%** | **MONEY MARKET FUNDS — 0.2%** | **MONEY MARKET FUNDS — 0.2%** |
| 2313361 | Morgan Stanley Institutional <br> Liquidity Funds - Treasury <br> Portfolio - Institutional Class - <br> 3.56% (c) | 2313361 |
|  | (Cost $2,313,361) |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Value**<br>| **Description** | **Value** |
| **REPURCHASE AGREEMENTS — 1.6%** | **REPURCHASE AGREEMENTS — 1.6%** | **REPURCHASE AGREEMENTS — 1.6%** |
| $5519890 | Citigroup, Inc., 3.66% (c), dated <br> 01/30/26, due 02/02/26, with a <br> maturity value of $5,521,574. <br> Collateralized by <br> U.S. Treasury Note, interest <br> rate of 4.25%, due 02/15/28. <br> The value of the collateral <br> including accrued interest is <br> $5,630,289. (d) | 5519890 |
| 10290244 | Mizuho Financial Group, Inc., <br> 3.66% (c), dated 01/30/26, due <br> 02/02/26, with a maturity <br> value of $10,293,383. <br> Collateralized by <br> U.S. Treasury Note, interest <br> rate of 4.38%, due 05/15/34. <br> The value of the collateral <br> including accrued interest is <br> $10,496,051. (d) | 10290244 |
|  | **Total Repurchase Agreements** | 15810134 |
|  | (Cost $15,810,134) |  |
|  | **Total Investments — 101.6%** | 1030953267 |
|  | (Cost $872,753,875) |  |
|  | **Net Other Assets and** <br> **Liabilities — (1.6)%** | (16104777)<br>|
|  | **Net Assets — 100.0%** | $1014848490 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

See Notes to Financial Statements

------

**First Trust Small Cap Core AlphaDEX**<sup>®</sup> **Fund (FYX)**

**Portfolio of Investments (Continued)**

**January 31, 2026 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income
 producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(b) All
 or a portion of this security is on loan (see Note 2D - Securities
 Lending in the Notes to Financial Statements). The remaining
 contractual maturity of all of the securities lending transactions
 is overnight and continuous. The aggregate value
 of such securities is $14,826,166 and the total value of the
 collateral held by the Fund, including for securities sold and
 pending settlement, is $15,810,134.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Rate
 shown reflects yield as of January 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;(d) This
 security serves as collateral for securities on loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Abbreviations throughout the Portfolio of Investments: <br> REITs – Real Estate Investment Trusts

------

**Valuation Inputs**

A summary of the inputs used to value the Fund's investments as of January 31, 2026 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total** <br>**Value at** <br>**1/31/2026**<br>| **Level 1** <br>**Quoted** <br>**Prices**<br>| **Level 2** <br>**Significant** <br>**Observable** <br>**Inputs**<br>| **Level 3** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>|
| Common Stocks\* | $1012829772 | &nbsp;&nbsp; $1012829772 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Money Market <br> Funds<br>| 2313361 | &nbsp;&nbsp; 2313361 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Repurchase <br> Agreements<br>| 15810134 | &nbsp;&nbsp; — | &nbsp;&nbsp; 15810134 | &nbsp;&nbsp; — |
| Total Investments | $1030953267 | &nbsp;&nbsp; $1015143133 | &nbsp;&nbsp; $15810134 | &nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Securities Lending Agency Agreement** | **Securities Lending Agency Agreement** |
| Total gross amount presented on the Statements <br> of Assets and Liabilities<sup>(1)</sup> <br>| $14826166 |
| Non-cash Collateral<sup>(2)</sup> <br>| (14826166)<br>|
| Net Amount | $— |

---

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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Repurchase Agreements** | **Repurchase Agreements** |
| Total gross amount presented on the Statements <br> of Assets and Liabilities<sup>(3)</sup> <br>| $15810134 |
| Non-cash Collateral<sup>(4)</sup> <br>| (15810134)<br>|
| Net Amount | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> 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. 

<sup>(2)</sup> At January 31, 2026, 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. 

<sup>(3)</sup> The amount is included in "Investments, at value" on the Statements of Assets and Liabilities. 

<sup>(4)</sup> At January 31, 2026, the value of the collateral received from each seller exceeded the value of the repurchase agreements. 

See Notes to Financial Statements

------

**First Trust Large Cap Value AlphaDEX**<sup>®</sup> **Fund (FTA)**

**Portfolio of Investments**

**January 31, 2026 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS — 99.9%** | **COMMON STOCKS — 99.9%** | **COMMON STOCKS — 99.9%** |
|  | **Aerospace & Defense — 0.6%**  |  |
| 6165 | General Dynamics Corp. | $2164470 |
| 7477 | Northrop Grumman Corp. | 5176028 |
|  |  | 7340498 |
|  | **Air Freight & Logistics —** <br> **1.7%**  |  |
| 13929 | Expeditors International of <br> Washington, Inc. | 2236162 |
| 29518 | FedEx Corp. | 9512175 |
| 85962 | United Parcel Service, Inc., <br> Class B | 9130884 |
|  |  | 20879221 |
|  | **Automobile Components —** <br> **0.2%**  |  |
| 27278 | Aptiv PLC (a) | 2066309 |
|  | **Automobiles — 1.8%**  |  |
| 812358 | Ford Motor Co. | 11275529 |
| 131065 | General Motors Co. | 11009460 |
|  |  | 22284989 |
|  | **Banks — 5.7%**  |  |
| 77514 | Bank of America Corp. | 4123745 |
| 53360 | Citigroup, Inc. | 6174286 |
| 106601 | Citizens Financial Group, Inc. | 6713731 |
| 133020 | Fifth Third Bancorp | 6680264 |
| 491442 | Huntington Bancshares, Inc. | 8590406 |
| 42319 | M&T Bank Corp. | 9376621 |
| 20424 | PNC Financial Services Group <br> (The), Inc. | 4560679 |
| 314632 | Regions Financial Corp. | 8967012 |
| 173268 | Truist Financial Corp. | 8909441 |
| 116691 | U.S. Bancorp | 6547532 |
|  |  | 70643717 |
|  | **Beverages — 0.5%**  |  |
| 15045 | Constellation Brands, Inc., <br> Class A | 2357551 |
| 152206 | Keurig Dr Pepper, Inc. | 4176533 |
|  |  | 6534084 |
|  | **Biotechnology — 1.9%**  |  |
| 60561 | Biogen, Inc. (a) | 10894318 |
| 63041 | Incyte Corp. (a) | 6308513 |
| 8067 | Regeneron Pharmaceuticals, Inc. | 5981277 |
|  |  | 23184108 |
|  | **Building Products — 1.1%**  |  |
| 13328 | Carlisle Cos, Inc. | 4543382 |
| 80682 | Carrier Global Corp. | 4807034 |
| 67180 | Masco Corp. | 4439926 |
|  |  | 13790342 |
|  | **Capital Markets — 1.7%**  |  |
| 17878 | Bank of New York Mellon (The) <br> Corp. | 2143930 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Capital Markets (Continued)**  |  |
| 12925 | Raymond James Financial, Inc. | $2143740 |
| 48265 | State Street Corp. | 6315958 |
| 104104 | T. Rowe Price Group, Inc. | 11001711 |
|  |  | 21605339 |
|  | **Chemicals — 3.2%**  |  |
| 137809 | CF Industries Holdings, Inc. | 12847933 |
| 63602 | Corteva, Inc. | 4630226 |
| 364693 | Dow, Inc. | 10047292 |
| 60771 | PPG Industries, Inc. | 7026951 |
| 40993 | RPM International, Inc. | 4384611 |
|  |  | 38937013 |
|  | **Construction Materials —** <br> **0.2%**  |  |
| 16631 | CRH PLC | 2035801 |
|  | **Consumer Finance — 0.6%**  |  |
| 102199 | Synchrony Financial | 7422713 |
|  | **Consumer Staples Distribution** <br> **& Retail — 1.5%**  |  |
| 15633 | Dollar General Corp. | 2242241 |
| 33219 | Kroger (The) Co. | 2087814 |
| 28166 | Sysco Corp. | 2361719 |
| 109035 | Target Corp. | 11499922 |
|  |  | 18191696 |
|  | **Containers & Packaging —** <br> **2.7%**  |  |
| 204473 | Amcor PLC | 9047930 |
| 117549 | Ball Corp. | 6685012 |
| 30193 | Packaging Corp. of America | 6719452 |
| 275618 | Smurfit WestRock PLC | 11473977 |
|  |  | 33926371 |
|  | **Distributors — 0.2%**  |  |
| 16880 | Genuine Parts Co. | 2346151 |
|  | **Diversified Telecommunication** <br> **Services — 2.7%**  |  |
| 429072 | AT&T, Inc. | 11245977 |
| 356579 | Comcast Corp., Class A | 10608226 |
| 261679 | Verizon Communications, Inc. | 11649949 |
|  |  | 33504152 |
|  | **Electric Utilities — 8.8%**  |  |
| 95779 | Alliant Energy Corp. | 6312794 |
| 73944 | American Electric Power Co., <br> Inc. | 8856643 |
| 72747 | Duke Energy Corp. | 8827848 |
| 177576 | Edison International | 11059433 |
| 67365 | Entergy Corp. | 6459630 |
| 117623 | Evergy, Inc. | 9025213 |
| 126638 | Eversource Energy | 8754485 |
| 195607 | Exelon Corp. | 8759282 |
| 139080 | FirstEnergy Corp. | 6584047 |
| 25853 | NextEra Energy, Inc. | 2272479 |

---

See Notes to Financial Statements

------

**First Trust Large Cap Value AlphaDEX**<sup>®</sup> **Fund (FTA)**

**Portfolio of Investments (Continued)**

**January 31, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Electric Utilities (Continued)**  |  |
| 13034 | NRG Energy, Inc. | $1989379 |
| 663232 | PG&E Corp. | 10227037 |
| 177801 | PPL Corp. | 6445286 |
| 71406 | Southern (The) Co. | 6377270 |
| 84303 | Xcel Energy, Inc. | 6412086 |
|  |  | 108362912 |
|  | **Electronic Equipment,** <br> **Instruments & Components** <br>**— 0.5%**  |  |
| 15239 | CDW Corp. | 1926057 |
| 4064 | Teledyne Technologies, Inc. (a) | 2520899 |
| 8548 | Zebra Technologies Corp., <br> Class A (a) | 2008609 |
|  |  | 6455565 |
|  | **Energy Equipment & Services** <br> **— 2.8%**  |  |
| 187231 | Baker Hughes Co. | 10492425 |
| 301717 | Halliburton Co. | 10113554 |
| 277701 | SLB Ltd. | 13435175 |
|  |  | 34041154 |
|  | **Entertainment — 0.2%**  |  |
| 72017 | Warner Bros. Discovery, Inc. (a) | 1983348 |
|  | **Financial Services — 3.4%**  |  |
| 16963 | Berkshire Hathaway, Inc., <br> Class B (a) | 8151230 |
| 163744 | Block, Inc. (a) | 9895050 |
| 206384 | Corebridge Financial, Inc. | 6362819 |
| 137702 | Global Payments, Inc. | 9878741 |
| 146052 | PayPal Holdings, Inc. | 7695480 |
|  |  | 41983320 |
|  | **Food Products — 2.9%**  |  |
| 108307 | Archer-Daniels-Midland Co. | 7290144 |
| 229207 | General Mills, Inc. | 10603116 |
| 179885 | Hormel Foods Corp. | 4426970 |
| 30473 | McCormick & Co., Inc. | 1884146 |
| 79198 | Mondelez International, Inc., <br> Class A | 4630707 |
| 106219 | Tyson Foods, Inc., Class A | 6939287 |
|  |  | 35774370 |
|  | **Gas Utilities — 0.3%**  |  |
| 25432 | Atmos Energy Corp. | 4230359 |
|  | **Ground Transportation —** <br> **0.7%**  |  |
| 57256 | CSX Corp. | 2161987 |
| 13237 | Old Dominion Freight Line, Inc. | 2292648 |
| 18430 | Union Pacific Corp. | 4332893 |
|  |  | 8787528 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Health Care Equipment &** <br> **Supplies — 1.7%**  |  |
| 10695 | Becton Dickinson & Co. | $2176218 |
| 51979 | GE HealthCare Technologies, <br> Inc. | 4104782 |
| 44381 | Medtronic PLC | 4569468 |
| 118529 | Zimmer Biomet Holdings, Inc. | 10320320 |
|  |  | 21170788 |
|  | **Health Care Providers &** <br> **Services — 3.9%**  |  |
| 38725 | Cigna Group (The) | 10614910 |
| 24324 | Elevance Health, Inc. | 8409780 |
| 9132 | HCA Healthcare, Inc. | 4458882 |
| 16644 | Humana, Inc. | 3248909 |
| 16993 | Labcorp Holdings, Inc. | 4613939 |
| 35882 | Quest Diagnostics, Inc. | 6711010 |
| 31333 | Tenet Healthcare Corp. (a) | 5930710 |
| 12914 | UnitedHealth Group, Inc. | 3705414 |
|  |  | 47693554 |
|  | **Household Durables — 3.3%**  |  |
| 74000 | D.R. Horton, Inc. | 11014160 |
| 103678 | Lennar Corp., Class A | 11337189 |
| 854 | NVR, Inc. (a) | 6520914 |
| 90893 | PulteGroup, Inc. | 11369805 |
|  |  | 40242068 |
|  | **Household Products — 0.9%**  |  |
| 24753 | Church & Dwight Co., Inc. | 2382476 |
| 42256 | Kimberly-Clark Corp. | 4225177 |
| 29749 | Procter & Gamble (The) Co. | 4515006 |
|  |  | 11122659 |
|  | **Insurance — 8.8%**  |  |
| 38662 | Aflac, Inc. | 4289549 |
| 51204 | Allstate (The) Corp. | 10189084 |
| 124584 | American International Group, <br> Inc. | 9328850 |
| 111115 | Arch Capital Group Ltd. (a) | 10671485 |
| 27318 | Chubb Ltd. | 8456560 |
| 52207 | Cincinnati Financial Corp. | 8399584 |
| 156192 | Fidelity National Financial, Inc. | 8495283 |
| 61876 | Hartford Insurance Group (The), <br> Inc. | 8356973 |
| 80967 | Loews Corp. | 8547686 |
| 3967 | Markel Group, Inc. (a) | 8095219 |
| 26292 | MetLife, Inc. | 2073913 |
| 48331 | Principal Financial Group, Inc. | 4577912 |
| 37768 | Prudential Financial, Inc. | 4196402 |
| 29395 | Travelers (The) Cos., Inc. | 8363171 |
| 60800 | W.R. Berkley Corp. | 4169664 |
|  |  | 108211335 |

---

See Notes to Financial Statements

------

**First Trust Large Cap Value AlphaDEX**<sup>®</sup> **Fund (FTA)**

**Portfolio of Investments (Continued)**

**January 31, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **IT Services — 0.8%**  |  |
| 15890 | Accenture PLC, Class A | $4189240 |
| 75020 | Cognizant Technology Solutions <br> Corp., Class A | 6156141 |
|  |  | 10345381 |
|  | **Life Sciences Tools & Services** <br> **— 0.2%**  |  |
| 15253 | Agilent Technologies, Inc. | 2041614 |
|  | **Machinery — 1.6%**  |  |
| 54590 | Dover Corp. | 10999339 |
| 18953 | PACCAR, Inc. | 2329513 |
| 18069 | Snap-on, Inc. | 6615242 |
|  |  | 19944094 |
|  | **Media — 1.5%**  |  |
| 40846 | Charter Communications, Inc., <br> Class A (a) | 8419178 |
| 116689 | Fox Corp., Class A | 8492625 |
| 79461 | News Corp., Class A | 2147831 |
|  |  | 19059634 |
|  | **Metals & Mining — 1.9%**  |  |
| 52274 | Nucor Corp. | 9290135 |
| 21555 | Reliance, Inc. | 7102373 |
| 36746 | Steel Dynamics, Inc. | 6598479 |
|  |  | 22990987 |
|  | **Multi-Utilities — 4.6%**  |  |
| 85385 | Ameren Corp. | 8818563 |
| 111196 | CenterPoint Energy, Inc. | 4413369 |
| 89040 | CMS Energy Corp. | 6365470 |
| 85849 | Consolidated Edison, Inc. | 9154079 |
| 106274 | Dominion Energy, Inc. | 6394506 |
| 48276 | DTE Energy Co. | 6487329 |
| 149104 | NiSource, Inc. | 6603816 |
| 48288 | Sempra | 4201539 |
| 40425 | WEC Energy Group, Inc. | 4473835 |
|  |  | 56912506 |
|  | **Oil, Gas & Consumable Fuels** <br> **— 12.8%**  |  |
| 43863 | Cheniere Energy, Inc. | 9277902 |
| 69930 | Chevron Corp. | 12370617 |
| 113857 | ConocoPhillips | 11867315 |
| 404945 | Coterra Energy, Inc. | 11682663 |
| 290967 | Devon Energy Corp. | 11699783 |
| 70898 | Diamondback Energy, Inc. | 11623727 |
| 101497 | EOG Resources, Inc. | 11380859 |
| 198847 | EQT Corp. | 11479437 |
| 96577 | Expand Energy Corp. | 10856221 |
| 88567 | Exxon Mobil Corp. | 12523374 |
| 226504 | Kinder Morgan, Inc. | 6906107 |
| 38287 | Marathon Petroleum Corp. | 6745787 |
| 259196 | Occidental Petroleum Corp. | 11764906 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Oil, Gas & Consumable Fuels** <br> **(Continued)**  |  |
| 116007 | ONEOK, Inc. | $9186594 |
| 33038 | Phillips 66 | 4742935 |
| 26189 | Valero Energy Corp. | 4751470 |
|  |  | 158859697 |
|  | **Passenger Airlines — 1.6%**  |  |
| 153577 | Delta Air Lines, Inc. | 10119189 |
| 50218 | Southwest Airlines Co. | 2386359 |
| 76253 | United Airlines Holdings, <br> Inc. (a) | 7802207 |
|  |  | 20307755 |
|  | **Personal Care Products —** <br> **0.2%**  |  |
| 120321 | Kenvue, Inc. | 2093585 |
|  | **Pharmaceuticals — 2.5%**  |  |
| 115435 | Bristol-Myers Squibb Co. | 6354697 |
| 20601 | Johnson & Johnson | 4681577 |
| 81005 | Merck & Co., Inc. | 8932421 |
| 428038 | Pfizer, Inc. | 11317325 |
|  |  | 31286020 |
|  | **Professional Services — 0.7%**  |  |
| 34516 | Leidos Holdings, Inc. | 6498673 |
| 23742 | SS&C Technologies Holdings, <br> Inc. | 1944232 |
|  |  | 8442905 |
|  | **Residential REITs — 1.3%**  |  |
| 34343 | AvalonBay Communities, Inc. | 6101721 |
| 135256 | Equity Residential | 8429154 |
| 14942 | Mid-America Apartment <br> Communities, Inc. | 2006710 |
|  |  | 16537585 |
|  | **Semiconductors &** <br> **Semiconductor Equipment** <br>**— 0.7%**  |  |
| 14937 | Micron Technology, Inc. | 6197063 |
| 9561 | NXP Semiconductors N.V. | 2162124 |
|  |  | 8359187 |
|  | **Software — 0.7%**  |  |
| 98812 | Zoom Communications, Inc. (a) | 9100585 |
|  | **Specialized REITs — 0.2%**  |  |
| 7999 | Public Storage | 2209244 |
|  | **Specialty Retail — 0.9%**  |  |
| 8607 | Lowe's Cos., Inc. | 2298585 |
| 41503 | Tractor Supply Co. | 2111673 |
| 3431 | Ulta Beauty, Inc. (a) | 2221092 |
| 23872 | Williams-Sonoma, Inc. | 4885405 |
|  |  | 11516755 |

---

See Notes to Financial Statements

------

**First Trust Large Cap Value AlphaDEX**<sup>®</sup> **Fund (FTA)**

**Portfolio of Investments (Continued)**

**January 31, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Technology Hardware, Storage** <br> **& Peripherals — 1.9%**  |  |
| 33867 | Dell Technologies, Inc., Class C | $3875740 |
| 177488 | Hewlett Packard Enterprise Co. | 3819542 |
| 279470 | HP, Inc. | 5432897 |
| 19381 | NetApp, Inc. | 1867359 |
| 36145 | Western Digital Corp. | 9044563 |
|  |  | 24040101 |
|  | **Textiles, Apparel & Luxury** <br> **Goods — 0.6%**  |  |
| 60061 | Deckers Outdoor Corp. (a) | 7167680 |
|  | **Trading Companies &** <br> **Distributors — 0.4%**  |  |
| 9322 | Ferguson Enterprises, Inc. | 2353432 |
| 6160 | Watsco, Inc. | 2380532 |
|  |  | 4733964 |
|  | **Water Utilities — 0.3%**  |  |
| 32669 | American Water Works Co., Inc. | 4218548 |
|  | **Total Common Stocks** | 1234919291 |
|  | (Cost $1,107,339,528) |  |
| **MONEY MARKET FUNDS — 0.1%** | **MONEY MARKET FUNDS — 0.1%** | **MONEY MARKET FUNDS — 0.1%** |
| 1139176 | Morgan Stanley Institutional <br> Liquidity Funds - Treasury <br> Portfolio - Institutional Class - <br> 3.56% (b) | 1139176 |
|  | (Cost $1,139,176) |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Value**<br>| **Description** | **Value** |
| **REPURCHASE AGREEMENTS — 0.0%** | **REPURCHASE AGREEMENTS — 0.0%** | **REPURCHASE AGREEMENTS — 0.0%** |
| $1518 | Daiwa Capital Markets America, <br> Inc., 3.66% (b), dated <br> 01/30/26, due 02/02/26, with a <br> maturity value of $1,518. <br> Collateralized by <br> U.S. Treasury Securities, <br> interest rates of 1.13% to <br> 4.38%, due 02/28/27 to <br> 06/30/31. The value of the <br> collateral including accrued <br> interest is $1,548. (c) | 1518 |
|  | (Cost $1,518) |  |
|  | **Total Investments — 100.0%** | 1236059985 |
|  | (Cost $1,108,480,222) |  |
|  | **Net Other Assets and** <br> **Liabilities — 0.0%** | 589889 |
|  | **Net Assets — 100.0%** | $1236649874 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income
 producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Rate
 shown reflects yield as of January 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;(c) This
 security serves as collateral for securities on loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Abbreviations throughout the Portfolio of Investments: <br> REITs – Real Estate Investment Trusts

------

**Valuation Inputs**

A summary of the inputs used to value the Fund's investments as of January 31, 2026 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total** <br>**Value at** <br>**1/31/2026**<br>| **Level 1** <br>**Quoted** <br>**Prices**<br>| **Level 2** <br>**Significant** <br>**Observable** <br>**Inputs**<br>| **Level 3** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>|
| Common Stocks\* | $1234919291 | &nbsp;&nbsp; $1234919291 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Money Market <br> Funds<br>| 1139176 | &nbsp;&nbsp; 1139176 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Repurchase <br> Agreements<br>| 1518 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1518 | &nbsp;&nbsp; — |
| Total Investments | $1236059985 | &nbsp;&nbsp; $1236058467 | &nbsp;&nbsp; $1518 | &nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Portfolio of Investments for industry breakout.

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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Repurchase Agreements** | **Repurchase Agreements** |
| Total gross amount presented on the Statements <br> of Assets and Liabilities<sup>(1)</sup> <br>| $1518 |
| Non-cash Collateral<sup>(2)</sup> <br>| (1518)<br>|
| Net Amount | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> The amount is included in "Investments, at value" on the Statements of Assets and Liabilities. 

<sup>(2)</sup> At January 31, 2026, the value of the collateral received from each seller exceeded the value of the repurchase agreements. 

See Notes to Financial Statements

------

**First Trust Large Cap Growth AlphaDEX**<sup>®</sup> **Fund (FTC)**

**Portfolio of Investments**

**January 31, 2026 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS — 99.9%** | **COMMON STOCKS — 99.9%** | **COMMON STOCKS — 99.9%** |
|  | **Aerospace & Defense — 6.3%**  |  |
| 30425 | Boeing (The) Co. (a) | $7110931 |
| 16409 | Curtiss-Wright Corp. | 10775626 |
| 21446 | General Electric Co. | 6579418 |
| 20415 | HEICO Corp. | 6755528 |
| 44122 | Howmet Aerospace, Inc. | 9180906 |
| 162090 | Rocket Lab Corp. (a) | 12978546 |
| 61654 | RTX Corp. | 12388138 |
| 1656 | TransDigm Group, Inc. | 2364006 |
| 37403 | Woodward, Inc. | 11888170 |
|  |  | 80021269 |
|  | **Automobiles — 1.0%**  |  |
| 573687 | Rivian Automotive, Inc., <br> Class A (a) | 8461883 |
| 10057 | Tesla, Inc. (a) | 4328634 |
|  |  | 12790517 |
|  | **Banks — 2.0%**  |  |
| 4215 | First Citizens BancShares, Inc., <br> Class A | 8723238 |
| 28073 | JPMorgan Chase & Co. | 8587250 |
| 97060 | Wells Fargo & Co. | 8782959 |
|  |  | 26093447 |
|  | **Beverages — 1.1%**  |  |
| 64696 | Coca-Cola (The) Co. | 4839908 |
| 117985 | Monster Beverage Corp. (a) | 9528468 |
|  |  | 14368376 |
|  | **Biotechnology — 4.3%**  |  |
| 16613 | Alnylam Pharmaceuticals, <br> Inc. (a) | 5616191 |
| 34546 | Amgen, Inc. | 11810587 |
| 73699 | Gilead Sciences, Inc. | 10461573 |
| 51976 | Insmed, Inc. (a) | 8153475 |
| 49358 | Natera, Inc. (a) | 11408608 |
| 14571 | Vertex Pharmaceuticals, Inc. (a) | 6846913 |
|  |  | 54297347 |
|  | **Broadline Retail — 1.8%**  |  |
| 39190 | Amazon.com, Inc. (a) | 9378167 |
| 191732 | Coupang, Inc. (a) | 3865317 |
| 103856 | eBay, Inc. | 9473745 |
|  |  | 22717229 |
|  | **Building Products — 1.6%**  |  |
| 41489 | Allegion PLC | 6861866 |
| 75539 | Johnson Controls <br> International PLC | 9008781 |
| 11621 | Trane Technologies PLC | 4887560 |
|  |  | 20758207 |
|  | **Capital Markets — 8.6%**  |  |
| 27983 | Ares Management Corp., <br> Class A | 4188216 |
| 14286 | Blackstone, Inc. | 2034612 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Capital Markets (Continued)**  |  |
| 36039 | Cboe Global Markets, Inc. | $9552497 |
| 66118 | Charles Schwab (The) Corp. | 6870983 |
| 8063 | CME Group, Inc. | 2330691 |
| 12864 | Goldman Sachs Group (The), <br> Inc. | 12033114 |
| 140661 | Interactive Brokers Group, Inc., <br> Class A | 10532696 |
| 13595 | Intercontinental Exchange, Inc. | 2362539 |
| 31658 | LPL Financial Holdings, Inc. | 11539341 |
| 8854 | Moody's Corp. | 4564768 |
| 63692 | Morgan Stanley | 11642898 |
| 3838 | MSCI, Inc. | 2338186 |
| 93132 | Nasdaq, Inc. | 9023560 |
| 66226 | Northern Trust Corp. | 9896151 |
| 58407 | Robinhood Markets, Inc., <br> Class A (a) | 5810328 |
| 8655 | S&P Global, Inc. | 4568022 |
|  |  | 109288602 |
|  | **Chemicals — 0.6%**  |  |
| 17229 | Ecolab, Inc. | 4858406 |
| 6795 | Sherwin-Williams (The) Co. | 2409779 |
|  |  | 7268185 |
|  | **Commercial Services &** <br> **Supplies — 1.4%**  |  |
| 10390 | Republic Services, Inc. | 2234785 |
| 110061 | Rollins, Inc. | 6971264 |
| 41172 | Waste Management, Inc. | 9150065 |
|  |  | 18356114 |
|  | **Communications Equipment** <br> **— 1.3%**  |  |
| 50416 | Arista Networks, Inc. (a) | 7145964 |
| 117434 | Cisco Systems, Inc. | 9197431 |
|  |  | 16343395 |
|  | **Construction & Engineering** <br> **— 5.1%**  |  |
| 295540 | API Group Corp. (a) | 12285598 |
| 12116 | Comfort Systems USA, Inc. | 13837684 |
| 18483 | EMCOR Group, Inc. | 13321252 |
| 52020 | MasTec, Inc. (a) | 12509770 |
| 26791 | Quanta Services, Inc. | 12715812 |
|  |  | 64670116 |
|  | **Construction Materials —** <br> **0.9%**  |  |
| 10610 | Martin Marietta Materials, Inc. | 6917189 |
| 15857 | Vulcan Materials Co. | 4765663 |
|  |  | 11682852 |
|  | **Consumer Finance — 1.5%**  |  |
| 30565 | American Express Co. | 10764076 |
| 345527 | SoFi Technologies, Inc. (a) | 7881471 |
|  |  | 18645547 |

---

See Notes to Financial Statements

------

**First Trust Large Cap Growth AlphaDEX**<sup>®</sup> **Fund (FTC)**

**Portfolio of Investments (Continued)**

**January 31, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Consumer Staples Distribution** <br> **& Retail — 1.3%**  |  |
| 5245 | Costco Wholesale Corp. | $4931611 |
| 27639 | Sprouts Farmers Market, Inc. (a) | 1959882 |
| 81195 | Walmart, Inc. | 9673572 |
|  |  | 16565065 |
|  | **Electric Utilities — 0.7%**  |  |
| 32008 | Constellation Energy Corp. | 8984005 |
|  | **Electrical Equipment — 4.5%**  |  |
| 32175 | AMETEK, Inc. | 7206557 |
| 6913 | Eaton Corp. PLC | 2429366 |
| 34079 | Emerson Electric Co. | 5008250 |
| 17301 | GE Vernova, Inc. | 12566927 |
| 14874 | Hubbell, Inc. | 7257620 |
| 23250 | Rockwell Automation, Inc. | 9803362 |
| 69795 | Vertiv Holdings Co., Class A | 12994433 |
|  |  | 57266515 |
|  | **Electronic Equipment,** <br> **Instruments & Components** <br>**— 2.0%**  |  |
| 83671 | Amphenol Corp., Class A | 12055318 |
| 61264 | Coherent Corp. (a) | 12998995 |
|  |  | 25054313 |
|  | **Entertainment — 2.0%**  |  |
| 32329 | Electronic Arts, Inc. | 6592530 |
| 22352 | Liberty Media Corp.-Liberty <br> Formula One, Class C (a) | 1945071 |
| 31739 | Live Nation Entertainment, <br> Inc. (a) | 4616438 |
| 27175 | ROBLOX Corp., Class A (a) | 1787028 |
| 25801 | Take-Two Interactive Software, <br> Inc. (a) | 5683960 |
| 39755 | Walt Disney (The) Co. | 4484364 |
|  |  | 25109391 |
|  | **Financial Services — 2.1%**  |  |
| 60768 | Affirm Holdings, Inc. (a) | 3664311 |
| 31245 | Apollo Global Management, Inc. | 4203702 |
| 15030 | Corpay, Inc. (a) | 4728889 |
| 7922 | Mastercard, Inc., Class A | 4268294 |
| 186029 | Toast, Inc., Class A (a) | 5787362 |
| 12896 | Visa, Inc., Class A | 4150320 |
|  |  | 26802878 |
|  | **Ground Transportation —** <br> **0.5%**  |  |
| 80846 | Uber Technologies, Inc. (a) | 6471722 |
|  | **Health Care Equipment &** <br> **Supplies — 3.2%**  |  |
| 17575 | Abbott Laboratories | 1920947 |
| 47435 | Boston Scientific Corp. (a) | 4436595 |
| 33177 | Dexcom, Inc. (a) | 2423248 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Health Care Equipment &** <br> **Supplies (Continued)**  |  |
| 53055 | Edwards Lifesciences Corp. (a) | $4316555 |
| 13371 | IDEXX Laboratories, Inc. (a) | 8964721 |
| 15912 | Insulet Corp. (a) | 4070449 |
| 11664 | Intuitive Surgical, Inc. (a) | 5881222 |
| 26056 | STERIS PLC | 6842306 |
| 6266 | Stryker Corp. | 2315663 |
|  |  | 41171706 |
|  | **Health Care Providers &** <br> **Services — 0.4%**  |  |
| 203446 | Hims & Hers Health, Inc. (a) | 5511352 |
|  | **Health Care REITs — 1.2%**  |  |
| 85369 | Ventas, Inc. | 6630610 |
| 48736 | Welltower, Inc. | 9179913 |
|  |  | 15810523 |
|  | **Hotels, Restaurants & Leisure** <br> **— 7.1%**  |  |
| 48674 | Airbnb, Inc., Class A (a) | 6296955 |
| 1234 | Booking Holdings, Inc. | 6172271 |
| 296198 | Carnival Corp. (a) | 8891864 |
| 24579 | Darden Restaurants, Inc. | 4899824 |
| 10851 | Domino's Pizza, Inc. | 4452491 |
| 19970 | DoorDash, Inc., Class A (a) | 4086261 |
| 63899 | DraftKings, Inc., Class A (a) | 1757861 |
| 39912 | Expedia Group, Inc. | 10570294 |
| 10239 | Flutter Entertainment PLC (a) | 1690971 |
| 31491 | Hilton Worldwide Holdings, Inc. | 9400378 |
| 173719 | Las Vegas Sands Corp. | 9160203 |
| 29158 | Marriott International, Inc., <br> Class A | 9193517 |
| 7204 | McDonald's Corp. | 2269260 |
| 7895 | Royal Caribbean Cruises Ltd. | 2563112 |
| 26148 | Starbucks Corp. | 2404309 |
| 43667 | Yum! Brands, Inc. | 6790219 |
|  |  | 90599790 |
|  | **Household Durables — 0.2%**  |  |
| 10856 | Garmin Ltd. | 2189004 |
|  | **Independent Power and** <br> **Renewable Electricity** <br>**Producers — 1.3%**  |  |
| 30166 | Talen Energy Corp. (a) | 10508628 |
| 40947 | Vistra Corp. | 6483957 |
|  |  | 16992585 |
|  | **Industrial Conglomerates —** <br> **0.4%**  |  |
| 23183 | Honeywell International, Inc. | 5274596 |
|  | **Industrial REITs — 0.5%**  |  |
| 51746 | Prologis, Inc. | 6755958 |

---

See Notes to Financial Statements

------

**First Trust Large Cap Growth AlphaDEX**<sup>®</sup> **Fund (FTC)**

**Portfolio of Investments (Continued)**

**January 31, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Insurance — 0.5%**  |  |
| 11870 | Marsh & McLennan Cos., Inc. | $2233815 |
| 19862 | Progressive (The) Corp. | 4131296 |
|  |  | 6365111 |
|  | **Interactive Media & Services** <br> **— 1.9%**  |  |
| 36126 | Alphabet, Inc., Class A | 12210588 |
| 6852 | Meta Platforms, Inc., Class A | 4909458 |
| 39352 | Reddit, Inc., Class A (a) | 7093985 |
|  |  | 24214031 |
|  | **IT Services — 3.3%**  |  |
| 33507 | Cloudflare, Inc., Class A (a) | 5942466 |
| 8728 | Gartner, Inc. (a) | 1829476 |
| 22301 | International Business Machines <br> Corp. | 6839717 |
| 26942 | MongoDB, Inc. (a) | 10004373 |
| 25465 | Okta, Inc. (a) | 2151283 |
| 30114 | Snowflake, Inc. (a) | 5802968 |
| 79495 | Twilio, Inc., Class A (a) | 9575968 |
|  |  | 42146251 |
|  | **Life Sciences Tools & Services** <br> **— 1.2%**  |  |
| 6488 | Mettler-Toledo International, <br> Inc. (a) | 8909581 |
| 17392 | Waters Corp. (a) | 6447562 |
|  |  | 15357143 |
|  | **Machinery — 3.0%**  |  |
| 19738 | Caterpillar, Inc. | 12974972 |
| 8940 | Illinois Tool Works, Inc. | 2335664 |
| 25209 | Otis Worldwide Corp. | 2153353 |
| 10292 | Parker-Hannifin Corp. | 9631665 |
| 30949 | Westinghouse Air Brake <br> Technologies Corp. | 7122603 |
| 33213 | Xylem, Inc. | 4579076 |
|  |  | 38797333 |
|  | **Metals & Mining — 1.0%**  |  |
| 113243 | Newmont Corp. | 12722851 |
|  | **Multi-Utilities — 0.5%**  |  |
| 82266 | Public Service Enterprise Group, <br> Inc. | 6775428 |
|  | **Oil, Gas & Consumable Fuels** <br> **— 1.2%**  |  |
| 49029 | Targa Resources Corp. | 9853848 |
| 75244 | Williams (The) Cos., Inc. | 5060912 |
|  |  | 14914760 |
|  | **Pharmaceuticals — 0.9%**  |  |
| 10522 | Eli Lilly & Co. | 10912892 |
|  | **Professional Services — 0.3%**  |  |
| 52746 | TransUnion | 4167989 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Real Estate Management &** <br> **Development — 0.2%**  |  |
| 32278 | Zillow Group, Inc., Class C (a) | $2034482 |
|  | **Retail REITs — 0.2%**  |  |
| 11896 | Simon Property Group, Inc. | 2275824 |
|  | **Semiconductors &** <br> **Semiconductor Equipment** <br>**— 7.8%**  |  |
| 52799 | Advanced Micro Devices, <br> Inc. (a) | 12499107 |
| 39708 | Astera Labs, Inc. (a) | 5980819 |
| 26137 | Broadcom, Inc. | 8659188 |
| 78583 | Credo Technology Group <br> Holding Ltd. (a) | 9844878 |
| 43285 | First Solar, Inc. (a) | 9761633 |
| 7444 | KLA Corp. | 10629586 |
| 66056 | Lam Research Corp. | 15421434 |
| 77735 | Marvell Technology, Inc. | 6134846 |
| 9981 | Monolithic Power Systems, Inc. | 11220141 |
| 48504 | NVIDIA Corp. | 9270570 |
|  |  | 99422202 |
|  | **Software — 3.8%**  |  |
| 6292 | Adobe, Inc. (a) | 1845129 |
| 13425 | AppLovin Corp., Class A (a) | 6351502 |
| 7439 | Autodesk, Inc. (a) | 1881100 |
| 7045 | Cadence Design Systems, <br> Inc. (a) | 2087856 |
| 9649 | Crowdstrike Holdings, Inc., <br> Class A (a) | 4259117 |
| 33259 | Datadog, Inc., Class A (a) | 4301054 |
| 2676 | Fair Isaac Corp. (a) | 3915443 |
| 242953 | Gen Digital, Inc. | 5828442 |
| 10955 | Guidewire Software, Inc. (a) | 1542026 |
| 3324 | Intuit, Inc. | 1658410 |
| 4554 | Microsoft Corp. | 1959541 |
| 50891 | Palantir Technologies, Inc., <br> Class A (a) | 7460112 |
| 12640 | PTC, Inc. (a) | 1973483 |
| 17073 | Salesforce, Inc. | 3624427 |
|  |  | 48687642 |
|  | **Specialty Retail — 2.8%**  |  |
| 649 | AutoZone, Inc. (a) | 2404084 |
| 31316 | Burlington Stores, Inc. (a) | 9265152 |
| 26793 | Carvana Co. (a) | 10746940 |
| 49589 | O'Reilly Automotive, Inc. (a) | 4880054 |
| 58889 | TJX (The) Cos., Inc. | 8822161 |
|  |  | 36118391 |
|  | **Technology Hardware, Storage** <br> **& Peripherals — 2.2%**  |  |
| 24299 | Apple, Inc. | 6305105 |

---

See Notes to Financial Statements

------

**First Trust Large Cap Growth AlphaDEX**<sup>®</sup> **Fund (FTC)**

**Portfolio of Investments (Continued)**

**January 31, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Technology Hardware, Storage** <br> **& Peripherals (Continued)**  |  |
| 67497 | Pure Storage, Inc., Class A (a) | $4693741 |
| 41060 | Seagate Technology <br> Holdings PLC | 16739751 |
|  |  | 27738597 |
|  | **Textiles, Apparel & Luxury** <br> **Goods — 0.9%**  |  |
| 88498 | Tapestry, Inc. | 11231281 |
|  | **Tobacco — 0.6%**  |  |
| 38188 | Altria Group, Inc. | 2367274 |
| 28198 | Philip Morris International, Inc. | 5059849 |
|  |  | 7427123 |
|  | **Trading Companies &** <br> **Distributors — 2.5%**  |  |
| 54871 | Fastenal Co. | 2379207 |
| 57442 | FTAI Aviation Ltd. | 15642605 |
| 8162 | United Rentals, Inc. | 6383174 |
| 6547 | W.W. Grainger, Inc. | 7070367 |
|  |  | 31475353 |
|  | **Wireless Telecommunication** <br> **Services — 0.2%**  |  |
| 10845 | T-Mobile US, Inc. | 2138743 |
|  | **Total Common Stocks** | 1272784033 |
|  | (Cost $1,042,234,998) |  |
| **MONEY MARKET FUNDS — 0.1%** | **MONEY MARKET FUNDS — 0.1%** | **MONEY MARKET FUNDS — 0.1%** |
| 1293575 | Morgan Stanley Institutional <br> Liquidity Funds - Treasury <br> Portfolio - Institutional Class - <br> 3.56% (b) | 1293575 |
|  | (Cost $1,293,575) |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Value**<br>| **Description** | **Value** |
| **REPURCHASE AGREEMENTS — 0.0%** | **REPURCHASE AGREEMENTS — 0.0%** | **REPURCHASE AGREEMENTS — 0.0%** |
| $15 | Daiwa Capital Markets America, <br> Inc., 3.66% (b), dated <br> 01/30/26, due 02/02/26, with a <br> maturity value of $15. <br> Collateralized by <br> U.S. Treasury Securities, <br> interest rates of 1.13% to <br> 4.38%, due 02/28/27 to <br> 06/30/31. The value of the <br> collateral including accrued <br> interest is $15. (c) | $15 |
|  | (Cost $15) |  |
|  | **Total Investments — 100.0%** | 1274077623 |
|  | (Cost $1,043,528,588) |  |
|  | **Net Other Assets and** <br> **Liabilities — (0.0)%** | (437661)<br>|
|  | **Net Assets — 100.0%** | $1273639962 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income
 producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Rate
 shown reflects yield as of January 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;(c) This
 security serves as collateral for securities on loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Abbreviations throughout the Portfolio of Investments: <br> REITs – Real Estate Investment Trusts

------

**Valuation Inputs**

A summary of the inputs used to value the Fund's investments as of January 31, 2026 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total** <br>**Value at** <br>**1/31/2026**<br>| **Level 1** <br>**Quoted** <br>**Prices**<br>| **Level 2** <br>**Significant** <br>**Observable** <br>**Inputs**<br>| **Level 3** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>|
| Common Stocks\* | $1272784033 | &nbsp;&nbsp; $1272784033 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Money Market <br> Funds<br>| 1293575 | &nbsp;&nbsp; 1293575 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Repurchase <br> Agreements<br>| 15 | &nbsp;&nbsp; — | &nbsp;&nbsp; 15 | &nbsp;&nbsp; — |
| Total Investments | $1274077623 | &nbsp;&nbsp; $1274077608 | &nbsp;&nbsp; $15 | &nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Portfolio of Investments for industry breakout.

See Notes to Financial Statements

------

**First Trust Large Cap Growth AlphaDEX**<sup>®</sup> **Fund (FTC)**

**Portfolio of Investments (Continued)**

**January 31, 2026 (Unaudited)**

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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Repurchase Agreements** | **Repurchase Agreements** |
| Total gross amount presented on the Statements <br> of Assets and Liabilities<sup>(1)</sup> <br>| $15 |
| Non-cash Collateral<sup>(2)</sup> <br>| (15)<br>|
| Net Amount | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> The amount is included in "Investments, at value" on the Statements of Assets and Liabilities. 

<sup>(2)</sup> At January 31, 2026, the value of the collateral received from each seller exceeded the value of the repurchase agreements. 

See Notes to Financial Statements

------

**First Trust Multi Cap Value AlphaDEX**<sup>®</sup> **Fund (FAB)**

**Portfolio of Investments**

**January 31, 2026 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS — 100.0%** | **COMMON STOCKS — 100.0%** | **COMMON STOCKS — 100.0%** |
|  | **Aerospace & Defense — 0.5%**  |  |
| 314 | General Dynamics Corp. | $110242 |
| 158 | Huntington Ingalls Industries, <br> Inc. | 66441 |
| 381 | Northrop Grumman Corp. | 263751 |
| 1230 | Textron, Inc. | 108314 |
| 1668 | V2X, Inc. (a) | 114808 |
|  |  | 663556 |
|  | **Air Freight & Logistics —** <br> **0.9%**  |  |
| 710 | Expeditors International of <br> Washington, Inc. | 113983 |
| 1504 | FedEx Corp. | 484664 |
| 2136 | Hub Group, Inc., Class A | 101631 |
| 4381 | United Parcel Service, Inc., <br> Class B | 465350 |
|  |  | 1165628 |
|  | **Automobile Components —** <br> **0.8%**  |  |
| 1582 | Adient PLC (a) | 32906 |
| 1390 | Aptiv PLC (a) | 105293 |
| 1189 | BorgWarner, Inc. | 56370 |
| 9212 | Gentex Corp. | 211968 |
| 834 | Gentherm, Inc. (a) | 26655 |
| 750 | LCI Industries | 110017 |
| 2338 | Lear Corp. | 273756 |
| 280 | Patrick Industries, Inc. | 35328 |
| 986 | Phinia, Inc. | 70174 |
| 1300 | Visteon Corp. | 118118 |
|  |  | 1040585 |
|  | **Automobiles — 1.2%**  |  |
| 41399 | Ford Motor Co. | 574618 |
| 6679 | General Motors Co. | 561036 |
| 7545 | Harley-Davidson, Inc. | 149391 |
| 2088 | Thor Industries, Inc. | 233585 |
|  |  | 1518630 |
|  | **Banks — 8.4%**  |  |
| 1456 | 1st Source Corp. | 98032 |
| 1443 | Ameris Bancorp | 116335 |
| 2080 | Associated Banc-Corp. | 56701 |
| 1518 | Atlantic Union Bankshares Corp. | 58959 |
| 1244 | Axos Financial, Inc. (a) | 123144 |
| 3950 | Bank of America Corp. | 210140 |
| 5823 | Bank OZK | 276942 |
| 1387 | BankUnited, Inc. | 65841 |
| 1452 | Banner Corp. | 89792 |
| 1150 | Beacon Financial Corp. | 32603 |
| 905 | BOK Financial Corp. | 117596 |
| 3122 | Byline Bancorp, Inc. | 99685 |
| 1881 | Cathay General Bancorp | 96270 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Banks (Continued)**  |  |
| 2719 | Citigroup, Inc. | $314615 |
| 5433 | Citizens Financial Group, Inc. | 342170 |
| 3835 | Columbia Banking System, Inc. | 112902 |
| 1024 | Commerce Bancshares, Inc. | 53903 |
| 1094 | Community Trust Bancorp, Inc. | 67500 |
| 1157 | ConnectOne Bancorp, Inc. | 30799 |
| 415 | Customers Bancorp, Inc. (a) | 32793 |
| 3325 | CVB Financial Corp. | 65536 |
| 1008 | Dime Community Bancshares, <br> Inc. | 34292 |
| 1685 | Enterprise Financial Services <br> Corp. | 96635 |
| 6779 | Fifth Third Bancorp | 340441 |
| 597 | First Bancorp | 34584 |
| 2983 | First BanCorp | 65984 |
| 2599 | First Busey Corp. | 64065 |
| 3668 | First Commonwealth Financial <br> Corp. | 66134 |
| 4943 | First Financial Bancorp | 142062 |
| 2444 | First Hawaiian, Inc. | 64888 |
| 4485 | First Horizon Corp. | 109838 |
| 1787 | First Interstate BancSystem, Inc., <br> Class A | 63385 |
| 3300 | First Merchants Corp. | 131208 |
| 2418 | Firstsun Capital Bancorp (a) | 95463 |
| 9402 | FNB Corp. | 165005 |
| 4708 | Fulton Financial Corp. | 97220 |
| 774 | German American Bancorp, Inc. | 32562 |
| 2525 | Hancock Whitney Corp. | 173720 |
| 2681 | Hilltop Holdings, Inc. | 100403 |
| 3858 | Home BancShares, Inc. | 111496 |
| 5642 | Hope Bancorp, Inc. | 67591 |
| 25045 | Huntington Bancshares, Inc. | 437787 |
| 415 | Independent Bank Corp. | 33524 |
| 3227 | International Bancshares Corp. | 224728 |
| 2157 | M&T Bank Corp. | 477927 |
| 2394 | National Bank Holdings Corp., <br> Class A | 96191 |
| 1489 | NBT Bancorp, Inc. | 66156 |
| 5153 | Northwest Bancshares, Inc. | 66371 |
| 5070 | OceanFirst Financial Corp. | 95063 |
| 2221 | OFG Bancorp | 89506 |
| 807 | Origin Bancorp, Inc. | 34564 |
| 4118 | Peoples Bancorp, Inc.  | 133917 |
| 1041 | PNC Financial Services Group <br> (The), Inc. | 232455 |
| 861 | Popular, Inc. | 114969 |
| 655 | Preferred Bank | 56179 |
| 2326 | Prosperity Bancshares, Inc. | 160517 |
| 6262 | Provident Financial Services, <br> Inc. | 138641 |
| 742 | QCR Holdings, Inc. | 66973 |

---

See Notes to Financial Statements

------

**First Trust Multi Cap Value AlphaDEX**<sup>®</sup> **Fund (FAB)**

**Portfolio of Investments (Continued)**

**January 31, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Banks (Continued)**  |  |
| 16034 | Regions Financial Corp. | $456969 |
| 1756 | Renasant Corp. | 66219 |
| 2313 | S&T Bancorp, Inc. | 98626 |
| 1609 | Simmons First National Corp., <br> Class A | 32711 |
| 1708 | SouthState Bank Corp. | 174780 |
| 1999 | Stellar Bancorp, Inc. | 74243 |
| 1184 | Texas Capital Bancshares, <br> Inc. (a) | 119785 |
| 909 | Towne Bank | 31815 |
| 1305 | TriCo Bancshares | 65015 |
| 8830 | Truist Financial Corp. | 454039 |
| 2337 | Trustmark Corp. | 99369 |
| 5947 | U.S. Bancorp | 333686 |
| 932 | UMB Financial Corp. | 118494 |
| 2791 | United Bankshares, Inc. | 118143 |
| 5150 | United Community Banks, Inc. | 177315 |
| 13765 | Valley National Bancorp | 171512 |
| 3861 | WaFd, Inc. | 125946 |
| 2554 | Webster Financial Corp. | 167977 |
| 1860 | WesBanco, Inc. | 65639 |
| 1903 | Westamerica BanCorp | 96254 |
| 1912 | Western Alliance Bancorp | 170455 |
| 767 | Wintrust Financial Corp. | 113125 |
| 1648 | WSFS Financial Corp. | 106675 |
| 2746 | Zions Bancorp N.A. | 164513 |
|  |  | 10648007 |
|  | **Beverages — 0.5%**  |  |
| 317 | Boston Beer (The) Co., Inc., <br> Class A (a) | 67718 |
| 6169 | Brown-Forman Corp., Class B | 168845 |
| 350 | Coca-Cola Consolidated, Inc. | 53221 |
| 767 | Constellation Brands, Inc., <br> Class A | 120189 |
| 7757 | Keurig Dr Pepper, Inc. | 212852 |
|  |  | 622825 |
|  | **Biotechnology — 1.3%**  |  |
| 5746 | Alkermes PLC (a) | 194732 |
| 3086 | Biogen, Inc. (a) | 555141 |
| 3213 | Incyte Corp. (a) | 321525 |
| 18404 | Novavax, Inc. (a) (b) | 162783 |
| 411 | Regeneron Pharmaceuticals, Inc. | 304736 |
| 220 | United Therapeutics Corp. (a) | 103288 |
|  |  | 1642205 |
|  | **Broadline Retail — 0.3%**  |  |
| 177 | Dillard's, Inc., Class A | 107538 |
| 7574 | Kohl's Corp. | 132318 |
| 5609 | Macy's, Inc. | 112292 |
|  |  | 352148 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Building Products — 1.4%**  |  |
| 1603 | A.O. Smith Corp. | $117805 |
| 370 | Advanced Drainage Systems, <br> Inc. | 56255 |
| 1563 | Builders FirstSource, Inc. (a) | 178807 |
| 679 | Carlisle Cos, Inc. | 231464 |
| 4112 | Carrier Global Corp. | 244993 |
| 2143 | Fortune Brands Innovations, Inc. | 115936 |
| 1963 | Hayward Holdings, Inc. (a) | 31683 |
| 13915 | Janus International Group, <br> Inc. (a) | 95457 |
| 3424 | Masco Corp. | 226292 |
| 11202 | Masterbrand, Inc. (a) | 135768 |
| 664 | Simpson Manufacturing Co., Inc. | 117382 |
| 2354 | UFP Industries, Inc. | 243121 |
|  |  | 1794963 |
|  | **Capital Markets — 1.9%**  |  |
| 372 | Affiliated Managers Group, Inc. | 116469 |
| 911 | Bank of New York Mellon (The) <br> Corp. | 109247 |
| 854 | Cohen & Steers, Inc. | 54878 |
| 650 | Donnelley Financial Solutions, <br> Inc. (a) | 33637 |
| 4117 | Federated Hermes, Inc. | 219354 |
| 6730 | Franklin Resources, Inc. | 179153 |
| 8160 | Invesco Ltd. | 222686 |
| 865 | Jefferies Financial Group, Inc. | 52921 |
| 659 | Raymond James Financial, Inc. | 109302 |
| 2460 | State Street Corp. | 321916 |
| 5305 | T. Rowe Price Group, Inc. | 560632 |
| 3398 | Victory Capital Holdings, Inc., <br> Class A | 239661 |
| 948 | Virtus Investment Partners, Inc. | 154761 |
|  |  | 2374617 |
|  | **Chemicals — 2.9%**  |  |
| 2913 | Avient Corp. | 105305 |
| 4976 | Axalta Coating Systems Ltd. (a) | 167094 |
| 4043 | Cabot Corp. | 291864 |
| 7023 | CF Industries Holdings, Inc. | 654754 |
| 3241 | Corteva, Inc. | 235945 |
| 18586 | Dow, Inc. | 512044 |
| 4198 | Eastman Chemical Co. | 291005 |
| 2145 | Element Solutions, Inc. | 62420 |
| 1040 | H.B. Fuller Co. | 62504 |
| 3033 | Huntsman Corp. | 32817 |
| 498 | Minerals Technologies, Inc. | 32749 |
| 11123 | Mosaic (The) Co. | 305883 |
| 5937 | Olin Corp. | 123549 |
| 3097 | PPG Industries, Inc. | 358106 |
| 2089 | RPM International, Inc. | 223439 |
| 3264 | Stepan Co. | 188039 |
|  |  | 3647517 |

---

See Notes to Financial Statements

------

**First Trust Multi Cap Value AlphaDEX**<sup>®</sup> **Fund (FAB)**

**Portfolio of Investments (Continued)**

**January 31, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Commercial Services &** <br> **Supplies — 0.5%**  |  |
| 2151 | ABM Industries, Inc. | $99032 |
| 12201 | BrightView Holdings, Inc. (a) | 163005 |
| 260 | Brink's (The) Co. | 33030 |
| 1471 | HNI Corp. | 70299 |
| 3259 | Interface, Inc. | 102561 |
| 1659 | MillerKnoll, Inc. | 33313 |
| 472 | UniFirst Corp. | 101480 |
|  |  | 602720 |
|  | **Communications Equipment** <br> **— 0.2%**  |  |
| 3067 | Harmonic, Inc. (a) | 29811 |
| 3363 | NetScout Systems, Inc. (a) | 93525 |
| 2641 | Viasat, Inc. (a) | 119294 |
|  |  | 242630 |
|  | **Construction & Engineering** <br> **— 0.4%**  |  |
| 504 | Arcosa, Inc. | 57693 |
| 6762 | Fluor Corp. (a) | 312337 |
| 8538 | WillScot Holdings Corp. | 171016 |
|  |  | 541046 |
|  | **Construction Materials —** <br> **0.3%**  |  |
| 848 | CRH PLC | 103804 |
| 778 | Eagle Materials, Inc. | 158564 |
| 1524 | Knife River Corp. (a) | 102367 |
|  |  | 364735 |
|  | **Consumer Finance — 0.9%**  |  |
| 4733 | Ally Financial, Inc. | 200111 |
| 2088 | Bread Financial Holdings, Inc. | 151464 |
| 1602 | LendingClub Corp. (a) | 27090 |
| 2333 | Navient Corp. | 22887 |
| 684 | Nelnet, Inc., Class A | 90220 |
| 2380 | OneMain Holdings, Inc. | 155985 |
| 5242 | PROG Holdings, Inc. | 170050 |
| 5208 | Synchrony Financial | 378257 |
|  |  | 1196064 |
|  | **Consumer Staples Distribution** <br> **& Retail — 1.3%**  |  |
| 12485 | Albertsons Cos., Inc., Class A | 207875 |
| 1712 | Andersons (The), Inc. | 106127 |
| 595 | BJ's Wholesale Club Holdings, <br> Inc. (a) | 55002 |
| 797 | Dollar General Corp. | 114313 |
| 9010 | Grocery Outlet Holding <br> Corp. (a) | 85865 |
| 1693 | Kroger (The) Co. | 106405 |
| 247 | PriceSmart, Inc. | 35126 |
| 1435 | Sysco Corp. | 120325 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Consumer Staples Distribution** <br> **& Retail (Continued)**  |  |
| 5557 | Target Corp. | $586097 |
| 901 | United Natural Foods, Inc. (a) | 33544 |
| 2412 | Weis Markets, Inc. | 171614 |
|  |  | 1622293 |
|  | **Containers & Packaging —** <br> **2.1%**  |  |
| 10420 | Amcor PLC | 461085 |
| 295 | Avery Dennison Corp. | 54725 |
| 5991 | Ball Corp. | 340708 |
| 1561 | Crown Holdings, Inc. | 163406 |
| 17793 | Graphic Packaging Holding Co. | 260667 |
| 913 | Greif, Inc., Class A | 64476 |
| 2055 | O-I Glass, Inc. (a) | 31400 |
| 1539 | Packaging Corp. of America | 342505 |
| 5310 | Silgan Holdings, Inc. | 229127 |
| 14046 | Smurfit WestRock PLC | 584735 |
| 2456 | Sonoco Products Co. | 117888 |
| 856 | TriMas Corp. | 29763 |
|  |  | 2680485 |
|  | **Distributors — 0.4%**  |  |
| 860 | Genuine Parts Co. | 119532 |
| 8873 | LKQ Corp. | 291478 |
| 234 | Pool Corp. | 59457 |
|  |  | 470467 |
|  | **Diversified Consumer Services** <br> **— 0.6%**  |  |
| 33204 | ADT, Inc. | 265632 |
| 141 | Graham Holdings Co., Class B | 164495 |
| 21066 | KinderCare Learning Cos., <br> Inc. (a) | 98378 |
| 11122 | Mister Car Wash, Inc. (a) | 61727 |
| 1542 | Strategic Education, Inc. | 131101 |
|  |  | 721333 |
|  | **Diversified REITs — 0.1%**  |  |
| 8167 | American Assets Trust, Inc. | 147496 |
|  | **Diversified Telecommunication** <br> **Services — 1.3%**  |  |
| 21866 | AT&T, Inc. | 573108 |
| 18172 | Comcast Corp., Class A | 540617 |
| 13336 | Verizon Communications, Inc. | 593719 |
|  |  | 1707444 |
|  | **Electric Utilities — 5.1%**  |  |
| 4881 | Alliant Energy Corp. | 321707 |
| 3768 | American Electric Power Co., <br> Inc. | 451312 |
| 3707 | Duke Energy Corp. | 449844 |
| 9050 | Edison International | 563634 |
| 3433 | Entergy Corp. | 329190 |
| 5994 | Evergy, Inc. | 459920 |

---

See Notes to Financial Statements

------

**First Trust Multi Cap Value AlphaDEX**<sup>®</sup> **Fund (FAB)**

**Portfolio of Investments (Continued)**

**January 31, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Electric Utilities (Continued)**  |  |
| 6454 | Eversource Energy | $446165 |
| 9968 | Exelon Corp. | 446367 |
| 7088 | FirstEnergy Corp. | 335546 |
| 10055 | Hawaiian Electric Industries, <br> Inc. (a) | 154043 |
| 1318 | NextEra Energy, Inc. | 115852 |
| 664 | NRG Energy, Inc. | 101346 |
| 5020 | OGE Energy Corp. | 219274 |
| 1530 | Otter Tail Corp. | 136415 |
| 33800 | PG&E Corp. | 521196 |
| 2417 | Pinnacle West Capital Corp. | 226134 |
| 4467 | Portland General Electric Co. | 224467 |
| 9061 | PPL Corp. | 328461 |
| 3639 | Southern (The) Co. | 324999 |
| 4296 | Xcel Energy, Inc. | 326754 |
|  |  | 6482626 |
|  | **Electrical Equipment — 0.2%**  |  |
| 149 | Acuity, Inc. | 46077 |
| 421 | EnerSys | 75860 |
| 393 | Generac Holdings, Inc. (a) | 66040 |
| 764 | Regal Rexnord Corp. | 123386 |
|  |  | 311363 |
|  | **Electronic Equipment,** <br> **Instruments & Components** <br>**— 1.3%**  |  |
| 1946 | Arrow Electronics, Inc. (a) | 257826 |
| 3344 | Avnet, Inc. | 208632 |
| 460 | Belden, Inc. | 54055 |
| 709 | Benchmark Electronics, Inc. | 36967 |
| 777 | CDW Corp. | 98205 |
| 1314 | Crane NXT Co. | 66383 |
| 1442 | CTS Corp. | 74133 |
| 705 | ePlus, Inc. | 60496 |
| 1316 | Insight Enterprises, Inc. (a) | 110570 |
| 1416 | Knowles Corp. (a) | 34324 |
| 1071 | PC Connection, Inc. | 62986 |
| 206 | Plexus Corp. (a) | 41062 |
| 1070 | TD SYNNEX Corp. | 169777 |
| 207 | Teledyne Technologies, Inc. (a) | 128402 |
| 2094 | Vishay Intertechnology, Inc. | 42194 |
| 4324 | Vontier Corp. | 162150 |
| 436 | Zebra Technologies Corp., <br> Class A (a) | 102451 |
|  |  | 1710613 |
|  | **Energy Equipment & Services** <br> **— 3.4%**  |  |
| 9661 | Atlas Energy Solutions, Inc. | 112744 |
| 9542 | Baker Hughes Co. | 534734 |
| 4222 | Bristow Group, Inc. (a) | 185599 |
| 11580 | Expro Group Holdings N.V. (a) | 185396 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Energy Equipment & Services** <br> **(Continued)**  |  |
| 15376 | Halliburton Co. | $515403 |
| 3173 | Helmerich & Payne, Inc. | 107501 |
| 5655 | Innovex International, Inc. (a) | 140527 |
| 8374 | Liberty Energy, Inc. | 206419 |
| 17144 | NOV, Inc. | 314592 |
| 5147 | Oceaneering International, <br> Inc. (a) | 154925 |
| 20241 | Patterson-UTI Energy, Inc. | 152415 |
| 28418 | RPC, Inc. | 188980 |
| 3574 | Seadrill Ltd. (a) | 137527 |
| 8651 | Select Water Solutions, Inc. | 104591 |
| 14152 | SLB Ltd. | 684674 |
| 2449 | Tidewater, Inc. (a) | 153038 |
| 3067 | Valaris Ltd. (a) | 177058 |
| 2739 | Weatherford International PLC | 257685 |
|  |  | 4313808 |
|  | **Entertainment — 0.1%**  |  |
| 3670 | Warner Bros. Discovery, Inc. (a) | 101072 |
|  | **Financial Services — 3.1%**  |  |
| 864 | Berkshire Hathaway, Inc., <br> Class B (a) | 415178 |
| 8345 | Block, Inc. (a) | 504288 |
| 10518 | Corebridge Financial, Inc. | 324270 |
| 4122 | Essent Group Ltd. | 259356 |
| 2817 | Euronet Worldwide, Inc. (a) | 204120 |
| 7018 | Global Payments, Inc. | 503471 |
| 1005 | Jackson Financial, Inc., Class A | 119515 |
| 3631 | Merchants Bancorp | 150541 |
| 9170 | MGIC Investment Corp. | 246856 |
| 796 | NCR Atleos Corp. (a) | 29691 |
| 3790 | NMI Holdings, Inc. (a) | 146749 |
| 7443 | PayPal Holdings, Inc. | 392172 |
| 813 | PennyMac Financial Services, <br> Inc. | 81235 |
| 7445 | Radian Group, Inc. | 244940 |
| 719 | Voya Financial, Inc. | 55119 |
| 2056 | Walker & Dunlop, Inc. | 129302 |
| 13284 | Western Union (The) Co. (b) | 124471 |
|  |  | 3931274 |
|  | **Food Products — 3.2%**  |  |
| 5520 | Archer-Daniels-Midland Co. | 371551 |
| 3008 | Bunge Global S.A. | 342551 |
| 3368 | Cal-Maine Foods, Inc. | 281329 |
| 5769 | Campbell's (The) Co. | 161417 |
| 4466 | Darling Ingredients, Inc. (a) | 203917 |
| 11367 | Flowers Foods, Inc. | 129925 |
| 3471 | Fresh Del Monte Produce, Inc. | 137660 |
| 11681 | General Mills, Inc. | 540363 |
| 9167 | Hormel Foods Corp. | 225600 |
| 2430 | Ingredion, Inc. | 286983 |

---

See Notes to Financial Statements

------

**First Trust Multi Cap Value AlphaDEX**<sup>®</sup> **Fund (FAB)**

**Portfolio of Investments (Continued)**

**January 31, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Food Products (Continued)**  |  |
| 684 | J & J Snack Foods Corp. | $64980 |
| 3838 | Lamb Weston Holdings, Inc. | 176279 |
| 1553 | McCormick & Co., Inc. | 96022 |
| 4036 | Mondelez International, Inc., <br> Class A | 235985 |
| 2164 | Post Holdings, Inc. (a) | 221399 |
| 35 | Seaboard Corp. | 177880 |
| 5413 | Tyson Foods, Inc., Class A | 353631 |
|  |  | 4007472 |
|  | **Gas Utilities — 1.4%**  |  |
| 1296 | Atmos Energy Corp. | 215577 |
| 3168 | MDU Resources Group, Inc. | 64976 |
| 2678 | National Fuel Gas Co. | 224282 |
| 4648 | New Jersey Resources Corp. | 229983 |
| 2646 | Northwest Natural Holding Co. | 123198 |
| 2775 | ONE Gas, Inc. | 220779 |
| 3349 | Southwest Gas Holdings, Inc. | 277364 |
| 1944 | Spire, Inc. | 164248 |
| 5727 | UGI Corp. | 229710 |
|  |  | 1750117 |
|  | **Ground Transportation —** <br> **1.3%**  |  |
| 2084 | ArcBest Corp. | 188018 |
| 2918 | CSX Corp. | 110184 |
| 276 | J.B. Hunt Transport Services, <br> Inc. | 55951 |
| 3075 | Knight-Swift Transportation <br> Holdings, Inc. | 169432 |
| 10868 | Marten Transport Ltd. | 133676 |
| 675 | Old Dominion Freight Line, Inc. | 116910 |
| 1120 | Ryder System, Inc. | 214234 |
| 164 | Saia, Inc. (a) | 54919 |
| 3430 | Schneider National, Inc., Class B | 92061 |
| 4586 | U-Haul Holding Co. | 235308 |
| 939 | Union Pacific Corp. | 220759 |
| 3033 | Werner Enterprises, Inc. | 103880 |
|  |  | 1695332 |
|  | **Health Care Equipment &** <br> **Supplies — 1.2%**  |  |
| 343 | Align Technology, Inc. (a) | 55919 |
| 545 | Becton Dickinson & Co. | 110897 |
| 2241 | CONMED Corp. | 86032 |
| 2649 | GE HealthCare Technologies, <br> Inc. | 209191 |
| 2262 | Medtronic PLC | 232895 |
| 3382 | Solventum Corp. (a) | 260313 |
| 6041 | Zimmer Biomet Holdings, Inc. | 525990 |
|  |  | 1481237 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Health Care Providers &** <br> **Services — 2.9%**  |  |
| 10894 | Acadia Healthcare Co., Inc. (a) | $146415 |
| 15521 | AdaptHealth Corp. (a) | 155986 |
| 17508 | Ardent Health, Inc. (a) | 143040 |
| 125 | Chemed Corp. | 53392 |
| 1973 | Cigna Group (The) | 540819 |
| 1240 | Elevance Health, Inc. | 428718 |
| 465 | HCA Healthcare, Inc. | 227046 |
| 709 | Henry Schein, Inc. (a) | 53515 |
| 848 | Humana, Inc. | 165530 |
| 866 | Labcorp Holdings, Inc. | 235136 |
| 1235 | Molina Healthcare, Inc. (a) | 221794 |
| 451 | National HealthCare Corp. | 64543 |
| 4255 | Pediatrix Medical Group, Inc. (a) | 90972 |
| 1829 | Quest Diagnostics, Inc. | 342078 |
| 8328 | Select Medical Holdings Corp. | 125336 |
| 1597 | Tenet Healthcare Corp. (a) | 302280 |
| 658 | UnitedHealth Group, Inc. | 188800 |
| 1229 | Universal Health Services, Inc., <br> Class B | 247349 |
|  |  | 3732749 |
|  | **Health Care REITs — 0.2%**  |  |
| 4380 | Alexandria Real Estate Equities, <br> Inc. | 239323 |
| 3333 | Healthpeak Properties, Inc. | 57461 |
|  |  | 296784 |
|  | **Health Care Technology —** <br> **0.1%**  |  |
| 7584 | Evolent Health, Inc., Class A (a) | 24345 |
| 8834 | Teladoc Health, Inc. (a) | 48145 |
|  |  | 72490 |
|  | **Hotel & Resort REITs — 0.8%**  |  |
| 13046 | Apple Hospitality REIT, Inc. | 151856 |
| 10157 | DiamondRock Hospitality Co. | 93241 |
| 12091 | Host Hotels & Resorts, Inc. | 224046 |
| 11824 | Park Hotels & Resorts, Inc. | 129236 |
| 8039 | Pebblebrook Hotel Trust | 91805 |
| 20751 | RLJ Lodging Trust | 154180 |
| 6917 | Sunstone Hotel Investors, Inc. | 60662 |
| 8746 | Xenia Hotels & Resorts, Inc. | 129004 |
|  |  | 1034030 |
|  | **Hotels, Restaurants & Leisure** <br> **— 0.6%**  |  |
| 5420 | Accel Entertainment, Inc. (a) | 61300 |
| 9165 | Caesars Entertainment, Inc. (a) | 189715 |
| 3583 | Cracker Barrel Old Country <br> Store, Inc. (b) | 107920 |
| 1871 | Dave & Buster's Entertainment, <br> Inc. (a) | 35119 |
| 2680 | Marriott Vacations Worldwide <br> Corp. | 145551 |

---

See Notes to Financial Statements

------

**First Trust Multi Cap Value AlphaDEX**<sup>®</sup> **Fund (FAB)**

**Portfolio of Investments (Continued)**

**January 31, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Hotels, Restaurants & Leisure** <br> **(Continued)**  |  |
| 807 | Vail Resorts, Inc. | $107387 |
| 10925 | Wendy's (The) Co. (b) | 85106 |
|  |  | 732098 |
|  | **Household Durables — 3.8%**  |  |
| 51 | Cavco Industries, Inc. (a) | 25093 |
| 2605 | Century Communities, Inc. | 164063 |
| 359 | Champion Homes, Inc. (a) | 28138 |
| 3771 | D.R. Horton, Inc. | 561276 |
| 1974 | Green Brick Partners, Inc. (a) | 136976 |
| 207 | Installed Building Products, Inc. | 59645 |
| 4750 | KB Home | 273315 |
| 3318 | La-Z-Boy, Inc. | 120808 |
| 14054 | Leggett & Platt, Inc. | 164010 |
| 5284 | Lennar Corp., Class A | 577805 |
| 3599 | LGI Homes, Inc. (a) | 180346 |
| 1208 | M/I Homes, Inc. (a) | 161510 |
| 4072 | Meritage Homes Corp. | 283045 |
| 2452 | Mohawk Industries, Inc. (a) | 290268 |
| 33246 | Newell Brands, Inc. | 141296 |
| 44 | NVR, Inc. (a) | 335972 |
| 4632 | PulteGroup, Inc. | 579417 |
| 4552 | Taylor Morrison Home Corp. (a) | 277444 |
| 1982 | Toll Brothers, Inc. | 286379 |
| 128 | TopBuild Corp. (a) | 59910 |
| 4912 | Tri Pointe Homes, Inc. (a) | 163815 |
|  |  | 4870531 |
|  | **Household Products — 0.9%**  |  |
| 4237 | Central Garden & Pet Co., <br> Class A (a) | 129949 |
| 1261 | Church & Dwight Co., Inc. | 121371 |
| 6218 | Energizer Holdings, Inc. | 135739 |
| 2153 | Kimberly-Clark Corp. | 215278 |
| 1516 | Procter & Gamble (The) Co. | 230083 |
| 7015 | Reynolds Consumer Products, <br> Inc. | 162538 |
| 2617 | Spectrum Brands Holdings, Inc. | 166729 |
|  |  | 1161687 |
|  | **Independent Power and** <br> **Renewable Electricity** <br>**Producers — 0.2%**  |  |
| 11212 | AES (The) Corp. | 164256 |
| 3223 | Clearway Energy, Inc., Class C | 116511 |
|  |  | 280767 |
|  | **Industrial REITs — 0.3%**  |  |
| 4167 | Americold Realty Trust, Inc. | 51712 |
| 3264 | Innovative Industrial Properties, <br> Inc. | 157717 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Industrial REITs (Continued)**  |  |
| 3062 | Lineage, Inc. | $109344 |
| 1835 | LXP Industrial Trust | 90924 |
|  |  | 409697 |
|  | **Insurance — 7.1%**  |  |
| 1970 | Aflac, Inc. | 218572 |
| 2610 | Allstate (The) Corp. | 519364 |
| 392 | American Financial Group, Inc. | 51066 |
| 6349 | American International Group, <br> Inc. | 475413 |
| 5663 | Arch Capital Group Ltd. (a) | 543875 |
| 445 | Assurant, Inc. | 105968 |
| 2982 | Assured Guaranty Ltd. | 253023 |
| 2002 | Axis Capital Holdings Ltd. | 206566 |
| 2386 | Brighthouse Financial, Inc. (a) | 152847 |
| 1392 | Chubb Ltd. | 430908 |
| 2661 | Cincinnati Financial Corp. | 428128 |
| 3368 | CNA Financial Corp. | 161193 |
| 2143 | CNO Financial Group, Inc. | 90113 |
| 2108 | Employers Holdings, Inc. | 91951 |
| 158 | Everest Group Ltd. | 52342 |
| 7960 | Fidelity National Financial, Inc. | 432944 |
| 3489 | First American Financial Corp. | 220435 |
| 10078 | Genworth Financial, Inc. (a) | 84051 |
| 1150 | Globe Life, Inc. | 161253 |
| 5541 | Hamilton Insurance Group Ltd., <br> Class B (a) | 153763 |
| 880 | Hanover Insurance Group (The), <br> Inc. | 153243 |
| 3153 | Hartford Insurance Group (The), <br> Inc. | 425844 |
| 1339 | Horace Mann Educators Corp. | 60001 |
| 6610 | Kemper Corp. | 260500 |
| 6018 | Lincoln National Corp. | 250409 |
| 4126 | Loews Corp. | 435582 |
| 202 | Markel Group, Inc. (a) | 412209 |
| 1709 | Mercury General Corp. | 149691 |
| 1340 | MetLife, Inc. | 105699 |
| 2348 | Old Republic International Corp. | 91971 |
| 2463 | Principal Financial Group, Inc. | 233295 |
| 1925 | Prudential Financial, Inc. | 213887 |
| 527 | Reinsurance Group of America, <br> Inc. | 106849 |
| 953 | RenaissanceRe Holdings Ltd. | 268460 |
| 838 | RLI Corp. | 48964 |
| 1168 | Safety Insurance Group, Inc. | 91922 |
| 1281 | Selective Insurance Group, Inc. | 107706 |
| 880 | Stewart Information Services <br> Corp. | 59338 |
| 1498 | Travelers (The) Cos., Inc. | 426196 |

---

See Notes to Financial Statements

------

**First Trust Multi Cap Value AlphaDEX**<sup>®</sup> **Fund (FAB)**

**Portfolio of Investments (Continued)**

**January 31, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Insurance (Continued)**  |  |
| 1383 | Unum Group | $105067 |
| 3098 | W.R. Berkley Corp. | 212461 |
|  |  | 9053069 |
|  | **Interactive Media & Services** <br> **— 0.2%**  |  |
| 776 | IAC, Inc. (a) | 28673 |
| 2083 | TripAdvisor, Inc. (a) | 27683 |
| 4398 | Ziff Davis, Inc. (a) | 168092 |
|  |  | 224448 |
|  | **IT Services — 0.8%**  |  |
| 810 | Accenture PLC, Class A | 213549 |
| 1228 | Akamai Technologies, Inc. (a) | 119300 |
| 2567 | ASGN, Inc. (a) | 133715 |
| 3823 | Cognizant Technology Solutions <br> Corp., Class A | 313716 |
| 10552 | DXC Technology Co. (a) | 152265 |
| 262 | EPAM Systems, Inc. (a) | 54653 |
|  |  | 987198 |
|  | **Leisure Products — 0.2%**  |  |
| 8104 | Mattel, Inc. (a) | 169292 |
| 687 | YETI Holdings, Inc. (a) | 31403 |
|  |  | 200695 |
|  | **Life Sciences Tools & Services** <br> **— 0.1%**  |  |
| 777 | Agilent Technologies, Inc. | 104002 |
| 554 | Revvity, Inc. | 60275 |
|  |  | 164277 |
|  | **Machinery — 2.1%**  |  |
| 1027 | AGCO Corp. | 116472 |
| 1642 | Allison Transmission Holdings, <br> Inc. | 178485 |
| 2782 | Dover Corp. | 560545 |
| 561 | Franklin Electric Co., Inc. | 55887 |
| 3307 | Greenbrier (The) Cos., Inc. | 166739 |
| 567 | Helios Technologies, Inc. | 36730 |
| 7140 | Hillman Solutions Corp. (a) | 66902 |
| 3203 | Kennametal, Inc. | 110151 |
| 525 | Lindsay Corp. | 65767 |
| 934 | Mueller Industries, Inc. | 127155 |
| 1706 | Oshkosh Corp. | 245357 |
| 966 | PACCAR, Inc. | 118731 |
| 921 | Snap-on, Inc. | 337187 |
| 1443 | Stanley Black & Decker, Inc. | 113506 |
| 839 | Tennant Co. | 63840 |
| 1158 | Terex Corp. | 66006 |
| 1911 | Timken (The) Co. | 178086 |
| 681 | Toro (The) Co. | 62312 |
| 588 | Worthington Enterprises, Inc. | 32675 |
|  |  | 2702533 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Marine Transportation —** <br> **0.2%**  |  |
| 1251 | Matson, Inc. | $200535 |
|  | **Media — 1.3%**  |  |
| 2082 | Charter Communications, Inc., <br> Class A (a) | 429142 |
| 5947 | Fox Corp., Class A | 432823 |
| 2971 | John Wiley & Sons, Inc., <br> Class A | 92784 |
| 4049 | News Corp., Class A | 109445 |
| 1056 | Nexstar Media Group, Inc. | 224273 |
| 13401 | Sirius XM Holdings, Inc. | 272710 |
| 12646 | Stagwell, Inc. (a) | 76002 |
|  |  | 1637179 |
|  | **Metals & Mining — 1.3%**  |  |
| 5042 | Alcoa Corp. | 286436 |
| 538 | Kaiser Aluminum Corp. | 65970 |
| 2664 | Nucor Corp. | 473446 |
| 1098 | Reliance, Inc. | 361791 |
| 1873 | Steel Dynamics, Inc. | 336335 |
| 3572 | Worthington Steel, Inc. | 143701 |
|  |  | 1667679 |
|  | **Mortgage REITs — 0.8%**  |  |
| 4999 | AGNC Investment Corp. (b) | 56989 |
| 7190 | Annaly Capital Management, <br> Inc. | 165442 |
| 12776 | Apollo Commercial Real Estate <br> Finance, Inc. | 138108 |
| 19922 | Arbor Realty Trust, Inc. (b) | 153399 |
| 4975 | Chimera Investment Corp. | 61441 |
| 8281 | Ladder Capital Corp. | 90843 |
| 24583 | Rithm Capital Corp. | 268938 |
| 2976 | Starwood Property Trust, Inc. | 53360 |
|  |  | 988520 |
|  | **Multi-Utilities — 2.6%**  |  |
| 4351 | Ameren Corp. | 449371 |
| 3209 | Avista Corp. | 132500 |
| 3088 | Black Hills Corp. | 225362 |
| 5667 | CenterPoint Energy, Inc. | 224923 |
| 4538 | CMS Energy Corp. | 324422 |
| 4375 | Consolidated Edison, Inc. | 466506 |
| 5416 | Dominion Energy, Inc. | 325881 |
| 2460 | DTE Energy Co. | 330575 |
| 7599 | NiSource, Inc. | 336560 |
| 2461 | Sempra | 214131 |
| 2060 | WEC Energy Group, Inc. | 227980 |
|  |  | 3258211 |
|  | **Office REITs — 0.7%**  |  |
| 8315 | Cousins Properties, Inc. | 209871 |
| 11253 | Douglas Emmett, Inc. | 118832 |

---

See Notes to Financial Statements

------

**First Trust Multi Cap Value AlphaDEX**<sup>®</sup> **Fund (FAB)**

**Portfolio of Investments (Continued)**

**January 31, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Office REITs (Continued)**  |  |
| 5836 | Easterly Government Properties, <br> Inc. | $136504 |
| 4790 | Highwoods Properties, Inc. | 123821 |
| 7170 | Kilroy Realty Corp. | 247221 |
|  |  | 836249 |
|  | **Oil, Gas & Consumable Fuels** <br> **— 10.4%**  |  |
| 6221 | Antero Resources Corp. (a) | 226258 |
| 10955 | APA Corp. | 289322 |
| 1117 | BKV Corp. (a) | 33231 |
| 5993 | California Resources Corp. | 320626 |
| 2235 | Cheniere Energy, Inc. | 472747 |
| 3564 | Chevron Corp. | 630472 |
| 2891 | Chord Energy Corp. | 289794 |
| 7287 | CNX Resources Corp. (a) | 282736 |
| 5802 | ConocoPhillips | 604742 |
| 1211 | Core Natural Resources, Inc. | 115505 |
| 20637 | Coterra Energy, Inc. | 595377 |
| 18426 | Crescent Energy Co., Class A | 180022 |
| 3577 | CVR Energy, Inc. (a) | 81341 |
| 14828 | Devon Energy Corp. | 596234 |
| 3613 | Diamondback Energy, Inc. | 592351 |
| 6351 | Dorian LPG Ltd. | 187545 |
| 5172 | EOG Resources, Inc. | 579936 |
| 10134 | EQT Corp. | 585036 |
| 4922 | Expand Energy Corp. | 553282 |
| 4513 | Exxon Mobil Corp. | 638138 |
| 5815 | HF Sinclair Corp. | 302322 |
| 3184 | International Seaways, Inc. | 189926 |
| 11543 | Kinder Morgan, Inc. | 351946 |
| 136295 | Kosmos Energy Ltd. (a) | 215346 |
| 12241 | Magnolia Oil & Gas Corp., <br> Class A | 312268 |
| 1951 | Marathon Petroleum Corp. | 343747 |
| 6314 | Matador Resources Co. | 285645 |
| 4947 | Murphy Oil Corp. | 148855 |
| 7200 | Northern Oil & Gas, Inc. | 180000 |
| 13209 | Occidental Petroleum Corp. | 599557 |
| 5912 | ONEOK, Inc. | 468171 |
| 6837 | Ovintiv, Inc. | 297204 |
| 4399 | Par Pacific Holdings, Inc. (a) | 166018 |
| 1119 | PBF Energy, Inc., Class A | 37442 |
| 2082 | Peabody Energy Corp. | 73411 |
| 19099 | Permian Resources Corp., <br> Class A | 308067 |
| 1684 | Phillips 66 | 241755 |
| 6080 | Range Resources Corp. | 230128 |
| 8267 | SM Energy Co. | 160959 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Oil, Gas & Consumable Fuels** <br> **(Continued)**  |  |
| 11223 | Talos Energy, Inc. (a) | $133778 |
| 1335 | Valero Energy Corp. | 242209 |
|  |  | 13143449 |
|  | **Paper & Forest Products —** <br> **0.2%**  |  |
| 1327 | Louisiana-Pacific Corp. | 111123 |
| 2569 | Sylvamo Corp. | 125727 |
|  |  | 236850 |
|  | **Passenger Airlines — 0.9%**  |  |
| 7826 | Delta Air Lines, Inc. | 515655 |
| 20001 | JetBlue Airways Corp. (a) | 97405 |
| 2559 | Southwest Airlines Co. | 121604 |
| 3886 | United Airlines Holdings, <br> Inc. (a) | 397615 |
|  |  | 1132279 |
|  | **Personal Care Products —** <br> **0.4%**  |  |
| 87000 | Coty, Inc., Class A (a) | 275790 |
| 7254 | Edgewell Personal Care Co. | 141163 |
| 6132 | Kenvue, Inc. | 106697 |
|  |  | 523650 |
|  | **Pharmaceuticals — 1.8%**  |  |
| 4618 | Amphastar Pharmaceuticals, <br> Inc. (a) | 122331 |
| 5883 | Bristol-Myers Squibb Co. | 323859 |
| 2432 | Harmony Biosciences Holdings, <br> Inc. (a) | 88817 |
| 6187 | Innoviva, Inc. (a) | 123740 |
| 1050 | Johnson & Johnson | 238612 |
| 4128 | Merck & Co., Inc. | 455195 |
| 17249 | Organon & Co. | 147306 |
| 15400 | Perrigo Co. PLC | 218834 |
| 21814 | Pfizer, Inc. | 576762 |
|  |  | 2295456 |
|  | **Professional Services — 1.7%**  |  |
| 1848 | Amentum Holdings, Inc. (a) | 66121 |
| 1271 | Booz Allen Hamilton Holding <br> Corp. | 112382 |
| 101 | CACI International, Inc., <br> Class A (a) | 62679 |
| 3718 | Concentrix Corp. (b) | 138867 |
| 314 | FTI Consulting, Inc. (a) | 54846 |
| 2291 | Genpact Ltd. | 101033 |
| 1067 | ICF International, Inc. | 99498 |
| 3999 | KBR, Inc. | 171197 |
| 3247 | Korn Ferry | 225569 |
| 1759 | Leidos Holdings, Inc. | 331185 |
| 1020 | ManpowerGroup, Inc. | 37057 |
| 1863 | Maximus, Inc. | 175942 |
| 5920 | Robert Half, Inc. | 204891 |

---

See Notes to Financial Statements

------

**First Trust Multi Cap Value AlphaDEX**<sup>®</sup> **Fund (FAB)**

**Portfolio of Investments (Continued)**

**January 31, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Professional Services** <br> **(Continued)**  |  |
| 2130 | Science Applications <br> International Corp. | $216749 |
| 1210 | SS&C Technologies Holdings, <br> Inc. | 99087 |
| 513 | TriNet Group, Inc. | 31416 |
|  |  | 2128519 |
|  | **Real Estate Management &** <br> **Development — 0.3%**  |  |
| 6277 | Forestar Group, Inc. (a) | 163327 |
| 2016 | Howard Hughes Holdings, <br> Inc. (a) | 164627 |
| 3137 | Kennedy-Wilson Holdings, Inc. | 30899 |
| 1749 | Newmark Group, Inc., Class A | 31185 |
|  |  | 390038 |
|  | **Residential REITs — 0.7%**  |  |
| 1750 | AvalonBay Communities, Inc. | 310923 |
| 6893 | Equity Residential | 429572 |
| 761 | Mid-America Apartment <br> Communities, Inc. | 102202 |
|  |  | 842697 |
|  | **Semiconductors &** <br> **Semiconductor Equipment** <br>**— 1.1%**  |  |
| 2715 | Amkor Technology, Inc. | 131216 |
| 770 | Axcelis Technologies, Inc. (a) | 67814 |
| 1357 | Cirrus Logic, Inc. (a) | 176871 |
| 1844 | Diodes, Inc. (a) | 109146 |
| 1672 | Enphase Energy, Inc. (a) | 61831 |
| 761 | Micron Technology, Inc. | 315724 |
| 487 | NXP Semiconductors N.V. | 110130 |
| 3865 | Photronics, Inc. (a) | 133613 |
| 634 | Qorvo, Inc. (a) | 49522 |
| 3381 | Skyworks Solutions, Inc. | 188524 |
| 1061 | Veeco Instruments, Inc. (a) | 33135 |
|  |  | 1377526 |
|  | **Software — 0.4%**  |  |
| 2974 | NCR Voyix Corp. (a) | 29502 |
| 5036 | Zoom Communications, Inc. (a) | 463816 |
|  |  | 493318 |
|  | **Specialized REITs — 0.3%**  |  |
| 408 | Public Storage | 112685 |
| 7140 | Rayonier, Inc. | 162364 |
| 11292 | Safehold, Inc. | 159330 |
|  |  | 434379 |
|  | **Specialty Retail — 2.9%**  |  |
| 1703 | Abercrombie & Fitch Co., <br> Class A (a) | 166264 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Specialty Retail (Continued)**  |  |
| 2475 | Academy Sports & Outdoors, <br> Inc. | $136150 |
| 772 | Advance Auto Parts, Inc. (b) | 37064 |
| 2345 | American Eagle Outfitters, Inc. | 54662 |
| 1152 | Asbury Automotive Group, <br> Inc. (a) | 270155 |
| 779 | AutoNation, Inc. (a) | 159679 |
| 10676 | Bath & Body Works, Inc. | 232737 |
| 801 | Best Buy Co., Inc. | 52145 |
| 1224 | Buckle (The), Inc. | 57895 |
| 6935 | CarMax, Inc. (a) | 308885 |
| 541 | Dick's Sporting Goods, Inc. | 109282 |
| 880 | Floor & Decor Holdings, Inc., <br> Class A (a) | 58045 |
| 5338 | GameStop Corp., Class A (a) | 127471 |
| 8374 | Gap (The), Inc. | 234304 |
| 409 | Group 1 Automotive, Inc. | 144892 |
| 806 | Lithia Motors, Inc. | 260693 |
| 439 | Lowe's Cos., Inc. | 117239 |
| 266 | Murphy USA, Inc. | 112388 |
| 1354 | Penske Automotive Group, Inc. | 212294 |
| 8673 | Sally Beauty Holdings, Inc. (a) | 132003 |
| 366 | Signet Jewelers Ltd. | 33771 |
| 1000 | Sonic Automotive, Inc., Class A | 59960 |
| 2115 | Tractor Supply Co. | 107611 |
| 175 | Ulta Beauty, Inc. (a) | 113288 |
| 7043 | Upbound Group, Inc. | 133113 |
| 560 | Victoria's Secret & Co. (a) | 30526 |
| 1217 | Williams-Sonoma, Inc. | 249059 |
|  |  | 3711575 |
|  | **Technology Hardware, Storage** <br> **& Peripherals — 1.0%**  |  |
| 1726 | Dell Technologies, Inc., Class C | 197523 |
| 9045 | Hewlett Packard Enterprise Co. | 194648 |
| 14242 | HP, Inc. | 276865 |
| 988 | NetApp, Inc. | 95194 |
| 1842 | Western Digital Corp. | 460924 |
|  |  | 1225154 |
|  | **Textiles, Apparel & Luxury** <br> **Goods — 0.7%**  |  |
| 1122 | Columbia Sportswear Co. | 62024 |
| 3061 | Deckers Outdoor Corp. (a) | 365300 |
| 5338 | G-III Apparel Group Ltd. | 156670 |
| 1012 | Kontoor Brands, Inc. | 60447 |
| 2982 | Levi Strauss & Co., Class A | 59282 |
| 2307 | PVH Corp. | 143865 |
| 1671 | Wolverine World Wide, Inc. | 29610 |
|  |  | 877198 |
|  | **Tobacco — 0.1%**  |  |
| 2931 | Universal Corp. | 165865 |

---

See Notes to Financial Statements

------

**First Trust Multi Cap Value AlphaDEX**<sup>®</sup> **Fund (FAB)**

**Portfolio of Investments (Continued)**

**January 31, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Trading Companies &** <br> **Distributors — 0.8%**  |  |
| 1680 | Boise Cascade Co. | $135761 |
| 2289 | DNOW, Inc. (a) | 34770 |
| 475 | Ferguson Enterprises, Inc. | 119919 |
| 2116 | Global Industrial Co. | 64665 |
| 722 | Herc Holdings, Inc. | 103491 |
| 637 | MSC Industrial Direct Co., Inc., <br> Class A | 53725 |
| 3974 | Rush Enterprises, Inc., Class A | 255091 |
| 314 | Watsco, Inc. | 121345 |
| 219 | WESCO International, Inc. | 63385 |
|  |  | 952152 |
|  | **Water Utilities — 0.3%**  |  |
| 1665 | American Water Works Co., Inc. | 215001 |
| 4191 | Essential Utilities, Inc. | 162569 |
|  |  | 377570 |
|  | **Wireless Telecommunication** <br> **Services — 0.3%**  |  |
| 4817 | Array Digital Infrastructure, Inc. | 232131 |
| 3921 | Telephone and Data Systems, <br> Inc. | 176955 |
|  |  | 409086 |
|  | **Total Common Stocks** | 126780495 |
|  | (Cost $115,175,084) |  |
| **MONEY MARKET FUNDS — 0.2%** | **MONEY MARKET FUNDS — 0.2%** | **MONEY MARKET FUNDS — 0.2%** |
| 270049 | Morgan Stanley Institutional <br> Liquidity Funds - Treasury <br> Portfolio - Institutional Class - <br> 3.56% (c) | 270049 |
|  | (Cost $270,049) |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Value**<br>| **Description** | **Value** |
| **REPURCHASE AGREEMENTS — 0.6%** | **REPURCHASE AGREEMENTS — 0.6%** | **REPURCHASE AGREEMENTS — 0.6%** |
| $836868 | Citigroup, Inc., 3.66% (c), dated <br> 01/30/26, due 02/02/26, with a <br> maturity value of $837,123. <br> Collateralized by <br> U.S. Treasury Note, interest <br> rate of 4.25%, due 02/15/28. <br> The value of the collateral <br> including accrued interest is <br> $853,606. (d) | 836868 |
|  | (Cost $836,868) |  |
|  | **Total Investments — 100.8%** | 127887412 |
|  | (Cost $116,282,001) |  |
|  | **Net Other Assets and** <br> **Liabilities — (0.8)%** | (1061757)<br>|
|  | **Net Assets — 100.0%** | $126825655 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income
 producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(b) All
 or a portion of this security is on loan (see Note 2D - Securities
 Lending in the Notes to Financial Statements). The remaining
 contractual maturity of all of the securities lending transactions
 is overnight and continuous. The aggregate value
 of such securities is $778,562 and the total value of the collateral
 held by the Fund, including for securities sold and pending
 settlement, is $836,868.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Rate
 shown reflects yield as of January 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;(d) This
 security serves as collateral for securities on loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Abbreviations throughout the Portfolio of Investments: <br> REITs – Real Estate Investment Trusts

------

**Valuation Inputs**

A summary of the inputs used to value the Fund's investments as of January 31, 2026 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total** <br>**Value at** <br>**1/31/2026**<br>| **Level 1** <br>**Quoted** <br>**Prices**<br>| **Level 2** <br>**Significant** <br>**Observable** <br>**Inputs**<br>| **Level 3** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>|
| Common Stocks\* | $126780495 | &nbsp;&nbsp; $126780495 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Money Market Funds | 270049 | &nbsp;&nbsp; 270049 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Repurchase Agreements | 836868 | &nbsp;&nbsp; — | &nbsp;&nbsp; 836868 | &nbsp;&nbsp; — |
| Total Investments | $127887412 | &nbsp;&nbsp; $127050544 | &nbsp;&nbsp; $836868 | &nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Securities Lending Agency Agreement** | **Securities Lending Agency Agreement** |
| Total gross amount presented on the Statements <br> of Assets and Liabilities<sup>(1)</sup> <br>| $778562 |
| Non-cash Collateral<sup>(2)</sup> <br>| (778562)<br>|
| Net Amount | $— |

---

See Notes to Financial Statements

------

**First Trust Multi Cap Value AlphaDEX**<sup>®</sup> **Fund (FAB)**

**Portfolio of Investments (Continued)**

**January 31, 2026 (Unaudited)**

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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Repurchase Agreements** | **Repurchase Agreements** |
| Total gross amount presented on the Statements <br> of Assets and Liabilities<sup>(3)</sup> <br>| $836868 |
| Non-cash Collateral<sup>(4)</sup> <br>| (836868)<br>|
| Net Amount | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> 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. 

<sup>(2)</sup> At January 31, 2026, 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. 

<sup>(3)</sup> The amount is included in "Investments, at value" on the Statements of Assets and Liabilities. 

<sup>(4)</sup> At January 31, 2026, the value of the collateral received from each seller exceeded the value of the repurchase agreements. 

See Notes to Financial Statements

------

**First Trust Multi Cap Growth AlphaDEX**<sup>®</sup> **Fund (FAD)**

**Portfolio of Investments**

**January 31, 2026 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS — 99.8%** | **COMMON STOCKS — 99.8%** | **COMMON STOCKS — 99.8%** |
|  | **Aerospace & Defense — 4.6%**  |  |
| 9381 | Astronics Corp. (a) | $710611 |
| 7687 | ATI, Inc. (a) | 924746 |
| 4811 | Boeing (The) Co. (a) | 1124427 |
| 4082 | BWX Technologies, Inc. | 838565 |
| 12460 | Cadre Holdings, Inc. | 498525 |
| 2242 | Carpenter Technology Corp. | 712575 |
| 2595 | Curtiss-Wright Corp. | 1704111 |
| 3391 | General Electric Co. | 1040325 |
| 3228 | HEICO Corp. | 1068177 |
| 6976 | Howmet Aerospace, Inc. | 1451566 |
| 12543 | Intuitive Machines, Inc. (a) (b) | 238192 |
| 4649 | Kratos Defense & Security <br> Solutions, Inc. (a) | 478893 |
| 5176 | Leonardo DRS, Inc. | 212527 |
| 4104 | Mercury Systems, Inc. (a) | 385284 |
| 25632 | Rocket Lab Corp. (a) | 2052354 |
| 9750 | RTX Corp. | 1959067 |
| 24606 | StandardAero, Inc. (a) | 760079 |
| 261 | TransDigm Group, Inc. | 372588 |
| 2356 | VSE Corp. | 514951 |
| 5916 | Woodward, Inc. | 1880341 |
|  |  | 18927904 |
|  | **Automobile Components —** <br> **0.4%**  |  |
| 21419 | Dana, Inc. | 619009 |
| 2863 | Dorman Products, Inc. (a) | 355585 |
| 29198 | Garrett Motion, Inc. | 526732 |
|  |  | 1501326 |
|  | **Automobiles — 0.5%**  |  |
| 90719 | Rivian Automotive, Inc., <br> Class A (a) | 1338105 |
| 1589 | Tesla, Inc. (a) | 683922 |
|  |  | 2022027 |
|  | **Banks — 2.2%**  |  |
| 26381 | Banc of California, Inc. | 527092 |
| 6030 | Bancorp (The), Inc. (a) | 358423 |
| 2459 | Bank First Corp. | 343129 |
| 1708 | City Holding Co. | 210238 |
| 2613 | Coastal Financial Corp. (a) | 250273 |
| 3543 | Community Financial System, <br> Inc. | 221437 |
| 2787 | Cullen/Frost Bankers, Inc. | 384104 |
| 4709 | East West Bancorp, Inc. | 538898 |
| 668 | First Citizens BancShares, Inc., <br> Class A | 1382473 |
| 4441 | JPMorgan Chase & Co. | 1358457 |
| 1678 | Nicolet Bankshares, Inc. | 244954 |
| 23723 | Old National Bancorp | 579553 |
| 655 | Park National Corp. | 106726 |
| 4219 | Pathward Financial, Inc. | 380934 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Banks (Continued)**  |  |
| 3697 | Pinnacle Financial Partners, Inc. | $351548 |
| 1449 | Republic Bancorp, Inc., Class A | 105212 |
| 9536 | Seacoast Banking Corp. of <br> Florida | 318884 |
| 1536 | Stock Yards Bancorp, Inc. | 103972 |
| 15348 | Wells Fargo & Co. | 1388841 |
|  |  | 9155148 |
|  | **Beverages — 0.9%**  |  |
| 11571 | Celsius Holdings, Inc. (a) | 607246 |
| 10231 | Coca-Cola (The) Co. | 765381 |
| 18658 | Monster Beverage Corp. (a) | 1506820 |
| 10790 | Primo Brands Corp. | 204363 |
| 9601 | Vita Coco (The) Co., Inc. (a) | 512213 |
|  |  | 3596023 |
|  | **Biotechnology — 7.2%**  |  |
| 33026 | ACADIA Pharmaceuticals, <br> Inc. (a) | 829943 |
| 38691 | ADMA Biologics, Inc. (a) | 669354 |
| 2628 | Alnylam Pharmaceuticals, <br> Inc. (a) | 888422 |
| 5461 | Amgen, Inc. | 1867007 |
| 16208 | Apellis Pharmaceuticals, Inc. (a) | 365977 |
| 17526 | Arcutis Biotherapeutics, Inc. (a) | 444635 |
| 87292 | Ardelyx, Inc. (a) | 671275 |
| 7664 | Arrowhead Pharmaceuticals, <br> Inc. (a) | 531345 |
| 25717 | ARS Pharmaceuticals, <br> Inc. (a) (b) | 256913 |
| 7344 | Beam Therapeutics, Inc. (a) | 202841 |
| 52196 | BioCryst Pharmaceuticals, <br> Inc. (a) | 343450 |
| 8907 | BioMarin Pharmaceutical, <br> Inc. (a) | 503602 |
| 11531 | Bridgebio Pharma, Inc. (a) | 891000 |
| 17444 | Catalyst Pharmaceuticals, <br> Inc. (a) | 423889 |
| 3677 | Celldex Therapeutics, Inc. (a) | 90454 |
| 9805 | CG Oncology, Inc. (a) | 510350 |
| 13882 | Cytokinetics, Inc. (a) | 877203 |
| 16102 | Exelixis, Inc. (a) | 665979 |
| 11655 | Gilead Sciences, Inc. | 1654427 |
| 5945 | GRAIL, Inc. (a) | 581540 |
| 10486 | Halozyme Therapeutics, Inc. (a) | 751951 |
| 8220 | Insmed, Inc. (a) | 1289471 |
| 11152 | Ionis Pharmaceuticals, Inc. (a) | 921936 |
| 3578 | Krystal Biotech, Inc. (a) | 999121 |
| 5233 | Kymera Therapeutics, Inc. (a) | 380387 |
| 1515 | Madrigal Pharmaceuticals, <br> Inc. (a) | 741305 |
| 52837 | MannKind Corp. (a) | 305398 |
| 30070 | MiMedx Group, Inc. (a) | 153658 |

---

See Notes to Financial Statements

------

**First Trust Multi Cap Growth AlphaDEX**<sup>®</sup> **Fund (FAD)**

**Portfolio of Investments (Continued)**

**January 31, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Biotechnology (Continued)**  |  |
| 6442 | Mirum Pharmaceuticals, Inc. (a) | $664943 |
| 7805 | Natera, Inc. (a) | 1804048 |
| 4977 | Neurocrine Biosciences, Inc. (a) | 677171 |
| 14507 | Newamsterdam Pharma Co. <br> N.V. (a) | 451458 |
| 1726 | Praxis Precision Medicines, <br> Inc. (a) | 541964 |
| 4661 | Protagonist Therapeutics, Inc. (a) | 381270 |
| 11613 | PTC Therapeutics, Inc. (a) | 877130 |
| 6646 | Revolution Medicines, Inc. (a) | 644330 |
| 8241 | Rhythm Pharmaceuticals, Inc. (a) | 844867 |
| 24391 | Roivant Sciences Ltd. (a) | 527333 |
| 9146 | Spyre Therapeutics, Inc. (a) | 292489 |
| 5919 | TG Therapeutics, Inc. (a) | 174196 |
| 13320 | Travere Therapeutics, Inc. (a) | 414119 |
| 6418 | Twist Bioscience Corp. (a) | 263587 |
| 9670 | Veracyte, Inc. (a) | 368234 |
| 2774 | Vericel Corp. (a) | 99808 |
| 2304 | Vertex Pharmaceuticals, Inc. (a) | 1082650 |
| 16354 | Viridian Therapeutics, Inc. (a) | 539682 |
|  |  | 29462112 |
|  | **Broadline Retail — 1.1%**  |  |
| 6196 | Amazon.com, Inc. (a) | 1482703 |
| 30320 | Coupang, Inc. (a) | 611251 |
| 16423 | eBay, Inc. | 1498106 |
| 9547 | Etsy, Inc. (a) | 505609 |
| 5672 | Groupon, Inc. (a) | 80259 |
| 1610 | Ollie's Bargain Outlet Holdings, <br> Inc. (a) | 177599 |
|  |  | 4355527 |
|  | **Building Products — 1.7%**  |  |
| 6561 | Allegion PLC | 1085124 |
| 3692 | Armstrong World Industries, Inc. | 678368 |
| 2795 | AZZ, Inc. | 347390 |
| 1804 | CSW Industrials, Inc. | 487044 |
| 7188 | Griffon Corp. | 585463 |
| 11946 | Johnson Controls <br> International PLC | 1424680 |
| 25119 | Resideo Technologies, Inc. (a) | 860577 |
| 1836 | Trane Technologies PLC | 772185 |
| 11384 | Zurn Elkay Water Solutions <br> Corp. | 524916 |
|  |  | 6765747 |
|  | **Capital Markets — 5.9%**  |  |
| 10828 | Acadian Asset Management, Inc. | 600088 |
| 4424 | Ares Management Corp., <br> Class A | 662140 |
| 4997 | Artisan Partners Asset <br> Management, Inc., Class A | 222466 |
| 33550 | BGC Group, Inc., Class A | 305640 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Capital Markets (Continued)**  |  |
| 2259 | Blackstone, Inc. | $321727 |
| 5698 | Cboe Global Markets, Inc. | 1510312 |
| 10454 | Charles Schwab (The) Corp. | 1086380 |
| 1275 | CME Group, Inc. | 368551 |
| 2593 | Evercore, Inc., Class A | 916029 |
| 2036 | Goldman Sachs Group (The), <br> Inc. | 1904495 |
| 26003 | Golub Capital BDC, Inc. | 348180 |
| 1314 | Hamilton Lane, Inc., Class A | 185589 |
| 2025 | Houlihan Lokey, Inc. | 340848 |
| 22244 | Interactive Brokers Group, Inc., <br> Class A | 1665631 |
| 2150 | Intercontinental Exchange, Inc. | 373627 |
| 5006 | LPL Financial Holdings, Inc. | 1824687 |
| 2923 | Main Street Capital Corp. (b) | 186487 |
| 10268 | Moelis & Co., Class A | 735908 |
| 1401 | Moody's Corp. | 722300 |
| 10073 | Morgan Stanley | 1841344 |
| 606 | MSCI, Inc. | 369187 |
| 14729 | Nasdaq, Inc. | 1427093 |
| 10474 | Northern Trust Corp. | 1565130 |
| 3167 | PJT Partners, Inc., Class A | 547986 |
| 9235 | Robinhood Markets, Inc., <br> Class A (a) | 918698 |
| 1369 | S&P Global, Inc. | 722545 |
| 4302 | SEI Investments Co. | 377931 |
| 10996 | StepStone Group, Inc., Class A | 777307 |
| 5528 | TPG, Inc. | 325654 |
| 15884 | Virtu Financial, Inc., Class A | 659345 |
| 24578 | WisdomTree, Inc. | 398164 |
|  |  | 24211469 |
|  | **Chemicals — 1.0%**  |  |
| 2301 | Balchem Corp. | 391561 |
| 8471 | Chemours (The) Co. | 126980 |
| 2726 | Ecolab, Inc. | 768705 |
| 1432 | Hawkins, Inc. | 186518 |
| 6878 | Ingevity Corp. (a) | 452504 |
| 512 | NewMarket Corp. | 343444 |
| 18485 | Perimeter Solutions, Inc. (a) | 483383 |
| 3488 | Scotts Miracle-Gro (The) Co. | 223999 |
| 5634 | Sensient Technologies Corp. | 532526 |
| 1075 | Sherwin-Williams (The) Co. | 381238 |
|  |  | 3890858 |
|  | **Commercial Services &** <br> **Supplies — 1.5%**  |  |
| 5195 | Brady Corp., Class A | 449212 |
| 5403 | Casella Waste Systems, Inc., <br> Class A (a) | 545055 |
| 6115 | Cimpress PLC (a) | 483635 |
| 2257 | Clean Harbors, Inc. (a) | 586617 |
| 10651 | CoreCivic, Inc. (a) | 197363 |

---

See Notes to Financial Statements

------

**First Trust Multi Cap Growth AlphaDEX**<sup>®</sup> **Fund (FAD)**

**Portfolio of Investments (Continued)**

**January 31, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Commercial Services &** <br> **Supplies (Continued)**  |  |
| 1100 | MSA Safety, Inc. | $194865 |
| 17090 | OPENLANE, Inc. (a) | 513383 |
| 28342 | Pitney Bowes, Inc. | 295607 |
| 1644 | Republic Services, Inc. | 353608 |
| 17404 | Rollins, Inc. | 1102369 |
| 6511 | Waste Management, Inc. | 1447005 |
|  |  | 6168719 |
|  | **Communications Equipment** <br> **— 1.5%**  |  |
| 11678 | Applied Optoelectronics, <br> Inc. (a) (b) | 509278 |
| 7973 | Arista Networks, Inc. (a) | 1130093 |
| 6666 | Calix, Inc. (a) | 297770 |
| 3772 | Ciena Corp. (a) | 949827 |
| 18571 | Cisco Systems, Inc. | 1454481 |
| 9405 | Digi International, Inc. (a) | 405073 |
| 5996 | Extreme Networks, Inc. (a) | 87422 |
| 2394 | Lumentum Holdings, Inc. (a) | 938065 |
| 28071 | Vistance Networks, Inc. (a) | 505278 |
|  |  | 6277287 |
|  | **Construction & Engineering** <br> **— 4.5%**  |  |
| 46736 | API Group Corp. (a) | 1942816 |
| 1624 | Argan, Inc. | 563707 |
| 16124 | Centuri Holdings, Inc. (a) | 445022 |
| 1915 | Comfort Systems USA, Inc. | 2187121 |
| 6502 | Construction Partners, Inc., <br> Class A (a) | 714440 |
| 2610 | Dycom Industries, Inc. (a) | 951058 |
| 2924 | EMCOR Group, Inc. | 2107415 |
| 10309 | Everus Construction Group, <br> Inc. (a) | 912243 |
| 7647 | Granite Construction, Inc. | 923299 |
| 2267 | IES Holdings, Inc. (a) | 862117 |
| 1282 | Limbach Holdings, Inc. (a) | 110226 |
| 8227 | MasTec, Inc. (a) | 1978429 |
| 1863 | MYR Group, Inc. (a) | 465825 |
| 7106 | Primoris Services Corp. | 1053464 |
| 4235 | Quanta Services, Inc. | 2010058 |
| 1728 | Sterling Infrastructure, Inc. (a) | 618468 |
| 7594 | Tutor Perini Corp. | 599091 |
|  |  | 18444799 |
|  | **Construction Materials —** <br> **0.5%**  |  |
| 1677 | Martin Marietta Materials, Inc. | 1093320 |
| 1701 | United States Lime & Minerals, <br> Inc. | 205021 |
| 2507 | Vulcan Materials Co. | 753454 |
|  |  | 2051795 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Consumer Finance — 1.4%**  |  |
| 4834 | American Express Co. | $1702390 |
| 1193 | Credit Acceptance Corp. (a) | 594400 |
| 1840 | Dave, Inc. (a) | 301190 |
| 3237 | Enova International, Inc. (a) | 534655 |
| 4427 | FirstCash Holdings, Inc. | 754804 |
| 13039 | SLM Corp. | 354009 |
| 54640 | SoFi Technologies, Inc. (a) | 1246338 |
| 4033 | Upstart Holdings, Inc. (a) | 158295 |
|  |  | 5646081 |
|  | **Consumer Staples Distribution** <br> **& Retail — 0.8%**  |  |
| 6531 | Chefs' Warehouse (The), Inc. (a) | 410800 |
| 829 | Costco Wholesale Corp. | 779467 |
| 11767 | Maplebear, Inc. (a) | 437262 |
| 4370 | Sprouts Farmers Market, Inc. (a) | 309877 |
| 12840 | Walmart, Inc. | 1529757 |
|  |  | 3467163 |
|  | **Diversified Consumer Services** <br> **— 0.7%**  |  |
| 1706 | Adtalem Global Education, <br> Inc. (a) | 176656 |
| 1738 | Bright Horizons Family <br> Solutions, Inc. (a) | 160991 |
| 6740 | Driven Brands Holdings, Inc. (a) | 104807 |
| 9174 | Frontdoor, Inc. (a) | 542275 |
| 1062 | Grand Canyon Education, <br> Inc. (a) | 184618 |
| 12093 | Laureate Education, Inc. (a) | 414790 |
| 14446 | OneSpaWorld Holdings Ltd. | 283864 |
| 10213 | Perdoceo Education Corp. | 327123 |
| 4524 | Service Corp. International | 363865 |
| 7791 | Universal Technical Institute, <br> Inc. (a) | 216824 |
|  |  | 2775813 |
|  | **Diversified REITs — 0.2%**  |  |
| 11719 | Broadstone Net Lease, Inc. | 216919 |
| 5947 | Essential Properties Realty Trust, <br> Inc. | 180551 |
| 34836 | Global Net Lease, Inc. | 329549 |
| 2742 | WP Carey, Inc. | 191254 |
|  |  | 918273 |
|  | **Diversified Telecommunication** <br> **Services — 0.9%**  |  |
| 12146 | AST SpaceMobile, Inc. (a) | 1350757 |
| 8337 | Globalstar, Inc. (a) | 513726 |
| 3975 | IDT Corp., Class B | 193304 |
| 5745 | Iridium Communications, Inc. | 114440 |
| 40161 | Liberty Latin America Ltd., <br> Class C (a) | 312453 |

---

See Notes to Financial Statements

------

**First Trust Multi Cap Growth AlphaDEX**<sup>®</sup> **Fund (FAD)**

**Portfolio of Investments (Continued)**

**January 31, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Diversified Telecommunication** <br> **Services (Continued)**  |  |
| 113530 | Lumen Technologies, Inc. (a) | $1001335 |
| 29041 | Uniti Group, Inc. (a) | 241621 |
|  |  | 3727636 |
|  | **Electric Utilities — 0.4%**  |  |
| 5061 | Constellation Energy Corp. | 1420521 |
| 2788 | IDACORP, Inc. | 370219 |
|  |  | 1790740 |
|  | **Electrical Equipment — 3.5%**  |  |
| 3470 | American Superconductor <br> Corp. (a) | 103822 |
| 5089 | AMETEK, Inc. | 1139834 |
| 10152 | Bloom Energy Corp., Class A (a) | 1536708 |
| 1092 | Eaton Corp. PLC | 383751 |
| 5389 | Emerson Electric Co. | 791967 |
| 44408 | Eos Energy Enterprises, Inc. (a) | 650133 |
| 2736 | GE Vernova, Inc. | 1987348 |
| 2352 | Hubbell, Inc. | 1147635 |
| 10128 | Nextpower, Inc., Class A (a) | 1185888 |
| 50694 | Plug Power, Inc. (a) | 107218 |
| 1277 | Powell Industries, Inc. | 566464 |
| 5243 | Power Solutions International, <br> Inc. (a) | 375713 |
| 3677 | Rockwell Automation, Inc. | 1550407 |
| 11036 | Vertiv Holdings Co., Class A | 2054683 |
| 4644 | Vicor Corp. (a) | 732220 |
|  |  | 14313791 |
|  | **Electronic Equipment,** <br> **Instruments & Components** <br>**— 2.0%**  |  |
| 15329 | Aeva Technologies, Inc. (a) | 195751 |
| 13231 | Amphenol Corp., Class A | 1906322 |
| 3000 | Bel Fuse, Inc., Class B | 603570 |
| 9689 | Coherent Corp. (a) | 2055812 |
| 56861 | Evolv Technologies Holdings, <br> Inc. (a) | 351970 |
| 15065 | Mirion Technologies, Inc. (a) | 374215 |
| 4883 | Napco Security Technologies, <br> Inc. | 180134 |
| 13568 | nLight, Inc. (a) | 618836 |
| 2074 | OSI Systems, Inc. (a) | 518790 |
| 4614 | Ouster, Inc. (a) | 96110 |
| 12785 | TTM Technologies, Inc. (a) | 1255487 |
|  |  | 8156997 |
|  | **Energy Equipment & Services** <br> **— 0.5%**  |  |
| 27120 | Archrock, Inc. | 802481 |
| 4456 | Cactus, Inc., Class A | 250561 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Energy Equipment & Services** <br> **(Continued)**  |  |
| 8009 | Kodiak Gas Services, Inc. | $336458 |
| 11071 | Solaris Energy Infrastructure, <br> Inc. | 611008 |
|  |  | 2000508 |
|  | **Entertainment — 1.6%**  |  |
| 2532 | Atlanta Braves Holdings, Inc., <br> Class C (a) | 101103 |
| 4298 | Cinemark Holdings, Inc. | 101776 |
| 5111 | Electronic Arts, Inc. | 1042235 |
| 3534 | Liberty Media Corp.-Liberty <br> Formula One, Class C (a) | 307529 |
| 5018 | Live Nation Entertainment, <br> Inc. (a) | 729868 |
| 7554 | Madison Square Garden <br> Entertainment Corp. (a) | 467366 |
| 1365 | Madison Square Garden Sports <br> Corp. (a) | 387046 |
| 4298 | ROBLOX Corp., Class A (a) | 282636 |
| 8131 | Roku, Inc. (a) | 774071 |
| 4079 | Take-Two Interactive Software, <br> Inc. (a) | 898604 |
| 3377 | TKO Group Holdings, Inc. | 684113 |
| 6286 | Walt Disney (The) Co. | 709061 |
|  |  | 6485408 |
|  | **Financial Services — 1.9%**  |  |
| 9609 | Affirm Holdings, Inc. (a) | 579423 |
| 4941 | Apollo Global Management, Inc. | 664762 |
| 6350 | Cannae Holdings, Inc. | 91504 |
| 2375 | Corpay, Inc. (a) | 747246 |
| 3433 | EVERTEC, Inc. | 103024 |
| 2318 | Federal Agricultural Mortgage <br> Corp., Class C | 392437 |
| 21158 | Flywire Corp. (a) | 266591 |
| 6476 | HA Sustainable Infrastructure <br> Capital, Inc. | 222839 |
| 2900 | Jack Henry & Associates, Inc. | 519709 |
| 63071 | Marqeta, Inc., Class A (a) | 260483 |
| 1254 | Mastercard, Inc., Class A | 675643 |
| 9485 | Paymentus Holdings, Inc., <br> Class A (a) | 253534 |
| 17771 | Payoneer Global, Inc. (a) | 113557 |
| 7237 | Remitly Global, Inc. (a) | 95673 |
| 5558 | Sezzle, Inc. (a) | 351488 |
| 2801 | Shift4 Payments, Inc., <br> Class A (a) (b) | 165371 |
| 29417 | Toast, Inc., Class A (a) | 915163 |
| 2041 | Visa, Inc., Class A | 656855 |
| 3551 | WEX, Inc. (a) | 546499 |
|  |  | 7621801 |

---

See Notes to Financial Statements

------

**First Trust Multi Cap Growth AlphaDEX**<sup>®</sup> **Fund (FAD)**

**Portfolio of Investments (Continued)**

**January 31, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Food Products — 0.2%**  |  |
| 3341 | Freshpet, Inc. (a) | $232868 |
| 2147 | Marzetti (The) Company | 368361 |
| 5556 | Tootsie Roll Industries, Inc. | 210461 |
| 3127 | Vital Farms, Inc. (a) | 88963 |
|  |  | 900653 |
|  | **Gas Utilities — 0.1%**  |  |
| 2401 | Chesapeake Utilities Corp. | 308961 |
|  | **Ground Transportation —** <br> **0.5%**  |  |
| 1375 | Avis Budget Group, Inc. (a) (b) | 158111 |
| 19427 | Hertz Global Holdings, <br> Inc. (a) (b) | 95193 |
| 45540 | Lyft, Inc., Class A (a) | 768260 |
| 12785 | Uber Technologies, Inc. (a) | 1023439 |
|  |  | 2045003 |
|  | **Health Care Equipment &** <br> **Supplies — 3.3%**  |  |
| 2780 | Abbott Laboratories | 303854 |
| 24189 | Alphatec Holdings, Inc. (a) | 358723 |
| 8926 | Artivion, Inc. (a) | 363913 |
| 10291 | AtriCure, Inc. (a) | 380047 |
| 7501 | Boston Scientific Corp. (a) | 701569 |
| 5246 | Dexcom, Inc. (a) | 383168 |
| 8389 | Edwards Lifesciences Corp. (a) | 682529 |
| 4689 | Glaukos Corp. (a) | 559773 |
| 10103 | Globus Medical, Inc., <br> Class A (a) | 916140 |
| 5081 | Haemonetics Corp. (a) | 338699 |
| 2114 | IDEXX Laboratories, Inc. (a) | 1417352 |
| 3826 | Inspire Medical Systems, Inc. (a) | 289934 |
| 2515 | Insulet Corp. (a) | 643362 |
| 1845 | Intuitive Surgical, Inc. (a) | 930286 |
| 3977 | iRhythm Holdings, Inc. (a) | 614486 |
| 5302 | Lantheus Holdings, Inc. (a) | 354810 |
| 1231 | LeMaitre Vascular, Inc. | 104598 |
| 4004 | Merit Medical Systems, Inc. (a) | 324684 |
| 7724 | Novocure Ltd. (a) | 95778 |
| 2269 | Penumbra, Inc. (a) | 812688 |
| 4120 | STERIS PLC | 1081912 |
| 990 | Stryker Corp. | 365864 |
| 18523 | Tandem Diabetes Care, Inc. (a) | 368423 |
| 5800 | TransMedics Group, Inc. (a) | 777055 |
| 1351 | UFP Technologies, Inc. (a) | 339290 |
|  |  | 13508937 |
|  | **Health Care Providers &** <br> **Services — 2.0%**  |  |
| 1896 | Addus HomeCare Corp. (a) | 196198 |
| 25769 | Alignment Healthcare, Inc. (a) | 580576 |
| 13588 | BrightSpring Health Services, <br> Inc. (a) | 533601 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Health Care Providers &** <br> **Services (Continued)**  |  |
| 47167 | Brookdale Senior Living, Inc. (a) | $707505 |
| 10344 | Concentra Group Holdings <br> Parent, Inc. | 229430 |
| 3105 | DaVita, Inc. (a) | 339501 |
| 3325 | Encompass Health Corp. | 314312 |
| 5063 | Ensign Group (The), Inc. | 869115 |
| 3913 | GeneDx Holdings Corp. (a) | 376665 |
| 8636 | Guardant Health, Inc. (a) | 984849 |
| 1925 | HealthEquity, Inc. (a) | 164915 |
| 32173 | Hims & Hers Health, Inc. (a) | 871567 |
| 57831 | LifeStance Health Group, <br> Inc. (a) | 408865 |
| 17170 | Privia Health Group, Inc. (a) | 398687 |
| 19816 | Progyny, Inc. (a) | 473008 |
| 7417 | RadNet, Inc. (a) | 519932 |
| 3836 | U.S. Physical Therapy, Inc. | 321725 |
|  |  | 8290451 |
|  | **Health Care REITs — 1.3%**  |  |
| 14996 | American Healthcare REIT, Inc. | 703463 |
| 19515 | CareTrust REIT, Inc. | 728690 |
| 10407 | Healthcare Realty Trust, Inc. | 174734 |
| 2904 | LTC Properties, Inc. | 105909 |
| 1309 | National Health Investors, Inc. | 107495 |
| 7957 | Omega Healthcare Investors, Inc. | 349153 |
| 18629 | Sabra Health Care REIT, Inc. | 348921 |
| 4283 | Sila Realty Trust, Inc. | 104291 |
| 13502 | Ventas, Inc. | 1048700 |
| 7706 | Welltower, Inc. | 1451502 |
|  |  | 5122858 |
|  | **Health Care Technology —** <br> **0.0%**  |  |
| 11384 | Schrodinger, Inc. (a) | 159034 |
|  | **Hotel & Resort REITs — 0.1%**  |  |
| 3729 | Ryman Hospitality Properties, <br> Inc. | 353136 |
|  | **Hotels, Restaurants & Leisure** <br> **— 5.7%**  |  |
| 7697 | Airbnb, Inc., Class A (a) | 995761 |
| 195 | Booking Holdings, Inc. | 975359 |
| 10348 | Boyd Gaming Corp. | 874820 |
| 3687 | Brinker International, Inc. (a) | 581514 |
| 46840 | Carnival Corp. (a) | 1406137 |
| 3005 | Cava Group, Inc. (a) (b) | 182163 |
| 4032 | Cheesecake Factory (The), <br> Inc. (b) | 233695 |
| 6204 | Churchill Downs, Inc. | 610225 |
| 3886 | Darden Restaurants, Inc. | 774674 |
| 1716 | Domino's Pizza, Inc. | 704126 |
| 3157 | DoorDash, Inc., Class A (a) | 645985 |
| 10104 | DraftKings, Inc., Class A (a) | 277961 |

---

See Notes to Financial Statements

------

**First Trust Multi Cap Growth AlphaDEX**<sup>®</sup> **Fund (FAD)**

**Portfolio of Investments (Continued)**

**January 31, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Hotels, Restaurants & Leisure** <br> **(Continued)**  |  |
| 8644 | Dutch Bros, Inc., Class A (a) | $470147 |
| 6312 | Expedia Group, Inc. | 1671670 |
| 19866 | First Watch Restaurant Group, <br> Inc. (a) | 317657 |
| 1619 | Flutter Entertainment PLC (a) | 267378 |
| 26610 | Global Business Travel Group <br> I (a) | 182279 |
| 4981 | Hilton Worldwide Holdings, Inc. | 1486878 |
| 4402 | Hyatt Hotels Corp., Class A | 688341 |
| 27472 | Las Vegas Sands Corp. | 1448599 |
| 19911 | Life Time Group Holdings, <br> Inc. (a) | 580804 |
| 4611 | Marriott International, Inc., <br> Class A | 1453848 |
| 1139 | McDonald's Corp. | 358785 |
| 2126 | Monarch Casino & Resort, Inc. | 194593 |
| 15810 | Norwegian Cruise Line Holdings <br> Ltd. (a) | 347188 |
| 2595 | Papa John's International, Inc. | 91266 |
| 4881 | Planet Fitness, Inc., Class A (a) | 444366 |
| 4837 | Red Rock Resorts, Inc., Class A | 305360 |
| 1247 | Royal Caribbean Cruises Ltd. | 404839 |
| 15420 | Rush Street Interactive, Inc. (a) | 272471 |
| 6511 | Six Flags Entertainment <br> Corp. (a) | 117263 |
| 4134 | Starbucks Corp. | 380121 |
| 3188 | Texas Roadhouse, Inc. | 573394 |
| 12506 | Travel + Leisure Co. | 869667 |
| 740 | Wingstop, Inc. | 196418 |
| 2336 | Wyndham Hotels & Resorts, Inc. | 170037 |
| 5866 | Wynn Resorts Ltd. | 630302 |
| 6905 | Yum! Brands, Inc. | 1073728 |
|  |  | 23259819 |
|  | **Household Durables — 0.1%**  |  |
| 1716 | Garmin Ltd. | 346014 |
|  | **Household Products — 0.0%**  |  |
| 506 | WD-40 Co. | 117002 |
|  | **Independent Power and** <br> **Renewable Electricity** <br>**Producers — 0.9%**  |  |
| 6387 | Ormat Technologies, Inc. | 797992 |
| 4769 | Talen Energy Corp. (a) | 1661329 |
| 6475 | Vistra Corp. | 1025316 |
|  |  | 3484637 |
|  | **Industrial Conglomerates —** <br> **0.2%**  |  |
| 3667 | Honeywell International, Inc. | 834316 |
|  | **Industrial REITs — 0.7%**  |  |
| 990 | EastGroup Properties, Inc. | 179824 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Industrial REITs (Continued)**  |  |
| 9243 | First Industrial Realty Trust, Inc. | $536371 |
| 8183 | Prologis, Inc. | 1068372 |
| 4556 | Rexford Industrial Realty, Inc. | 184655 |
| 9599 | STAG Industrial, Inc. | 360059 |
| 6011 | Terreno Realty Corp. | 369917 |
|  |  | 2699198 |
|  | **Insurance — 1.3%**  |  |
| 10496 | Bowhead Specialty Holdings, <br> Inc. (a) | 257782 |
| 1563 | HCI Group, Inc. | 248001 |
| 450 | Kinsale Capital Group, Inc. | 178146 |
| 7150 | Lemonade, Inc. (a) | 620120 |
| 1876 | Marsh & McLennan Cos., Inc. | 353044 |
| 20847 | Oscar Health, Inc., Class A (a) | 299154 |
| 3022 | Palomar Holdings, Inc. (a) | 373489 |
| 1366 | Primerica, Inc. | 359313 |
| 3140 | Progressive (The) Corp. | 653120 |
| 4149 | Root, Inc., Class A (a) | 257777 |
| 3418 | Ryan Specialty Holdings, Inc. | 165021 |
| 23248 | SiriusPoint Ltd. (a) | 474492 |
| 7967 | Skyward Specialty Insurance <br> Group, Inc. (a) | 355488 |
| 2674 | Trupanion, Inc. (a) | 85541 |
| 340 | White Mountains Insurance <br> Group Ltd. | 695276 |
|  |  | 5375764 |
|  | **Interactive Media & Services** <br> **— 1.3%**  |  |
| 5714 | Alphabet, Inc., Class A | 1931332 |
| 7811 | Cargurus, Inc. (a) | 253076 |
| 80782 | fuboTV, Inc., Class A (a) | 180144 |
| 10927 | Match Group, Inc. | 340376 |
| 1083 | Meta Platforms, Inc., Class A | 775970 |
| 6223 | Reddit, Inc., Class A (a) | 1121820 |
| 43723 | Snap, Inc., Class A (a) | 303000 |
| 6700 | Yelp, Inc. (a) | 183446 |
| 20015 | ZoomInfo Technologies, Inc. (a) | 161121 |
|  |  | 5250285 |
|  | **IT Services — 2.0%**  |  |
| 12217 | Applied Digital Corp. (a) | 413912 |
| 5298 | Cloudflare, Inc., Class A (a) | 939600 |
| 10577 | DigitalOcean Holdings, Inc. (a) | 584379 |
| 39993 | Fastly, Inc., Class A (a) | 369935 |
| 1380 | Gartner, Inc. (a) | 289262 |
| 3527 | International Business Machines <br> Corp. | 1081731 |
| 4261 | MongoDB, Inc. (a) | 1582237 |
| 4026 | Okta, Inc. (a) | 340117 |
| 4762 | Snowflake, Inc. (a) | 917638 |
| 12572 | Twilio, Inc., Class A (a) | 1514423 |
|  |  | 8033234 |

---

See Notes to Financial Statements

------

**First Trust Multi Cap Growth AlphaDEX**<sup>®</sup> **Fund (FAD)**

**Portfolio of Investments (Continued)**

**January 31, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Leisure Products — 0.4%**  |  |
| 8840 | Acushnet Holdings Corp. | $856950 |
| 8607 | Hasbro, Inc. | 768691 |
|  |  | 1625641 |
|  | **Life Sciences Tools & Services** <br> **— 1.2%**  |  |
| 31339 | Adaptive Biotechnologies <br> Corp. (a) | 579772 |
| 1571 | Medpace Holdings, Inc. (a) | 915076 |
| 1026 | Mettler-Toledo International, <br> Inc. (a) | 1408944 |
| 162 | OmniAb, Inc. - 12.5 Earnout <br> Shares (a) (c) (d) (e) | 0 |
| 162 | OmniAb, Inc. - 15 Earnout <br> Shares (a) (c) (d) (e) | 0 |
| 4307 | Repligen Corp. (a) | 643337 |
| 5976 | Tempus AI, Inc. (a) | 357484 |
| 2750 | Waters Corp. (a) | 1019480 |
|  |  | 4924093 |
|  | **Machinery — 4.3%**  |  |
| 595 | Alamo Group, Inc. | 116209 |
| 9804 | Atmus Filtration Technologies, <br> Inc. | 568338 |
| 6374 | Blue Bird Corp. (a) | 320676 |
| 3122 | Caterpillar, Inc. | 2052278 |
| 8505 | CECO Environmental Corp. (a) | 573492 |
| 1913 | Crane Co. | 349390 |
| 2611 | Enerpac Tool Group Corp. | 105380 |
| 1578 | Esab Corp. | 191096 |
| 2708 | ESCO Technologies, Inc. | 617884 |
| 4873 | Federal Signal Corp. | 526723 |
| 12713 | Flowserve Corp. | 993521 |
| 8526 | Gorman-Rupp (The) Co. | 464582 |
| 2153 | Graco, Inc. | 188021 |
| 1414 | Illinois Tool Works, Inc. | 369422 |
| 4067 | ITT, Inc. | 741414 |
| 5853 | JBT Marel Corp. | 920735 |
| 620 | Kadant, Inc. | 199045 |
| 2945 | Lincoln Electric Holdings, Inc. | 781456 |
| 72704 | Microvast Holdings, Inc. (a) | 190484 |
| 14812 | Mueller Water Products, Inc., <br> Class A | 400961 |
| 3985 | Otis Worldwide Corp. | 340399 |
| 1627 | Parker-Hannifin Corp. | 1522612 |
| 1180 | RBC Bearings, Inc. (a) | 589611 |
| 3527 | SPX Technologies, Inc. (a) | 735062 |
| 1378 | Standex International Corp. | 330720 |
| 11861 | Symbotic, Inc. (a) | 644883 |
| 3777 | Trinity Industries, Inc. | 108551 |
| 1917 | Watts Water Technologies, Inc., <br> Class A | 573777 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Machinery (Continued)**  |  |
| 4894 | Westinghouse Air Brake <br> Technologies Corp. | $1126305 |
| 5252 | Xylem, Inc. | 724093 |
|  |  | 17367120 |
|  | **Marine Transportation —** <br> **0.2%**  |  |
| 6406 | Kirby Corp. (a) | 753730 |
|  | **Media — 0.5%**  |  |
| 8729 | DoubleVerify Holdings, Inc. (a) | 94448 |
| 8117 | EchoStar Corp., Class A (a) | 919006 |
| 12706 | New York Times (The) Co., <br> Class A | 931477 |
|  |  | 1944931 |
|  | **Metals & Mining — 1.4%**  |  |
| 39580 | Coeur Mining, Inc. (a) | 809015 |
| 45968 | Hecla Mining Co. | 1035200 |
| 25478 | Ivanhoe Electric, Inc. (a) | 435419 |
| 10477 | MP Materials Corp. (a) | 615733 |
| 17907 | Newmont Corp. | 2011852 |
| 3175 | Royal Gold, Inc. | 836009 |
|  |  | 5743228 |
|  | **Mortgage REITs — 0.3%**  |  |
| 11508 | ARMOUR Residential REIT, <br> Inc. (b) | 200239 |
| 10641 | Blackstone Mortgage Trust, Inc., <br> Class A | 204839 |
| 21383 | Dynex Capital, Inc. | 296796 |
| 29981 | Ellington Financial, Inc. | 385256 |
| 23871 | PennyMac Mortgage Investment <br> Trust | 282394 |
|  |  | 1369524 |
|  | **Multi-Utilities — 0.3%**  |  |
| 13008 | Public Service Enterprise Group, <br> Inc. | 1071339 |
|  | **Oil, Gas & Consumable Fuels** <br> **— 1.4%**  |  |
| 9916 | Antero Midstream Corp. | 186619 |
| 20490 | Calumet, Inc. (a) | 459181 |
| 1455 | Centrus Energy Corp., <br> Class A (a) (b) | 404897 |
| 30443 | Comstock Resources, Inc. (a) | 741287 |
| 4422 | DT Midstream, Inc. | 557260 |
| 7753 | Targa Resources Corp. | 1558198 |
| 60420 | Uranium Energy Corp. (a) | 1041641 |
| 11899 | Williams (The) Cos., Inc. | 800327 |
|  |  | 5749410 |
|  | **Passenger Airlines — 0.7%**  |  |
| 14029 | Alaska Air Group, Inc. (a) | 713094 |
| 46033 | American Airlines Group, <br> Inc. (a) | 612239 |

---

See Notes to Financial Statements

------

**First Trust Multi Cap Growth AlphaDEX**<sup>®</sup> **Fund (FAD)**

**Portfolio of Investments (Continued)**

**January 31, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Passenger Airlines (Continued)**  |  |
| 63607 | Frontier Group Holdings, <br> Inc. (a) (b) | $295136 |
| 40096 | Joby Aviation, Inc. (a) | 423815 |
| 7027 | SkyWest, Inc. (a) | 678246 |
|  |  | 2722530 |
|  | **Personal Care Products —** <br> **0.0%**  |  |
| 6601 | BellRing Brands, Inc. (a) | 164167 |
|  | **Pharmaceuticals — 1.7%**  |  |
| 40390 | Amneal Pharmaceuticals, Inc. (a) | 552535 |
| 5157 | ANI Pharmaceuticals, Inc. (a) | 422100 |
| 4831 | Axsome Therapeutics, Inc. (a) | 890112 |
| 2146 | Crinetics Pharmaceuticals, <br> Inc. (a) | 107171 |
| 1664 | Eli Lilly & Co. | 1725818 |
| 8310 | Harrow, Inc. (a) | 340211 |
| 5189 | Jazz Pharmaceuticals PLC (a) | 853539 |
| 2692 | Ligand Pharmaceuticals, Inc. (a) | 517133 |
| 14755 | Liquidia Corp. (a) | 625464 |
| 16768 | Ocular Therapeutix, Inc. (a) | 153260 |
| 15732 | Pacira BioSciences, Inc. (a) | 323135 |
| 1619 | Prestige Consumer Healthcare, <br> Inc. (a) | 104377 |
| 6216 | Tarsus Pharmaceuticals, Inc. (a) | 401181 |
|  |  | 7016036 |
|  | **Professional Services — 1.5%**  |  |
| 5623 | Barrett Business Services, Inc. | 213674 |
| 4034 | CBIZ, Inc. (a) | 158738 |
| 2027 | CRA International, Inc. | 382981 |
| 6635 | CSG Systems International, Inc. | 529141 |
| 12473 | ExlService Holdings, Inc. (a) | 488318 |
| 1437 | Exponent, Inc. | 103277 |
| 20619 | First Advantage Corp. (a) | 278357 |
| 2943 | Huron Consulting Group, Inc. (a) | 497367 |
| 3997 | Innodata, Inc. (a) (b) | 221594 |
| 30171 | Legalzoom.com, Inc. (a) | 268220 |
| 25808 | Planet Labs PBC (a) | 644426 |
| 8340 | TransUnion | 659027 |
| 8950 | UL Solutions, Inc., Class A | 628558 |
| 20541 | Upwork, Inc. (a) | 411436 |
| 7873 | Verra Mobility Corp. (a) | 151949 |
| 4909 | Willdan Group, Inc. (a) | 619516 |
|  |  | 6256579 |
|  | **Real Estate Management &** <br> **Development — 0.2%**  |  |
| 6858 | St. Joe (The) Co. | 453931 |
| 5104 | Zillow Group, Inc., Class C (a) | 321705 |
|  |  | 775636 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Residential REITs — 0.1%**  |  |
| 5496 | American Homes 4 Rent, <br> Class A | $172135 |
| 6276 | UMH Properties, Inc. | 98094 |
| 6711 | Veris Residential, Inc. | 101940 |
|  |  | 372169 |
|  | **Retail REITs — 0.8%**  |  |
| 4861 | Acadia Realty Trust | 97269 |
| 2449 | Agree Realty Corp. | 176891 |
| 457 | Alexander's, Inc. | 111919 |
| 6728 | Brixmor Property Group, Inc. | 180243 |
| 12907 | Curbline Properties Corp. | 312995 |
| 1751 | Federal Realty Investment Trust | 177131 |
| 3647 | Getty Realty Corp. | 108900 |
| 7215 | InvenTrust Properties Corp. | 212049 |
| 14810 | Kite Realty Group Trust | 347887 |
| 9557 | Macerich (The) Co. | 180914 |
| 16985 | NETSTREIT Corp. | 319997 |
| 9919 | Phillips Edison & Co., Inc. | 359365 |
| 2555 | Regency Centers Corp. | 186183 |
| 1880 | Simon Property Group, Inc. | 359663 |
| 6099 | Tanger, Inc. | 199559 |
|  |  | 3330965 |
|  | **Semiconductors &** <br> **Semiconductor Equipment** <br>**— 5.2%**  |  |
| 12900 | ACM Research, Inc., Class A (a) | 749748 |
| 8348 | Advanced Micro Devices, <br> Inc. (a) | 1976222 |
| 2875 | Ambarella, Inc. (a) | 184115 |
| 6279 | Astera Labs, Inc. (a) | 945743 |
| 4132 | Broadcom, Inc. | 1368932 |
| 12428 | Credo Technology Group <br> Holding Ltd. (a) | 1556980 |
| 6846 | First Solar, Inc. (a) | 1543910 |
| 1015 | Impinj, Inc. (a) | 140171 |
| 1177 | KLA Corp. | 1680685 |
| 10445 | Lam Research Corp. | 2438490 |
| 4796 | Lattice Semiconductor Corp. (a) | 386174 |
| 5150 | MACOM Technology Solutions <br> Holdings, Inc. (a) | 1128159 |
| 12293 | Marvell Technology, Inc. | 970164 |
| 1578 | Monolithic Power Systems, Inc. | 1773909 |
| 28512 | Navitas Semiconductor Corp. (a) | 244633 |
| 7671 | NVIDIA Corp. | 1466158 |
| 7681 | Rambus, Inc. (a) | 874328 |
| 7966 | Rigetti Computing, Inc. (a) | 144742 |
| 4050 | Silicon Laboratories, Inc. (a) | 576922 |
| 2498 | SiTime Corp. (a) | 907049 |
|  |  | 21057234 |
|  | **Software — 4.9%**  |  |
| 11508 | A10 Networks, Inc. | 200700 |

---

See Notes to Financial Statements

------

**First Trust Multi Cap Growth AlphaDEX**<sup>®</sup> **Fund (FAD)**

**Portfolio of Investments (Continued)**

**January 31, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Software (Continued)**  |  |
| 7381 | ACI Worldwide, Inc. (a) | $320040 |
| 17366 | Adeia, Inc. | 314151 |
| 994 | Adobe, Inc. (a) | 291491 |
| 2520 | Agilysys, Inc. (a) | 218610 |
| 1958 | Alarm.com Holdings, Inc. (a) | 95511 |
| 25871 | Amplitude, Inc., Class A (a) | 237237 |
| 757 | Appfolio, Inc., Class A (a) | 143739 |
| 11496 | Appian Corp., Class A (a) | 320738 |
| 2122 | AppLovin Corp., Class A (a) | 1003939 |
| 7285 | Asana, Inc., Class A (a) | 74671 |
| 1176 | Autodesk, Inc. (a) | 297375 |
| 6470 | BILL Holdings, Inc. (a) | 279310 |
| 3216 | Blackbaud, Inc. (a) | 172699 |
| 3681 | BlackLine, Inc. (a) | 171056 |
| 5897 | Box, Inc., Class A (a) | 149489 |
| 8736 | Braze, Inc., Class A (a) | 181884 |
| 1115 | Cadence Design Systems, <br> Inc. (a) | 330441 |
| 34481 | Cipher Mining, Inc. (a) | 550317 |
| 20117 | Cleanspark, Inc. (a) | 238185 |
| 11606 | Clear Secure, Inc., Class A | 378588 |
| 1525 | Crowdstrike Holdings, Inc., <br> Class A (a) | 673143 |
| 5259 | Datadog, Inc., Class A (a) | 680094 |
| 12692 | Dropbox, Inc., Class A (a) | 323392 |
| 2339 | Elastic N.V. (a) | 154210 |
| 424 | Fair Isaac Corp. (a) | 620384 |
| 16617 | Freshworks, Inc., Class A (a) | 179131 |
| 38419 | Gen Digital, Inc. | 921672 |
| 1731 | Guidewire Software, Inc. (a) | 243656 |
| 2178 | Intapp, Inc. (a) | 73943 |
| 2216 | InterDigital, Inc. | 723391 |
| 526 | Intuit, Inc. | 262432 |
| 6270 | Klaviyo, Inc., Class A (a) | 139257 |
| 5501 | Life360, Inc. (a) (b) | 315152 |
| 10200 | LiveRamp Holdings, Inc. (a) | 248370 |
| 721 | Microsoft Corp. | 310239 |
| 3893 | nCino, Inc. (a) | 83116 |
| 12235 | NextNav, Inc. (a) | 175695 |
| 8047 | Palantir Technologies, Inc., <br> Class A (a) | 1179610 |
| 11817 | Pegasystems, Inc. | 516285 |
| 10937 | Porch Group, Inc. (a) | 86293 |
| 4851 | Procore Technologies, Inc. (a) | 274033 |
| 4739 | Progress Software Corp. (a) | 193920 |
| 1999 | PTC, Inc. (a) | 312104 |
| 1327 | Qualys, Inc. (a) | 175031 |
| 10375 | RingCentral, Inc., Class A (a) | 268505 |
| 41775 | Riot Platforms, Inc. (a) | 646259 |
| 2306 | Rubrik, Inc., Class A (a) | 129021 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Software (Continued)**  |  |
| 2700 | Salesforce, Inc. | $573183 |
| 4978 | Samsara, Inc., Class A (a) | 139633 |
| 4969 | ServiceTitan, Inc., Class A (a) | 389271 |
| 38508 | Sprinklr, Inc., Class A (a) | 245681 |
| 13375 | Teradata Corp. (a) | 381455 |
| 35434 | Terawulf, Inc. (a) (b) | 473753 |
| 43058 | UiPath, Inc., Class A (a) | 542100 |
| 11984 | Unity Software, Inc. (a) | 348734 |
| 3474 | Workiva, Inc. (a) | 267567 |
| 37171 | Yext, Inc. (a) | 266144 |
| 20006 | Zeta Global Holdings Corp., <br> Class A (a) | 371712 |
|  |  | 19877742 |
|  | **Specialized REITs — 0.2%**  |  |
| 2788 | Lamar Advertising Co., Class A | 357728 |
| 16894 | Outfront Media, Inc. | 410862 |
|  |  | 768590 |
|  | **Specialty Retail — 2.4%**  |  |
| 103 | AutoZone, Inc. (a) | 381542 |
| 4999 | Boot Barn Holdings, Inc. (a) | 892221 |
| 4952 | Burlington Stores, Inc. (a) | 1465099 |
| 4236 | Carvana Co. (a) | 1699102 |
| 4685 | Five Below, Inc. (a) | 897833 |
| 15769 | National Vision Holdings, <br> Inc. (a) | 415513 |
| 7841 | O'Reilly Automotive, Inc. (a) | 771633 |
| 9312 | TJX (The) Cos., Inc. | 1395031 |
| 11720 | Urban Outfitters, Inc. (a) | 830362 |
| 4584 | Warby Parker, Inc., Class A (a) | 116938 |
| 8784 | Wayfair, Inc., Class A (a) | 909056 |
|  |  | 9774330 |
|  | **Technology Hardware, Storage** <br> **& Peripherals — 1.3%**  |  |
| 3841 | Apple, Inc. | 996663 |
| 7496 | Diebold Nixdorf, Inc. (a) | 517299 |
| 5180 | GPGI, Inc. (a) | 122093 |
| 3931 | IonQ, Inc. (a) (b) | 157161 |
| 10674 | Pure Storage, Inc., Class A (a) | 742270 |
| 6495 | Seagate Technology <br> Holdings PLC | 2647946 |
|  |  | 5183432 |
|  | **Textiles, Apparel & Luxury** <br> **Goods — 0.7%**  |  |
| 2495 | Ralph Lauren Corp. | 881758 |
| 13996 | Tapestry, Inc. | 1776232 |
|  |  | 2657990 |
|  | **Tobacco — 0.4%**  |  |
| 6038 | Altria Group, Inc. | 374296 |

---

See Notes to Financial Statements

------

**First Trust Multi Cap Growth AlphaDEX**<sup>®</sup> **Fund (FAD)**

**Portfolio of Investments (Continued)**

**January 31, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Tobacco (Continued)**  |  |
| 4459 | Philip Morris International, Inc. | $800123 |
| 3757 | Turning Point Brands, Inc. | 455160 |
|  |  | 1629579 |
|  | **Trading Companies &** <br> **Distributors — 2.4%**  |  |
| 2061 | Applied Industrial Technologies, <br> Inc. | 536705 |
| 10185 | Core & Main, Inc., Class A (a) | 543472 |
| 70685 | Custom Truck One Source, <br> Inc. (a) | 446729 |
| 10937 | Distribution Solutions Group, <br> Inc. (a) | 310501 |
| 3709 | DXP Enterprises, Inc. (a) | 482356 |
| 8677 | Fastenal Co. | 376235 |
| 9082 | FTAI Aviation Ltd. | 2473210 |
| 3122 | GATX Corp. | 567923 |
| 951 | McGrath RentCorp | 106217 |
| 36585 | QXO, Inc. (a) | 811455 |
| 1290 | United Rentals, Inc. | 1008857 |
| 1035 | W.W. Grainger, Inc. | 1117738 |
| 2208 | Willis Lease Finance Corp. | 402474 |
| 8559 | Xometry, Inc., Class A (a) | 488976 |
|  |  | 9672848 |
|  | **Water Utilities — 0.1%**  |  |
| 2808 | American States Water Co. | 204872 |
| 2305 | California Water Service Group | 103033 |
| 4156 | H2O America | 216278 |
|  |  | 524183 |
|  | **Wireless Telecommunication** <br> **Services — 0.1%**  |  |
| 21429 | Gogo, Inc. (a) | 98359 |
| 1715 | T-Mobile US, Inc. | 338215 |
|  |  | 436574 |
|  | **Total Common Stocks** | 406593854 |
|  | (Cost $333,586,104) |  |
| **MONEY MARKET FUNDS — 0.2%** | **MONEY MARKET FUNDS — 0.2%** | **MONEY MARKET FUNDS — 0.2%** |
| 785862 | Morgan Stanley Institutional <br> Liquidity Funds - Treasury <br> Portfolio - Institutional Class - <br> 3.56% (f) | 785862 |
|  | (Cost $785,862) |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Value**<br>| **Description** | **Value** |
| **REPURCHASE AGREEMENTS — 0.8%** | **REPURCHASE AGREEMENTS — 0.8%** | **REPURCHASE AGREEMENTS — 0.8%** |
| $3149874 | Daiwa Capital Markets America, <br> Inc., 3.66% (f), dated <br> 01/30/26, due 02/02/26, with a <br> maturity value of $3,150,835. <br> Collateralized by <br> U.S. Treasury Securities, <br> interest rates of 1.13% to <br> 4.38%, due 02/28/27 to <br> 06/30/31. The value of the <br> collateral including accrued <br> interest is $3,212,873. (g) | $3149874 |
|  | (Cost $3,149,874) |  |
|  | **Total Investments — 100.8%** | 410529590 |
|  | (Cost $337,521,840) |  |
|  | **Net Other Assets and** <br> **Liabilities — (0.8)%** | (3334114)<br>|
|  | **Net Assets — 100.0%** | $407195476 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income
 producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(b) All
 or a portion of this security is on loan (see Note 2D - Securities
 Lending in the Notes to Financial Statements). The remaining
 contractual maturity of all of the securities lending transactions
 is overnight and continuous. The aggregate value
 of such securities is $2,937,536 and the total value of the
 collateral held by the Fund, including for securities sold and
 pending settlement, is $3,149,874.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Restricted
 security as to resale, excluding Rule 144A securities
 (see Note 2F - Restricted Securities in the Notes to Financial
 Statements).

&nbsp;&nbsp;&nbsp;&nbsp;(d) This
 security is fair valued by First Trust Advisors L.P.'s (the
 "Advisor") 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, 2026,
 securities noted as such are valued at $0 or 0.0% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(e) This
 security's value was determined using significant unobservable
 inputs (see Note 2A - Portfolio Valuation in the Notes
 to Financial Statements).

&nbsp;&nbsp;&nbsp;&nbsp;(f) Rate
 shown reflects yield as of January 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;(g) This
 security serves as collateral for securities on loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Abbreviations throughout the Portfolio of Investments: <br> REITs – Real Estate Investment Trusts

See Notes to Financial Statements

------

**First Trust Multi Cap Growth AlphaDEX**<sup>®</sup> **Fund (FAD)**

**Portfolio of Investments (Continued)**

**January 31, 2026 (Unaudited)**

------

**Valuation Inputs**

A summary of the inputs used to value the Fund's investments as of January 31, 2026 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total** <br>**Value at** <br>**1/31/2026**<br>| **Level 1** <br>**Quoted** <br>**Prices**<br>| **Level 2** <br>**Significant** <br>**Observable** <br>**Inputs**<br>| **Level 3** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>|
| Common Stocks: |  |  |  |  |
| Life Sciences Tools <br> & Services<br>| $4924093 | &nbsp;&nbsp; $4924093 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $—<br> \*\*<br>|
| Other Industry <br> Categories\*<br>| 401669761 | &nbsp;&nbsp; 401669761 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Money Market Funds | 785862 | &nbsp;&nbsp; 785862 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Repurchase <br> Agreements<br>| 3149874 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3149874 | &nbsp;&nbsp; — |
| Total Investments | $410529590 | &nbsp;&nbsp; $407379716 | &nbsp;&nbsp; $3149874 | &nbsp;&nbsp; $—<br> \*\*<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Securities Lending Agency Agreement** | **Securities Lending Agency Agreement** |
| Total gross amount presented on the Statements <br> of Assets and Liabilities<sup>(1)</sup> <br>| $2937536 |
| Non-cash Collateral<sup>(2)</sup> <br>| (2937536)<br>|
| Net Amount | $— |

---

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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Repurchase Agreements** | **Repurchase Agreements** |
| Total gross amount presented on the Statements <br> of Assets and Liabilities<sup>(3)</sup> <br>| $3149874 |
| Non-cash Collateral<sup>(4)</sup> <br>| (3149874)<br>|
| Net Amount | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> 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. 

<sup>(2)</sup> At January 31, 2026, 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. 

<sup>(3)</sup> The amount is included in "Investments, at value" on the Statements of Assets and Liabilities. 

<sup>(4)</sup> At January 31, 2026, the value of the collateral received from each seller exceeded the value of the repurchase agreements. 

See Notes to Financial Statements

------

**First Trust Mid Cap Value AlphaDEX**<sup>®</sup> **Fund (FNK)**

**Portfolio of Investments**

**January 31, 2026 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS — 99.9%** | **COMMON STOCKS — 99.9%** | **COMMON STOCKS — 99.9%** |
|  | **Aerospace & Defense — 0.5%**  |  |
| 874 | Huntington Ingalls Industries, <br> Inc. | $367526 |
| 6817 | Textron, Inc. | 600305 |
|  |  | 967831 |
|  | **Automobile Components —** <br> **1.4%**  |  |
| 6593 | BorgWarner, Inc. | 312574 |
| 51070 | Gentex Corp. | 1175121 |
| 12963 | Lear Corp. | 1517837 |
|  |  | 3005532 |
|  | **Automobiles — 0.6%**  |  |
| 11575 | Thor Industries, Inc. | 1294895 |
|  | **Banks — 9.1%**  |  |
| 8000 | Ameris Bancorp | 644960 |
| 11533 | Associated Banc-Corp. | 314390 |
| 8416 | Atlantic Union Bankshares Corp. | 326877 |
| 6896 | Axos Financial, Inc. (a) | 682635 |
| 32280 | Bank OZK | 1535237 |
| 5016 | BOK Financial Corp. | 651779 |
| 21259 | Columbia Banking System, Inc. | 625865 |
| 5676 | Commerce Bancshares, Inc. | 298785 |
| 24862 | First Horizon Corp. | 608870 |
| 52123 | FNB Corp. | 914759 |
| 13997 | Hancock Whitney Corp. | 962994 |
| 21390 | Home BancShares, Inc. | 618171 |
| 17887 | International Bancshares Corp. | 1245651 |
| 4772 | Popular, Inc. | 637205 |
| 12897 | Prosperity Bancshares, Inc. | 890022 |
| 9471 | SouthState Bank Corp. | 969167 |
| 6563 | Texas Capital Bancshares, <br> Inc. (a) | 663979 |
| 5165 | UMB Financial Corp. | 656678 |
| 15474 | United Bankshares, Inc. | 655014 |
| 28549 | United Community Banks, Inc. | 982942 |
| 76310 | Valley National Bancorp | 950823 |
| 14161 | Webster Financial Corp. | 931369 |
| 10602 | Western Alliance Bancorp | 945168 |
| 4250 | Wintrust Financial Corp. | 626832 |
| 15225 | Zions Bancorp N.A. | 912130 |
|  |  | 19252302 |
|  | **Beverages — 0.6%**  |  |
| 34202 | Brown-Forman Corp., Class B | 936109 |
| 1938 | Coca-Cola Consolidated, Inc. | 294692 |
|  |  | 1230801 |
|  | **Biotechnology — 0.8%**  |  |
| 31855 | Alkermes PLC (a) | 1079566 |
| 1220 | United Therapeutics Corp. (a) | 572778 |
|  |  | 1652344 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Broadline Retail — 0.3%**  |  |
| 980 | Dillard's, Inc., Class A | $595409 |
|  | **Building Products — 2.2%**  |  |
| 8885 | A.O. Smith Corp. | 652959 |
| 2051 | Advanced Drainage Systems, <br> Inc. | 311834 |
| 8663 | Builders FirstSource, Inc. (a) | 991047 |
| 11879 | Fortune Brands Innovations, Inc. | 642654 |
| 3680 | Simpson Manufacturing Co., Inc. | 650550 |
| 13052 | UFP Industries, Inc. | 1348011 |
|  |  | 4597055 |
|  | **Capital Markets — 2.9%**  |  |
| 2061 | Affiliated Managers Group, Inc. | 645278 |
| 4732 | Cohen & Steers, Inc. | 304078 |
| 22823 | Federated Hermes, Inc. | 1216009 |
| 37309 | Franklin Resources, Inc. | 993166 |
| 45238 | Invesco Ltd. | 1234545 |
| 4794 | Jefferies Financial Group, Inc. | 293297 |
| 18837 | Victory Capital Holdings, Inc., <br> Class A | 1328574 |
|  |  | 6014947 |
|  | **Chemicals — 2.9%**  |  |
| 27586 | Axalta Coating Systems Ltd. (a) | 926338 |
| 22413 | Cabot Corp. | 1617994 |
| 23273 | Eastman Chemical Co. | 1613284 |
| 11889 | Element Solutions, Inc. | 345970 |
| 61665 | Mosaic (The) Co. | 1695788 |
|  |  | 6199374 |
|  | **Construction & Engineering** <br> **— 1.4%**  |  |
| 2794 | Arcosa, Inc. | 319829 |
| 37484 | Fluor Corp. (a) | 1731386 |
| 47334 | WillScot Holdings Corp. | 948100 |
|  |  | 2999315 |
|  | **Construction Materials —** <br> **0.7%**  |  |
| 4312 | Eagle Materials, Inc. | 878828 |
| 8446 | Knife River Corp. (a) | 567318 |
|  |  | 1446146 |
|  | **Consumer Finance — 0.9%**  |  |
| 26240 | Ally Financial, Inc. | 1109427 |
| 13195 | OneMain Holdings, Inc. | 864800 |
|  |  | 1974227 |
|  | **Consumer Staples Distribution** <br> **& Retail — 0.7%**  |  |
| 69214 | Albertsons Cos., Inc., Class A | 1152413 |
| 3300 | BJ's Wholesale Club Holdings, <br> Inc. (a) | 305052 |
|  |  | 1457465 |

---

See Notes to Financial Statements

------

**First Trust Mid Cap Value AlphaDEX**<sup>®</sup> **Fund (FNK)**

**Portfolio of Investments (Continued)**

**January 31, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Containers & Packaging —** <br> **2.2%**  |  |
| 1633 | Avery Dennison Corp. | $302938 |
| 8656 | Crown Holdings, Inc. | 906110 |
| 98639 | Graphic Packaging Holding Co. | 1445061 |
| 29438 | Silgan Holdings, Inc. | 1270250 |
| 13616 | Sonoco Products Co. | 653568 |
|  |  | 4577927 |
|  | **Distributors — 0.9%**  |  |
| 49189 | LKQ Corp. | 1615859 |
| 1299 | Pool Corp. | 330063 |
|  |  | 1945922 |
|  | **Diversified Consumer Services** <br> **— 0.7%**  |  |
| 184078 | ADT, Inc. | 1472624 |
|  | **Electric Utilities — 1.8%**  |  |
| 27831 | OGE Energy Corp. | 1215658 |
| 13398 | Pinnacle West Capital Corp. | 1253517 |
| 24764 | Portland General Electric Co. | 1244391 |
|  |  | 3713566 |
|  | **Electrical Equipment — 0.6%**  |  |
| 825 | Acuity, Inc. | 255123 |
| 2179 | Generac Holdings, Inc. (a) | 366159 |
| 4235 | Regal Rexnord Corp. | 683953 |
|  |  | 1305235 |
|  | **Electronic Equipment,** <br> **Instruments & Components** <br>**— 2.5%**  |  |
| 10786 | Arrow Electronics, Inc. (a) | 1429037 |
| 18538 | Avnet, Inc. | 1156586 |
| 2549 | Belden, Inc. | 299533 |
| 7294 | Insight Enterprises, Inc. (a) | 612842 |
| 5933 | TD SYNNEX Corp. | 941389 |
| 23973 | Vontier Corp. | 898987 |
|  |  | 5338374 |
|  | **Energy Equipment & Services** <br> **— 1.5%**  |  |
| 95042 | NOV, Inc. | 1744020 |
| 15185 | Weatherford International PLC | 1428605 |
|  |  | 3172625 |
|  | **Financial Services — 3.2%**  |  |
| 22851 | Essent Group Ltd. | 1437785 |
| 15614 | Euronet Worldwide, Inc. (a) | 1131391 |
| 5572 | Jackson Financial, Inc., Class A | 662622 |
| 50839 | MGIC Investment Corp. | 1368586 |
| 4507 | PennyMac Financial Services, <br> Inc. | 450339 |
| 41276 | Radian Group, Inc. | 1357980 |
| 3988 | Voya Financial, Inc. | 305720 |
|  |  | 6714423 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Food Products — 4.4%**  |  |
| 16676 | Bunge Global S.A. | $1899063 |
| 18669 | Cal-Maine Foods, Inc. | 1559422 |
| 31981 | Campbell's (The) Co. | 894828 |
| 24759 | Darling Ingredients, Inc. (a) | 1130496 |
| 13473 | Ingredion, Inc. | 1591161 |
| 21277 | Lamb Weston Holdings, Inc. | 977253 |
| 11998 | Post Holdings, Inc. (a) | 1227515 |
|  |  | 9279738 |
|  | **Gas Utilities — 3.5%**  |  |
| 14844 | National Fuel Gas Co. | 1243185 |
| 25768 | New Jersey Resources Corp. | 1275001 |
| 15384 | ONE Gas, Inc. | 1223951 |
| 18564 | Southwest Gas Holdings, Inc. | 1537470 |
| 10778 | Spire, Inc. | 910633 |
| 31750 | UGI Corp. | 1273493 |
|  |  | 7463733 |
|  | **Ground Transportation —** <br> **1.9%**  |  |
| 1529 | J.B. Hunt Transport Services, <br> Inc. | 309959 |
| 17049 | Knight-Swift Transportation <br> Holdings, Inc. | 939400 |
| 6209 | Ryder System, Inc. | 1187657 |
| 910 | Saia, Inc. (a) | 304732 |
| 25426 | U-Haul Holding Co. | 1304608 |
|  |  | 4046356 |
|  | **Health Care Equipment &** <br> **Supplies — 0.8%**  |  |
| 1903 | Align Technology, Inc. (a) | 310246 |
| 18747 | Solventum Corp. (a) | 1442957 |
|  |  | 1753203 |
|  | **Health Care Providers &** <br> **Services — 1.5%**  |  |
| 694 | Chemed Corp. | 296435 |
| 3931 | Henry Schein, Inc. (a) | 296712 |
| 6848 | Molina Healthcare, Inc. (a) | 1229832 |
| 6814 | Universal Health Services, Inc., <br> Class B | 1371386 |
|  |  | 3194365 |
|  | **Health Care REITs — 0.8%**  |  |
| 24283 | Alexandria Real Estate Equities, <br> Inc. | 1326823 |
| 18476 | Healthpeak Properties, Inc. | 318526 |
|  |  | 1645349 |
|  | **Hotel & Resort REITs — 0.6%**  |  |
| 67028 | Host Hotels & Resorts, Inc. | 1242029 |

---

See Notes to Financial Statements

------

**First Trust Mid Cap Value AlphaDEX**<sup>®</sup> **Fund (FNK)**

**Portfolio of Investments (Continued)**

**January 31, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Hotels, Restaurants & Leisure** <br> **— 0.8%**  |  |
| 50808 | Caesars Entertainment, Inc. (a) | $1051726 |
| 4474 | Vail Resorts, Inc. | 595355 |
|  |  | 1647081 |
|  | **Household Durables — 4.0%**  |  |
| 1145 | Installed Building Products, Inc. | 329920 |
| 26334 | KB Home | 1515258 |
| 22576 | Meritage Homes Corp. | 1569258 |
| 13591 | Mohawk Industries, Inc. (a) | 1608903 |
| 25234 | Taylor Morrison Home Corp. (a) | 1538012 |
| 10986 | Toll Brothers, Inc. | 1587367 |
| 712 | TopBuild Corp. (a) | 333252 |
|  |  | 8481970 |
|  | **Household Products — 0.4%**  |  |
| 38888 | Reynolds Consumer Products, <br> Inc. | 901035 |
|  | **Independent Power and** <br> **Renewable Electricity** <br>**Producers — 0.7%**  |  |
| 62155 | AES (The) Corp. | 910570 |
| 17865 | Clearway Energy, Inc., Class C | 645820 |
|  |  | 1556390 |
|  | **Industrial REITs — 0.4%**  |  |
| 23103 | Americold Realty Trust, Inc. | 286708 |
| 16977 | Lineage, Inc. | 606249 |
|  |  | 892957 |
|  | **Insurance — 7.3%**  |  |
| 2174 | American Financial Group, Inc. | 283207 |
| 2467 | Assurant, Inc. | 587467 |
| 16530 | Assured Guaranty Ltd. | 1402570 |
| 11097 | Axis Capital Holdings Ltd. | 1144988 |
| 18670 | CNA Financial Corp. | 893546 |
| 876 | Everest Group Ltd. | 290201 |
| 19343 | First American Financial Corp. | 1222091 |
| 6373 | Globe Life, Inc. | 893622 |
| 4877 | Hanover Insurance Group (The), <br> Inc. | 849281 |
| 36643 | Kemper Corp. | 1444101 |
| 33360 | Lincoln National Corp. | 1388110 |
| 9476 | Mercury General Corp. | 830003 |
| 13019 | Old Republic International Corp. | 509954 |
| 2921 | Reinsurance Group of America, <br> Inc. | 592233 |
| 5284 | RenaissanceRe Holdings Ltd. | 1488503 |
| 4644 | RLI Corp. | 271349 |
| 7102 | Selective Insurance Group, Inc. | 597136 |
| 7667 | Unum Group | 582462 |
|  |  | 15270824 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **IT Services — 0.5%**  |  |
| 6810 | Akamai Technologies, Inc. (a) | $661591 |
| 1450 | EPAM Systems, Inc. (a) | 302470 |
|  |  | 964061 |
|  | **Leisure Products — 0.4%**  |  |
| 44925 | Mattel, Inc. (a) | 938483 |
|  | **Life Sciences Tools & Services** <br> **— 0.2%**  |  |
| 3071 | Revvity, Inc. | 334125 |
|  | **Machinery — 2.8%**  |  |
| 5696 | AGCO Corp. | 645984 |
| 9104 | Allison Transmission Holdings, <br> Inc. | 989605 |
| 3110 | Franklin Electric Co., Inc. | 309818 |
| 5176 | Mueller Industries, Inc. | 704661 |
| 9460 | Oshkosh Corp. | 1360537 |
| 7999 | Stanley Black & Decker, Inc. | 629201 |
| 10594 | Timken (The) Co. | 987255 |
| 3774 | Toro (The) Co. | 345321 |
|  |  | 5972382 |
|  | **Media — 1.3%**  |  |
| 5853 | Nexstar Media Group, Inc. | 1243060 |
| 74294 | Sirius XM Holdings, Inc. | 1511883 |
|  |  | 2754943 |
|  | **Metals & Mining — 0.8%**  |  |
| 27955 | Alcoa Corp. | 1588124 |
|  | **Mortgage REITs — 1.4%**  |  |
| 27715 | AGNC Investment Corp. (b) | 315951 |
| 39862 | Annaly Capital Management, <br> Inc. | 917225 |
| 136285 | Rithm Capital Corp. | 1490958 |
| 16497 | Starwood Property Trust, Inc. | 295791 |
|  |  | 3019925 |
|  | **Multi-Utilities — 0.6%**  |  |
| 17119 | Black Hills Corp. | 1249345 |
|  | **Office REITs — 1.2%**  |  |
| 46098 | Cousins Properties, Inc. | 1163514 |
| 39751 | Kilroy Realty Corp. | 1370614 |
|  |  | 2534128 |
|  | **Oil, Gas & Consumable Fuels** <br> **— 8.6%**  |  |
| 34487 | Antero Resources Corp. (a) | 1254292 |
| 60732 | APA Corp. | 1603932 |
| 33225 | California Resources Corp. | 1777537 |
| 16025 | Chord Energy Corp. | 1606346 |
| 40400 | CNX Resources Corp. (a) | 1567520 |
| 6713 | Core Natural Resources, Inc. | 640286 |
| 32238 | HF Sinclair Corp. | 1676054 |
| 67862 | Magnolia Oil & Gas Corp., <br> Class A | 1731160 |

---

See Notes to Financial Statements

------

**First Trust Mid Cap Value AlphaDEX**<sup>®</sup> **Fund (FNK)**

**Portfolio of Investments (Continued)**

**January 31, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Oil, Gas & Consumable Fuels** <br> **(Continued)**  |  |
| 35003 | Matador Resources Co. | $1583536 |
| 37905 | Ovintiv, Inc. | 1647730 |
| 105881 | Permian Resources Corp., <br> Class A | 1707861 |
| 33704 | Range Resources Corp. | 1275696 |
|  |  | 18071950 |
|  | **Paper & Forest Products —** <br> **0.3%**  |  |
| 7358 | Louisiana-Pacific Corp. | 616159 |
|  | **Personal Care Products —** <br> **0.7%**  |  |
| 482308 | Coty, Inc., Class A (a) | 1528916 |
|  | **Pharmaceuticals — 0.6%**  |  |
| 85374 | Perrigo Co. PLC | 1213165 |
|  | **Professional Services — 3.7%**  |  |
| 10245 | Amentum Holdings, Inc. (a) | 366566 |
| 7044 | Booz Allen Hamilton Holding <br> Corp. | 622831 |
| 558 | CACI International, Inc., <br> Class A (a) | 346284 |
| 1739 | FTI Consulting, Inc. (a) | 303751 |
| 12702 | Genpact Ltd. | 560158 |
| 22172 | KBR, Inc. | 949183 |
| 18001 | Korn Ferry | 1250530 |
| 10326 | Maximus, Inc. | 975187 |
| 32817 | Robert Half, Inc. | 1135796 |
| 11806 | Science Applications <br> International Corp. | 1201379 |
|  |  | 7711665 |
|  | **Real Estate Management &** <br> **Development — 0.4%**  |  |
| 11173 | Howard Hughes Holdings, <br> Inc. (a) | 912387 |
|  | **Semiconductors &** <br> **Semiconductor Equipment** <br>**— 1.6%**  |  |
| 15051 | Amkor Technology, Inc. | 727415 |
| 7522 | Cirrus Logic, Inc. (a) | 980417 |
| 9270 | Enphase Energy, Inc. (a) | 342805 |
| 3516 | Qorvo, Inc. (a) | 274635 |
| 18742 | Skyworks Solutions, Inc. | 1045054 |
|  |  | 3370326 |
|  | **Specialty Retail — 6.5%**  |  |
| 9442 | Abercrombie & Fitch Co., <br> Class A (a) | 921823 |
| 6389 | Asbury Automotive Group, <br> Inc. (a) | 1498284 |
| 4317 | AutoNation, Inc. (a) | 884899 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Specialty Retail (Continued)**  |  |
| 59184 | Bath & Body Works, Inc. | $1290211 |
| 4439 | Best Buy Co., Inc. | 288979 |
| 38445 | CarMax, Inc. (a) | 1712340 |
| 3002 | Dick's Sporting Goods, Inc. | 606404 |
| 4879 | Floor & Decor Holdings, Inc., <br> Class A (a) | 321819 |
| 29592 | GameStop Corp., Class A (a) | 706657 |
| 46422 | Gap (The), Inc. | 1298888 |
| 2266 | Group 1 Automotive, Inc. | 802753 |
| 4470 | Lithia Motors, Inc. | 1445777 |
| 1473 | Murphy USA, Inc. | 622357 |
| 7508 | Penske Automotive Group, Inc. | 1177179 |
|  |  | 13578370 |
|  | **Trading Companies &** <br> **Distributors — 1.3%**  |  |
| 4005 | Herc Holdings, Inc. | 574077 |
| 3533 | MSC Industrial Direct Co., Inc., <br> Class A | 297973 |
| 22032 | Rush Enterprises, Inc., Class A | 1414234 |
| 1214 | WESCO International, Inc. | 351368 |
|  |  | 2637652 |
|  | **Water Utilities — 0.4%**  |  |
| 23235 | Essential Utilities, Inc. | 901286 |
|  | **Wireless Telecommunication** <br> **Services — 1.1%**  |  |
| 26704 | Array Digital Infrastructure, <br> Inc. (b) | 1286866 |
| 21739 | Telephone and Data Systems, <br> Inc. | 981081 |
|  |  | 2267947 |
|  | **Total Common Stocks** | 210468708 |
|  | (Cost $190,474,568) |  |
| **MONEY MARKET FUNDS — 0.2%** | **MONEY MARKET FUNDS — 0.2%** | **MONEY MARKET FUNDS — 0.2%** |
| 299720 | Dreyfus Government Cash <br> Management Fund, <br> Institutional Shares - <br> 3.58% (c) | 299720 |
|  | (Cost $299,720) |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

See Notes to Financial Statements

------

**First Trust Mid Cap Value AlphaDEX**<sup>®</sup> **Fund (FNK)**

**Portfolio of Investments (Continued)**

**January 31, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Value**<br>| **Description** | **Value** |
| **REPURCHASE AGREEMENTS — 0.4%** | **REPURCHASE AGREEMENTS — 0.4%** | **REPURCHASE AGREEMENTS — 0.4%** |
| $812401 | Daiwa Capital Markets America, <br> Inc., 3.66% (c), dated <br> 01/30/26, due 02/02/26, with a <br> maturity value of $812,649. <br> Collateralized by <br> U.S. Treasury Securities, <br> interest rates of 1.13% to <br> 4.38%, due 02/28/27 to <br> 06/30/31. The value of the <br> collateral including accrued <br> interest is $828,649. (d) | $812401 |
|  | (Cost $812,401) |  |
|  | **Total Investments — 100.5%** | 211580829 |
|  | (Cost $191,586,689) |  |
|  | **Net Other Assets and** <br> **Liabilities — (0.5)%** | (967196)<br>|
|  | **Net Assets — 100.0%** | $210613633 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income
 producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(b) All
 or a portion of this security is on loan (see Note 2D - Securities
 Lending in the Notes to Financial Statements). The remaining
 contractual maturity of all of the securities lending transactions
 is overnight and continuous. The aggregate value
 of such securities is $799,516 and the total value of the collateral
 held by the Fund, including for securities sold and pending
 settlement, is $812,401.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Rate
 shown reflects yield as of January 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;(d) This
 security serves as collateral for securities on loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Abbreviations throughout the Portfolio of Investments: <br> REITs – Real Estate Investment Trusts

------

**Valuation Inputs**

A summary of the inputs used to value the Fund's investments as of January 31, 2026 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total** <br>**Value at** <br>**1/31/2026**<br>| **Level 1** <br>**Quoted** <br>**Prices**<br>| **Level 2** <br>**Significant** <br>**Observable** <br>**Inputs**<br>| **Level 3** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>|
| Common Stocks\* | $210468708 | &nbsp;&nbsp; $210468708 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Money Market Funds | 299720 | &nbsp;&nbsp; 299720 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Repurchase Agreements | 812401 | &nbsp;&nbsp; — | &nbsp;&nbsp; 812401 | &nbsp;&nbsp; — |
| Total Investments | $211580829 | &nbsp;&nbsp; $210768428 | &nbsp;&nbsp; $812401 | &nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Securities Lending Agency Agreement** | **Securities Lending Agency Agreement** |
| Total gross amount presented on the Statements <br> of Assets and Liabilities<sup>(1)</sup> <br>| $799516 |
| Non-cash Collateral<sup>(2)</sup> <br>| (799516)<br>|
| Net Amount | $— |

---

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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Repurchase Agreements** | **Repurchase Agreements** |
| Total gross amount presented on the Statements <br> of Assets and Liabilities<sup>(3)</sup> <br>| $812401 |
| Non-cash Collateral<sup>(4)</sup> <br>| (812401)<br>|
| Net Amount | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> 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. 

<sup>(2)</sup> At January 31, 2026, 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. 

<sup>(3)</sup> The amount is included in "Investments, at value" on the Statements of Assets and Liabilities. 

<sup>(4)</sup> At January 31, 2026, the value of the collateral received from each seller exceeded the value of the repurchase agreements. 

See Notes to Financial Statements

------

**First Trust Mid Cap Growth AlphaDEX**<sup>®</sup> **Fund (FNY)**

**Portfolio of Investments**

**January 31, 2026 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS — 100.0%** | **COMMON STOCKS — 100.0%** | **COMMON STOCKS — 100.0%** |
|  | **Aerospace & Defense — 3.2%**  |  |
| 30698 | ATI, Inc. (a) | $3692970 |
| 16307 | BWX Technologies, Inc. | 3349947 |
| 8952 | Carpenter Technology Corp. | 2845214 |
| 18566 | Kratos Defense & Security <br> Solutions, Inc. (a) | 1912484 |
| 20670 | Leonardo DRS, Inc. | 848710 |
| 98271 | StandardAero, Inc. (a) | 3035591 |
|  |  | 15684916 |
|  | **Automobile Components —** <br> **0.3%**  |  |
| 11439 | Dorman Products, Inc. (a) | 1420724 |
|  | **Banks — 1.5%**  |  |
| 11129 | Cullen/Frost Bankers, Inc. | 1533799 |
| 18808 | East West Bancorp, Inc. | 2152387 |
| 94746 | Old National Bancorp | 2314645 |
| 14770 | Pinnacle Financial Partners, Inc. | 1404479 |
|  |  | 7405310 |
|  | **Beverages — 0.7%**  |  |
| 46213 | Celsius Holdings, Inc. (a) | 2425258 |
| 43094 | Primo Brands Corp. | 816201 |
|  |  | 3241459 |
|  | **Biotechnology — 9.4%**  |  |
| 131898 | ACADIA Pharmaceuticals, <br> Inc. (a) | 3314597 |
| 154518 | ADMA Biologics, Inc. (a) | 2673161 |
| 35568 | BioMarin Pharmaceutical, <br> Inc. (a) | 2011015 |
| 46059 | Bridgebio Pharma, Inc. (a) | 3558979 |
| 55445 | Cytokinetics, Inc. (a) | 3503570 |
| 64303 | Exelixis, Inc. (a) | 2659572 |
| 41879 | Halozyme Therapeutics, Inc. (a) | 3003143 |
| 44532 | Ionis Pharmaceuticals, Inc. (a) | 3681461 |
| 14288 | Krystal Biotech, Inc. (a) | 3989781 |
| 6049 | Madrigal Pharmaceuticals, <br> Inc. (a) | 2959836 |
| 19871 | Neurocrine Biosciences, Inc. (a) | 2703648 |
| 46380 | PTC Therapeutics, Inc. (a) | 3503081 |
| 26538 | Revolution Medicines, Inc. (a) | 2572859 |
| 32912 | Rhythm Pharmaceuticals, Inc. (a) | 3374138 |
| 97411 | Roivant Sciences Ltd. (a) | 2106026 |
| 23635 | TG Therapeutics, Inc. (a) | 695578 |
|  |  | 46310445 |
|  | **Broadline Retail — 0.6%**  |  |
| 38129 | Etsy, Inc. (a) | 2019312 |
| 6429 | Ollie's Bargain Outlet Holdings, <br> Inc. (a) | 709183 |
|  |  | 2728495 |
|  | **Building Products — 2.5%**  |  |
| 14749 | Armstrong World Industries, Inc. | 2709981 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Building Products (Continued)**  |  |
| 7200 | CSW Industrials, Inc. | $1943856 |
| 28700 | Griffon Corp. | 2337615 |
| 100314 | Resideo Technologies, Inc. (a) | 3436758 |
| 45467 | Zurn Elkay Water Solutions <br> Corp. | 2096483 |
|  |  | 12524693 |
|  | **Capital Markets — 4.4%**  |  |
| 10355 | Evercore, Inc., Class A | 3658111 |
| 103848 | Golub Capital BDC, Inc. | 1390525 |
| 5245 | Hamilton Lane, Inc., Class A | 740804 |
| 8091 | Houlihan Lokey, Inc. | 1361877 |
| 11667 | Main Street Capital Corp. (b) | 744355 |
| 41000 | Moelis & Co., Class A | 2938470 |
| 12644 | PJT Partners, Inc., Class A | 2187791 |
| 17181 | SEI Investments Co. | 1509351 |
| 43921 | StepStone Group, Inc., Class A | 3104775 |
| 22073 | TPG, Inc. | 1300320 |
| 63439 | Virtu Financial, Inc., Class A | 2633353 |
|  |  | 21569732 |
|  | **Chemicals — 1.0%**  |  |
| 9188 | Balchem Corp. | 1563522 |
| 2051 | NewMarket Corp. | 1375790 |
| 22498 | Sensient Technologies Corp. | 2126511 |
|  |  | 5065823 |
|  | **Commercial Services &** <br> **Supplies — 1.1%**  |  |
| 21584 | Casella Waste Systems, Inc., <br> Class A (a) | 2177394 |
| 9016 | Clean Harbors, Inc. (a) | 2343348 |
| 4399 | MSA Safety, Inc. | 779283 |
|  |  | 5300025 |
|  | **Communications Equipment** <br> **— 1.8%**  |  |
| 26624 | Calix, Inc. (a) | 1189294 |
| 15064 | Ciena Corp. (a) | 3793266 |
| 9558 | Lumentum Holdings, Inc. (a) | 3745207 |
|  |  | 8727767 |
|  | **Construction & Engineering** <br> **— 4.9%**  |  |
| 25965 | Construction Partners, Inc., <br> Class A (a) | 2853034 |
| 10425 | Dycom Industries, Inc. (a) | 3798766 |
| 41176 | Everus Construction Group, <br> Inc. (a) | 3643664 |
| 30543 | Granite Construction, Inc. | 3687762 |
| 9056 | IES Holdings, Inc. (a) | 3443906 |
| 28380 | Primoris Services Corp. | 4207335 |
| 6901 | Sterling Infrastructure, Inc. (a) | 2469937 |
|  |  | 24104404 |

---

See Notes to Financial Statements

------

**First Trust Mid Cap Growth AlphaDEX**<sup>®</sup> **Fund (FNY)**

**Portfolio of Investments (Continued)**

**January 31, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Consumer Finance — 1.5%**  |  |
| 4767 | Credit Acceptance Corp. (a) | $2375110 |
| 17683 | FirstCash Holdings, Inc. | 3014952 |
| 52078 | SLM Corp. | 1413918 |
| 16113 | Upstart Holdings, Inc. (a) | 632435 |
|  |  | 7436415 |
|  | **Consumer Staples Distribution** <br> **& Retail — 0.4%**  |  |
| 46994 | Maplebear, Inc. (a) | 1746297 |
|  | **Diversified Consumer Services** <br> **— 1.2%**  |  |
| 6809 | Adtalem Global Education, <br> Inc. (a) | 705072 |
| 6949 | Bright Horizons Family <br> Solutions, Inc. (a) | 643686 |
| 36640 | Frontdoor, Inc. (a) | 2165790 |
| 4237 | Grand Canyon Education, <br> Inc. (a) | 736560 |
| 18074 | Service Corp. International | 1453692 |
|  |  | 5704800 |
|  | **Diversified REITs — 0.3%**  |  |
| 23756 | Essential Properties Realty Trust, <br> Inc. | 721232 |
| 10947 | WP Carey, Inc. | 763553 |
|  |  | 1484785 |
|  | **Diversified Telecommunication** <br> **Services — 1.9%**  |  |
| 48506 | AST SpaceMobile, Inc. (a) | 5394352 |
| 453412 | Lumen Technologies, Inc. (a) | 3999094 |
|  |  | 9393446 |
|  | **Electric Utilities — 0.3%**  |  |
| 11135 | IDACORP, Inc. | 1478617 |
|  | **Electrical Equipment — 2.2%**  |  |
| 40546 | Bloom Energy Corp., Class A (a) | 6137448 |
| 40443 | Nextpower, Inc., Class A (a) | 4735471 |
|  |  | 10872919 |
|  | **Electronic Equipment,** <br> **Instruments & Components** <br>**— 1.7%**  |  |
| 60172 | Mirion Technologies, Inc. (a) | 1494672 |
| 8288 | OSI Systems, Inc. (a) | 2073160 |
| 51058 | TTM Technologies, Inc. (a) | 5013896 |
|  |  | 8581728 |
|  | **Energy Equipment & Services** <br> **— 0.6%**  |  |
| 108318 | Archrock, Inc. | 3205130 |
|  | **Entertainment — 1.5%**  |  |
| 5447 | Madison Square Garden Sports <br> Corp. (a) | 1544497 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Entertainment (Continued)**  |  |
| 32472 | Roku, Inc. (a) | $3091334 |
| 13486 | TKO Group Holdings, Inc. | 2731994 |
|  |  | 7367825 |
|  | **Financial Services — 1.3%**  |  |
| 11583 | Jack Henry & Associates, Inc. | 2075789 |
| 22200 | Sezzle, Inc. (a) | 1403928 |
| 11191 | Shift4 Payments, Inc., <br> Class A (a) (b) | 660717 |
| 14187 | WEX, Inc. (a) | 2183379 |
|  |  | 6323813 |
|  | **Food Products — 0.3%**  |  |
| 8570 | Marzetti (The) Company | 1470355 |
|  | **Ground Transportation —** <br> **0.7%**  |  |
| 5491 | Avis Budget Group, Inc. (a) (b) | 631410 |
| 181880 | Lyft, Inc., Class A (a) | 3068316 |
|  |  | 3699726 |
|  | **Health Care Equipment &** <br> **Supplies — 3.8%**  |  |
| 18721 | Glaukos Corp. (a) | 2234913 |
| 40350 | Globus Medical, Inc., <br> Class A (a) | 3658938 |
| 15280 | Inspire Medical Systems, Inc. (a) | 1157919 |
| 15885 | iRhythm Holdings, Inc. (a) | 2454391 |
| 21176 | Lantheus Holdings, Inc. (a) | 1417098 |
| 15989 | Merit Medical Systems, Inc. (a) | 1296548 |
| 9065 | Penumbra, Inc. (a) | 3246811 |
| 23169 | TransMedics Group, Inc. (a) | 3104067 |
|  |  | 18570685 |
|  | **Health Care Providers &** <br> **Services — 2.6%**  |  |
| 12403 | DaVita, Inc. (a) | 1356144 |
| 13278 | Encompass Health Corp. | 1255169 |
| 20223 | Ensign Group (The), Inc. | 3471480 |
| 34493 | Guardant Health, Inc. (a) | 3933582 |
| 7692 | HealthEquity, Inc. (a) | 658974 |
| 29626 | RadNet, Inc. (a) | 2076783 |
|  |  | 12752132 |
|  | **Health Care REITs — 1.9%**  |  |
| 59890 | American Healthcare REIT, Inc. | 2809440 |
| 77942 | CareTrust REIT, Inc. | 2910354 |
| 41570 | Healthcare Realty Trust, Inc. | 697961 |
| 31783 | Omega Healthcare Investors, Inc. | 1394638 |
| 74403 | Sabra Health Care REIT, Inc. | 1393568 |
|  |  | 9205961 |
|  | **Hotel & Resort REITs — 0.3%**  |  |
| 14892 | Ryman Hospitality Properties, <br> Inc. | 1410272 |

---

See Notes to Financial Statements

------

**First Trust Mid Cap Growth AlphaDEX**<sup>®</sup> **Fund (FNY)**

**Portfolio of Investments (Continued)**

**January 31, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Hotels, Restaurants & Leisure** <br> **— 5.9%**  |  |
| 41330 | Boyd Gaming Corp. | $3494038 |
| 14729 | Brinker International, Inc. (a) | 2323058 |
| 12004 | Cava Group, Inc. (a) (b) | 727682 |
| 24770 | Churchill Downs, Inc. | 2436377 |
| 34528 | Dutch Bros, Inc., Class A (a) | 1877978 |
| 17580 | Hyatt Hotels Corp., Class A | 2748985 |
| 79527 | Life Time Group Holdings, <br> Inc. (a) | 2319803 |
| 63136 | Norwegian Cruise Line Holdings <br> Ltd. (a) | 1386467 |
| 19486 | Planet Fitness, Inc., Class A (a) | 1774005 |
| 12733 | Texas Roadhouse, Inc. | 2290157 |
| 49950 | Travel + Leisure Co. | 3473523 |
| 2953 | Wingstop, Inc. | 783815 |
| 9326 | Wyndham Hotels & Resorts, Inc. | 678840 |
| 23421 | Wynn Resorts Ltd. | 2516586 |
|  |  | 28831314 |
|  | **Independent Power and** <br> **Renewable Electricity** <br>**Producers — 0.6%**  |  |
| 25512 | Ormat Technologies, Inc. | 3187469 |
|  | **Industrial REITs — 1.3%**  |  |
| 3955 | EastGroup Properties, Inc. | 718386 |
| 36910 | First Industrial Realty Trust, Inc. | 2141887 |
| 18197 | Rexford Industrial Realty, Inc. | 737525 |
| 38336 | STAG Industrial, Inc. | 1437983 |
| 24003 | Terreno Realty Corp. | 1477145 |
|  |  | 6512926 |
|  | **Insurance — 1.1%**  |  |
| 1801 | Kinsale Capital Group, Inc. | 712980 |
| 5453 | Primerica, Inc. | 1434357 |
| 13646 | Ryan Specialty Holdings, Inc. | 658829 |
| 1356 | White Mountains Insurance <br> Group Ltd. | 2772925 |
|  |  | 5579091 |
|  | **Interactive Media & Services** <br> **— 0.5%**  |  |
| 43643 | Match Group, Inc. | 1359480 |
| 174623 | Snap, Inc., Class A (a) | 1210137 |
|  |  | 2569617 |
|  | **Leisure Products — 1.3%**  |  |
| 35311 | Acushnet Holdings Corp. | 3423048 |
| 34370 | Hasbro, Inc. | 3069585 |
|  |  | 6492633 |
|  | **Life Sciences Tools & Services** <br> **— 1.5%**  |  |
| 6272 | Medpace Holdings, Inc. (a) | 3653315 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Life Sciences Tools & Services** <br> **(Continued)**  |  |
| 17199 | Repligen Corp. (a) | $2569015 |
| 23864 | Tempus AI, Inc. (a) | 1427544 |
|  |  | 7649874 |
|  | **Machinery — 6.9%**  |  |
| 7641 | Crane Co. | 1395552 |
| 6308 | Esab Corp. | 763899 |
| 10818 | ESCO Technologies, Inc. | 2468343 |
| 19465 | Federal Signal Corp. | 2103972 |
| 50778 | Flowserve Corp. | 3968301 |
| 8597 | Graco, Inc. | 750776 |
| 16243 | ITT, Inc. | 2961099 |
| 23383 | JBT Marel Corp. | 3678380 |
| 2473 | Kadant, Inc. | 793932 |
| 11760 | Lincoln Electric Holdings, Inc. | 3120516 |
| 59161 | Mueller Water Products, Inc., <br> Class A | 1601488 |
| 4713 | RBC Bearings, Inc. (a) | 2354945 |
| 14087 | SPX Technologies, Inc. (a) | 2935871 |
| 47367 | Symbotic, Inc. (a) | 2575344 |
| 7659 | Watts Water Technologies, Inc., <br> Class A | 2292415 |
|  |  | 33764833 |
|  | **Marine Transportation —** <br> **0.6%**  |  |
| 25580 | Kirby Corp. (a) | 3009743 |
|  | **Media — 1.5%**  |  |
| 32411 | EchoStar Corp., Class A (a) | 3669574 |
| 50749 | New York Times (The) Co., <br> Class A | 3720409 |
|  |  | 7389983 |
|  | **Metals & Mining — 2.7%**  |  |
| 158072 | Coeur Mining, Inc. (a) | 3230992 |
| 183585 | Hecla Mining Co. | 4134334 |
| 41840 | MP Materials Corp. (a) | 2458937 |
| 12679 | Royal Gold, Inc. | 3338507 |
|  |  | 13162770 |
|  | **Oil, Gas & Consumable Fuels** <br> **— 2.4%**  |  |
| 39607 | Antero Midstream Corp. | 745404 |
| 5805 | Centrus Energy Corp., <br> Class A (a) (b) | 1615415 |
| 121588 | Comstock Resources, Inc. (a) | 2960668 |
| 17663 | DT Midstream, Inc. | 2225891 |
| 241301 | Uranium Energy Corp. (a) | 4160029 |
|  |  | 11707407 |
|  | **Passenger Airlines — 2.0%**  |  |
| 56033 | Alaska Air Group, Inc. (a) | 2848157 |
| 183850 | American Airlines Group, <br> Inc. (a) | 2445205 |

---

See Notes to Financial Statements

------

**First Trust Mid Cap Growth AlphaDEX**<sup>®</sup> **Fund (FNY)**

**Portfolio of Investments (Continued)**

**January 31, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Passenger Airlines (Continued)**  |  |
| 160137 | Joby Aviation, Inc. (a) | $1692648 |
| 28069 | SkyWest, Inc. (a) | 2709220 |
|  |  | 9695230 |
|  | **Personal Care Products —** <br> **0.1%**  |  |
| 26360 | BellRing Brands, Inc. (a) | 655573 |
|  | **Pharmaceuticals — 1.4%**  |  |
| 19289 | Axsome Therapeutics, Inc. (a) | 3553998 |
| 20723 | Jazz Pharmaceuticals PLC (a) | 3408727 |
|  |  | 6962725 |
|  | **Professional Services — 1.0%**  |  |
| 49807 | ExlService Holdings, Inc. (a) | 1949944 |
| 35740 | UL Solutions, Inc., Class A | 2510020 |
| 31440 | Verra Mobility Corp. (a) | 606792 |
|  |  | 5066756 |
|  | **Residential REITs — 0.1%**  |  |
| 21950 | American Homes 4 Rent, <br> Class A | 687474 |
|  | **Retail REITs — 1.3%**  |  |
| 9782 | Agree Realty Corp. | 706554 |
| 26872 | Brixmor Property Group, Inc. | 719901 |
| 6989 | Federal Realty Investment Trust | 707007 |
| 59143 | Kite Realty Group Trust | 1389269 |
| 38169 | Macerich (The) Co. | 722539 |
| 39618 | Phillips Edison & Co., Inc. | 1435360 |
| 10207 | Regency Centers Corp. | 743784 |
|  |  | 6424414 |
|  | **Semiconductors &** <br> **Semiconductor Equipment** <br>**— 3.4%**  |  |
| 4049 | Impinj, Inc. (a) | 559167 |
| 19152 | Lattice Semiconductor Corp. (a) | 1542119 |
| 20569 | MACOM Technology Solutions <br> Holdings, Inc. (a) | 4505845 |
| 30671 | Rambus, Inc. (a) | 3491280 |
| 31811 | Rigetti Computing, Inc. (a) | 578006 |
| 16174 | Silicon Laboratories, Inc. (a) | 2303986 |
| 9975 | SiTime Corp. (a) | 3622022 |
|  |  | 16602425 |
|  | **Software — 4.5%**  |  |
| 29475 | ACI Worldwide, Inc. (a) | 1278036 |
| 3028 | Appfolio, Inc., Class A (a) | 574957 |
| 25837 | BILL Holdings, Inc. (a) | 1115383 |
| 23559 | Box, Inc., Class A (a) | 597221 |
| 50690 | Dropbox, Inc., Class A (a) | 1291581 |
| 9340 | Elastic N.V. (a) | 615786 |
| 8852 | InterDigital, Inc. | 2889647 |
| 21970 | Life360, Inc. (a) (b) | 1258661 |
| 47194 | Pegasystems, Inc. | 2061906 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Software (Continued)**  |  |
| 19372 | Procore Technologies, Inc. (a) | $1094324 |
| 5302 | Qualys, Inc. (a) | 699334 |
| 166835 | Riot Platforms, Inc. (a) | 2580938 |
| 9214 | Rubrik, Inc., Class A (a) | 515523 |
| 19876 | Samsara, Inc., Class A (a) | 557522 |
| 19848 | ServiceTitan, Inc., Class A (a) | 1554892 |
| 171958 | UiPath, Inc., Class A (a) | 2164951 |
| 47855 | Unity Software, Inc. (a) | 1392581 |
|  |  | 22243243 |
|  | **Specialized REITs — 0.3%**  |  |
| 11133 | Lamar Advertising Co., Class A | 1428475 |
|  | **Specialty Retail — 2.9%**  |  |
| 19964 | Boot Barn Holdings, Inc. (a) | 3563175 |
| 18704 | Five Below, Inc. (a) | 3584435 |
| 46811 | Urban Outfitters, Inc. (a) | 3316559 |
| 35086 | Wayfair, Inc., Class A (a) | 3631050 |
|  |  | 14095219 |
|  | **Technology Hardware, Storage** <br> **& Peripherals — 0.1%**  |  |
| 15703 | IonQ, Inc. (a) (b) | 627806 |
|  | **Textiles, Apparel & Luxury** <br> **Goods — 0.7%**  |  |
| 9964 | Ralph Lauren Corp. | 3521377 |
|  | **Trading Companies &** <br> **Distributors — 2.0%**  |  |
| 8232 | Applied Industrial Technologies, <br> Inc. | 2143695 |
| 40673 | Core & Main, Inc., Class A (a) | 2170311 |
| 12464 | GATX Corp. | 2267326 |
| 146108 | QXO, Inc. (a) | 3240676 |
|  |  | 9822008 |
|  | **Total Common Stocks** | 492479084 |
|  | (Cost $421,399,109) |  |
| **MONEY MARKET FUNDS — 0.1%** | **MONEY MARKET FUNDS — 0.1%** | **MONEY MARKET FUNDS — 0.1%** |
| 327850 | Dreyfus Government Cash <br> Management Fund, <br> Institutional Shares - <br> 3.58% (c) | 327850 |
|  | (Cost $327,850) |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

See Notes to Financial Statements

------

**First Trust Mid Cap Growth AlphaDEX**<sup>®</sup> **Fund (FNY)**

**Portfolio of Investments (Continued)**

**January 31, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Value**<br>| **Description** | **Value** |
| **REPURCHASE AGREEMENTS — 0.7%** | **REPURCHASE AGREEMENTS — 0.7%** | **REPURCHASE AGREEMENTS — 0.7%** |
| $3774360 | Daiwa Capital Markets America, <br> Inc., 3.66% (c), dated <br> 01/30/26, due 02/02/26, with a <br> maturity value of $3,775,511. <br> Collateralized by <br> U.S. Treasury Securities, <br> interest rates of 1.13% to <br> 4.38%, due 02/28/27 to <br> 06/30/31. The value of the <br> collateral including accrued <br> interest is $3,849,849. (d) | $3774360 |
|  | (Cost $3,774,360) |  |
|  | **Total Investments — 100.8%** | 496581294 |
|  | (Cost $425,501,319) |  |
|  | **Net Other Assets and** <br> **Liabilities — (0.8)%** | (4039890)<br>|
|  | **Net Assets — 100.0%** | $492541404 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income
 producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(b) All
 or a portion of this security is on loan (see Note 2D - Securities
 Lending in the Notes to Financial Statements). The remaining
 contractual maturity of all of the securities lending transactions
 is overnight and continuous. The aggregate value
 of such securities is $3,929,847 and the total value of the
 collateral held by the Fund, including for securities sold and
 pending settlement, is $3,774,360.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Rate
 shown reflects yield as of January 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;(d) This
 security serves as collateral for securities on loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Abbreviations throughout the Portfolio of Investments: <br> REITs – Real Estate Investment Trusts

------

**Valuation Inputs**

A summary of the inputs used to value the Fund's investments as of January 31, 2026 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total** <br>**Value at** <br>**1/31/2026**<br>| **Level 1** <br>**Quoted** <br>**Prices**<br>| **Level 2** <br>**Significant** <br>**Observable** <br>**Inputs**<br>| **Level 3** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>|
| Common Stocks\* | $492479084 | &nbsp;&nbsp; $492479084 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Money Market Funds | 327850 | &nbsp;&nbsp; 327850 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Repurchase <br> Agreements<br>| 3774360 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3774360 | &nbsp;&nbsp; — |
| Total Investments | $496581294 | &nbsp;&nbsp; $492806934 | &nbsp;&nbsp; $3774360 | &nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Securities Lending Agency Agreement** | **Securities Lending Agency Agreement** |
| Total gross amount presented on the Statements <br> of Assets and Liabilities<sup>(1)</sup> <br>| $3929847 |
| Non-cash Collateral<sup>(2)</sup> <br>| (3774360)<br>|
| Net Amount | $155487 |

---

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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Repurchase Agreements** | **Repurchase Agreements** |
| Total gross amount presented on the Statements <br> of Assets and Liabilities<sup>(3)</sup> <br>| $3774360 |
| Non-cash Collateral<sup>(4)</sup> <br>| (3774360)<br>|
| Net Amount | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> 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. 

<sup>(2)</sup> The collateral requirements are determined at the beginning of each business day based on the market value of the loaned securities from the end of the prior day. On January 30, 2026, the last business day of the period, there was sufficient collateral based on the end of day market value from the prior business day; however, as a result of market movement from January 29 to January 30, the value of the related securities loaned was above the collateral value received. See Note 2D - Securities Lending in the Notes to Financial Statements. 

<sup>(3)</sup> The amount is included in "Investments, at value" on the Statements of Assets and Liabilities. 

<sup>(4)</sup> At January 31, 2026, the value of the collateral received from each seller exceeded the value of the repurchase agreements. 

See Notes to Financial Statements

------

**First Trust Small Cap Value AlphaDEX**<sup>®</sup> **Fund (FYT)**

**Portfolio of Investments**

**January 31, 2026 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS — 99.8%** | **COMMON STOCKS — 99.8%** | **COMMON STOCKS — 99.8%** |
|  | **Aerospace & Defense — 0.4%**  |  |
| 10583 | V2X, Inc. (a) | $728428 |
|  | **Air Freight & Logistics —** <br> **0.4%**  |  |
| 13549 | Hub Group, Inc., Class A | 644661 |
|  | **Automobile Components —** <br> **1.5%**  |  |
| 10038 | Adient PLC (a) | 208790 |
| 5291 | Gentherm, Inc. (a) | 169100 |
| 4758 | LCI Industries | 697951 |
| 1775 | Patrick Industries, Inc. | 223952 |
| 6257 | Phinia, Inc. | 445311 |
| 8250 | Visteon Corp. | 749595 |
|  |  | 2494699 |
|  | **Automobiles — 0.6%**  |  |
| 47863 | Harley-Davidson, Inc. | 947687 |
|  | **Banks — 13.8%**  |  |
| 9238 | 1st Source Corp. | 621995 |
| 8801 | BankUnited, Inc. | 417783 |
| 9214 | Banner Corp. | 569794 |
| 7297 | Beacon Financial Corp. | 206870 |
| 19805 | Byline Bancorp, Inc. | 632374 |
| 11930 | Cathay General Bancorp | 610577 |
| 6943 | Community Trust Bancorp, Inc. | 428383 |
| 7339 | ConnectOne Bancorp, Inc. | 195364 |
| 2632 | Customers Bancorp, Inc. (a) | 207981 |
| 21090 | CVB Financial Corp. | 415684 |
| 6395 | Dime Community Bancshares, <br> Inc. | 217558 |
| 10691 | Enterprise Financial Services <br> Corp. | 613129 |
| 3789 | First Bancorp | 219497 |
| 18925 | First BanCorp | 418621 |
| 16491 | First Busey Corp. | 406503 |
| 23267 | First Commonwealth Financial <br> Corp. | 419504 |
| 31357 | First Financial Bancorp | 901200 |
| 15505 | First Hawaiian, Inc. | 411658 |
| 11337 | First Interstate BancSystem, Inc., <br> Class A | 402123 |
| 20933 | First Merchants Corp. | 832296 |
| 15340 | Firstsun Capital Bancorp (a) | 605623 |
| 29866 | Fulton Financial Corp. | 616733 |
| 4912 | German American Bancorp, Inc. | 206648 |
| 17010 | Hilltop Holdings, Inc. | 637025 |
| 35792 | Hope Bancorp, Inc. | 428788 |
| 2633 | Independent Bank Corp. | 212694 |
| 15188 | National Bank Holdings Corp., <br> Class A | 610254 |
| 9448 | NBT Bancorp, Inc. | 419775 |
| 32691 | Northwest Bancshares, Inc. | 421060 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Banks (Continued)**  |  |
| 32163 | OceanFirst Financial Corp. | $603056 |
| 14088 | OFG Bancorp | 567746 |
| 5117 | Origin Bancorp, Inc. | 219161 |
| 26126 | Peoples Bancorp, Inc.  | 849618 |
| 4154 | Preferred Bank | 356289 |
| 39724 | Provident Financial Services, <br> Inc. | 879489 |
| 4709 | QCR Holdings, Inc. | 425034 |
| 11137 | Renasant Corp. | 419976 |
| 14671 | S&T Bancorp, Inc. | 625571 |
| 10209 | Simmons First National Corp., <br> Class A | 207549 |
| 12679 | Stellar Bancorp, Inc. | 470898 |
| 5767 | Towne Bank | 201845 |
| 8281 | TriCo Bancshares | 412559 |
| 14823 | Trustmark Corp. | 630274 |
| 24495 | WaFd, Inc. | 799027 |
| 11802 | WesBanco, Inc. | 416493 |
| 12071 | Westamerica BanCorp | 610551 |
| 10451 | WSFS Financial Corp. | 676493 |
|  |  | 22679123 |
|  | **Beverages — 0.3%**  |  |
| 2010 | Boston Beer (The) Co., Inc., <br> Class A (a) | 429376 |
|  | **Biotechnology — 0.6%**  |  |
| 116750 | Novavax, Inc. (a) (b) | 1032654 |
|  | **Broadline Retail — 0.9%**  |  |
| 48049 | Kohl's Corp. | 839416 |
| 35581 | Macy's, Inc. | 712332 |
|  |  | 1551748 |
|  | **Building Products — 1.0%**  |  |
| 12456 | Hayward Holdings, Inc. (a) | 201040 |
| 88276 | Janus International Group, <br> Inc. (a) | 605573 |
| 71066 | Masterbrand, Inc. (a) | 861320 |
|  |  | 1667933 |
|  | **Capital Markets — 0.7%**  |  |
| 4121 | Donnelley Financial Solutions, <br> Inc. (a) | 213262 |
| 6011 | Virtus Investment Partners, Inc. | 981296 |
|  |  | 1194558 |
|  | **Chemicals — 2.1%**  |  |
| 18480 | Avient Corp. | 668052 |
| 6597 | H.B. Fuller Co. | 396480 |
| 19245 | Huntsman Corp. | 208231 |
| 3159 | Minerals Technologies, Inc. | 207736 |
| 37665 | Olin Corp. | 783809 |
| 20709 | Stepan Co. | 1193045 |
|  |  | 3457353 |

---

See Notes to Financial Statements

------

**First Trust Small Cap Value AlphaDEX**<sup>®</sup> **Fund (FYT)**

**Portfolio of Investments (Continued)**

**January 31, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Commercial Services &** <br> **Supplies — 2.3%**  |  |
| 13648 | ABM Industries, Inc. | $628354 |
| 77404 | BrightView Holdings, Inc. (a) | 1034117 |
| 1649 | Brink's (The) Co. | 209489 |
| 9331 | HNI Corp. | 445929 |
| 20677 | Interface, Inc. | 650705 |
| 10527 | MillerKnoll, Inc. | 211382 |
| 2992 | UniFirst Corp. | 643280 |
|  |  | 3823256 |
|  | **Communications Equipment** <br> **— 0.9%**  |  |
| 19459 | Harmonic, Inc. (a) | 189141 |
| 21334 | NetScout Systems, Inc. (a) | 593299 |
| 16753 | Viasat, Inc. (a) | 756733 |
|  |  | 1539173 |
|  | **Consumer Finance — 1.8%**  |  |
| 13247 | Bread Financial Holdings, Inc. | 960937 |
| 10160 | LendingClub Corp. (a) | 171806 |
| 14803 | Navient Corp. | 145217 |
| 4342 | Nelnet, Inc., Class A | 572710 |
| 33255 | PROG Holdings, Inc. | 1078792 |
|  |  | 2929462 |
|  | **Consumer Staples Distribution** <br> **& Retail — 1.7%**  |  |
| 10858 | Andersons (The), Inc. | 673087 |
| 57160 | Grocery Outlet Holding <br> Corp. (a) | 544735 |
| 1569 | PriceSmart, Inc. | 223128 |
| 5716 | United Natural Foods, Inc. (a) | 212807 |
| 15303 | Weis Markets, Inc. | 1088808 |
|  |  | 2742565 |
|  | **Containers & Packaging —** <br> **0.5%**  |  |
| 5794 | Greif, Inc., Class A | 409172 |
| 13039 | O-I Glass, Inc. (a) | 199236 |
| 5429 | TriMas Corp. | 188767 |
|  |  | 797175 |
|  | **Diversified Consumer Services** <br> **— 1.8%**  |  |
| 893 | Graham Holdings Co., Class B | 1041801 |
| 133638 | KinderCare Learning Cos., <br> Inc. (a) | 624089 |
| 70553 | Mister Car Wash, Inc. (a) | 391569 |
| 9782 | Strategic Education, Inc. | 831666 |
|  |  | 2889125 |
|  | **Diversified REITs — 0.6%**  |  |
| 51807 | American Assets Trust, Inc. | 935634 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Electric Utilities — 1.1%**  |  |
| 63786 | Hawaiian Electric Industries, <br> Inc. (a) | $977202 |
| 9709 | Otter Tail Corp. | 865654 |
|  |  | 1842856 |
|  | **Electrical Equipment — 0.3%**  |  |
| 2674 | EnerSys | 481828 |
|  | **Electronic Equipment,** <br> **Instruments & Components** <br>**— 1.6%**  |  |
| 4500 | Benchmark Electronics, Inc. | 234630 |
| 8333 | Crane NXT Co. | 420983 |
| 9152 | CTS Corp. | 470504 |
| 4473 | ePlus, Inc. | 383828 |
| 8979 | Knowles Corp. (a) | 217651 |
| 6792 | PC Connection, Inc. | 399438 |
| 1309 | Plexus Corp. (a) | 260923 |
| 13281 | Vishay Intertechnology, Inc. | 267612 |
|  |  | 2655569 |
|  | **Energy Equipment & Services** <br> **— 7.7%**  |  |
| 61288 | Atlas Energy Solutions, Inc. (b) | 715231 |
| 26780 | Bristow Group, Inc. (a) | 1177249 |
| 73461 | Expro Group Holdings N.V. (a) | 1176111 |
| 20129 | Helmerich & Payne, Inc. | 681970 |
| 35875 | Innovex International, Inc. (a) | 891494 |
| 53125 | Liberty Energy, Inc. | 1309531 |
| 32649 | Oceaneering International, <br> Inc. (a) | 982735 |
| 128406 | Patterson-UTI Energy, Inc. | 966897 |
| 180276 | RPC, Inc. | 1198835 |
| 22675 | Seadrill Ltd. (a) | 872534 |
| 54879 | Select Water Solutions, Inc. | 663487 |
| 15533 | Tidewater, Inc. (a) | 970657 |
| 19460 | Valaris Ltd. (a) | 1123426 |
|  |  | 12730157 |
|  | **Financial Services — 2.2%**  |  |
| 23035 | Merchants Bancorp | 955031 |
| 5050 | NCR Atleos Corp. (a) | 188365 |
| 24042 | NMI Holdings, Inc. (a) | 930906 |
| 13044 | Walker & Dunlop, Inc. | 820337 |
| 84270 | Western Union (The) Co. | 789610 |
|  |  | 3684249 |
|  | **Food Products — 2.0%**  |  |
| 72111 | Flowers Foods, Inc. | 824229 |
| 22019 | Fresh Del Monte Produce, Inc. | 873273 |
| 4340 | J & J Snack Foods Corp. | 412300 |
| 221 | Seaboard Corp. | 1123184 |
|  |  | 3232986 |

---

See Notes to Financial Statements

------

**First Trust Small Cap Value AlphaDEX**<sup>®</sup> **Fund (FYT)**

**Portfolio of Investments (Continued)**

**January 31, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Gas Utilities — 0.7%**  |  |
| 20096 | MDU Resources Group, Inc. | $412169 |
| 16786 | Northwest Natural Holding Co. | 781556 |
|  |  | 1193725 |
|  | **Ground Transportation —** <br> **2.0%**  |  |
| 13219 | ArcBest Corp. | 1192618 |
| 68941 | Marten Transport Ltd. | 847975 |
| 21761 | Schneider National, Inc., Class B | 584065 |
| 19237 | Werner Enterprises, Inc. | 658867 |
|  |  | 3283525 |
|  | **Health Care Equipment &** <br> **Supplies — 0.3%**  |  |
| 14219 | CONMED Corp. | 545867 |
|  | **Health Care Providers &** <br> **Services — 2.8%**  |  |
| 69113 | Acadia Healthcare Co., Inc. (a) | 928879 |
| 98464 | AdaptHealth Corp. (a) | 989563 |
| 111065 | Ardent Health, Inc. (a) | 907401 |
| 2861 | National HealthCare Corp. | 409438 |
| 26990 | Pediatrix Medical Group, Inc. (a) | 577046 |
| 52833 | Select Medical Holdings Corp. | 795137 |
|  |  | 4607464 |
|  | **Health Care Technology —** <br> **0.3%**  |  |
| 48109 | Evolent Health, Inc., Class A (a) | 154430 |
| 56039 | Teladoc Health, Inc. (a) | 305412 |
|  |  | 459842 |
|  | **Hotel & Resort REITs — 3.1%**  |  |
| 82759 | Apple Hospitality REIT, Inc. | 963315 |
| 64434 | DiamondRock Hospitality Co. | 591504 |
| 75007 | Park Hotels & Resorts, Inc. | 819827 |
| 51001 | Pebblebrook Hotel Trust | 582431 |
| 131638 | RLJ Lodging Trust | 978070 |
| 43879 | Sunstone Hotel Investors, Inc. | 384819 |
| 55485 | Xenia Hotels & Resorts, Inc. | 818404 |
|  |  | 5138370 |
|  | **Hotels, Restaurants & Leisure** <br> **— 1.7%**  |  |
| 34380 | Accel Entertainment, Inc. (a) | 388838 |
| 22729 | Cracker Barrel Old Country <br> Store, Inc. (b) | 684597 |
| 11872 | Dave & Buster's Entertainment, <br> Inc. (a) | 222837 |
| 16999 | Marriott Vacations Worldwide <br> Corp. | 923216 |
| 69306 | Wendy's (The) Co. (b) | 539894 |
|  |  | 2759382 |
|  | **Household Durables — 5.0%**  |  |
| 326 | Cavco Industries, Inc. (a) | 160399 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Household Durables** <br> **(Continued)**  |  |
| 16524 | Century Communities, Inc. | $1040682 |
| 2277 | Champion Homes, Inc. (a) | 178471 |
| 12521 | Green Brick Partners, Inc. (a) | 868832 |
| 21051 | La-Z-Boy, Inc. | 766467 |
| 89155 | Leggett & Platt, Inc. | 1040439 |
| 22828 | LGI Homes, Inc. (a) | 1143911 |
| 7665 | M/I Homes, Inc. (a) | 1024810 |
| 210904 | Newell Brands, Inc. | 896342 |
| 31162 | Tri Pointe Homes, Inc. (a) | 1039253 |
|  |  | 8159606 |
|  | **Household Products — 1.7%**  |  |
| 26878 | Central Garden & Pet Co., <br> Class A (a) | 824348 |
| 39446 | Energizer Holdings, Inc. | 861106 |
| 16601 | Spectrum Brands Holdings, Inc. | 1057650 |
|  |  | 2743104 |
|  | **Industrial REITs — 1.0%**  |  |
| 20709 | Innovative Industrial Properties, <br> Inc. | 1000659 |
| 11644 | LXP Industrial Trust | 576960 |
|  |  | 1577619 |
|  | **Insurance — 3.0%**  |  |
| 15136 | Brighthouse Financial, Inc. (a) | 969612 |
| 13594 | CNO Financial Group, Inc. | 571628 |
| 13373 | Employers Holdings, Inc. | 583330 |
| 63934 | Genworth Financial, Inc. (a) | 533210 |
| 35150 | Hamilton Insurance Group Ltd., <br> Class B (a) | 975412 |
| 8494 | Horace Mann Educators Corp. | 380616 |
| 7410 | Safety Insurance Group, Inc. | 583167 |
| 5583 | Stewart Information Services <br> Corp. | 376462 |
|  |  | 4973437 |
|  | **Interactive Media & Services** <br> **— 0.9%**  |  |
| 4921 | IAC, Inc. (a) | 181831 |
| 13217 | TripAdvisor, Inc. (a) | 175654 |
| 27900 | Ziff Davis, Inc. (a) | 1066338 |
|  |  | 1423823 |
|  | **IT Services — 1.1%**  |  |
| 16288 | ASGN, Inc. (a) | 848442 |
| 66941 | DXC Technology Co. (a) | 965959 |
|  |  | 1814401 |
|  | **Leisure Products — 0.1%**  |  |
| 4357 | YETI Holdings, Inc. (a) | 199158 |
|  | **Machinery — 2.3%**  |  |
| 20982 | Greenbrier (The) Cos., Inc. | 1057912 |
| 3598 | Helios Technologies, Inc. | 233078 |
| 45297 | Hillman Solutions Corp. (a) | 424433 |

---

See Notes to Financial Statements

------

**First Trust Small Cap Value AlphaDEX**<sup>®</sup> **Fund (FYT)**

**Portfolio of Investments (Continued)**

**January 31, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Machinery (Continued)**  |  |
| 20322 | Kennametal, Inc. | $698874 |
| 3328 | Lindsay Corp. | 416899 |
| 5323 | Tennant Co. | 405027 |
| 7349 | Terex Corp. | 418893 |
| 3731 | Worthington Enterprises, Inc. | 207332 |
|  |  | 3862448 |
|  | **Marine Transportation —** <br> **0.8%**  |  |
| 7938 | Matson, Inc. | 1272461 |
|  | **Media — 0.7%**  |  |
| 18848 | John Wiley & Sons, Inc., <br> Class A | 588623 |
| 80220 | Stagwell, Inc. (a) | 482122 |
|  |  | 1070745 |
|  | **Metals & Mining — 0.8%**  |  |
| 3415 | Kaiser Aluminum Corp. | 418748 |
| 22662 | Worthington Steel, Inc. | 911692 |
|  |  | 1330440 |
|  | **Mortgage REITs — 1.7%**  |  |
| 81050 | Apollo Commercial Real Estate <br> Finance, Inc. | 876150 |
| 126381 | Arbor Realty Trust, Inc. (b) | 973134 |
| 31560 | Chimera Investment Corp. | 389766 |
| 52531 | Ladder Capital Corp. | 576265 |
|  |  | 2815315 |
|  | **Multi-Utilities — 0.5%**  |  |
| 20357 | Avista Corp. | 840541 |
|  | **Office REITs — 1.5%**  |  |
| 71389 | Douglas Emmett, Inc. | 753868 |
| 37025 | Easterly Government Properties, <br> Inc. | 866015 |
| 30386 | Highwoods Properties, Inc. | 785478 |
|  |  | 2405361 |
|  | **Oil, Gas & Consumable Fuels** <br> **— 6.9%**  |  |
| 7088 | BKV Corp. (a) | 210868 |
| 116890 | Crescent Energy Co., Class A | 1142015 |
| 22693 | CVR Energy, Inc. (a) | 516039 |
| 40293 | Dorian LPG Ltd. | 1189852 |
| 20199 | International Seaways, Inc. | 1204870 |
| 864629 | Kosmos Energy Ltd. (a) | 1366114 |
| 31382 | Murphy Oil Corp. | 944284 |
| 45677 | Northern Oil & Gas, Inc. | 1141925 |
| 27908 | Par Pacific Holdings, Inc. (a) | 1053248 |
| 7095 | PBF Energy, Inc., Class A | 237399 |
| 13208 | Peabody Energy Corp. | 465714 |
| 52445 | SM Energy Co. | 1021104 |
| 71195 | Talos Energy, Inc. (a) | 848645 |
|  |  | 11342077 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Paper & Forest Products —** <br> **0.5%**  |  |
| 16294 | Sylvamo Corp. | $797428 |
|  | **Passenger Airlines — 0.4%**  |  |
| 126883 | JetBlue Airways Corp. (a) | 617920 |
|  | **Personal Care Products —** <br> **0.5%**  |  |
| 46016 | Edgewell Personal Care Co. | 895471 |
|  | **Pharmaceuticals — 1.9%**  |  |
| 29297 | Amphastar Pharmaceuticals, <br> Inc. (a) | 776078 |
| 15428 | Harmony Biosciences Holdings, <br> Inc. (a) | 563431 |
| 39247 | Innoviva, Inc. (a) | 784940 |
| 109423 | Organon & Co. | 934472 |
|  |  | 3058921 |
|  | **Professional Services — 1.2%**  |  |
| 23586 | Concentrix Corp. | 880937 |
| 6768 | ICF International, Inc. | 631116 |
| 6473 | ManpowerGroup, Inc. | 235164 |
| 3254 | TriNet Group, Inc. | 199275 |
|  |  | 1946492 |
|  | **Real Estate Management &** <br> **Development — 0.9%**  |  |
| 39818 | Forestar Group, Inc. (a) | 1036065 |
| 19901 | Kennedy-Wilson Holdings, Inc. | 196025 |
| 11098 | Newmark Group, Inc., Class A | 197877 |
|  |  | 1429967 |
|  | **Semiconductors &** <br> **Semiconductor Equipment** <br>**— 1.3%**  |  |
| 4882 | Axcelis Technologies, Inc. (a) | 429958 |
| 11701 | Diodes, Inc. (a) | 692582 |
| 24517 | Photronics, Inc. (a) | 847552 |
| 6734 | Veeco Instruments, Inc. (a) | 210303 |
|  |  | 2180395 |
|  | **Software — 0.1%**  |  |
| 18868 | NCR Voyix Corp. (a) | 187171 |
|  | **Specialized REITs — 1.2%**  |  |
| 45297 | Rayonier, Inc. | 1030054 |
| 71636 | Safehold, Inc. | 1010784 |
|  |  | 2040838 |
|  | **Specialty Retail — 2.6%**  |  |
| 15704 | Academy Sports & Outdoors, <br> Inc. | 863877 |
| 4897 | Advance Auto Parts, Inc. (b) | 235105 |
| 14877 | American Eagle Outfitters, Inc. | 346783 |
| 7343 | Buckle (The), Inc. | 347324 |
| 55018 | Sally Beauty Holdings, Inc. (a) | 837374 |
| 2322 | Signet Jewelers Ltd. | 214251 |
| 6341 | Sonic Automotive, Inc., Class A | 380206 |

---

See Notes to Financial Statements

------

**First Trust Small Cap Value AlphaDEX**<sup>®</sup> **Fund (FYT)**

**Portfolio of Investments (Continued)**

**January 31, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Specialty Retail (Continued)**  |  |
| 44680 | Upbound Group, Inc. | $844452 |
| 3553 | Victoria's Secret & Co. (a) | 193674 |
|  |  | 4263046 |
|  | **Textiles, Apparel & Luxury** <br> **Goods — 2.0%**  |  |
| 7121 | Columbia Sportswear Co. | 393649 |
| 33863 | G-III Apparel Group Ltd. | 993879 |
| 6421 | Kontoor Brands, Inc. | 383526 |
| 18914 | Levi Strauss & Co., Class A | 376010 |
| 14633 | PVH Corp. | 912514 |
| 10602 | Wolverine World Wide, Inc. | 187868 |
|  |  | 3247446 |
|  | **Tobacco — 0.6%**  |  |
| 18591 | Universal Corp. | 1052065 |
|  | **Trading Companies &** <br> **Distributors — 0.9%**  |  |
| 10661 | Boise Cascade Co. | 861515 |
| 14524 | DNOW, Inc. (a) | 220620 |
| 13425 | Global Industrial Co. | 410268 |
|  |  | 1492403 |
|  | **Total Common Stocks** | 164140529 |
|  | (Cost $151,835,013) |  |
| **MONEY MARKET FUNDS — 0.2%** | **MONEY MARKET FUNDS — 0.2%** | **MONEY MARKET FUNDS — 0.2%** |
| 323196 | Dreyfus Government Cash <br> Management Fund, <br> Institutional Shares - <br> 3.58% (c) | 323196 |
|  | (Cost $323,196) |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Value**<br>| **Description** | **Value** |
| **REPURCHASE AGREEMENTS — 2.2%** | **REPURCHASE AGREEMENTS — 2.2%** | **REPURCHASE AGREEMENTS — 2.2%** |
| $3662701 | Citigroup, Inc., 3.66% (c), dated <br> 01/30/26, due 02/02/26, with a <br> maturity value of $3,663,818. <br> Collateralized by <br> U.S. Treasury Note, interest <br> rate of 4.25%, due 02/15/28. <br> The value of the collateral <br> including accrued interest is <br> $3,735,956. (d) | 3662701 |
|  | (Cost $3,662,701) |  |
|  | **Total Investments — 102.2%** | 168126426 |
|  | (Cost $155,820,910) |  |
|  | **Net Other Assets and** <br> **Liabilities — (2.2)%** | (3688580)<br>|
|  | **Net Assets — 100.0%** | $164437846 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income
 producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(b) All
 or a portion of this security is on loan (see Note 2D - Securities
 Lending in the Notes to Financial Statements). The remaining
 contractual maturity of all of the securities lending transactions
 is overnight and continuous. The aggregate value
 of such securities is $2,943,889 and the total value of the
 collateral held by the Fund, including for securities sold and
 pending settlement, is $3,662,701.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Rate
 shown reflects yield as of January 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;(d) This
 security serves as collateral for securities on loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Abbreviations throughout the Portfolio of Investments: <br> REITs – Real Estate Investment Trusts

------

**Valuation Inputs**

A summary of the inputs used to value the Fund's investments as of January 31, 2026 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total** <br>**Value at** <br>**1/31/2026**<br>| **Level 1** <br>**Quoted** <br>**Prices**<br>| **Level 2** <br>**Significant** <br>**Observable** <br>**Inputs**<br>| **Level 3** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>|
| Common Stocks\* | $164140529 | &nbsp;&nbsp; $164140529 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Money Market Funds | 323196 | &nbsp;&nbsp; 323196 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Repurchase <br> Agreements<br>| 3662701 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3662701 | &nbsp;&nbsp; — |
| Total Investments | $168126426 | &nbsp;&nbsp; $164463725 | &nbsp;&nbsp; $3662701 | &nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Securities Lending Agency Agreement** | **Securities Lending Agency Agreement** |
| Total gross amount presented on the Statements <br> of Assets and Liabilities<sup>(1)</sup> <br>| $2943889 |
| Non-cash Collateral<sup>(2)</sup> <br>| (2943889)<br>|
| Net Amount | $— |

---

See Notes to Financial Statements

------

**First Trust Small Cap Value AlphaDEX**<sup>®</sup> **Fund (FYT)**

**Portfolio of Investments (Continued)**

**January 31, 2026 (Unaudited)**

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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Repurchase Agreements** | **Repurchase Agreements** |
| Total gross amount presented on the Statements <br> of Assets and Liabilities<sup>(3)</sup> <br>| $3662701 |
| Non-cash Collateral<sup>(4)</sup> <br>| (3662701)<br>|
| Net Amount | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> 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. 

<sup>(2)</sup> At January 31, 2026, 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. 

<sup>(3)</sup> The amount is included in "Investments, at value" on the Statements of Assets and Liabilities. 

<sup>(4)</sup> At January 31, 2026, the value of the collateral received from each seller exceeded the value of the repurchase agreements. 

See Notes to Financial Statements

------

**First Trust Small Cap Growth AlphaDEX**<sup>®</sup> **Fund (FYC)**

**Portfolio of Investments**

**January 31, 2026 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS — 99.9%** | **COMMON STOCKS — 99.9%** | **COMMON STOCKS — 99.9%** |
|  | **Aerospace & Defense — 2.9%**  |  |
| 103217 | Astronics Corp. (a) | $7818688 |
| 137083 | Cadre Holdings, Inc. | 5484691 |
| 137979 | Intuitive Machines, Inc. (a) (b) | 2620221 |
| 45135 | Mercury Systems, Inc. (a) | 4237274 |
| 25920 | VSE Corp. | 5665334 |
|  |  | 25826208 |
|  | **Automobile Components —** <br> **1.4%**  |  |
| 235642 | Dana, Inc. | 6810054 |
| 321223 | Garrett Motion, Inc. | 5794863 |
|  |  | 12604917 |
|  | **Banks — 3.9%**  |  |
| 290253 | Banc of California, Inc. | 5799255 |
| 66326 | Bancorp (The), Inc. (a) | 3942417 |
| 27046 | Bank First Corp. | 3773999 |
| 18792 | City Holding Co. | 2313107 |
| 28764 | Coastal Financial Corp. (a) | 2755016 |
| 38981 | Community Financial System, <br> Inc. | 2436313 |
| 18463 | Nicolet Bankshares, Inc. | 2695229 |
| 7222 | Park National Corp. | 1176753 |
| 46411 | Pathward Financial, Inc. | 4190449 |
| 15925 | Republic Bancorp, Inc., Class A | 1156314 |
| 104907 | Seacoast Banking Corp. of <br> Florida | 3508090 |
| 16906 | Stock Yards Bancorp, Inc. | 1144367 |
|  |  | 34891309 |
|  | **Beverages — 0.6%**  |  |
| 105627 | Vita Coco (The) Co., Inc. (a) | 5635200 |
|  | **Biotechnology — 11.3%**  |  |
| 178304 | Apellis Pharmaceuticals, Inc. (a) | 4026104 |
| 192793 | Arcutis Biotherapeutics, Inc. (a) | 4891158 |
| 960349 | Ardelyx, Inc. (a) | 7385084 |
| 84334 | Arrowhead Pharmaceuticals, <br> Inc. (a) | 5846876 |
| 282910 | ARS Pharmaceuticals, <br> Inc. (a) (b) | 2826271 |
| 80783 | Beam Therapeutics, Inc. (a) | 2231226 |
| 574246 | BioCryst Pharmaceuticals, <br> Inc. (a) | 3778539 |
| 191899 | Catalyst Pharmaceuticals, <br> Inc. (a) | 4663146 |
| 40440 | Celldex Therapeutics, Inc. (a) | 994824 |
| 107877 | CG Oncology, Inc. (a) | 5614998 |
| 65406 | GRAIL, Inc. (a) | 6398015 |
| 57564 | Kymera Therapeutics, Inc. (a) | 4184327 |
| 581298 | MannKind Corp. (a) | 3359902 |
| 330809 | MiMedx Group, Inc. (a) | 1690434 |
| 70888 | Mirum Pharmaceuticals, Inc. (a) | 7317059 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Biotechnology (Continued)**  |  |
| 159607 | Newamsterdam Pharma Co. <br> N.V. (a) | $4966970 |
| 18997 | Praxis Precision Medicines, <br> Inc. (a) | 5965058 |
| 51276 | Protagonist Therapeutics, Inc. (a) | 4194377 |
| 100611 | Spyre Therapeutics, Inc. (a) | 3217540 |
| 146536 | Travere Therapeutics, Inc. (a) | 4555804 |
| 70602 | Twist Bioscience Corp. (a) | 2899624 |
| 106395 | Veracyte, Inc. (a) | 4051522 |
| 30519 | Vericel Corp. (a) | 1098074 |
| 179911 | Viridian Therapeutics, Inc. (a) | 5937063 |
|  |  | 102093995 |
|  | **Broadline Retail — 0.1%**  |  |
| 62394 | Groupon, Inc. (a) (b) | 882875 |
|  | **Building Products — 0.4%**  |  |
| 30753 | AZZ, Inc. | 3822290 |
|  | **Capital Markets — 1.9%**  |  |
| 119121 | Acadian Asset Management, Inc. | 6601686 |
| 54977 | Artisan Partners Asset <br> Management, Inc., Class A | 2447576 |
| 369080 | BGC Group, Inc., Class A | 3362319 |
| 270381 | WisdomTree, Inc. | 4380172 |
|  |  | 16791753 |
|  | **Chemicals — 1.8%**  |  |
| 93188 | Chemours (The) Co. | 1396888 |
| 15762 | Hawkins, Inc. | 2053000 |
| 75682 | Ingevity Corp. (a) | 4979119 |
| 203379 | Perimeter Solutions, Inc. (a) | 5318361 |
| 38380 | Scotts Miracle-Gro (The) Co. | 2464764 |
|  |  | 16212132 |
|  | **Commercial Services &** <br> **Supplies — 2.4%**  |  |
| 57158 | Brady Corp., Class A | 4942452 |
| 67271 | Cimpress PLC (a) | 5320463 |
| 117182 | CoreCivic, Inc. (a) | 2171382 |
| 188012 | OPENLANE, Inc. (a) | 5647881 |
| 311822 | Pitney Bowes, Inc. | 3252304 |
|  |  | 21334482 |
|  | **Communications Equipment** <br> **— 1.8%**  |  |
| 128490 | Applied Optoelectronics, Inc. (a) | 5603449 |
| 103473 | Digi International, Inc. (a) | 4456582 |
| 65992 | Extreme Networks, Inc. (a) | 962163 |
| 308812 | Vistance Networks, Inc. (a) | 5558616 |
|  |  | 16580810 |
|  | **Construction & Engineering** <br> **— 2.7%**  |  |
| 17875 | Argan, Inc. | 6204591 |
| 177387 | Centuri Holdings, Inc. (a) | 4895881 |
| 14113 | Limbach Holdings, Inc. (a) | 1213436 |

---

See Notes to Financial Statements

------

**First Trust Small Cap Growth AlphaDEX**<sup>®</sup> **Fund (FYC)**

**Portfolio of Investments (Continued)**

**January 31, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Construction & Engineering** <br> **(Continued)**  |  |
| 20494 | MYR Group, Inc. (a) | $5124320 |
| 83548 | Tutor Perini Corp. | 6591102 |
|  |  | 24029330 |
|  | **Construction Materials —** <br> **0.2%**  |  |
| 18696 | United States Lime & Minerals, <br> Inc. | 2253429 |
|  | **Consumer Finance — 1.0%**  |  |
| 20235 | Dave, Inc. (a) | 3312267 |
| 35621 | Enova International, Inc. (a) | 5883521 |
|  |  | 9195788 |
|  | **Consumer Staples Distribution** <br> **& Retail — 0.5%**  |  |
| 71860 | Chefs' Warehouse (The), Inc. (a) | 4519994 |
|  | **Diversified Consumer Services** <br> **— 1.6%**  |  |
| 74140 | Driven Brands Holdings, Inc. (a) | 1152877 |
| 133029 | Laureate Education, Inc. (a) | 4562895 |
| 158916 | OneSpaWorld Holdings Ltd. | 3122700 |
| 112377 | Perdoceo Education Corp. | 3599435 |
| 85717 | Universal Technical Institute, <br> Inc. (a) | 2385504 |
|  |  | 14823411 |
|  | **Diversified REITs — 0.7%**  |  |
| 128924 | Broadstone Net Lease, Inc. | 2386383 |
| 383238 | Global Net Lease, Inc. | 3625432 |
|  |  | 6011815 |
|  | **Diversified Telecommunication** <br> **Services — 1.7%**  |  |
| 91729 | Globalstar, Inc. (a) | 5652341 |
| 43740 | IDT Corp., Class B | 2127076 |
| 63208 | Iridium Communications, Inc. | 1259103 |
| 441811 | Liberty Latin America Ltd., <br> Class C (a) | 3437290 |
| 319475 | Uniti Group, Inc. (a) | 2658032 |
|  |  | 15133842 |
|  | **Electrical Equipment — 3.1%**  |  |
| 38176 | American Superconductor <br> Corp. (a) | 1142226 |
| 488548 | Eos Energy Enterprises, Inc. (a) | 7152343 |
| 557680 | Plug Power, Inc. (a) | 1179493 |
| 14058 | Powell Industries, Inc. | 6235988 |
| 57688 | Power Solutions International, <br> Inc. (a) (b) | 4133922 |
| 51079 | Vicor Corp. (a) | 8053626 |
|  |  | 27897598 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Electronic Equipment,** <br> **Instruments & Components** <br>**— 2.5%**  |  |
| 168644 | Aeva Technologies, Inc. (a) | $2153584 |
| 32999 | Bel Fuse, Inc., Class B | 6639069 |
| 625563 | Evolv Technologies Holdings, <br> Inc. (a) | 3872235 |
| 53711 | Napco Security Technologies, <br> Inc. | 1981398 |
| 149269 | nLight, Inc. (a) | 6808159 |
| 50759 | Ouster, Inc. (a) | 1057310 |
|  |  | 22511755 |
|  | **Energy Equipment & Services** <br> **— 1.5%**  |  |
| 49029 | Cactus, Inc., Class A | 2756901 |
| 88128 | Kodiak Gas Services, Inc. | 3702257 |
| 121795 | Solaris Energy Infrastructure, <br> Inc. | 6721866 |
|  |  | 13181024 |
|  | **Entertainment — 0.8%**  |  |
| 27852 | Atlanta Braves Holdings, Inc., <br> Class C (a) | 1112130 |
| 47270 | Cinemark Holdings, Inc. | 1119354 |
| 83111 | Madison Square Garden <br> Entertainment Corp. (a) | 5142078 |
|  |  | 7373562 |
|  | **Financial Services — 2.2%**  |  |
| 69846 | Cannae Holdings, Inc. | 1006481 |
| 37774 | EVERTEC, Inc. | 1133598 |
| 25513 | Federal Agricultural Mortgage <br> Corp., Class C | 4319351 |
| 232762 | Flywire Corp. (a) | 2932801 |
| 71261 | HA Sustainable Infrastructure <br> Capital, Inc. | 2452091 |
| 693883 | Marqeta, Inc., Class A (a) | 2865737 |
| 104325 | Paymentus Holdings, Inc., <br> Class A (a) | 2788607 |
| 195486 | Payoneer Global, Inc. (a) | 1249155 |
| 79614 | Remitly Global, Inc. (a) | 1052497 |
|  |  | 19800318 |
|  | **Food Products — 0.6%**  |  |
| 36754 | Freshpet, Inc. (a) | 2561754 |
| 61144 | Tootsie Roll Industries, Inc. | 2316135 |
| 34396 | Vital Farms, Inc. (a) | 978566 |
|  |  | 5856455 |
|  | **Gas Utilities — 0.4%**  |  |
| 26419 | Chesapeake Utilities Corp. | 3399597 |
|  | **Ground Transportation —** <br> **0.1%**  |  |
| 213745 | Hertz Global Holdings, <br> Inc. (a) (b) | 1047350 |

---

See Notes to Financial Statements

------

**First Trust Small Cap Growth AlphaDEX**<sup>®</sup> **Fund (FYC)**

**Portfolio of Investments (Continued)**

**January 31, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Health Care Equipment &** <br> **Supplies — 2.9%**  |  |
| 266100 | Alphatec Holdings, Inc. (a) | $3946263 |
| 98212 | Artivion, Inc. (a) | 4004103 |
| 113231 | AtriCure, Inc. (a) | 4181621 |
| 55889 | Haemonetics Corp. (a) | 3725561 |
| 13550 | LeMaitre Vascular, Inc. | 1151343 |
| 84959 | Novocure Ltd. (a) | 1053492 |
| 203782 | Tandem Diabetes Care, Inc. (a) | 4053224 |
| 14844 | UFP Technologies, Inc. (a) | 3727922 |
|  |  | 25843529 |
|  | **Health Care Providers &** <br> **Services — 5.1%**  |  |
| 20850 | Addus HomeCare Corp. (a) | 2157558 |
| 283480 | Alignment Healthcare, Inc. (a) | 6386804 |
| 149502 | BrightSpring Health Services, <br> Inc. (a) | 5870944 |
| 518893 | Brookdale Senior Living, Inc. (a) | 7783395 |
| 113803 | Concentra Group Holdings <br> Parent, Inc. | 2524151 |
| 43052 | GeneDx Holdings Corp. (a) | 4144185 |
| 636227 | LifeStance Health Group, <br> Inc. (a) | 4498125 |
| 188916 | Privia Health Group, Inc. (a) | 4386629 |
| 218032 | Progyny, Inc. (a) | 5204424 |
| 42203 | U.S. Physical Therapy, Inc. | 3539566 |
|  |  | 46495781 |
|  | **Health Care REITs — 0.4%**  |  |
| 31964 | LTC Properties, Inc. | 1165727 |
| 14376 | National Health Investors, Inc. | 1180557 |
| 47123 | Sila Realty Trust, Inc. | 1147445 |
|  |  | 3493729 |
|  | **Health Care Technology —** <br> **0.2%**  |  |
| 125253 | Schrodinger, Inc. (a) | 1749784 |
|  | **Hotels, Restaurants & Leisure** <br> **— 2.1%**  |  |
| 44362 | Cheesecake Factory (The), <br> Inc. (b) | 2571222 |
| 218571 | First Watch Restaurant Group, <br> Inc. (a) | 3494950 |
| 292741 | Global Business Travel Group <br> I (a) | 2005276 |
| 23395 | Monarch Casino & Resort, Inc. | 2141344 |
| 28550 | Papa John's International, Inc. | 1004104 |
| 53204 | Red Rock Resorts, Inc., Class A | 3358769 |
| 169626 | Rush Street Interactive, Inc. (a) | 2997291 |
| 71626 | Six Flags Entertainment <br> Corp. (a) | 1289984 |
|  |  | 18862940 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Household Products — 0.1%**  |  |
| 5583 | WD-40 Co. | $1290957 |
|  | **Insurance — 3.6%**  |  |
| 115483 | Bowhead Specialty Holdings, <br> Inc. (a) | 2836262 |
| 17194 | HCI Group, Inc. | 2728172 |
| 78665 | Lemonade, Inc. (a) | 6822615 |
| 229357 | Oscar Health, Inc., Class A (a) | 3291273 |
| 33245 | Palomar Holdings, Inc. (a) | 4108750 |
| 45629 | Root, Inc., Class A (a) | 2834930 |
| 255768 | SiriusPoint Ltd. (a) | 5220225 |
| 87632 | Skyward Specialty Insurance <br> Group, Inc. (a) | 3910140 |
| 29390 | Trupanion, Inc. (a) | 940186 |
|  |  | 32692553 |
|  | **Interactive Media & Services** <br> **— 0.9%**  |  |
| 85947 | Cargurus, Inc. (a) | 2784683 |
| 888701 | fuboTV, Inc., Class A (a) | 1981803 |
| 73690 | Yelp, Inc. (a) | 2017632 |
| 220216 | ZoomInfo Technologies, Inc. (a) | 1772739 |
|  |  | 8556857 |
|  | **IT Services — 1.7%**  |  |
| 134424 | Applied Digital Corp. (a) | 4554285 |
| 116355 | DigitalOcean Holdings, Inc. (a) | 6428614 |
| 439988 | Fastly, Inc., Class A (a) | 4069889 |
|  |  | 15052788 |
|  | **Life Sciences Tools & Services** <br> **— 0.7%**  |  |
| 344760 | Adaptive Biotechnologies <br> Corp. (a) | 6378060 |
| 1080 | OmniAb, Inc. - 12.5 Earnout <br> Shares (a) (c) (d) (e) | 0 |
| 1080 | OmniAb, Inc. - 15 Earnout <br> Shares (a) (c) (d) (e) | 0 |
|  |  | 6378060 |
|  | **Machinery — 3.4%**  |  |
| 6541 | Alamo Group, Inc. | 1277523 |
| 107859 | Atmus Filtration Technologies, <br> Inc. | 6252586 |
| 70117 | Blue Bird Corp. (a) | 3527586 |
| 93551 | CECO Environmental Corp. (a) | 6308144 |
| 28736 | Enerpac Tool Group Corp. | 1159785 |
| 93797 | Gorman-Rupp (The) Co. | 5110999 |
| 799832 | Microvast Holdings, Inc. (a) (b) | 2095560 |
| 15173 | Standex International Corp. | 3641520 |
| 41560 | Trinity Industries, Inc. | 1194434 |
|  |  | 30568137 |
|  | **Media — 0.1%**  |  |
| 96043 | DoubleVerify Holdings, Inc. (a) | 1039185 |

---

See Notes to Financial Statements

------

**First Trust Small Cap Growth AlphaDEX**<sup>®</sup> **Fund (FYC)**

**Portfolio of Investments (Continued)**

**January 31, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Metals & Mining — 0.5%**  |  |
| 280300 | Ivanhoe Electric, Inc. (a) | $4790327 |
|  | **Mortgage REITs — 1.7%**  |  |
| 126589 | ARMOUR Residential REIT, <br> Inc. | 2202649 |
| 117074 | Blackstone Mortgage Trust, Inc., <br> Class A | 2253674 |
| 235258 | Dynex Capital, Inc. | 3265381 |
| 329822 | Ellington Financial, Inc. | 4238213 |
| 262623 | PennyMac Mortgage Investment <br> Trust | 3106830 |
|  |  | 15066747 |
|  | **Oil, Gas & Consumable Fuels** <br> **— 0.6%**  |  |
| 225410 | Calumet, Inc. (a) | 5051438 |
|  | **Passenger Airlines — 0.4%**  |  |
| 699765 | Frontier Group Holdings, <br> Inc. (a) (b) | 3246910 |
|  | **Pharmaceuticals — 4.3%**  |  |
| 444351 | Amneal Pharmaceuticals, Inc. (a) | 6078722 |
| 56730 | ANI Pharmaceuticals, Inc. (a) | 4643351 |
| 23593 | Crinetics Pharmaceuticals, <br> Inc. (a) | 1178234 |
| 91409 | Harrow, Inc. (a) (b) | 3742284 |
| 29621 | Ligand Pharmaceuticals, Inc. (a) | 5690194 |
| 162334 | Liquidia Corp. (a) | 6881338 |
| 184471 | Ocular Therapeutix, Inc. (a) | 1686065 |
| 173066 | Pacira BioSciences, Inc. (a) | 3554776 |
| 17801 | Prestige Consumer Healthcare, <br> Inc. (a) | 1147630 |
| 68383 | Tarsus Pharmaceuticals, Inc. (a) | 4413439 |
|  |  | 39016033 |
|  | **Professional Services — 5.3%**  |  |
| 61855 | Barrett Business Services, Inc. | 2350490 |
| 44386 | CBIZ, Inc. (a) | 1746589 |
| 22311 | CRA International, Inc. | 4215440 |
| 72999 | CSG Systems International, Inc. | 5821670 |
| 15809 | Exponent, Inc. | 1136193 |
| 226830 | First Advantage Corp. (a) | 3062205 |
| 32382 | Huron Consulting Group, Inc. (a) | 5472558 |
| 43959 | Innodata, Inc. (a) (b) | 2437087 |
| 331918 | Legalzoom.com, Inc. (a) | 2950751 |
| 283924 | Planet Labs PBC (a) | 7089582 |
| 225995 | Upwork, Inc. (a) | 4526680 |
| 54003 | Willdan Group, Inc. (a) | 6815179 |
|  |  | 47624424 |
|  | **Real Estate Management &** <br> **Development — 0.6%**  |  |
| 75447 | St. Joe (The) Co. | 4993837 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
|  | **Residential REITs — 0.2%**  |  |
| 69062 | UMH Properties, Inc. | $1079439 |
| 73835 | Veris Residential, Inc. | 1121554 |
|  |  | 2200993 |
|  | **Retail REITs — 1.7%**  |  |
| 53497 | Acadia Realty Trust | 1070475 |
| 5044 | Alexander's, Inc. | 1235276 |
| 142012 | Curbline Properties Corp. | 3443791 |
| 40145 | Getty Realty Corp. | 1198730 |
| 79395 | InvenTrust Properties Corp. | 2333419 |
| 186837 | NETSTREIT Corp. | 3520009 |
| 67117 | Tanger, Inc. | 2196068 |
|  |  | 14997768 |
|  | **Semiconductors &** <br> **Semiconductor Equipment** <br>**— 1.4%**  |  |
| 141920 | ACM Research, Inc., Class A (a) | 8248390 |
| 31621 | Ambarella, Inc. (a) | 2025009 |
| 313660 | Navitas Semiconductor Corp. (a) | 2691203 |
|  |  | 12964602 |
|  | **Software — 8.0%**  |  |
| 126589 | A10 Networks, Inc. | 2207712 |
| 191075 | Adeia, Inc. | 3456547 |
| 27729 | Agilysys, Inc. (a) | 2405491 |
| 21534 | Alarm.com Holdings, Inc. (a) | 1050428 |
| 284611 | Amplitude, Inc., Class A (a) | 2609883 |
| 126462 | Appian Corp., Class A (a) | 3528290 |
| 80140 | Asana, Inc., Class A (a) | 821435 |
| 35360 | Blackbaud, Inc. (a) | 1898832 |
| 40510 | BlackLine, Inc. (a) | 1882500 |
| 96118 | Braze, Inc., Class A (a) | 2001177 |
| 379329 | Cipher Mining, Inc. (a) | 6054091 |
| 221304 | Cleanspark, Inc. (a) | 2620239 |
| 127672 | Clear Secure, Inc., Class A | 4164661 |
| 182817 | Freshworks, Inc., Class A (a) | 1970767 |
| 23967 | Intapp, Inc. (a) | 813680 |
| 68971 | Klaviyo, Inc., Class A (a) | 1531846 |
| 112220 | LiveRamp Holdings, Inc. (a) | 2732557 |
| 42855 | nCino, Inc. (a) | 914954 |
| 134595 | NextNav, Inc. (a) (b) | 1932784 |
| 120336 | Porch Group, Inc. (a) | 949451 |
| 52130 | Progress Software Corp. (a) | 2133160 |
| 114133 | RingCentral, Inc., Class A (a) | 2953762 |
| 423648 | Sprinklr, Inc., Class A (a) | 2702874 |
| 147145 | Teradata Corp. (a) | 4196575 |
| 389827 | Terawulf, Inc. (a) (b) | 5211987 |
| 38211 | Workiva, Inc. (a) | 2943011 |
| 408917 | Yext, Inc. (a) | 2927846 |
| 220100 | Zeta Global Holdings Corp., <br> Class A (a) | 4089458 |
|  |  | 72705998 |

---

See Notes to Financial Statements

------

**First Trust Small Cap Growth AlphaDEX**<sup>®</sup> **Fund (FYC)**

**Portfolio of Investments (Continued)**

**January 31, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Specialized REITs — 0.5%**  |  |
| 185857 | Outfront Media, Inc. | $4520042 |
|  | **Specialty Retail — 0.6%**  |  |
| 173464 | National Vision Holdings, <br> Inc. (a) | 4570777 |
| 50428 | Warby Parker, Inc., Class A (a) | 1286418 |
|  |  | 5857195 |
|  | **Technology Hardware, Storage** <br> **& Peripherals — 0.8%**  |  |
| 82476 | Diebold Nixdorf, Inc. (a) | 5691669 |
| 56987 | GPGI, Inc. (a) | 1343183 |
|  |  | 7034852 |
|  | **Tobacco — 0.6%**  |  |
| 41314 | Turning Point Brands, Inc. | 5005191 |
|  | **Trading Companies &** <br> **Distributors — 2.7%**  |  |
| 777609 | Custom Truck One Source, <br> Inc. (a) | 4914489 |
| 120336 | Distribution Solutions Group, <br> Inc. (a) | 3416339 |
| 40788 | DXP Enterprises, Inc. (a) | 5304479 |
| 10474 | McGrath RentCorp | 1169841 |
| 24294 | Willis Lease Finance Corp. | 4428310 |
| 94143 | Xometry, Inc., Class A (a) | 5378390 |
|  |  | 24611848 |
|  | **Water Utilities — 0.6%**  |  |
| 30905 | American States Water Co. | 2254828 |
| 25354 | California Water Service Group | 1133324 |
| 45722 | H2O America | 2379373 |
|  |  | 5767525 |
|  | **Wireless Telecommunication** <br> **Services — 0.1%**  |  |
| 235767 | Gogo, Inc. (a) | 1082171 |
|  | **Total Common Stocks** | 902273440 |
|  | (Cost $766,636,193) |  |
| **MONEY MARKET FUNDS — 0.2%** | **MONEY MARKET FUNDS — 0.2%** | **MONEY MARKET FUNDS — 0.2%** |
| 1450594 | Dreyfus Government Cash <br> Management Fund, <br> Institutional Shares - <br> 3.58% (f) | 1450594 |
|  | (Cost $1,450,594) |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Value**<br>| **Description** | **Value** |
| **REPURCHASE AGREEMENTS — 1.8%** | **REPURCHASE AGREEMENTS — 1.8%** | **REPURCHASE AGREEMENTS — 1.8%** |
| $16381295 | Mizuho Financial Group, Inc., <br> 3.66% (f), dated 01/30/26, due <br> 02/02/26, with a maturity <br> value of $16,386,291. <br> Collateralized by <br> U.S. Treasury Note, interest <br> rate of 4.38%, due 05/15/34. <br> The value of the collateral <br> including accrued interest is <br> $16,708,924. (g) | $16381295 |
|  | (Cost $16,381,295) |  |
|  | **Total Investments — 101.9%** | 920105329 |
|  | (Cost $784,468,082) |  |
|  | **Net Other Assets and** <br> **Liabilities — (1.9)%** | (16750998)<br>|
|  | **Net Assets — 100.0%** | $903354331 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income
 producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(b) All
 or a portion of this security is on loan (see Note 2D - Securities
 Lending in the Notes to Financial Statements). The remaining
 contractual maturity of all of the securities lending transactions
 is overnight and continuous. The aggregate value
 of such securities is $15,708,919 and the total value of the
 collateral held by the Fund, including for securities sold and
 pending settlement, is $16,381,295.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Restricted
 security as to resale, excluding Rule 144A securities
 (see Note 2F - Restricted Securities in the Notes to Financial
 Statements).

&nbsp;&nbsp;&nbsp;&nbsp;(d) This
 security is fair valued by First Trust Advisors L.P.'s (the
 "Advisor") 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, 2026,
 securities noted as such are valued at $0 or 0.0% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(e) This
 security's value was determined using significant unobservable
 inputs (see Note 2A - Portfolio Valuation in the Notes
 to Financial Statements).

&nbsp;&nbsp;&nbsp;&nbsp;(f) Rate
 shown reflects yield as of January 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;(g) This
 security serves as collateral for securities on loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Abbreviations throughout the Portfolio of Investments: <br> REITs – Real Estate Investment Trusts

See Notes to Financial Statements

------

**First Trust Small Cap Growth AlphaDEX**<sup>®</sup> **Fund (FYC)**

**Portfolio of Investments (Continued)**

**January 31, 2026 (Unaudited)**

------

**Valuation Inputs**

A summary of the inputs used to value the Fund's investments as of January 31, 2026 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total** <br>**Value at** <br>**1/31/2026**<br>| **Level 1** <br>**Quoted** <br>**Prices**<br>| **Level 2** <br>**Significant** <br>**Observable** <br>**Inputs**<br>| **Level 3** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>|
| Common Stocks: |  |  |  |  |
| Life Sciences Tools <br> & Services<br>| $6378060 | &nbsp;&nbsp; $6378060 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $—<br> \*\*<br>|
| Other Industry <br> Categories\*<br>| 895895380 | &nbsp;&nbsp; 895895380 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Money Market Funds | 1450594 | &nbsp;&nbsp; 1450594 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Repurchase <br> Agreements<br>| 16381295 | &nbsp;&nbsp; — | &nbsp;&nbsp; 16381295 | &nbsp;&nbsp; — |
| Total Investments | $920105329 | &nbsp;&nbsp; $903724034 | &nbsp;&nbsp; $16381295 | &nbsp;&nbsp; $—<br> \*\*<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Securities Lending Agency Agreement** | **Securities Lending Agency Agreement** |
| Total gross amount presented on the Statements <br> of Assets and Liabilities<sup>(1)</sup> <br>| $15708919 |
| Non-cash Collateral<sup>(2)</sup> <br>| (15708919)<br>|
| Net Amount | $— |

---

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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Repurchase Agreements** | **Repurchase Agreements** |
| Total gross amount presented on the Statements <br> of Assets and Liabilities<sup>(3)</sup> <br>| $16381295 |
| Non-cash Collateral<sup>(4)</sup> <br>| (16381295)<br>|
| Net Amount | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> 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. 

<sup>(2)</sup> At January 31, 2026, 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. 

<sup>(3)</sup> The amount is included in "Investments, at value" on the Statements of Assets and Liabilities. 

<sup>(4)</sup> At January 31, 2026, the value of the collateral received from each seller exceeded the value of the repurchase agreements. 

See Notes to Financial Statements

------

This page intentionally left blank.

------

**First Trust Exchange-Traded AlphaDEX**<sup>®</sup> **Fund**

**Style Funds**

**Statements of Assets and Liabilities**

**January 31, 2026 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **First Trust** <br> **Large Cap Core** <br> **AlphaDEX**<sup>®</sup> <br> **Fund** <br>**(FEX)** <br>| **First Trust Mid** <br> **Cap Core** <br> **AlphaDEX**<sup>®</sup> <br> **Fund** <br>**(FNX)** <br>| **First Trust** <br> **Small Cap Core** <br> **AlphaDEX**<sup>®</sup> <br> **Fund** <br>**(FYX)** <br>|
| **ASSETS:** |  |  |  |
| Investments, at value | $1409912742 | &nbsp;&nbsp; $1241351757 | &nbsp;&nbsp; $1030953267 |
| Cash |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Receivables: |  |  |  |
| Dividends | 1003088 | &nbsp;&nbsp; 1033906 | &nbsp;&nbsp; 297653 |
| Investment securities sold |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Capital shares sold |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Securities lending income |  | &nbsp;&nbsp; 3149 | &nbsp;&nbsp; 8277 |
| Prepaid expenses | 9577 | &nbsp;&nbsp; 8646 | &nbsp;&nbsp; 7454 |
| Total Assets | 1410925407 | &nbsp;&nbsp; 1242397458 | &nbsp;&nbsp; 1031266651 |
| **LIABILITIES:** |  |  |  |
| Payables: |  |  |  |
| Investment advisory fees | 596494 | &nbsp;&nbsp; 523646 | &nbsp;&nbsp; 422487 |
| Shareholder reporting fees | 20602 | &nbsp;&nbsp; 27654 | &nbsp;&nbsp; 25723 |
| Audit and tax fees | 19850 | &nbsp;&nbsp; 19306 | &nbsp;&nbsp; 19615 |
| Licensing fees | 619 | &nbsp;&nbsp; 618 | &nbsp;&nbsp; 618 |
| Trustees' fees | 390 | &nbsp;&nbsp; 464 | &nbsp;&nbsp; 512 |
| Investment securities purchased |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Capital shares redeemed |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Collateral for securities on loan |  | &nbsp;&nbsp; 2648430 | &nbsp;&nbsp; 15810134 |
| Other liabilities | 185071 | &nbsp;&nbsp; 167191 | &nbsp;&nbsp; 139072 |
| Total Liabilities | 823026 | &nbsp;&nbsp; 3387309 | &nbsp;&nbsp; 16418161 |
| **NET ASSETS** | $1410102381 | &nbsp;&nbsp; $1239010149 | &nbsp;&nbsp; $1014848490 |
| **NET ASSETS consist of:** |  |  |  |
| Paid-in capital | $1451135896 | &nbsp;&nbsp; $1347560695 | &nbsp;&nbsp; $1197390456 |
| Par value | 114500 | &nbsp;&nbsp; 93500 | &nbsp;&nbsp; 84500 |
| Accumulated distributable earnings (loss) | (41148015)<br>| &nbsp;&nbsp; (108644046)<br>| &nbsp;&nbsp; (182626466)<br>|
| **NET ASSETS** | $1410102381 | &nbsp;&nbsp; $1239010149 | &nbsp;&nbsp; $1014848490 |
| **NET ASSET VALUE,** per share | $123.15 | &nbsp;&nbsp; $132.51 | &nbsp;&nbsp; $120.10 |
| Number of shares outstanding (unlimited number of shares authorized, <br> par value $0.01 per share)<br>| 11450002 | &nbsp;&nbsp; 9350002 | &nbsp;&nbsp; 8450002 |
| Investments, at cost | $1189390705 | &nbsp;&nbsp; $1063361640 | &nbsp;&nbsp; $872753875 |
| Securities on loan, at value | $— | &nbsp;&nbsp; $3093430 | &nbsp;&nbsp; $14826166 |

---

See Notes to Financial Statements

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **First Trust Large** <br> **Cap Value** <br> **AlphaDEX**<sup>®</sup> **Fund** <br>**(FTA)** <br>| **First Trust Large** <br> **Cap Growth** <br> **AlphaDEX**<sup>®</sup> **Fund** <br>**(FTC)** <br>| **First Trust Multi** <br> **Cap Value** <br> **AlphaDEX**<sup>®</sup> **Fund** <br>**(FAB)** <br>| **First Trust Multi** <br> **Cap Growth** <br> **AlphaDEX**<sup>®</sup> **Fund** <br>**(FAD)** <br>| **First Trust Mid** <br> **Cap Value** <br> **AlphaDEX**<sup>®</sup> **Fund** <br>**(FNK)** <br>| **First Trust Mid** <br> **Cap Growth** <br> **AlphaDEX**<sup>®</sup> **Fund** <br>**(FNY)** <br>|
| $1236059985 | &nbsp;&nbsp; $1274077623 | &nbsp;&nbsp; $127887412 | &nbsp;&nbsp; $410529590 | &nbsp;&nbsp; $211580829 | &nbsp;&nbsp; $496581294 |
|  | &nbsp;&nbsp; 42978 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 1311110 | &nbsp;&nbsp; 262974 | &nbsp;&nbsp; 136707 | &nbsp;&nbsp; 64960 | &nbsp;&nbsp; 322505 | &nbsp;&nbsp; 23701 |
| 145 | &nbsp;&nbsp; — | &nbsp;&nbsp; 265 | &nbsp;&nbsp; 2115 | &nbsp;&nbsp; 310 | &nbsp;&nbsp; 3153 |
| 8571 | &nbsp;&nbsp; 9194 | &nbsp;&nbsp; 3978 | &nbsp;&nbsp; 4951 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 1237379811 | &nbsp;&nbsp; 1274392769 | &nbsp;&nbsp; 128028362 | &nbsp;&nbsp; 410601616 | &nbsp;&nbsp; 211903644 | &nbsp;&nbsp; 496608148 |
| 516238 | &nbsp;&nbsp; 547452 | &nbsp;&nbsp; 53013 | &nbsp;&nbsp; 169400 | &nbsp;&nbsp; 124106 | &nbsp;&nbsp; 292384 |
| 28757 | &nbsp;&nbsp; 19328 | &nbsp;&nbsp; 5106 | &nbsp;&nbsp; 7927 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 19721 | &nbsp;&nbsp; 19700 | &nbsp;&nbsp; 19885 | &nbsp;&nbsp; 19472 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 618 | &nbsp;&nbsp; 619 | &nbsp;&nbsp; 618 | &nbsp;&nbsp; 618 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 462 | &nbsp;&nbsp; 399 | &nbsp;&nbsp; 657 | &nbsp;&nbsp; 575 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; — | &nbsp;&nbsp; 257522 | &nbsp;&nbsp; — | &nbsp;&nbsp; 353504 | &nbsp;&nbsp; — |
| 1518 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 836868 | &nbsp;&nbsp; 3149874 | &nbsp;&nbsp; 812401 | &nbsp;&nbsp; 3774360 |
| 162623 | &nbsp;&nbsp; 165294 | &nbsp;&nbsp; 29038 | &nbsp;&nbsp; 58274 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 729937 | &nbsp;&nbsp; 752807 | &nbsp;&nbsp; 1202707 | &nbsp;&nbsp; 3406140 | &nbsp;&nbsp; 1290011 | &nbsp;&nbsp; 4066744 |
| $1236649874 | &nbsp;&nbsp; $1273639962 | &nbsp;&nbsp; $126825655 | &nbsp;&nbsp; $407195476 | &nbsp;&nbsp; $210613633 | &nbsp;&nbsp; $492541404 |
| $1362356623 | &nbsp;&nbsp; $1280710047 | &nbsp;&nbsp; $152200756 | &nbsp;&nbsp; $395419817 | &nbsp;&nbsp; $249819307 | &nbsp;&nbsp; $551635237 |
| 137000 | &nbsp;&nbsp; 78500 | &nbsp;&nbsp; 13500 | &nbsp;&nbsp; 24500 | &nbsp;&nbsp; 36000 | &nbsp;&nbsp; 52000 |
| (125843749)<br>| &nbsp;&nbsp; (7148585)<br>| &nbsp;&nbsp; (25388601)<br>| &nbsp;&nbsp; 11751159 | &nbsp;&nbsp; (39241674)<br>| &nbsp;&nbsp; (59145833)<br>|
| $1236649874 | &nbsp;&nbsp; $1273639962 | &nbsp;&nbsp; $126825655 | &nbsp;&nbsp; $407195476 | &nbsp;&nbsp; $210613633 | &nbsp;&nbsp; $492541404 |
| $90.27 | &nbsp;&nbsp; $162.25 | &nbsp;&nbsp; $93.94 | &nbsp;&nbsp; $166.20 | &nbsp;&nbsp; $58.50 | &nbsp;&nbsp; $94.72 |
| 13700002 | &nbsp;&nbsp; 7850002 | &nbsp;&nbsp; 1350002 | &nbsp;&nbsp; 2450002 | &nbsp;&nbsp; 3600002 | &nbsp;&nbsp; 5200002 |
| $1108480222 | &nbsp;&nbsp; $1043528588 | &nbsp;&nbsp; $116282001 | &nbsp;&nbsp; $337521840 | &nbsp;&nbsp; $191586689 | &nbsp;&nbsp; $425501319 |
| $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $778562 | &nbsp;&nbsp; $2937536 | &nbsp;&nbsp; $799516 | &nbsp;&nbsp; $3929847 |

---

See Notes to Financial Statements

------

**First Trust Exchange-Traded AlphaDEX**<sup>®</sup> **Fund**

**Style Funds**

**Statements of Assets and Liabilities (Continued)**

**January 31, 2026 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **First Trust** <br> **Small Cap** <br> **Value** <br> **AlphaDEX**<sup>®</sup> <br> **Fund** <br>**(FYT)** <br>| **First Trust** <br> **Small Cap** <br> **Growth** <br> **AlphaDEX**<sup>®</sup> <br> **Fund** <br>**(FYC)** <br>|
| **ASSETS:** |  |  |
| Investments, at value | $168126426 | &nbsp;&nbsp; $920105329 |
| Cash |  | &nbsp;&nbsp; — |
| Receivables: |  |  |
| Dividends | 74652 | &nbsp;&nbsp; 117714 |
| Investment securities sold | 3039667 | &nbsp;&nbsp; — |
| Capital shares sold |  | &nbsp;&nbsp; 4990811 |
| Securities lending income | 1440 | &nbsp;&nbsp; 7313 |
| Prepaid expenses |  | &nbsp;&nbsp; — |
| Total Assets | 171242185 | &nbsp;&nbsp; 925221167 |
| **LIABILITIES:** |  |  |
| Payables: |  |  |
| Investment advisory fees | 96554 | &nbsp;&nbsp; 500364 |
| Shareholder reporting fees |  | &nbsp;&nbsp; — |
| Audit and tax fees |  | &nbsp;&nbsp; — |
| Licensing fees |  | &nbsp;&nbsp; — |
| Trustees' fees |  | &nbsp;&nbsp; — |
| Investment securities purchased |  | &nbsp;&nbsp; 4985177 |
| Capital shares redeemed | 3045084 | &nbsp;&nbsp; — |
| Collateral for securities on loan | 3662701 | &nbsp;&nbsp; 16381295 |
| Other liabilities |  | &nbsp;&nbsp; — |
| Total Liabilities | 6804339 | &nbsp;&nbsp; 21866836 |
| **NET ASSETS** | $164437846 | &nbsp;&nbsp; $903354331 |
| **NET ASSETS consist of:** |  |  |
| Paid-in capital | $216027982 | &nbsp;&nbsp; $922638990 |
| Par value | 27000 | &nbsp;&nbsp; 90500 |
| Accumulated distributable earnings (loss) | (51617136)<br>| &nbsp;&nbsp; (19375159)<br>|
| **NET ASSETS** | $164437846 | &nbsp;&nbsp; $903354331 |
| **NET ASSET VALUE,** per share | $60.90 | &nbsp;&nbsp; $99.82 |
| Number of shares outstanding (unlimited number of shares authorized, par value $0.01 per <br> share)<br>| 2700002 | &nbsp;&nbsp; 9050002 |
| Investments, at cost | $155820910 | &nbsp;&nbsp; $784468082 |
| Securities on loan, at value | $2943889 | &nbsp;&nbsp; $15708919 |

---

See Notes to Financial Statements

------

This page intentionally left blank.

------

**First Trust Exchange-Traded AlphaDEX**<sup>®</sup> **Fund**

**Style Funds**

**Statements of Operations**

**For the Six Months Ended January 31, 2026 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **First Trust** <br> **Large Cap Core** <br> **AlphaDEX**<sup>®</sup> <br> **Fund** <br>**(FEX)** <br>| **First Trust Mid** <br> **Cap Core** <br> **AlphaDEX**<sup>®</sup> <br> **Fund** <br>**(FNX)** <br>| **First Trust** <br> **Small Cap Core** <br> **AlphaDEX**<sup>®</sup> <br> **Fund** <br>**(FYX)** <br>|
| **INVESTMENT INCOME:** |  |  |  |
| Dividends | $11996415 | &nbsp;&nbsp; $9866548 | &nbsp;&nbsp; $7381669 |
| Securities lending income (net of fees) | 1051 | &nbsp;&nbsp; 43903 | &nbsp;&nbsp; 107632 |
| Foreign withholding tax | (3198)<br>| &nbsp;&nbsp; (3989)<br>| &nbsp;&nbsp; (6055)<br>|
| Total investment income | 11994268 | &nbsp;&nbsp; 9906462 | &nbsp;&nbsp; 7483246 |
| **EXPENSES:** |  |  |  |
| Investment advisory fees | 3451546<br>| &nbsp;&nbsp; 2970289<br>| &nbsp;&nbsp; 2295332<br>|
| Accounting and administration fees | 300564 | &nbsp;&nbsp; 264932 | &nbsp;&nbsp; 211514 |
| Transfer agent fees | 29861 | &nbsp;&nbsp; 27454 | &nbsp;&nbsp; 22923 |
| Shareholder reporting fees | 26951 | &nbsp;&nbsp; 32558 | &nbsp;&nbsp; 29253 |
| Licensing fees | 26125 | &nbsp;&nbsp; 23053 | &nbsp;&nbsp; 18163 |
| Custodian fees | 19908 | &nbsp;&nbsp; 22644 | &nbsp;&nbsp; 25097 |
| Audit and tax fees | 14780 | &nbsp;&nbsp; 14807 | &nbsp;&nbsp; 14795 |
| Legal fees | 13584 | &nbsp;&nbsp; 12063 | &nbsp;&nbsp; 8859 |
| Trustees' fees and expenses | 5320 | &nbsp;&nbsp; 5259 | &nbsp;&nbsp; 5130 |
| Listing fees | 4344 | &nbsp;&nbsp; 4344 | &nbsp;&nbsp; 3840 |
| Other expenses | 105065 | &nbsp;&nbsp; 92378 | &nbsp;&nbsp; 68149 |
| Total expenses | 3998048 | &nbsp;&nbsp; 3469781 | &nbsp;&nbsp; 2703055 |
| **NET INVESTMENT INCOME (LOSS)** | 7996220 | &nbsp;&nbsp; 6436681 | &nbsp;&nbsp; 4780191 |
| **NET REALIZED AND UNREALIZED GAIN (LOSS):** |  |  |  |
| Net realized gain (loss) on: |  |  |  |
| Investments | 1783397 | &nbsp;&nbsp; (12173958)<br>| &nbsp;&nbsp; (4531390)<br>|
| In-kind redemptions | 95090053 | &nbsp;&nbsp; 107837822 | &nbsp;&nbsp; 90449806 |
| Net realized gain (loss) | 96873450 | &nbsp;&nbsp; 95663864 | &nbsp;&nbsp; 85918416 |
| Net change in unrealized appreciation (depreciation) on investments | 34073226 | &nbsp;&nbsp; 44725225 | &nbsp;&nbsp; 89281474 |
| **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 130946676 | &nbsp;&nbsp; 140389089 | &nbsp;&nbsp; 175199890 |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $138942896 | &nbsp;&nbsp; $146825770 | &nbsp;&nbsp; $179980081 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Fund
 is subject to a unitary fee (see Note 3 in the Notes to Financial Statements).

See Notes to Financial Statements

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **First Trust Large** <br> **Cap Value** <br> **AlphaDEX**<sup>®</sup> **Fund** <br>**(FTA)** <br>| **First Trust Large** <br> **Cap Growth** <br> **AlphaDEX**<sup>®</sup> **Fund** <br>**(FTC)** <br>| **First Trust Multi** <br> **Cap Value** <br> **AlphaDEX**<sup>®</sup> **Fund** <br>**(FAB)** <br>| **First Trust Multi** <br> **Cap Growth** <br> **AlphaDEX**<sup>®</sup> **Fund** <br>**(FAD)** <br>| **First Trust Mid** <br> **Cap Value** <br> **AlphaDEX**<sup>®</sup> **Fund** <br>**(FNK)** <br>| **First Trust Mid** <br> **Cap Growth** <br> **AlphaDEX**<sup>®</sup> **Fund** <br>**(FNY)** <br>|
| $14989461 | &nbsp;&nbsp; $4887070 | &nbsp;&nbsp; $1558568 | &nbsp;&nbsp; $1268100 | &nbsp;&nbsp; $2567274 | &nbsp;&nbsp; $1409921 |
| 1679 | &nbsp;&nbsp; 645 | &nbsp;&nbsp; 1887 | &nbsp;&nbsp; 29852 | &nbsp;&nbsp; 1108 | &nbsp;&nbsp; 41294 |
| (2672)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1003)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1092)<br>| &nbsp;&nbsp; — |
| 14988468 | &nbsp;&nbsp; 4887715 | &nbsp;&nbsp; 1559452 | &nbsp;&nbsp; 1297952 | &nbsp;&nbsp; 2567290 | &nbsp;&nbsp; 1451215 |
| 2924536<br>| &nbsp;&nbsp; 3167677<br>| &nbsp;&nbsp; 306250<br>| &nbsp;&nbsp; 900015<br>| &nbsp;&nbsp; 702,882<br> (a)<br>| &nbsp;&nbsp; 1,597,668<br> (a)<br>|
| 260767 | &nbsp;&nbsp; 278983 | &nbsp;&nbsp; 32299 | &nbsp;&nbsp; 85871 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 27225 | &nbsp;&nbsp; 28441 | &nbsp;&nbsp; 3062 | &nbsp;&nbsp; 9000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 34662 | &nbsp;&nbsp; 26089 | &nbsp;&nbsp; 12503 | &nbsp;&nbsp; 16012 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 22605 | &nbsp;&nbsp; 24232 | &nbsp;&nbsp; 5808 | &nbsp;&nbsp; 9235 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 19563 | &nbsp;&nbsp; 16585 | &nbsp;&nbsp; 17994 | &nbsp;&nbsp; 14400 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 14731 | &nbsp;&nbsp; 14737 | &nbsp;&nbsp; 14875 | &nbsp;&nbsp; 14902 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 11995 | &nbsp;&nbsp; 11661 | &nbsp;&nbsp; 1259 | &nbsp;&nbsp; 2680 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 5248 | &nbsp;&nbsp; 5253 | &nbsp;&nbsp; 4807 | &nbsp;&nbsp; 4875 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 4344 | &nbsp;&nbsp; 4344 | &nbsp;&nbsp; 5353 | &nbsp;&nbsp; 5353 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 89985 | &nbsp;&nbsp; 92770 | &nbsp;&nbsp; 10147 | &nbsp;&nbsp; 23602 | &nbsp;&nbsp; 14982 | &nbsp;&nbsp; 27426 |
| 3415661 | &nbsp;&nbsp; 3670772 | &nbsp;&nbsp; 414357 | &nbsp;&nbsp; 1085945 | &nbsp;&nbsp; 717864 | &nbsp;&nbsp; 1625094 |
| 11572807 | &nbsp;&nbsp; 1216943 | &nbsp;&nbsp; 1145095 | &nbsp;&nbsp; 212007 | &nbsp;&nbsp; 1849426 | &nbsp;&nbsp; (173879)<br>|
| 5293189 | &nbsp;&nbsp; (4351679)<br>| &nbsp;&nbsp; 5585730 | &nbsp;&nbsp; (3034866)<br>| &nbsp;&nbsp; 8918870 | &nbsp;&nbsp; (7964594)<br>|
| 64956829 | &nbsp;&nbsp; 94495811 | &nbsp;&nbsp; 1314299 | &nbsp;&nbsp; 25974578 | &nbsp;&nbsp; 1083064 | &nbsp;&nbsp; 59235048 |
| 70250018 | &nbsp;&nbsp; 90144132 | &nbsp;&nbsp; 6900029 | &nbsp;&nbsp; 22939712 | &nbsp;&nbsp; 10001934 | &nbsp;&nbsp; 51270454 |
| 84925644 | &nbsp;&nbsp; (43029194)<br>| &nbsp;&nbsp; 9227429 | &nbsp;&nbsp; 11165616 | &nbsp;&nbsp; 11552177 | &nbsp;&nbsp; (1687591)<br>|
| 155175662 | &nbsp;&nbsp; 47114938 | &nbsp;&nbsp; 16127458 | &nbsp;&nbsp; 34105328 | &nbsp;&nbsp; 21554111 | &nbsp;&nbsp; 49582863 |
| $166748469 | &nbsp;&nbsp; $48331881 | &nbsp;&nbsp; $17272553 | &nbsp;&nbsp; $34317335 | &nbsp;&nbsp; $23403537 | &nbsp;&nbsp; $49408984 |

---

See Notes to Financial Statements

------

**First Trust Exchange-Traded AlphaDEX**<sup>®</sup> **Fund**

**Style Funds**

**Statements of Operations (Continued)**

**For the Six Months Ended January 31, 2026 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **First Trust** <br> **Small Cap** <br> **Value** <br> **AlphaDEX**<sup>®</sup> <br> **Fund** <br>**(FYT)** <br>| **First Trust** <br> **Small Cap** <br> **Growth** <br> **AlphaDEX**<sup>®</sup> <br> **Fund** <br>**(FYC)** <br>|
| **INVESTMENT INCOME:** |  |  |
| Dividends | $1751923 | &nbsp;&nbsp; $2171613 |
| Securities lending income (net of fees) | 9563 | &nbsp;&nbsp; 122594 |
| Foreign withholding tax | (1125)<br>| &nbsp;&nbsp; — |
| Total investment income | 1760361 | &nbsp;&nbsp; 2294207 |
| **EXPENSES:** |  |  |
| Investment advisory fees | 497,783<br> (a)<br>| &nbsp;&nbsp; 2,280,911<br> (a)<br>|
| Accounting and administration fees |  | &nbsp;&nbsp; — |
| Transfer agent fees |  | &nbsp;&nbsp; — |
| Shareholder reporting fees |  | &nbsp;&nbsp; — |
| Licensing fees |  | &nbsp;&nbsp; — |
| Custodian fees |  | &nbsp;&nbsp; — |
| Audit and tax fees |  | &nbsp;&nbsp; — |
| Legal fees |  | &nbsp;&nbsp; — |
| Trustees' fees and expenses |  | &nbsp;&nbsp; — |
| Listing fees |  | &nbsp;&nbsp; — |
| Other expenses | 9446 | &nbsp;&nbsp; 34051 |
| Total expenses | 507229 | &nbsp;&nbsp; 2314962 |
| **NET INVESTMENT INCOME (LOSS)** | 1253132 | &nbsp;&nbsp; (20755)<br>|
| **NET REALIZED AND UNREALIZED GAIN (LOSS):** |  |  |
| Net realized gain (loss) on: |  |  |
| Investments | 5806927 | &nbsp;&nbsp; (4476022)<br>|
| In-kind redemptions | 1104286 | &nbsp;&nbsp; 72187941 |
| Net realized gain (loss) | 6911213 | &nbsp;&nbsp; 67711919 |
| Net change in unrealized appreciation (depreciation) on investments | 17032429 | &nbsp;&nbsp; 59235316 |
| **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 23943642 | &nbsp;&nbsp; 126947235 |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $25196774 | &nbsp;&nbsp; $126926480 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Fund
 is subject to a unitary fee (see Note 3 in the Notes to Financial Statements).

See Notes to Financial Statements

------

This page intentionally left blank.

------

**First Trust Exchange-Traded AlphaDEX**<sup>®</sup> **Fund**

**Style Funds**

**Statements of Changes in Net Assets** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **First Trust Large Cap Core** <br> **AlphaDEX**<sup>®</sup> **Fund (FEX)** | **First Trust Large Cap Core** <br> **AlphaDEX**<sup>®</sup> **Fund (FEX)** | **First Trust Mid Cap Core** <br> **AlphaDEX**<sup>®</sup> **Fund (FNX)** | **First Trust Mid Cap Core** <br> **AlphaDEX**<sup>®</sup> **Fund (FNX)** |
|  | **Six Months** <br>**Ended** <br>**1/31/2026** <br> **(Unaudited)**<br>| **Year** <br>**Ended** <br>**7/31/2025** <br>| **Six Months** <br>**Ended** <br>**1/31/2026** <br> **(Unaudited)**<br>| **Year** <br>**Ended** <br>**7/31/2025** <br>|
| **OPERATIONS:** |  |  |  |  |
| Net investment income (loss) | $7996220 | &nbsp;&nbsp; $15873175 | &nbsp;&nbsp; $6436681 | &nbsp;&nbsp; $12567601 |
| Net realized gain (loss) | 96873450 | &nbsp;&nbsp; 152524210 | &nbsp;&nbsp; 95663864 | &nbsp;&nbsp; 90214789 |
| Net change in unrealized appreciation (depreciation) | 34073226 | &nbsp;&nbsp; (14091202)<br>| &nbsp;&nbsp; 44725225 | &nbsp;&nbsp; (83845314)<br>|
| Net increase (decrease) in net assets resulting from <br> operations<br>| 138942896 | &nbsp;&nbsp; 154306183 | &nbsp;&nbsp; 146825770 | &nbsp;&nbsp; 18937076 |
| **DISTRIBUTIONS TO SHAREHOLDERS FROM:** |  |  |  |  |
| Investment operations | (8551371)<br>| &nbsp;&nbsp; (16301838)<br>| &nbsp;&nbsp; (5460801)<br>| &nbsp;&nbsp; (15346668)<br>|
| **SHAREHOLDER TRANSACTIONS:** |  |  |  |  |
| Proceeds from shares sold | 282971937<br>| &nbsp;&nbsp; 767749899<br>| &nbsp;&nbsp; 298897915<br>| &nbsp;&nbsp; 530379727<br>|
| Cost of shares redeemed | (323316629) <br>| &nbsp;&nbsp; (827740268) <br>| &nbsp;&nbsp; (332231496) <br>| &nbsp;&nbsp; (628108171) <br>|
| Net increase (decrease) in net assets resulting from <br> shareholder transactions<br>| (40344692)<br>| &nbsp;&nbsp; (59990369)<br>| &nbsp;&nbsp; (33333581)<br>| &nbsp;&nbsp; (97728444)<br>|
| Total increase (decrease) in net assets | 90046833 | &nbsp;&nbsp; 78013976 | &nbsp;&nbsp; 108031388 | &nbsp;&nbsp; (94138036)<br>|
| **NET ASSETS:** |  |  |  |  |
| Beginning of period | 1320055548 | &nbsp;&nbsp; 1242041572 | &nbsp;&nbsp; 1130978761 | &nbsp;&nbsp; 1225116797 |
| End of period | $1410102381 | &nbsp;&nbsp; $1320055548 | &nbsp;&nbsp; $1239010149 | &nbsp;&nbsp; $1130978761 |
| **CHANGES IN SHARES OUTSTANDING:** |  |  |  |  |
| Shares outstanding, beginning of period | 11800002 | &nbsp;&nbsp; 12400002 | &nbsp;&nbsp; 9650002 | &nbsp;&nbsp; 10550002 |
| Shares sold | 2400000 | &nbsp;&nbsp; 7200000 | &nbsp;&nbsp; 2350000 | &nbsp;&nbsp; 4550000 |
| Shares redeemed | (2750000)<br>| &nbsp;&nbsp; (7800000)<br>| &nbsp;&nbsp; (2650000)<br>| &nbsp;&nbsp; (5450000)<br>|
| Shares outstanding, end of period | 11450002 | &nbsp;&nbsp; 11800002 | &nbsp;&nbsp; 9350002 | &nbsp;&nbsp; 9650002 |

---

See Notes to Financial Statements

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **First Trust Small Cap Core** <br> **AlphaDEX**<sup>®</sup> **Fund (FYX)** | **First Trust Small Cap Core** <br> **AlphaDEX**<sup>®</sup> **Fund (FYX)** | **First Trust Large Cap Value** <br> **AlphaDEX**<sup>®</sup> **Fund (FTA)** | **First Trust Large Cap Value** <br> **AlphaDEX**<sup>®</sup> **Fund (FTA)** | **First Trust Large Cap** <br> **Growth AlphaDEX**<sup>®</sup> **Fund** <br> **(FTC)** | **First Trust Large Cap** <br> **Growth AlphaDEX**<sup>®</sup> **Fund** <br> **(FTC)** | **First Trust Multi Cap Value** <br> **AlphaDEX**<sup>®</sup> **Fund (FAB)** | **First Trust Multi Cap Value** <br> **AlphaDEX**<sup>®</sup> **Fund (FAB)** |
| **Six Months** <br>**Ended** <br>**1/31/2026** <br> **(Unaudited)**<br>| **Year** <br>**Ended** <br>**7/31/2025** <br>| **Six Months** <br>**Ended** <br>**1/31/2026** <br> **(Unaudited)**<br>| **Year** <br>**Ended** <br>**7/31/2025** <br>| **Six Months** <br>**Ended** <br>**1/31/2026** <br> **(Unaudited)**<br>| **Year** <br>**Ended** <br>**7/31/2025** <br>| **Six Months** <br>**Ended** <br>**1/31/2026** <br> **(Unaudited)**<br>| **Year** <br>**Ended** <br>**7/31/2025** <br>|
| $4780191 | $9035100 | $11572807 | $23462442 | $1216943 | $4336517 | $1145095 | $2307128 |
| 85918416 | 71952861 | 70250018 | 100260579 | 90144132 | 203665541 | 6900029 | 8037137 |
| 89281474 | (96451555)<br>| 84925644 | (85457707)<br>| (43029194)<br>| 55833620 | 9227429 | (12963422)<br>|
| 179980081 | (15463594)<br>| 166748469 | 38265314 | 48331881 | 263835678 | 17272553 | (2619157)<br>|
| (5238641)<br>| (11286807)<br>| (12718907)<br>| (24265323)<br>| (1295250)<br>| (4306746)<br>| (1224737)<br>| (2422588)<br>|
| 278144658<br>| 381714019<br>| 210991614<br>| 598640975<br>| 338614211<br>| 915278184<br>| —<br>| —<br>|
| (255680528) <br>| (468797883) <br>| (226669591) <br>| (737407830) <br>| (336673455) <br>| (1054168670) <br>| (8557832) <br>| (24613912) <br>|
| 22464130 | (87083864)<br>| (15677977)<br>| (138766855)<br>| 1940756 | (138890486)<br>| (8557832)<br>| (24613912)<br>|
| 197205570 | (113834265)<br>| 138351585 | (124766864)<br>| 48977387 | 120638446 | 7489984 | (29655657)<br>|
| 817642920 | 931477185 | 1098298289 | 1223065153 | 1224662575 | 1104024129 | 119335671 | 148991328 |
| $1014848490 | $817642920 | $1236649874 | $1098298289 | $1273639962 | $1224662575 | $126825655 | $119335671 |
| 8300002 | 9300002 | 13900002 | 15750002 | 7850002 | 8950002 | 1450002 | 1750002 |
| 2500000 | 3850000 | 2500000 | 7600000 | 2100000 | 6550000 |  |  |
| (2350000)<br>| (4850000)<br>| (2700000)<br>| (9450000)<br>| (2100000)<br>| (7650000)<br>| (100000)<br>| (300000)<br>|
| 8450002 | 8300002 | 13700002 | 13900002 | 7850002 | 7850002 | 1350002 | 1450002 |

---

See Notes to Financial Statements

------

**First Trust Exchange-Traded AlphaDEX**<sup>®</sup> **Fund**

**Style Funds**

**Statements of Changes in Net Assets (Continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **First Trust Multi Cap Growth** <br> **AlphaDEX**<sup>®</sup> **Fund (FAD)** | **First Trust Multi Cap Growth** <br> **AlphaDEX**<sup>®</sup> **Fund (FAD)** | **First Trust Mid Cap Value** <br> **AlphaDEX**<sup>®</sup> **Fund (FNK)** | **First Trust Mid Cap Value** <br> **AlphaDEX**<sup>®</sup> **Fund (FNK)** |
|  | **Six Months** <br>**Ended** <br>**1/31/2026** <br> **(Unaudited)**<br>| **Year** <br>**Ended** <br>**7/31/2025** <br>| **Six Months** <br>**Ended** <br>**1/31/2026** <br> **(Unaudited)**<br>| **Year** <br>**Ended** <br>**7/31/2025** <br>|
| **OPERATIONS:** |  |  |  |  |
| Net investment income (loss) | $212007 | &nbsp;&nbsp; $691210 | &nbsp;&nbsp; $1849426 | &nbsp;&nbsp; $3491900 |
| Net realized gain (loss) | 22939712 | &nbsp;&nbsp; 28329677 | &nbsp;&nbsp; 10001934 | &nbsp;&nbsp; 5522556 |
| Net change in unrealized appreciation (depreciation) | 11165616 | &nbsp;&nbsp; 17296739 | &nbsp;&nbsp; 11552177 | &nbsp;&nbsp; (19047560)<br>|
| Net increase (decrease) in net assets resulting from <br> operations<br>| 34317335 | &nbsp;&nbsp; 46317626 | &nbsp;&nbsp; 23403537 | &nbsp;&nbsp; (10033104)<br>|
| **DISTRIBUTIONS TO SHAREHOLDERS FROM:** |  |  |  |  |
| Investment operations | (186090)<br>| &nbsp;&nbsp; (1232356)<br>| &nbsp;&nbsp; (1746361)<br>| &nbsp;&nbsp; (3666512)<br>|
| **SHAREHOLDER TRANSACTIONS:** |  |  |  |  |
| Proceeds from shares sold | 153112266<br>| &nbsp;&nbsp; 185144667<br>| &nbsp;&nbsp; 2768845<br>| &nbsp;&nbsp; 47759607<br>|
| Cost of shares redeemed | (80626017) <br>| &nbsp;&nbsp; (139096852) <br>| &nbsp;&nbsp; (5557182) <br>| &nbsp;&nbsp; (70604962) <br>|
| Net increase (decrease) in net assets resulting from <br> shareholder transactions<br>| 72486249 | &nbsp;&nbsp; 46047815 | &nbsp;&nbsp; (2788337)<br>| &nbsp;&nbsp; (22845355)<br>|
| Total increase (decrease) in net assets | 106617494 | &nbsp;&nbsp; 91133085 | &nbsp;&nbsp; 18868839 | &nbsp;&nbsp; (36544971)<br>|
| **NET ASSETS:** |  |  |  |  |
| Beginning of period | 300577982 | &nbsp;&nbsp; 209444897 | &nbsp;&nbsp; 191744794 | &nbsp;&nbsp; 228289765 |
| End of period | $407195476 | &nbsp;&nbsp; $300577982 | &nbsp;&nbsp; $210613633 | &nbsp;&nbsp; $191744794 |
| **CHANGES IN SHARES OUTSTANDING:** |  |  |  |  |
| Shares outstanding, beginning of period | 2000002 | &nbsp;&nbsp; 1650002 | &nbsp;&nbsp; 3650002 | &nbsp;&nbsp; 4100002 |
| Shares sold | 950000 | &nbsp;&nbsp; 1350000 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 900000 |
| Shares redeemed | (500000)<br>| &nbsp;&nbsp; (1000000)<br>| &nbsp;&nbsp; (100000)<br>| &nbsp;&nbsp; (1350000)<br>|
| Shares outstanding, end of period | 2450002 | &nbsp;&nbsp; 2000002 | &nbsp;&nbsp; 3600002 | &nbsp;&nbsp; 3650002 |

---

See Notes to Financial Statements

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **First Trust Mid Cap Growth** <br> **AlphaDEX**<sup>®</sup> **Fund (FNY)** | **First Trust Mid Cap Growth** <br> **AlphaDEX**<sup>®</sup> **Fund (FNY)** | **First Trust Small Cap Value** <br> **AlphaDEX**<sup>®</sup> **Fund (FYT)** | **First Trust Small Cap Value** <br> **AlphaDEX**<sup>®</sup> **Fund (FYT)** | **First Trust Small Cap Growth** <br> **AlphaDEX**<sup>®</sup> **Fund (FYC)** | **First Trust Small Cap Growth** <br> **AlphaDEX**<sup>®</sup> **Fund (FYC)** |
| **Six Months** <br>**Ended** <br>**1/31/2026** <br> **(Unaudited)**<br>| **Year** <br>**Ended** <br>**7/31/2025** <br>| **Six Months** <br>**Ended** <br>**1/31/2026** <br> **(Unaudited)**<br>| **Year** <br>**Ended** <br>**7/31/2025** <br>| **Six Months** <br>**Ended** <br>**1/31/2026** <br> **(Unaudited)**<br>| **Year** <br>**Ended** <br>**7/31/2025** <br>|
| $(173879)<br>| &nbsp;&nbsp; $372659 | &nbsp;&nbsp; $1253132 | &nbsp;&nbsp; $2270557 | &nbsp;&nbsp; $(20755)<br>| &nbsp;&nbsp; $1102417 |
| 51270454 | &nbsp;&nbsp; 20167786 | &nbsp;&nbsp; 6911213 | &nbsp;&nbsp; (460688)<br>| &nbsp;&nbsp; 67711919 | &nbsp;&nbsp; 15752611 |
| (1687591)<br>| &nbsp;&nbsp; 10196680 | &nbsp;&nbsp; 17032429 | &nbsp;&nbsp; (24519148)<br>| &nbsp;&nbsp; 59235316 | &nbsp;&nbsp; 19591242 |
| 49408984 | &nbsp;&nbsp; 30737125 | &nbsp;&nbsp; 25196774 | &nbsp;&nbsp; (22709279)<br>| &nbsp;&nbsp; 126926480 | &nbsp;&nbsp; 36446270 |
|  | &nbsp;&nbsp; (2174241)<br>| &nbsp;&nbsp; (1321726)<br>| &nbsp;&nbsp; (2338836)<br>| &nbsp;&nbsp; (496640)<br>| &nbsp;&nbsp; (2409706)<br>|
| 204760473<br>| &nbsp;&nbsp; 194501268<br>| &nbsp;&nbsp; 20308928<br>| &nbsp;&nbsp; 13825966<br>| &nbsp;&nbsp; 509931720<br>| &nbsp;&nbsp; 334864071<br>|
| (161914421) <br>| &nbsp;&nbsp; (171405594) <br>| &nbsp;&nbsp; (5859762) <br>| &nbsp;&nbsp; (49830565) <br>| &nbsp;&nbsp; (192260396) <br>| &nbsp;&nbsp; (205093475) <br>|
| 42846052 | &nbsp;&nbsp; 23095674 | &nbsp;&nbsp; 14449166 | &nbsp;&nbsp; (36004599)<br>| &nbsp;&nbsp; 317671324 | &nbsp;&nbsp; 129770596 |
| 92255036 | &nbsp;&nbsp; 51658558 | &nbsp;&nbsp; 38324214 | &nbsp;&nbsp; (61052714)<br>| &nbsp;&nbsp; 444101164 | &nbsp;&nbsp; 163807160 |
| 400286368 | &nbsp;&nbsp; 348627810 | &nbsp;&nbsp; 126113632 | &nbsp;&nbsp; 187166346 | &nbsp;&nbsp; 459253167 | &nbsp;&nbsp; 295446007 |
| $492541404 | &nbsp;&nbsp; $400286368 | &nbsp;&nbsp; $164437846 | &nbsp;&nbsp; $126113632 | &nbsp;&nbsp; $903354331 | &nbsp;&nbsp; $459253167 |
| 4750002 | &nbsp;&nbsp; 4550002 | &nbsp;&nbsp; 2450002 | &nbsp;&nbsp; 3200002 | &nbsp;&nbsp; 5750002 | &nbsp;&nbsp; 4150002 |
| 2200000 | &nbsp;&nbsp; 2400000 | &nbsp;&nbsp; 350000 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 5400000 | &nbsp;&nbsp; 4400000 |
| (1750000)<br>| &nbsp;&nbsp; (2200000)<br>| &nbsp;&nbsp; (100000)<br>| &nbsp;&nbsp; (1000000)<br>| &nbsp;&nbsp; (2100000)<br>| &nbsp;&nbsp; (2800000)<br>|
| 5200002 | &nbsp;&nbsp; 4750002 | &nbsp;&nbsp; 2700002 | &nbsp;&nbsp; 2450002 | &nbsp;&nbsp; 9050002 | &nbsp;&nbsp; 5750002 |

---

See Notes to Financial Statements

------

**First Trust Exchange-Traded AlphaDEX**<sup>®</sup> **Fund**

**Style Funds**

**Financial Highlights**

**For a share outstanding throughout each period**

**First Trust Large Cap Core AlphaDEX**<sup>®</sup> **Fund (FEX)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>**1/31/2026** <br>**(Unaudited)** | **Year Ended July 31,**  | **Year Ended July 31,**  | **Year Ended July 31,**  | **Year Ended July 31,**  | **Year Ended July 31,**  |
|  | **Six Months** <br>**Ended** <br>**1/31/2026** <br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022**  | **2021**  |
| Net asset value, beginning of <br> period<br>| $111.87 | &nbsp;&nbsp;&nbsp;&nbsp; $100.16 | &nbsp;&nbsp;&nbsp;&nbsp; $87.55 | &nbsp;&nbsp;&nbsp;&nbsp; $81.83 | &nbsp;&nbsp;&nbsp;&nbsp; $86.85 | &nbsp;&nbsp;&nbsp;&nbsp; $62.29 |
| **Income from investment** <br> **operations:**<br>|  |  |  |  |  |  |
| Net investment income (loss)  | 0.68<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.30<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.18<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.35<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.01<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.71<br>|
| Net realized and unrealized gain <br> (loss)<br>| 11.33<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.75<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.60<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.74<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5.08) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 24.55<br>|
| Total from investment operations | 12.01<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.05<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.78<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.09<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4.07) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 25.26<br>|
| **Distributions paid to** <br> **shareholders from:**<br>|  |  |  |  |  |  |
| Net investment income | (0.73) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.34) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.17) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.37) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.95) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.70) <br>|
| Net asset value, end of period | $123.15<br>| &nbsp;&nbsp;&nbsp;&nbsp; $111.87<br>| &nbsp;&nbsp;&nbsp;&nbsp; $100.16<br>| &nbsp;&nbsp;&nbsp;&nbsp; $87.55<br>| &nbsp;&nbsp;&nbsp;&nbsp; $81.83<br>| &nbsp;&nbsp;&nbsp;&nbsp; $86.85<br>|
| **Total return** (b) | 10.77<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.12<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.89<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.86<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; (4.73)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; 40.77<br> % <br>|
| **Ratios to average net** <br> **assets/supplemental data:**<br>|  |  |  |  |  |  |
| Net assets, end of period (in 000's) | $1410102<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1320056<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1242042<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1181943<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1104730<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1189909<br>|
| Ratio of total expenses to average <br> net assets<br>| 0.58<br> % (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.57<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.58<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59<br> % <br>|
| Ratio of net investment income <br> (loss) to average net assets<br>| 1.16<br> % (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.24<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.30<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.67<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.16<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.94<br> % <br>|
| Portfolio turnover rate (d) | 45<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 83<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 88<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 87<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 87<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 91<br> % <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Based
 on average shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(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

------

**First Trust Exchange-Traded AlphaDEX**<sup>®</sup> **Fund**

**Style Funds**

**Financial Highlights (Continued)** 

**For a share outstanding throughout each period**

**First Trust Mid Cap Core AlphaDEX**<sup>®</sup> **Fund (FNX)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>**1/31/2026** <br>**(Unaudited)** | **Year Ended July 31,**  | **Year Ended July 31,**  | **Year Ended July 31,**  | **Year Ended July 31,**  | **Year Ended July 31,**  |
|  | **Six Months** <br>**Ended** <br>**1/31/2026** <br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022**  | **2021**  |
| Net asset value, beginning of period | $117.20 | &nbsp;&nbsp;&nbsp;&nbsp; $116.12 | &nbsp;&nbsp;&nbsp;&nbsp; $101.01 | &nbsp;&nbsp;&nbsp;&nbsp; $92.46 | &nbsp;&nbsp;&nbsp;&nbsp; $99.26 | &nbsp;&nbsp;&nbsp;&nbsp; $64.83 |
| **Income from investment** <br> **operations:**<br>|  |  |  |  |  |  |
| Net investment income (loss)  | 0.69<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.21<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.13<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.11<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.08<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br>|
| Net realized and unrealized gain <br> (loss)<br>| 15.21<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.34<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.17<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.60<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6.74) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 34.51<br>|
| Total from investment operations | 15.90<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.55<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.30<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.71<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5.66) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 35.21<br>|
| **Distributions paid to shareholders** <br> **from:**<br>|  |  |  |  |  |  |
| Net investment income | (0.59) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.47) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.19) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.16) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.14) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.78) <br>|
| Net asset value, end of period | $132.51<br>| &nbsp;&nbsp;&nbsp;&nbsp; $117.20<br>| &nbsp;&nbsp;&nbsp;&nbsp; $116.12<br>| &nbsp;&nbsp;&nbsp;&nbsp; $101.01<br>| &nbsp;&nbsp;&nbsp;&nbsp; $92.46<br>| &nbsp;&nbsp;&nbsp;&nbsp; $99.26<br>|
| **Total return** (b) | 13.59<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.23<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.28<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.70<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; (5.74)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; 54.62<br> % <br>|
| **Ratios to average net** <br> **assets/supplemental data:**<br>|  |  |  |  |  |  |
| Net assets, end of period (in 000's) | $1239010<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1130979<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1225117<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1080834<br>| &nbsp;&nbsp;&nbsp;&nbsp; $975495<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1027303<br>|
| Ratio of total expenses to average net <br> assets<br>| 0.58<br> % (c) (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.58<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.58<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59<br> % <br>|
| Ratio of net investment income (loss) <br> to average net assets<br>| 1.08<br> % (c) (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.05<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.11<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.22<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.12<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.79<br> % <br>|
| Portfolio turnover rate (e) | 53<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 96<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 103<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 106<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 95<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 114<br> % <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Based
 on average shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Ratio
 of total expenses to average net assets and ratio of net investment income (loss) to average net assets do not reflect the Fund's proportionate
 share of expenses and income of underlying investment companies in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;(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

------

**First Trust Exchange-Traded AlphaDEX**<sup>®</sup> **Fund**

**Style Funds**

**Financial Highlights (Continued)** 

**For a share outstanding throughout each period**

**First Trust Small Cap Core AlphaDEX**<sup>®</sup> **Fund (FYX)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>**1/31/2026** <br>**(Unaudited)** | **Year Ended July 31,**  | **Year Ended July 31,**  | **Year Ended July 31,**  | **Year Ended July 31,**  | **Year Ended July 31,**  |
|  | **Six Months** <br>**Ended** <br>**1/31/2026** <br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022**  | **2021**  |
| Net asset value, beginning of period | $98.51 | &nbsp;&nbsp;&nbsp;&nbsp; $100.16 | &nbsp;&nbsp;&nbsp;&nbsp; $88.60 | &nbsp;&nbsp;&nbsp;&nbsp; $84.49 | &nbsp;&nbsp;&nbsp;&nbsp; $91.31 | &nbsp;&nbsp;&nbsp;&nbsp; $55.98 |
| **Income from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)  | 0.58<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.99<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.11<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.95<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.05<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.61<br>|
| Net realized and unrealized gain (loss) | 21.65<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.42) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.57<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.13<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6.92) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 35.35<br>|
| Total from investment operations | 22.23<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.43) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.68<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.08<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5.87) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 35.96<br>|
| **Distributions paid to shareholders from:** |  |  |  |  |  |  |
| Net investment income | (0.64) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.22) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.12) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.97) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.95) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.63) <br>|
| Net asset value, end of period | $120.10<br>| &nbsp;&nbsp;&nbsp;&nbsp; $98.51<br>| &nbsp;&nbsp;&nbsp;&nbsp; $100.16<br>| &nbsp;&nbsp;&nbsp;&nbsp; $88.60<br>| &nbsp;&nbsp;&nbsp;&nbsp; $84.49<br>| &nbsp;&nbsp;&nbsp;&nbsp; $91.31<br>|
| **Total return** (b) | 22.62<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.44)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.47<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.16<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; (6.50)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; 64.45<br> % <br>|
| **Ratios to average net assets/supplemental** <br> **data:**<br>|  |  |  |  |  |  |
| Net assets, end of period (in 000's) | $1014848<br>| &nbsp;&nbsp;&nbsp;&nbsp; $817643<br>| &nbsp;&nbsp;&nbsp;&nbsp; $931477<br>| &nbsp;&nbsp;&nbsp;&nbsp; $872703<br>| &nbsp;&nbsp;&nbsp;&nbsp; $827993<br>| &nbsp;&nbsp;&nbsp;&nbsp; $917700<br>|
| Ratio of total expenses to average net assets | 0.59<br> % (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.58<br> % (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> % <br>|
| Ratio of net investment income (loss) to <br> average net assets<br>| 1.04<br> % (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.02<br> % (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.27<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.17<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.18<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.77<br> % <br>|
| Portfolio turnover rate (e) | 52<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 102<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 112<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 109<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 94<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 116<br> % <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Based
 on average shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Ratio
 of total expenses to average net assets and ratio of net investment income (loss) to average net assets do not reflect the Fund's proportionate
 share of expenses and income of underlying investment companies in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;(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

------

**First Trust Exchange-Traded AlphaDEX**<sup>®</sup> **Fund**

**Style Funds**

**Financial Highlights (Continued)** 

**For a share outstanding throughout each period**

**First Trust Large Cap Value AlphaDEX**<sup>®</sup> **Fund (FTA)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>**1/31/2026** <br>**(Unaudited)** | **Year Ended July 31,**  | **Year Ended July 31,**  | **Year Ended July 31,**  | **Year Ended July 31,**  | **Year Ended July 31,**  |
|  | **Six Months** <br>**Ended** <br>**1/31/2026** <br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022**  | **2021**  |
| Net asset value, beginning of <br> period<br>| $79.01 | &nbsp;&nbsp;&nbsp;&nbsp; $77.65 | &nbsp;&nbsp;&nbsp;&nbsp; $70.36 | &nbsp;&nbsp;&nbsp;&nbsp; $66.10 | &nbsp;&nbsp;&nbsp;&nbsp; $65.80 | &nbsp;&nbsp;&nbsp;&nbsp; $46.39 |
| **Income from investment** <br> **operations:**<br>|  |  |  |  |  |  |
| Net investment income (loss)  | 0.84<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.56<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.54<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.50<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.21<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.01<br>|
| Net realized and unrealized gain <br> (loss)<br>| 11.34<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.41<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.29<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.22<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.27<br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 19.41<br>|
| Total from investment operations | 12.18<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.97<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.83<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.72<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.48<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20.42<br>|
| **Distributions paid to** <br> **shareholders from:**<br>|  |  |  |  |  |  |
| Net investment income | (0.92) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.61) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.54) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.46) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.18) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.01) <br>|
| Net asset value, end of period | $90.27<br>| &nbsp;&nbsp;&nbsp;&nbsp; $79.01<br>| &nbsp;&nbsp;&nbsp;&nbsp; $77.65<br>| &nbsp;&nbsp;&nbsp;&nbsp; $70.36<br>| &nbsp;&nbsp;&nbsp;&nbsp; $66.10<br>| &nbsp;&nbsp;&nbsp;&nbsp; $65.80<br>|
| **Total return** (c) | 15.50<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.88<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.79<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.90<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.24<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 44.43<br> % <br>|
| **Ratios to average net** <br> **assets/supplemental data:**<br>|  |  |  |  |  |  |
| Net assets, end of period (in 000's) | $1236650<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1098298<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1223065<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1252398<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1160039<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1065981<br>|
| Ratio of total expenses to average <br> net assets<br>| 0.58<br> % (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.58<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.58<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59<br> % <br>|
| Ratio of net investment income <br> (loss) to average net assets<br>| 1.98<br> % (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.01<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.19<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.27<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.79<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.76<br> % <br>|
| Portfolio turnover rate (e) | 43<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 75<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 81<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 80<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 75<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 91<br> % <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Based
 on average shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(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

------

**First Trust Exchange-Traded AlphaDEX**<sup>®</sup> **Fund**

**Style Funds**

**Financial Highlights (Continued)** 

**For a share outstanding throughout each period**

**First Trust Large Cap Growth AlphaDEX**<sup>®</sup> **Fund (FTC)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>**1/31/2026** <br>**(Unaudited)** | **Year Ended July 31,**  | **Year Ended July 31,**  | **Year Ended July 31,**  | **Year Ended July 31,**  | **Year Ended July 31,**  |
|  | **Six Months** <br>**Ended** <br>**1/31/2026** <br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022**  | **2021**  |
| Net asset value, beginning of period | $156.01 | &nbsp;&nbsp;&nbsp;&nbsp; $123.35 | &nbsp;&nbsp;&nbsp;&nbsp; $104.13 | &nbsp;&nbsp;&nbsp;&nbsp; $96.84 | &nbsp;&nbsp;&nbsp;&nbsp; $112.65 | &nbsp;&nbsp;&nbsp;&nbsp; $82.09 |
| **Income from investment** <br> **operations:**<br>|  |  |  |  |  |  |
| Net investment income (loss)  | 0.15<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.53<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.37<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.93<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.37<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.07) <br>|
| Net realized and unrealized gain <br> (loss)<br>| 6.26<br>| &nbsp;&nbsp;&nbsp;&nbsp; 32.66<br>| &nbsp;&nbsp;&nbsp;&nbsp; 19.25<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.36<br>| &nbsp;&nbsp;&nbsp;&nbsp; (15.96) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 30.67<br>|
| Total from investment operations | 6.41<br>| &nbsp;&nbsp;&nbsp;&nbsp; 33.19<br>| &nbsp;&nbsp;&nbsp;&nbsp; 19.62<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.29<br>| &nbsp;&nbsp;&nbsp;&nbsp; (15.59) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 30.60<br>|
| **Distributions paid to shareholders** <br> **from:**<br>|  |  |  |  |  |  |
| Net investment income | (0.17) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.53) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.40) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.00) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.22) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.04) <br>|
| Net asset value, end of period | $162.25<br>| &nbsp;&nbsp;&nbsp;&nbsp; $156.01<br>| &nbsp;&nbsp;&nbsp;&nbsp; $123.35<br>| &nbsp;&nbsp;&nbsp;&nbsp; $104.13<br>| &nbsp;&nbsp;&nbsp;&nbsp; $96.84<br>| &nbsp;&nbsp;&nbsp;&nbsp; $112.65<br>|
| **Total return** (b) | 4.11<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 26.96<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 18.89<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.71<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; (13.84)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; 37.30<br> % <br>|
| **Ratios to average net** <br> **assets/supplemental data:**<br>|  |  |  |  |  |  |
| Net assets, end of period (in 000's) | $1273640<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1224663<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1104024<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1036129<br>| &nbsp;&nbsp;&nbsp;&nbsp; $929704<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1194111<br>|
| Ratio of total expenses to average net <br> assets<br>| 0.58<br> % (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.58<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.58<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59<br> % <br>|
| Ratio of net investment income (loss) <br> to average net assets<br>| 0.19<br> % (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.33<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.98<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.32<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.07)% <br>|
| Portfolio turnover rate (d) | 51<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 114<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 116<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 127<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 121<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 116<br> % <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Based
 on average shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(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

------

**First Trust Exchange-Traded AlphaDEX**<sup>®</sup> **Fund**

**Style Funds**

**Financial Highlights (Continued)** 

**For a share outstanding throughout each period**

**First Trust Multi Cap Value AlphaDEX**<sup>®</sup> **Fund (FAB)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>**1/31/2026** <br>**(Unaudited)** | **Year Ended July 31,**  | **Year Ended July 31,**  | **Year Ended July 31,**  | **Year Ended July 31,**  | **Year Ended July 31,**  |
|  | **Six Months** <br>**Ended** <br>**1/31/2026** <br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022**  | **2021**  |
| Net asset value, beginning of period | $82.30 | &nbsp;&nbsp;&nbsp;&nbsp; $85.14 | &nbsp;&nbsp;&nbsp;&nbsp; $75.69 | &nbsp;&nbsp;&nbsp;&nbsp; $70.76 | &nbsp;&nbsp;&nbsp;&nbsp; $71.04 | &nbsp;&nbsp;&nbsp;&nbsp; $46.72 |
| **Income from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)  | 0.83<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.47<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.52<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.38<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.20<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.84<br>|
| Net realized and unrealized gain (loss) | 11.70<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.78) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.47<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.94<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.35) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 24.34<br>|
| Total from investment operations | 12.53<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.31) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.99<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.32<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br>| &nbsp;&nbsp;&nbsp;&nbsp; 25.18<br>|
| **Distributions paid to shareholders from:** |  |  |  |  |  |  |
| Net investment income | (0.89) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.53) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.54) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.39) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.13) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.86) <br>|
| Net asset value, end of period | $93.94<br>| &nbsp;&nbsp;&nbsp;&nbsp; $82.30<br>| &nbsp;&nbsp;&nbsp;&nbsp; $85.14<br>| &nbsp;&nbsp;&nbsp;&nbsp; $75.69<br>| &nbsp;&nbsp;&nbsp;&nbsp; $70.76<br>| &nbsp;&nbsp;&nbsp;&nbsp; $71.04<br>|
| **Total return** (b) | 15.30<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.53)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.76<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.19<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.20<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 54.35<br> % <br>|
| **Ratios to average net assets/supplemental** <br> **data:**<br>|  |  |  |  |  |  |
| Net assets, end of period (in 000's) | $126826<br>| &nbsp;&nbsp;&nbsp;&nbsp; $119336<br>| &nbsp;&nbsp;&nbsp;&nbsp; $148991<br>| &nbsp;&nbsp;&nbsp;&nbsp; $174084<br>| &nbsp;&nbsp;&nbsp;&nbsp; $176894<br>| &nbsp;&nbsp;&nbsp;&nbsp; $166942<br>|
| Ratio of total expenses to average net assets | 0.68<br> % (c) (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.64<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.64<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.66<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.69<br> % <br>|
| Ratio of net investment income (loss) to <br> average net assets<br>| 1.87<br> % (c) (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.79<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.01<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.96<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.64<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.43<br> % <br>|
| Portfolio turnover rate (e) | 46<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 86<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 87<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 85<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 76<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 92<br> % <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Based
 on average shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Ratio
 of total expenses to average net assets and ratio of net investment income (loss) to average net assets do not reflect the Fund's proportionate
 share of expenses and income of underlying investment companies in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;(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

------

**First Trust Exchange-Traded AlphaDEX**<sup>®</sup> **Fund**

**Style Funds**

**Financial Highlights (Continued)** 

**For a share outstanding throughout each period**

**First Trust Multi Cap Growth AlphaDEX**<sup>®</sup> **Fund (FAD)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>**1/31/2026** <br>**(Unaudited)** | **Year Ended July 31,**  | **Year Ended July 31,**  | **Year Ended July 31,**  | **Year Ended July 31,**  | **Year Ended July 31,**  |
|  | **Six Months** <br>**Ended** <br>**1/31/2026** <br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022**  | **2021**  |
| Net asset value, beginning of period | $150.29 | &nbsp;&nbsp;&nbsp;&nbsp; $126.94 | &nbsp;&nbsp;&nbsp;&nbsp; $109.30 | &nbsp;&nbsp;&nbsp;&nbsp; $101.49 | &nbsp;&nbsp;&nbsp;&nbsp; $119.58 | &nbsp;&nbsp;&nbsp;&nbsp; $83.11 |
| **Income from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)  | 0.10<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.31<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.72<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.46<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.11) <br>|
| Net realized and unrealized gain (loss) | 15.89<br>| &nbsp;&nbsp;&nbsp;&nbsp; 23.71<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.64<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.81<br>| &nbsp;&nbsp;&nbsp;&nbsp; (18.27) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 36.71<br>|
| Total from investment operations | 15.99<br>| &nbsp;&nbsp;&nbsp;&nbsp; 24.11<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.95<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.53<br>| &nbsp;&nbsp;&nbsp;&nbsp; (17.81) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 36.60<br>|
| **Distributions paid to shareholders from:** |  |  |  |  |  |  |
| Net investment income | (0.08) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.76) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.31) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.72) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.28) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.13) <br>|
| Net asset value, end of period | $166.20<br>| &nbsp;&nbsp;&nbsp;&nbsp; $150.29<br>| &nbsp;&nbsp;&nbsp;&nbsp; $126.94<br>| &nbsp;&nbsp;&nbsp;&nbsp; $109.30<br>| &nbsp;&nbsp;&nbsp;&nbsp; $101.49<br>| &nbsp;&nbsp;&nbsp;&nbsp; $119.58<br>|
| **Total return** (b) | 10.64<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 19.06<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.47<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.50<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; (14.91)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; 44.10<br> % <br>|
| **Ratios to average net assets/supplemental** <br> **data:**<br>|  |  |  |  |  |  |
| Net assets, end of period (in 000's) | $407195<br>| &nbsp;&nbsp;&nbsp;&nbsp; $300578<br>| &nbsp;&nbsp;&nbsp;&nbsp; $209445<br>| &nbsp;&nbsp;&nbsp;&nbsp; $180346<br>| &nbsp;&nbsp;&nbsp;&nbsp; $182686<br>| &nbsp;&nbsp;&nbsp;&nbsp; $221229<br>|
| Ratio of total expenses to average net assets | 0.60<br> % (c) (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.62<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.62<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.64<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.63<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.63<br> % <br>|
| Ratio of net investment income (loss) to <br> average net assets<br>| 0.12<br> % (c) (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.29<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.28<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.72<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.09)% <br>|
| Portfolio turnover rate (e) | 51<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 110<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 115<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 125<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 115<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 104<br> % <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Based
 on average shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Ratio
 of total expenses to average net assets and ratio of net investment income (loss) to average net assets do not reflect the Fund's proportionate
 share of expenses and income of underlying investment companies in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;(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

------

**First Trust Exchange-Traded AlphaDEX**<sup>®</sup> **Fund**

**Style Funds**

**Financial Highlights (Continued)** 

**For a share outstanding throughout each period**

**First Trust Mid Cap Value AlphaDEX**<sup>®</sup> **Fund (FNK)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>**1/31/2026** <br>**(Unaudited)** | **Year Ended July 31,**  | **Year Ended July 31,**  | **Year Ended July 31,**  | **Year Ended July 31,**  | **Year Ended July 31,**  |
|  | **Six Months** <br>**Ended** <br>**1/31/2026** <br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022**  | **2021**  |
| Net asset value, beginning of period | $52.53 | &nbsp;&nbsp;&nbsp;&nbsp; $55.68 | &nbsp;&nbsp;&nbsp;&nbsp; $49.00 | &nbsp;&nbsp;&nbsp;&nbsp; $44.58 | &nbsp;&nbsp;&nbsp;&nbsp; $44.69 | &nbsp;&nbsp;&nbsp;&nbsp; $27.71 |
| **Income from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)  | 0.51<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.87<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.88<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.78<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.74<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.54<br>|
| Net realized and unrealized gain (loss) | 5.95<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3.11) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.69<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.42<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.16) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.98<br>|
| Total from investment operations | 6.46<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.24) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.57<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.20<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.58<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.52<br>|
| **Distributions paid to shareholders** <br> **from:**<br>|  |  |  |  |  |  |
| Net investment income | (0.49) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.91) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.89) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.78) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.69) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.54) <br>|
| Net asset value, end of period | $58.50<br>| &nbsp;&nbsp;&nbsp;&nbsp; $52.53<br>| &nbsp;&nbsp;&nbsp;&nbsp; $55.68<br>| &nbsp;&nbsp;&nbsp;&nbsp; $49.00<br>| &nbsp;&nbsp;&nbsp;&nbsp; $44.58<br>| &nbsp;&nbsp;&nbsp;&nbsp; $44.69<br>|
| **Total return** (b) | 12.34<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; (4.02)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.68<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.95<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.31<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 63.76<br> % <br>|
| **Ratios to average net** <br> **assets/supplemental data:**<br>|  |  |  |  |  |  |
| Net assets, end of period (in 000's) | $210614<br>| &nbsp;&nbsp;&nbsp;&nbsp; $191745<br>| &nbsp;&nbsp;&nbsp;&nbsp; $228290<br>| &nbsp;&nbsp;&nbsp;&nbsp; $237648<br>| &nbsp;&nbsp;&nbsp;&nbsp; $222894<br>| &nbsp;&nbsp;&nbsp;&nbsp; $140774<br>|
| Ratio of total expenses to average net <br> assets<br>| 0.71<br> % (c) (d) (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> % <br>|
| Ratio of net investment income (loss) <br> to average net assets<br>| 1.84<br> % (c) (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.65<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.79<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.77<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.63<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.33<br> % <br>|
| Portfolio turnover rate (f) | 55<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 87<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 98<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 102<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 84<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 102<br> % <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Based
 on average shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Ratio
 of total expenses to average net assets and ratio of net investment income (loss) to average net assets do not reflect the Fund's proportionate
 share of expenses and income of underlying investment companies in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Includes
 extraordinary expenses. If these extraordinary expenses were not included, the expense ratio would have been 0.70%.

&nbsp;&nbsp;&nbsp;&nbsp;(f) 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

------

**First Trust Exchange-Traded AlphaDEX**<sup>®</sup> **Fund**

**Style Funds**

**Financial Highlights (Continued)** 

**For a share outstanding throughout each period**

**First Trust Mid Cap Growth AlphaDEX**<sup>®</sup> **Fund (FNY)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>**1/31/2026** <br>**(Unaudited)** | **Year Ended July 31,**  | **Year Ended July 31,**  | **Year Ended July 31,**  | **Year Ended July 31,**  | **Year Ended July 31,**  |
|  | **Six Months** <br>**Ended** <br>**1/31/2026** <br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022**  | **2021**  |
| Net asset value, beginning of period | $84.27 | &nbsp;&nbsp;&nbsp;&nbsp; $76.62 | &nbsp;&nbsp;&nbsp;&nbsp; $66.68 | &nbsp;&nbsp;&nbsp;&nbsp; $61.22 | &nbsp;&nbsp;&nbsp;&nbsp; $73.58 | &nbsp;&nbsp;&nbsp;&nbsp; $51.23 |
| **Income from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)  | (0.04) (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.08<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.05<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.21<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.01<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.18) <br>|
| Net realized and unrealized gain (loss) | 10.49<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.05<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.95<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.49<br>| &nbsp;&nbsp;&nbsp;&nbsp; (12.37) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 22.69<br>|
| Total from investment operations | 10.45<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.13<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.00<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.70<br>| &nbsp;&nbsp;&nbsp;&nbsp; (12.36) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 22.51<br>|
| **Distributions paid to shareholders** <br> **from:**<br>|  |  |  |  |  |  |
| Net investment income | —<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.48) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.06) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.24) <br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.16) <br>|
| Net asset value, end of period | $94.72<br>| &nbsp;&nbsp;&nbsp;&nbsp; $84.27<br>| &nbsp;&nbsp;&nbsp;&nbsp; $76.62<br>| &nbsp;&nbsp;&nbsp;&nbsp; $66.68<br>| &nbsp;&nbsp;&nbsp;&nbsp; $61.22<br>| &nbsp;&nbsp;&nbsp;&nbsp; $73.58<br>|
| **Total return** (b) | 12.40<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.64<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.01<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.37<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; (16.80)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; 44.02<br> % <br>|
| **Ratios to average net** <br> **assets/supplemental data:**<br>|  |  |  |  |  |  |
| Net assets, end of period (in 000's) | $492541<br>| &nbsp;&nbsp;&nbsp;&nbsp; $400286<br>| &nbsp;&nbsp;&nbsp;&nbsp; $348628<br>| &nbsp;&nbsp;&nbsp;&nbsp; $276716<br>| &nbsp;&nbsp;&nbsp;&nbsp; $281629<br>| &nbsp;&nbsp;&nbsp;&nbsp; $463572<br>|
| Ratio of total expenses to average net <br> assets<br>| 0.71<br> % (c) (d) (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> % <br>|
| Ratio of net investment income (loss) <br> to average net assets<br>| (0.08)% (c) (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.07<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.24)% <br>|
| Portfolio turnover rate (f) | 69<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 130<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 134<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 142<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 136<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 138<br> % <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Based
 on average shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Ratio
 of total expenses to average net assets and ratio of net investment income (loss) to average net assets do not reflect the Fund's proportionate
 share of expenses and income of underlying investment companies in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Includes
 extraordinary expenses. If these extraordinary expenses were not included, the expense ratio would have been 0.70%.

&nbsp;&nbsp;&nbsp;&nbsp;(f) 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

------

**First Trust Exchange-Traded AlphaDEX**<sup>®</sup> **Fund**

**Style Funds**

**Financial Highlights (Continued)** 

**For a share outstanding throughout each period**

**First Trust Small Cap Value AlphaDEX**<sup>®</sup> **Fund (FYT)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>**1/31/2026** <br>**(Unaudited)** | **Year Ended July 31,**  | **Year Ended July 31,**  | **Year Ended July 31,**  | **Year Ended July 31,**  | **Year Ended July 31,**  |
|  | **Six Months** <br>**Ended** <br>**1/31/2026** <br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022**  | **2021**  |
| Net asset value, beginning of period | $51.47 | &nbsp;&nbsp;&nbsp;&nbsp; $58.49 | &nbsp;&nbsp;&nbsp;&nbsp; $50.47 | &nbsp;&nbsp;&nbsp;&nbsp; $48.64 | &nbsp;&nbsp;&nbsp;&nbsp; $50.28 | &nbsp;&nbsp;&nbsp;&nbsp; $30.78 |
| **Income from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)  | 0.50<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.79<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.87<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.66<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.67<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.45<br>|
| Net realized and unrealized gain (loss) | 9.46<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7.03) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.95<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.96<br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.69) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 19.52<br>|
| Total from investment operations | 9.96<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6.24) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.82<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.62<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.02) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 19.97<br>|
| **Distributions paid to shareholders from:** |  |  |  |  |  |  |
| Net investment income | (0.53) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.78) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.80) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.79) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.62) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.47) <br>|
| Net asset value, end of period | $60.90<br>| &nbsp;&nbsp;&nbsp;&nbsp; $51.47<br>| &nbsp;&nbsp;&nbsp;&nbsp; $58.49<br>| &nbsp;&nbsp;&nbsp;&nbsp; $50.47<br>| &nbsp;&nbsp;&nbsp;&nbsp; $48.64<br>| &nbsp;&nbsp;&nbsp;&nbsp; $50.28<br>|
| **Total return** (c) | 19.44<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; (10.75)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.68<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.61<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.06)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; 65.22<br> % <br>|
| **Ratios to average net assets/supplemental** <br> **data:**<br>|  |  |  |  |  |  |
| Net assets, end of period (in 000's) | $164438<br>| &nbsp;&nbsp;&nbsp;&nbsp; $126114<br>| &nbsp;&nbsp;&nbsp;&nbsp; $187166<br>| &nbsp;&nbsp;&nbsp;&nbsp; $174136<br>| &nbsp;&nbsp;&nbsp;&nbsp; $223722<br>| &nbsp;&nbsp;&nbsp;&nbsp; $268991<br>|
| Ratio of total expenses to average net assets | 0.71<br> % (d) (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> % (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> % <br>|
| Ratio of net investment income (loss) to <br> average net assets<br>| 1.76<br> % (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.49<br> % (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.71<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.42<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.29<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.08<br> % <br>|
| Portfolio turnover rate (g) | 55<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 113<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 114<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 110<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 90<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 109<br> % <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Based
 on average shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Includes
 extraordinary expenses. If these extraordinary expenses were not included, the expense ratio would have been 0.70%.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Ratio
 of total expenses to average net assets and ratio of net investment income (loss) to average net assets do not reflect the Fund's proportionate
 share of expenses and income of underlying investment companies in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;(g) 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

------

**First Trust Exchange-Traded AlphaDEX**<sup>®</sup> **Fund**

**Style Funds**

**Financial Highlights (Continued)** 

**For a share outstanding throughout each period**

**First Trust Small Cap Growth AlphaDEX**<sup>®</sup> **Fund (FYC)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>**1/31/2026** <br>**(Unaudited)** | **Year Ended July 31,**  | **Year Ended July 31,**  | **Year Ended July 31,**  | **Year Ended July 31,**  | **Year Ended July 31,**  |
|  | **Six Months** <br>**Ended** <br>**1/31/2026** <br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022**  | **2021**  |
| Net asset value, beginning of period | $79.87 | &nbsp;&nbsp;&nbsp;&nbsp; $71.19 | &nbsp;&nbsp;&nbsp;&nbsp; $63.92 | &nbsp;&nbsp;&nbsp;&nbsp; $60.22 | &nbsp;&nbsp;&nbsp;&nbsp; $71.14 | &nbsp;&nbsp;&nbsp;&nbsp; $44.46 |
| **Income from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)  | (0.00) (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.20<br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.23<br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.36<br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.54<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.03<br>|
| Net realized and unrealized gain (loss) | 20.03<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.97<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.34<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.47<br>| &nbsp;&nbsp;&nbsp;&nbsp; (10.99) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 26.72<br>|
| Total from investment operations | 20.03<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.17<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.57<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.83<br>| &nbsp;&nbsp;&nbsp;&nbsp; (10.45) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 26.75<br>|
| **Distributions paid to shareholders from:** |  |  |  |  |  |  |
| Net investment income | (0.08) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.49) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.30) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.13) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.47) <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.07) <br>|
| Net asset value, end of period | $99.82<br>| &nbsp;&nbsp;&nbsp;&nbsp; $79.87<br>| &nbsp;&nbsp;&nbsp;&nbsp; $71.19<br>| &nbsp;&nbsp;&nbsp;&nbsp; $63.92<br>| &nbsp;&nbsp;&nbsp;&nbsp; $60.22<br>| &nbsp;&nbsp;&nbsp;&nbsp; $71.14<br>|
| **Total return** (c) | 25.09<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.93<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.92<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.38<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; (14.81)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; 60.24<br> % <br>|
| **Ratios to average net assets/supplemental** <br> **data:**<br>|  |  |  |  |  |  |
| Net assets, end of period (in 000's) | $903354<br>| &nbsp;&nbsp;&nbsp;&nbsp; $459253<br>| &nbsp;&nbsp;&nbsp;&nbsp; $295446<br>| &nbsp;&nbsp;&nbsp;&nbsp; $230119<br>| &nbsp;&nbsp;&nbsp;&nbsp; $201727<br>| &nbsp;&nbsp;&nbsp;&nbsp; $394827<br>|
| Ratio of total expenses to average net assets | 0.71<br> % (d) (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> % (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> % <br>|
| Ratio of net investment income (loss) to <br> average net assets<br>| (0.01)% (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.27<br> % (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.37<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.62<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.88<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.02<br> % <br>|
| Portfolio turnover rate (g) | 65<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 137<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 141<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 140<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 132<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 151<br> % <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Amount
 represents less than $0.01.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Based
 on average shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Includes
 extraordinary expenses. If these extraordinary expenses were not included, the expense ratio would have been 0.70%.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Ratio
 of total expenses to average net assets and ratio of net investment income (loss) to average net assets do not reflect the Fund's proportionate
 share of expenses and income of underlying investment companies in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;(g) 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

------

**Notes to Financial Statements**

**First Trust Exchange-Traded AlphaDEX**<sup>®</sup> **Fund**

**Style Funds**

**January 31, 2026 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. Organization**

First Trust Exchange-Traded AlphaDEX<sup>®</sup> 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").

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").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| First Trust Large Cap Core AlphaDEX<sup>®</sup> Fund – (ticker "FEX") |
| First Trust Mid Cap Core AlphaDEX<sup>®</sup> Fund – (ticker "FNX") |
| First Trust Small Cap Core AlphaDEX<sup>®</sup> Fund – (ticker "FYX") |
| First Trust Large Cap Value AlphaDEX<sup>®</sup> Fund – (ticker "FTA") |
| First Trust Large Cap Growth AlphaDEX<sup>®</sup> Fund – (ticker "FTC") |
| First Trust Multi Cap Value AlphaDEX<sup>®</sup> Fund – (ticker "FAB") |
| First Trust Multi Cap Growth AlphaDEX<sup>®</sup> Fund – (ticker "FAD") |
| First Trust Mid Cap Value AlphaDEX<sup>®</sup> Fund – (ticker "FNK") |
| First Trust Mid Cap Growth AlphaDEX<sup>®</sup> Fund – (ticker "FNY") |
| First Trust Small Cap Value AlphaDEX<sup>®</sup> Fund – (ticker "FYT") |
| First Trust Small Cap Growth AlphaDEX<sup>®</sup> 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Fund**  | **Index** |
| First Trust Large Cap Core AlphaDEX<sup>®</sup> Fund | Nasdaq AlphaDEX Large Cap Core<sup>TM</sup> Index |
| First Trust Mid Cap Core AlphaDEX<sup>®</sup> Fund | Nasdaq AlphaDEX Mid Cap Core<sup>TM</sup> Index |
| First Trust Small Cap Core AlphaDEX<sup>®</sup> Fund | Nasdaq AlphaDEX Small Cap Core<sup>TM</sup> Index |
| First Trust Large Cap Value AlphaDEX<sup>®</sup> Fund | Nasdaq AlphaDEX Large Cap Value<sup>TM</sup> Index |
| First Trust Large Cap Growth AlphaDEX<sup>®</sup> Fund | Nasdaq AlphaDEX Large Cap Growth<sup>TM</sup> Index |
| First Trust Multi Cap Value AlphaDEX<sup>®</sup> Fund | Nasdaq AlphaDEX Multi Cap Value<sup>TM</sup> Index |
| First Trust Multi Cap Growth AlphaDEX<sup>®</sup> Fund | Nasdaq AlphaDEX Multi Cap Growth<sup>TM</sup> Index |
| First Trust Mid Cap Value AlphaDEX<sup>®</sup> Fund | Nasdaq AlphaDEX Mid Cap Value<sup>TM</sup> Index |
| First Trust Mid Cap Growth AlphaDEX<sup>®</sup> Fund | Nasdaq AlphaDEX Mid Cap Growth<sup>TM</sup> Index |
| First Trust Small Cap Value AlphaDEX<sup>®</sup> Fund | Nasdaq AlphaDEX Small Cap Value<sup>TM</sup> Index |
| First Trust Small Cap Growth AlphaDEX<sup>®</sup> Fund | Nasdaq AlphaDEX Small Cap Growth<sup>TM</sup> Index |

---

**2. Significant Accounting Policies** 

The Funds are each considered an investment company and follow accounting and reporting guidance under Financial Accounting Standards Board ("FASB") 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.

------

**Notes to Financial Statements (Continued)**

**First Trust Exchange-Traded AlphaDEX**<sup>®</sup> **Fund**

**Style Funds**

**January 31, 2026 (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:

------

**Notes to Financial Statements (Continued)**

**First Trust Exchange-Traded AlphaDEX**<sup>®</sup> **Fund**

**Style Funds**

**January 31, 2026 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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, 2026, 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 are 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

------

**Notes to Financial Statements (Continued)**

**First Trust Exchange-Traded AlphaDEX**<sup>®</sup> **Fund**

**Style Funds**

**January 31, 2026 (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. The Bank of New York Mellon ("BNY") acts as the Funds' securities lending agent and is responsible for executing the lending of the portfolio securities to creditworthy borrowers. The Funds, however, will be responsible for the risks associated with the investment of cash collateral. A Fund may lose money on its investment of cash collateral, which may affect its ability to repay the collateral to the borrower without the use of other Fund assets. Each Fund that engages in securities lending receives compensation (net of any rebate and securities lending agent fees) for lending its securities. Compensation can be in the form of fees received from the securities lending agent or dividends or interest earned from the investment of cash collateral. The fees received from the securities lending agent are accrued daily. The dividend and interest earned on the securities loaned is accounted for in the same manner as other dividend and interest income. At January 31, 2026, all the Funds except FEX, FTA, and FTC had securities in the securities lending program. During the six months ended January 31, 2026, all the Funds participated in the securities lending program.

In the event of a default by a borrower with respect to any loan, BNY 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 BNY to exercise these remedies, a Fund sustains losses as a result of a borrower's default, BNY 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 BNY.

**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 BNY 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, 2026, were received as collateral for lending securities.

**F. Restricted Securities**

As of January 31, 2026, 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Security | Acquisition <br>Date<br>| Shares | Current <br>Price<br>| Carrying <br>Cost<br>| Value | % of <br>Net Assets<br>|
| **FAD**  |  |  |  |  |  |  |
| OmniAb, Inc. - 12.5 Earnout Shares | 11/02/22 | &nbsp;&nbsp; 162 | &nbsp;&nbsp; $0.00 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 | 0.00<br> %<br>|
| OmniAb, Inc. - 15 Earnout Shares | 11/02/22 | &nbsp;&nbsp; 162 | 0.00 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | 0.00 |
|  |  |  |  | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 | 0.00<br> %<br>|

---

------

**Notes to Financial Statements (Continued)**

**First Trust Exchange-Traded AlphaDEX**<sup>®</sup> **Fund**

**Style Funds**

**January 31, 2026 (Unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Security | Acquisition<br> Date<br>| Shares | Current<br> Price<br>| Carrying<br> Cost<br>| Value | % of<br> Net Assets<br>|
| **FYC**  |  |  |  |  |  |  |
| OmniAb, Inc. - 12.5 Earnout Shares | 11/02/22 | &nbsp;&nbsp; 1080 | &nbsp;&nbsp; $0.00 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 | 0.00<br> %<br>|
| OmniAb, Inc. - 15 Earnout Shares | 11/02/22 | &nbsp;&nbsp; 1080 | 0.00 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | 0.00 |
|  |  |  |  | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 | 0.00<br> %<br>|

---

**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, 2025 were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | Distributions <br>paid from <br>Ordinary <br>Income<br>| Distributions <br>paid from <br>Capital <br>Gains<br>| Distributions <br>paid from <br>Return of <br>Capital<br>|
| First Trust Large Cap Core AlphaDEX<sup>®</sup> Fund | $16301838 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| First Trust Mid Cap Core AlphaDEX<sup>®</sup> Fund | 15346668 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| First Trust Small Cap Core AlphaDEX<sup>®</sup> Fund | 11286807 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| First Trust Large Cap Value AlphaDEX<sup>®</sup> Fund | 24265323 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| First Trust Large Cap Growth AlphaDEX<sup>®</sup> Fund | 4306746 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| First Trust Multi Cap Value AlphaDEX<sup>®</sup> Fund | 2422588 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| First Trust Multi Cap Growth AlphaDEX<sup>®</sup> Fund | 1232356 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| First Trust Mid Cap Value AlphaDEX<sup>®</sup> Fund | 3666512 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| First Trust Mid Cap Growth AlphaDEX<sup>®</sup> Fund | 2174241 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| First Trust Small Cap Value AlphaDEX<sup>®</sup> Fund | 2338836 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| First Trust Small Cap Growth AlphaDEX<sup>®</sup> Fund | 2409706 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |

---

As of July 31, 2025, the components of distributable earnings on a tax basis for each Fund were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | Undistributed <br>Ordinary <br>Income<br>| Accumulated <br>Capital and <br>Other <br>Gain (Loss)<br>| Net <br>Unrealized <br>Appreciation <br>(Depreciation)<br>|
| First Trust Large Cap Core AlphaDEX<sup>®</sup> Fund | $1246888 | &nbsp;&nbsp; $(348556557)<br>| &nbsp;&nbsp; $175770129 |
| First Trust Mid Cap Core AlphaDEX<sup>®</sup> Fund | 36161 | &nbsp;&nbsp; (375211742)<br>| &nbsp;&nbsp; 125166566 |
| First Trust Small Cap Core AlphaDEX<sup>®</sup> Fund | 892838 | &nbsp;&nbsp; (420786538)<br>| &nbsp;&nbsp; 62525794 |
| First Trust Large Cap Value AlphaDEX<sup>®</sup> Fund | 2065286 | &nbsp;&nbsp; (311543246)<br>| &nbsp;&nbsp; 29604649 |
| First Trust Large Cap Growth AlphaDEX<sup>®</sup> Fund | 208488 | &nbsp;&nbsp; (326270071)<br>| &nbsp;&nbsp; 271876367 |
| First Trust Multi Cap Value AlphaDEX<sup>®</sup> Fund | 201330 | &nbsp;&nbsp; (43595336)<br>| &nbsp;&nbsp; 1957589 |
| First Trust Multi Cap Growth AlphaDEX<sup>®</sup> Fund | (31592)<br>| &nbsp;&nbsp; (82026664)<br>| &nbsp;&nbsp; 59678170 |
| First Trust Mid Cap Value AlphaDEX<sup>®</sup> Fund | 214175 | &nbsp;&nbsp; (67968864)<br>| &nbsp;&nbsp; 6855839 |
| First Trust Mid Cap Growth AlphaDEX<sup>®</sup> Fund | (448278)<br>| &nbsp;&nbsp; (179935271)<br>| &nbsp;&nbsp; 71828732 |
| First Trust Small Cap Value AlphaDEX<sup>®</sup> Fund | 216695 | &nbsp;&nbsp; (70518944)<br>| &nbsp;&nbsp; (5189935)<br>|
| First Trust Small Cap Growth AlphaDEX<sup>®</sup> Fund | 81132 | &nbsp;&nbsp; (221017065)<br>| &nbsp;&nbsp; 75130934 |

---

------

**Notes to Financial Statements (Continued)**

**First Trust Exchange-Traded AlphaDEX**<sup>®</sup> **Fund**

**Style Funds**

**January 31, 2026 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**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 2022, 2023, 2024, and 2025 remain open to federal and state audit. As of January 31, 2026, 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, 2025, 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | Non-Expiring <br>Capital Loss <br>Carryforwards<br>|
| First Trust Large Cap Core AlphaDEX<sup>®</sup> Fund | $348556557 |
| First Trust Mid Cap Core AlphaDEX<sup>®</sup> Fund | 375211742 |
| First Trust Small Cap Core AlphaDEX<sup>®</sup> Fund | 420786538 |
| First Trust Large Cap Value AlphaDEX<sup>®</sup> Fund | 311543246 |
| First Trust Large Cap Growth AlphaDEX<sup>®</sup> Fund | 326270071 |
| First Trust Multi Cap Value AlphaDEX<sup>®</sup> Fund | 43595336 |
| First Trust Multi Cap Growth AlphaDEX<sup>®</sup> Fund | 82026664 |
| First Trust Mid Cap Value AlphaDEX<sup>®</sup> Fund | 67968864 |
| First Trust Mid Cap Growth AlphaDEX<sup>®</sup> Fund | 179935271 |
| First Trust Small Cap Value AlphaDEX<sup>®</sup> Fund | 70518944 |
| First Trust Small Cap Growth AlphaDEX<sup>®</sup> Fund | 221017065 |

---

During the taxable year ended July 31, 2025, the following Fund utilized capital loss carryforwards in the following amount:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | Capital <br>Loss <br>Utilized<br>|
| First Trust Multi Cap Value AlphaDEX<sup>®</sup> Fund | $4466521 |

---

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, 2025, the following Funds incurred and elected to defer net late year ordinary or capital losses as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | Qualified Late Year Losses | Qualified Late Year Losses |
|  | Ordinary Losses | Capital Losses |
| First Trust Multi Cap Growth AlphaDEX<sup>®</sup> Fund | $31592 | &nbsp;&nbsp; $— |
| First Trust Mid Cap Growth AlphaDEX<sup>®</sup> Fund | 448278 | &nbsp;&nbsp; — |

---

------

**Notes to Financial Statements (Continued)**

**First Trust Exchange-Traded AlphaDEX**<sup>®</sup> **Fund**

**Style Funds**

**January 31, 2026 (Unaudited)**

As of January 31, 2026, 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Tax Cost | Gross <br> Unrealized <br>Appreciation<br>| Gross <br> Unrealized <br>(Depreciation)<br>| Net Unrealized <br>Appreciation <br>(Depreciation)<br>|
| First Trust Large Cap Core AlphaDEX<sup>®</sup> Fund | $1189390705 | &nbsp;&nbsp; $248522560 | &nbsp;&nbsp; $(28000523)<br>| &nbsp;&nbsp; $220522037 |
| First Trust Mid Cap Core AlphaDEX<sup>®</sup> Fund | 1063361640 | &nbsp;&nbsp; 213465560 | &nbsp;&nbsp; (35475443)<br>| &nbsp;&nbsp; 177990117 |
| First Trust Small Cap Core AlphaDEX<sup>®</sup> Fund | 872753875 | &nbsp;&nbsp; 190445301 | &nbsp;&nbsp; (32245909)<br>| &nbsp;&nbsp; 158199392 |
| First Trust Large Cap Value AlphaDEX<sup>®</sup> Fund | 1108480222 | &nbsp;&nbsp; 159105531 | &nbsp;&nbsp; (31525768)<br>| &nbsp;&nbsp; 127579763 |
| First Trust Large Cap Growth AlphaDEX<sup>®</sup> Fund | 1043528588 | &nbsp;&nbsp; 258415673 | &nbsp;&nbsp; (27866638)<br>| &nbsp;&nbsp; 230549035 |
| First Trust Multi Cap Value AlphaDEX<sup>®</sup> Fund | 116282001 | &nbsp;&nbsp; 16647107 | &nbsp;&nbsp; (5041696)<br>| &nbsp;&nbsp; 11605411 |
| First Trust Multi Cap Growth AlphaDEX<sup>®</sup> Fund | 337521840 | &nbsp;&nbsp; 81628863 | &nbsp;&nbsp; (8621113)<br>| &nbsp;&nbsp; 73007750 |
| First Trust Mid Cap Value AlphaDEX<sup>®</sup> Fund | 191586689 | &nbsp;&nbsp; 27414825 | &nbsp;&nbsp; (7420685)<br>| &nbsp;&nbsp; 19994140 |
| First Trust Mid Cap Growth AlphaDEX<sup>®</sup> Fund | 425501319 | &nbsp;&nbsp; 87142170 | &nbsp;&nbsp; (16062195)<br>| &nbsp;&nbsp; 71079975 |
| First Trust Small Cap Value AlphaDEX<sup>®</sup> Fund | 155820910 | &nbsp;&nbsp; 19699976 | &nbsp;&nbsp; (7394460)<br>| &nbsp;&nbsp; 12305516 |
| First Trust Small Cap Growth AlphaDEX<sup>®</sup> Fund | 784468082 | &nbsp;&nbsp; 163762403 | &nbsp;&nbsp; (28125156)<br>| &nbsp;&nbsp; 135637247 |

---

**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<sup>®</sup> Fund, First Trust Mid Cap Growth AlphaDEX<sup>®</sup> Fund, First Trust Small Cap Value AlphaDEX<sup>®</sup> Fund and First Trust Small Cap Growth AlphaDEX<sup>®</sup> 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.

**J. Segment Reporting**

An operating segment is defined in FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is the President and Chief Executive Officer of each Fund. Each Fund operates as a single operating segment. Each Fund's income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of each Fund, using the information presented in the financial statements and financial highlights.

**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

------

**Notes to Financial Statements (Continued)**

**First Trust Exchange-Traded AlphaDEX**<sup>®</sup> **Fund**

**Style Funds**

**January 31, 2026 (Unaudited)**

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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Breakpoints |  |
| Fund net assets up to and including $2.5 billion | 0.7000<br> %<br>|
| Fund net assets greater than $2.5 billion up to and including $5 billion | 0.6825<br> %<br>|
| Fund net assets greater than $5 billion up to and including $7.5 billion | 0.6650<br> %<br>|
| Fund net assets greater than $7.5 billion up to and including $10 billion | 0.6475<br> %<br>|
| Fund net assets greater than $10 billion up to and including $15 billion | 0.6300<br> %<br>|
| Fund net assets greater than $15 billion | 0.5950<br> %<br>|

---

For the First Trust Large Cap Core AlphaDEX<sup>®</sup> Fund, First Trust Mid Cap Core AlphaDEX<sup>®</sup> Fund, First Trust Small Cap Core AlphaDEX<sup>®</sup> Fund, First Trust Large Cap Value AlphaDEX<sup>®</sup> Fund, First Trust Large Cap Growth AlphaDEX<sup>®</sup> Fund, First Trust Multi Cap Value AlphaDEX<sup>®</sup> Fund and First Trust Multi Cap Growth AlphaDEX<sup>®</sup> Fund (the "Non-Unitary Fee Funds"), First Trust is paid an annual management fee based on a percentage of each Fund's average daily net assets and calculated pursuant to the following schedule:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Breakpoints |  |
| Fund net assets up to and including $2.5 billion | 0.5000<br> %<br>|
| Fund net assets greater than $2.5 billion up to and including $5 billion | 0.4875<br> %<br>|
| Fund net assets greater than $5 billion up to and including $7.5 billion | 0.4750<br> %<br>|
| Fund net assets greater than $7.5 billion up to and including $10 billion | 0.4625<br> %<br>|
| Fund net assets greater than $10 billion up to and including $15 billion | 0.4500<br> %<br>|
| Fund net assets greater than $15 billion | 0.4250<br> %<br>|

---

For the Non-Unitary Fee Funds, 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, 2026. For the six months ended January 31, 2026, there were no fees waived or expenses reimbursed by First Trust for these Funds.

The Trust has multiple service agreements with BNY. Under the service agreements, BNY performs custodial, fund accounting, certain administrative services, and transfer agency services for each Fund. As custodian, BNY is responsible for custody of each Fund's assets. As fund accountant and administrator, BNY is responsible for maintaining the books and records of each Fund's securities and cash. As transfer agent, BNY is responsible for maintaining shareholder records for each Fund. BNY 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 Chairs of the Audit Committee, Nominating and Governance Committee and Valuation, Risk and Regulatory Oversight Committee, the Vice Chair of the Audit Committee, the Lead Independent Trustee and the Vice Lead Independent Trustee are paid annual fees to serve in such capacities, with such compensation, prior to January 1, 2026, allocated pro rata among each fund in the First Trust Fund Complex based on net assets, and effective January 1, 2026, allocated equally among each fund in the First Trust Fund Complex. Independent Trustees are reimbursed for travel and out-of-pocket expenses in connection with all meetings. The officers and "Interested" Trustee receive no compensation from the Trust for acting in such capacities.

------

**Notes to Financial Statements (Continued)**

**First Trust Exchange-Traded AlphaDEX**<sup>®</sup> **Fund**

**Style Funds**

**January 31, 2026 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**4. Purchases and Sales of Securities** 

For the six months ended January 31, 2026, the cost of purchases and proceeds from sales of investments for each Fund, excluding short-term investments and in-kind transactions, were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | Purchases | Sales |
| First Trust Large Cap Core AlphaDEX<sup>®</sup> Fund | $610567723 | &nbsp;&nbsp; $610278926 |
| First Trust Mid Cap Core AlphaDEX<sup>®</sup> Fund | 619236515 | &nbsp;&nbsp; 617745838 |
| First Trust Small Cap Core AlphaDEX<sup>®</sup> Fund | 470267227 | &nbsp;&nbsp; 469877736 |
| First Trust Large Cap Value AlphaDEX<sup>®</sup> Fund | 494410486 | &nbsp;&nbsp; 497136046 |
| First Trust Large Cap Growth AlphaDEX<sup>®</sup> Fund | 635234738 | &nbsp;&nbsp; 633721622 |
| First Trust Multi Cap Value AlphaDEX<sup>®</sup> Fund | 56232435 | &nbsp;&nbsp; 56179849 |
| First Trust Multi Cap Growth AlphaDEX<sup>®</sup> Fund | 182673430 | &nbsp;&nbsp; 182983613 |
| First Trust Mid Cap Value AlphaDEX<sup>®</sup> Fund | 109848260 | &nbsp;&nbsp; 109575261 |
| First Trust Mid Cap Growth AlphaDEX<sup>®</sup> Fund | 311038668 | &nbsp;&nbsp; 310413857 |
| First Trust Small Cap Value AlphaDEX<sup>®</sup> Fund | 77219884 | &nbsp;&nbsp; 77379226 |
| First Trust Small Cap Growth AlphaDEX<sup>®</sup> Fund | 423451857 | &nbsp;&nbsp; 423221393 |

---

For the six months ended January 31, 2026, the cost of in-kind purchases and proceeds from in-kind sales for each Fund were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | Purchases | Sales |
| First Trust Large Cap Core AlphaDEX<sup>®</sup> Fund | $282826802 | &nbsp;&nbsp; $322706098 |
| First Trust Mid Cap Core AlphaDEX<sup>®</sup> Fund | 298669021 | &nbsp;&nbsp; 332656634 |
| First Trust Small Cap Core AlphaDEX<sup>®</sup> Fund | 277512986 | &nbsp;&nbsp; 256467872 |
| First Trust Large Cap Value AlphaDEX<sup>®</sup> Fund | 210693631 | &nbsp;&nbsp; 225377916 |
| First Trust Large Cap Growth AlphaDEX<sup>®</sup> Fund | 338506489 | &nbsp;&nbsp; 337151262 |
| First Trust Multi Cap Value AlphaDEX<sup>®</sup> Fund |  | &nbsp;&nbsp; 8536069 |
| First Trust Multi Cap Growth AlphaDEX<sup>®</sup> Fund | 153045470 | &nbsp;&nbsp; 80645663 |
| First Trust Mid Cap Value AlphaDEX<sup>®</sup> Fund | 2762579 | &nbsp;&nbsp; 5548107 |
| First Trust Mid Cap Growth AlphaDEX<sup>®</sup> Fund | 204588890 | &nbsp;&nbsp; 162435271 |
| First Trust Small Cap Value AlphaDEX<sup>®</sup> Fund | 20271827 | &nbsp;&nbsp; 5841648 |
| First Trust Small Cap Growth AlphaDEX<sup>®</sup> Fund | 509541381 | &nbsp;&nbsp; 192443123 |

---

**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.

------

**Notes to Financial Statements (Continued)**

**First Trust Exchange-Traded AlphaDEX**<sup>®</sup> **Fund**

**Style Funds**

**January 31, 2026 (Unaudited)**

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, 2026.

**7. Indemnification**

The Trust, on behalf of the Funds, has a variety of indemnification obligations under contracts with its service providers. The Trust's maximum exposure under these arrangements is unknown. However, the Trust has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

**8. Subsequent Events**

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were issued and has determined that there were no subsequent events requiring recognition or disclosure in the financial statements that have not already been disclosed.

------

**Other Information**

**First Trust Exchange-Traded AlphaDEX**<sup>®</sup> **Fund**

**Style Funds**

**January 31, 2026 (Unaudited)**

**Changes in and Disagreements with Accountants (Item 8 of Form N-CSR)**

There were no changes in or disagreements with the Funds' accountants during the six months ended January 31, 2026.

**Proxy Disclosures (Item 9 of Form N-CSR)**

At a special meeting of shareholders of First Trust Exchange-Traded AlphaDEX<sup>®</sup> Fund (the "Trust") that was held on August 12, 2025 (the "Special Meeting"), shareholders of record as of June 9, 2025 (the "Record Date") approved a proposal (the "Proposal") to elect or re-elect, as applicable, each of the eight nominees listed below to the Board of Trustees of the Trust (the "Board"). Shareholders of each series of the Trust that had publicly offered shares as of the Record Date (each, a "fund") voted together with shareholders of the other funds on the Proposal, and the results are set forth below. There were no broker non-votes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| James A. Bowen\* <br>Votes For <br>Votes Withheld<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 188388861 <br>850554<br>|
| Thomas J. Driscoll\*\* <br>Votes For <br>Votes Withheld<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 188401161 <br>838254<br>|
| Richard E. Erickson\* <br>Votes For <br>Votes Withheld<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 188119335 <br>1120080<br>|
| Thomas R. Kadlec\* <br>Votes For <br>Votes Withheld<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 188093297 <br>1146118<br>|
| Denise M. Keefe\*\*\* <br>Votes For <br>Votes Withheld<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 188299043 <br>940372<br>|
| Robert F. Keith\* <br>Votes For <br>Votes Withheld<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 188154352 <br>1085063<br>|
| Niel B. Nielson\* <br>Votes For <br>Votes Withheld<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 188109025 <br>1130390<br>|
| Bronwyn Wright\*\*\* <br>Votes For <br>Votes Withheld<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79108167 <br>110131248<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* This nominee was re-elected to the Board at the Special Meeting.

\*\* This nominee was elected to the Board as a new Trustee at the Special Meeting.

\*\*\* This nominee was elected to the Board at the Special Meeting and had previously been appointed to the Board.

**Remuneration Paid to Directors, Officers, and Others (Item 10 of Form N-CSR)**

For the Non-Unitary Fee Funds (as defined in the Notes to Financial Statements), the applicable aggregate remuneration paid by each Fund during the period covered by the report is included in the Statements of Operations. For the Unitary Fee Funds (as defined in the Notes to Financial Statements), Independent Trustees of each Fund are compensated through the unitary management fee paid by each Fund to the advisor and not directly by each Fund. The investment advisory fee paid is included in the Statements of Operations.

**Statement Regarding the Basis for the Board's Approval of Investment Advisory Contract (Item 11 of Form N-CSR)**

Not applicable for the most recent fiscal half year.

------

**Other Information (Continued)**

**First Trust Exchange-Traded AlphaDEX**<sup>®</sup> **Fund**

**Style Funds**

**January 31, 2026 (Unaudited)**

**Disclaimer**

Nasdaq<sup>®</sup>, Nasdaq AlphaDEX Large Cap Core<sup>TM</sup> Index, Nasdaq AlphaDEX Mid Cap Core<sup>TM</sup> Index, Nasdaq AlphaDEX Small Cap Core<sup>TM</sup> Index, Nasdaq AlphaDEX Large Cap Value<sup>TM</sup> Index, Nasdaq AlphaDEX Large Cap Growth<sup>TM</sup> Index, Nasdaq AlphaDEX Multi Cap Value<sup>TM</sup> Index, Nasdaq AlphaDEX Multi Cap Growth<sup>TM</sup> Index, Nasdaq AlphaDEX Mid Cap Value<sup>TM</sup> Index, Nasdaq AlphaDEX Mid Cap Growth<sup>TM</sup> Index, Nasdaq AlphaDEX Small Cap Value<sup>TM</sup> Index and Nasdaq AlphaDEX Small Cap Growth<sup>TM</sup> Index ("the Nasdaq Indexes") 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<sup>®</sup> is a registered trademark owned by First Trust that has been licensed to Nasdaq, Inc. for use in the name of the Nasdaq Indexes. The Funds have not been passed on by the Corporations as to their legality or suitability. The Funds are not issued, endorsed, sold or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUNDS.

------

(b) The Financial Highlights is included in the Financial Statements and Other Information filed under Item 7(a) of this form.

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

This information is included in the Financial Statements and Other Information filed under Item 7(a) of this Form N-CSR.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

This information is included in the Financial Statements and Other Information filed under Item 7(a) of this Form N-CSR.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies**

This information is included in the Financial Statements and Other Information filed under Item 7(a) of this Form N-CSR.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

This information is included in the Financial Statements and Other Information filed under Item 7(a) of this Form N-CSR.

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable to the Registrant.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable to the Registrant.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable to the Registrant.

**Item 15. Submission of Matters to a Vote of Security Holders.**

There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant's board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

**Item 16. Controls and Procedures.**

(a) The registrant's principal executive and principal financial officers,
 or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in
 Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective,
 as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation
 of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under
 the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b) There were no changes in the registrant's internal control over financial
 reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report
 that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** 

(a) Not applicable to the Registrant.

(b) Not applicable to the Registrant.

**Item 18. Recovery of Erroneously Awarded Compensation.**

(a) Not applicable to the Registrant.

(b) Not applicable to the Registrant.

**Item 19. Exhibits.**

(a)(1) Not applicable to semi-annual reports on Form N-CSR.

(a)(2) [The certifications required by Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.](certs_302.htm)

(a)(3) Not applicable to the Registrant.

(a)(4) Not applicable to the Registrant.

(b) [Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.](certs_906.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(registrant) First Trust Exchange-Traded AlphaDEX<sup>®</sup> Fund

---

| | |
|:---|:---|
| By (Signature and Title)\* | &nbsp;&nbsp;&nbsp;/s/ James M. Dykas |
|  | &nbsp;&nbsp;&nbsp;James M. Dykas, President and Chief Executive Officer<br> (principal executive officer) |

---

Date: <u> April 10, 2026</u>

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title)\* | &nbsp;&nbsp;&nbsp;/s/ James M. Dykas |
|  | &nbsp;&nbsp;&nbsp;James M. Dykas, President and Chief Executive Officer<br> (principal executive officer) |

---

Date: <u> April 10, 2026</u>

---

| | |
|:---|:---|
| By (Signature and Title)\* | &nbsp;&nbsp;&nbsp;/s/ Derek D. Maltbie |
|  | &nbsp;&nbsp;&nbsp;Derek D. Maltbie, Treasurer, Chief Financial Officer <br> and Chief Accounting Officer<br> (principal financial officer) |

---

Date: <u> April 10, 2026</u>

<sup>\*</sup> Print the name and title of each signing officer under his or her signature.

------

## Ex-99.Cert

**Certification Pursuant to Rule 30a-2(a) under the 1940 Act and**

**Section 302 of the Sarbanes-Oxley Act**

I, James M. Dykas, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of First Trust Exchange-Traded AlphaDEX<sup>®
</sup>Fund;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact
or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were
made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included
in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash
flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented
in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial
reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and
procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated
subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control
over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to
the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal
control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize,
and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have
a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | April 10, 2026 | &nbsp;&nbsp;&nbsp;/s/ James M. Dykas |
|  |  | &nbsp;&nbsp;&nbsp;James M. Dykas, President and Chief Executive Officer<br> (principal executive officer) |

---

**Certification Pursuant to Rule 30a-2(a) under the 1940 Act and**

**Section 302 of the Sarbanes-Oxley Act**

I, Derek D. Maltbie, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of First Trust Exchange-Traded AlphaDEX<sup>®
</sup>Fund;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact
or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were
made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included
in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash
flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented
in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial
reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and
procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated
subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control
over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to
the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal
control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize,
and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have
a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | April 10, 2026 | &nbsp;&nbsp;&nbsp;/s/ Derek D. Maltbie |
|  |  | &nbsp;&nbsp;&nbsp;Derek D. Maltbie, Treasurer, Chief Financial Officer <br> and Chief Accounting Officer<br> (principal financial officer) |

---

## Exhibit 99.906

**Certification Pursuant to Rule 30a-2(b) under the 1940 Act and**

**Section 906 of the Sarbanes-Oxley Act**

I, James M. Dykas, President and Chief Executive Officer of First Trust Exchange-Traded AlphaDEX<sup>®</sup> Fund (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Form N-CSR of the Registrant (the "Report") fully complies
with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material
respects, the financial condition and results of operations of the Registrant.

---

| | | |
|:---|:---|:---|
| Date: | April 10, 2026 | &nbsp;&nbsp;&nbsp;/s/ James M. Dykas |
|  |  | &nbsp;&nbsp;&nbsp;James M. Dykas, President and Chief Executive Officer<br> (principal executive officer) |

---

I, Derek D. Maltbie, Treasurer, Chief Financial Officer and Chief Accounting Officer of First Trust Exchange-Traded AlphaDEX<sup>®</sup> Fund (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Form N-CSR of the Registrant (the "Report") fully complies
with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material
respects, the financial condition and results of operations of the Registrant.

---

| | | |
|:---|:---|:---|
| Date: | April 10, 2026 | &nbsp;&nbsp;&nbsp;/s/ Derek D. Maltbie |
|  |  | &nbsp;&nbsp;&nbsp;Derek D. Maltbie, Treasurer, Chief Financial Officer <br> and Chief Accounting Officer<br> (principal financial officer) |

---